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NEWS SUMMARY 


generai, 


BUSINESS 


MPs to debate Windscale 2^“ 


ask for 


boosts 

equities 


0Y DAVID FISHLOCK, SCIENCE EDITOR I 

Windscale. inquiry report, Parker, following the* 300-day other countries to follow suit meat. it wouid persist for a very would proceed straight away to j 
PUDUfibed yesterday, is strongly Windscale inquiry last summer, Mr. Justice Parker also rejects long time. . a final decision. 

Bwr onr Nuclear rejects unequivocally two of the suggestions that the plant might Dealing with public hostility Instead, he would he givum! 

*i»oi *Li!^? po ■ ^ B0 ^ n - nuclear key arguments— on economics he built elsewhere than at Wind' to nuclear power, Mr. Justice MPs a further opportunity to de-l 

Tuei reprocessing" project and of and weapon proliferation — used scale, Cumbria — “the obvious Parker says that the argument bate the issues under the only 
psrmissiou for the against the plan for a new location." He says that the risks of opponents that supporters procedure open to him, which 
state-owned company to tinder- thermal oxide reprocessing plant to . local inhabitants are “so were acting in an Immoral way meant refusing to grant planning 
take the reprocessing of spent (THORP). small that this fact cannot out- was “plainly unsustainable” be- permission on the present apnli- 

nJ° r .r e r„T ““‘‘'ff It omcJudas tint the financial weisb the advantages.” radon. _ _ 

fuSri tn i?*?®* advant2 ges of the project as pro- The report includes 16 prin- Report details. Page 31 0 u?f M p ? ) ?^! ed f u that 

sim? d on° posed by BNFL are plain, while dpa! recommendations for Parliament. Page II IS e re Portbefore 

sion on the company s present in spite of the fact that it tightening up safely procedures ^ », the Easter recess, and that 

sepaStes plutonim? the plant Sd thei? survellScJ! toe iS Edttonal ponunent ’ 16 gorily hereafter'* he would lay 
w ^ an f *° could help to strengthen the being that outline planning per- before Parliament a Special De- 

treat for re-use *ment niTHpUP r> 1 1 *■-— -*-■ m- « ? #_ * . . - , ACMCA i* uroc NKmAn«1ti Tw«ee44\U rp> hntnpnf. HrdPP Ilnrlpi* Qpetinn l 


He proposed that Parliament 
should debate the report before 
the Easter recess, and that 
“shortly thereafter" he would lay 
before Parliament a Special De- 


rise m 
output, 
says Hua 


By Yvonne Preston 


PEKING. March 6 


for re ^ ise spent nuclear Non-Proliferation Treaty. mission for THORP should he cause it was obviously possible velopmeot Order under Section CHINA PLANS a capital invest- 

- 1. ■*** . mue. •%£& g^&SSP* de,ay ' C 7 W SS5 S”5S ll S “S 

•-&*«*» ™r 2 J 5 r*+" ”«**’'***#•* « •» SVlSafS3SS&?S£ SS^w&ESi. £"25 n.**,* ^,0^ ^ rtat auU ’” ,sc S&'ffSSXKnSi ™Te p 0iIuiv i 

’“ ck with ***■? -in an otherwise thin to give Parliament .another «“£»* a project should he made Tates .fact from fiction in toe some who hS pursued toe Mr. Con Allday. managing man ^KiSS'tahu 

ww Mugabe ^ U*® market,. . chance to debate tbe .project. j!SK« d SS«i«£5JlS 11 st ^ lg . th . al moral line had done so without director of BNFL. said last night report io the Fifth Chinese Por- 

Vitnotic Front, .interviewed by ' MPs mil be able to vote against ?^f rse ff 0 /„ e , pl ^ ss3 5 s contracts claimsjnade by opponents at the investigating the consequences of that he saw the Parker report as liament. it was revealed here 

\be magazine Newsweek, hinted • GILTS traded quietly with li J e order, thus blocking BNFL's ”** -.** *?2S?5i-«j£!!52 OUt ' pI “ loniain h 5 d P“rsuins alternatives. “complete vindication” of the lo-day. 

hat he might be prepared ? gains of i in Jongs. The Govern- P 1 ?? 5 ' not amending them, weighed these dspdvanta^es. nw ^f de Mr. Peter Shore, Environment company’s proposals. He wel- Tht , qta . 0 ,„ litlllfl np 
sk for cSan ^Lc'TiLin Kent SMSti^fnitex dosed - 1 Z or __ thl 5._ re Sl??* a „? na stroa J Secretary, who called in BNFL’s corned toe .centoal conclusion to v >(l p ^ 


fPhra , , o Q moral grounds. This would, in effect, autoorisc total programme nf the past “S 

^ 6 ° ^ se J?. a ' H was “abundantly clear*' that toe THORP project. years of Communist rule, Chuir- 


The State plans to build or 


5k for Cuban tronoe meirf SwarfHes index dosed _ eor tms reason, a final deci- repon implies strong J1 * “EiA 1 ai S™y raowacove. secretary, who called in BNFL’s corned toe central conclusion to wT 

to help DecurRUs, inoex closed 5j 0n 0Q ^ viTindsealc project disagreement with toe anti- and that it was the most toxic planning application just a year go ahead with THORP as quickly jr® i^ r 

f ueri ®* activities 0^4 up at 74-80.. is likely to be delayed for several proliferation . policy of the U.S. substance known to man, were a go . told MPs yesterday that Mr as possible. jects. including 10 iron and steel 

,ainst Rhodesia. . ... . more weeks. Government, announced by Presi- untzue. Justice Parker's rwort had His immediate task, he said. ~i? p , lo “5‘ . n,nc no ?' rerrou ? 


Mr. Nkonio who is to taki» ® STERLING ■ fell 25 "points- to(. The special development order dent Carter almost a year ago, But it was true that plutonium, analysed, in a masterly wav, all was to explain Mr. Shore's state- 

■_ rt. 1 . r“ u “ VY ^ 9 1 haa hpon ncul in tha „oct f«\i* ih urTiifth o _• l. I. e . - , ; . , , ■ *_* li. 


complexes, eight 


London 

.GoIdPcjee 


a very dangerous turn.” 

MINERS face tough sanctions as $ COMES under pressure 

« bombs in the capital on Sat- r— r r ... ,1 - ' ■ - - ^ . . . _ 

day— the day after the agree- . i 180 •XSSS S SS. .. . X- A - • *■ . .■ m "TT^V 

•sr ;- Carter invokes law Dollar rec 

Police yesterday imposed a - .-j '-ig, j 

• sk-t(HlawTi curfew over a 45- ■ ' f.jf r .. , . - _ _ • M j > j 

" A0- to stop coal strike ,n vo,atl,e 

Hadow ” Cabinet, met Mr. Ian ifio — A 4l|J * 

ith and Chief Josiah China-. f T ~ BY MICHAEL BLANDEN 

no at the beginning of a. if '/■?.. BY JUREK MARTIN, US. EDITOR WASHINGTON March®" 

odesian visit. Parliamenti ^ J ._ ' THE DOLLAR came under reney, 

;|e - r - PRESIDENT CARTER ti^day The new wage rates were not a Hartley injunction “If there T en ‘: wed Pf essure *“ . *&** 

a X invoked Federal law in toe shape central reason for the union are those wha choose to disobev { . 0TC1Ka exchange market deal- The 

arter sets air iAlfez. . im - of toe Taft-Hurtley act in an rank and file’s rejection of the the Jawbone said “the law pro- yesterday, but recovered ike df 

• ires rflpaHllnp ^sep sjct p«k ‘ be: Ivm ' ra mm attempt to end the three-month new contract -Members objected vides for- action." ’ ? voIatlJe and nemns V^S 

- + 9 “r^ ; ■ — - . 11 ■»-' • * -old coal sItirc hv forcini* thi> mn» rinpnlv fn tha r.i s traaiDK- me SI 


Carter invokes law 
to stop coal strike 


Dollar recovers 
in volatile day 


BY MICHAEL BLANDEN 


no at the beginning of a. i Jf BY JUREK MARTIN, US. EDITOR WASHINGTON March 6 " 

odesian visit ...Parliament —'jL THE DOLLAR came under 

?eU V— PRESIDENT CARTER ti^day The new wage rates were not a Hartley injunction “If there T* n ‘: wed Pf essure 

a . A|i X invoked Federal law in the shape central reason for the union are too* who choose to disobey { . 0TC1Ka ex«toangemarket deal- 

a.rt©r SCtS Rlf ilifoz. . W7B - of the Taft-Hurtley act in an rank and file’s rejection of the the Jawbone said “the law pro- [“p yesterday, but recovered 

ires rlpaHIlnp sep bct twm ' iaec 'jut ' ra mm attempt to end the three-month new contract Members objected vides for- action." ’ ? voIatl Je and nervous 

> ' iC. \ „ r--. — T 3 -° ,d coal smke by forcing the more deeply to the restrictions on This would include criminal fading. 

sident Carter set a M arch 17 p P hrm,ry -1975, "-reflecting ? imers 5*ek to work for an 80- the right to strike and curtail- and civil proceedings against “a The market' was again 
tdline for U.S. andBritish ncrwmsnpsK abont fh*» dollar' day coolia S-off penod. meat of health and other bene- large number of Individuals," affected by uncertainties over 

lOtiators to resolve differences nsness ut s • His action followed the con- including local officers of the the outlook for the U.S. eeo- 

::r cheap transatlantic a» . ctritot a m elusive rejection of the latest But the President did not mineworkers' union, and dis- “® m y concern about the 

■es. particularly on the T .contract offer by the United Mine- couple his invocation of Taft- traints on both national and coal strike ahead of President 
idim-Houston .route." Back uowuui <«.«*. workers' Union by a margin of Hartley with an announcement local union treasuries. Further- Carter’s statement. There was 

to I more than two to one. It is verv of his intent to seize the mines, more it was nhservert that the speculation on possible new 


stations. 

The speech also announced th*e 
abolition of independent revolu- 
tionary committees which were 
the main instrument for the im- 
plementation of the Cultural Re- 
volution launched by the late 
chairman Mao Tse-tung. 

The full text of the report, 
delivered at the opening session 
of toe National People's Congress 
just over a week ago. breaks with 
past precedent in giving exact 
targets for the increase in agri- 
cultural and industrial growth to 
the year 19S5. 

Fireworks 

Agricultural output is planned 


rency, touched T235 and fell 

against the Swiss franc. Agricultural output is planned 

The continuing weakness of t0 rise annually by -1-5 per cent, 
the dollar again brought pres- and industrial output by more 


sure from the Arab oU-expori- m j 

ing Slates to find methods of j-edented 
restoring the international par- tu ^ or> '- QC 
chasing power of their reve- 19 ® 

ones. steel ou! 


than 10 per cent. — rales unpre- 
cedented in China’s recent 


-es. particularly on the * ™ 

idim-Houston route. Back down at <42.72, 

:e •BA.TR3EASURX.bii 

threes. 8^4» per eenti 

readline awards and stris,^ per cent 

managing dfreetor acted" tro- ^ rnm 


contract offer by the United Mine- couple his invocation of Taft- traints on both national and w** 1 strike ahead of President 
workers' Union by a margin of Hartley with an announcement local union treasuries. Further- Carter’s statement. There was 
more than two to one. It is very of his intent to seize the mines, more it was observed that the speculation on possible new 


lasing power of their reve- 1 ®- v I®®®, said Chairman Hua. 

,es steel output should more than 

The iwovprv in th#> US doub i fi te 60m. tons a year and 
SLzS' S»in output rise from the 


a KrJrlfito hkdy that the miners will defy Senior Administration officials Taft-Harfley amendment " pro- moves by the w«t German 

K toe Taft-Hartley injunction — said later "that this had been, vided cutting off of cer- and Japanese ao toon ties to 

n sues, tMfe.o per cent qjuch .as they have on the three ruled out as an option once it tain forips \rf federal Relief— s* 8 ™ toe pressure of speenla- 

KKf» farm ifinietove. PW-vions occasions it has been became dear that it was the such as - tue ■ food stamp pro- live inflows. 


luuiMHUji uutoui »uw. » KrT* FAltVl TntAr occasions nas ueen oecame wear -mat tt was me suen as -ioe ■ ioou stamp pro- uib«w». 

sonably in sacking his genei^ » bn«*tw««i m dicjiSs- Qsod-.lo the coal industry— and union which had turned down a gramme— from those in defiance After the early weakness, 

mer and two women cletks uJrKE; seek to keep toe union mines preferred contract. As long as of the law. -- however, a large" commercial 

> left toe office m working ^ dosed. the employers’ acceptance of the The" threat of strict applies- baying order was reported by 

rs to Join a bread queue Carter offered some induce* settlement was in doubt, seizure tion of such sanctions may well dealers to have readied the 

!n f - “^ to tlm miners Aorday by was actively considered, officials stiffen minet^resis W to a market, poshing the UA 

» tna J toibamU- }•**•» jwnmsmporteW renww 10 t^e saying.that he would try to find said. return to work. While: the Taft- currency up sharply. .Although 

ruled Gompensatten of “SremaKo low bS a way u ^ e Z 0 * 1 ““P 3111 ®® .Additionally, it was argued Hartley Act is generally disliked it drifted back again in later 

- and £193 was awarded to amounts remainea go m anzs pay the i ( mihers the wages pro- that seizure combined with Taft- by unions, which would have pie- trading, the dollar ended 

women while the general . yided foA in tbe rejected con- Hartley would have been an in- f er red seizure of the mines the slightly better against the 


currency yesterday, however, ‘^m toos Tn 400 ton, 

appeared to take place without • j wS^releSed Liter 

significant official Intervention. |. the formal riosore of the Con- 

bovtog i oi3er ^^inmneH ^to ■ Rress ‘ Mass tismonstrations were 
2 "fr JL held throughout the day in 

DliIZiW flt Its kWt 1(^1 after • PpLinn atlfl rrniwis ^ininci 

blocked the main avenue at the 


ascr’s is to he assessed. 


GOVERNMENT BLACKLIST 


tract if 
pending 


slightly better against the 
strong European currencies. 
Overnight, the dollar had 


a northeru eod of Tien An Men 
SSdi W5r!r5 y d swore. Fireworks were set off 
i? D K b ^?«^ 234 il°V- A i , * ,e -T loSe * nd decorated trucks carrying 
u f >nS i nC fit n slogans in praise of the new 

f £SS y .^nrn MBA Chlnese constitution, toe drive to 
Friday’s lev^^ at .DM2.0280 modernise the country and of 

aD »Su* w * rrs *ri 7 ' 5 ' • Chairman Hua. passed down the 

The pound has remained on main slreeis. . 
the sidelines, of the latest Chairman Hua now occupies 
hoot of currency unrest, the three key positions in the 
toongh showing a slight ten- Chinese leadership— Party Chair- 
dency to slip against other cur- man. Premier and Cominauder- 
rencies generally— a trend in-Chief. 


„ , * of companies disregarding pay & ™ v * X . .A mfZir aPPea* tor a unr resolution or Overnight, the dollar had 

.ndhl order gLilaiiies le^t P 13 “SSS Taft-Hartlev old con- seiSSTe^btifn ^It ? e disput? S dBf the laW mi8ht Mlen hravtiy against the Japa- 

sw Delhi High Court judge comp^ie^Tre^ury Secretary rates are supposed to be was imperative, both toe Presi- thetic hearing it driivered wtih- jSan^ntervpSn^on^teree 

TcT SdS?* JF-w to JSSj Irae" .JraStae “rafri?,' SS “ d ^ ^ 10 act S»* ** °T v f aiBg 016 

ty Gandhi, son of Mrs. was little chance of it endorsing by . 87 per cent, over its three- Administration officials also ov ® ri ^ e ' H ' 35 imnsf a°hai r of 1 toe to^ai 

a Gandhi, former Prime any clauses in public sector con- year which shou]d have threatened to take a tough line Contraoed Back Page I! SSS 

.ter. He said the company tracts enforcing pay policy. Back begun at the start of this year, with miners if they defied a Taft- The President acts. Page 4 turnover of $82ain. in very 
n solvent with BabtUties of-*age busy dealings. • 


Japan Intervening on a large w ^J®h np* be unwelcome In his speech — remarkable for 
seale to buy an estimated Yesterday it lost 25 points its lucidity, honesty and factual 
S400m. in support. This repre- ■fimnst the dollar at SL9570, detail — Chairman Hua decreed 
sen ted almost a half of tbe total wt “ tt® trade-weighted index the end of revolutionary corn- 
turnover of S825m. In verv against a basket of other cor- mittees in factories. ’ shoos. 


turnover of 5825m. in very 
busy dealings. 


against a basket of other cor- mittees 
rendes falling to 65.2 com- schools. 


At toe opening of trading in °a,^ I ? da /* 

London, the dollar again Yen hits peak, Saudj Arabia 
dropped below toe DM2 level ma ? consider plan to protect oil 


in factories, 
colleges and 


ncess jostled Wholesale prices m p,.. 

jr p S a “oS level' out . Ale!! 

it demonstrators wlnen she .— umnTF^ATX 1 n ^<u. inprpiv i 

j* , 5 ?.™”, ?eSS^l^ilK“S?Sh 1 BY WCHAEL LATfERTY ANO JOHNMOORE 

^ lowest level ibrneariy five years. 


William Press offices searched 


against toe West German car- 


prices, Page 4 


organisations where such eom- 
Continued on Back Page 
Congress ends in anti-climax. 
Page 4 


rer toe title of the debate TSToSStamot Ut Sidustryte^ INLAND REVENUE invest!- tor payment records, 
e woman's place is m toe ^of ouS/fitorv^atl pritS f gators, 140 in all, launched a Wiliam Press shax 

♦hra fant thS* If was. UeX OUipUC/IdClOry gaiB price* I . w .(CM. Cn * 1,0 1-7r 


at records. v At present, toe company has 

ITess shares tumbled no knowledge as to toe specific 



yque 


1 ® 3 a -Vhe Children Fund. | |MnD the early hours of yesterday temporary suspension of dealing co-operate with the • Inland 

& jfe'w UHUUK . mo oring . ■ yesterday morning. Reveone in its Investigations." 

an III Win a ... m SWAN HUNTER has closed. . The tax authorities were The swoop on "William Press Tbe company and its auditors 

p servicemen are five shipbuilding yards on Tyne- acting under rarely used powers came bard on the heels of visits J-a^smy wiu, sain tney received 
tering in increasing num- side and laid' riff ali its 9,000 granted to them in the Finance by police: and Revenue officers °° advance warning of the 

.c ^*>r secret experiments at workers because of a pay dispute ^ct 1976. They had first to a Streatbam, South London, investigation. The whole thing 

A^mical Defence Establish- with 80 security guards. Page 8 obtained search warrants from sob-contracting business, Corrib M a 

Porton Down to earn • . judges in the Central Criminal Constraetion. As a result of ™ JSS*™** r s f* d 

joney, the Defence Minis- • OWNER .of a -small business com - -in London and the those visits, three men appeared 0Q f of S e 

firmed. The experiments SaWafo. has gope on Sheriff^ Court in Paisley, Scot-'^^^ellMagsteates Court gjMW wsponabte for toe 

« *AM*.erstood to involve CS riot strike and .picketed bis wvn.fac- Jandj 07er tte wea j Mll|t senior Sont h London yesterday charged Fr ^ * ud,t \. ... _ 

f \U** tory gate m.protestat toe diffi- poUMofficere acmmpamedthe defrauding the Inland 

I ’ eulties faced by small companies on SieS^vlMts. Revenne of more than £23.000 by ending December 31. was foUDw- 

Iv because of Government policies siS^oSs search^ were falsifying a building contractor’s “Z_its normal, pattera. Mr 

*y - “ “ and the Inland Revenue. ca^ffio^Sfth?SSS tax form. Holding said thar Tansley W*tt 

_ . .hf^my is to. take the place S5«f £al£ hf£»Jdo“ d inS T The three were Mr. .Martin ^ flU-i"®* wmam Press>fi 

^si’s 270 civilian searchers m|pil||£C ing tbhgrouS head office in Joyce, Mr. William Cunningham tax affairs. 

taking Wday off m Wl»r#linco EMexStrart^nl •£ stnnd. the and Mr. John O’Sullivan. To carry out an investigation 

r^}l\V^ u " for last week's Rag Da T f jMMTOCB Wert ll!lSc£, 2d William Press confirmed last of «■ a tax InspMtor 

victims, Parfiament, tor;. Mr. Alexander Fauld& has sacks of documents ni «ht that it had subcontracted ^*7® approval of 

taken ^over -toe running ofFye were removed by the tax officials work to Corrib Construction in toe- Board of the I^mid Revenue 

. iniarmfi'Miii air- .subsidiary Cabinet Industries, £_~, p^ggic o{R ces throughout the past. and must have satisfied at least 

were evacuated foilowing^the brlnging.of charge ^ ^ In a brief statement last night, a circuit court judge that there 

^StlLrow Airport's Cabinets chamn an and A ^ hals± was taken from Press confirmed that its offices are reasonable grounds for 

1 Three when fire broke managlIls director. tb e g^upig headquarters as a had been seardied “pursuant to a, is ®f un f, a warrant 

V.Efw*Sion « 'moMm ■ m<snnv Smith !arg« ffreup of tax officials, who J»arch warrant issued under toe Leading tax accountants could 

, a duty-free. shop. • > MSGOOD SI^HOP-^ntito had b6en wording at the Essex Taxes Management Act 1970. The think of only ‘one other case 

laths’ i 4 " feunsey resigned as con- ^towm.wger, oea^eo oy we street offices, left for the nighL search warrant states that the involving a substantial company 

* -tiff® Binninghani City four Monopolies ComnussioiLis ,not to _ It ^ understood that the In- Inland Revenue have reasonable where these powers had been 

r* '.1 MhirainH *n tirH- f?n snpofl nftpr alL BaCK Page »- -I T, - , , J- r u ^s_ ■. ■ - - . , v... U( 




Enjoy the 
Good Offices 

of Mr Square Footage 


.,(i£o -M ■»-« — — -'T j. iajTn,*. " -« is UBuersuma mat me m- uwuu nevenne nxi 

after returning to fuHr go ahead after aiL Back tend Revenue is particularly con- grounds for suspecting that an invoked by the ' tax authorities, 

Mr management , u-remue ****** in- came ^ with William Press’s pay offence has been committed by that of J. Murphy, 

ma Hasson* * Gibraltar 1 jS JSSra » £L2.47m., v - W* 63X11 and sub-coutrac- unspecified persons. Company in the News, Page 28 

boosting total profits for 3977 to 

Opposition Wet, we (miSm.). following . - . m*— 

■ CONTENTS OF TO 

Sir, the ^b . BEATR.^FOODS ^e SS 

t in DabUa i**#- o a a D nI«^ ™ -SSiXLzr: :: ! ST— 


CONTENTS OF TO-DAY’S ISSUE 


PRICE CHAHGES YESTERBAY 


indicated) 

RISES , . 
3pc-'90 ...£X30J + } 
pc foi'-oo... m + i 
lement...... 28B + 5 

»er ISO- +■ 6 

..... 60 + 3 

m + 3 

191 + 6 

I.) + 4 

240 + 3 

93 + 4 

ldeley ... 174+4 

3 53.+ 4 

372 + 7 

k" 230 + 8 

itralia 3nv. 124+9 


RCFHldgs. 40 + ^ 

Rountree Mackintosh 3sw + 30 

Ray co S3 + Vt 

Thomson Grjr. ....w + f 

Coittinc Rlottnto ...... J56 + | 

Union top. j....... 280 + 5 

FALLS 

Gfipperrods « = 

Lai»K fJ.J A 323 

Parker KnoR A .. — 10f 1 

Rush and Tompkins... » - f 

Southern, Malayan ... Jg ^ J. 

t Suspended 


World trade news 5 

Home news— general 6-8 

. ..Iv., . —labour 8 

—Parliament ... 11 


New .'Zealand’s drive for 

. .markets 16 

S)Clely Today; 

"Why. Labour deserves to 

tore 25 

Turkey’s economy: 
l A" tighter belt — 2 


Technical page ............... 9 

Management page ............ 13 

Arts page .... 15 

Leader page 16 

UJK. Companies 26-30 

Mining 29 


FEATURES 

Trades unions 1 place In 
French polities 2 

Japan's bid to dean op the 
loan sharks ... 12 

FUm and video: * 

The shape of TV to oome 14 


IfltL Companies 3233 

Euromarkets 32 

Wall Street — 34 

Foreign Exchanges 34 

Farming, raw materials ... 35 
UJC. stock market 36 


Reviving toe fortunes of 

Fairey4and 13 

Land becoming too dear for 
farmers 35 

JFT SURVEY 

Liberia. 17-24 


EC2 

EC2 

EC3 

WC2 

WC2 


Gresham Street 


New Broad Street 


Dukes Place 


Kingsway 


Lancaster Place 


1,000 

sq. ft approx 

1,200 

sq. ft approx 

900 

sq.ft, approx 

2,800 


sq. ft approx 


3,600 


sq.ft approx 


Rent Reviews * Lease Renewals * Valuations 


awnNtocwto 

ApMlntmentf Adrta. 

J wl— Oppt*. 

.Thumn) 

ButennhwOdt G«W 
nT'jtaurin (nHOB£ 
Ltrttm 


In 48 Start fatrannatton 3M! 

LonAafO .... M T*4a't Emu 2S 

Mh and Hatter* — . 14 TV M RatU* 14 

Nmy Mtrltet 58 Oirit IVw 57 

***** « * 

SalMwm 14 -WtrH Value ri(,. 29 

For latest Shore Index 'phone 01-246 8026 


annual statehekts 

Abel Morrau. 39 

Uojnfci Sank . 2 7 
Start. UAL lawman 30 
skiptott SHa. Sm. „ a 

■■M LaMiiw Rates 57 


rana 


jvr 




Knight Frank & Rutley 

7 Birchin Lane London EG3V 9BY 
Telephone 01-2830041 Telex 265384 







Financial.. Tiroes Tuesday, MareE 7.1^7$: -,f 



Barre fears political 

and social tensions ^ lack of Ulllty 


wort* . 

V 1 *" 


if Left wins election 


at ROBERT MAUTHNfR 


g. RAYMOND BARRE, the 
Prime Minister, said 
last night Uut a left-wins 
victory at next week’s general 
election would produce much 
greater political and social 
tensions than If the present 
coalition won a parliamentary 

majority. 

While he was entirely In 
favour of a democratic system, 
which allowed the various 
political parties to alternate in 
power, France was a special 
case to the extent that 
the Socialist-Communist pro- 
gramme foresaw * radical 
change of society. 

When there was a change 
In West Germany, from a 
Christian Democratic to a 
Social Democratic government, 
or in Britain from a Conserva- 
tive to a Labour government, 
this did not imply a funda- 
mental change of society. 

“1 am not at all bothered by 
the programmes of Herr 
Helmut Schmidt, Mr. James 
Callaghan or Sr. Mario Soares 
In Portugal.” M. Barre said. 

The Prime Minister also 
underlined the risks of a con- 
stitutional crisis if the Left 
won the election. 

He did not see how It was 
possible for any government 
to last for very long if there 


J days of campaigning. One of including members of the left- Th e political platform of the unions. The time* they really the CGT “the drived 

disagreements ^ most cnidJj of these— and whig GFDT, have drawn the con* CFDT, drawn up a few weeks work together— as they did In the Communist Party. 

between the President of the jn _, ite o£ a preelection lull on elusion that national strikes are ago. drew muds, conciliatory nine-month struggle at the Lip, u Tm afraid the 

repubUe and the Prime the i a t, our f ro nt nobody on not the best means of getting . attitude of the CGT . 

Minister- either Right or Left is forget- results. ™ consequences for the 

M. Francois Mitterrand, the ting it— is the part to be played Above all, there seems to be FRANCE’S FOUR MAIN UNIONS* movement and uhio 


M. Francois Mitterrand, the ting it— is the part to be played Above all, there seems to be 
Socialist leader, on the other by the trade unions. little prospect of unity within 

hand, said at the week-end Between now and the final the union movement, ' which is 
that be did not foresee any round of the election on Sunday both divided and weak in num- 
major constitutional difficul- week, the unions may have an bers. Only between 20 and 25 

important say in the destiny of per cent of French workers be- 
the Left if they can prepare long to unions, one of the lowest 
some kind of common ground rates in Europe and about half 
on which Socialists aztd. Com- the rate in the U.K. 
munists can find a way out of The divisions in the highly 
their suicidal impasse. And m politicised union Une-dp tend to 
the ensuing weeks the unions isolate the biggest of them, the 
will have a decisive influence on confederation Generale du 
what looks Increasingly, what- Travail (CGT), France’s oldesr 
ever the poll outcome, like being ujjiqp body, whose long-standing 
a long, hot summer. Communist lin ks have been rein- 


by dayid vmnz •< park 

Iaa4-iam THE POLITICAL equation which brought only small benefits in CFDTs type of industrial demo- possible basis of a compromise splinter group of the CGT. Its it can be "JJJ*?®*®** the 

leCTlrtn bas to be workedout to France terms of wages and conditions, cracy. At the beginning of the programme rat which they could leader, Iff. Andre Bergeron, a wouid^^tes^u 

UAJIJ, in coming months contains Some unionists, espec ially the year, the two confederations met field joint candidates m the Socialist Party member and self- sesroro towards mis ^g th e fjg. 

more unknown factors than the leaders of the most moderate of and managed to agree, if not on second election round. ;• vtyktf sodal democrat 
ptftic u, w)l o fortunes of the narliamentarv the three big confederations, politics, at least on some essen- This prospect has not, however. Insists on keeping union busmesa reducing . the socm HttQjiailtwjt 
PARIS. March 6. Force ™vrie4 (FoTbS also tial claims. . bridged the divide between .the apart from politics, likes erilrng *U£b ™£* 3S g l * 

^ days “ campaigning. One of including members of the left- Th£ political platform of the unions- The times they reiUy CGT “the drivebelt of the drestic Ato 
rep disagreements y,; raost of these— and whig GFDT, have drawn the con- CFDT. drawn up a few weeks work togeaer-a* they did in the Communist Party. 2SS 7 ■ 

he President of the in o£ a pre-election lull on elusion that national strikes are ago. drew much., conciliatory ntoemontt struggle at the Lip, “Tm afraid the present ck*”*® 

“ 4 *• prime ^ ^ * setung 

icois Mitterrand, the ting it— is the part to be played Above all, there seems to be FRANCE’S FOUR MAIN UNIONS* increment and union unity,” fait or far enough. , tll - 

leader, on the other by the trade unions. little prospect of uni™ within : ^ commented M. Andre Henry, Witt; a leftjvutf 

i. VLTTS .^TMLJS ol b i JSg Confederation Generale du M (CGT): Com- SjSSS" 

* sti “““ 1 dJfficul - ’S «S\rn? n S tSXTJSSHS. ““^-affiliated with more than 2m. members. how- JE&TSbS, «!-. 

ffi. 2S « y tt1r cah^,S KS’S.Si?.® Confederation Francaise Democratiqne du -A Afc&fl > 

^ me w ta ^ d S",£ ffS? u*£ * bout haif Tra™u (CFDT) : Pro^odalist with la. members. .. : SSESe"- ™ tS * "jSS % “ft. ‘fo^: 

S W- W Fome Onvriere (FO): Moderate in policy with ffiSS" 1 JSSS& “IS 

liX tte wfoS 700,000 members. .anarchist .to right-wing with? .If a left-wing goreromeS 

whit^ 1 i d ^^y en whJ? gSEg”?^, F G £sCidi“ Federation de rEdueation Nationale (FEN):' among the big' unions in that its about one iu ten French woricea, 

^SSSS Independent left-wing with 550,000 members. ■ .KWSBS £ 5 

As if a reminder of this were ttreed^dJ^e^M^rS - ' --V ioi^fmTIf^uefnrgS 

needed. France is coming up to M. Georges Seguy, himself a - JPS/^hnSr *5n '^av Spt >2£. ^a^hSSeen So S 

lon , » Pr**sidrnt the ai »n» v ersary of May. 1968. member of the Bureau Politique praise from the Communists, who watch factory in im-are rare. JLzJSiS fstimw^nro-Cam. 
nSarrf” Jfni wBen student troubles.- dismissed of the French Communist Party, saw it as being much closer to In recent disputes involving l yre SSffSLK wSSTfiKSSS 



a long, hot summer. 


Confederation Generale dn Travail (CGT): Com* 
muni sf- affili ated with more than 2m. members. 
Confederation Franchise Democratiqne dn 
Travail (CFDT): Pro-Socialist with lm. members... 
Force Onvriere (FO): Moderate in policy with 
700,000 members. 

Federation de rEdueation Nationale (FEN):" 
Independent left-wing with 550,000 members. ■ ' 


As if a reminder of this were forced under the leadership of 
needed, France is coming up to M. Georges Seguy, himself a 


- Memberships o& estim a tes. 


I . • ■ 1 1 • t 

LsiApH' 1 - ' 

r .i ■ 


ties as long as President 

respected Ms^dertakiiiff^to Ge P e1 ^ M Gau ? le a ? a In the last few weeks, however, thei 

“r “mess in the bed” blew up into the CGT has managed to mend Sod 

he iSt U SS and one ® f strike move- Nme 0 f thT bridgS broken be- thej 

?L s !S , J men * 5 eve - r t0 . take P ,ace In tween it and the Sodalist-Jean- The 


Communists won the election. 
If President Giscard 


s==tSM -STrsTA 5"cAT*rJ3T5 325^15 &J2LXS?* 


In . the CGT itself, about 40 big' increase in the overall wajtf 


i •“*•**■*“«• v.rui, me &econu largest hhwjis iwuuubumuvub uaoiuuiuu ana wsairaust, nas u,„ .uhnnvh 

8m. to 10m. workers and an esti- confederation. First of all, the of parent companies but of sub- declared its conversion to shop- . f0 U'“ pl ? y ^, t 

lUlm lnet mni^inn rftTTo n z - m . n . ■ _ _■ 1 • »V. n.nnf'. m i_ u Tnree oOCULUStS OH 1116 uHIOlL B ■ mink Tjift'S 


government, -this would no 
doubt provoke a serious 
sUaatiotL Bat H. Mitterrand 


ivu-iTtu£ * .ic-fjc-iit uj. uidi. xu i uue wiiufi, mg wufReia tuumuireBS ai com- wi *»« «*. grass-raoa approacn. . ■ . rfFFa "“ 1 "“ , " , ^ -fw. 

would no memories of 1968 are still fresh pany and shopfloor level, with a the Peugeot-Citroen car group, t^ other mtijL are un- th? willSal stataif ^Plpyers' federation, tte 

i serious and by no means all good ones, say both in central management plus some stipulations about ^ awn,* ♦>,- ^Bgoment inthe poiiD^i atai^ Patron at, pledged to find roofl 

Mitterrand Although the movement pro- aod in working method! The workers’ repiwen ration tt there ha ^ recent fpr 300.000 in an effort 


situation. Bat H. Mitterrand Although the movement pro- and in working methods. The workers’ representation in there aooin ine uHnnuma^BB may_oereaectea in rwent union £or 300,000 in an effort tit 

did not think the President vided the unions with a high CGT decided to play ball, al- industries — are seen by both most vocal being Force Onvcare, ewetions in Para local lrana- strengthen the present Gorem- 

.. n.k _ II no nni.l nt onlU.pifw tha “ auanf . » tknnal, it ha<l Imib tha rammiinictc Onnigllcte 9 , the -urhirh hmto nPF a« a port, car ULCtOrleS auu -uailKS, moTit’e -nncitirm tint mono nl 


tua uvi uuuk uic rrcuuirui viu’ru luc uuiuua wuu a mgu aui ucviucu ui iJlay oaii, ar iuuiouic»-oic wum — » — — ■ , __j v..b. au«uj,u,iu w- i«‘— w«»wii- 

in tended to adopt snch a line, point of solidarity, the “events” though it had long opposed tbe Communists and Socialists as the which broke off as a. post-war car ramon^ ana -DanKs, -position, but many of 

: : those are superaumaiy ?nd couM’ 


be d^d^tt ttViSS; 


lm 


IWa 




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PM 




union, gained. Some labour ~r_ w 

r.i r. nrvn „ i „„„ Won. 


observers see the CGT on a long jl . 

path of dedining influence. But 2^- 

•the union claims to be gaining 
members overall, and although f >r ^. specT t] 
its claim of 2.4m. contributors p™«- t0 JSSSi-SS* 
may be optimistic it still rep- hard-line nationalisation pro- ; 
resents half of France’s trades Posals, if they have ino othep. 
union me mberehip. Togetter the “eans, by CGT-ied factory occu?: 
unions have about 4.5m. mem- pations — a move which coul^. 
here including the 550.000 create serious conflicts between^ 
teachers, the white-collar unions the unions. . .. ■ 

and the Christian CFTC, the Union leaders reckon the an-;, 
rump of the union which became coming Government can count op, ; 
tte CFDT in 1964, with perhaps a testing-period of maybe ftreer 
500.000 between them, and the maybe sue months. People like. 
Confederation of Free Trades 51 Henry of the teacher?, union*. 
Unions (CSL), with perhaps though firmly in the camp o^ 
100,000, mostly at Peugeot- the Left ’ are determined to pay : - 
Citroen, an organisation prone to no regard to who it is who occn*. 
rough-house tactics against other pies the Matignon. when they 
unions and dubbed by the CGT come to press tbeir claims— and 
“ the bosses’ militia.” claims there will be. 

What then happens after March After an election campaign in 
19? If the present- government which the Beal desires (pg change 
maj ority wins, there is&ertainiy that-- exist in France ’Iftye. made 
tte risk of a union backlash, but themselves abundantly dear, 
with little prospect of wide sup- whoever wins will come under 
port utiIpss it is based on genome Immediate pressure ft push those 
labour grievances. The Barre desires through into reality. The 
Government last year managed question then will be whether 
to stave off a large part of the the Government, in a period of 
union threat, keeping wage economic stringency, or -possibly 
increases fractionally ahead of in the case of a Left-wing 
price increases. Unemployment, government in a period when 
at just over lm.,' is a source of capital has fled tte country, will: 
anxiety, hut has droppfed since be* able to respond enough .to; 
August In a new term of office absorb the pressure. . . • M 


Jill prill! Ill; 


KaramanJis, Kcevit to 
meet without agenda 


BY OUR oWlt CORRESPONDENT 


REAFFIRMING the political will 
of their governments to find 
solutions to the problems which 
have 'long impaired relations 
between Greece and Turkey will 
be the main aim of this Friday’s 
and ' Saturday's summit meeting 
in Montreux, Switzerland, an offi- 
cial . announcement said here 
to-day. • 

The announcement said- tbe 
two Prime Ministers, Mr. Con- 
stantine Karamanlis and Mr. 
Bulent Ecevit will have an ex- 
change of views without any rigid 
agenda: on. the problems dividing 
the two nations. It said they 
will explore tbe appropriate and 
practicable procedures that 
would - facilitate the attainment 
of concrete solutions to these 
problems. 

Mr. Karamanlis says he has- 
agreed to meet his ■ Turkish 


s Jins In 

>art in an effort to dispel r * * * 


counterpart in an effort to dispel 
the mistrust and end -the cold 
war between the two nations. But 
he says he is not willing tt 
discuss concrete proposals before ' 
adequate preparations have been 
made. 

The afternoon newspaper- 
Ta Nea to-day warned Mr. ■ 
Karamanlis against a Turkish"' 
trap. The paper claimed to have- 
information that Mr. Ecevit.' 
would not restrict himself to att‘~ 
exchange of views but would pur. 
forward proposals concerning the - 
disputes -over territorial rights in . 
the Aegean as well as the Cyprus” 
issue; The newspaper argutrdj". 
that leaks of these proposals-, 
could ‘present Greece in an. 
unfavourable light and help con 1 '- 
vince the U.S. to lift its aiiitt': 
embargo on Turkey, ~'.Y 


TUJRKEY’S ECONOMY 


A ti 


BY METJN MUNIR, ANKARA; MARCH 6 


TALKS BETWEEN the Inter- 
national Monetary Fund (IMF) 
and Turkey began in Washington 
to-day and are expected by the 
central bank here to end in an 
agreement. 

In his two months in power Mr. 
Bulent' Ecevit, the left of centre 
Prime Minister, has applied him- 
self to extricating - Turkey from 
the worse economic crisis in its 
history. 

The lira was devalued -by 30 
per cent last week and it is hop£d 
the government will follow this 
up with measures to assure that 
the devaluation . benefits the 
economy. 'Hie restraint of money 
supply, and prices and wages is 
likely to be one of the principle' 
topics on tbe Washington agenda. 

In fact the cumulative rate of 
the devaluation of tbe lira has 
been well above 4Q per cent since 
last September when Turkey 
started tightening its -belt .The 
rate , of the 'devaluation against 
tte' U.S. dollar, for insance. is 
nearly 43 per cent, against 
sterling 51 per cent, the D-Mark 
51 per cent, and the Swiss franc 
69 per cent.; ^ 

Following the devaluation, the 
rate' of the tax rebate on. exports 
was completely eliminated from 
principal export commodities 
like cotton and tobacco, and re- 
duced elsewhere. ... 

In monetary policy changes, 
reserve 'requirements were raised 
from 30 per coil to 35 per cent, 
for demand deposits and from 
25 per cent to ,30 per cent.. for 
time deposits. . Saving' deposit 
rates were increased' by. three 
per cent to nine per cent. Lend- 
ing rates went up from 11.5 per 
cent to IB -per cent for “un- 


productive sectors" and frbin 
115 per cent to 14 per cent 'tor 
“ productive sectors." — - i 

The prices of goods sad- 
services produced by the large- 
state companies have been raised, 
substantially so that their depmjr 
dence. on state subsidies would 
be reduced. The minimum 
prices offered by the Govftror 
ment to the principle crops bay© 
been limited to modest rates. " " — 
In a farther deflationary move,' 
budget spending .in . tte 197#. 
financial year has been res&C:; 
ted to L264bn. fflfl.fibn.), which- 
is below the level .of., the -pre*. 
vious year. . 

The stamp duty levied_oB- - 
imports has been' raised from-l?? 
per cent to 22.5-25 per cent ....... 




In the field of foreign horfOKC 
ing, the central bank abandoned 


Short-term borrowing and' insti- 
tuted the ooe-yeai: maturity 5P 

the-. minimum acceptable tarn 

The export target- for lST&fcas 
been fixed at $5bn. and for 
imports. $2^5bn... in. an attempt 
to reduce last year's current,; 
account deficit of .S4bn, . Thd 
growth target is .6.1 : per cenU •: ■ 
slightly higher than that recoin* . 
mended by tte -IMF. . ■ ■ ”1 

Mr. Ecevit said new. tax. , pro* 




*" Sfh 


posalfi .will soon be ^submitted fof 
Pariiameat. The aim would be- tor* r ' 
broaden tte coverage of -sales 
faxes and extdses on lttO*WL-* : ... 
goods, prevent tax evasion .whig*' '! 
is . widespread, . and Shift- -SM-’y 
burden from -salaries, aud wag^y^ 
which contribute threMiuartcrf— ■ 
of income tax revenues. : — , -^T 


Ptvascml Tata. sobKAed ibflv owg,® J . 
ih»s md bolldw*. UtS* wlbByiPMMi B 5 A 7 : 
Uir tzclnhu S360.D0 Utr -buH» fler-w**. 
Sccwut dux nsw p«ld«i Nov Vo*? 'h 1 * 







*5J» <> 


^ Wdai; Times ^esd^y March' 7 1978 



EUROPEAN NEWS 


consults unions Ne ^ EEC Undamaged Norwegian tanker sold for scrap 


Mr* h, - 

iv,,. 

rtftfe i* ... 

fr 0 -** 

i - , 

l-fTr^.r 

. 

?#'»«'. w> • 
.ftV-y. . 

*• *>i : : r 
&,K- i r 

Pi: 

3«! 


on economic programme 


by Paul bctts 


ROME, March 6. 


\V sphere fmiowinp^^wpotr a V 16 ®£ 0n6 “ ic part . fiS- leadership has now declared its 
agreement imdpr- ' which tW n A nomfli urn** _ ■> ? ‘ J 


nm th. L S g - S- A ? d re- ticalarly for the depressed south obsolete plants. 

, nat ’ t ^* SJ 08 ^“tSS'iSL 3 " ? f tte co ? 1 ? tr7 ' Md provisions This line was endorsed at a 
■- insulted trade for financially and structurally Communist Party workers 

• wiietfi’tfhi? tSSbSS*^?^ 10 ^® t S? ab ?* 1 1 i ^ DStriaI sectors like assembly in Naples J r S 
' f ,, s prosramme. chemicals, fibres and steel. week-end by the Communist 

-• national There are alscuindications that leader, Sig. Enrico Berlinguer. 

• cm pj oyer organisation, ConCn- some L4,0Q0bn. (about *£2.7bn.) and the secretary of 'the. Com- 
austria, to-morrow, Sig. Andreotti will be earmarked for new invest- munist-dominated CGIL labour 
. is scheduled to hold a summit meuts. However, an increase in confederation, Sig. Luciano 
meeting -with the leaders of the taxation, public titilicy tariffs and Lama, who first mooted the 
hLv ® 011 “ cai Parties on Wednes- cuts in public expenditure are apparent change in the union’s 
. Qa r; . ' expected in order to contain the general policy. 

..unless there are last minute state sector 1978 deficit enlarged Tonight’s meeting between 
mmculnes, the summit Is to £24,000bn.---4he upper limit Sig. Andreotti and union leaders 
. to ^ Ve Sig- Andreotti which appears to. be acceptable was promoted in part by -the 
the final go-ahead to -form a new to the International- Monetary veteran Republican party leader, 
Government, so ending Italy’s Fund. _ Sig. Ugo La Malfa,'who has been . 


seven-week" political crisis. 


Bombs explode in Turin 


BY OUR OWN CORRESPONDENT 


For their part, the trade union calling for the establishment of 
■ a “social contract” along UJC 

- . -; m ■ lines. Sig. La Malfa originally J 

| a i»| - I i v|*in wanted the unions to be included 

1C 111 1--IJ1.H I in last Saturday’s su mmit when 

r the main. political issues of the 

r ROME, March 6. crisis were resolved, except for 

some minor reservations. 


TWO E ? M 5 S exploded im. a erupted following vWe:- election Sig.. La Malfa has also 
building in Turin over the- week- of. the Secretary of the . Italian suggested a freeze on wage in- 
end in what is believed to be an Radical Party, - Sgral Adelaide creases for ah extended period 
escalation of political violence Aglietta, on the Turin trial jury. 0 f about two years, and Sig. 
. a few days before the controver- The party secretary indicated Andreotti was expected to put 
• . sval trial of 49 members of the that she would stand, although a watered down version of this 
.so-called “Red Brigade” Left- as a parliamentary deputy she proposal to the unions 
wing extremist movement. The could have been -exempted from There are, however, doubts 
target of the bomb attack was jury service. The Radical Party whether the union movement as 
. a; Christian Democrat lawyer, to-day said it -planned -to table a whole will be prepared to 
■ .Sig. Roberto Manni. - a motion to life the exemption accept its leadership's more 

Last year, the trial was post- from jury duty of members of moderate line when it even- 
poned following a wave of Parliament .- ■ tually comes to renegotiating a 

terror, including the assassins.- Among the main defendants number of major national labour 
tion of a leading Turin lawyer, at the trial ls.Sig. Renato Carao. contracts. 

because the court was unable the ideological leader of the Red As for the national employers 
• to constitute a jpry-.-- Brigade movement.. * organisation, it is~expected to ask 

- . It has become a recent policy Sig. Andreotti for the highest 

of the “Red Brigade” move--^i # possible growth rate in 1978 to 

••• ment, which is understood to viuaieiudia - sustain the economy without 

nave links with the West German The- Guatemalan general election risking' a payment crisis. Sig. 
-Saader Meinhoff group, to was in confusion yesterday as Andreotti has indicated that 
aunch terror cam p ai g ns in counting was suspended, follow- Italy’s growth rate could reach 
:ilies where “political” trials 'hns charges of fraud, with un- up to 45 per cent in the Jast 
ire due to take place. certainty over who ahead, quarter of this year, a level 

The Turin trial is due to open Renter repo vt^ from Guatemala which Confindustria would like 
in Thursday, but again the court £!*■ 1 *o refer to the calendar year as 

ms found difficulty- in conatitut- *gLgg * S a whole, 
ng a jury. Nominated . indi- gKJJJjf S-»M*andid3tt Meanwhile. Sig. Andrtotti's 
’iduals have claimed' tiiat they aqi EnriiiimPerrfffAxurdia. wm caretaker administration to-day 
ire unable to attend for medical fading in the presidential race postponed the date for the pre- 
»r other reasons. Two more wfth 15,848 votes, compared to sentation of the 1978 budget to 
11 embers of the jury still have 13,215 for the 'government-backed April SO. The budget deadline 
. 0 be found. -candidate, Gen. -Romeo Lucas had previously been extended to 

A fierce controversy has also Garcia, ■ - - the end of March. 


!*• - 

.<■> 

rl 'm> Jt- l| * 

kwoi ■ 

V * ■’ 


worsens 


e- * 

s, * 


- BY ADRIAN EMOCS .. 

. MORE THAN 100 of West Ger-‘ 
. . ..nany’s morning newspapers, 
representing about 70 per cent- 
if total sales, failed to appear 
I.. hi* morning as a result, of the 
combination of strikes 'and em- 
foyers’ lock-outs- that is fast:* 
bringing the entire printing, 
industry to a standstill. 

The weekly news magatine Der- 
■Jpiegcl was. also prevented from 
’joining out, while for the first - 
hinie the employers’ organisations' 
U. W. xtended their use of the Ibck-out 
rom newspapers to general print- 
ug compainest , . 


'' B(MVN, March 6. 

There were reports, apparently added that there could be no 
inspired by the employers’ side, question of calling off the selec- 
tbat Herr .Josef Stingl, /head of tive. limited strikes at individual 
the Federal Labour Office, might newspapers. Herr Leonhard Mab- 
be asked to act as arbitrator, out lein, the IG-Druck president, 
no formal invitation has been hinted that the union might seek 
made. -The signs were • to-jjey solidarity measures from other 
that both sides were still pre- unions in response to the lock- 
pared for the bitter dispute over 

the -introduction of electronic • Two', regional industrial rela- 
prlnting technology to continue tio’qs courts, meanwhile, rejected 

Herr Betlef Hensche, a mem- cases brought by printers in 
ber of the nationaL executive of protest at the imposition of lock- 
IG-Druck, the printers’ union, outs a^ newspapers, and seeking 
said it was ready for peace talks temporary injunctions against 
without preconditions, but then the employers. 


nit ^ Munich slips from SPD’s grasp 


BY JONATHAN CARR 


BONN, March 6. 


EUR FRANZ Josef Strauss in the Bavarian Interior Minis- years and its debts have fallen— 
omptiy called it " “goetzen- try. cleared the hurdle at the thanks, not least, to the quiet 
ermnerunu that is the “twi- first attempt, gaining 51.4 per industry of Herr vou Heckel, who 
™ J nr Z . Herr von Heckel’s.is city treasurer. 

h 1 R.1 v f ^i«n S rh 1 39a Per cent A recent poU indicated Munich 

fKan Depression in the local SPD citizens were really unhappy 

ion (W were^almost too ca mp was deep, and hardly lifted about only three things Two of 
,y celebrating -to hear. Their by news that their party had ,rr ' ■ 

ididate had just been elected done better than expected in tbejn wera traffic noise and the 
"d Mayor of Munich, the other local elections in the far f°oBag. by dogs of local parks, 
varian capital, ending a 30 north of the country. Six years Buttbe third was more serious — 
<r Social -Democrat (SPD) hold ago, the SPD candidate. Herr and it has implications for 
the job. . Georg Krona witter, had become federal politics too. 

’he result, announced late on Munich's- Lord Mayor with 56 'Munich people were cleariy 
iday, even surprised many per centi, and his predecessor sick, to death of the SPD*s lu- 
mbers of the GSO. They knew had gained even more support ternsd- disputes — between an 
ir man. Herr Rich KiesL had What has gone wrong for the extreme and voluble left wing 
ood chance against the SPD's SPD? After alt Munich has and the rest. Herr Kronawitter, 

. didale, Herr Max von Heckel. been one of the best-run cities a . centrist, fell foul of the Left, 
lethcless. It seemed likely that in the country. It took advantage manoeuvered badly and was un- 
ther candidate would achieve of the Olympics in 1972 to spruce -able 'to seek another terms as 
required 50 per cent, thus itself up. create pedestrian-only ™ay<m. Herr von Heckel, ai- 
ling a run-off in a fortnight zones and gain an underground .“^8“ generally seen as to the 
fact Herr Kiesl, a jovial, railway. Its public investment left pf the SPD, tiaed to heal ^the 

lly energetic state secretary has doubled in the last four - t0 °- ,ate - 

The CSU, already in firm con- 
Y ■ trbl.of the surrounding country, 

... hJndustnal outputup 

t^S I BY OUR OWN CORRESPONDENT . BONN, March 6. thaSPD in Bonn, where several 

. %r- * left-wing ers have recently been 

'F1C1AL HOPES that the - Activity in the building voting . against their party in 
m»i German economy Is once sector, responding to the Parliament, thereby endangering 
n _ , n rttarw- Govemmenfs mediam-term in- the- Government’s majority, 

i ^ vestment programme Intro- The vote for a new Lord 

re sirengthened to-day by <( UC ed a year ago, also showed Mayor of Munich was the most 
; preliminary industrial pro- a 4 per cent, increase over the important event in local elec- 
ctlou figures for January, two months. Compared to tions throughout Bavaria and the 
esie showed , an overall In- January, 1977, the output of Northernmost provincial state 
■4se of 1-5 per cent., and a the chronically under-employed of the Federal Republic, 
per cent, rise in the output industry was ‘ap by a full 11 Schleswig-Holstein. Final results 
the capital goods sector. per cent. are . hot yet on for Bavaria but 

>n a two months’ com- New orders figures for tbe._CSU appears to have, in- 

■ison, output during Decern- January, which might show creased its hold. 

’/January rose by 3 per cent, bow far the month's gains . By - contrast in. Scbleswig- 
m October / November — have been consolidated, are Holstein, the SFD picked up 
,*n the indicators were still not yet available. However, a ground, gaining 40.5 per cent 
wing the effects of the less favourable trend was of the vote against 35.6 per cent 
ual halt - in economic shown in the 2£ per cent in the previous local elections, 

viiy which occurred last decline in consumer goods. pro- But the Christian Democrat 

imer. Output of capita! duction during the month. Party.. the CSlTs “big brother,” 
ds was up by 5 per cent, while the two-month com- remains the biggest single party 
n October/November to parison showed this item on- in Schleswig-Holstein, gaining 
embcr/Xannary. changed. 49J per cenL 


■FIC1AL HOPES that the 
k,i German economy is onee 
tin on an expansive course 
re strengthened to-day by 
; preliminary: industrial pro- 
ctlou figures for January. 
Rte showed . an overall in? 
■4se of 1^ per cent, and a 
per cent, rise in the output 
the capital goods sector. 

)n a two months’ com- 
■ison, output during Decem- 
7 January rose by 3 per cent, 
m October / November — 
.*n the indicators were still 
wing the effects of the 
ual halt - in economic 
vily which occurred last 
imer. Output Of capital 
ds was up by 5 per cent, 
n October/November to 
cmber/Xannary. 


Successor to Schleyer named 


Y OUR OWN CORRESPONDENT 


■ NIKOLAUS FASOLT, a 
...industrialist, was to-day 
id- president of the Fcdera- 
of German Industry fBDI) 
accession, to Dr. Hannj 
n Scbluyer, who was mur- 
1 by terrorists last October. 

Fasolt (56). could hardly 
king over in less auspicious 
^Stances, with strikes pre- 
•ig the appearance of a 
rity of the country’s news* 
x and industrial action 
ng in the metalworking 
r.-- 

*ther. it -is no secret that 
Jgh liis company is based 
inn, Dr. I’asort’s contacts 


with leading Government figures 
are limited. In contrast, Dr. 
Schleyer had close relations with 
Chancellor Helmut Schmidt 
ft is also known that after Dr. 
Scbleyer’s death, representatives 
of several of the country’s larg- 
est enterprises were Jffiked 

whether they might be available 
for the BBT iob, but they turned 

1C Despite all this. Dr. Fasolt’s 
appointment has been greeted 
with general satisfaction, not 
least by those representatives or 
medium-sized companies who 
make up a majority of the BDI 
membership. 


BONN, March 6. 

. Dr. Fasolt is head of just such i 
a concern — the Bonn Wessel 
. Wetk,“- which makes ceramics, 
and Tritb a subsidiary, employs 
about 1,600 people. He is known 
as a . pragmatist and a brilliant 


Dr; Schleyer was also head of 
the Confederation of German 
Employers’ Association (BDA)— 
the -first time one person had 
headed"’ both organisations simul- 
taneously. The BDA is expected 
to elect Its-actlng president. Dr. 
Otto Esser,. a .leading figure Ip 
the chemicals . industry, -to 
top job In 10 days tiffieT 


ruling 
likely on 
shipyards 

By David Buchan 

BRUSSELS, March 6. 
AN EEC directive on new 
rules for state aid to the hard* 
hit shipbuilding sector is 
expected to he approved by 
j EEC Foreign Ministers to- 
morrow. 

The directive, aimed at 
, modifying the Treaty cf 
Rome's ban on state aid for 
the duration of the present 
crisis in this sector, may prove 
ta.be an obstacle 1o the exten- 
sion of the British Govern- 
ment's special u intervention 
fund set up last year. This 
fund is paid out to British 
shipyards to allow them to 
tender competitively with 
forrfgn yards. 

The large payments made to 
win last year’s big Polish ship 
order for the UR, has almost 
exhausted the Initial £65 m. in 
the fund, and British officials 
here say the. UJK. is likely to 
seek EEC Commission appro- 
val to renew the Fund before 
the end of this month. 

Bat the directive specifically 
links the giving of national aid 
to a plan providing for a 
redaction in shipbuilding 
capacity and work forces. 
Officials estimate that by 1980, 
EEC yards will only have half 
as many, ships, to build as in 
1975. UdJlke-most of its EEC 
partners, the British Govern- 
ment has so far not submitted 
any. §pcb plan for its ship- 
building industry. 

Meanwhile, the EEC Com- 
mission last week held the 
first of what will be a series 
of tripartite meetings with 
shipbuilding employers anil 
unions, designed to convince 
them of the need for action on 
a Community level. The Com- 
mission reckons that in the 
next three years some 60,000 
jobs may disappear in the EEC 
shipbuilding sector, and an- 
other 30,000 In related , 
industries. 


. BY GJ6ST6R 

NORWAY’S SHIPOWNERS, 
hard-pressed by the world 
shipping crisis, have been 
catting losses and selling ton- 
nape at a record rate. 

The Oslo Journal of Com- 
merce and Shipbuilding reports 
that January sales to foreign 
owners totalled a record lm. 
tonnes, and on the week-end 
came the revelation that during 
the past few days five tankers 
comprising $60,000 tonnes had 
been sold for scrap. 

One of the latter, the 207,000- 
lonne turbine tanker Dyvi 
Nova, Is thought by the autho- 
rities here to be the first very 
large erode carrier (VLCC) 


Land reform 
row brewing 
in Portugal 

By jimmy Burns 

. LISBON. March 6. 
THE ISSUE of agrarian reform is 
returning to the forefront of 
Portuguese politics, with increas- 
ingly uncompromising positions 
being taken by both - Right- and 
Left- The country’s leading 
opposition parly the Social 
Democrats (PSD) has accused 
the Government of backing down 
Tram- its legal commitment to 
return expropriated land to its' 
original owners. 

Tbe Communist Party has 
formed a rival confederation of 
small farmers as a challenge to 
the Right-wing Confederation of 1 
Portuguese Farmers (CAP) 
Parliamentary backing from 
the PSD' for tbe minority Socialist 
government last summer led to 
the" passing of a crucial Land 
Reform' Bill which increased tbe 
amount of land a private farmer 
was legally allowed to reclaim in 
the central and southern grain 
belt 

In the past few months, 
expropriated land 'has been 
returned at an average of 1.500 
acres per week. Since the new 
alliance- government between 
Socialists and Christian Demo- 
crats (CDS) took office : in 
Jamns-y: However, no further 
land has been returned. - 


undamaged by any accident, 
to be sold for scrap. 

The Oslo Journal, which 
regularly publishes statistics 
on the Norwegian merchant 
fleet, said that a large propor- 
tion of the 23 ships sold in 
January for service abroad 
went to convenience-flag coun- 
tries such as Panama, Liberia 
and the Bahamas. 

The Norwegians were 
disappointed when last month’s 
conference of the Inter- 
governmental Maritime Con- 
sultative Organisation (IHCO) 
rejected their call for regula- 
tion fitting of segregated 
ballast i n( ankers over 20,000 


tonnes — an anti-pollution 
remedy which would have the 
side-effect of reducing the 
capacity of the world’s tanker 
fleet and thus possibly curbing 
the decline in prices pf -second- 
hand tankers. 

The Dyvi Nova was built in 
Japan in 1968 and bought 
abroad In October, 1976, For 
S8m. It has now been sold 
to Far Eastern shipbreakers 
at a reported price of only 
derive red breakers' 
yard. The ship had been laid 
up since its purchase, so, in 
addition to the loss on the 
purchase price, its Oslo 
owners, Jans-Erlk Dyvi, will 


Malta threatens veto at 
Belgrade Conference 


MALTA HELD out against 34 
nations at the European Security 
Conference to-day, refusing to 
let the marathon meeting end 
without a commitment to 
Mediterranean security. 

W|)h all other delegations 
anxious to dose the deadlocked 
conference, Malta’s two dele- 
gates threatened to use veto 
powers to kill a final document 
agreed by other participants 

The Maltese blockade caused 
high-level irritation . among 
Western, Eastern and neutral 
groups 

The Maltese can keep the con- 
ference in session indefinitely 
under rules which say that noth- 
ing can be decided without a 
consensus of all 35 participants 
— 33 European nations, plus the 
U.S.' and Canada. Malta, with 
300.000 people, is one of the 
smallest countries represented. 

The 16 nations of the Western 
group at the Belgrade meeting 
and the seven-nation Soviet bloc, 
in a rare display of unity, 
approved a four-page final docu- 
ment-last week-end after NATO- 
governments abandoned hope of 
Communist concessions on 
■human rights. Tbe Maltese 
issue emerged only later. 

The final document has al- 
ready been whittled- down to 


BELGRADE, March 6. 

exclude any mention of human 
rights, the conference’s '-’main 
issue on which East and' West 1 
are deadlocked. 

Malta has insisted on a Euro- 1 
pean-Mediterranean dialogue on 
security issues since the confer- 1 
ence began on October 4. I 

Tbe Maltese ran into trouble | 
when the West, unable to get 
human rights into tbe final 
document, demanded a bland 
statement which avoids all con- 
tentious issues. 

Tbe Western draft, approved 
by Communist and neutral 
nations after days of haggling, 
calls for an expert meeting In 
Malta to discuss economic, 
scientific and cultural co-opera- 
tion. 

The Maltese, saying this Is toD 
restrictive, are holding out for u 
brbader mandate which would 
allow an “extended dialogue” 
also on political issues between 
European and Mediterranean 
nations in Valletta in February 
1979. 

Both - West and East have 
resisted this formula, on the 
grounds that such a dialogue 
could drag European govern- 
ments into an endless discussion 
of the Middle East, Cyprus and 
Saharan disputes. 

Reuter 


OSLO, March 6. 

have to meet 16-month laying* 
up costs as well as - the cost 
of sailing It to (he Far East. 

Of the other four ships sold 
for scrap, two belonged to the 
Rekslen group: the 95.300- 
tonne Sir Winston Churchill 
and the 99.347-tonne Jorek 
Trader, both built in 1966 and 
laid up since 1975. They have 
been sold to Japanese breakers. 
Our Rangoon Correspondent 
reports: Burma has arranged 
to buy six seagoing vessels 
from Norway under a $55 m. 
loan agreed by Norway last 
November. Terms for tbe sale- 
are being negotiated by the 
two Governments. 


Catalan actors 
go on trial 
amid protests 

fly Our Own Correspondent 

MADRID, March 6. 
THE COURT martial o£ four 
Catalan actors charged with 
offending the armed forces in a 
show based on the execution in 
1974 of a Pole and an anarchist, 
began in Barcelona to-day. The 
trial has aroused fierce protests 
from the Left and from the cul- 
tural world and is the first of its 
kind since the death of General 
Franco. 

The trial was suspended last 
week after the director of the 
u Els Joglars " troupe. Sr. 
Alberto Boadolla. and another 
actor. Sr. Ferran Rane. failed to 
appear before the court They 
are both now in exile in France. 

The prosecution asked fur 
prison sentences of three years 
each for the four actors, who 
have been on hunger strike in 
Barcelona's 

A new law came into effect on 
Friday which did away with cen- 
sorship in the theatre. Previously 
all scripts had to be submitted 
for vetting by censors. Now 
material must still be submitted, 
but only with a view to grading 
it as in the cinema. 

However, there is still a catch, 
for the military code of the 
Franco dictatorship remains in 
force and this can override civil 
law. 


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U.S. COAL STRIKE : The President Acts 


Fiaandal lilies Tuesday 'Mareh': V^re ‘ 


f - 

Doubts remain about Carter faces hard time on 


impact of low stocks 




BY STEWART AEMING 


BY OUR OWN CORRESPONDENT 


THERE IS considerable oncer- 
tainty about tbe prospective 
impact of tbe continuing coal 
dispute on tbe ILS. economy 
and, in particular, on the 11 
states around, and Including; 
Ohio which are most severely 
threatened by diminishing coal 
supplies. 


NEW YORK, March 6. 
of the coal strike outside the 
coal industry itself. 


The biggest question mark 
is over whether members of 
the United Mine Workers’ 
Union will return to work in 
response to the invocation by 
President Carter of the Taft- 
Hartley Act 

Warnings three weeks ago 
that coal stocks in these dis- 
tricts were running danger* 
ously low at some power sta- 
tions — and could lead to wide- 
spread closures in the car in- 
dustry In early March seemed 
even then to be exaggerated 
and have yet to be justified. 
So Far. only about 70.000 work- 
ers have been laid off because 


Now, however, tbe general 
view being presented is that 
the coal shortages are not 
causing serious problems for 
Industry, and the Department 
of Energy is stressing that 
most utilities In the central 
Jffid-West area, which relies on 
coal for about 90 per cent, of 
electricity generation, have 
coal stocks sufficient for 3545 
days. 


PRESIDENT Carter is gambling 
against history in his decision 
to invoke- the Taft-Hartley law 
against tbe staking coal miners. 
It is a law which U.S. labour 
leaders see as one of the most 
repugnant pieces of anti-union 
legislation now in force and it 
has an uneven record of success 
in bringing to an end serious 
labour disputes. Most important, 
perhaps, in the three times the 
law has been invoked against coal 
miners, it has never been effec- 
tive. 


But. just as the earlier 
predictions seemed too 
pessimistic, and were suspected 
of being designed to create an 
atmosphere of crisis In order 
to provoke Government in- 
volvement in the dispute, it 
is clearly now in nobody's 
Interests to overplay 'the 
economic threat, since this 
only serves to strengthen the 
position of the miners. 


Even of the .law's record in 
other industries the President 
can hope for no better than a 
50/50 chance of success. 

The 1947 Labour-Management 
Relations Act is best known by 
the namesof its two Republican 
Party sponsors. Senator Robert 
A. Taft and Representative Fred 
A. Hartley. It was one of the 
most controversial pieces of 
legislation to go through Con- 
gress, and only went into effect 
over the -veto of President 
Truman. 

In I94fi, against a backdrop of 


a disrupted war economy, an out- 
break of serious labour unrest 
with some 5/100 work stoppages 
accounted for the loss of around 
100m. man days of working time. 

The national mood turned 
towards curbing union power 
and Taft-Hartley was, according 
to its sponsors, designed to 
redress the balance of industrial 
power which they said had been 
shifted towards labour under the 
1935 Wagner Act, a law which 
trade unionists saw as their 
"Magna Carta." 

These same union leaders saw 
the Taft-Hartley proposals as 
opposed to their interests and 
described it as a "slave Labour" 
law. 

Taft-Hartley . is in fact a 
complex web of amendments to 
the Wagner Act. Among other 
tilings it abolished the closed 
shop which made union member- 
ship a condition of employment, 
prohibited demarcation strikes 
and secondary boycotts. It also 
set up the contentious machinery 
which President Carter has now 
invoked, for dealing with 


national emergency- situations 
arising out of labour disputes. . 

Under the law, the President 
can appoint a board of inquiry 
should he believe that a. 
threatened or actual strike or 
lockout endangers national 
health or safety. Upon receipt 
of the report he must make it 
public and can then direct tbe 
Attorney General to petition in 
court for an injunction against 
tbe strike. 


If granted, the injunction for- 
bids the starting or continuation 
of the strike for up to 80 days. 
For the first 60 days the Board 
of inquiry is authorised to re- 
convene and federal mediators 
are to make efforts to resolve 
the dispute. In the next 25 
days, if it is stiH not settled, the 
National Labour Relations 
Board is required to hold a sec- 
ret ballot of employees on the 
management’s final offer. If the 
offer is rejected tbe injunction 
continues to have effect But 
in the final five days the Govern- 
ment is required to ask the court 
for a dissolution of the injunc- 


tion and the President thusfre* 
port ter Congress. .‘UnleBSlCqa- 
gress then acted the strike would 
be free to begin or resume. 

- In its 31-year history the 
strike injunction machinery of 
Taft-Hartley has been invoked 
34 times, but injunctions fbr 
80-day cooling off periods have 
been issued on only 39 occa- 
sions. - In half of these situa- 
tions, settlements were reached 
withm the 80 days and the rest 
were settled later one way or. 
another. . . ■ 

A fascinating sidelight on the 
Taft-Hartley procedure is that 
on the 16 occasions that an’ 
NLRB-supervised secret ballot 
on an employers last offer has 
been held after a cooling-off 
period, the employees- baVe' 
always turned the .offer down.' 

On the three occasions Taft- 
Hartley has been employed in 
coal strikes the miners ignored' 
or defied Injunctions and fact- 
finding recommendations. In the 
past few years, particularly in 
1976 and 1977 coal miners.' have 
regularly defied court injunc- 
tions against them under 


NEW YORK; March 8. 

■.different lawk Thts is none rea- 
jwm-wby they ire .^pectedto 
pay little attention if the Presi- 
dent . decides to Invoke Taft- 
Hartley. ■ 


Illinois: to . 

give power ‘ ! fiiI1 
IbMift-west 


r 


- It will take only a fe w mil l- 
touts -in each region to obstruct 
a return to work. Traditionally 
miners la Appalachia will: not 
cross a picket line, even one 
not manned' ' by miners ■ and 
where no work place dispute is 
Involved. 


In the longer term, the Presi- 
dent's move to invoke Taft- 
Hartley could have profound 
implications for both labour 
relations in the coal fields and 
outside them. Union leaders in 
the UJS- are pressing. for labour 
law - reforms some of. which 
would restore union powers 
taken away by Taft-Hartley. 
How Congress will look on these 
proposals in the wake . of a 
damaging coal strike is a ques- 
-tion which must already be 
exercising the leadership of the 
American Federation of Labour 
— Congress of Industrial Organi- 
sations. ' 


• By -John Leech 

CHICAGO,' March' •& 

AS THE national leader taw 
duction of electricity &>«, . 
nuclear ■ power, 'the lieavSS 

• industrialised state *of Hiinoii 
is moving to supply Increafchw ' 

' amounts of power .to otfaS 
Mid-western states which «i» 
more heavily on. coaL 
Illinois is. reactivating a number 
of surplus turbine generators, 
and last night agreed to,™* 
300 MW into the grids for fo 
city, of Cincinnati, Ohio, 
Further relief, supples wiU. ha- 
made available as requited. 
For Illinois itself, ftte. situation 
is mixed, but Governor -James 
Thompson has no plans yet to 
inyoke compulsory power r* f 
auctions. He says^hat business 
leudere are responding weH to -. 
bis request fop voluntary & 
ductiotra, ■ • ' • t - 

The worst-bit states in the Um< 
West so far alb' Ohio 'and 
Indiana.' where thousands tS. 
■workers have bees laid off 


OVERSEAS NEWS 


China National Congress ends in anti-clima: 



BY YVONNE PRESTON 


PEKING, March 6. 


WITH THE closing of China's 
fifth National People's Congress 
on Sunday the last official nail has 
been hammered in the coffin of 
tbe great proletarian cultural 
revolution. To-day the people 
have taken to the streets in a 
mass, staged demonstrations 
celebrating tbe triumphant con- 
clusion of the congress. Tbe 
celebrations have- an. air of anti- 
climax and tbe congress- itself 
proved a damp squib. 

It adopted unanimously all pro- 
posals from the Central Com- 
mittee of the Party, as It might 
have been expected"' to do given 
the purge of the provincial 
leadership, the careful pre- 
selection of “ right thinking ” 
delegates and the dominance over 
congress proceedings of China’s 
top five party leaders. 

It repeated once more, a: line 
that has been reiterated -for - 
months in the newspapers, pro*' 
mo ting economic modernisation 
and a return to law. and order. 

It made no real changes to the 
Chinese leadership, merely con- 
firming Hua Kuo-feng in the 
premiership and relieving the 
aged first vice chairman of the 
Party Yeh Chien-ying of the 
onerous job of Defence Minister. 
He takes over the largely cere- 
monial functions of Chairman of 


the Standing Committee of the 
National Peoples Congress. 

While a dull Congress pro- 
duced no real surprises, it has 
immense symbolic importance as 
the final act in the constitutional 
process to ratify major changes 
of direction in Chinese policy 
since the death of Mao Tse Tung. 

The closure of tbe Congress 
coincided deliberately with the 
80th anniversary of the birth of 
Premier Chou En-lai, an event 
given substantial Press coverage 
here. 

Chou’s death in January, 1976 
sparked tbe final cataclysmic 
round in a decade-long clash 
between Chinese moderates, who 
backed economic development as 
did Chou,, and Chinese radicals, 
who opted .for continuing revo- 
lution and class struggle even at 
the expense - of China’s living 
standards andaoy semblance of 
law and. order.- 

After H- years of struggling 
during and since the Cultural 
Revolution, the moderates have 
won. As an editorial in to-day’s 
People's Daily put it: China is 
now to be led by " a group- of 
long tested proletarian revolu- 
tionaries headed by Chairman 
Hua” among them many who 
fell foul of the rabid youthful 
Red Guards of the Cultural Revo- 
lution. 


The goal of the "four moder- 
nisations” — agriculture, industry, 
national defence, science and 
technology — espoused by tbe late 
Premier Chou, have ' now been 
written into the Chings* con- 
stitution following the political 
victory of the moderates. 

The likelihood of any recur- 
rence of the Cultural Revolu- 
tion has been removed. It was 
Chairman Mao Tse-tung who 
said China should . undergo a 
Cultural Revolution every, seven 
years to preserve revolutionary 
ideals and prevent a return to 
the "capitalist road." Present- 
ing the revised constitution of 
the People's Republic Vice- 
Chairman Yeh Chien-ying spoke 
of the extreme importance of 
combating anarchism, bourgeois 
factionalism and all acts that 
impair discipline and unity— a 
direct swipe at the Cultural 
Revolution. 

Good order, he said, was 
essential to revolution and . pro- 
duction. All factories, villages, 
schools, army units and govern- 
ment organisations must estab- 
lish good order, stability and 
unity. No more are youthful 
idealists to be unleashed on~the 
society and the bureaucracy. 

Mr. Yeh’s entire report 
amounted to a repudiation of the 


chaos which accompanied the 
idealism of the Cultural Revolu- 
tion, when the British Embassy 
h'ere was sacked among innumer- 
able acts of vandalism. 

Liu Shao-chi continues to be 
repudiated and criticised though 
most of his contemporaries have 
flocked baric to favour. China 's 
expert political propagandists 
manage somehow to accomplish 
tbe impossible, attacking Liu 
who was overthrown in the 
Cultural Revolution while at the 
same time repudiating tbe Gang 
of Four who were instrumental 
in seeing that he was overthrown 
for bis Rightist views. 

The Congress has been unique 
in one major area, its concern 
with the highly fashionable 
international question of human 
rights. Directing -its statements 
as much at the. .outside world as 
at tiiel domestic;. hudience, the 
Congress has stressed the need 
for discipline, law and order as 
essential guarantees of human 
rights in China.' By parading 
more and more “.rehabilitees” 
and reporting endless Gang of 
Four atrocity . stories in the 
media. China- hag publicly admit- 
ted violations of .-human rights 
on:*; .grand acafe-ir her recent 
history. .- -j - - 
■ Mr.- Yeh said- that under the 
new constitution people are to 


be free to offer well meant 
criticisms of their cadres and 
leaders, within the bounds 
obedience to what the party 
interprets as current Mao Tse- 
tung thought. 

This the regime defines 
socialist democracy — ■“ extensive 
democracy ” and a “ high degree 
of centralism.” 

The constitutional human 
rights guarantees have been 
signalled to the world as an 
assurance that the West and 
President Carter need not 
concern themselves with tbe 
issue in China. 

At the same time the fifth 
Congress was also unique for its 
relative openness. The advance 
announcement of an opening 
date, tbe daily official reports, 
even the published interviews 
with delegates amount to 
departure from past practice of 
shattering proportions for 
Peking. 

The Government apparently 
decided that silence led only to 
speculation about splits, feuds, 
and instability, all of which have 
undoubtedly characterised past 
conferences. 

As for splits and differences, 
the Congress made every effort 
to leave a firm impression of 
consensus government. 

Sydney Morning BcraU 


Fiercest 


fighting in 


Ogaden 


Saudi Arabia may consider plan 


to prevent erosion 




By John Worrall 

NAIROBI, March 6. 
THE FIERCEST battle or the 
Ogaden war is taking place 
round the -important town of 
Jijiga, which was captured 
from the Ethiopians by Somali 
guerillas six months ago. Yes- 
terday’s claim that the Ethio- 
pians have retaken the town 
was denied to-day by the 
Somalis, who admit however, 
that there Is fierce fighting in 
tbe area. 


The West Somali Liberation 
Front (WSLF) news bulletin, 
Danab, said to-day in Moga- 
dishu (hat their guerilla 
fighters had repulsed the Ethi- 
opian offensive which was 
spearheaded by Russian tanks 
flown over the hills by giant 
Russian helicopters described - 
b> Somalis as u flying cranes.” 

Sum all sources say the attack 
came in two waves with more 
than 100 flights. Some 700 
tanks were flown In and hun- 
dreds of paratroops. They say 
the Ethiopian offensive has 
been arrested at the little vil- 
lage or Gcnassene. 17 miles 
from Jijiga but the town Is 
seriously threatened. 

The Somalis say the Rus- 
sian force was “annihilated,” 
hut this was doubled by diplo- 
mats both in Addis Ababa and 
Mogadishu. ** if a force such as 
described has been unleashed 
on the Somalis it seems un- 
likely it can easily be smashed 
wiih the inferior arms and 
equipment that can be 
mounted,” said one source. 

The Ethiopian ambassador In 
Nairobi said at a news confer^ 
euce to-day that Ethiopian 
I roups were “ pressing forward 
\ icforiousfy " after the cap- 
ture or Jijiga. but he expected 
"some kicks from the dying 
horse.” lie said the Somali 
troops and guerillas were flee- 
ing in complete disarray. 

It appears that the arrival or 
the Russian •’ firing crane ** 
helicopters had overcome the 
difficulties of moving 'tanks 
along the narrow road through 
the mountain passes which has 
held up the Ethiopian counter- 
offensive. The Somalis gay the 
entire offensive is almost ex- 
clusively manned by Russians 
and Cubans. 


Jijiga, about 60 miles west 
of the Somali-Ethlopia border, 
was an Ethiopian tank base 
and radar Installation till it 
was captured by Somali insur- 
gents six months ago as the 
climax of their assault into the 
Ethiopian Ogaden. 

Military observers here say 
that if the Ethiopians have 
indeed captured Jijiga, the 
road would then he open for 
a tank dash across the plains 
to the Somali border. 

• Kenya's concern* that 
Britain should not ally itself 
with Somalia in the current 
conflict in the Horn was voiced 
yesterday by Mr. Daniel Arap 
Moi, Vice President of Kenya 
when he met Mr. James Callag- 
han, the Prime Minister at 
Downing Street, 


prices 


BY RICHARD JOHNS 


-/• 


SAUDI ARABIA now appears to choice but to support the dollar Asketf in _an interview with 
be ready to consider seriously and its persistent price weak- Reuters . here if Saudi Arabia 
denominating oil prices in terms ness.” . might seek a non-doliar pricing 

of Special Drawing Rights (SDR) The issue, however is about ' system, for its oil. Mr* Khashoggi 
•to compensate producers for tbe the unit of account. Despite ita repliedr " The United,' States is 
erosion in purchasing power as policy of moderation on 1 he oil very important for our ‘security 

a result of tbe dollar’s decline, prices front and commitment to and we are not going to be a 

Yesterday, as other members the U.S. (which is the kingdom's damaging force to the United 
of the Organisation of Petroleum major trading partner), Saudi States.” 

Exporting Countries (OPEC) Arabfa cannot ignore the monnt- Mr. Khashoggi, who is chair- 

called more vociferously than iug pressure for a special eon- man of the Triad group of com- 
before for an urgent review of ference to discuss the erosion panies. said Saudi Arabia has lost 
the pricing system Sheikh Abdel- in purchasing power of oil a lot in foreign exchange earn- 
Aziz at Turid, Saudi Deputy revenues. - ' togs because of the dollar’s fail. 
Minister of Oil, said: “ If the Kuwait, which last week said “Hut Saudi Arabia flakes a 
causes of the decline' appeared. to that it would call such a meet- very seriously, positive.- position: 
indicate a continuing fall in ing if the slide continued, cal- We do not want to ' ‘destroy 
dollar values, then OPEC will no culates that its losses because Western economies, that’s why 
doubt take appropriate action to of the currency’s depreciation we sacrificed an oil price rise, 
protect the interests jof member were $lm. daily. After a Cabinet be added, 
states as it has done in the past” session on Sunday , Mr. Abdel- Mr. Khashoggi said,: however, 
.In a typically cautious, but Aziz Hussein, Minister of State, the U.S. should help its in- 
significant, interview with the said: "Kuwait is upset by the dustrialised allies, - -whose coin- 
newspaper A1 Riyad, Mr. Turki tangible losses it is incurring as petitiveness in wor 1 -* ! " 

emphasised that there was “no a result of the dollar’s slippage.” suffering because of 
question of abandoning the dollar Tbe calculation is apparently decline. 

as the means of payment for oil.” based on the present value of the . “ They (the U.S.) should not 


IMF report 
critical 
of Israel 


world trade is 
the dollar’s 


But he pointed out that OPEC dollar against the State’s own be afraid of us. they; should be 
Liouship be- secret “ basket of currencies ” afraid of their allies.” Mr. 


was studying the relationship _ 

tween the currency and the Inter- (used for adjusting the exchange Khashoggi said, 
national Monetary Fund’s SDR’s. rate for the dinar) compared • Israel Is not reacting officially 
At the same time he warned with Che beginning of 1977. For to the possibility that Iran may 
against any 11 precipitate action the last calendar year, when its cut its oil supplies Is the event 
which might have harmful oil revenues would have been of an international embargo, 
effects,” referring by implication. In the region of SSfibn. Kuwait’s David Lennon writes from Tel 
to the health of the economies loss of purchasing power was offi- Aviv. . ; 

of the industrialised countries ciaily calculated at 5.4 per cent. Privately, officials are not 
and the U.S. in particular. Reuter adds from Seoul: The attaching much significance to 

At the weekend. Sheikh fall in the value of the dollar the Shah's remarks in an inter- 
Mohammed Ali Abdul-Khail. will not prompt Saudi Arabia to view with the Washington Post. 
Minister of Finance, also sup- take any action which might It has been repeated here time 
ported the rc'w nil on of the dollar damage the U.S.. according to and again that no hints of an 
as the currency for payments say- Saudi businessman Adnan oil embargo have been received 
ing that: “ Oil producers have no Khashoggi. from Iran. 


Yen hits new peak in Tokyo 


BY CHARLES SMITH 


TOKYO, March 6. 


THE YEN hit a new peak on the voted later this week pressures Japan may come in for a new 
Tokyo foreign exchange market an tbe Bank of Japan to hold bout of criticism from Western 
to-day, closing at one dollar tbe rate steady (from other Finance Ministries' and central 
equals Y235.20, up almost two sections on the Government) banks. Parity of. appreciation 
points from Friday’s closing rate will presumably now diminish, between the yen and the D-Mark, 
of Y237.15. The Bank of Japan At to-night’s closing rate the taking the date of the IMF meet- 
intervened heavily during the y en show s a slightly lower ing as a starting point and with 


early part of ihe day buying an 
estimated $400m. during the 
morning. 

Later, however, it seemed to 
have decided to allow the rate 
to find its own level. The 
market was extremely busy with 
total of 9325m. changing 
hands, one of tbe heaviest turn- 
overs ever recorded. 

Today’s sharp rise reflects the 

weakness of the dollar on other 
international markets plus the 
fact that, in recent weeks, the 
yen exchange rate has been 
more stable than that of other 
strong currencies such as the 
D-mark and the Swiss franc. 

The yen hit a peak against the 
dollar in early January but then 



slipped back to a slightly lower 
trk conti 


the dollar at its current parity 
vis-a-vis the D-Mark, would pro- 
duce a yen-dollar : rate of one 
dollar equals Y231B4. 

If the Smithsonian exchange 
rate settlement of December 
1971 Is taken as a basis for com- 
parison the yen would have to 
reach, about 180 to- tbe dollar in 
order to attain parity of appreci- 
ation with the D-Mark. It is 
obviously not likely to rise as 
far as this in the”' immediately 
forseeable future but a moderate 
gain, to a • parity Of one dollar 
equals Y230 or thereabouts, is 
regarded in Tokyo, as by no 
means impossible. : 

A rise to thjn lqvel would be 
regarded in Japan - AS dangerous 


By L Daniel 

JERUSALEM. March 6. 
THE ISRAEL Government’s 
failure to follow up its so-called 
" new economic policy ” and 
which included the floating of 
the Israel pound in October with 
anti-inflation measures, has been 
strongly criticdsed in a< report 
prepared by an IMF mission 
following Its visit to Israel 
month ago. 

The report is highly critical of 
the 12 per cent, cost-of-living 
increment paid: to all workers 
and salary earners last January 
It is also unhappy about the 
proposed large budget for 1978- 
1979 and urges the Government}' 
not to encourage renewed growth 
until inflation has . been brought 
to under 25 per cent, a year. 

The report, followed Israel’s 
application for a SflOOnL loan 
from tbe IMF, which is unlikely 
to be forthcoming unless tbe 
Government adopts the restraint 
urged by the Fund. 

Tbe acid test of the Israel 
Government's ability to with- 
stand strong pressure for wage 
increases will come in the next 
few weeks. The country is 
already in the throes of several 
major strikes. Tbe merchant 
fleet has been paralysed for six 
weeks and tbe maintenance men 
of El A1 Israel Airlines downed 
tools for 30 hours on Friday and 
may come out on a general strike 
within a fortnight. Postal 
workers declared .a wild-cat 24- 
fa ours stoppage yesterday, para- 
lysing maintenance, mail delivery 
and mast broadcasts. Govern- 
ment-employed psychologists and 
teachers are also threatening to 
walk out. 

The Trade Union Federation 
has asked for 10-15 per cent rises 
in the new wage contracts to go 
into force from April but the 
Manufacturers’ Association 
opposes any wage increases out 
of proportion to productivity. So 
far there have been no strikes 
in private industry, with practi- 
cally all the wage demands 
coming from the public service 
sector. 


level while, the D-mark continued 
to gain ground. 


margin of appreciation against because of its posable effect on 
the dollar since last autumn's domestic- business -confidence, 

„ „ International meeting (when the which has been gradually 

This would seem to have been dollar began its present slide £- recovering after, tbe. blow dealt 
due to a conscious effort by the than cither the D-mark or the- to- it by last autumn's sharp 
Japanese Government to hold Swiss Franc. It is being argued appreciation of the yen rate. It 
the rate steady while the 1978 in Tokyo that it would be is not suggested, however, that, 

budget was being piloted natural for the Yen to "catch at Y230 to the dollar, Japanese 

through the Diet (parliament), up” with these two currencies exports would be much less 

Since the budget is due to be and that. If it fails to do -so, capable of competing 


Arafat flies to 
USSR for talks 
on Middle East 


By. Ihsan Hifazi 

BEIRUT, March 6. 

A DELEGATION from the 
Palestine Liberation Organisa- 
tion (PLO) under chairman 
Yassir Arafat, flew to Moscow 
to-day for what Palestine sources 
called * strategic talks ” on the 
Middle East with Soviet leaders. 

A member of the tea ai Mr; 
Zuheir Mohsin, said he expects 
the talks to result in an increase 
in Soviet political, material and 
moral support, to the guerilla 
movement but'he did not elabo- 
rate. Mr.-. Mohsin is the bead of 
the PLO’s military department 
and . leader of the Syrian* 
sponsored commando group. As 
Saiqa, ’ 


OTHER AMERICAN NEWS 


payment from oil majors 


BY JOSEPH MANN 


CARACAS,. ACarch. 6. 


THE VENEZUELAN Govern- 
ment has decided that former 
oil concessionaires operating 
here prior to nationalisation of 
the industry in 1976, must pay 
the Treasury $134 -2m. under 
terms of the nationalisation law. 
as they relate to the value' of 
assets turned over to the state- 
by the expropriated companies.' 

Affected by the decision ..are 
major international petroleum 
concerns such as Exxon, Royal 
Dutch Shell, Gulf, Mobil, Son, 
Texaco and other groups whose 
Venezuelan assets were nationa- 
lised on January 1, 1976. , . . 

This action on the part- of 
Venezuela is authorised by the 
Oil Nationalisation Law of 1975. 
According to the law, the Govern- 
ment would make an Inventory 
of the equipment and other assets 


which it was to receive from lie 
former concessionaires, and 
would determine whether those 
assets were in the conditions 
stipulated by the - nationalised 
companies. The'' Government's 
compensation, payment to the 
foreign concerns was based on 
estimates of the net book value 
of- the worth of the companies 
at the time of nationalisation. 

.?? e.thanFhrotPapied e t a o in 
Sr. Valentin Hernandez, the 
Venezuelan Energy Minister, 
said that the $134-2ia would be 
discounted from the guarantee 
fund now totalling S55Sm. on 
deposit with. the central. Bank 
of Venezuela. 

. On nationalising all foreign 
oil companies,- the Venezuelan 
Government awarded overall 
compensation of $1.035bn. Of 
this. $ii7.4m. was paid in cash 


and the 'remainder id Govern, 
meat bonds to mature between 
1977 and 1981. and carrying an 
annual interest rate of 6 per 
cent A major, share of the 
indemnity payments was 
deposited in the Central Bank to 
form 'a guarantee fund, which 
the Government is trying to tap 
$134-2m. ... 

According to the • Energy 
Minister, the -deductions’ will be 
used to return equipment in tbs 
industry, to a good state of 
repair, or to acquire new equip 
ment Since 1976, Government 
teams .have been , carrying oat 
p complete inventory of the giant 
oil industry and have been 
evaluating the conditions of all 
assets* involved. The .deductions - 
approved by the Government 
were based on their assessments ' 
of the goods and equipment 


Shah warns on Israel oil simply 


BY JUREK MARTIN, US. EDITOR 


WASHINGTON, llarch 6. 


THE SHAH OF IRAN obliquely 
warned Israel to-day that -he 
might consider reducing oil 
supplies to tbe Jewish state if 
its intransigence jeopardised, the 
Middle East peace negotiations. 
Israel to be more flexible. . ; 

In an interview with a Wash- 
ington Post -correspondent, in 
Tehran, the Shah implied ' that 
such action would only be taken 
as part of a concerted inter- 
national effort to put pressure on 
Israel to be more plexible. 

Asked if. be- was ready to re- 
duce oil deliveries to Israel, he 
reDlied: “ That depends: if there 
is a general decision by all, for 
instance, America, to stop your 
delivery of arms, that kind of 
embargo, you know, everything 
is possible.” He also referedd to 
the possibility of the United 


Nations taking action against 
Israel, much as it had against 
Rhodesia and South Africa. 

But he emphasised .that any 
such decision “ is not In my 
hands,” and would only be part 
of a general policy agreed to t>Y 
the. U.S. and in the ^United 

^ThV Shah *$fr<iinised‘ to 
abide by his. promise .'to keep 
oil : prices at present ? levels 
throughout this year, in spite of 
the decline, in the value of the 
dollar. He said Iran was hurt- 
ing "a little less” than other oil 
producers because. “we spend so 
much money., in. tbe United. 
States.” ' :• ' * 

In the Interview,' the “Shah 
mixed both praise- pad. criticism 
for the Carter Administration. 
He clearly thought that the U.S. 


should be more interventionist 
in the Horn of Africa to counter 
the spread of Soviet influence. 
He . implied also that he was; 
negotiating with West Germany 
and Holland for more frigates 
and. submarines, at least in. part- 
out - of dissatisfaction with tee 

u '.' : ' 


However ' he •- added 'tint 
G overntn en t-to-G ov ernin ent rela- 
tions jwith the U.S. had never 
been better, took no particular 
exception- to the U.S. hraan 
rights policy and its impact on 
his domestic dissidents, and sug- 
gested that the U.S. bad been 
“positive” in its Middle Eastern 
efforts, while at ’the" same tins 
implying that mote pressure 
might be brought ^to bear « 
IsraeL - ; . * 


Washington pressure on 
Chile over assassination 


BY OUR OWN CORRESPONDENT 

... J- ' WASHINGTON, March 6. 

THE U-S. is now patting heavy lished pictures of the two meo. 
pressure' otr ChHe to hand over One has been identified as a 
two men. one reported to be a member of the armed services. 
UB. citizen, who are believed while the other is believed to 
have been involved in the be a U.S. car .mechanic, who has 


Governorship 
bid by former 
• U-S. Attorney 


to 


assassination in 1976 in Washing-, lived In Chile for several years 
ton of Sr. Orlando Letelier. .a . and: who was reported to have 
leading exiled opponent of the.. boasted of bis involvement with 
military junta. • extreme right-wing factions 

Some sources ahve suggested UJS. criminal investigators 
that tiie U.S. has gone so far as have for some time been . con- 
threaten to withdraw its vinced that the assassination 
ambassador from Santiago, if the was planned by officials from 
Chilean Government does not co- DINA, -the. Chilean secret police, 
operate, but the State Depart- though carried- out by ‘others — . 
ment will neithe confirm nor almost certainly extreme right- 
denv that this is considered tS-’wnhg Cuban' etfileS • Tbe-.two men 
be a viable option. being- sought visited the U.S. at 

Two weeks ago. a U.S. court least twice In 1976,' It" has been 
asked its Chilean counter-part to ascertained, 
question the two men. Chilean .The families of Sr. Letelier 
authorities agreed to co- and his American woman assist- 
operate, but said that no records ant, who was -also killed by the 
of the two men belonging to any car bomb.', last week conferred 
part of the Chilean Government - with senior State and Justice 
armed services could be Department and White -House. 


found. officials. Afterwards, the. ex- 

Over the week-end. however, pressed optimism that the 
El Mercurio. a Chilean news- Administration now seemed Jn- 
paper which has strongly sup- tent on bringing' the assassins 
ported the bilitary junta, pub- Jo justice. 


NY offshore banking plan 


NEW YORK,' March 8. 


BY JOHN WYLES 

THE FIRST step towards creat- to operate sueb a scheme, effac- 
ing an offshore banking tively. changes In taxation and 
capability in New York will be regulatory requirement^- would 
taken on March 16. with the- have to -be made. Specifically, 
start of hearings Into the pro- income from the proposed inter- 
posal by a State Legislative national branches would need to 
Committee. be free of state and city taxes 

While the idea had its origins while the Federal Reserve's 
in a background paper prepaid regulations on foreign deposits 
by Citibank last summer, it has would also need to be changed. 
J»en taken upland developed In particular, .the international 
by the New YbricState Bankers’ branches ..would have .to ha-freft 
Association. The ■ plan’s suppor- of the requirement for .4 per cent.- 
ters are arguing that It could of time deposits and 16 per cent 
regain for New York its Former of demand deposits to be kept in 
glory as an international bank- non-productive reserves. 
inpV centre. It could win hack- - The New York State Banking 
some of the business which has As&ociatiofi feels frat -tibe- pros- 
been lost over the past 15 years pects for achieving the -changes 
to LonSOaJJSsd new offshore iff local -taxation requirements 
pjanking^ centra such as Singa- are extremely good; not least 
pore, Hong -Kong, the Bahamas,, because the plan offers the pros- 
the Cayman Islands, Panama pect of -increasing -revenues 
and-- Bahrain: - - - through enlarged employment In 

Tn esseitee.vthe idea is that U.S. hanking. There- would be little 
and -foreign hanks should he able compensating loss, -It Is said, 
open ---international branches because very, little revenue Is. 
-New/- York handling purely currently, derived', from. Interna- 
international "business— an idea tionaj hanking operations -since 
called-— “ a monetary free trade more than 85 per cent. , of the 
rone” by Citibank. basks 1 International -assets are 

The banks say that in order overseas, » • s 


By Our Own Correspondent 

• WASHINGTON, March 6. 

MR. DAVID MARSTON, the con- 
troversial U5. Attorney.- from 
Philadelphia who' was removed 
from his post by the' Carter 
Administration "this" yearrthk 
morning announced his 1 ' can- 
didacy for the governship of 
Pennsylvania. 

The decision hr Mr. Maistoa, . 
who .is a Republican, comes «' ■' 
no surprise. Even before 
fleetingly became a national figure 
as a result of his conflict .with 
the . present Democratic govern- 
ment -in Washington, observers 
of his performance as therUS 
Attorney in Philadelphia"^ 
suggested he -was- laying! tte 
ground for a state-wide political 
career. ■ . 

. At -a news -.jconfereui&j this 
morning Mr. Marston said be bad 
signed a pledge last January to 
the Effect that, if lie were dfloww 
to serve out his full fo u^-year . 
term .as UB. Attorney — .he was ■ 
appointed by President Fard'i? 
1976 — .he would renounce polft' 
cal ambitions for that periofj. But 
he said that President Carter had 
rejected this offer. -T-.- 
Mr. Marston caught national - 
attention at the time of to* 
removal when he .charged that W 
was ’tfmtng dismissed lit ** 
request of two Pennsylvania* 
Democratic Congressmen who**' 
he was Investigating for 'allege* ' 
corruption. ■ The’ PteSfdra 1 
acknowledged that one qf these. 
Congressman Joshua fif fbflrft 
had spoken to him about’ 

ing Mr. Marston's departure,*? 

denied that he was removtal 
Mr. Marston so as to protect t 
potential congressional ally. 

Since the Marston affair bro* 1 
in January, there have beet 
sevexfi] stiWfedlueftt allegation 
about the conduct of the W« 
Congressmen in question. ■ 

most of the ktxititioa focussmj \ 
on Mr. Daniel Flood. A^/ort? 1 * ■ » 
aide to Mr. Flood, 
under a grant'of immunity fro® 
proseecution. MS' painted *a Pk 
tore of widespread > 

ranging as far. -afield 
and as dose to home ras Pm* 11 
delphia. ’ ' ‘ 


* ■* 


'* ; 


V ., 


" f 


Hiii 






,TjjS. COMPANY NEWS 


Beatrice Foods bid for TtePp 
cana Products: CanadiadTPSoti 1 
may quit Quebec; Puerto- P 10 
seeks - Corco. fi. ljng transfer- 
Page. 32. -.at.:: 


J 


% 




u • 






trade news 



to fe' §S. to get Hamburg yard set to sign 


, 1 1 1 . 
? TIU; - 
ftsrtt. h ... 


steel credit 

■Sffi&s&gssiz 

BEJ®? " Mci " funding- for a 


submarine contract 


Swedish car DEVEL ° p,NG countries 

* al *sdr°p U.K. studies n 

*T\t /O BY DAVID HOLTSEGO 


U.K. studies new competitors 


BY JONATHAN CARR 


BONN, March 6. 


By John Walker THE U.K. GOVERNMENT is in particular areas like eutlerv Amnnocr ^ , 

STOCKHOLM, March 6 expecting by the middle of next Rwjjjar or textiles. ’ ties in any studv^oMhls' ivpe* 

LAST YEAR'S downward trend T ? have in 1,s ***** I* f ° r hel P Wj,itetau concedes, is that £ 

in the sale of new «£ in J* 1 Stud - T carr,ed out in Whit *- beiig uSd^rtlL^^n tL r ^RSS? P° rt fi S«ire® are already distorted 
Sweden has become one of the faaJ1 00 ^ potential export capa- a -fti ernm Tf;n ei V n °?^P* bv P as l Quotas against developing 

smswsr.5 ^tLSEXssj 1 ssESSiBa nEjreswfjssK 

,**•££ ■» JSU ""“JS!! bamers of 


« ■ 

If* ■ 

! ?». 
SF* VVv 
- c-ty , , 

tlW'** - i . 
*nr tN, . 

Iviilr 

. 

‘'St’. • 

V'. T: . . 

i 

. - 

V.rr *a. . 
'll'.:: 


■ contracts awarded?? stalexrSrt larg ® 0Jrders fof.military vessels °, f M J li J 1 n tar ^ matCT j a! ' has made further evidence of that. 

and other. Polish * biufcrs^to from the same source. no^nMiS'^Si? IS* 1 lt H W0Ul . d Th e submarines to be sold 

• Unif^H vs^-zir _“‘r E t s 10 * hm,. _ r> not oppose the planned sub- th*. sna , 


-other. Polish, buyers to ^om the same source. not o florae th* Z‘7° C T rne submarines to be sold are months or .this year dropped bv 

United Kingdom - ■manufacturers , How & !dts - Werke - Deutsche marine S5 if”*®? of the 209 class— more than 1.0&Q nearly 40 per cent! over the 

• for finished and SSSd fHDW). o£ fiamburg^d n l ° !£?“■, * speed °/k 21 k S ots and a ■“* ^ * «£ 

steel products. - ■ , Kiel is understood to be close oniSitlon to Mnnrr^ nr ?h« «►», , crev ? ° f raore than ^ ^ According to the Swedish 

To Guitry, unae,.^^^^ f tor a- deal under, which it will vSs either- if^e ISfnSS *£; ,n if' ested “ German Association of Motor MaTi5a£ 

the loan- a contract must- have a S PP !> y J^ submattnos to Iran, were gained. traClS HESL „ for CT T an D d a V 1 ™™ Rulers, sales In 

hmninuan value. of 8340 000 and an °™ er worth, more than The Rpm»n _ . , delegation from the Bonn January amounted to 13 736 

be placed by 'MarrtT'a ' SttoS S S’?"** , wlab f ty was in *“ “-eared »“b %J>ls tn 

Exporters -.if 7 :; If it goes ahead, further ardor* s 110111 ^ be Tehe ran Iasi week to discuss that January 1977. w h§ i n 


1,000 nearly 40 oer cent M .“ ay 15 iae Jnmal P ft ase irum_ newiy industrialised coun- commercial secrecy 

SSWSSa ^ ^»e a ra. W,d d7c=. ' WjS ^S?i nduslria ,. sl . d 


EworfiSTreSive^^nrof , **.*»*'****"**' KESS SSTSi'SS S T Sg."!J2S"* fW» ««• •*». «« >» 

the contract value fromthe loam for , tb “ ?°, d ether German com- tension By ^Sarfeoa^iti! thJwJMS-* 1 * n0t m D us ® by Febrt,ar y this year the figure 
. •••• - ^ PanJes .wril, it ts believed, be deliveries fromEriS ^ r the Y 6 ? °! 1 r “ an navy - Bui ^ amounted t 0 13,717 units rtm. 

./->«. 7__ _ ■ forthcoming. Under discussion thenf TiaveT^n^ ftfw 0r r5SS ^ b«n2 delivered abroad not pared with 22^99 in the same' 

(TPTmsm.TnrlricIi .are more submarines, mine. *i e ^__ Ge ?? an °, Hly 10 Greec ? and Turkey but month last year. 


™ Period in 1977. ■ several departments to help e^cts of their^ to ta£rT wS- » While naw,v industrialised 

^oc^ I t? ( IS S nf 1 M Bwcd . kh determine future- policy in multU sUtution programmes or Un DrSirtinnut 1,ke foreVV ' aro,n? 

rsociation of Motor Manufac- lateral trade ae' , Dtiation>j fin- m PTOTectlonist measures to 

rers and Retailers, sales In eluding GATTi and in assnstine * A 1 ? esa, J ,na tion of the com- avoid investing in unnecessary 
amounted to 13,736 SSSm lo -JSJSSSSS P ^ advant;iees d ^eloping capacity, they are not anxious lo 
rs compared ulib 20.0 IG In ebunsei in demand and Sn^ ^ been bar e ihe.r plans to competitors. 


s-y _ _ to rtn corning, - Under discussion Sere 1™ M?n iTu , r™ * 1 ueiu ^ aejwered aDroad not P 4 ™ with 22^99 in the same' i ur ound U P ««!* in manufacture tries will be importin'- fromThe 

Gettnan-Tnrkkh are submarines, m-ml SStar? Zorn tn !n, G T n 0 F ly J° ^ce and Turkey but month last year. K? “S*iS?3UL 0 ,afe 5 uard ^ design. The emphasis is on West. There S Sncera th« 

1 1 “? U , A U ^“ weepias ^mnt strong eSP ° rtS to “ y 0tl5er t ° S °, Uth , Ameril ^ n . Con'laned increases in prices or mioiL^Tavp heen nnh^W ? reas J n wb iL-h developing coun- countries like Brazil India a ml 

lorrv ** Mie. of - The Bonn Stand has had SI? > Dd ^8f n ?. ra! n PW" d W arnuinn the case to £d»S !lAAS av ®. es i a _ b ! iBh .* d ^ ?wn Korea arc increasing their 


1 • “r u . AUiawu sweepers and., against strong 0U3er a «° » sevet ?l South American Conilnned Increases in prices 

lorrv fa^fnru Dutch competitiDn, the sale of- The Bonn stand ha«! h*»d ♦ Lale ast - vear ^ aDd ^ 8®noral upward trend 

±MXiy Idttury eight frigates. . histnriMi ™ J 7° d Bonn cabinet approved an export in the inflationary soiral ' are 

3SaSr« 

eitphh- JA 6 ? **}£&£?£.?*** t? affected^- UnSnpSenr and ? urp . ns . e in Vlew disagree _ Bdth the Swedish car nro- 


Is $134 i 


" SS&S?® -I 

writes from Ankara. - . But there have been signs that the Falkland Islands. 

Xr The Gfiwnmimt nHSiu ' 1 


.M MIC Btrurrai npwara wena a r°uine the case for industry- «wu»sjieq mcir own ^ urea are increasing their 

the inflationary spiral ' are fo SdlSst to a hieher level “3 cap ^ c,ty *° 'nuovate and adapt foreign exchange rcsen-cs— on a 

ie main factors in forming imnorts 1 * from" 8 “ SwSlJniJo producls to weslern markets thus similar pattern in Japan— raiher 

les resistai.ee, especially the 13tri« developing ^creasing their competitiveness ^an their imports. 

ikSh 6 •h/ n £LfSf^ However, there is considerable • Making use of World Bank Sft® 1 * bol . h , a desire to 

icers Votvn P « ro T scepticism in Whitehall as to rep ?- m , a ° d specialist studies on p 52 h ion lr tf."" ln 1 dl,stnes and 

5S5* .°. h# *P d Sa. ab ' noted whether there Is sufficient statist!. Particular countries to shed lieht ™ cushum themselves against 


majop 


If the Government ratifies the 
project, Daimler Benz will hold 
..the majority equity. :|n tlie^om- 
at' lTjUOOm. 
' ' ^ Sahanci and .'the 

Akbank will be the principal local 


Library for Tehran will cost $500m. 


pared with the same period in SScluSlona. ™‘ ^“““‘industries. ri p 0 ” 1 PV oii price ?- 


by. Andrew; WHiTUEY 


shareholders'" ' TEHRAN, March 5. 

eventuaUy iake 6 ?? SI ^ c ?5S^ fo f a ^. tt ionanractlog more than 3,900 centre development for the 5,860 cars. " Z. "“I^S ? r - Ine J“nern °r 01 transistor manufacturing bv imports is sirictTv 

asssK sssssi uss^ ef aaas 

jsaBiswtM Sz Sfiizu s^sssts, eS| SffiSE 3- IS^S’SS 


1 i nf >■ 


si oil 


Cxreece bays $l6m. After an^ ■iattnutlOMl. competi 

■ fre=^ e I f mac “ ne, y India to spend 

- SS* *450m. on 

under a special trade agreement sugar industry 

■ a PProyed by the Economic Com- r y kl k Sh>nM- 

-suttee. Our Own Correspondent 7 *“ 5h ™;: : v 

writes from Athens." - - NEW DEtHX March 6. 

The deal concerns equipment AN INVESTMENT - bf R7.7bn. 
.such as exeavatorA' roadrollers labout £450m.) Is'io'be made in 
tltj ■ b0nn ^ machines 'for the the Indian sugar industry in the 
Ministry o.f Agriculture.- Greek next few years to Praise its pro- 

• products to be bartered Include’ faction capacity from the exist- 
tobacco, sultanas .. and - citrus ing. 54ml tonocs- to 6Sm." tonnes 

. fruits. Greece imported Soviet in '1983. - l & r ... 

• ^ goods worth almost SQQQm: last . . Of the new investment, R6.6bn. 

year but exported only half -that wllTbe for creating, hew capacity 

while Rl.lbn. will, be j^pent on 

'■ Pronosak c&mA f Aw modernisation- of- exiting plants. 

irru(JUi»ai5 OHerea tor This is based on estimates by 

' $2bn. Paraffuav dam ? e I ? diar l Sugar - Development 
- ' Council that coBRumption of 

Fifteen construction companies sugar in the country. Will go up 
and consortiums, from Europe, to 58m. tonnes by ,1983 while the 
~ . r 3 • , America, Asia and the rest wiil .be needed far exports 
tilt. Uaiteg-j States have, submitted, and hnilding up. trafEer. stocks. 
Jilt pn>potels*J!or a ^.'frn, .kilowatt; Sugar - cane reqaafements by 
i dam planned by Argentina and 1983- - are^ L estixnarttOA --ai - 185m. 
Paraguay' on the .Parana River tonnes. . ; 
between them, ' AP-DS- reports -'The. council has -commended 
• : (r°“ Buonos dices. Cost of the the ■ Government ftir : raising 
iacyreta Project Is estimated at prices of sugar last, week to 
52.5on. An Argenitina-Paraguayan improve tie. profitabiBts. of the 
commission is- to decide within industry as well as for 'deeiding 
six months which companies and to export 650,000 tonne's -of sugar 
groups will be asked to submit this year. .. '■- V 

fomai bids. . wprtcis to "start in "• ' ■) 'i 

I9S0 and.ihe two, countries are - 7 Mj 

negotiating Tor 'financing ' from ’ T? ' 

i b J.XZ u n ?s k .France. narrows . 

amencan Development jBank. *■ , > . - 

Bonndeffeit 


imports into Britain with a^cw „ SS efiS MlS npncXcet 

to extrapolating ruture trends, and the development or a capital doubm m .Miw i 1 ™" 5 
At the minimum it is hoped to intensive footlear iSdriJS «» n^- " ® .^ hc . r .. _ tem ’ 


lof goods or to be concentrated of the exercise. 


challenge. 


Boeing and Fokker pahs. Man* e. 

seek Brazil order ’’ France's tradr deficit with 

- uraer . . West Germany^ narrowed to 

Boeing and VFW Fokker are Frs.lOJbn. last year from a 
competing to replace a. fleet of .deficit of FrsAS.lbn.- In 1976, 
ageing Lockheed- Efecfra airlines 'figures released by the Frcnch- 
' operated., by a. pool -of four German Chamber of Commerce 
Brazilian, airlines for ' shuttle show. 

flights, between Rio dc janeiro’s The 1977’deficit accounted for 
Santos Dumont AJriwrtvand Sac J practically all of France’s overall . 
Paulo, Diana Smith writes' from deficit of Frs.ll.07bn. 
lio. The Electras have been in French imports from Germany 
iorvicc for 15 years' and will rose S- 8 P er cent last year to 
’>iave to- go into mothballs soon. Frs.M.lbn.. while French exports 
i ji>Vi i - \t least S to 10 new. jet* will be 10 Germany increased 15.7 per ' 

, ? * ,-ieeded to replace them. : rent, to Frs.53.4bn. 

I'jS i' Principal French imports in- 

• “ ■ -'V eluded machinery worth 

J . Hjr.ueveioplllfint cash up Frs.lL67bm, motor vehicles 

v - ■ rtlain £s to contribute £25m. to ' 

. he United Nations Development aquipmcn t Frs .4.6bn-, : 

■rognunme this year, Mrs. Rfft optical instmmento - 


'rognunme this year, Mrs. mstrumenw 

udith Han, Minister for Over- ««i M 

“nounced DBV Tbft“! S nt ’a «J£ ^ibu^Tto "S 

tore tMn -BrS’s contrKon 5 f de T nd f ° r rapi ^ 

”, vmt wuMUfwuun goods tinked to slower economic 

J : .... growth aqd the elections, and to 

. .. . the appreciation, of the Deutsche- 

VUStrauan seminars mark which afacted consumer 
‘ „•»- . goods, the Chamber said, 

series of one-day seminars to AP-DJ 

rcourage exports to Australia — ; ^ 

111 be held in London and main . T ■ 

-gional centres next month and \Jpw7 nnWPF 
May. sponsored by the |IUYVC1 

ustralian-British Trade Assorts- n ] 9ri f f nr T/irHon 

on in 'conjunction -with the pistil I IUT JUititfiU 

-itish Overseas Trade s Board. r ■ 

re London seminar- will bo 9y Ram ' G ' Kho “ ri 
•ened by Mr. Edmund- Dell, AMMAN, March 6.' 

■cr clary of State for Trade, at. THE GOVERNMENT here has 
0 Inn on the Park on April 26. approved plans to build what 
. will eventually become Jordan’s 
lore oil for Israel biggest power station ai the 

, v ,w “ ,=, southern. port of Aqaba. Ton ders 

.'Xico and Israel have dosed a will be put out this -year for stage 
ree-day economic meeting -with one of the project, covering three 
proposed increase Ox Mexican units of 3SMW each. . 

..sales to Israel from 20,000 The station’s 'first phase is 
30,000 barrels daib'. AP-DJ expected to cost .iround S70ra. 
ports from Mexico City. Israel and will be planned with future • 
U sell Mexico 100,000 tons of expahslon of up to 3J200MW in 
osphate annually for fertiliser, mind. 

The Aqaba station, like the ' 

Inin* £4m nlan ' new Kin 8 Hussein power station 
Ipin^, 1™. plan at Zerqa, near Amman, that is 

■ a joint venture with Uron having, its - capacity tripled now 
lairactlon Engineering oF to a total of 197MW, will be the - 
:os, H. O. Andrews of Leeds is steam-powered turbine type, 
begin work shortly on a £4m. Consultants for the Aqaba 
[tract for laying a lSSkm power ' station are Preece. 
er main in Ogun for. the State Cardew and Rider of C-rcat 
or corporation. Britain. •- 


Ud for Sudan project 

W ALAN DARBY 


iS Sea roods of Grin«by is to 
^riakc a survey of Sudan’s 
-Sea shrimp - resource under 
agreement . signed between 
ftn’s Ministry of .Agriculture 
‘Britain’s Ministry of Over 1 
Development. 

w £600,000 contract- between 
rand ODM is' expected to be 
ed this week following com- 
■fa of - the " negotiations in 
rtbum between Britain and 
Sudan ‘Goveniraent. . 

survey will be. financed 
•r BritaiiL’s existing aid com- 
icnt 10 Sudan which stands 


at £3m. per year plus a grant : 
of £14m. announced in January. 

ODM fisheries experts first 
found shrimp.in the Tokar Delta.; 
100 -miles southeast of Port' 
Sudan, In Jnne 1975. Initial . 
evidence suggested a possible 
annual catch of l.fiOO. tons. 

The Ross-ODM survey is to 
.evaluate these findings and to 
determine whether there is : 
enough shrimp off Sudan’s coast 
tq establish an export industry 
employing a modern fleet of / 
trawlers and shrimp processing 
factory to be based at or near . 
Port Sudan. 


m 


'i 




'•s&ki 


WV'-.’S 








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Financial Times Tuesday March 7 1978 



HOME NEWS 


Shortage 
of Ulster 
business 
projects 


Beecham plans £41m. 


expansion in U.K. 


Survey hits 
at ‘snob’ 
image of 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


managers 

Financial Times Reporter 


Qantas chief 
criticises cheap 
flights plan 


By Our Belfast Correspondent 


THE STATE-FUNDED Northern I in Sco 
Ireland Development Agency} England, 
cannot find enough commercially 
viable projects in which to invest I About 


THE Beecham Group is to 
invest aboul £4 Ira. over the 
next three years in expanding 
its pharmaceuticals operations 

in Scotland and southern 


farther increase of 25 per cent, 
this year. 

The remaining two-thirds of 
the .ILK. investment package 
will be used to modernise and 
re-organise fa dories ai Worth- 
ing and Crawley, in Sussex. 


ar MICHAEL DONNE; AEROSPACE CORRESPONDENT 


in Ireland. 

■ This project has been, held 

up by planning delays and. has 


Carrefour 

launches 

cut-price 

grocery 

scheme 


About a third of die capital 


• iduic projects in wniCQ to invest l «* v ' i/„ ; 

the £40m. it has available. Mr.; expenditure will be on a new YaCCUie 


Dennis Faulkner, the chairman!) chemical plant at Irvine, near 
said yesterday. I Glasgow. The company has 

“There is* no shortage of already invested more than 
money." he said. He would like £25m. at this site since 1970 
to see available funds committed 0° penicillin G and chemical 
in worthy, job-generating pro- production units. 

SS! “US?" would Slad!y go The m plant wH | pr0 ducc 
for j0verDment t0 ar Suc new chemicals coming from 

Th, agency whict, prcen.ed SrSSUSr.'SLSKIlS 

SS5. 3 ! 5 .'banker fas^resorL” * '■ » 

It was set up in May. 1976. with “ 

funds of £50m. to succeed the ~wr 1 •* . 

former Northern Ireland Finance I £^ , W7’|d'JTr|/ , j 1* 

Corporation, but is anxious not i j C y llllIU 1 

to be seen as a saviour of lame 
ducks 

“Our remit from the Govern- STUART ALEXANDER 

ment is clear. We can only help 

projects which arc judged to be LEYLAND Truck and Bus has 


The new plant will produce 
new chemicals coming from 
Beecham’s expanding research 
and development programme. 
This has increased significantly 
in the past four years, reach- 
ing £19. 4m. in 1976-77. with a 


At the ' larger Worthing 
factory- the process develop' 
ment facilities will be ex- 
panded and a new allergy 
\acciue unit built. 

This factory has been 
repeatedly expanded since it 
first became operational in 
1961 and much of the invest- 
ment is to rationalise earlier 
deielapraentis lu increase 

efficiency. 

Ontside the U.BL, Beecham 


I TITO BRITISH Institute of; O MT \ZV-V-A J 

, Management replied yesterday to ; ^ 

Is also investing £llm.-£l2m. j accusations of class conwnousness ■ BY MICHAEL DONNE, AEROSPACE CORRESPONDENT ~ 

in a pharmaceuticals plant at jand an old school tie image! . ft'., CPIK^TUP 

Baliycaseymore, near Shannon, j among British managers. .. LAK ER AIRWAYS’ plans for'Jnof just providing lower fares DLliCUlV 

in Ireland. , According to the BIM. mare n ew cheap-fare services between-^or a handful of people from 

: project been, held than half- of British . managers ; tbe . tf/K. and Australia have Sydney and Melboure to London. B £ .. Goodman, Connimer 

up by planning delays and-. has : were educated at grammar school ^hKWsn ‘cri listed by Sir -Lenox but lower fares from every in-, *H*irs Corresoondwit 
been considerably scaled: down land 60 per.. cenL of 'them iiad* newitT. chairman of Qaiitas. -.temational airport in Australia; 

from the plant first ent'fci^ed. j Marled work by the. age Of .17.; fi — - «tvdnev or£ ia ever >’ overseas port where CARREFOUR, the British bywtw 

If will now be used for fotmu- i The institute bases its assertion m b.umey m. Q&Jtaa flew market group. i s importing an 

latiou and packaging -rather ; on the findings of .a survey to be , i^^ pwns w swrr a ^ -.These are the proposals we ldBa w && country pioneered by 


By Elinor Goodman, Consumer 
Affairs Correspondent 


than the production of. -bulk 
com pounds. 

In 1976-77, Beecham Group 
capital expenditure amounted 
to about £29m. wo rid wise, but 


V e— 

group, is importing an 
ibis country pioneered by 


among managers came to ™ _. 

to 'about £29m. wo rid wise. but j survey of 200 chief executives ; ® „? U o f°! abS! approved 'is misleading to the { , iT-is ■'tapnehing - a range of 

this total does not include in six European countries carried: ; uSSv no beSSt whaSver to the P uWic -" Sir Lenox said. .V SraWTree^ grocertes which it 

K,r lha maogr na fThiaf lulel y “0 Deuent wnaiever tU UIB un„^. tka Minictai. Ill ka in I. Oft 


out of the fares that may or may not be [ leading brands. 


ima IV uu ones noi mciuac in sis biulu^cui iuuiiuih w n _ hpnofit urh-ifovpr to the air Sftiu. .. onna irw srutenw woim u 

research and development out by the magazine. Chief | n o oene°t wnatever to uie “Understandably, the Minister claims will be 10 to 30 per cent, 
investment or expenditure on Executive Monthly; in ronjunc- ; 5**^.. '" a J° ruy V1 intends to examine all proposals cheaper than: heavlly-edvertlsed 

acquisitions, such as the $82m- .lion with Management Centre j . . and will not be pushed into' brands selling in other super- 

purchase a year agd-of-Cugon, Europei the European, arm of, “Mr. Laker's, claims that 401^. decisions on individual fates ip markets and appreciably cheaper 
the consumer products sub- the American' Management Asso-; more '.overseas ..visitors a week -isolation’. from such vital and -than the stfnje. brands in Its owa 

sidiary of. Merck and. Co. in ci a tfo n! ’• Although 1 only 19 per.i would -revolutionise Australia’s ; complex questions*®*, their- avails -stores.. 

the U.S. . ■ . cent, of British’ managers i tourist industry, wtucb already ^ability to Australian -travellers, f In the 1980s. many of the big 


the U.S. 


Leyland revamps Europe sales gsr- — •— - *■ 

Half oF the managers surveyed, 

BY STUART ALEXANDER ’ ' • had gone on to further education.-; 

of which a high proportion took', 

LEYLAND Truck and Bus has This struggle is bound up with in Germany and Italy. Mr. Bert a part-time sandwich course. The ( 
taken over direct control of com- other Issues such as the trans- Lawrence announced in"Amsrpr- : most common subjects studied, 
raercial vehicle sales in Europe ference of Sherpa van msoufac-.tfam recently; “Leyland’s Euro-, y .-“Wtisn managers .weretj 


BY STUART ALEXANDER 


commercially sound," Mr. Faulk- 
ner said. 


director general of the; 


managers 


In many cases, companies were! From Leyland international and ture from cars to truck aiid- bus-' pean companies ore only- at the 1 CAStneering. science, economics, 
waiting until they were in diffi- j is likely to lake over African division. ‘ beginning of a programme which I mathematics and .business 

culties before getting in touch, land Australasian sales .soon. Under ^ new ^ ^ es will involve increasing the num- i 


Heathrow inquiry 
may take months 


as a cheaper alternative to the 
advertised brands. The “brand 
free” idea is a development of this 
concept: The difference is that 
the new products do not feature 
the Carrefour name prominently. 
Instead the products are merely 
labelled with a generic descrip- 
tion of their contents — “Diges- 
tive Sweetmeat Biscuits," for 6x* 


The agenev now was Involved i Cars division made 
in 30 companies in Ulster. It move last month, 
had created about 600 new jobs The plan to strip International 
and maintained nearly 4.000 of nearly all sales rcsponsibili- 
others. tics but to leave the division 


THE public, planning 


'.""“S ^'The' Idea „a, first inlrofiuced 


The firs't annual report, which with control of overseas manufac- 


Russell, group marketing direc- sional 


shows a £2. Rm deficit for the it raring plants was announced re- L^.fL J^i n a 2fc fv^rtne 2S!’ . . __i found that 70 per cent, ballcvttd J Uon7 round “Heathrow 

months to March 31. 1977. was cenlly by Mr. Michael Edwardes. .3 »? increased employee participa- ; M JiL® in 5r^«ilSnrt Mr.Pptpr Shor. Envi 


network 


social class to motivate tnetr au-. i a j„ Glide well. QC. as the the environmental and other 
across workers, the BIMs own ; inspector, writes Michael Donne, problems, such as traffic conges- 


tors. They have also been imi- 
tated by other Frencb retttflets. 


delayed while the agency tried to Leyland chairman. 


agree with the Northern Ireland ■ The Truck and Bus division is 


Department of Commerce how also thought to be fighting to 
certain liabilities inherited from take over export sales of Sherpa 


the Finance Corporation were to vans and Land Rovers from Ley- 


bc allocated.. 


land Cars and Land Rover. 


MIK.IU auu UC.IUH.1, year. ment howeV er. the BIM found t uc J' f n 

The company hopes to extend Major markets arc Europe, twice as many of its members i u“ tho "V? n mmanral” l?d oiSS 
its sales in Europe, particularly Africa. AustraHa, and Central {bad gone to public school t3S|5jL* ronmenl 1 oUler 

” land Southern America, as well as per cenU than had in the whole i 8 ™“ p — 


old Ute public planni/jg inquiry Carrefour, which has never 
a ensure that every interested sold products under Us own 

K could make its views label, is describing th* rtew 
n before final decisions are range in its advertisements as 
taken. * - - .... 

If built. 


KQTTCE OF REDEMPTION 


a small presence in the Middle J survey. And of those who hadf British Airports Autb- 


terminal 


“ as good as the best but leu 
expensive." Copies of the pro- 


lb die Holders o£ 


Comalco Limited 

10% Notes Due 1987 


Issued under Indenture dated as of April 1, 1975 


NOTICE IS ’HEREBY GIVEN that pursuant m the provisions nf the above-mentioned Indenture. TJ.S. 
S2AX».(KlO principal amount of the above de-cribed Notft havr been »elei-|ed for r^emption nil April I. I **7fS. 


through oin'ration of the Sinking Fund, at the principal amount thereof, together with accrued interest to said 
date, a; lolluwo: 


East! It is also SartSwS^ if gone to ^versity 27 per cent ority has asked for the proposed would affect road traffic to the du e t specifications will be dis- 
r manufLr^T;g%?^t irfndial had to“Oxbridg?> terminal to raise Heath rows ^ ed in 

; : — S -r. passenger capacity from the affect employment, housing and the message that the quality of 

__ v _• present 30ra. a year to 38m. a public services. the unbranded products Is as 

/l-, ^ _ j year by the mid to late 1980s. Its appearance is also coft- « 0 od as that of the advertised 

I ffTlfB IlA f I Hi ! The fourth terminaj is part of sidered important hv the Depart- brands. 

Ml fcVl* the Government's strategy to mentof the EnvironmenL The company, which opened 

its first hypermarket in Britain 

-w- "■ f ~ “ ~ five years aeo. is shortly to ojien 

for London roads £40m. scheme to develop J ,-5Ss.«us 

BY DAVID CHURQflU... ... T ! m w • j economies of thtp kind of 

MR.’- WILLIAM-- ‘. RODGERS: -divergence in funds available LOnflOIl 1 TCCH-dCFO $lt6 & A* box * o^sV" whole wheat 

Transport Secretary’, was warned from the two bodies results in breakfast biscuits will aell for 

yesterday . that the divided some absurd uneveness in the financial TIMES REPORTER 23*P as against 26p for 

responsibility* for .London's road treatment of different parts of Weetabix in Carrefour and 2?P 

network was harmful to indus- the capital.” says the letter. PLANNING applications to ties. Work should start within i n a rival supermarket, while a 

trial development in^ the capital, in particular, the council develop a £40m. entertainment a year. packet "of unbranded cream 

The warning came in a ferter argues that this difference is most and shopping centre on the two Yields, including rental and crackers will sell for Up in 

from Lord Porchestei,". chairman marked in -the treatment given acre Trocadero site in London's operating income for the Carrefour compared to 12!p for 

of: the . South-East .'Etjononii'c tn the North an<t..Soutb Circular Piccadilly have been lodged with developers, should approach 20 Jacobs crackers in another 
Ejipining pouncil-. which, repre- roads. ' .•% Westminster City Council by the per cent a year, an annual supermarket, 

sents ‘local auUmnujl^- 'The North Circular Road, for site owner. Electricity Supply return or ESm. The range does not, for the 

industry: in that -'.region of: which the Department of Trans- Nominees pension fund. . The shift in emphasis away moment, include all the big 

England.. ■ ' * ’ port is responsible,’ has received Th scheme whicb shou , d from an asset-oriented scheme selling items stocked by a 

At present responsibility for steady and substantial improve- *“* ,hpTnmmereial%ite area reflected a change in planning supermarket. Carrefour nay* 

London’s roads/ is divided ment over- the past- few years. M0 sauare fee t diSS thinking. Mr. Barry White of this is because in sectors like 

betweed the* Department . or with a further £145m earmarked 1° ,_5* Richard EUls. development con- soup and instant coffee it was 

Transport and the Greater for ibis purpose over the next {J 0 SL-fjLJ t jL -«»« thP eariv sultams to the project, said unable to set the right quality 

Londw. Cou.dL “The wide decade.-. ‘“ V S7 ’-PSe pW^osVll theS , Bh « ■»* 

■rw, ' •*' 1 i . ' r -g .1 , . S ,0r < h0p .' ? ffices a " d ‘ to pre«r,r;hi ,™tJng cSt« ^ _ _ 

Ire oil ng oi aid sought L „ „,v S d . em , t %r<s t as s Ombudsmen 
for mner Birmingham ■ rSHlr" un ^ r SffiS was on S ... keep check 

tures added wrtiere necessary in a ii v .qcKPmhlpri nvor mHnv cnire I 


for London roads 


BY DAYtD CHURCHUJ- 


Ts'OTES OF U.S. Sl.OOp E.ACH 



MR- '- WILLIAM- ... RODGERS, divergence in funds available 
Transport Secretary’, was warned from the two bodies results m 
yesterday that the divided some, absurd uneveness in the 
responsibility* for .London's road treatment of different parts of 
network was harmful to indus- the capital." says the letter, 
trial development in^ the capital. In particular, the council 


FINANCIAL TIMES REPORTER 


London .. CounciL 


at the right price. 


Trebling df aid sought 
for inner Birmiiigham 


FINANCIAL TIMES REPORTER . • 

GOVERNMENT AID of i£10t0- a- -have had a severe disincentive 


of nn mnnrik 

the scheme. , pertv company which owns vILl vUUllvl|o 


Ombudsmen 
keep check 


Ground flbor shopping facili- Euston Tower, with the elec- 


[Industry. This is three limes position of the Birmingham 
mo re "than the Government has Inner Area City Partnership, of 


allocated arid could be “absorbed which Mr. Reg Freeson, a junior 


without any major impact." housing Minister, is 
- Half the ElOm, should be used A Dew brganisafibd 
primarily .to dear and develop permanent fulb-time 


Minister, is chairman, 
organisation with a 
it full-time staff is 


£3.5m. bus garage plan 


authorities now have revi«ed 
their procedures even if redress 
for individuals has been or 
“ sometimes less than satie- 
faefory.*’ 

This is Htaied in an appraisal 
nf the work of the English corn- 


land and. refurbish .existing ncedpd once a broad approach FINANCIAL TIMES REPORTER nf the work of the English com- 

bn'ridings. the chamber says. It has been- agreed by the partner- LONDON TRANSPORT is asking unsuitable for modernisation— mlssiwiers, published to-day by 

argues that the single; most im- ship the chamber believe. . the Greater London Council" to would then be closed and sold- the Rnval Institute of Public 


argues that the single; most 1m- ship, the chamber believes. . w ^ 

portant -factor in the mner. -The importance of- ••the approve lbe buiidmg of a £3.5m Planning permission ha^ Administration, 

area s deterioration has -been Midlands as an industrial base ' ^ * 41 — 


areas detenoration has been s an inaustnai base . Th^nesmead m already “heeh granted for the The authors of the report, 

decline of the industrial -fiase | s . ^nflrmedby the Centre for Swage _ai inanwsmead to garageon a 4.7 acre site inside Norman Lewis and Bernard 

caused by direction of industry jnter-Finn Comparisons. Of the expand- the new one-way system north OateshHl. lecturera in law at 

to other areas. companies in seven regions dew town. Plmnrtead RnaH and wp« nf Wi.u TTnrvPrativ ndd- “The verv 


to other areas. ’• . V 340 companies in seven regions 

This has prevented natural analysed, two in three of those 


of Plumrtead Road and west nf Hull University, add: “The very 


expansion and created a. general in the Midlands achieved above- by the council, work could start stead station. 


If the expenditure is approved Griffin Manor Way, near Plum- existence of the commission h?s 


Dumber 


sense of deterioration. averape performance. _ The this autumn and be finished In The earage would house 130 authorities to review and reform 

■pie devices which Govern- figure for Wales, Scotland. York- 1981. Two old garaees, at Abbey buses and have full servicing and their procedures for receiving 

menus have introduced to shire and Hum her side was only Wood and Plumstead— both more maintenance facilities with complaints/’ 

buttress their regional • pbRctes about 30 per cent. than 60 years old and thought offices and a staff resUuranL Lack of direct access In the 


1D23 2318 3835 4099 6243 7510 8830 10109 
1M? 2330 3627 4901 B2M 753-4 8832 101M 


1033 3341 36W 4019 6250 7542 8862 10330 116*7 13383 149M 16BU 


11890 13370 14877 16491 18134 19657 21240 22301 34459 
11692 13279 14893 16493 18150 1MM 21232 22904 24475 



’ v ;• \ 1 ■ ’ i B 



l|i i ■ 



10240 

10244 

11718 

11719 

iiiiiif 

11734 

11729 

11732 

11758 

1178L 

11783 

11787 

VJl 

m 


m 


11837 


m 

10473 

10478 

10482 

11945 

11047 

21972 

tlvi XU 

bl« r ■ 


lOBXft 

108*7 

12037 

12046 



18150 19668 2133 T 32912 24485 

S1 

21 
21 
21 
21 
21 


Industry turn-round vital, says V ariey 


04 
09 

18130 16762 1B3Z8 1SS31 

15153 18771 18344 19839 

15161 16781 18346 19803 91535 



FINANCIAL TIMES REPORTER 


THE GOVERNMENTS determi-iMr. Ena Varley, Industry Secre- schemes— covering wool textiles. The “Yeal action In improving 
nation to give priorils .'to tary, said at a conference of 200 clothing. textile machinery, efficiency and producing and sell- 
industrial regeneration '. ' was leaders of North West industry machine ton,c ! — — 


printing ing British goods -competitively lew well-off. 


Lack of direct access in the 
fir^t instance to the commission 
remain* a di*mit«“d issue and the 
report believes there is evidence 
of a prima fade case for a 
change. 

T The author; ernress worry 
that thtf Pattern of complaints 
vepnMi-fo’’fhdiejite thst the com- 
mission is being ured more by 
the mt<wtp classes than by the 


reiterated yesterday, and-coupled and commerce, trade unions, and machinery. The schemes, whicb woulfCbe at individual cottwanv 
| with a warning that - nothing local authorities: “Financial bad just closed, had played “.an level.- ^ 


The Commission for Local 

Less than .a major turn-round” stability and low inflation are extremely^ '7m port ait' "'part" m’ "'“'Central Govenunent will do /Stl 

was needed in the performance the first two necessary condl- safeguarding the future of the Its best, but do not look to fWlton 

of Britain 5 manufacturing in - lions. We are making good pro- industries. Central Government for same Hohm Muhlainn Pinr« rftwbn. 

dustry and the remedying of its gress on both these fronts.” The North West had 15,000 grandiose plaSsUat'we can^ust ffc? Low * otl ' 

structural weaknesses. investment or more than manufacturing companies and hand down From Whitehall and r^nintnta pmwiurM iswnl 

Speaking in Manchester on the £400m. was expected to result what happened in the region was ex peer everything to come right,” Ombudsman 2 1 Queen Anne's 

Governments Industrial strategy, from five Government aid crucial to the national strategy. Mr VaxUjy said. C^Londmi. S.YLL 


22158 24779 
23136 24791 


BO? *091 10462 11972 13S68 15206 16793 18387 TtJSKJl 21546 2^3 24792 




10 5213 6540 Tflflfl 9138 lCSfll 12073 13869 15293 16863 1B48Z 18973 23312 24UB4 

IB# WT Ma ai «« TO nn loSe ISOM 13688 15300 ISSOtl tMM 198W 21843 23334 24006 

1379 ww 3943 5245 6362 7BBS 9173 10398 12109 13692 15301 I8S1, 18506 20013 21655 23334 -4927 

1MO mS OT76 5248 TOil 9lM LMIS 12122 13717 15340 IfKQ 18508 30042 21664 £3346 24935 


Brokers glum about world trade! TV set deliveries up 


1414 2658 MSB 5259 6572 79S3 9338 10033 12137 13722 15344 1M38 18318 7 0Q52 21059 23347 34942 
1416 2669 .4019 5354 HST3 7940 9238 10639 12140 13743 19373 16938 18534 20055 21700 23330 34967 


BY DAVID FREUD 


1416 2669 .4019 5354 (IS73 7940 9238 10639 12140 13745 19373 10938 1BWM 2DU35 317W 

1421 2675 4031 527b 6583 7946 3344 10647 12142 13748 19381 10849 16S23 20037 21707 233 63 

3425 2990 4050 5280 66U 7979 8290 106SS 13161 13790 15888 16857 18542 300M 21739 23387 

1426 2706 4068 5308 6832 799B 927E 10873 121GG 13797 15 387 16981 }fgg 5!™ 

uQft « 72 Q 4Q70 5aifi imm 8013 9277 1087A I2lfl0 13800 1539^ 1 701 2 . 18 360 30138 21793 23421 

irai Sms read Hot foil k*d io®s 1=197 i^ 15412 ivoao imts miss ai«8 23485 

1448 2724 4079 5330 6638 8021 9307 10687 12206 13809 15421 17IM0 18581 20157 21804 23448 


On April 1. fOTS the Nut-? •ie-isaated *!«»•«• uill Im.-nntr fiui>-.uui payahlr a- atori-aiH in -ii- ii coin or onr- 
Wvw oi ihc 1-niieH N#W- i»l America ai the tun- i*t jijim’-iil rinl! b<* lender |nr |<nhli>- and priidte 
debt-. ?aid N’oie- will he paid, upon preecntsthm and -nrrender lh*ren|' *.irh jII r.'iupnn* jpi»-riaiiiinc ihcreM 
mallirinc JtI>T ihr rrdr-inptimi ai the »jrfir.n .it i hi- hol.Ur either lal -H llie <i>n«nrali-.Tnist IKfiri- of 
Murcan Cnamnlv Tm>t (nni|iau> of New lurk. I.) Broad Slrei!t. Vw lurk, 'cw lurk ]IH)|.\nr ibl 
?ui»irt-r in ni.|>In jli'lr l.itav.111,1 riviiljli'iR-. M l lie m.im ..Itl.-.-- .i| Morain l-uaranl;- Iru-t «>mpany <»t ^ork 
in prurrri-. Frankfurt iMaini. I.mdon. Pari- “r T»k»n. -r Rh.L 'lee- ,V W in \m-ler.iim nr R.in.,4 


^ I'm* illcr A t . -vp. in Milan and Koine, nr Ebmj Lii\i*inbnur2>.\. in l.uv-ml-urc. Payment 

a! Ihe nftii-n- referred to in • i> l .ilmve will !rr ni.ulc by a check drawn on, or by a lunsfol lo, a dollar OLCuuat 
maintained a if li a bank 5i» The Ijlv ol Non ^ork. 
reopen- do>- April |. J*i7X -hnuid b>’ drl jchdf and ••idiiirlrd ill ihc UrUjl manner. 

On and alter April 1, 1978 Intcursl ehsll ceawr to ar«- r ue the. Notes herein designated for redcmplicm- 


CONL\LCO LIMITED 

Dated: February w, 1978 

MITKCE 

The following Notes previously culled lor redemption havenol a? yet been presented for iwyment: 


30 1376 6143 6246 8938 »9*» 3013 9047 13951 18P13 IflKS 1W83 

783 3295 6216 8910 8936 8934 3019 9070 14026 28918 19565 XBhl 


STOCKBROKERS Phillips and 
Drew have cut by £0.5bn.-£0.6bn. 
the estimate they made last 
month of 1978's current account 
surplus. 

The downwards revision can 
be attributed mainly to a 
gloomier view on world trade, 
which the firm now expects lo. 
rise by only 2.5 per cqflL this 
calendar year, compared with the 
4 per cent. Forecast a month ago. 

Phillips and Drew's assump- 
tion of a £2*£2.5bn. nel ( Budget 
stimulus remained constant over 
the two forecasts. 

The world trade adjustment, 
also accounts for the divergence 
from the figures published last 
week by the National Jristirure 
of Economic and Social Research, 
which predicted a £13bnfTcurrent 
account surplus on the assump- 
tion of a £2bn. net Budget 
stimulus. However, the Institute 
expected world trade to rise by 
5-5.5 per cent, la 19~S, 


The firm says that average 
earnings seem to be growing by 
aboui 15 per cent, (new series) 
in the present wage round, which 
suggests that retail price infla- 
tion will remain in single figures 
for the rest of the year. Prices 
may accelerate from a base of 
7-8 per cent, after.. mi d-197S. ... 

The firm's assumption of a 12 
per cent, rise in earnings in the 
year to August. 1979 indicates an 
acceleration in retail prices 
during 1979, with, a 10-12 per 
cent, inflation rale appearing in 
the second half. 


The current account is ex- 
pec! ed to gb'into deficit by about 
£100m. in 1979 &ad ; PhiHip$ and 
Drew are tfhjoray about growth 
prospects. 

“With prices rising almost as 
fast as earnings through 1970 
and the absence of a further 
stimulus in the 1979 Budget, per- 
sonal real consumption is fore- 


cast to increase by only 2.5 per 
cept. next year after 5 per cent 
in 1978. 

“This, combined with con- 
tinuing difficulties for exports, 
high Import penetration and 
deteriorating company liquidity, 
suggests a slowdown in real GDP 
growth to ..l-S-2.peTL_tsn.L_.next 
calendar year compared with the 
2.5 per cent, we expect in the 
current year.” 

• The Unit for Retail Planning 
Information forecasts that 
average consumer retail expen- 
diture per bead will grow from 
just over £300 in 1/976 tat con- 
stant, 1971 .prices) to. £360 per 
annum by 1988. 

: it 4ays that consumer’ spending 
-has dropped tiver the last four 
years ' to *be!Bw— its- lorg-term- 
trend level. It expects that the 
recovery from the present inw 
will take place slowly at first. i>ut 
with a significant acceleration in j 
late 1978 and 1979. 


- FINANCIAL TIMES REPORTER , 

DELIVERIES ; of television sets pared with 1.51m. ia 1979. 
hv manufacturers and importers Deliveries of monochrome sets 
to British distributors rose last were . l-03m^ against lm. th* 

™ n ° l Pr S y W7. British import* 
reflected in purchases. 0 f co i our TV sets amounted to 

Figures from the British Radio 311,000, compared with 214.00® 
Equipment Manufacturers Asso- in the previous year. Mono- 
ciation show that total colour chrome TV set imports, at 
TV sot deliveries to distributors 526,000 units, were 20.000 fewir 
rose— to 1.64m.- -last year,, com- -than.. in .1976. 


More ‘Mentmore’ sales likely 

FINANCIAL TIMES REPORTER 

A PLEA in defence of Britain's cessions, no fell in the number 


stately home owners has been of great houses and their cep- 


made in the National Trust's 
1977 -annual report. 

. Private owners could preserve 


tents coming on to the market—' 
as did Mentmore last May — was 
envisaged. . 

The National Trust, with H* 


Britain's collection of historic selective acquisition policy could 
homes, gardens and works of art on r v take up a fractloa of these 
more cheaply for the-pubUc. said houses, and the “ inadequacies " 
Lord Xlib8on. newiy-appotnted q f the Natinpal Land Fund were 
chairman of the trust. exposed in the Menraior* 

But despite recent tax con- auction. 


■ 


L> 


r 


m 



tobaa 

ca 



Tinandal Times Tuesday March. 7 1978 











S OF PALL MALL LONDON EST. 1890 


As defined in H.M. Government Tables, 













jSauy^WNT 




i : > Times Tuesday Tftarch' 7 l&m -, 


home news 


Deputy 
chairman 
of prices 
watchdog 
appointed 


Spending recovery 


remains 


By Our Connnner Affairs 
Correspondent 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE RECOVERY in spending in also an increased tendency to advances were 6 per cent, 
sbops so far has been less concentrate durable purchases higher than in the previous 
buoyant than at first believed, at a. time of special sales. quarter. Finance house lending 

though sales of durable goods Spending in clothing and foot- was 11 per cent, higher while 
have risen sharply and new in- wear sbops Was Z per cent up on advances by retailers rose by 2 
stalment credit advances have a quarterly comparison, although per cent. When these figures 
been at a high leveL it .fell back sharply in January are adjusted for inflation a rise 

The final index of the volume from the buoyant December in. the volume of. business is 
of retail sales In January was level. indicated. 

104.9 seasonally adjusted, and The hire-purchase figures con- •'"Consumer demand for credit 


N. Sea 
1,000 ft. 
oil fields 
‘on way’ 


By Jtajr Dafter, 

Energy ■■ Correspondent * 


[ LABOUR NEWS 


Security guard Backing 

dispute shuts for , 
five shipyards ' eochers 

- ■ ■ on pay 

BY PHILIP BASSETT, LABOUR STAFF . * V 

• By Michael Dixon, . . 

SWAN HUNTER closed, its five others walked 'Out in sup- Education Correspondent";', 
shipbuilding yards on the Tyne port •* 


By Michael Dixon, 

Education Correspondent'-;’., 


V yesterday and laid off all its ^Mr. - Davjd Hanson, leader. o£ TEACHERS’ UNIONS yeSBsrdar 
co ,SL ^ 9:000 workers because of. a pay- $e .Tyne outfitters who caused g ained-5-'surpriSe aHy IPiKS 
^ rt LOCW^ee? ^thiS disp ^ t? “Wiving 80 security ^prolonged dispute at the yards attempt to iSuence^he^te<S 
:-Ton .. : Eventually - resulting m loss of ar bitration. jnachinery,'hTt^fcS- 


aajusiea. anu ine mre-purcnase figures con- • consumer oeiuand Tor ere oil ■ - = . - TV- suoiida. . sycnxuauy -resuiuBs in arbitralioa machinery,: in 

THE GOVERNAIENT has 1971 = 10 °- cora P arcd with a firm this impression of a steady. k Increasing rapidly and is now :a major The- -decision to close the Swan Hunter's share of the mg an improved -pay omt to- 

appointed Mr iS the P^junonal estimate oflOfi. though not yet dramatic. 12 per cent higher thanfor the Sta'S ****- whi ? ret l uir * '*e*\Jghterf\Wm. Polish ships order, said 454,000 school staff in Egglm* 

retiring nianaein'* director of T& e Department of Trade said recovery in. consumer spending, same tune last year, according Stt for Enerov said security than usual because of his: ‘in ambers would defy^ the and Wales. — - 

Esson PeSeuraNoTSfare Dr yesterday that this suggested that A total of£42Sm. of new in- to- figures "released by' Credit S?L fiy ’ * *«*“»■ four Royal Navy frigates being closure Ihd report for work to- . . 

Gordon SEav as on? of ?hree volume oF trade had fallen stalment credit was advanced by Data, a credit service business. >«*“rday. buiIt lhere> f0 n O wed the break- day, ... - Ajwujn . JMJgBL-JSK 

deputv chairmen of the Price back frotn the- December level finance bouses -and retailers In - Tbe- Credit Data Index- (Janu- D ^. ..Mahon, who wasspeaklag down of two -hours’ talks with ^ ■ • - ' " ' 

Commission. of m - 9 b “ l remained above the January (on a seasonally ary 1577 = j 00) of credit in- interaatiS"^ e^ibirimT m re P resentatives ' of ^e security ‘Hoar’s notice 5 BSmS^hS^of^a ?£pWr? 

_ „ . . . . average level of the fourth adjusted basis). This compares qumes made by retailers and rh„V,„« men. . . . .. ora ™ au : “ 

SS" m 2l IIS'? »“* »; ?• to. « touse. is 129 for Febru- Jj!8S?‘ l BXr%. ’LPS&JS: An msent 'meeting of the he .«•«. , «•« P“» . “ 


fim. Polish Ships order, said 454,000 school staff in EDslami 
"-‘members would defy ■ the and Wales. — - ■- 


£ #«.* , “r “ warns acn me level in tne rouno retailers increased. sept earner last year,, wmen the so-called marginal discoveries Swan Hunter said last night were wu. .«> me...- .. v _ 

010 post t0 ° time ’ quarter is now estimated at in the last three months of marked the start of the mail- —and reservoirs in very deeo that the men refused to cany. b®ra should have been given These were sent automatically 
consuming. 104.4, rather than 104.9 pre- flat though advances by order season and the pre-Christ- water. out their normal work and so more notice. • to arbitration last week when the 


The Government was anxious vioqsly. 
to find an industrialist to replace This trend fits in with the view 
Dr. Hobday to maintain the In the retail trade that with tbe 
balance on the Commission be- exception of December, spend- 
tween business and other ing would fall well short of boom 
interests. Of the two other conditions both until the 
deputy chairmen, Mr. Seamus delayed pay increases worked 
• — * through- and" until- the Budget in 


November to January, total mas sales' period. 

HIRE PURCHASE CREDIT AND RETAIL SALES 

(Season idly adjusted) 


rSRf'sC’T mid-April. 

Both the retail trade and most 
economists believe that spending 
will soon start rising sharply _ 
before slackening towards the lrt '• 
end of the year. Increases in 
total expenditure of between 3 rr 
and 51 per cent, have been pro- _ 4th 
jected for 197S compared with — ; — — - 
last year, though much will I* 77 1st 
depend on the level of personal 
savings. 3rd 

In the three months to 

January, the volume of sales was July 
11 per cent- higher than in the August 
previous quarter, though spend- Seotember 
ing in durable goods shops October 

increased by 4 per cent. r — 

Indeed, in December and 

Mr t i^iif. Pin™** T««in- January durable sales were 6} - - 
... .,■■■ per cent, higher than the average 

taming a balance. level for ig77 -j^jg reflected not January 

_ _ . . . only the rise in real incomes and 

Sweetman is aQ establishment cu j5 and rebates, but ■ 

figure With a long career in 

Unilever, and tbe other is the 

Left-wing economist Mr. John 

Hughes. * « — _ 

Mr. Pincott. 54. had already 
announced that he was retiring 
from the job of managing 
director 0/ Esson, which he has 
held since 1970. He is a part-time 
member of British Rail’s 


N*i* credit extended by 
Finance Imati Reteilerc 
£m. fan. 


Total defat 
owtzndiqf 
(■mrfJwMd) 
fan. 


Retail valniM (Mxd) ing £lbn. 
Zwntble 

T *owi =^5) * hop *. Conce] 


Tho Thiwio Fi.H they were suspended. ... In. January Swan Hunter lost employers refused to raise their 

niS Because of Te Security risk: sevea steps from the .Polish offer of 9 per cent, for the 

SSmtSeT “ Britain” ?«Sst the company said, it was relue- jrtler because of parity disputes, teachers’ April 1 salary increase. 

Geld under development It Hes tantly decided to close the ship- Wore than. 1,900 tnen were imme- The panel insisted that ti^e up- 

in a water depth a f 328 feet. Haw- yards. ' ..-tfiafcly declared redundant, .wnth wartT drift of teachers incre- 

ever, British Petroleum has just security men, members of tiie; -prospect of others joining 'mental pay scales would 

announced that it is to develop the Association of ■ Professional, theta as work in hand was com- subsume the further l per cent. 

its Magnus-Field- m about 615 Executive^ Clerical and Computer- pldtedL- *- ■ allowed by the Government’s 

feet at an estimated cost exceed- Staff, were carrying out sanctions' The Department of Employ- pay guidelines. 

£Ibn - at the yard in support of a pay menfsaid last night that emer- though the arbitral tribunal 

daiin - Yesterfiay morning one, arrangements to pay the not be appointed until later 

L-Oncepts as part of the sanctions, refused laid-off men unemployment bene- week, the 245 009-strong 

New concepts and equipment 10 mMi a gate ‘ He sent h ° me - fit bein S wade- National Union of Teachers add 

designs would be needed if some — ■ — : “ the 100,000-member National 

of the smaller and deep-water W . • -w-« ---■ -■ Association of Schoolmasters and 

fields were to be exploited at an 4-n /in 1 1 A|l Union of Women Teachers are 

acceptable cost. Dr. Mabon said. I VI V I 1 14 X Lil | Irll already organising sanctions. 

-In an oil-hungrv world and iTAVA V *•****!& VUUVVa Having originaUy . claime d m 

one where conservation is becom- - per cent., they are now demand- 
ing of increasing concern', every 1*1 J _ ing a straightforward April 1 iu- 

drop of oil is precious and must ITl VbIII .-Til ilVPrl crease of at least 10 per cent 


117 New concepts and equipment 

122 designs would be needed if some 
125 ^ sm& B er and deep-water 

124 fields were to be exploited at an 

acceptable cost. Dr. Mabon said. 

31a “ In an oil-hungry world and 

one where conservatfon is becom- 
1*1 of increasing concern', every 

_!*! drop of oD is precious and must 

125 be extracted if at all possible." 

■ 118 Sub-sea systems of production 

157 were among methods' now being 

iM t I? ed ™ North Sea. With 

— these would come attendant re- 

718 quirements for underwater work- 

125 m &'_ underwater power, support 

equipment, safety facilities, life ! 
support and pollution prevention] 
* a equipment. 


to maxi a gate. He was sent home., fit were being made. 

More talks called 
in bid to avert 
engineers’ strike 

BY CHRISTIAN TYL£R, LABOUR EDITOR 


Justified 

Officials of both were pleased 
at Sir Ashley BramaU's, action. 
He resigned not only as leader 
of the Burnham employers' panel, 
but also as chairman of tbe 


Source; Deportment of Trade 


Move to curb price claims 

BY EUNOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


Southern Advisory Board and MANY shopkeepers will have to by retailers, particularly for such - Retail price maintenance was ar ft Rnrvffi 

... IV . nri*., ^lainc «,«. nrArinnl. -ft- ri I A „ -vK„] ; C-V, or? !« 10 « k..» ar0Una IvOCkaJL 


support and pollution prevention * Council of Local Education 

eq ^l P ™ ent , FURTHER negotiations have the minimum akiUed rate, last Authorities. 

i«» engineer- been caHeff -for next Monday on set-in 1973 at £42 a week, to £57 His colieagties’ views of nego- 

ing expemse m these new areas the national engineering pay from this mouth and £60 from tiatioos, he said, often seemed 
■ "f®. technology was agreement. The 'unions have August Although the" unions are to be confined to saying “no" 
^t lsed * y Dr - Mabon. He threatened a two-day strike on re ady to accept the figures, they to everything, even though the 
tL e ^? ep J rtm * ,ll ' s L 20 21 protest at have disputed the way the rales upshot might be to increase the 

^^JVJSrf ueUoa . frora what thcy see as lh? era P 1 °y ,fr t would b? implemented. cost of the final pay settlement 

^cHMA UP hl° 1 ^' e r'r ul « be ™ fusaI lo t ” me 10 a fi re “ 0ent But the EEF, which has kept This -comment by Sir Ashley 
SStiri h#.in y A^i^ Ut 19 ^; ™ s h* 01118 * of tbe pobty- closely in touch with the Depart- showed- that the teachers’ side 

would help companies that were Leaders of the Confederation me n* a t Employment throughout was fullv justified in its suspicion 

£s sTuK w p »? 

“ th ‘ v * st “* of scoti “ d and ?i,i^4®r u is k 2 n .sa 


Arbitration Service to explain 


ral secre- 
yesterday 


, L If J v 1 VIU 1 V >1 UlllbUl, 4 ViUVV IfcbUUI MIH*nvw 

and-a-half days work a week. mended a ban on comparisons After a lengthy study of the 
In response to questions from with manufacturers’ recommen- practice the Office has endorsed 
Tories in the House of Commons ded prices, such as “5p off maim- the consumer lobby's argument 


mended a ban on comparisons After a lengthy study of the are often little more than manned submersible vehicles, he 1fr”rh plovers’ 0 Federation *#£■ Ben were dwrupted.and some closed, 

with nwmfKtunn' recommen- pracS« fte Offl« has endorsed notional «<Hjay. said. KSl™ iJKlSJS.. ,ta. h! «PSclaUy in Newcastle-upoa- 


lUlica 1 U Uie auuae Ol v.uinmuiu ucu pucch. huvu U OH uu iiiauu- iuc luusuubi iuuuj 3 aisuuicuL 'Tn,«.,nVi j; 

yesterday. Mr. Roy Hattersley, facturers’ price,” on the grounds that such claims are meaning- _ a ,,S 0 tjfiv^rauw fik? m 

the Prices Secretary, denied that that such claims confused tbe less, and at times misleading, Jr 1 ® 0 ”.”}** J" 

Dr. Hobday's departure was a consumer. because few traders charge the 1? SfiaShTthit 'SS 

sign or a policy disagreement. Flash packs, of the kind used recommended price nowadays. JV ** vffii be enaSed for 

Dr. Hobday himself has been at by detergent manufacturers to The Office has fallen short of iU 1>e enactetl for 

pains to emphasise that his promote a price cut. would also proposing a total ban on recom- LUUC - 
reasons for leaving are personal be banned under the proposals mended prices. Manufacturers The Government may use its 1 


rather than political. 


submitted to Mr. Roy Hattersley. would be allowed la continue powers under the Price Com- 
ttac Prices Secretary. them as a guide to the trade, mission Act in the short term 

T* . _¥• 4. Comparisons with recom- But comparisons with them would to ban such claims in particular 

1 ItO directors mended prices are widely used be abolished. sectors. rxiwivMi limn neporter 1 

rpmanrlpri fITI ~ “ “ rr: " ' - A CALL., for Jess Government 

1 Liiiaiiuvu vll j a 1 • . m ' • *a interference ..in industry was 

theft charge State ends private pension aid ass-KSl 

Financial Times Reporter tures in London. 

BY DAVID CHURCHILL Tbe relative roles of Govern- 

nvo senior directors of Cabinet . meat and industry should be 

Industries, a subsidiary of Pye THE DEPARTMENT of Health On February 15 .the .Depart- .some insurance . companies, in- cIear T ly a spelIed y . out a and 
nf Cambridge, controlled bv the | and Social Security clamped ment agreed to 100 per cent-re- eluding the British Medical universal!* recognised, he added 
Dutch group Philip-* Lamps. w r ere i down yesterday on a scheme to imburseraent of pension’ contri- Association’s own Medical In- industry should be recognised 
each remanded on boil of £60.000 ; f “ nd pnvate pension arrange- butions for doctors’ staffs, in- surance Agency were able to sell M the primary generator" of 
vesterdav. characd with the theft | ments * or doctors staffs which eluding all private schemes pension plans to doctors with the wealth 

nr cash ‘ totalling £47.000 from j m ;s bl have ,eft lbe ,P e Jl? ! , l lmen S operating before the end of knowledge that the Government The day-to-day management of 
their company. with an annual liability of March. would fund them. _ ’ industry — working out prices, 

u u m -1 : Several million pounds, THic use HootHoH bb tho hA«r Thu number nf npw nrioate wasps, dividends and - invpst- 


Mrs. Marie Patterson, yesterday Butters, said yesterday that he 

. rta . , ■ mmita, pnr.'inrt VnfVl vtnf Kali.na Mmnaniae 


The NUT sanctions will be 


• -r 1 a- ■ ' after *' rimilar session with did not .believe companies which j™, v* 

ItlHllcfru officials of the Engineering had already settled ' local pay -niSSwii “SJ a tm hi « 

iOaUSiry Eknployers Federation on Friday negotiations could now afford to ten ded d inm^ ' Gitieshead & and 

C 1 •' The dispute centres on these,, implement the. national agree- n?ar t v Fellin'* add to Stoke 

^nPPflC tnnrp engineering firms who. • by mem even if faced with strike To^morrnw lip' action will be 

neeas more 3HSS 

freedom » 1'S aM ,0 offend som '' zsiA * week 40 ireuwiil 

— n- S iihrisjffe 

A CALL- for loss Government ff we ore^oSg to -S ‘VlVinriQII 

interference - in industry was by the national tim2 Government contracts - . Many T itlUridll ■- 

made last night by Sir Rowland Bat ^ d jv pule raised firms in Scotland also depend on . J 1t - 

wngn^cnairman of ici, giving questions about rn it a«sumiiiion. regional development grants. We PQIHiQllCTTI 7 
tures Lonthm 197 ^ ^ antor * ec_ The EEF has offered to raise cannot afford to' lose them." “ Ld|iil4Uu)iIl 

Tbe relative roles of Govern- ' ” ‘ : " J J 


‘Victorian 


Pit incentives boost coal 
output by 1.5m. tonnes 


BY DAVID CHURCHILL 


condemned 

By Our Labour Editor 

MR. BOB WRIGHT. Left-wing 
contender for presidency of the 
1 Amalgamated - Unio nof Engineer- 
| ing workers, said yesterday that 


March 1.1. 

Closure plan 
for Coventry 
Airport put off 

Rolls-Royce. GEO. Musscy-KcrgU- 
son and others for earning an 
estimated £450m. a year in ex- 
ports — is 10 be Kept opco for an- 
other 10 years. 


De ?oncerted a caSmL5n 0! ' h'v thf Wtata for the StaTeVch^ ^ en ^ Deparlm ^ t Con f^I on about who did what gjlgjnl chairman, revealed ? ver against the belief that the MrWrighL spewing in the 

m H'iU then increase. wh^was hiKlST? SB ft* , ? m ?l u a JS a T°m a ^ ?%%£* told the Coal Indus- S^Sn^TpJSed StfuS ~ k J? ™! ot a X 

sell private pension schemes on But when news 0 f the Depart- BMA that it was ending m ^"nt by Gorernment the ^ Society in London that face met ' an imnediate prob- HuS^Sciintan Sid S. 

rhe basis that they would be rnent’s agreement to fund pn- guarantee to fund schemes from ®JW oy Goyernment in lm workers - productivity had lem ^ reversed an adverse ff SI; iSSifSir .7 n S?« 
financed by the Government. vate schemes was disclosed yesterday. SKg Xe^eot 4S3 ^ Soff ^TKSSS tadtawS 

be created. But the reverse had m- thP naStTew months The “® ut ib ’ lhe long term the in- with Government about economic 

U £Ti JP a 1 £ TTl i. A baopened. schlme S?Sca!iv reiected bv dustiy’s. productivity — and. manageihem. But he stressed 

W T 4 Zkf*Tt\lfXr TllQII TfhlT I llcfj^r Far from contributing to the ^" e “ e - or | l[1 ^ T ‘- lD ^ eJ f m ^ therefore, itir financial viability that this cooperation should 

IdLiUl Y IWi community’s wealth, there were JfiL ijf b Sf , at e r accepted h — depend on the success- take into account the wishes of 

«/' MT .... . • many cases where the State- : e 5 q 0 of t b e '7oo ful- implementation of- its moder- the rank and file. 

owned part of the economy u jer nisatioh and development plans," ^ In some matters the Tories had 


BY GILES MERRITT 
SIGNIFICANT U.S. 


' " actually drew wealte away from National Coal Board pits .so far. 

„ Y y Negotiations are continuing in he W 

!S“ d .“ “E*5.r r * Eun ” but er <Sed ,n u p th ' pr0,in “ The illusion th.> Guverumeur thu rem^ing pltt ^ 


mem in Northern Ireland is to pean marketing drive. 


“ bottomless 


At the time of the initial re- 


Speke closure 
meeting to-day 


dation to close it next year. produce its advanced electronics addresses the Irish Congress of 1960s alone, political uncertainty 

The now move is expected to components in the province. Trade Unions to-morrow. during this decade has restricted 

h.? endorsed by the pnhry ad- The company plans to set up lt is be jj eV ed that the bulk of U.S. investment to extensions of 
visory committee next week. a new plant in the Coleraine financial package, in which existing operations. 


Any blueprint for industrial 


But since then, the NATIONAL union officials are 


shown themselves more sympa- 
thetic than “alleged Labour 
supporters, - ’ Mr. ■ Wright’ said. - 
He had opposed all incomes 
policies under Labour in the 
belief that they were not in the 
interests of working people. 
“ Incomes policy under free 
market forces is ’a force.” 


rharoes» to reduce the FITS? OOO n»u* iut v.v. iu ml nuui uuuujcar, nuwi'K, iureo kudos »as nearly rour 

lossc^ The capacitors are for use in .Announcement of the AVX Ford. DuPont and Berkshire points higher than W. Germany 

electronic data -processing equip- deal should ®h’e a fillip to Mr. International. However, it is at 19 per cent, 
if the airport was to be kept ment and In the fields of aero- Mason’s drive to attract new new investments creating more The U.K. had 9 per cent, of 


for ki 1 il ast A d . e cade. it space and telecommunications, foreign investment to Ulster, jobs that the Government has the same market 20 years -later, 
would enable the association for The U.S. corporation is under- Since the 1969 outbreak of the been seekins most actively from eorapared . with W. 'Germany’s 
the first time to plan ahead in stood to have selected Northern troubles, American industry's U.S. Industry. 20 per!" cent. . 1 

improve efficiency. Nearby in- [ ; ^ ; . .. 

ciustrial towns like Warwick. I 

Leamington and Rugby would I TT| "1 1 • • . y ' t* 1 - 

asked I, nuke a contribution. Partners cleared in ChapmaB fraud case 


Steelmen begin talks this week 
on plan to shut East Moors 


Tyneside move 
fo revive 
fish dock plan 


FINANCIAL TIMES REPORTER 


. BY ROBIN REEVES, WELSH CORRESPONDENT 

.CRUCLAJ, -- NEGOTIATIONS director of personnel and social not prepared .to . swallow the 


TWO FORMER partners in the Judge' Nerf McKinnon ordered after bemg seat for frlaJ a year before ' joining Chapman and aimed af securing the early policy and Mr. Peter Allen, head Hartlepool terms and want som*- 
stockbroking firm Chapman and tbe acquittals. ago. Rowe. closure of British Steel’s East of ite'. Corporation’s Welsh" divi- thin* far "better — 

Rowe, which faced a £Llm. de- He told the jury; u As the legal B ° th wen had deposited £30 He denied having any hand in Moors steelworks, to help stem sion. -For one thing under Beswiek. 

qftdw hn.Aiv VinvnfMAMrl s— tfttirirHo loflfi I fiiW apcie nPlrf' flip fhn Timriiijitirm nf itr 1 07 ? VA thn P.nmnr-a Hnn'c hdflifv I mha* uU. . j 



. nom. docb .« Mortb I SSi ITt taV'-tM ~ouaui.to m»i ^“jbTrPC "tefmm- d .^^ j£e lm™ '£££ 

^n C n™v,^.™-^-1eb, WbIC H They are Mr. Victor Thoroas the* I, no ca* for Mr. Andrew After tie wo aeqoitled men MUtjugi he bad prtmded pre- - m i^ d uc "ed ' to “ t,etu™ 3 3Z ^Irtoal for ao ^femau™ job to STfor^ 

provide -000 nc* jobs. i Andrew 33. of Petls Wood, or Mf- Cordon to answer. Ttat ?“i,.S ft „ r ll, f h ‘’“jimSstne^four Hf^Keen . special redundancy terms for eloaure date aS jannary 1. 19S1 seosnie /uttire. 

The scheme, which includes an I Kent, and Mr. John Maxwell is my responsibility. 2 p f ne ? , “ e -rT. rema *!!> -In* 6 ”* .- ,0 Poor’s 3,300 workers. Uie — a year beyond the- earliest But British Steel may also 

ice plant, was shelved two years | Gordon. 37, or St. Mary Bourne. Mr. John Hazan. QC. counsel !i e « Km.nu J^Putiwv ino' th^alSSnu J<lb ° f &naJiS ‘ P lant ‘ could be closed withiT1 closure date for’ "East MooTir.-P 10 ^ .very tough. It has evi- 

ago because of cuts in public | Hampshire. Both had denied for Mr. Andrews, and Mr. Ken- ???*£.,”: SoS •• i did S ^lkn that r hs ^ WP,,L ' R s " T> — " 5 “-' dentlv hlntpri that vmk- 

spending. | conspiring to defraud clients. ne tb Machiit. QG counsel for Mr. £S. SSL 


spending. 


that Chap- 


plant- could be closed within closure date for! "East Moors, - P 10 *® -very tough. It has evi- 
weeks. guaranteed in the Boswick plan, dently hinted already that work- 


Mr.. Biff Sirs, general secretary 


ing at East Moors will be reduced 


attempt to revive the plan. other defendants goes on. The judge immediately agreed Ma'rlpit Road. - SBarpthorhe, debt loss on its Rosa dec account, final negotiating tactics. closure of' British- Steel’s Hartie- ™el fo? SSetfm? a ste3 pr^ 

The council said North Shields It waa after a fortnight’s legal 10 this course after the jury on Sussex- The first witness was together with gold share dealings The union representatives pobl plant M-tbe beginning of auction in the oast week was no 

was ideally placed to take ad van- argument in the trial, which had his directions had formally Mr. Goodseli who said he had which bad been carried o«t by to-morrow begin the main talks tto year- aW +«,„« while 

sage of an increase in middle- ; already lasted six weeks before found the two men not guilty worked with the firm's auditors, its defendant partner. Mr. Miller, with the British Steel team, led But the East Boors workers output in the oast has been a» 

distance fishing in the North Sea.: the prosecution case closed, that q£ all the charges they had faced Keens Shay Keens and Co. The hearing continues to-day, by Dr, David Grieves, managing have been adaipant that they-are high as 17500 uihnes a week. 


i a*' 





■ t*:; 


• _V * _i . 

. ' . Last yeai; the Government changed the rules controlling the 
leasing of cars for business use. 

longer have to ask for 10 months charges in advance. 
In most cases, we’re now able to settle for just three months. 

For example, you could drive off in a brand new Audi 100 
automatie.by Raying us just £500f (Which is less than halfthe initial 

paymenton a normal HPscheme). f \ 

Fr^m then on you can pay a monthlyrental which can include 
allyourtnaintenance costs. * ' \ 

You don’t have to worry about depreciation, either 

u , ■ And theentirecost of leasing can be set against tax. Which can 
halve the real cost to you or your firm. 

W© hope you II take advantage Of this new situation by sending 

us the coupon below & 

After all, it’s not every day a Government regulation lets 
you drive off with something worth £5,580 just by paying £500. 


*\ ii-hirbi 
capiLiN 
CiMick'n® 


use. 




Pur grateful thanks to the occupants. 




i i iwi 


I’m interested in leasing. Please send me details of the car(s) I’ve ticked. 

□Audi 80 □Audi 80 Estate- □ Audi 100 □AudilOOAvant nvWPoIo DVW Derby DvWGoif DVW Passat □VWScirocco 

Name — — — — Position __ . Company. _ 

Address— — — . - 

Cut out and send the coupon to: AU F Leasing Volkswagen (GB) Ltd., Volkswagen House, Brighton Road, Purley, Surrey. ~a 




MtottoPMUm sfthe Crrtrd ofnfrirgOr*r{l977j. 



A FINANCIAL TIMES CONFERENCE 


1 LI 

r 

i 

TFh 

TLi 

T -H -4 *. - 

ryi 

— r — - 

1 

ra 

-j-r J 


1 1 '] 

'>] 

1 Tfl ■ 1 ' 

jj 

1 

Jj 


HONG KONG CONVENTION CENTRE 

APRIL 34 1978 



Sir Denys Roberts 
KBE. QC. JP 


Y. B. Tun Tan Siew Sin 



The Financial Times is organising, in conjunction 
with the Investors Chronicle, an Asian Business 
Briefing to be held at the new Hong Korig 
Convention Centre on April 3 and 4. 

The 1 978 Briefing has attracted a panel of 
speakers of considerable distinction and the pro* 
ceedings will provide the occasion for a high- 
level assessment of the economies of North' East 
and South East Asia. Problems in the worldwide 
.environment will also be studied and particular 
emphasis will be laid upon the challenges to the 
developing industrial economies of the region 
posed by. the increasing trend towards protect- 
ionism in the industrialised countries. 

The co-chairmen will be Mr. David Newbigging, 
Chairman, Jardine, Matheson & Co. Ltd., 
Mr. A. D. A. G. Mostey, Executive Director, 
The Hongkong and Shanghai Banking 
Corporation. 


Professor Dr. Sum/tro 
Djojohadikusumo 


Dr. Garret FitzGerald. TD 


The list of distinguished 
subjects includes : 
Opening Address 
Sir Denys Roberts, 

KBE. QC. JP, Chief 
Secretary, Hong Kong 


South East Asia - 
The Business Outlook 
Y. B.Turt Tan Siew Sin, 
Financial Consultant 
to the Government. 
Formerly Finance 
Minister. Malaysia. 
Chairman, Stme Darby 
Holdings. Ltd. 


speakers and their 

Whither the North - ’ 
South Dialogue? 
Professor Dr. Sumitro 
Djojohadikusumo, 
Minister of State for 
Research, Indonesia 

Protectionism in the 
industrai/sed World— 
its Intensity and its 
Implications 
Dr.Garret FitzGeraldTO 
Formerly Irish Foreign 
Minister and now 
Leader of the Fine 
Gael Party 


The Financial Times Ltd., Conference Organisation, Bracken House, 

10. Cannon Street, London EC4P 4BY. Tel: 01-236 4382. Telex: 27347 FTCONF G 
Please send me further details of ASIAN BUSINESS BRIEFING. 

Name (Block Capitals Please) Titl e. . 

Company : : ; 1 

Address 


The Name Change 


aCemaNord, the largest industrial chemical 
■^mpany in Sweden .has merged with Nitro 
Jobel, the well-known explosives manu- A. 
factoring company. The new corporate //■ i 
name is Kema Nobel. This merger is jf' . 
expected to enhance the competitive j ■; 
strength of the company internatio- I ■>; 
nally.The business turnover of the // .. 
new KemaNobel will reach not less 
than 2,500 million Swedish crowns II. . 
annually. At present, the company em-\ V 
ploys some 7,000 persons, with pro-\\ 
duction units in ten countries. Vi *' 

KemaNobel now represents companies \\j 
manufacturing an extensive array of pro-^o 
ducts, ranging from consumer goods to 
explosives, basic chemicals and plastics. 






WE BEL! EVE IN THE FUTURE 
Alfred Nobel, the inventor of dynamite and 
SJ institutor of the Nobel prizes, founded his 
first company in 1864. This was Nitro 
Nobel. The renowned Swedish chemist 
Oscar Carlsson, together with news- 
: ;.v, paper magnate Lars Johan Hierta, es- 
tablished KemaNord in 1871. For 
’• "V; well over a hundred years, both com- 
’ ’->• panies have providedSwedish industry 
with a dynamic example of industrial 
1^7/ development. With generations of 
W// knowledge and experience behind us, 
Wy we at KemaNobel are now working 
y with the entire world as our marketplace. 
' We believe in the future. 


Alfred Nobel 


*5,^ ^ 

‘ f- -A I 


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• . 1 -■'f'TV' . '.i ^ 

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■\* $T.1 


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£□ (TEO BY ARTHUR BSMETT AND TED SCHDETStS 


for tomorrow's 

• TEXTILES • DIVING BUILDIN G, C IVIL 

. tr & INDUSTRIAL 

Noxious waste gases Keeps them engineering 

burned for heating tKo Tf/otAT 1 Storage tanks also provide a 

Wlv IT al^l measure of back-up hot water— 

OVER THE years the waste of where there is a burner chamber NOW ON display at the- offshore enoush to supply the divers 

heat by the textile industry has made of a double wall ofrefrto todtistrias exhibition in Brighton »®“®' arc «***&*. to- the 

been almost legendary, but tnry bricks suitably dad wip* are three new Items of life- surface. 

recently, as competition has Insulation panels. support equipment for North Sea The second Item is a carbon 

increased. operators have with modem textiles the air differs* ... dioxide scrubber- This com- 

r pa Used this la something they will often contain a substantial , j* a heating svstem supply- P riaes 4 motor, magnetic 

cannot afford. proportion of volatile solvents ^ 5 ^ £resh ^ ^ water . The coupling, axial Row fan, and a 

With new finishes, it often which wn be burned but which tjof sea water Is available - in cannister - (containing, - for 

happens that what is being would not justify the cost of sufficient quantities for three example, sodiunt hydroxinei, to 
allowed to escape from a plant rocovery. IF discharged Into the divera working at depths down remove carton dioxide. Motors 
is riot merely, hot air or steam, atmosphere they could be .to y)og The equipment can on „ equipment are 

but other forms of pollutant such moderately toxic as well as also be used to heat their diving usually driven by air; 
as the special lubricants used on having a foul odour. hell, and to ■ supply hot fresh ■ The third product Is a beating 

synthetic fibres during process- The emissions from drying and water -to a saturation chamber system for saturation. chambers, 
ins- fabric setting s tenters is par- for drinking and toilet purposes, to be fitted under the steel deck- 

A number romnanie* have lic uk r, y prone to this problem. EPectric power is used for ing of ihq chamber, 
decided that the bSl way nf recycling such exhausts heating and to drive the pumps. All throe are made by tinder* 


rpcycling 


3 Measures despite heat 


then blown into the incinerator be relatively quick. 

• WELDING 

Makes microscopic joints 


tacklino this nrnbiemis tn make through an incineration unit the but is backed by steam beating water . Power Sources (U.K.). 
use o? S n3 it chVnneTtin* sme,ls and P° Uutants he an<1 sir-drives, so that the Grlndle Road. Coventry, CVS 
throuch Knmn form nf rprirniU eliminated and heat gained. But system will continue to function BBX. Vest Midlands (0203 

iF ■ ibm *■ ■ ^ 8S343) - - 

appreciated that as a source of ^ - 

?e'^S «« un»s IS INSTRUMENTS 

very definite advantiises. me ans designing into the system « - - ri ^ 

The French company TAM Air a natural turbulence so that a VI AdC<lll*AC n OCTlirO 
Industrie - (British agent: complete reaction will eliminate Av JlCddUJi Ctj IXCo3|JJILv lICul . . 

Allertex, Paradise Street, Brad- all smells. A . . 

ford BDl 2HP. Tel. 0274 23 582) This new system can be used A PORTABLE electromagnetic- and delay time between the 
has, through its industrial dry- as a source of process or space coupled ultrasonic tester pulses is proportional to the 
ing division, developed a new heating. The application will capable of measuring thickness material thickness. . . 
system of cleaning contaminated vary with the specific needs of through scale, rust and paint in practice, the operator 

air by thermal incineration. In the plant. coverings, at temperatures up to poises the probe and observes 

this a comprehensive extraction The TAM equipment Ms red heat,' has been developed by the display on the ultrasonic 
system must he used to remove extremely simple in concept apd Wells-Krautkramer. instrument, making due allow- 

the polluted air from the point should offer users appreciable The equipment comprises an ance for temperature correction 
at which it is generated. - Tt is savings so that amortisation will electromagnetic transducer, a where necessary. Materials from 
then blown into the incinerator be relatively, quick. control and power unit, and an 2 to 100 .mm. thick can be 

- ultrasonic tesien— all are port- measured, and cylindrical sur- 
able and battery operated. faces from 25 mm. diameter and 

• WELDING - Electromagnetic coapling is over can be accommodated. 

the technique employed to bridge The transducer hand gun is 
. _ • ~ ■ . • • • j ■ the barrier of air, scale or paint supplied with sLx metres of cable 

VIHkPS mirm^rnniP VOinre between the ultrasonic probe and for testing In situations where 
1UUAVI9 . the metal of the test material, access is restricted- Thickness 

wnn p pr nmcikia < n -,t„ m tfltifasonic waves are generated measurements arc made with a 

.“f ls no , p ”_ be t0 h b -’ inducing into the surface of single half-secnnd pulse initiated 

condense the equivalent of some hiitthesep resented Further dim- flj e test material pulses of high either at the control unit or bv 

L5.000 transistors into a single Th e frequency eddy currents in the the gun trigger, A -two-second 

integrated circuit about i-mcb l P eans , ,0 ^ ■ Presence of a static magnetic delay is built in to prevent over- 
square. the problem* 0 r connect- a 'SfE fle & heating hy too frequent pulsing, 

ina the latter to other emiinment ? hal1 5^ u1d v" 0 * • The eddy currents and the The 24 V battery hank lasts for 

havj bwn SiStonSr 1 tormed only a wedge shape. - magnetic field interact with the- about 10 fKL poises when, fait; 

Unm Terentiy S Wire only Jj tesl , material tn creale an ultra- charged. Recharging takes about 

tnr y rte welding Institute a sonic shear wave normal to the 34 hours. 

*2522! { ?h® l mL *JSL1£ E2l nd h3< hee ? ri , eVe !T d fft I material surface. Ultrasonic More from the maker at mart 

b « f ? rmi 1 n r cnn,J,ste . nt halls .oh. pulses are also reflected from’ horse Road. Letrhworth, Herts.. 

y .»? eC K^. ** f U oJ nU ^ W1P " J n slzes dn . wm the back surface of the material, SG 6 1IIF (04626 2644). 
simple to make the ball needed to 25 microns diameter, using 

on the end of the wire for an ■ electron icallv controlled 

thermocompresslon or ultrasonic snark, and an inert gas shield. 0 PROCESSING 

The cnnsistpnt size and shane 

The hall was formed by melt- obtained enables ultrasonic ball/ ^1^ „L 

Ing tbe wire in a hydrogen flame. W edq e jolHta to he successfully. Kr5| 71 1 flrlVftS Oil 2)1001101 
nr hy a capacitor spark discharge, marie, . a£v U U1 * T - VIA 

When the joint was made there Tost run« in laboratory conrti* AN ATTEMPT is to he marie to it paid before the 1973 ail price 
were no oxides tn cause contact tinns of well nver. WO joints have use Brazil's vast land resources stampede. - ■ 

prnhlems. and the hal] shape been made, with no failed joints, '.for the production of alcohol via The government has approved 
enabled the wire to be led off on most microcircuit materials, the sugar route as a 'substitute cheap financing for the construc- 
tor anv direction. The work w»« funded by the, toto petrol to reduce Brazil's oil tinn of 145' distilleries and five 

Unfortunately, on aluminium Ministry of Defence, and stem! import needs. storage facilities at a cost of 

metallised circuits Intermetallir. are now heinp taken to exnlntt,. U has been estimated that hy 5700m. 

eomnmindc can form at the gnld the. nr.nress rn'orn ercially In hotri' converting 14 per cent, of its Alcnhnl is already being used 
loint fprnducing what is known tb* TI.K and T.T.S. ....farmland by the mid-19S0’.s to as a petml suhstitute in cichf of 

as the *' purple pis "up'’) which Derails from the ’VV'etfllng manioc and sugar cultivation, Brazil's 21 slates, being mixed in : 
resrilts in pirenit failures. Tnstitiite. Ahingtnu .ram*. Brazil- could produce ehmigh ratios of 10 'to 1 20 per rent, with 

To overcome the problem bridge CB16AL (0223 891162J. ". ethyl alcohol— 36bh. tit rei^tiy petrol. Some cities, such as Sao . 

■ eliminate- ’ rilf as a fuel Tor Paulo, have modified engines in 
^ internal corohnstion engines. public vehicles to burn 100 per. 

• MACHINE TOOLS Current goals of the national cent, alcnhnl. 

programme. Prnalcnhol. are mnre In a recent study by the World 
nATTT mt»nnr<Ad modest however Brazil intends Fank. economists argued that 

JU OUT IlC IT DTCSScS i fn produce 3^bn. litres of since the . cost of produdne 

, . alcohol hv Ifigo; mixing the fuel a litre of alcohol is several 

FOUR NEW presses will be punch stroke is 70Qnun and mssi- * ' WrtrbI and. reducing oil times greater than the enst of a 
introduced by Machine Tool mum daylight 1.3fl0mm. imnorts by 10 per ceot FItp of imported petcoL the' 

Industries C1972) at Metalwork- Capable of operating at up to Brazil paid SSJRhn. for nil Brazilian, programme must be. 


storage facilities at a cost of 


Alcnhnl is already being used 


MACHINE TOOLS 


Four new presses 


FOUR NEW presses will be punch stroke Is 70Qmm and nus*''*™ netrol and. reducing nil times greater 
introduced by Machine Tool mum daylight 1.300mm. inroom by 10 percent ito-re of imp 

Industries (1972) at Metalwork- Capable of opiating at up to Brazil paid S3JRhn. for ' nil Brazilian, pro 
ing 78 (NEC. Birmingham. 32 strokes/ihiiiute is a 250-ton imports lit 1977, or 11 .times wbat uneconomical. 

April 20-28). One of the blanking and forming C-frame 
machines, a 250-ton hydraulic press from StAnko press. USSR. ^ TFI FVlCIOM 
drawing press, will be producing The slide has^ stroke of 200mm. ™ 1 twtwiaiwll 

car engine sump units on the and the ram. an adjustment of -r _ *11 

Made in Denmark, this With thp ' stroke in its lowest New camera unveiled 

Hydraulico press has been position and the ram in its u.proMi 


Made in Denmark, this With thp. 'stroke in its lowest IN ew camera unveiled 

SSoIh ?n e !n HPA aB it SSJ? to,*- MARCONI made a true break- excellent pictures up to 5.000 f«it: 

S?pdSnartiv of SS 5,,dc through aH over the world with away from the cam era head. ' 

!J d a KL! its Mark 8 TV camera equipment With the versatility of the two - 

w^rkinn 1 "! h “.SlSlril arJ^iwJfon^Pi 1 B »n?. and now tha t il has unveiled cameras (one studio, one mobile)^ 

rtraw horSarf MaFfc 9 - Current U5fir S ^ lOOk- goes a hOSt Of options— variOUS 

11 m 2 52? *s£sf 5 i °K 5 b In* at what the company has types of tube, size and type of 
iflOmm/Rppnn'd d ™ SnPs^'M h,- ”p 1 m^ pu!,ed out of the har *o convince viewfinder, local or remote con-;; 

nAnwtinn wnrir a, it h ^ 11 them that they should stay with trol, automatic registration, black 

M ?J5 d i2?2?i5l2‘ VTA now o«.r Vi their present supplier. and white balancing and iris, 

put C37i dg increased oy llnI 0 ^d ,, Mi A now nis over SO wowabt ucok hoiiamc iaui eAn f .. , A 

Ing and loading during the machines available with canari- n™p7!on ^limniin a ^li vhf inL ?■ pr t‘- 

return rirnke-said to be safe, ties from SO to 2.000 tons. Mnre STSSflSffiK SiSffHS ”21' 

as the operator is protected hy from the company at Wedgenork H SStit!? $ hS 52 ^5^22 ne , 1 ' 

light ei lards Tndaetrlsl Estate Rnrtiwell Road the aMUty Of boa new camera equipment will be first shown to 

Powered bv a 50 ho motor WaSt (M26 4&81) T 10 ^ b4 « eneS for users at the National .Association. r 

powered by a so hp motor. Warwick euro l ong peno^. when fitted with of Broadcasting Exhibition in U&-- 

triax cables, they will produce Vegas, April 9-12. 


9 DATA PROCESSING 

CDC cuts at the top 


electrical wire&cable? 


CONTROL DATA Corporation 
has released three new models 
of its large Cyber 175 computer 
system, a price-reduced version 
of the very large Cyber J76 com- 
puter, and prices 20 per cent, 
lower for add-on and extended 
memory-used with -most models 
of the 170 series. 

New models of the Cyber 175 
systems, the Cyber 175-100. 200 
and 300. are designed to serve 
customer's computer applications 
more broadly than did the single- 
model Cyber 175 being replaced, 
the company said. 

Price and performance of the 
new 175s relative to the older 
unit range from, the Model 100 
priced at 30 per cent less with 
approximately 18 per cenL. lower 
performance, to the Model 300 
with 12 per cent, greatnr per- 
formance at no increa*=e in price. 

The company's new 176 com- 
puter is approximately £ 600.000 
below the current model that 
Control Data will continue to 
offer The Iow*r price is 
achieved by providing the 


current model 176 without high- 
speed peripheral processing 
units and extended memory. 

Reductions of 20 per cent, in 
the prices oF add-on central com- 
puter memory for most Cyber 
170 systems are the result of 
improvements in circuit packag- 
ing technology that allows lowpr 
memory manufacturing costs. 
These add-on memory price 
reductions also lower the pur- 
chase abd lease prices in vary- 
ing amounts for others of- the 
company's ranges ordered with 
main memory sizes greater, than 
the minimum available configura- 
tion. 

Deliveries of the new Cyber 
1?5 computer . systems have 
already begun, and first customer 
shipments of the smaller Cyber 
176 will be made at mid-year. 
The memory price reductions are 
effective February 1 for new 
customer*, and will be available 
to existing customers with leased 
systems, u pun expiration of. their 
current contracts. 

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WITH ARTICLE numbering 
systems on tbe boil in both the 
U-K. and Europe an easy-to-use 
electronic verifier is being made 
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Auto-Scan provides verification 
of both film masters and printed 
bar coded symbols in either 
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Photographic Sciences Cprpo r *’ 
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in seconds whereas manual 
methods, n.sinc nptiral gauges, 
ran lake up tn an hour on the 
itvmbnl mcasurina operation 
alone. It will also allow for line 


growth In the printing process. 

Ah the operator ha* to he 
trained to do Is to punch in the 
number on the small keyboard, 
position the symbol correctly for 
scanning and adjust calibration 
and focussiugv Once correctly 
set-up the machine operates 
automatically to carry out vital 
film master checks prior to print- 
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The.. UPC and . EAN specifica- 
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nr minus fire micrometres _r.noo 2 
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IPHEX 78— In just one day Management and SeniorTechnical-, ■ 
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IPHEX 78 gives full coverage to the related Pneumatibs; * 

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by industrial & Trade Fairs L‘eL ' : , 

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0p8ndaily.09.30hrs-t8.‘00hrs * 

National Exhibition Centre Birmingham 


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tor Ini- 

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Financial Tiipes Tuesday March 7 1978 


t 


II 


PARLIAMENT AND POLITICS 



debate 

before 

Easter 


hints 


at interim 
price rises action 


Rhodesia: I will not 
be rushed— Owen 


Ex-MP undaunted 
by poll finding 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


BY PHILIP RAW5TORNE 


BY JOHN- HUNT. PARLIAMENTARY CORRESPONDENT 


THE Labour Party's candidate contrast the Government's failure 
tor the Glasgow Garscadden by- to- reduce unemployment to 
election yesterday confidently Scotland with the nil wealth. 
BRITAIN AND tie U.S. would also establish a high level diplo- Dr. Owen replied: "I have no predicted that he could hold the which, it claims is bring squan- 
do everythin" possible to ensure mafic mission in Salisbury. inleotion whatever of being se3t * in spite oF an opinion poll dered bv the Treasury 
a genuine transfer of power in Dr. Owra said the world- would This is a serious issne i^'cating that the Scottish Mr. Gordon Wifcon. deputy- 

By Ivor Owen. Pariiamntary Staff * g WE*!"* ^** Jfc-t «* or two. to«M SSS WS* S" •**— • «? — i M™' m “ 2 “ 0t TSSS 'SXftlSt 

Mr £?* 1» would be prepared to nationalist leaders could take form of the final settlement until and m good tune." Criticism of Mr. Donald Dewer. a lawyer, durine MM ™S hi 5 ntidte 

BEF°re the Government for- {JJv /"thS^he 7s P 3 ^ Dr * DaTid Foreign a full transfer of power had the allocation of seats made it broadcaster and MP for Aber- SS"- 8 fi!re^Tt^hl% b to U flnJnce 

outline planning {iStemne m? the rartem if SSESS** 6Uggeated by 0,6 Com ' Secretary, told the Commons yen- taken place. 1 . all the more important that the deen South from 1970 to 1974, England's nreripendin? n?i m! 

Permission for the new £600m „* - terday. J believe it is an important rest of the settlement details was unanimously selected by a ports of consumer -nod*. and to 

nuclear fupi -i— * guards wmen anows companies The Secretary or States re- M aintaini ng bis cautious part of my role to involve all were negotiated to ensure constituency conference at the bribe rotors in the Midlands and 


nuclear fuel reprocessing plant t hV " F uT secretary or state s re- Maintaining bis cl. 

at Wmdscale, MPs are to have an Jh^Pvip^riwraiuStMi pmuflw marks came in i lengthy exchanges approach to the Salisbury agree- the^ nationalist leaders,” be said, majority rights as well as safe- week-end. He is a 


tto.-M~.an**. i«i-T*aris«r-SK a^/5S3FYJ«j “BTo^T^'-wSTin SS3r£Hto~,35dfc"£ EESt oT^g^SSS m ™ s 


opportunity to discuss the«r^ wns,,uera auru3 6 wnico WDOiir 

and environmental issuS J?!!? SiSSS? 0 ® for 3 penna_ b . en( *f’! s congratulated him over prepared to condemn or support David Steel. 'the Liberal leader, added, 
involved. increase. • the Price Commission's action what at this s 

Eiviroomoot !? *tt b .”J "? 


line on 


of the 
economic 


policy 


A Scottish GnTernmunt would 
and pump £700rn, a vear into Indus- 


, iat0 -- „ jbb i^ss^nsnsi ^“wrasEyi sa s ^rr? *sj sss^to ms 

the Commons Station? b^the^JBLhas cL C&aXged by toert “ rat3Ch further 10 overall ^^acce^ibilfty^ befoS 6re *** ^ Participation of all ^ *S2L?*8!!? unemolirnnent. expand training 


yesterday* that there wouldJ»^ mentation s by tb a , CB I.. has come the large brewers. 

85f ^ ^ crttic,sm from ^ — " r s 

The ^ expressed, by to 


go. 


debate 71 in "the^HousT'b^re matter of interim safe- ^ The Foreign Secretary had Britain could give up'its resptm- derlarad 1 

■ ^ ■ phowr MPs on the grounds that guardlevds for companies came been pressed by Mr. John sibilities. declared. 


the nationalist leaders," 


would be takM 'i^T' They are annoyed that com 
the i{f Panics are sometimes allowed to 

overnment before the put up pEiC8g by the full 


Special Development Order, 
under Section 24 of the Town 
and Country Planning Act 1971 
—which would, tn effect, 
authorise the project— was laid 
before Parliament. 

Mr. Shore explained that this 
procedure was being used so 
that he could participate ‘ in the 
dehate . .without infringing his 
q nasi -judicial role- in deciding 
whether or not to give, consent 
to planning applications. 

To avoid any question of 
having to re-open the 190-day 
inquiry conducted by Mr. Justice 
Parker, it had been necessary to 
follow an unusual course. Plan- 


SHADOW Prices Secretary, 
Mrs. Sally Oppenbrim, asked 
whether the. Price Commission 
was employing -a public rela- 
tions consultant •* a cost of 
SnstW. U ad; It would he an 
outrageous misuse of tax- 
payers* money--. ' 

Ur. Haftereley. mid he did 
not know whether the Com- 
mission was employing a public 
relations consultant Like all 
public agencies, the Commis- 
sion spent its- money- in the 
way It chose;,- 


he **?,S£! !!Tn an ? independent policy, programmes, and invest ma«- 

S i?Jfj? Bail “ S i c and tnousanoe of sivelv nn natural resources, such 

u f when Mr. Walter Johnaou Davies, 'the Conservative spokes- “There are many major areas Th® Fore j5 D S ^ cr tt ary T ,^ is ' Leyland, Babcock and Wilcox! alterTK^T^oner^^ource's ^ 
fLab, Derby S) said that many man, to “take a decisive lead” still to be resolved,” Dr. Owen ^!ti. su ^? est i ons . T . by . Mr - ^Bun and the shipyards’ on the fringe it w-nuld also increase nemion^ 

Labour backbenchers were in the Rhodesia developments. declared. Bat Britain and The ^ ^. fC ; r . P ^ lIionl “‘l. 5F of the constituency owe their ^5 ” wS fnr a "inJe 

seriously concerned at the Price - Mr DatJes -id that Brilain U.S. would seek to widen the Eden c(X Bournemouth Wi johp t0 Government action.” he and fas * ^ week fn r l 

Commission s inability to freeze use ber veto against any areas nf agreement and resolve Fr ?” t said. “The Government had the mu pie take the low-paid nu* o* 

T it Security CouncU ^solution th '°' ,f f. nd ^ problems. stSSs ^ by & courage to stick to its guns in the tax bracket, increase food 

***** to condemn the internal „***}■ Mendclson (Lab. Kt ^‘ “f* . 4 - ^ °. rde ,r V> reduce inflation to n rM Urt jpn and inject an evtra 

brewers, he said, had been a settlement and called for the Penistonei and other Labour The Commons had to face the single figures. That has given cisiwi j n fn the eonstmr*iejj 

Watant examine of this abolition of sanctions as soon as backbenchers urged Dr. Own fact that the Front had taken up us a platform from which to jndu'^v tn hutid modern 

wr. Johnson recommended that y^g c j ear that the people of tint to be rushed into decisions, arms to free their country, he tackle unemployment-” 

amending legislation should be Rhodesia as a whole supported M* - - Frank Hooley (Lab- Heefry) said. The West bad decided not The poll, the first to be enn- 

rnt reduced without delay. tie agreement. said that any agreement in this to supply arms, so they had been ducted in Garscadden since the 

Mr. Hattersley agreed that The British Government should country that gave 28 per cent obtained from Russia. “That death of the MP, Mr William 
many Labour MPs were worried persuade the Patriotic Front of Parliamentary seats to a 3 per does not necessarily mean that Small, in January, was carried 

about the present level 6f safe- leaders to abandon the use of cent ethnic minority would he the Patriotic Front is Marxist or out by Marplan for the Sun. It 

S iards. He .said he had asked arms and join in the peaceful greeted with " ridicule and totally dominated by Moscow,” gave the Nationalists 41 per cent. 

e chairman of the Price Com- settlement, he added. It should derision.” he asserted. “ ‘ 

mission to report to him of any 


schools, houses, and hospitals. 


nma permission for the present 

application had been refused, amount of theft applixetion and 


Campaign sees 
‘little chance* 
for devolution 


support, compared to “ 39 for 

. - Labour, 18 for the Conservatives, 

individual investigation where — — — ' • w and 1 per cent, for the Liberals. 

he bad been inhibited from tak- |\/|nC , Afl nlOtlCI 1 Mllnlm O /~h rl The poll also identified nn- THE DEVOLUTION Bill has 

titg action because of the level 1 y 1 A 1^1 111 || I / i|b S S/ If 8 I ft d ^ IbOiTs itfi employment as the key issue, little chance of surviving the 

of « 5 ?/^P iard - s ' JJASAiSki A^UvlAAA particularly among the young, referendum vote, the organisers 

„„„ w. If there is any general prob- followed by prices and taw and of the Scotland is British Cara- 

This was the only way In which are particularly angry that this ,e .“* A,. . . beg . . consultation BY IYOR OWEN order. Devolution was put sixth paign claimed yesterday, 

fie was -able to dispose of the has been done in the case of wtn the interested partiw and . Typ _ n . „ . -i. ^.uu mafi.inSniMinomii., M™«hr in ordfr of importance by the A poll conducted in 40 Scottish 

planning application - before Allied Breweries “ during the introduce an amending order in A NEW AI^OACT^ to be -? *}*- L! ,fSf 700 People questioned. Immigra- constituencies showed that the 

p.rH<!lp„H„g in the debate. enrren, row over l«er pri« R . the Honat he ”n ,«£e ™orf L*ert^™™£ in m ~em “ *“ ri '”' . S™«M> National Party waa .be 

The special deveTopmeitt order. On the ’question of. tea, Mr. **r. Btichael Morris (C« North- m tewire more .neeove means in on mem. lase coven operations. The Government received a only one with more rhan half of 

which he proposed to lay shortlr Hattersley was ..adamant that stnpton S.J. dismissed the CToss-oorner in a significant reply to An Mr. Alrry Weave, shadow boost on devolution. Seventy-ore its members in favour of devolu- 

af ter Easter, would contain the despite the reduction of 2p a atiempt to reduce tea prices as RLi—,,1 0y c or fi^S* intervention. Mr. Mason told klFs Ulster Secretary, called for a per cent of those polled said tion. 

terms of a planning, permission quarter already' .announced, hy-cicction gimmickry. Birt.f'orwern JJjano i-bct m .. j t was doubtful whether fresh initiative in Northern they would definitely vote in the Tory supporters were shown 

f«vr the nroposed development at Prices must come* down towards Secretaiy of State pointed pintea m ns last nit,ni those responsible for the La Mon Ireland. The Government should- referendum and nearly three- to he swinging a wav from 

Windscale. subject to conditions the level of 21p to 22p a quarter 0,, j , pnc „ e * had h®*" lf n f n^i?nro CUnT * V Wma ' restaurant outrage, in- which J2 go over the offensive to a greater quarters of these indicated sup- devolution and the number of 

on the tines recommended by the recommendrt by the Price Com- reduced by 2p a quarter, al- uon id me province. people were killed last month, extent than ever before. Future port for a Srottish Assembly. A firm “Yes" votes in the Labour 

inspector. - mission. Unleia this was done in though the blenders had origin- He underlined that the Govern- were still within the province, policy should be fore firmly con- response nf this sort would easily Party was w-ll below 50 per pent 

ally refused to make any cut ment’s main concern is not the “Because of the pressure centrated on putting extreme, clear the 40 peT rent, hurdle. "On thf*se results, there is verv 

at all. odd instance of shooting across brought to bear, they could pressure nn the terrorists Meanwhile Ihp SNP has little chance of the devolution 

“It remains my policy tn see the border, but the wider involve- easily have escaped across the through their escape routes, launched a campaign under the BUI survivin'* the referendum ’’ 

that the price of medium priced ment of terrorists in violence bonier." he said. their rams caches and their safe slogan “It’s Sootlands oil— ifs said a spokesman for the 

tea in the shops comes down to throughout Northern Ireland who He underlined the progress houses. London’s rip off “ The nartv will camoaien 

about the level that the Com- 1 — — - 


THE RISE OF PETER SHORE 


Now a heavyweight 


Mr. Hat- 


in his own 



BY RUPERT CORNWELL 


the 


mission recommended, 
tersley added. 

Mr. William Hamilton (Lab. 
Fife Cent.) wanted to know when 
be would lay an order before 
the House to reduce the price of 
tea along the lines suggested by 
the commission. 

Mr. Hattersley replied that he 
was not sure when an order 
would be debated. He hoped the 



WINDS CALE and Deter Shore is Peter Shore at S3; ence 
•re in some ways almost made anti-Marketry is stripped away? jrffeSderawSSd aSaSm theTr 
for one another. The Depart- The key. one suspects, is.simply ^nSilStinn ^Sh h2?^Sd hi 
ment of the Environment, in its nationalism: the - overriding XlS are hn^r2listi?th^ nrr! 
h’deous Mareham Street citadel, belief that Britain's - interests nn^k vJre and howthev worked 
has never been a sounding board must come first, underpinned by JJJJf 315 Here and bow worR - d 
for political personality, for all a faith in his ranntrymenVhasic th* Question of the brewers 
its immense impact on our lives, virtuea that Is touching, inahese rai?cd bv M? f Max Madden 
And although It wiU provide a cjuical-days. I - -> K r- 
rare occasion, of pnhlic. celebrity.. :3hor*. Hie economy-- patriot, ; 
for the Secretary nf State, the. fought the EEC in Churchillian 

^Tant-le . over >. pl»«d ^ “«lS5 “VSSSSI i“ 

nuclear reprocessing facility does menace to .sovereignty. It was GWereraent thS ft^nlpment a 
not. depart from the rule. a theme that, for jnre. brought p r iS^?ei 0 ? beer and tSt thi? 

The man and the issue have him out of himsetf. loosing un- Soufil rcerie the acclamationo? 
murh in common: . ooranlw, expected passion.? But tteday. he ^° e u ' , L”* r ' e ,ne acclamatl o n “ 

imperfectly nmdeistnad and of seems less inclined ,tn scratch Mr VHatterrfev rentieH- r 

rnnMderabte importance for the this sore, ffls words have do ^‘ J£nt to use the word 

future. To-day, , his bar'- — ” — J - afrac - nt T ° ,ise We wora 

features ever more insistently 
that most handy conversation 


in our coupon 




soup, 


too frequent 
cases were 


JjW 2£S5* ^ profiteenV But iZoi£mS 

itiy. In eventual wijporawal than of Continue to I hplipw that 
lation-,; wholesale reform from witWn. ^e bowers ?ve/ the lS: two 
filler 3t Westnnnster. guessing Events aye moTing bis way, * h ® J**\J*° 

the next leader of the Labour l>ut the style is not too removed whir-h^w^re 
Party. frt-m tbal rf the- Callagtan peace ^ 

It is all a long way from those letter to the NEC last autumn. „ any 

depressing days of the late '60s. Much the same is true of Mr. 
when the Wilson Government Shore’s economic attitudes, 
was dislptegratiug antf . Show’s Wittingly or unwittingly, they 
modert political reputation with are moving firmly closer to the 
it. Riphtiy or. wrongly, he was party mainstream. At Environ* 
perceived as Wilson’s lapdog: ment, where he is said to be 
the Bevamte who served as head highly effective, it is very much 
of the Transport Houee research steady as she goes. A programme 
department between 1959 and to revive the inner cities is cross- 
IBM before being endowed party orthodoxy, while the incen- 
with ohe of the half dozen, tlves offered to first-time home 
safest Labour seats in the buyers are hardly the stuff of 
i’nuntry at Stepney and Poplar. Left-wing dreams. 

Then a Cabinet neat, after 3u*t During the anguished Cabinet 
three years on the backbenches, ^ates 0 ver the IMF loan in 
as head of the Ill-fated Depart- RU t U tnn 1976, Mt. Shore emerged 
ment nf Economic Affaira. as perhaps the most cogent 
It seemed too good to be true alternative strategy advocate, a a FORECAST that inflation will 
■"«* ” “In fprveBt ^^-deflationist, above remain in single figures for the 

prof^gd parted wa>s over in aU in QU trage at the prospect of rest of this year and throughout 

f tom, Jir 11 ' Minister with- ^ ecessv 7 ^ unemploymenL 1979 was given to the Commons 
found himself as Mlnirter wttn what was heresy then seems yesterdav by Mr. Rov Hattersley. 

°r l atoost MnDaI ,! S m0Dti3 * *•*&***!& SeSW. 

soSSded ? #rd, y a poUticlaP Is oot He told Michael Neubcrt, 

rwlm-rn S rerountK the odd baaoted b y * e of one of the Conservative spokes- 

Crossman recounts tne a doIe queue5 stretching on into TOen priCB c that the evid- 

to^l07?’must-! he 1&80 ^ tbe ^f on se *“ s ence for this vis overwhelming. 

‘TrHS^ass SEsksS SS"“ 

S e the unli SR SSSSf cusse t , ^ reminded him 

at The unnxeiy munCTier a w gp^ch last month— bailed by Government bad 

iu 9 ifc«t ro friends as a personal manlfpsto - ^ - a^itted that a given increase 


Inflation 
c will stay 
In single 
figures’ 


By John Hunt 



■ Vv *;--. . . . ... 








SrSS^tfiSTS^^SSJSH^bE to .earnings was likely to pro-j 
eminent pro-marireteer nf the £ MJ 1 tjjt « m tetoM. 


w-irold Wilson. Tt was not ff®loing and Inc reases In pubUc Therefore, as earnings were 
a TStS. The T« «d SS!%IS^!Sm & ft » .» Per cent. 

^*TSi!s£^JE55a?^^^S 

pla >- C d into w.to-fc^™*; S3StoSi.toto4.-m.-u? 


Which will probably be a considerable improvement on 

wbere you are just now. 


two years, Britain had b «® gTBcwSn? ^ Mr-. Hattersley retamed 

Accepted for EEC membership. wcram not e hls^ optimism during further 

labour had done famous ^ m, si» ft re exchanges. “The real reward of 


the 


In other respects, Mr. Shore 


two 


v-fum. and Shore was in i>» intense conservative, espe- Y’ w . 
fowtroM Of «h» « OPP»f- Sx ^S^wd.ntoWra there 


yeart’ sacrifice is that | 
; 197S 

sees a real improvement in] 


forefront nr tne name - r institutional re 

tten spokesman on -Europ ean HiTnillie Tony Betin who ... „ 

affairs, until the. Conservatives JtoHke Tony ^ . . .. living standards^ he declared. 

were nut and he was install as SjftpS* ewTfl^ bebenefi- His assertions brought an 
secretary for Trade in 

19 4 ‘ » PpP ef /",lj f f r Snd Secretary. She wanted to knew 

Tt a-as an ideal Platform rrom flueoce from his place on the toiw y«re to^toin^ inflation 

which to continue the holy war. National Executive and its key CT 1 fiSreeSSni that 

22 *j*& 2 ?j* a gs: l™." x-pEUsiFS S2Z 


If yon are a company firedor, or senior executive, 
we’d tike to presentyoo with a sample of our 
free twinpack offer. Two for lie price of none. ' 
if you like. 

Can one contains a very special 'Consomme of 
Pheasant’.cookedin the traditional manner, 
flavoored with sherry and delicate spices. AsmaH 
andsymboScsampie of Scotland's prosperous life 
style. Which yon may enjoy, whilst r pa reflea apon 
the contents of tin two. 


the appetite. It provides food for thought 
Thoughts, for example, about one of the country's 
most successful new towns, established for 



Enhanced 


The second can contains a very temptiiigHesiBne 
of Cumbernauld’, to extile the palate and sharpen 


„ Jbnrghand 

Glasgow airports and nttlenwre from Prestwick. 
Midway between two major ocean ports, and right 
at the centre of the Scottish motorway network. 
Thoughts about financial advantages in the form of 
generous grants, attractive loans— tbebeston 
offer in Britain. 


Thoughts about available and willing skirled labour 
with one of the best industrial relations records 
in Brilain. 

And Ihoughls about a superb location with just 
minnles between your ideal home and your ideal 
office. Mountains, lochs and rivers a short drive 
away. Just about every facility for sport and 
recreiUion within easy reach. 

So he warned. Our free offer could give you a taste 
lor a whole new life style. Bui what a menu. 


were part of the job. Short of this appeal or MMagm g.J. 

typical flicker t hr party outside Westminster, 


rtrrtrmbers with a w 1 "**' tne party uu»iuc «*Ynn haw not m-^enpa that I 

of nostalgia how he was the last thouch. last year, be was only r* a/neo Die of ttL^SS 5 & 
British Minister to sigh an lade- coup te of ptoces short of elec- toPJJ of this couutty Jar 

pendent trade agreement, un- tioa to the NEC. fc .-SS? SSSSSSm 

fettered by Brussels. Out of At Westminster. -howler, bo Gov^nnem. 
mshing defeat tn jfcJB retainMOlike Mr- Beon-the I 


referendum'eampaign it 1975 he trust of centrist MPS whose sup- ^ e Sw^^etar? of Stati 
salvaged more ;aun enough to port. at the end o^thejay. M,| 


te 5 BuS roputotion. » bV essential lMtfte 
The Left-wing credentials looted has gone out actively to win ™ Ifr- Hatteraiey recaiiea. that 


, ^ ^ TdK Frr ws ES£S 

- - iinmnitfni whnn rine« not even have a rax- annual rate pi increase own 


unassailable,' and 


promotion to Environment when and does not even have - - - first time 

Callaghan entered Downing Hamcntaiy Private Secretary “9^ per cent fw the first time 

5S2“ SMww,wit 111 “* swo h&mjsj: sx ssjgdjs sst s. 

The revised figure for the rise 


Dear Brigadier Cowan . 

I’m hungry for opportunities. Send me your Consomme 
and Resume to give roe food f or thought. 


Chief Executive. Brigadier Colin Cowan, 
Cumbernauld Development Corporation, 
Cumbernauld House, 

Cumbernauld, 

Scotland G673JH 


Name,, 


richt key affair. But his assets 

Reputations, however, can ^reeraal 

tmrloadiog. -The ♦mly intriguing Yesterday, Sho^ roseoWed ™e commiMOB wo« 

qurstifin— and one which .qo« to the young Ms ‘star was 5-8 per cent, at an ai mna i 

the heart of the speculation oW there is something of the Master wsm per cent, at an anauai 

his futaro-4s just how Left-wing o£ the college about' him. 





■-*1 
- 1 








iKiuwK 


foreign help to 
clean up loan 
sharks’ pool 


MS# 




• Willi i I {"*ttfP,Z 


RECENTLY two American con- 
sumer loan companies. United 
4 Finance and Hawaii Thrift and 
. Loan, have obtained licences 
from the Ministry of Finance to 
-establish wholly owned sub- 
sidiaries in Japan. Avco Finance 
■Service (third largest .In the 
U.S.) hag been already 
operating in Japan since last 
'July in this field. Two other 
U.S. major consumer loan 
^operators. Household - Finance 
(the world's largest) and Bene- 
ficial (second in the U.S.) are 
.also planning to establish sub- 
sidiaries in Japan. - 

Belying its reputation for 
■being highly protective against 
foreign initiative, the Ministry 
of Finance has been keen to in- 
vite Foreign consumer loan com- 
- parties -to Japan. By means of 
: fair competition with foreign 
consumer loan operators, the 
Ministry intends to regulate 
Japanese money lenders’ extor- 
tionate interest rates- It also 
: hopes to -develop consumer loan 
companies into sound, and 
..mature social institutions. 

Consumer loans in Japan are 
called “ salary loans" or ** sara- 
fan " because they are extended 
to salaried workers. Salary 
.-lnaire. because of the simplicity 
-of borrowing procedures and 
the lack of mortgage require- 


ments, have expanded rapidly 
since the 1960s. There is no 
way of obtaining exact figures 
on bow money lenders are 
actually operating. Loan com- 
panies are oniy required to 
notify nbe prefeetural authori- 
ties in their respective areas 
after they have opened for busi- 
ness. Moreover, many com- 
panies have a habit of 
repeatedly notifying the authori- 
ties of the opening and closure 
of their businesses in order to 
evade tax. According to pre- 
fecture! figures, there were 
160.670 consumer loan, operators 
across the country as of the end 
of last September. 

The Tokyo Consumer Finance 
Association estimates that about 
one-third of these companies 
are actually operating. How- 
ever. there are many . others 
which are not registered — so- 
called - “ loan sharks,” lending 
black market money. As a rule, 
interest rates on consumer loans 
are very high. Even major con- 
sumer loan companies Tun-ning 
nat-ion-wld? branch networks, 
charge 70 per cent, per annum. 
Many small and medium-sized 
companies charge as much as 
109.5 per cent. (9 per cent, per 
month) which is the legal upper 
limit for small consumer loans. 
There have been endless 



Tokyo, where a consumer loan can cost 109 per cent a year. 


troubles concerning extortionate 
interest rates and violent 
methods used to enforce pay- 
ment. The national police 
agency carries out a check on 
consumer loan operators every 
November. Last November 
police arrested B14 persons for 
illegal lending (a- 14 per cent, 
increase over 1976), . of whom 
619 were charged with demand- 
ing illegal rates on loans. ' 


BY YOKO SHIBATA 


The namber of victims of 
extortionate lending, particu- 
larly among salaried workers 
and owners of medium and 
small industries, is also rapidly 
increasing. The law. apart from 
setting a celling on interest 
rates, offers no real protection. 
The Government salary loan 
liaison committee, consisting -of 
i he ministries of Finance. Ad- 
ministrative Management. 

Justice. Economic Planning and 
the National Police Agency and 
the Prime' Minister's office have 
discussed measures to regulate 
salary loans no fewer than six 
times since last autumn. At its 


most recent meeting, the liaison 
committee decided to' investi- 
gate real conditions surround- 
ing salary loans -by the end of 
April. ' 

However, each Government 
authority is very reluctant to 
take the lnitiaiive'm attempting 
to supervise the' ''troublesome 
consumer loan industry: The 
National Police ■ Agency says: 
“Even -for police regulation 
conducted once a year, the 
agency has to mobilise- 3,000'to 
5,000 policemen. It is impossible 
for us to supervise the industry 
effectively. They shonld be 
under the control- of -the Min- 
istry of Finance." The MOF 
says: “Because of the character 
of money lending, .people often 
call on- the MOF to- exercise 
jurisdiction over, the consumer 
loan industry. The Ministry has 
no intention of supervising -the 
industry.-’ The present situation 
is that consumer -loan industry 
is under the jurisdiction -of the 
Medium and -Small -Industry 
Bureau of the MOF, but -not 
under the Banking Bureau. 

The level of interest rates 
on consumer ' loans -are 
blamed by the Ministry on the 
immaturity or the .. consumer 
Joan system operated by 


Japanese chy basks. In the days 
of high economic growth, the 
banks were - busy meeting the 
needs of big corporations and 
failed to serve individual 
customers requiring loans with 
no mortgage. In this Arid, 
Japanese banks are far -behind 
those of tbt- -U.S. and Europe. 

Apart from, encouraging the 
entry of foreign consumer Loan 
operators, the Government 
plans to give administrative 
guidance for city banks to start 
consumer loan services in order 
to prevent ignorant borrowers 
from succumbing to loan sharks. 

Meantime, there - are some 
moves towards voluntary self- 
restriction among -the - salary 
loan ■■ operators tbem.se Ires — 
mostly inspired by Avco's 
arrival last year and its rela- 
tively low interest rates on loans 
(48- -per cent per -year). The 
Japan -Consumer Finance Asso- 
ciation' (with a membership of 
29*39 per cent, of the industry) 
recently adopted a code of Con- 
duct within industries : and a 
recommended maximum interest 
rate of 83.95 per cent, per 
annum. . ' . 

The -same code prohibits 
members from putting undue 
pressure on borrowers — for 


instance, by visiting a borrower's 
home or telephoning 'after mid- 
night. The same code also calls 
on collectors to dress properly 
and refrain from using rude 
words and “ unnecessary dark 
glasses.” ..7 

There is. clearly, an attractive 
diversification. prospect for 
Japanese banks, now complain- 
ing about the .sluggish demands, 
for money from large corpora- 
tions. '. ■ 

Early this, year, one of: the 1 
major -city .banks did in fapl 
announce plans for a new coif 
sumer loan service mainly 
intended for salaried workers. 
Under - the’ system. which..** 
authorised by the Ministry, of 
Finance, any person who hais a 
deposit with the bank and meet 
a -certain credit standard . will 
be able to borrow up to Y2m. i 
Sanwa’s loan service operates 
on- a 9 per. cent annual interest 
rate and requires no mortgage. 

Mitsubishi Bank also revealed 
recently that.it has plans' for -a 
consumer loan service and is 
currently seeking approval 
from the Ministry: of Finance. 
A new consumer loan service 
by two major banks are likely 
to encourage other city .banks 
to follow suit 


BANQUE INTERCONTINENTALE ARABfc 

e?. **nue Franw-'n Scossvs-: C - S -;V, 
Tei : 359. c « .A? - Tliev : 640340 E'.Ai'A . - 

• Capita! \00,T'^iQr&r V 

' Total c'.ih S.u4:dflbL3 - -- 

1975 :!, 080, 000, 000 F 
1976: 3, 209, 000, 000 f 
'1977:3, 564, 000, O00/F ; 

The Arab World 
is our business 



lake a SovereignWorldwide Holiday and 


»/-■’ W. 


If you’ve a longing to 

explore the fer-flung comers V^f \l 

of our globe, there are two eQV0f^3 JB 

things you can do to make 
sure it’s a relaxing and enjoy- 
able experience. 

' The first is to book yourself a 
Sovereign Worldwide holiday by British 
Airways. You’ll find it makes your money go a 
surprisingly long way.To Barbados, for example, 
from only £ 350 for two weeks. Or the 
Seychelles from £440 for two weeks. Or Sri 
Lankafrom £425 for fifteen nights. 

7 The second is to give yourself all the prestige, 
security and convenience of the American 
Express Card. 




'£orfl | P e 




You can use it to hire a . 

-if car 3 to pay your bills in most 

fine hotels, restaurants and 
shops -even to pay for your 
British Airways holiday. 

For details of British 

Airways holidays, call in at your Travel Agent or 
British Airways shop . For details of American- 
Express Cards, call 0273-^693555. 




|7J Deutsche Bank 

Aktiengesel Ischaft - - . • . ■ 7” ; 3 

(incorporated in the Federal 'Repu blip' \ .7 " 
of Germany with limited liability) 7. . .77; 

Issuance of new dividend coupons (including talon) 

The shares of our bank now only carry ther talons 
New sheets “of dividend coupons, .containing 
coupons Nos.- 31 to 50 and a talon, win. be issued 
starting March 13, 1978. 

The shareholders of our bank may obtain the new’: 
sheets of dividend coupons dear b£ expenses by"j 
lodging the talons with:. ; 

Deutsche Bank AG, London Branch, 10, Moorgate^ 
London EC2P 2AT. . 

Midland Bank Limited, International Division, . : , 

Securities Department, Suffolk House.- • 

Laurence Pountney Hill, London, EC4. V±y ' - ’.T- 

i? * ”* i* 

Depositaries are requested to 'lodge the tfftans^ 
registered according to denomination and serial-'- 
number, together with a list in triplicate. - ■ * 

Frankfurt am Main, March 1978. 

- The Board of Managing $tre£fbrs ? 



MIDDLE EAST < AIR MAIL) £151.47 pier 6hmiri£. 
(Egypt Iraq, Saudi Arabia, etc. V - -L- 



REST OF WORLD ' w 

(AHt MAIL) £180 54 pgr. annum 
(South Africa. India. Singapore, elf.) . 


By surface mail throughout 

• the world - £91 Sfl per annum 


ORDER FORM ' 

To: Subscription Manager * msm-ial TimeF. v -„ -. 

.Bracken House. 10 Cannon St'reef. tinmfmu.5r.4P sBY 
Please advise subscription 'cost involved m sending: copies 
to me at the address below 

Please enter my subscription to-f daily issue /or one jear 

commencing ' ■ ~'- e 

l enclose my remittance for 

Name 

Position 

Address „ 


(BLOCK LETTERS. PLEASE) . 

Please make cheques payable to FWncfahT*mes Ltd. 

• Registered Office: Bracken House, 10 Cannon-Strjeet, 
London EC4P4RY Registered nr England JVn> 'J27590 








Together we make navel easier. 


i 6*' 











13 


EDITED BY CHRISTOPHER LORENZ 



Plfetlf 


ie Bank 


F * .-*• 








T 


i ■’ ' : 


F: * ' 


Sr? .1™ face it Angus :• ’ 
jaurrap and Fairey Eag&eiermc- “ 

*** matched. 7T&- taSrj' 
reputation for being a "com- 
Rector”; add, titetfairey 
budn&s with vbicfc.Ui<#zas reL . 
ee “*J*S become - associated ‘ 
finan daih^Iajtf nfaifo * :- 

leaving the plecea to be ’pitted 

up by? the National Enterprise 
Board* . . . , 

Itcfofever, well suited though- 
*"** WV be. it is not foe these . 
reasoifc. For . the fact . is that - 
Auguff Murray dislikes the 
company doctor " tag . and to--* 

•swts that since 1970 he has 
a “professional self-employed 
uwn^ger/non-executive . • dirtc-v 
tar/* tod that he jurtjfeppenetf.-'.l 
to be available ... 

was Jookfrf^ ft» C ; -sSj, 

Fairey in a hurryTT V"* ; ~ r 

At the same time,- those com- 
panies- bought bythe NBB-from ' 
the receiver of the old Fairey 
group - and ^-collected '^together- 
under a new banner-— Fairey 
Engineering Holdings— are with 
one possible 


' : Street-ibo kihaken - in thrr after- 

riiopn' I ‘ had- fo-sneak out again. 
,-to-get .the'new^ijapers with lhe 

racing _ results.” 

He completed an engineering 
degree at Glasgow University 
just alter the war-r-from which 
he had- emerged with two 
Military Crosses. He says he 
teamed a great deal about man 
management; in ^those war time 
days. - 

Shortlyafter be was awarded 


AN. employee abroad 
■fer’a long spell is not only . 
highly expensive, .but fraught 
with/ - time-consuming manage- 
mpA problems- These can vary, 
itfom the recruitment of suitably ' 
highly qualified ' staff /to the 
more mundane pro&fen&s . of 
-f. marriage counselling and' help- 
them find accommodation 


The headaches of 
sending an 
employee abroad 


is even sharper than in fairly 
close-knit communities in the 
U.K." It is this which accounts 
for the strong demand for 
facilities io/join dubs, have 
chauffeur - dnvea ■ cars,' or 
domestic staff! 

Family stresses may become 
greater in a tight community, 
and senior managers can even 
end up- marriage - counselling, 
which as Mr. McMeddng points 
of out is ' not something you can 


Fairer ^^mjering’s medium girder bridge. 


Kenneth - : % Gpodmg, 

talks to Angns Murray 
(right),., the-: newly- 
appomted chairman of 
Fairey Engineering 
Holdings-— now-owned 
™S£Jg£i .hytheJVfftifim^Kttter- 


... exception profit- 

able operations. E 

bertaiiiibj goes not*** aamy as- z; ■ -s. • - * 

a lame- Hack and. lince- it pnSft- B6afi 
became involved in a battle for. - task wjU-lHi to rebuild 

sna^^iss : *>**> fi«d a 

interests of Fairey). it' has to’ 
some extent staked more than 
usual on - Fairey*s future 
success*: - 


. .^- V - 

V ' * • 

•- ' » • 
VV..V-- ’• ^ . 


mg 

for -their pets.. 

Personnel and training costs Mr. McMeeking also warned U.K. situation. The costs 
for overseas-based employees that it was almost impossible this retraining and training are cost. 

are inevitably high, Mr. j. N. to give the right sort of briefing v ery -often overlooked, said Mr. When- a family returns to the 

MeMeefcmg, group personnel . to femT jN*r e esTmd their- families McMeekiug. ■ UJC. it may often find that it 

.manager of construction -group His. company expected staff cannot immediately regain 

! Balfour Beatty told a conference g0U3S aoroad for tne first time going overseas to be of a “higher possession of its home, whit* 

.oa ths administration of execu- ot 10 a new country. -H they calibre’* than theiy-U.K. counter, has been let out so the oom- 

tiyes working abroad, last week- have' too little information they parts; but. when recruiting out- pany then faces the additional 

- JSfe company’s experience -had may flounder— but too much side the company, the high and perhaps unexpected cost 

sfawn- that, in order to reassure .could frigiten them off, he said, salaries appeared to attract staff of hotel accommodation. 

^ managers abroad, about their The problems .of retraining “who simply -want the cash and “ It is no longer sufficient just 

bis~deeree^£e ioined the^E WW it was necessary staff, he said, were badly under- are not- themselves necessarily to say money is an answer to 

ConsultinS Group and spent -the -* 0 - cany out some form- of estimated. They could be either capable or appropriate all the problems.” Although you 

next nine years as a consultant re ? ular appraisal, either anna- divided into two mam areas, for overseas- jobs might' get away with this once 

operating mainly in the fields at end of each con- While abroad; employees may Once - overseas, employees or twice. Mr. McMeeking warned 

of 'financial controls and ri^ct- He made this point in a ®is$ information on new developed a keen awareness of that in the “long-term you need 

marketing rather than drawing gave to the confer- processes and techniques being other people’s benefits, and perks to be very careful about your 

on h is engineering background! cnc8,j>rgantoed bythe Institute developed at home. and ' “ the. . comparisons made overall intentions. After all, 

A variety - of- industrial Jobs °£ --Chartered Secretaries and And on returning To the U JC ‘between my house, your, house companies often need people to 
followed- including a- spell A^o^Matrators on Employ- there were the problems of and other people's' houses, their go overseas, not on : a once-off 

with Standard. Pressed Steel, rnent Conditions Abroad. rerabsorption into a changed car, vdiat their wives do or wear basis^ but repeatedly.” 

the American-owned • business, 

covering the TJJC.. Europe and ISOMS COMPANIES despatching 


chirffexee^iveior the 
company. 



the Middle 'East. This gave him 
a chance to learn about U.S. 
industry, U.SL political infight- 
ing, corporate ' planning, and 
American business attitudes' in 
generaL -s •; 

.In 1970 he returned from an 
appointment in Soulh Africa to 
join a team r of- industrial 
advisers -led hy Sir -Ian Morrow 
at Ham bFos, -The merchant hanir 
Later that team was to become 
Hambros Industrial Manage- 
ment and it' was via the 
Hambros link that : he went into 
Crane 


profes-: 


an -employee for a stint abroad 
haw-been known simply to 
double his salary for want of 
any better indicator of what to 
pay.; The problems of assessing 
the' correct level of remunera- 
tion Tor ex-pattiate employees 
are legioh, as last week’s'eonfer- 
enee made all too p lain. ' 

Maintainin g executives and 
managers abroad can be inordi- „_ a 
nifdy eipeniive to commotes S ‘?H_! nte /V? 
and they obviously need some- 
thing/better than rule of .thumb 
methods for calculating a' fair 
salary.. The ex-patriate— assum- 
ing his home base remains in 
the UJK. — needs both to main- 


. . and estimating how 
much to pay him 

satisfactory measure, and some keeping children at boarding 
of the constituent figures of the schools and expenses on leave. 
Indices may not be relevant to In addition to all this, “ some 
the expatriate — • such as mort- .incentive must be offered to an 
ige interest rates. employee to persuade him to . 

Instead, Mr. Arthur turned to Jf ave comforts- of home in 

four major international indices Hem el Herapsiead for a sojourn 
— the Washington index, the 


meat consultancy and key. posts fireuhauf brtmhgha attracted the chief executive’s job rather than nonexecutive director hei^uj his standard of living in 
in a variety of co'mpaiiles. He attention of the NEBwlncb was go to. “headhunters.” The °° , t £ e T , Boar i of Sand- the coontrv where he is work- 

has experienced the t'mifl and process advertisements will first be seen I 1 **..™® British part of the 

downs of business life in good several likely- candidates^about by the existing full-time Swedish steel products group, 

measure, enjoying, -for example' the Fairey job. *• v >f •• management teams and then for several years, 

the praises of being champion Sir Leslie Murphy, chairman appear in the Press, starting on , j 

of the minority in. a company of the NHB. tpMf Mn/Murray March 9. They, will explain, W <ltCll(lO£[ 

tussle three years ago and then that Fairey must be imaged to among other things. Fairey’s Annthai . 

Facing criticism lasTyS from ^ ' highest st&dards of relationship with the NEB- : ° £ 

the City Takeover Panfl during pubticiy-quMed something whirii may not be “ -gg 

fa separate, and strongly con- that the NEB also wanted it, to clearly understood by many “ e ^ 

tested takeover. VelMo -be-te' the withio the group. ("Are we 


ing and still be able to meet his 
continuing costs at home — such 
as mortgage, rates and child- 
ren’s education. 

Ah employee has three main 


United Nations index, the Wies- 
baden index and his own 
Employment Conditions Abroad 
index. In spite of different 
weightings within each of these 
indices, he found a “ remarkable 
degree ” of similarity between 
them, once adjusted to a com- 
mon base. 

Another problem in assessing 


pensation for cultural shock. 
All this means of course, is that 
some places are less attractive 
than others, and additional cash 
is a necessary form of induce- 
ment.” said Mr. Arthur. 

A further problem is the 
method of payment Some 
companies will split the pack- 
age, paving the overseas 
element in local currency and 
the home element in sterling. 

“But there arc many cases 
where it is much more con- 

in Sierra Leone," he empba- I® nierU for f h * foreis T su ± 

sised Althouoh carper rievpinn- ridiary, association or branch 
^ Al“»“Sh career ae„lo> , 0 p the full m01mt local] v- 


ment, a yen. to. travel or a irf Mr 
chance to avoid UJC. tax may 
be an incentive to move abroad, 
an additional inducement was 
accepted as normal. 

“ There is one last considera- 
tion . . . sometimes called 
hardship allowance, sometimes 
location payment, even com- 


Arthur. 

He urged that the home 
element should always be calcu- 
lated in sterling and “that any 
changes in the exchange rates 
are brought into the calculations 
at each review." 


become civil servants 


JVtSTAXSSS 5Sff?*?S?T w:=a=a— 


of January to take tUfdUiZ d^cusscd wheftor ttie Mr. Murray 

manship of M«rin4 ' WJUiii. 


will 

of 


retain his 


requirements while working cost of the local package is 
abroad,' Mr. A. J. Arthur, direo- housing. In many countries it 
tor and head of research and normal practice for the com- 
advisory services at Employ- Pany to provide either rent-free 
ment -Conditions Abroad, told accommodation or to. charge 
the conference: “One. an em- more than a pepper-corn 
££' SoSTpSSe"^ GlSIi^ 8 *5 -ot expected to see his ^^ere toe employee has 


two weeks ^me. °? part-time: . Mr,. Murray Heenan International, the Wor- whidl 

™ J ™ && he ^could* be ivaiIab!e:for cester-based 


Ttedman stone China CTPG), a company Z7~i .il* 

which shared the same AaS opting 


accept the post^ :^e Jtas. .a 
three - year contraicr wSth_ an 
option to extend : by mutual 
agreement, 
does not see 

appointment. ^yKcucu LU - 

be availaUe because 1977 had Falrey group -‘. 
been a particulariy hectic year 
in which he “ lost two 
chairmanships. 


standard of living fall as a re- 
shared the same chair- salt of accepting an appoint- 
onffjT1 ^- nn man— Mr. Alan Bartlett— as m “ t a ^™ ad; two. he does not 

SKlSSSiSrS Newman. Mr. Murray’s, public ^ r ftt C h °” paris0D ^! h Ws 

announcement that the Newman “ Other comparable em- 

ployment: and three, local cus- 


to fend for himself and find his 
own housing. U.K companies 
usually build this into his 
remuneration package. 

But each countrv may have 
special problems which have to 


two::to.ttetee;da£i a-woefc ^But which has been- responsible to 

this takes no account* of the some extent for his “company nn r nmnimmis shnnt mujuicuu aim uuee, jocai cus- ^‘-i pruu.cm* wmen uavc io 

- Mr - Murray 58 period Wheq .te Is et> doctor” image. He moved' m at ^ tom should be observed— where be individually catered for. such 

e this as nlbS-term ^^ed 51 ? an-initial hfedtie : borst RHI in 1971 after it had been Chronicle and that magt living-in servants are the norm, *s the cost of air conditioning 
it.TkrpSS ii^^,**** T ^s^enm^rteSX a onnmriate provision should be * the membership fee for a 


Objectives 


I made.’ 

Mr. Arthur pointed out that 


club. 

Other special 


costs may in- 


»** * dtf* «««w« ta* «,ki»nb« to «m ^ this 
a™ to strengthen the Bosrt «: „ a wit, were mMPt ™ Jspendttare stmw. Someone pert of executive stetus. 


One of his 


period. The overdraft had __ . u , . _ „ 

reached £7.7m., far in excess of Ass ^ ne ^ a small ^ 

shareholders’ funds, the Midland the assessment of living stan- elude the local education of 

Bank was refusing to allow it J?! . dards was * relatively easy task children— usually very higb-or 

“ to an y lugber, suppliers were suSiT^^evaganes of city “ HK because of the high the employment of domestic 


^PiptoGnent: newly every post 

by B. EHiott, another-machine 


. i i'll- 

•AS 


himself having to take the role survey. Someone 

■SteSRw s ww « 

tool iHisiness, andMhMutw p^^/feo “d ^ Sc oT PM “° Phy SJTLJS.' h. ^ prob.em comos vhen one 

xrfen, ae - ie MH h 

concern^lit wai ilfW first ^ 


Sfuh^tf Board 'iimonnced the 

others who! ftit the group had to be turned withdrawal of 

it MdAn »c sr -tnrh.LJLiAPj *“ c ‘“ a •-*«». it is- diffi- round before he could recruit matie !^ y 
fimsionas far as technology ca j T t0 get a balanced view. Iris a manager of the calibre be was “ eari,er bld from the Hrchcape , 
ivas concerned. Bati^,wa§ io also^difljcr^" for such a Board looking for. And that took time. Group. . I 


i _ m - i3 gt rear nau m.s laiuuuch _ - ^ i? uiigaiucu iu cuauju m 

philtwophy regards wx^pped by- the Take- ?^ e WoVta* comes vhen one expatriate to maintain his coi 
fOT ^ over Panel, this was after the equate UK living costs tinuing commitments back i 

lf a Sh^SL!!w%JiSS' UJt directors on the Crane those of another country, the U.K These include pensio: 


Jumpy exchange rates ca 
cost of living indices 


part of executive status 
The second part of the 
package outlined by Mr. Arthur 
is intended to enable ■ the 
expatriate to maintain his con- 

in 

pension 

ake and national insurance contri- 
un- buttons, the possible costs of 


Jason Crisp 


Catch the sun daily 
in London. 


Only National flies 
non-; 

Tampa 
seven days a week. 


M: . . ^ 

1 National flies % .~K-. ' =;V 

stops Heathrow-Miami- '<'•/£$ 

pa* and onwards : < ' : • A . 




America 
sunshine 
airline . 



#Onfr!3opSto 

Tampa eHetAv 
IVyZnd. 




National#Airlines 

Contact your travel agent or 

National AirEoes. 81 Kccadilly Ixmdoa WIV 9 HF ( 01 ^ 298272 ) 
National Airlines Inc. is incorporated in the >uue nf Florida. C.S..\. 



tR 






operating perform- After, some radical, surgery Although, for technical 
ances impartially. Non-executive^ and a drive on debtors, the reasons, the reprimand was 
S'tiSi* 61 1 Erectors cannot avoid their position was stabilised and RHI 'addressed to Mr. Murray in his 

muscic. ^ mr. murrey^ -««i -watchdog responsibilities, but was eventually rebuilt to good capacity as chairman, It was 

just AS importantly, they must health. In the past six years, really a case of the panel re- 
pie f or ® °f Compensa. gjjjable of acting as con-;. Mr. Murray and his team have minding merchant bankers -that 

|ion for loss of -office. - £• . suited ts to whom the full-time cut borrowings from 183 per any forecast made during a bid 

; There was a not-so-fri'endly' managers can look for advice." 1 cent of shareholders* funds to defence could not be simply 

*nd to his chairmanship at So Mr. Murray wants a Fairey just 8 per cent and produced discarded. 

Crane Fruehauf, the - vehicle Board which win include expert- a steady improvement in profits Since the be ginni ng of Febru- 
trailer makers. After -a. 15- enced non-executive, directors- to £2J5ih- ary Mr. Murray has been tour- 

month fight. against a bid from who will contribute to the "Mr. Murray started his career tog Fairey establish m ents and 

the Fruehauf Corporation of the ; development of group strategy .as an engineering apprentice talking to managers and other 

V-S.. the Americans marched In cbnsultatton with the esecu- just before the war and says the employees. Among other things 
in. But not until the offer; price- tive directors. • value of that experience was in “I look at the people’s faces 

had been pushed up from 27p Another, immediate task at seeing- how the shop floor to see whether they are glum 

to lOOp. . Once _the Americans ^Fairey-. is - to -rebuild morale- operates. “My first job was to or. happy. That. can tell you a 

gained control they made it '"which understandably sagged collect bets from the older tot about what is going on in 
quite, dear - they wanted “JTC during- the uncertainties leading hands, sneak out of the factory the company." 

Murray to' leave as quickly as to the collapse and the. period and place them with an illegal Of the eight, subsidiaries 

which make up Fairey Engin- 
eering Holdings, Mr. Murray 
says: “ There is a depth of tech- 
nological" skill and engineering 
expertise within these com- 
panies that is second to none 
and which we intend to develop 
to the full. 

“In particular, Fairey Engin- 
eering and Fairey Nudear have 
been involved in every phase 
of the UX nudear power pro- 
gramme since the birth of 
nuclear power and are also 
actively involved in the re- 
search, development, manufac- 
ture, supply and installation of 
nudear equipment including the 
export of research and training 
reactors. 

“In view of the recent dis-l 
cusskms on the planning of al 
new British nuclear programme. | 
it is important to establish, these 
two companies’ proper position 
in the nuclear industry in order 
that they can play their full 
part in the new programme and 
[develop their export potential [ 
in specialised areas eves fur- 
ther to the advantage of tbei 
nation." 

He points to another example 
of the group’s inherent engin- 
eering viability. -The export 
sales of Fairey Engineering’s 
medium girder bridge , were 
worth £35m. last year and since < 
the aviation side of Fairey went) 
into receivership last October! 
overseas sales have totalled a 
further £02^m. 

Mr. Murrey toriste that now. 
the companies have been freed] 
from the -shackles associated 
wiih Fahey’s .tossemking air- 
craft business in Belgium they 
can retain the cadi which they 
generate. The group also has 
good external borro win g facili- 
ties— it does not need" to torn 
to the NEB- for cash— so It hasl 
the finance and potential to ex- 
pand both * «nri 



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Recruitment 


Equal Opportunity 
is not a matter of opinion- 

it’s the law 


It's onfy right that anyone man or woman, who is 
qualified and able to do a job should be given a fair chance to 
apply for it and be recruited. 

Thafc nowthe bwand it covers alf aspecis of 
recruitment definition of suitable candidates, instructions to 
personnel officers and recruitment agencies^ the writing and 
approving of job advertisements, interviewingand selection 
procedures, and toe ultimate selection - indudingthe terms 
on which the job is offered 

Werealisethe jaw is complex, so to help you weVe 
written three booklets: 

Guidance 

A practical guide to producing job advertisements 
thatfulfil the letter and spirit of the Sex Discrimination Act . 


Please send irettefbftwingpuWicatidfis 
mtte quantities indicated 


The employment provisions of the Act explained in 
straightforward language 

EgMQppapfopte' 

PnilfcMfl imri PwftMiwpg in 

Pradica} advice on implementing the Act in your 


business* 


Send forand read these booklets ami you'll lava 


the best genera! advice available on the Act Of course, if you 
have a particular problem, we'll be pleased to giveyou any 
assistance we can. All you have r 
to do is ring or write: ' 

TO: Department O. Equal Opportunities 1 
i Commission, Overseas House, 

" OuaySreet Mandiester M 3 3 HN. 

I Tefeptoie: 061-833 9244. 


. copies of Guidance on Ernploymert 
Adwalnir^ftaatice’ 
.wpiteofb&aJetorEmp}oyeftf 
. CTpferi TqualOpportMiityPtficiBsmd 
lattices in Emphiyiirenf 



Name 

Company. 

Posftion_ 

Address— 



Equal 

Oppfflrtnm&s n 





. 1* 

LOMBARD 


Supping with the 
Communists 


FILM AND VIDEO 


BY JOHN CHITTOCK 


The shape 



come 


BY DOMINICK J. COYLE 


ROME. March 6. 


SIR ALAN Campbell and Mr. 
Richard Gardner are, respec- 
tively. the British and American 
ambassadors in Rome, hence it 
is not surprising that they each 
try to maintain close contacts 
with most Italian government 
leaders, including Sig. Giulio 
Andreotti. who has been toiling 
almost day and night these past 
seven weeks or more to try to 
form a new administration and 
who now at last is about to suc- 
ceed. 

Sig. Andreotti. for bis part, has 
increasingly regular meetings 

with the Secretary-General of the 
Italian Communist Party (PCI), 
Sig. Enrico Berlinguer, because 
the facts of present-day political 
life (and of parliamentary 
arithmetic as well) in Italy are 
such that no government can 
survive without the tacit sup- 
port of the Communists. Yet 
Sir Alan and Mr. Gardner do not 
themselves have diplomatic con- 
tact with Sig. Berlinguer. 
although some other important 
embassies do, including for 
example, the West German 
envoy. 

Welcome guest 

Ambassadors, of course, repre- 
sent governments and only rarely 
contribute in any substantial way 
to the formulation of policy, so 
this Anglo-American diplomatic 
ban on Sig. Berlinguer is not of 
the ambassadors' own making, 
but is a policy decision imposed 
initially, and still maintained, by 
London and Washington. Mean- 
while. the electoral support for 
the Pd has climbed to some 35 
per cent, of the popular vote, 
while that of the Italian 
Socialists (PSD is now a mere 
10 per cent. Yet its top leader, 
Sig. Bettino Craxi, is a welcome 
guest at both Rome embassies, 
and in fact was received by the 
Prime Minister when Mr. Cal- 
laghan was in Rome last Sep- 
tember. Sig. Berlinguer was not. 

The Prime Minister is both 
sensitive and concerned on this 
delicate question, sensitive be- 
cause he is known personally to 
be in favour of continuing the 
•’ban” on Sig. Berlinguer. but 
concerned too since members 
(and not just known left 
wingers) of the Parliamentary 
Labour Party are understood to 
have raised the matter with him 
on a number of occasions re- 
cently. He is believed to have 
reviewed the situation with 
senior U.K. embassy personnel 
during his last visit here. The 
Foreign Office. loo, but 
separately, has lately been look 
ing into the question of con- 
tinuing with the established 
policy, although the initiative 
here is thought to have come 
mainly from party political 
advisers to the Foreign Secre- 


tary, and more those of Mr. 
Anthony Crosland than his suc- 
cessor. Dr. David Ov.'cu. 

For the moment, and in so far 
as HMG is concerned, the “ Ban ” 
stays, and the recent public 
statement on behalf of the 
Carter Administration that the 
U.S. Government would prefer 
to see a reduction (and certainly 
no increase) in Communist in- 
fluence in Western European 
countries suggests that Mr. 
Gardner is not about to invite 
Sig. Berlinguer to supper. 

True, tbere has been some 
breaking of the Ice. and Sig. 
Giorgio Napolitano, a senior 
member of the PCI's central com- 
mittee. did attend last years TUC 
conference at Brighton. A dele* 
gate, rather than Sig. Napoiltano 
by name, had been invited, but 
there was some well-founded pri- 
vate speculation at the time that 
the Labour Government bad 
suggested to the U.K. embassy 
in Rome that Sig. Berlinguer 
himself should be dissuaded 
diplomatically in the unlikely 
event of him deciding to go him- 
self. 

The point really is whether 
the lime is not now opportune 
to look again seriously at this 
whole question. The Italian Com- 
munists have made it clear that 
they welcome contacts at a 
higher level in both embassies, 
and obviously they are constantly 
searching for recognition. 
Yet like it or not, the PCI to- 
day is a powerful force in Italian 
politics, which the Italians them- 
selves are increasingly recognis- 
ing. 

More informed 

The now infamous (ia Italy at 
leas r i U.S. State Department de- 
claration opposing any PCI par- 
ticipation directly in govern- 
ment — as Sig. Berlinguer was de- 
manding publicly a few weeks 
ago. only to settle not surpris- 
ingly for a great deal less — was 
interpreted in Rome as being 
both unnecessary and almost 
counter-productive, since no 
such prospect of securing a share 
in cabinet seats ever did exist 
realistically at this time. 

It has been said since, how- 
ever unkindly, that tbe State De- 
partment might not have so 
spoken, had tbe U.S. embassy 
line from Rome been more in- 
formed and not apparently to 
have mistaken the original PCI 
demand as being the party's real 
negotiating position. For Mr. 
Gardner, as indeed for Sir Alan 
Campbell, face-to-face contact 
and diplomacy with the Com- 
munists at the top might for 
the respective governments, be 
a useful precaution against the 
risk of misinterpreting the poli- 
cies and objectives or a party 
vrhich is not. of course, averse to 
speaking with forked tongues. 


WHEN THE history of .broad- 
casting in the 20th century is 
written, an emergent theme will 
be the preoccupation in the' 
1970s with the future of the 
medium. What happens to-day 
has almost become Irrelevant: 
it is tomorrow that everyone is 
worrying about The exhaustive 
Annan Inquiry into the Future 
of Broadcasting was not itself 
a cause but merely a symptom, 
hastened .by prodigious technical 
developments. ** 

The theme has now been 

taken up by the Independent 

Broadcasting Authority with a 
short series of lectures— the first 
given two weeks ago by their 
head of engineering informa- 
tion, Dr. Boris Townsend. Like 
most engineers. Dr. Townsend 
is very sceptical about some of 
the more spectacular develop- 
ments now in the television 
pipeline; but unlike many, he 
dispenses this view with great 
wit and self-deprecation. 

‘Moonshine’ 

Thus he reminded his audi- 
ence that Lord Rutherford had 
said, after splitting the nitro- 
gen atom, that anyone expecting 
atoms to yield a source of power 
was "talking moonshine.” Better 
still. Dr. Townsend told of a 
well-known television engineer 
— whose opinions he still values 
— who had sworn an affidavit to 
the Federal Communications 
Commission in the U.S. stating 
that the shadow-mask colour 
display tube could not be mass- 
produced (this is the now 
familiar tube used on colour 
TV sets). 

Dr. Townsend might have 
added that a few years ago he 
had been a member of a com: 
mittee of TV and film engin- 
eers which laughed off as impos- 
sible the idea of an electro- 
mechanical video disc — just a 
few weeks before Telefunken 
launched such a system in 
Germany. 

Nonetheless, the engineers are 
quite unanimous about many 
matters, some of which are 
close enough to remove most 
of the uncertainty from predic- 
tion. Of these, perhaps two of 
the most commercially import- 
ant are videotape recording and 
digital transmission. 

Currently, broadcast television 
relies on expensive videotape 
machines using two inch- tape 
to record and replay. 1 pro- 
grammes over' the transmitters 
(and most programmes to-day 
are pre-recorded). The fwo-mch 
videotape recorder is now being 
displaced, however, by the one- 
inch machine which uses simp , 
ler engineering but which, until 
recent times,* was not capable' 


of achieving ' broadcast stan- 
dards. The onednefa machines 
are much cheaper and occupy. 
smaJJer ' space. Yet Dr. Towns- 
end believes that before the new 
one-inch machines have tune to 
replace 'the two-inch, equipment , 
digital television wiB take over; 
again using one-inch tape but 
a totaMy different system of 
television it niwm Issigg 

Our present television, system 
relies on signals being trans- 
mitted in an analogue form: 
that is, with variations In tbe 

signal occurring u a continu- 
ously ascending or descending 
value. Digital television, breaks 
the signal down to a minute 
series of absolute' vzhi.es, so 
that .the variations actuary 
occur in steps, but too dose 
together to notice. • 

The advantages of . digital 

television are . considerable. 
Because the signals' ' comprise 
absolute values rather than 
continuously- chang in g ones, 
they can be processed as as a 
binary code by computers. 
Visual interference (called 
“noise”) can be cleaned out, 
transmissions can travel very 
long distances wafh less distor- 
tion, equipment can be simpli- 
fied and the TV. images can be 
processed in numerous ways. 
The colour TV pictures sent 
from U.S. space: missions were 
enhanced in quality* by digitai 
techniques, which is why they 
were so good. 

Britain is, incidentally, one of 
the leaders jo tins field, pioneer- 
ing for example the digital con- 
verter (known by the acronym 
DICE) which is used to transfer 
U.S. television programmes' 
(made on the NTSC system) to 
the European PAL system. The 
results of this conversion od 
transfer are inriasrirtgatUahaM a 
from the original; indeed, they 
might even be. better on trans- 
mission. It also opens the way 
for TV transmissions along fibre 
optic cables, another technology 
in which Britain is :very active. 

Such issues are clear of the 
speculation and argument which- 
occupies the fraternity at the 
end of the day. Television 
engineers all agree also that TV 
equipment is going to get 
smaller, computerised, auto- 
mated and easier to service. 

Tbere are, however, some 
grey areas. Dr. Townsend* foe 
example, does net believe that 
tbu day of the large television 
screen that can be hung on the 
wall is near; many but not all ex- 
perts agree with him. Liquid 
crystal technology 'is one route 
being tried, and such a receiver 
has been developed recently by 
Hitachi.. . At the;: Montreal 


Olympic Games, .another solution 
tried was a vast matrix of elec- 
tric light bulbs— each one modu- 
lated separately, as a tiny- 
component of the picture infbr* 
motion; unfortunately, however, 
with tens of. thousands of bulbs 
required, there- is always a coa 
slant need 'for replacements as 
the bulbs blow. 

Stereoscopic television is also 
dismissed by Dr. Townsend, 
Largely because be doesa’ 
believe it is reilly wanted— 
although it is quite practical 
now if Polaroid spectacles are 
worn by the" riewers. Nbnethe- 
les, the Science Research Coun-; 
oil has just made a small grant 
to Professor David Bell at Hull 
University who ^ investigating 
one aspect of’SD television. 

Tn, Japan, there is some 
optimism about future develop- 
ments and forecasting has been 
a game undertakes there by 
many. large scene TV has been 
variously predicted as arriving 
in 1978, 1981 and 1984, video- 
phones as coming by 1988, 1090 
or 1994. and world-wide home, 
data processing by 1989,. 3994 or 
1999. 

Some -of the problems of the 
future- will not be technical ones 
at all, but political. There.' 
already a hint of this with View 1 - 
data— concerning issues . of 

access and the politics of pub 
l imbing . On the Continent, a row 
.has already, started over tele- 
text: some argue it' is a broad- 
casting function, others that it 
should- be handled by tile news- 
paper industry.* Happily that 
conflict has ' been avoided- in 
Britain. . 

Unemployment 

Satellite TV transmissions 
•will yield another political prob- 
lem: territorial boundaries. A 
satellite- over Uganda could 
reach half-a-biOion viewers. In 
some cases . governments may 
resent this, in others tbe copy- 
right owners might object It is 
already happening in Europe 
where adjacent countries 
receive each others' pro- 
grammes easily. 

The biggest problems of all 
may well torn out to be those of 
labour. The . engineers are 
designing cost-effectiveness into 
the system at a time when un- 
employment may render it. un- 
desirable,. This is a matter the 
industry -seems very Worried 
about and has caused one expert 
Mr. Robin Scott to -point out 
that £4m. of -new TV studio 
equipment was currently 
blacked. Dr. Townsend neatly 
summed it u? by quoting James 
Thurber— “progress is all very 
well, but it has gone on long 
enough.” 


THESKULL of Emanuel Swedeh- 
tiorg.- the 1 8th century Swedifli. 
scientist and. theologian, is re- 
turning to Sweden. It was 
bought at Sothebys’ yesterday 
for £1,500, below exportations, by 
the Royal Academy of Science in 
Stockholm .and will join other 
Swedenborg memorabilia. l/Jn 
Upsala-Cathedral. . ■ ^ 

Swedenborg .was . buried ‘to 
London but his remains, with -'a 
substitute skull, went to TJpsrta. 
in 1908. Now what is generally 
considered to be the genuine 


SALEROOM: 

ANTONY THORN CROFT 


skull* joins the rest of his ' re- 
mains - 

Sotheby’s also held a good 
glass auction which totalled 
£63.471. 

A London dealer, bidding on 
behalf of an Irish buyer, paid 
£6,200. more .than double the 
estimate, for a goblet, c. 1720, 
with portraits of William and 
Mary. It was probably made in 
Dublin. „. ,. 

In 1963. the same goblef aoW 
at Sotheby's for £1,624. 

Sheppard and Cooper bought a 
stipple engraved wine glass by 
David- Wolff, c. 1775. for £1.900. 
and the same sum acquired a 
goblet commemoratine the King 
of Prussia, made. c. 1757. . L _ 

-Lazarus', bidding, on "behalf of 
Harveys of Bristol glass colled: 
tibn. paid £1,700' for a mid-ISO): 
century privateer glass. . 

A polychrome pumpkin tureen; 
with cover and leaf stand, sold 
for £12,000 (plus tbe 19 per 



T- 


t Indicates programmes in 
black and white 

BBC i 

6.40-7.55 a.m. Open University. 
9.10 For Schools. Colleges. 12.45 
p.m. News. 1.00 Pebble Mill. 145 
Ragtime. 2.00 You and Me. 2.14 
For Schools, Colleges. 3.20 Pobol 
>* Cum. 3-53 Regional News for 
England (except London). 3.55 
Play School (as BBC-2 11.00 a.m.). 
420 Wally Gator. 4.25 Jarkanory. 
4.40 Playhouse. 5.05 John Craven's 
Xewsround. 5.15 Star Turn. 

540 News 


5J»5 Nationwide (London and 
South-East only) 

6-20 Nationwide 

6.50 Young Musician of tfie 
Year 

7.20 The Rockford Files 
8.10 The Good Old Days 
9.00 News 

9.25 “ Pennies from Heaven " 
play with music in six parts 
by Dennis Potter 
10.40 To-night 
11.20 The Engineers 
11.45 Weather/Regiooai News 
AD Regions as BBC-1 except at 
the following times: — 


F.T. CROSSWORD PUZZLE No. 3.611 



ACROSS 

1 Star in “ Mud " goes to render 
a remedy 1 7-7 i 

10 Old sayin; requires notice 
before time <5) 

It Prevent chap making a 
rlciinsing agent ts* i 

12 Exterminate hybrid _ "mice 
peculiar to one area (7) 

15 Rite embracing positive 
repartee (7l 

14 Fish to put tn flight after the 
end of August (5j 

16 Broke in dry-cleaning fluid (9) 

19 Feeling I must appear in judg- 
ment 191 

20 ... is the number to mark (5) 

22 Soldiers left part of church to 

fall back (7) 

25 Drum a doctor found during 
tour (“I 

27 Extensive and indiscriminate 
price to a retailer (H> 

28 Condescend fo jiut soldier 
back in rctretu (5i 

29 Acknowledge skill and in- 
tegrity (U) 

DOWN ‘ 

2 Undulating vertically through- 
out 1 2-3-4 > 

3 Unit of the marine*? (5) 

4 CommnniKt movement requir- 
ing correction (91 

5 Father making Irishman hesi- 
tate (5) 

6 Citadel producing a season’s 
yield on unusual soil (9) 


7 Lock found in fortresses (5) 

8 Go back with soldiers and 
stand a round (7) 

9 Plate on top of table, that's 
obvious (6) 

15 Follow- musical composition 
using end of violin (9) 

17 Sherbet we mixed should add 
flavour (5, 4) 

18 One who saves money and is 
expert thereat (9) 

19 Extortionist could be a type 
of driver (7) 

21 Go wrong and follow a 
mission (6) 

23 French city confused only 
with the south (5) 

24 Demand payment that is pre- 
cise (5) 

26 Mannequin left to follow the 
fashion (5) 

Solution to Puzzle No, 3,610 



0 
IS 
E 
IB 
□ □ 
0EG 
B E 
QEJE 


IVales — 2.32-237 p.m.'- For 

Schools. 5.55-6.20 Wales To-day. 
6.50 Heddiw. 7J5 Pobol y .Cwm. 
745-8.10 Ask the Family. 1145 
News and Weather for Wales. 

Scotland — 5.55-&20 pjn. Report- 
ing Scotland. 1145 News and 
Weather for Scotland. 

Northern Ireland— 3 .53-3.55 p.m. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 1145 News 
and Weather for Northern 
Ireland. 

England — 545-&20 pan. Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South To- 
day (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

640-7.53 a.m. Open University 
1LO0 Play School 
2.15 p.m_ Other People’s Child- 
ren 

3L50 Having a Baby 
+3.00 Propaganda with Facts . 

3.30 The Living City 
4.55 Open University 

7.00 News on 2 Headlines 
7j83 On the Rocks 

740 Newsday 

8.10 International Pro-Celebrity 
Golf 

9.00 Pebble Mill Showcase- 

9.30 The Man Alive -Report: 
Hypnosis 

10.20 Poems and Pints 
10.45 Late News on 2 
1045 The Old Grey Whistle Test 
11.35-11.40 Closedown. Stephen 
Thorne reads ’Poem’ by 
ELizabeth Bishop 


4J8 Get it Together. 445 Magpie. 
520 Spottscene. - 
545 News • • ■ 

&00 Thames at 0 
640 Crossroads , 

7.05 Dave ASen 1 - 
745 Charlie’s Angela. 

8 JO Armchair Thritiar 
9.00 Wilde Alliance 
1040 News • . ; 

10.30 A Change in Mind - • 

1U0 Gibbsville . . 

12.25 a.m- Close: Leonard Pearce y 
reads a poem 'fay . Louis 
MacNeice • - 

AJ1 2BA Regions qs London 
except at the following times: — 

ANGLIA : 

US p.m. Ansba News. 249 House- 
partr. 328 Hu- Electric teanra .Show. 
525 Emmertale Farm. 5W Ahcta Anilia. 
1US Quincy. 22JD an. AflOatagy. 


ft cardan ao Snooker. 2240 Stew Vande- 
rtBe Band, at tbe WbeetuspcaL 

- _ - ;HTV 

UD P.BX. Report West Headline*.- 12 
Report Wales Headlines. 200 House party. 
329 The Electric Theatre .Show. 52 
Sin had Junior. - 520 Crossroads. 540 
Report West.- US Report Wales. 535 
Ennnerdaie Farm. UJ0 Police Woman. 

HTV Cyntrn/Wales— As HTV General 
Service except: ■ I2M2S pjn. Penawdma 
.NewTddkJn y DrM. 428 Kiri Mrnrr. 
420-445 Sens . WU>. 1 004,11 Y Drdd. 
1820 Bnnrd. lUO world lo Action. 
12 <04 1 .4 5 am, Celebrity Squares. 

HTV West— Aa . HTV. General Sendee 
except: 125U9 p.m. Report Vfeat Head- 
Udcb. 515535 Report Wert. 


A TV 

ms Jun. Betty BooPk-Ui pm. A TV 
Kuwadeak. 320 Quick on the Draw. 
545 Lave me and Shirt err ' .020 A7V 
Today. T40 Emmerdale Farm. 720 Dave 
ASen. MM Robin's Nest . 

BORDER 

tl2> *-». Border News..' 2M Rouse- 
party. 320 Friends or Man. 545 Indoor 
League. - 5oo Lookaroond Tuesday. 74D 
Emmerdale Farm. 730 Dave -Allen. 940 
Robin’s Nest. 1140 Baretta. fJ22S sum. 
Borden News Summary. . 


LONDON 

920 a.m. Schools Programmes. 
1145 Felix the Cat. 12.00 Paper- 
play. 12.10 p.m. Rainbow. 12.30 
A Fair Chance. UJ0 News. 1.20 
Help. 140 Crown Court. 24)0 
After Noon. 223 Sam. 3J0 The 
Rolf Harris Show. 3.50 Couples. 


CHANNEL 

143 pjh. Channel LtmcMme News and 
What's On Where and weather. 32P 
wish You Were Berc. 545 The Flint- 
stones. 590 Report at Six. : .-74S Treasure 
Bast. 1028 Channel Late Hews. 1149 
Dan August. 1225 aju. 'Qgnuwwatras 
ll Previsions Ueteoreloaiqses. 

GRAMPIAN 

425 am Flrsr Thins. -129 'pjuj Cram- 
plan Hews Headlines. 3.29 Women Only. 
XX Cartoon Time. 545 Wife* 'a* minus. 
500 Grampian Today. 510 OK of Town. 
1140 Redactions. 1145 PoHcu Woman. 

GRANADA • 

120 p.oi. This Is Tour BlsbL 320 Mr. 
and Un. 540 This Is Tour'RlshS (second 
chance to see Lord Wlnstanley’s pro- 
gramme). 545 Crossroads. 9J0 Granada 
Reports. 530 Emmerdale • .Farm. 1140 


SCOTTISH 

125 pjh. Neva and -Road Report. 321 
Ur. and .Mrs. 545 plpel and Friends. 
529 Crossroads. 590 Scotland Today. 530 
What's Your Problem? IM ■ Emmerdale 
Farm.- 740 Dave Allen. U0 Robin's 
Nest. 1140 Late Call. 1145 Rush. 

SOUTHERN 

120 p.iH, Southern News. 240 Ranee- 
Dirty. 320 SnrvtvaL 545 Bettr Boon. 
520 Crossroads. 500 Day hr Day faDCtod- 
Ins Soothsport. ' 740 Emmerdale Farm. 
740 Dave Allen.- 040 Robin's Nest. 1140 
Southern News Extra. 1140 Drive-In. 

TYNE TEES 

020 ajn. Tbe Good Word followed by 
North East News Headlines. 120 u. 
North East Mew* and Lookaromd. 320 
The Odd Connie. 545- Nobody's House, 
tio Northern Life. 740 Emmerdale Farm. 
740 Dave Allen. 500 Robin's Nest. 1140 
The Collaborators. 1249 ajn. BpOouue. 

ULSTER 

120 pju. Lanch time. 329 Mr. and 
11m. 440 Ulster News Headlines. 545 
Friends of Kan. 590 Ulster Television 
News. 596 Crossroads. 640 Reports. 
74b Emmerdale Farm. 740 Dave Allen. 
500 Robin’s Nest 114a Fro-CelebrUy 
Snooker, followed by Bedtime. - 

WESTWARD 

1227 pjh. Cus Hoooyban's Birthdays. 
120 Westward News Headlines. 320 Wish 
You. Were Here. .545 The Fllntstraoes. 
59i Westward Diary. 746 Treasure Bunt. 
2020 Wearward Idle News. 1240 Dan 
August. 1225 tun. Faith for Li fe . 

YORKSHIRE 

120 p.m. Calendar News. 320 House- 
party. 52S. indoor League. 500 Calendar 
(Kmley Moor and Behnoot editions) 
740 Emmerdale Farm. 740 Dave Alien. 
340 Robin's Nest. 1140 CeJehrto Concert. 


RADIO l . « 7m 

500 a-nt. As Radio 3. 7.02 Noel 

Edmonds. 040 Simon niim : n ** Paul 
Bonw-n indodhiK 1240 pjn. Newsbear. 
ZOO Tony Blackburn. 531 Dare Lee 
Travis including 540 Kew-sbeat. -740 Folk 
Tfi rS> i joins Radio 2>. 442 As .VHF. 
1042 John Feci (Si. 1Z4KL42 bju. As 
R adio 2. 

VHF Radios 1 and 2-440 ua. With 
Radio 2. Including LB pjn. Good Listen- 
ing. 442 Among Tour Souvenirs CS). 
945 Sports Desk. 1042 WKh Radio L 
1240442 a.m. With Radio 2. 

RADIO 2 WW® YHF 

5m a-m. New-s S umm ary. 502 Ray 
Moore vtih The Early Show (Si tndudins 
*4S Pause for Thonaht. T42 Terr? 
Worm <S> including 527 Racine Bulletin 
and 5® Pause for Thought, 1042 jimmy 
Voune iS'. 1215 p.m. Waggoners* Walk. 
1240 Pete Murray's Oocn House <S» 
inctnduu: 145 Sports Desk. 2J0 David 
Ram IQ on -Si ineludlna Z45 and 56 
Sports Desk. 539 Waggoners’ Walk. 
4.35 Sports Desk, vn Mck Pace (S> 
Including 5 j 6 Sports Desk. 545 Sports 
De&fc. 742 Folk TS iSt. 740 On the 
Third Beat (Si. 5l£ Hubert Gregg at 
The London Theatre. Dart S3:. Strand.' 
Aldwycb. 942 Beal the - Record. 1649 
Google Withers and Jobs McCaflam say 
Re Our Guest. 1142 Brian Matthew wilh 
Tbe oLtc Show including 1249 News 
and Cncket— Third Test: New Zealand 
v. England (report). 

RADIO 3 464m, Stereo* VHF 

? Medium WU«e nty 
1555 ajn. Weather. 740 Nows. T4S 
Overture >5). 50D News. 945 M anilns 
Concert 'Si, 940 News. 505 This Week's 
Composeru: Szymanowski and Latoebwrid 
iFi. 545 Mudc lor Strings >Sl. 1045 
piainsonr and the Rlv of European 
Music iSj. 1LC Flute, Clarinet and 


Plano recital (Si. 12.15 pm. Mid day 
Concert, part 1: Mozart, Jfttsgrave. 1.M 
News; 145 The .Arts WoridwWe. 120 
Midday Concert, part 2: Beethoven. 2 
Dee Wolf, song redial (Si. 240 A Idttie 
Usht Music (Si. 340 Brttpowr from 
Bristol (S>. 425 The Vaushan Wlams 
Symrito nl es conducted by Sir Adrian Boo It 
(Si. 525 Jan Today on -record- fS). 
Homeward Bound. 3596 ROWS. >510 
Homeward Bound f continued). 1530 Life- 
Udm: WorK and Training.-: 740 Frijch 
Song Recital: Dopant. Goaopd (S>- 500 
Kazan and Stravlndcy caityg . part 1 
(SJ. 53u a Man of the Book - (talk by 
Vernon Spnmen about WUBvn Barclay). 
SJ0 Mozart and Stravtnsfty, part' 3 _(S>. 
940 The Ring and the Book. M4Q-SaTdn 
and Beethoven, piano recital iS). I12S- 
1145 And Tonljrtn's Schubert Songs <S> 
including 1125 News; 

Rmfta 3 VHF atHy— 510-740, an. and 
545-749 pjh. Open- Cnl?e*&y. 

RADIO 4 

434m, 330m, and YHF 

515 uh. News. 517 Piaobti Today. 
535 Up to tbe Hour. 552 (VHF) Regional 
News. 740 News. 720 TOUT- 7 45 Up 
tn the Hour (continued*. IS* (VEF) 
Regional News. 590 News.- 5l0 Today 
tortudlnc news headlines, weather, 
papers, sport. 5fi Yemenis? t? F***' 
meoL 940 News. >505 'Tu«*day JML 
U5W News. QU5 Round - Baaw Qojs, 
1040 Daily Service, tis.45 Morning Story. 
01.00 News, <1145 TWrty^hfldBtO ! »«QT ■ 
ZLL36 Profile of the 'Rt TW- Hmtii 
Mom rite re. 12.90 News, 0B2 - P.m. Tab 
and Yours. 1229 Desert - tea™ 1 Dlxx - 
>12. Ht Weather, pregnmmd- news _VHF 
(except Landeo and SB) H *»mal News. 
149 The World ai One. XJB The.. Arche rs. 
145 Woman's Hoar fi f tut n 594) mauaillg 
240242 News. SZ45 Ujzea with Mother. 
340 News.. 345 The woddlandrt* (S) r 
440 News. 445 Ganknpe** Qo«aUtm 


Time. «J5 Story Time. 500 PM Reports. 
540 Serendipity (S). 035 Weather, pro- 
gramme. news (VHF) Regicnal News. 
500 News. 530 Just a Kbnne (S). 740 
News. 746 The Archer*. 720 Time tax 
Verse. 749 Catch a Famng sun Harvey 
N integer, mereorotosdat- 040 Mozart and 
Stravinsky ooueect (as Radio 3) (S). 945 
Kaleidoscope. 159 Weather. 1500 The 
World TonigM. 1040 Not Nov. nn 
Listening Again. 1140 A Book at Bed- 
time. 1125 The Ftaanclal Wodd Tonlghc 
1140 Today in . ParUamenu 1145 News. 

For Schools (VHP only) 945 M94U> 
and 240340 elm. 

BBC Radio London 

206m and MJ) VHF 
440 a-m. Aa Radio 5 530 Rush Hear. 
940 News Extra. 920 London Live. U43 
In Town. 12.93 pm. Call' In. 2JS M6 
Shewcase. 599 Home Run. 410 lawk. , 
Stop. Listen. 740 In Town ias 1L03 am.l_t 
S4D All Thai Jess. - U.«3 Lets Night 
Loudon. 224Unase: Aa Radio 2. 

London Broadcasting 

' 263m and WJ VHF 
549 aju. uondRS Music. 500 A-M.: 
notKStop news, travel. * snort, reviews. 
Information. 1040 Brian Hayes. 140 pjw. 
L8C Reports tndudtng George Gale's 
0 O'Clock Cafi. 590 After 8— with fan 
GHcfarist. 940 Nlghtllne. 240640 can. 
Night-Hxtre wiqj Adrian Scott. . 

Capital Radio .. 

• 194m and 95A VHF 

440 am. .Giaham Dene's Breakfast 
Show iS). 940 Michael Aspe! tS). 1240 
Dave' Cash '(si. Xoo pm. Roger Scott 
(S'. 740 pjh. London Today fS>._ '748 
Adrian Love's Open Line ft). -.949 Tour 
MM»t Wouldn't Like ' It , with Nicky 
Home fSi. , 1140 -Tony WyatPs Late 
Show (Si. 249 a-m. Duncan jehnann'e 
Night Fhght tS). 


Financial Times TnesSsy MarcE- 7-X873 : 

Wealth Tax is best 



JONJO O’NEILL maintained htx 
p regress towards a record haul 
of ever 130 ‘wliuiers for a single! 
e pflenn . jriiflk hr inping- j home 
Rmi falin g A'rrtef and Qualuz' kt 

Haddock on Saturday- There, is 
every chance that he can" con- 
tinue' the good work at Kelso 
this- afternoon, r. _ . 

' Herej tbe heir apparent to 

Tommy Stack’s ' championship 
partners Wealth -Tax, the new- 
comer^ and ' two ' course winner^ 
in . Tfel Brig ,' and ' Bountiftil 
ChaHesi:' I expect all three--. to 
win.. .>... : ; v: 

Wealth Tax. who goes for T>iv.- 
I Part. I of. the Craiting Novices 
Hurdle, could well- be the best 
bet -of .the. trio. . r ' 

' Reported -to be ready • to' do 
himself full justice on this; hte 
.first'; ptiblic.. outing over the 
minor . obstacles. Wealth Tax. - a : 
useful performer on the flat fpr 
Bajry Hills, should not be hard- 
pressed to beat some poor 
opponents. 

Tbe.. -Stallion Review, that 
highly . worthwhile publication, 
has just been published for title 


year, end it is well With dose 

scrutiny. . . 

~ TV* contains " particulars and 
photographs of almost every 
thoroughbred stallion of note m 
-tiie British Isles and Ireland- 
arid of many in ftano^- ft 
has an extremely interesting 
section listing the sires respon- 


RACING 

BY DOMWIC WIGAN 


seible for Patt?rn Race winners 
during the last five years- 

this sestion. one finds- that 
S|r Ivor' has achieved the stag- 
gering total of 18, white another 
sire' of the same age. Vaguely 
Noble, hag notched up 12. Others 
wffhl notable records to boast are 
Sea Hawk (12). Relko (12), 
Habitat U2>, Luthier (11). 
Busted .,'(10). Crepello (9) Bold 
-Lad (9). Derring-Do (9), 
Nijinsky (9). , w , 

; Those , now Kentucky-based 
young .sires. Sir Ivor and 


Vaguely Noble, who. fought oof 
the finish to a "lne^orabfc 
“Arc” at Longchamp have, as 
can be seen by the records j a 
The Stallion Review, been doing 
outstandingly welt ' ; " ■' 

Sir Ivor’s Pattern Race lffap 
ners include Ivanjica, Mall» 
owslo, and Cavo Doro;. while 
Vague Noble's include Dahlia, 
Empery, Missipian, and Nobis 
Decree. _ 7 ■ K 

The Stallion Review Is prtjt 
duced to coniunction -with tWh 
Bloodstock -Breeders 3tanutt 
Review. and costs £5.Sfi ri :ir 

kelso 

1.15— Wealth Ta*“*-» -.X 

2 . 45 — ByamUnm - 

3.15^— Tel Brig , .. 

3.45 — Bountiful Charles s. : 

4.15— Happy Boy H 
4 j 45— Swallow Hill- - .. . .y. 

PLUMPTON ... ■ 

3JS— Crowning ISStf^ . 

4.15— Princes Arcade* ?1 

. WARWICK J £ 

2.00 — Lucky Louis' 1 * - ^ 

3.00— Dutchman - - -■» 



skull makes £1,500 



A Sotheby’s assistant holds the skull of Emanuel Sweden- 
borg, the 18th-century scientist and theologian, which was'-: 

sold for £L500 yesterday. . \ 


cent' premium) at Christie's yes- 
terdays— a new auction record 
for a piece of Dutch DelfL 

It was bought by Baskett and 
Dav, the London dealers, in a 
£115.498 sale of Continental 
pottery and Italian malolica. 

The same item, which . has a 
stand with blue GVS marie, and 
was made c. 1765, last sold at 
Christie's in April, 1974, (or 
£10.500, a record for Dutch Delft 
which stood until yesterday's 
sale. 

A pair of Brussels faience 


cauliflower tureens, dating frorfi 
the same period, were houghtty 
the same dealer for £5,500. 1 k 
mid-lSth century Strasbourg 
faience pigeon tureen and cover, 
modelled by J. W. Lana, went to 
Stodel (London) for £4400, as 
did a cauliflower tureen with 
pierced stand of similar date and 
period, for £3.500.' 

Amelung. the German’ dealer; 
paid £7.400 for -a- 'pair ftf 
Schrezbeira shaped oblong wan 
plaques from a set of the Four 
Seasons. 


Thomas Cook profits top £5m. 


BY ARTHUR. SANDLES 1- 

THOMAS COOK, States wned 
until 1972 and now- a subsidiary 
of tbe Midland Bank, almost 
doubled its profits in 1977 to 
£5.7Sm. The once floundering 
North Americano Deration 's move 
into £lm. profit and successful 
UJC retailing ’and profits from 
foreign exchange operations, pro-' 
duced tbe improvement 

The Midhmd .acquired the 
minority interests in Thomas 
Cook last year. They were pre- 
viously owned by the Automobile 
Association and Trust Houses 
Forte. During the year and in 
1976, there .wqa considerable 
International, reorganisation and 
a hew mood -of aggression in 
Cook advertising— a market place 
attitude which has not always 
gone down well with High Street 
competitors. 

Worldwide Cook sales reached 
nearly £2bn.. Including travellers 


cheques, ' hut gross revenue 
dropped h) £3m. to £51flm. This 
was due fo the improved value 
of sterling and loss of revenue 
from the freight forwarding 
business sold early in the year. 

.“Progress of'.; the business 
Overall since denationalisation in 
1972 May be measured by a three- 
fold increase in turnover atd a 
rise in pre-tax profits to a level 
some 13 times ■' greater,” says 
CooL : • 

Vagaries 

. Mr, Tom Fisher, the company's 
chief executive, said yesterday 
that' in. the UJK. “the present 
year has started well in the 
holiday travel .field. Our busi- 
ness, however, is essentially 
multi-national and we are at all 
times exposed to tbe vagaries of 
tbe international economic and 
flngTiriai climate” 


. ’ ’ .n£ 

Referring to the intervention 
into the British market of Tjaete^ 
borg, the Scandinavian direct 
sell tour operators, and to 
changes. in trading practices aftef 
the intervention of the Office of 
Fair Trading. Mr. Fisher said 
that “ competition was likely to 
become more fierce, as would the 
development of direct selling 
activities of overseas competitor 

“ However, we strongly belifctfB 
that well established travel bju® 
nesses commanding modern 
resources and efficient staff will 
continue to fulfil an indispens- 
able need for tbe travelling 
public, both in -the fields, of 
leisure and business. 

“We intend to maintain qnr 
position at the forefront 
those who serve the travelling, 
public and hope to double our 
sales within the next four yeans*" 
Cook said. - - 


APPOINTMENTS 


Changes at Lloyds Bank 


:?!!■* 

i>jl" 

uril* 

.- -T 


The* Earl ol Lisbume is to 
become a regional director of the 
South Wales Regional Board of 
LLOYDS BANK, which sits under 
the chairmanship of Hr. George 
M. Williams. The appointment is 



Earl of Lisbume 

from' April L Lord Lisbume Is 
deputy chairman of Westward 
Television, a director of Ih- 

dependent Television Publications 
and a director of British Home 

Stores. 

Three directors of Lloyds Bank 
group, Lord Netherthorpe, Sir 
Richard CaJthorpe and Mr. Ian 
Macdonald retire at the. annual 
meeting On March 30 having all 
readied tbe 'age of 70. 

Lord Netherthorpe, who joined 
the Board in 1957, was for 17 
years chairman of the North abd 
East Midlands Regional Board and 
more recently chairman of Lloyds 
Bank "Unit Trust Managers, and 
of Beehive Life Assurance Com- 
pany- Sir Richard joined the 
Board in 1972 on becoming chair-' 
man - of the : Southern - Regional 
Board. Mr.' Macdonald, a director 
since .1961 when he was already 
chairman' of the National 'Com- 


mercial Bank of Scotland, was for 
17 years chairman of Lloyds and 
Scottish. 

* 

The fbHcwing appointments 
have- been made within tbe 
FURNESS WITHY GROUP. Miss 
J. Chipping- Mr. R- S. Stringer, 
Mr. G. N. Coles, Mr. H. J. Hicks 
and Mr. H. 3L Thompson, assis- 
tant directors of FURNESS- 
HdULDER (LONDON); Mr. G. J. 
Handley (Newcastle branch), a 
director of Furness-Hoolder (Life 
and Pensions); Mr. P. A. Tmett, 
a director of . JFurnees-Houlder 
(Reinsurance Services) and 
Furhess-Houldec . " (Overseas In- 
sorance Services);. Mr. R. L. 
Spearman, m a n agin g director of 
FurhessHookler and Beveridge 
(Insurance Brokers); Mr. .J,. H. 
Laing, Mr. C G._ Taylor and Mr. 
J. T. . WOBainson, directors, of 
Furness-Hoolder and Beveridge 
(Insurance 'Brokers); Biz. R. G. 
Gristwood, managing director of 
Furness-Houlder . Insurance 

(Northern); and Mr. R. Adams, 
Mr. C Brown, Mr. M. A. Meek, 
Mr. W. A. FnHer and Mr. D. L. 
Tiffin, directors of Furness- 
Houkler Insurance 1 . (Northern). 

* 

■Mr. Richard - L. Heflin an has 
beext appointed a vice president 
and Mr.- David Grade!, an inter- 
nationM officer,- at the European 
headquarters in London of 
SECURITY PACIFIC BANK 

Mr. Gerald .Soane, marketing 
manager, has bee n ap pointed a 
director of . CHEHTTRADE, the 
UJC - operating- -company of the 
Steuber Group. U^. He is respon- 
sible. for the UJC. and- Inter- 
national marketing of the com- 
pany's chemical products. 

.Mr. fltichad Pcntreath Is to be- 
come head of information at the 
DEPARTMENT OF INDUSTRY in 
s accession to Mr. Raymond Tolte, 
who is retiring from .Government 
service. Mr. Peqtreath, at present 
deputy bqqd of' information. De- 
partment . of Trade, will take up 
his new appointment shortly. 

Mr. Kenneth:" M. Renton has 


been appointed a director, jrf 
MOUNT CHARLOTTE INVEST; 
ME NTS and Mr. Sean P. HaBk 
Smith has resigned as -a diTecMf- 

Mr. Reginald Keel has 
'appointed to the mail) Boaifi « 
TOZER KEMSLEY AND XtBix ■ 
BOURN (HOLDINGS). - : i;: * 
* 

Lord De L’IsIe VC is to refer* 
from the BOARD OF PHOENIX 
ASSURANCE COMPANY folW#' 
ing the. annual meeting in 
Mr. Jocelyn O. Hambro has b fgg 
ejected a deputy chairman.. Uw 
De L’lste was first appointed^; 
director In . 1950. On becoming 
Secretary o£ State' for Ahy lU. 
office which he held Irom; l$3£ 
to 1935, he resigned. He was^a^a^ 
appointed a director in lflod. 

1961 he resigned once more- pJL 
his appototment to be Govenwrf 
General of Australia. In 1965 nr 
rejoined the. Board and betoawr 
deputy chairman -in January'Mwi'; 
In June the same year, otf the 
retirement of ' the late ' • : SiF 
Edward Ferguson, he was elected; 
chairman of the Board. , 



Mr. Jocelyn 'Himbnl 


( 


A 

I 






.Financial Times Tuesday March 7 1978 

Festival Hall ] Royal Academy 

Zimerman 


» 1 


* i . 
<{' 

4 a. 


3 ■■■ 
* t: 


s- 


if 4 


: «S 




Ion 


“If the stars have it right,” 
i wrote after this 19-yearold 
™ P iani srs debut at the 
Elizabeth Hail last November, 
^rystiaa Zimerman is a name 
we shall come to know well ” it 
sf* at least- that the stars 
we not got it wrong: for much 

back n? a ih lat o r * ZUfl ermaa was 
, Q ° ^ Soutb Baakp-.tW s 
wciUl to himself .on 
a> afternoon m the Festival 

tho Zw/ very seat »W. with 
the TicKet-touts out in force. 

As before, those who filled the 
hail so expectant will not have 
seen disappointed. His return 
with a big Chopin programme 
revived identical impressions — 
1 a fascinating, unruly 
supremely gifted young musician' 

^ P J?*«W has everything 
one could expect from a prodigy: 
technical assurance and remark- 
able strength, displayed with 
charm, presence, wit and verve. 
More important still, Zimerman 
«as a big enough heart, and the 
j- fei £° teke risks: 10 los® some- 

% times, but to win, and win often. 
* F V- id magnificent style. • 7 

began with three mazurkas. 
'• “ 1! . 10 C sharp minor — an un- 
brohen sequence with the grand 
op. 41 mazurka at its centre, a 
nappy conceit to introduce the 
afternoon, delicately and deftly 
proposed. But the. storm broke 
quickly: a hectic, headlong 
launch into the B fiat minor 
scherzo meant that the demonic 
triplet motif may have too often 
sounded a gabble; but even, at" 
such frightening speed, .Zlmer- 
IL 7 man never lost grip ot ihometi- 
V ' turn. . One . or two " passing 
: oddities . fa ■ curious ^pedal- 
'V blurring in the sostemrto 
passages especially), j hardly 
served to distract from the force 
oF the reading-rat once' rrias- 
..... sively controlled, and almost 
wholly unreined, superbly- excit- 
ing, its central ctiia4x « "naked 
v ' . blast of keyboard energy, 'v. 

. The opening pages of the F 
minor Ballade, by contrast, sang 
. with perfect calm and restraint. 
The playing had much - closer 
focus : a song of inner voices and 
quiet conversations, as well, as 
* a wealth of simple detail com- 
monly smoothed over but here 
precisely noted (even the m'ar- 
' “ vellous tenato G flat of measure 
58. invariably too short, 
Zimerman held for an age, 
exactly right). He lashed the 
Ballade's climax to a frenzy : 
half-crazed. but never without 
taulncss, never losing direction. 

A mad. golden performance, full 
of provocation and gladness, at 
certain dizzy moments even 
positively “wrong,” bnt in all 
of its essence - unerringly, 
instinctively right. 

To end his first half* he gave 
- the Andante Splan^to : and 
Grande Polonaise op.22: enthral- 
ling account, radiant with 
energy, its coda zipped with a 
real Hnrowitzian supercharge. 
His second half he devoted to 14 

waltzes, conceived like the trio 

of mazurkas fbut for insistent 
applause) almost as a single 
sequence— and delivered un- 
failing vigour, point and- charm, 
neither overpuffed hor ^sweet- 
ened. and without a trace of 
easy sentiment. The tail of the 
Minute Waltz was permitted an 
unusual (and very stylish) twist; 
and the nice harmonic sting to 
the penultimate bar of the B 
minor waltz sounded, at least, 
without the music to hand, like 
a. Lisztian, rather than a 
Cbopinesque, gloss? 

DOMINIC GUI. 



The latest in what seems to 
he r a never-ending sequence of 
splendid exhibitions ' has just 
opened in toe Private Booms of 
the Royal Academy, where it 
follows hard upon the heels of 
the royal Leonardo, it would he 
difficult to contrive a more 
marked and refreshing contrast 
to that concentrated, practical 
inquiry, yet one which matches 
it in delicacy and insight, than 
this particular show of drawings 
by Thomas Rowlandson. 

We like to categorise our 
artists, to assign them «. role, and 
in doing- so we often miss the 
-point. Thug Stubbs was for too 
long put down as just a horse 
painter, and Hogarth a satirist: 
the subject matter obtrudes, and 
we read . it too literally. Row- 
landson the humourist is cer- 
tainly a most engaging figure, 
and his work can .be. enjoyed 
purely at that level, if we care 
to take so limited a view, of it. 

His jokes are good, his innu- 
endo incessant, and he has a 
wicked eye for a type. The trans- 
parent carnality and vanity of 
our human behaviour, the all too 
obvious baseness- of our .motives, 
that dreadful instinct ' to seif- 
gratification, all amuse him to 
end,., . 

Is it -not terrible, he seems to 
he saying, as be peers fixedly at 
tiie.. heaving bosom- of a pretty 
girt, that men should., take such 
trouble, waste such energy, go 
to such lengths; merely . to look 
up a lady's skirt?. We, of. course, 
blush at the very idea. The cast 
of . characters- in.-: this* human 
comedy consists of a number of 
magnificent archetypes any one 
of wMch,. toe fashionable; beauty 
for example, -is Jtteiyi ta settle 
upon a particular : id® tity fin 
this. ease toe Duchess pf Devon- 
shire or- her "sisfer)-. There go 
toe Country, wench. toe'Serving 
maid, tfie .ensign, toe buck. "toe 
sportsman, the lecherous clergy- 
man, .the ageing actress, the 
glutton, the Fop . and- .toe crone: 
a salutary processhm. - 
The young are all beautiful, 
handsome, : and; '. Inc o rri gibly 
amorous,-' "toe" middle-aged 
pathetic and desperate,, toe old, 
ugly. They rush towards the . 

grave at a frightening speed. ha f 3aDlty ’ “J* 


by. WILLIAM PACKER 


The -Actresses Dressing Room, Drury Lane 


deep no longer titillated and. seduced only.' and not to see it: 

saved 


and 


with all great art, it is by being 
wkh them as such that we come 
to know, if not always to under- 
stand, toe magic they work. 
Rowlandson was a most gifted 
commentator, but he was also a 
true artist. 

Here again categorisation has 
put him down, for his reputation 
is as a water-colourist and 
draughtsman — - somehow lesser 
fry than the. full-blooded painter 
in oils. We pride ourselves on 
our tradition of watercolour 
paintings, yet we allow it only a 
lower place, nodding at Girtln 
and Bonington, regretting their 
too ■ short lives, forgetting that 
Turner made his name in the 
medium, and would still be held 
a great artist, even had he died 
in 1800. 

We should not push this point 
too hard, and over-state Rowland- 
son’s case — for, if he is very 
good.- others are better: but it 
is sadly typical of us that we 
should celebrate him for his 
Engiishness. his good humour 
and his earthy jokes, and not 
notice his Art We now have 
until May 21 to look at it dosely, 
and savour the treat 

AM toe works shown, are from 
toe Paul Mellon Collection at 
the Yale Centre for British Art 
120 in alL selected and hand- 
somely catalogued by Dr. John 
Riely, who. in bis careful anno- 
tation of each drawing attempts 
to establish, at last a convincing 
chronology. John Baskett and 
Dudley Snelgrove are less ambi- 
tious, being content in their 
newly-published catalogue of all 
400 or so Rowlandsons in the 
Mellon collection (Barrie and 
Jenkins: 3$4pp: 414 illustrations: 
£12.00), to arrange the work by, 
subject which makes for easy 
and. enjoyable browsing, but does 
not exactly help deeper compari- 
son. They might have tried, 
however tentatively, to suggest 
a few dates. But the catalogue 
entries are useful, -as far as they 
go, if somewhat earnest, and 
unconsciously amusing in their 
bald recitation of toe obvious: 
“A young lady wearing a large 
hat is seated in a chair facing 
three-quarters right, holding a 
letter in both hands.” Occasion- 


15 

Elizabeth Hall 

Gidon Kremer 

Gidon _ Kremer, a high- (Stockhausen) in toe second 
mettled virtuoso in the proudest half may have helped to thin 
Russian mould, passed that most down audience numbers, but the 
searching of tests, toe solo violin choices were interesting and 
recital, with force, and energy to adventurous, and appeared to 
spare. The first haJf was devoted suit toe temperament oF the 
to Telemann and Bach — the player much more closely. The 
seventh of the former’s 1735 set third of Ysaye's Op.27 set of six 
of 12 Fantasies, and the A minor sonatas for unaccompanied 
Sonata and D minor Chaconne violin, the D minor, is an agree- 
of toe latter. able and expansive vehicle for 

Of these Mr. Kremer gave virtuosity, in which conven- 
freely romantic, heavily charged tionally strutting and soaring 
readings, in which there was a violin gestures arc decked out in 
passionate and immediate washes of wholetone harmony, 
response to the emotional Stockhausen provided the Six 
character of each musical mci- Melodies from Zodiac (a 
dent. ‘Hie tone was kept at blow- siphoning-off of some of the 
torch intensity even in passages tunes played by musical boxes 
of soft-spun pianissimo, the in the rausic-ibeatre piece. .Muaift 
rhythmic impulse was apt to be «n BoitcJi)— this oddly lev, Teu- 
bent and manipulated according topically whimsical collection 
to the heat of the moment. These was given flesh and blood by Mr. 
were performances not at all to Kramer's rich, multi-coloured 
, my taste : toe mighty Chaconne, timbres. Schnittke, the middte- 
j particularly, seemed to sacrifice generation Russian composer 
much of its monumental in- (b. 193-1) whose chamber music 
evi lability when so steamily inter- has been praised before on this 
preted- But there was no doubt- page, wrote a Prelude in tnemorv 
ing the intensity of the sincerity of Shostakovich in which the 
with which Bach's music was violin is joined halfway by itself, 
given, and no faulting the pre-recorded on tape, and in 
brilliance, the endless resource- which the DSCH and Bach 
fulness of Mr. Kramer's motives arc beaten out in dark, 
technique. grieving patterns. The work 

The relatively unfamiliar made a si i ons, serious impres- 
names (Ysaye, Schnittke) and si on out of proportion to its 
the familiar forbidding one brevity. MAX LOPPERT 

Purcell Room 

Medieval Ensemble 
of London 


Beneath Rnwlnnrfcnn’*’ sadness at our condition: and by the single example, we, too, Rowlandson is saved from the a-tiv a "*tl» 

Jr?T .i l0 °king at his work like this, begin to feel suddenly a tittle sentimental or toe sententious JSEu P .SPS.K B 

c.rotesquerie and banter, beyond where so much of it has been chilly, perhaps, and growing old. by the brilliance of his draughts- fL-rw ’ w 

toe bucolic frolic, hes a sympa- brought together, and we are But this is to read the work niansWp. The line flicks across SS? 

toe surface with an easy 21 50 “ e ' 

elegance, . picki ng out toe shapely SricgrSSp the^n'toer 3 * twn 

Soaf Qd Monomv bOUS thp OSe wash ( artress “> .are likewise rushing 

ISTSS tol oti ffuston 8 6w ^. f ^fSSUSSS^w 


Reading University Opera 



by RONALD CRICHTON 


care to draw from his 
characterisation 


- Catherine Nicholson, the helpful 

cross-indices of titles and sub- 


r we are carried along by toe sheer tartTandabove atitoenlates 

•Hie French, as admirers of end of act 3 (Arne’s attempted some warmly passionate noc- physical presence of toe work, themselves. wtachVveri toe? 

then* music know have a way seduction of Hnlda and his acci- turnal music at toe beginning of the wit of it lying quite as muXr and their 

of .neglecting their .own. com- dental death at the hands of his act S. The ensuim duet for much with the way of it **- 


,i OUU UJXslft general 

adequacy, make this book a 


The cold shouWerturned father) which is apparently not Hulda' and EioKiT chromatic Painterly tricks and rhythms, Sgain But Dr 

towards Cfesar Francks opera in ‘the vocal score— no-one need mush, enjoyable but static. The the- observation, the set of the 1 r»rmn tn tVi« AvkiKi 


;» 5 

1. T. 


Hulda, however, need not 
listed among their greater sins again, 
of omission. Wbat chance has tailed 


Riely’s catalogue to the exhibi- 


be bother duet in the following'act for toe figure jmd^the fall ^ an^ am, ^on (£^50)‘ U is the/dee^er'study" 


,iu 


St. M ary le bone 
Parish Church 

Tallis 


The group known as the Tallis 
Scholars, under their director 
Peter Phillips, ' embarked on 
Saturday night on a Festival 
Series of four .concerts of the 
master's music. That Tallis is 
me of our masters there can be 
.. -no doubt. Re is not perhaps in 
he very front rank with Byrd; 
iv did not have Byrd’s univer- 
sality, his gift for speaking to 
mother age as promptly as 
dezart or Brabms. But be had 
mmense craft, seriousness; "attd 
i versatility equal to the 
lemands of his time — be wrote 
or Henry VUX. Mary Tudor, and 
or Elizabeth I, with all toe 
. mlMical changes and liturgical 
djustraems that implies. 

The series, carefully planned, 
s supported by an excellent 
irnchure. full of - information, 
rith useful notes and definitions 
>y Paul Doe. When so much is 
;iven. perhaps it is mean to 
omplain that words should have 
cen included— they wouldn't 
ccd very much room. Or is 
bis policy? Me. Phillips’s 6tig- 
estions for listening include the 
hrese u indeed as often as not 
io words are not important. 

The Tallis Scholars consist of 
> singers of whom 12 were used 
»r this concert: they included 
high soprano who rose easily 
■ the demands of the high 
-tches employed, and a. most 
nsical and hard-worked tenor, 
ut it was not the kind of occa- 
on where individuals require to 
i singled out. Balance was good 
spite of (or because of?), a 
•eponderance of low voices. The 
brat o-l ess tone was clear and 
:roeablc, without the twanging 
iallty sought by some early 
usie performers. 

Mr. Phillips has a curing way 
- conducting, not up and down 
much as from side to side, 
lis motion sometimes leads to 
whsalcal rhythm, as in the 
agihy antiphon “ Gaude 
iriosa.” In more involving 
>rkj? like the lovely Lamenfa- 
im (Part One), one soon 
ased to notice. The Englisb- 
lguagc music included ' the 
non-tune on which Vaughan 
PUaius founded his Fantasia. 
There was a fair audience, bat 
^accompanied vocal music is 
1 11 S' longisii way from captur- 

i the public imagination as 
-ongly as instrumental early 
wifi; The coaverted or. curious 
; note the’ remaining dates: 

• bodifg March 18 (Little 0& 
ij^Bromptori Road). April 15. 
iSt^febone again), April 29 (St 
stifr'i Smith Square). 

RONALD CRIOITON 


just the sort of rarity University of French romantic opera, the 
opera clubs should ;do. and answer is definitely “yes.” 

Reading mounted the;, work a6 By 'means of a few great works 

tte OnlvJrelty-fGrMtHSl would ftrm.Kb.hii teShft^“lrad [ hid £ U <* *0 ? Stic “Spsw” 
-SSU wroth ^ lo xftiH 

sws &&* Mffigss 

Chasseur maudjt and on the The libretto which. Ms wife and 

Symphonic Variations. It was his son (both anxious for various “ e , w -° I t* *. 

second opera — or third if we reasons to increase Cesar’s pub- 

count a very early StradeUa lie standing and his income) Y ho ^ *r e makl 2f s , 0 L a 
whose name has been salvaged wished on him was ludicrously dra ^r 1 c t * nor - 
from oblivion by the Reading ill-chosen — a bloodthirsty, incon- 85 

programme editors. The accepted sequential adaptation of a play i nAs rf ,^5^. ofseve \ 

" first " opera, Le Valet de fermc, by BjSmson about medieval til-fated, older-lootang sons) 
remains unpublished and un- Norway.- A ■ norie^too -deli cate caused some innocent confusion- 
performed. Hulda only reached composer of toe verismo school The conductor . Tim Dean's 
toe stage after Francks death, pught have done something with expert handling of a score which 
at Monte Carlo, in 1894. in. a (Hulda as a character has possi- fn jts weaker moments bears 
version doctored by the com- bilities ), but not the pater gome resemblance to a stranded 
poser’s son • . Georges and by seraphicus. jellyfish was one of toe even- 

Samuel Rousseau. There were The music is . not totally mg's achievements. David 
further productions at The Hague worthless. The vocal writing both Fenton (producer) and Angela 
and Toulouse before obscurity for soloists and for chorus is tVarburton (designer) used -toe 
descended, broken until last Tues- grateful. There ' are pleasing difficult stage to advantage — 
day only by an Italian Radio per- choral tableaux, notably one at the skill with which a quite 
formance. repeated in 1971 by the toe beginning of the epilogue numerous chorus was moved on 
BBC. Franck’s last opera, GhisCle, with distinctly Scandinavian and off was remarkable. The 
scored by his pupils, was also colouring (Greg's visits to Paris dances were simply • but 
given posthumously. came later, bat other Norwe- effectively performed. The 

Reading have gone as far as ffans -had preceded him). The shortcoming of- Hulda mast not 
they could towards restoring .baHet or masque in act 4.. of discourage Reading from further 
Hulda to the original state which we heard the greater part, exploration of this curious area 
represented more or less by the has a certain interest. Franck of French operatic history, 
vocal score issued before was well content with it and Beyer's Sigurd and Chabrier’s 
Georges Franck and Rousseau got claimed to have danced to it him- Gwendoline are two much more 
out their scissors. On Tuesday seif (that must have been a rewarding examples from toe 
last we even heard a scale at the sight worth seeing). There is same period. 


of omission Wbat chance has toiled new orchestration by sSSniiih^ hL™o£g5?°r dramatic thuT represt-nteS 3 These fr draw- 1 further 

Ssgatoefdu^^t MS Sfs P m&Sriffo rt W wo^ ^ */* resen * ^ ^ and watercolours are beauti- S^owlaidre^coreringTfa" 

toSytoat itwas wroSSf it? Few^nSrioutlvhave^ ‘ >oncI ‘ at,on no * ? dn , U 7? r us K ful th3 ^ fi in themseIves - some range of his work, a neat supple- 
ReaSk UnivirriS? Sp^ fo Pected ^ Sto^tofre^SoS: ^^c^ptSde^ha^ - of them ver>- fine indeed; and. as ment to the Academy's offering, 
cbqohe. -fflridft-.for toeij^ fijgt but for the tight tluwn on a Semtoe wrong way round. 

season. On toe contrary, it is Ifttle-known side of Franck and ™ .. 

- - - - - - . n \ e was capably 

taken by Margot Archibald, who 
has a voice full of promise and 
good presence, also a tendency 
to distort vowel sounds (not 


Though they operate at darting rhythms, extraordinary 
different ends of toe “ early harmonics and bouncing, angular 

music ” spectrum, this group and mu5il :- 

r #L.u*Lr'uniL-„ The conccnlruuon with which 

LEcoldOrphee (whose Wigmore ^ Ensemb i e projcct the!r 

Hall concert I reviewed last chosen repertoire is remarkable: 
week) both represent the though Sunday night's concert 
healthiest and most promising showed a couple of signs of rough- 
aspects of toe revival of old nesses that haven't been evident 
music. Both have .chosen to before, there was also a relaxa- 
specialize in an extremely nar- tion (born presumbably _ of 
row section of toe repertoire: the increasing confidence) which 
Medieval Ensemble has never greatly aided the projection of 
ventured from French music, nor tbe music. In Roger Covey- 
stepped outside the short period Crump's controlled. slightly 
from Machaut to Dufay. Neither nasal tenor, I missed some of 
group is concerned to attract the tension and passion which 
an audience bv a raultplicity of the Ensemble's previous tenor, 
colourful instruments or by JohQ Elwes, created: hut there 
strong contrasts of style in their WQS no denying toe beauty of his 
concerts. L’Ecole use the basic sustained line in Lanfin's 
trio sonata combination of two P““«dro mestuet. or the ease of 
violins and continuo. while this Ws ™rtuosic melismas in Velut's 
ensemble has only three players Petit ouselet 
——one on bowed, one on plucked Indeed. Covey-Crump blended 
and one on wind instruments better than had Elwes with the 
plus two singers. Ensemble's other singer, the 

Thus instead of being super- counter-tenor Timothy Penrose, 
ficially excited (or more often, and their duets provided some 
bewildered) by a kaleidoscopic of the evenings liveliest 
run-through o’f the music of moments— particularly the racy 
several centuries, the audience for Pour resejhir by Hugo de 
a Medieval Ensemble concert can Lantins. full of sudden, side- 
gradually work themselves into a stepping changes of both har- 
single musical style and con- many and rhythm. It was out- 
centrate on its variety and the shone as the highlight Of the 
scope of its expressiveness. Such evening only by the exquisite 
a process is indeed Indispensable J ' a V grant amour of Dufay, an 
for the highly complex music of early work which Peter and 
the Machaut-Dufay period; it Timothy Davies performed on a 
takes at least half a concert to simple wooden flute and lute, 
become accustomed to the NICHOLAS KENYON 


ENTERTAINMENT 
GUIDE 


C.C — Theae theatres rati carta tn credit 
cart* by telephone or at the bo* office. 

OPERA * BALLET 

COUSCUM. Credit cards Ot-2*o S2S8. 

Reservations o1-e$6 ItM 

_ ENGLISH- NATIONAL 0*EAA- 
Toni»M 6.00 oat performancs -of Duke 
Bluebeard’* CutiWGUnnl SchtccM ” A 
dotrtrfo trtumeh lor the ENO “ Tribune; 
Tom or. & Frl. 7.30 Don GlovartnluThurs. 
7.30 Tosca: Sat 7.00 Force at Destiny. 
UM balcony tests always aeattabio day 
oi perf arms ace. a 


COVEJNT CARDEN. C C 240 106* 

(Garflencnarne CTSdrt cards 836 6305 1 
THE ROYAL BALLET 
Tonight 7.30 pjn. Swan Lake. FM. 

Thors. 7.00 p.ou 

A Sat. T.30 p.m. Idomeneo. 65 Amohl 
aeats tor all oerts. on sale from 10 a.m. 
on dav of pert. _____ 


SADLER S WELLS THEATRE Rosebtnr Are. 
SCI. 637 1672. Until March 18 
BALLET- RAMBERT 

E*». 7.30. TonJ*hr.A Tom or.: Promenade. 
Window. Pra-JocHom. Wines. Thors. Frl. 
& Sat.: Laocoon. Nuthouse Stomp- Ancient 
Voice* o! ChriBren. Black Anoets. 


FORTUNE. B36 223 B E*g*. B. IhuT*. 3. 
Sat. S.00 and 8.00. 

Muriel Pa Wow as MISS MAR RLE ■» 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. 01-836 4601 . 

EfS*. 8.0. Wed. Mat 3.0. Sat. 5.15. 8 JO 
‘ILL MARTIN. JULIA SUTTON 
RIC FLYNN and ROBIN RAY 
In the 

BRILLIANT MUSICAL 
ENTERTAINMENT." People 


ft 


SIDE *Y £IDE BY .SONDHEIM 


“GO TWIC^ 
GO THREE Tl 


“ S- Metier. Punch 
IMES.~ C. Barnes. NTT. 


GLOBE. 01-437 1592. Evos. 

at 3.0. 


8.0. Mats. 


BARRY FOSTER. CLIVE FRANCIS. 
DONALD GEE. JEREMY IRONS and 
SIMON WARD In 
fHE REAR COLUMN 


Directed by HAROLD PINTER. 


PRINCE OF WALES. CC. _ 

Monday fa Friday at 6 p.m. 

Sat. 530 and B.45. Mai. ihurs. 3.00. 
■‘THE STAGE IS AGLOW." 

Dally Trieoraph. 

RICHARD BECKINSALE 
In 

I LOVE MY WIFE 

“NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS." News of the World. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930 T8-16. 


01-930 B6B1., YOUNG VIC -near Old Vfci. 

t at 7.00 TWELFTH NIGHT. 


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QUEEN’S THEATRE. 01-754 1166. 

Evs. B.O. set*. S.o. B JO. Mats. Wed. 3.0. 
_ ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club of GB Award in 
THE OLD COUNTRY 
A New Play bv ALAN BENNFTT 
Directed by CLIFFORD WILLIAMS 
„ BEST PLAY OF THE YEAR 


GREENWICH THEATRE. 01-858 7 
Preview Tomor. 7.30. Opens Thurs 
Subs. 7 -3D. Mat. Sacs. 2.30. DON J 
A Comedy by Mollere 


Drury Lane 


Teresa Berganza 

by RONALD CRICHTON 


Teresa Berganza 


w is the misspg the Germanic cosy warmth these amiable bat indulgent 

immaculate sonl-reritalist of our and weight of tone— also toe songs contain. Tn FaHa’s Seven 
day. No one else can cover so emotional over-emphasis that Spanish Folksongs she allowed 
wide a range with such firm con- sometimes goes with them. Ber- herself enough Iberian rasp to 
trol of voice and style. She is ganza’s tonch in the lighter songs, bring out the 'ancient bitterness' 
cool but never cold- The fires on the other hand (“ Daw sie and wiy humour. ** Asturians,'' 
are there, the stronger for being h»r. gewesen ” and , “An both in toe vocal line and in the 
kept down Gestures and exp res- Silvia") is most refreshing. accompaniment, was a mareeL 
sions are 'toe more telling for In Fanrf toe deeper mezzo- As encores, “Clavelitos” and a 
toe soaring, unerring use she soprano colours began to come lovely Voi che saprte.” 
makes of them. On paper her ottt • “"Mandolin T and “ A pres The black tabs at Drury Lane 
oroerammes look bitty, but in W ,reve" (hone- of the fatal, soak up nearly as much of the 
nractice tbev succeed. This one sentimental .dragging which sound as toe red curtain at 
was tvnicaL a classical opener <«nps - English singers of - this Covent Garden — Mr. Lavilla 
(Haydn's solo cantata Ariarma a song) were exemplary. “Fler could safely have opened his 
Nazos) a German group (Schu- J e tee,_ with as accompanist who piano lid an inch or two more. 
bertTtben after toe interval the M^ discharge toe piano part But in some ways tols theatre. 

(Faurfi Keswchi, Falla), without labouring, seemed a new broad and shallow where "Covent 
Latins (raure, Kespigiu t wng.-- In Respighi's “Nebbie" Garden is narrow and deep, is 

On Sunday evening Miss Ber^ and * Stornellatirice," Miss preferable for a song recital. The 
ganza had evety excuse for oemg Berganza teased us by flirting seats, for one thing, are much 
ill at ease. The recital, piannea with , toe grain of coarseness more comfortable, 
for Covent Garden, had been 

transferred at short notice down . 

the road to Drury Lane because Arts Council DUTSaneS for 

the opera house was needed tor 

technical rehearsals for theatre directors, 1978/79 - 

mcneo (Covent Garden s flnan- ■ ’ * 

clal straits impose this kind of The Arts Council will he offer- of work In this country or 
crisis and will continue to do so ing ■ a number of bursaries in abroad. Sums of tip to £TJjOO 
until they are resowed), no^- 1975.79 to trainee theatre. direo- will be awarded for periods of 
ing, however, could nave oeen tors - and directors already np to six months. Sponsors are 
less flurried P* 1 ™ 1 ™; established. There will be up oot required for these applica- 

ance of the Haydn as pure « M ^ bursaries for tions . 

Sr#S?aSS 5 ii S™- sm 

n^rrFellxOLa villa ® r op«a company. These will enable. experien«S 

partner, reux J-aviua. while attached to toe company, directors who have uutwi 

, Schubert « wo^ heanng gums^ np to £2*00 will be respin^tefor to? JtoS 

ssk. fvstSi srs2r^ or ^ 01 op 10 


tian because she brings to him 


as an associate director at a 


sT“mueh "discretioa Jnd intelli- A number of in-service bar- theatre for op to a year. An 
RencT b the heavier songs, sanes will ba slven to dSrectors award of £2,750 would be made 
like "Per “ ‘ “ '“ 


Wanderer,” one with experience in specific areas for a full year. 


THEATRES 

A DELPHI THEATRE. CC • OT -836 . 7611 
Era*. 7 30. Mats.' Thurs. 3.0. SM. 4 Q. 
- LONDON’S BEST NIGHT OUT 
. IRENE 

THE MUSICAL- MUSICAL 
SPECTACLE.. CAPTIVATING TUNES 
AND RACY COMEOY.*’ 5. People. 


INSTANT CONFIRMED CREDIT CARO 
BOOKINGS ON 01-838 7611. 


ALBERT. 696 3B7B. CrwIHard fairs*. 
■ B36 1071 'evcfaM sst.1. Mon.. Tue...Wed. 
ind Frl 745. Thor, and S*t- *30 and 
B. Extra Eartjrinrt Wed. 23 fatarefa 
4 JO. “ A THOUSAND TIMES WELCOME 
IS LIONEL BARTS 

MIRACULOUS MUSICAL." Fin. Time*. 
. OLIVER 

rath ROY HUC». ; JOAN TURNER 
“ CONSIDER YOURSa-F LUCKY TO BE 
ABLE TO SET IT AGAIN." D**Y Mirror. 
APPLY BOX OFFICE- FOR SPECIAL 
PARTY RATES 


ALOWYCH. 836 6404. Info. 836 . S332. 

ROYAL SHAKESPEARE COMPANY ' 
ThK week Anal Perffc. of p raf i i London 
season. Tenlofat 7.-30.. tomor. "2.00 & 
73S THE COMEDY OF ERRORS ImW 
ourt. With. Bresfrt** THE BAYS OP TH8 
COMMUNE 'lUB pert*. Thurs.. FrU. 
RSC -also It THE • WAREHOUSE (see 
onoer Vfi aod «__Ptaa<i7iiy Theatre hi 
Peter Ntefacls 1 PRIVATES ON PARADE.. 


AMBASSADOR^. ' . 01-836.1*71 

Eras. BOgjMjjt TtogE 3.00, 
QUENTIN CRISP 

TWrets £3.50 and ^£2 JO Md. ote s ot 
Mhve. “This ** rathoot -doufat the mbst 
eMraordirary eofcrtaRiment In Loodwr.” 

New*. Ends M ra> IB. 


01-437 2663. Era*- AOO. 

M*ta Thun-3-00 S *«. 5,00 mod B.DO 
DONALD SI TOEN 

("Actor oljag.iNefr E. seeadiW). 

" IS SUPgRB.” N. eff world. 

. . SHUT Y«JR EYES AND 

THINK" OF- ENGLAND 
" WICK E PLY FUNNY." Thnea. 


ARTS THEATRE. • 01-636 2132. 

TOM -STOPPARD'S 
DIRTY - LINEN 

“ HHarlon • . - *ra It" Sunday Time*. 
Monday to Thuredpr JL30. Friday aA<f 
Saturday « 7. Oo B.1S. 


ASTORIA THEATRE, ChfaHire Ckks Road., 
01-734 4291 . Neare ffl Tube TrtWMmn I 
Coon. Road. ^ Moo .-Thors 8-00 Oun. 
Friday and 1 *«l BAS 

TK&eu ti.S0-£5.5O-TRsatK credit Cara 

J?< *e rv at1i»o*- WJ* Mr ffafty hotnxd 
Restauranr or Buffet B*r luneMme and 
before or after show — bookable .In 
advance. CornMoetf tfhwer and too Bitce 
t««*8.S0. avjs 

••■ln£factiOO». 1 «*«**53^ < 0 Ot-**un 1 pl n B ud 
heart-thumplnfl- • Obserear 

rest musical of the year 

EVENING STANDARD AWARD 
CAMBRIDGE. CC- 01-836 BOS 6. Mon. to 
Thursday 8.00. PtMwl Sat, B.45. 8.30. 

I PI TOMB] 

" PULSATINGMUSICAL.*- EwnlOB News. 
THIRD GREAT YEAft_ 

Seat nrlcra 00 and £5J». 

Dfnner and too- price- seat *8J8 ilnc. 


HAYMARKET. 01-93D 9832 Eras. 8.1 
Mat Wed*. 2.30. Sat* 4. so and 8.1 
INGRID BERGMAN 
WENDY HILLER 

- DER EK DORIS FRANCES 

GODFREY HARE CUKA 

WATERS Of THE MOON 
“ inortd Beraman makes the stac 
radiate — unassailable charisma." D. Mai 
“ Wendy HPler Is superb.*- S. Mirra 


HER MAJESTY'S. CC. 01-930 6 

□eenlreg MJrtft 2B 
BRUCE FORSYTH 

In Leslie Bricusse and AntHony New 
TRAVELLING MUSIC SHOW 
_ wWl DEREK GRIFFITHS 
Directed by BURT SHEVELOVE. 
P r enews from March 16. 


CINEMAS 

ABC 1 4 2 SHAFTESBURY AVE. S2S 
fast. Sen. Peris, All Seats Bookable. 

1: SILVER BEARS (A). Wk. & Sun. 1.45. 
5.00. 3.00. 

2: HOYS IN COMPANY C •* (X>. Wk. 
& Sun. 2.00. 5.15. 8 . 1 5. 


CAMDEN PLAZA lopp. Camden Town 
Tube!. 485 2443. Rohert Bresson's 
masterpiece. THE DEVIL. PROBABLY 
<X). Sun.: 4.45. 6 -SO. 9.00. 


KING’S ROAD THEATRE. 


THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEAR 


LONDON PALLADIUM. 01-437 737: 
MARCH 20zh FOR TWO WEEKS- 
MISS- 

GINGER ROGERS 

and Special Guest Star 
DONALD O'CONNOR 

and CHARLIE SMITHERS. 

GREAT EVENING'S ENTERTAINMEN 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS. 
BOOK NOW — Seat* £2.£6. 


THE TWO RONNIES 
FROM MAY 25 to AUG. 19. 


Mat*. Thurs. 3-0. Sats. 5-0 and B.3 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In 
_ FILUMENA 
■ by Idoondo de FUVppo 
£>Jre«etf by FRANCO ZEFFIRELLI. 

“ TOTAL TRIUMPH." Ev. New*. 
"AN EVENT TO TRfrASURE." O. MirK 
“MAY IT FILL THE LYRIC FOR 
HUNDRED YEARS." Sunday Times. 


MAY FAIR. CC. 629 3056. 

Mon. to Frl. 8.0. Sat. 5 JO i m3 BAS. 
GORDON CHATER “ Brilliant." E “ 
THB ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Spear* 

A WniMsworate furrnv fiercely 
play.” Gdn. "Hlliriiio*.* - € St. 'Wickedly 


COMEDY. _ 01-9M 2578. 

Eranmes 8.0 M«. ThurjL 3.0.5a. 5JO 
B.iO, , 

MOIRA LISJHL TONY BRITTON 
Maroaret COURTS NAY. Derma: WALSH 
A Neid Comedy TTm'Ner ' 
MURDER AMONG FRIENDS 
‘•GENUINELY FUNNY." D. Mad. 


CRITERION. ^ ^ CC 01-930 3216. 

Ererdnos 3.0. 

“ Impeccable ■ ■ - • m*« er." 5. Time*, 
in SEXTET 

~ HILARIOUSLY FUNNY ." .N. of World. 


Too. 


DRURY LANE. 01-836 81 08. Every 
8 DO. MptlneeWWL and Set. 

A CHORUS UNK 
” A rare deyeSSMMOtoyoo* aatanHbfns 
stunner. SbntNy -Times. 


DUCHI 

^rat 

'The 


ESS. B36 1 8243. Mon. to Thnr£ 

« OO.— - F > ' r-ffifr f; 18 lnd 9 0 °- 


OHt 


TAL 


sr Mackes 


DPR/. Ttt. 
YEAR .. 


DUKE OF YORK'S. 01.836 S 12 Z. 

M jS(N , *&S?> Ser * *- 
. •" ■ 

A NaricnN Th e ra r e Prod u c an w « Bril. 

ratty . ■ - jo one Should mlra it." 
HareU Hohson./P renraL Inemt 
care le se i r a do**. Pranar and no Price 
e Gjaa. .. ... .. 


MERMAID. 248 7656- Re*. 24E 2835. 
Tom CONTI, Jane ASHER in 
■ WHOSE LIFE IS IT ANYWAY? 

.. Eras., 8.1 S. Frl. and Sat. 5.1 S. 

Stall tickets £1J» to 03.50. 
ComMnad Dinner-Theatre Ticket £5.95. 


NATIONAL THEATRE 928 2252 

OLIVIBR foaen soke Toni. & Tomor. 
7.30 THE CHERRY ORCHARD DV 
-Chefchy tran* by Michael Frayn. 
LYTTELTON 'proscenium stapej: Ton L 
£ Tomor. 7-45 THE GUARDSMAN br 
Mohr nr. EnpUsh version by Frank Marcus. 
COTTE5LOE (email a uditori um): Toot. & 
Tomor. S LOVE LETTERS ON BLUE 
PAPER by Arnold- weskar. 

Many eraeiieiK cheap scats all 3 theatre* 
day or perf. Car park. Restaurant 928 
2033. Credit card blips. 92B- 3052, 


OLD VIC 928 7616 

PROSPECT AT THE OLD- VIC 
Sm-lno Season ta March 25 
In tea: ALL -FOR LOVE today 7.3(1; 
ANTONY « CLEOPATRA WeT. Thurs-. 
Frl. 7 JO*. SAINT JOAN Sat. 2.30 A 7.30 
Sondav March 36 at 7.30 THAT MIOTTV 
HEART with Barbara Jeflord A John 
Turner. 


OPEN SPACE. 01-287 6969. £ng. B.O. 
M«. S»t;5.0 untH Sat. ■ PENT A Dutch 
JMrament. From 
March Id. 7-0. Sobs. Tues-Sun. B.O. 
Mat. Sat. 3-0. STEPS NOTES 4 SQUEAKS. 
BraiOTom. Bertosava. Gdelgnd. ■ Keflv 

WSlRZWfi jlTCOi 


PALACE. 01-437 6524 

Moik-Thars. 8.00. Fri.. SaL 8-00 & B^O 
JESUS CHRIST SUPERSTAR 


•HOCNTX 01-B3E 881 T. 

EraL * 8 . 0 . 

“ SncgesHKf^jcfcT ”ntcruinli5> D.M. 


TDCADILLY. 427 4SD6-. Credit card bkgs 

BEST COMEDY of THE YEAR - 
Erenjno ML Award and SWET Award 
Rural Snakesoeara Comoanv la 
PRIVATES ON PARADB 

a t Peter NlehtHi 
p t BuHahle lor CmWrwa 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." 5. TlrnU. 


«. RAYMOND REVUEBAR CC 01-734 1593 
At 7 P.m.. 9 p.m.. 1 1 p.m. lOpen Suns.i 
— PAUL RAYMOND proems 

5. THE FESTIVAL OF 

3. EROTICA 

N Fulhr Air Conditioned. You man 

Drink and smoke In the auditorium. 

ROUND HOUSE. 267 Z564 Evs. 8. 

LIMITED SEASON to MARCH 18 

THE LIVERPOOL PLAYHOUSE CO. 
with James AUBREY 4 Do" WARRING- 
TON in " A ^ed^hot^pjoducdon." Gdn. 

_ by David Rabe 

One ol the three best oUvs in London 
■r ... awesome strength. ‘ Obs- 

*■ ROYAL COURT. 720 1745. Last week, 
r- Evs. 8. Sat. 5 ana 8-30. Pauline Collins. 

*• David Suchet Leslie Saronr In THE BEAR 
- by Chekhov. THE KREUTZER SONATA 
i- by Tolstoy. _Frem 14 March. Hull Truck 

In A BED OF ROSES. "Made no feel 
gf«d to be ajire.'. D. Express. See alto 
* • Theatre Upstairs. 

ROYALTY. CC 01-405 B0D4. 

Monday- Thursday Evenings B.O Friday 
5.30 and 8.45. Saturday* 3.0 and 8.0. 

» London's critic* rate 

BILLY DANIELS to 

BUBBLING BROWN SUGAR 

Best Musical of 1977 

Bkg*. attested. Major credit cards. 

, Easter Pert*. Good Friday B.4S. 

_ Bank Holiday Monday B.O. 

' S ^ VPY ' - ■ ■ _ • _ 01-836 8888. 

Opens Tue*. 7- p.m. then nlghilv ar 8. 
Mac Wed. 2,30. Sal. 5.00 and 8.00. 
PATRICK CARGILL 

TONY ATM HOLT 
in 

The World Famous Thriller 
bv Anitonv Shaffer 

SLEUTH 

SLEUTH p 

. - *“«TH 

Limited Season Only 

SHAFTESBURY. 836 6596. 

Opens March :> 

John Re« r don aoa Joan Dlener In . 

_ KISMET 5 

That legendary musical, previews Irom 

IX Mar. 8 p.m. Sat. 3.00 and G.OO. 

SHAW. 01-38B 1394 

Eras- 7 JO. Mat. Thor. 2.30. LAST WEEK 

AN INSPECTOR CALLS 
.. by J. B. Priestley 

Highly entertaining." D. Tel. 

Low Prices Easy Paridng. 

STRAND. 01-836 2660. Evenings 8-00. 
Mat. Thur. 3.00- Sat*. 5-30 and 3-3D. 

NO SEX PLEASE— 

WE'RE BRITISH ■ 

THE WORLD'S GREATEST 

LAUGHTER MAKER. C 

ST. MARTIN'S. CC. 835 1443. Eva. B.DO. 
Mat. Toes. 2.<S. Sat. & Good Frl. 5*8. 
AGATMjA CHRISTIE'S 

THE MOUSETRAP 

WORLD'S LONGEST -EVER RUN 

26th YEAR. e 

TALK OF THE TOWN. CC. 734 5051. 
8.00 Dining- Dancing. 9.30 Soper Revue 
HATTIE DAZZLE 
and at 11 p.m. 

JACKIE TRENT AND TONY HATCH “ 

THEATRE UPSTAIRS. 730 2554. * 

Prev. Wed. at 7 so. Opens Thurs. at 7. 
Subs. evs. 7.30 

CLASS ENEMY - 

DV Nigel Williams a 

VAUDEVILLE. 036 99B8. E>gs. at 8. 

Mats. Tilts 2.45. Sats. 5 and 6- 
Dinah SHERIDAN. Dulcle GRAY. _ 

Eleanor SUMMERFIELD. James GROUT ^ 
A MURDER IS ANNOUNCED 0 

WE NEWEST WHODUNNiT HIT 
.. » _ b * AGATHA CHRISTIE. 

"Re-enter Agatha with another who- _ 
dunnlt hit. Agatha Christie It stalking _ 
the Wort End Yet again with anoihcr Ti 
ot her fiendishly Ingenious murder 
mysteries. ' Felix Barker, era. News. 

WAREHOUSE. Donmor Theatre. Covent 
Garden. 856 E80B. ROYAL SHAKE- 
SPEARE COMPANY. Tonight, tumor. 
8.00 last 2 tori!. Barrie K refit's FROZEN 
ASSETS “tense and eloquent." S. Times. ~ 
All seats £1.50. Adv. Bkg*. Aldwyth now 
for Season starting to April. 

WHITEHALL 01-920 6692.7765. m 

Evp*. 8-30. SM. 6A5 and 9,00 

Paul Raymond d resents the Sensational p, 

s “ SES Wat'*"”" 

Now R*e on Stage. Limited Season. 
12-week season prior to World Tour. — 

WINDMILL THEATRE. CC. 437 6312. “ 
Twice Nightly B.OO and 10 . 00 . 

OPEN SUNDAYS 6.00 and 8.00. 

PAUL Raymond presents 
_ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
, - MODERN ERA — 

“Takes .to unprecedontM limit* what 1 * 
permissible to mir stages," EvO- News. 

”*** *** 


CLASSIC. 1. 2. 3, 4, Oelord St. 1 O 00 . 
Tottenham Court Rd. Tube). 636 0310. 
1 ABBA THE MDVTE lU), 5 [erM phonic 
Sound. Prcgs. 1-30. 3.50. 6.10. 8. SO. 

?nP 1E c Si D, PS- PUICE ,A1 - S«» 

*.0O. 5 00. 8.00. 

3: LOOKING FOR MR. GOODBAR IXI. 
Proos. 2.30. 5.05- 7.50. 

4 L HOLOCAUST 7000 IX). PrOBS. T.20. 
o.Obi D.3S. 


CURZON, Curaon SlrtwL W.l. 499 3737. 
PARDON MON AFFAIRE <XV lEng'lSh 
Hib-nrles). " A sparklin') New French 
Comedv. Directed with finest* by Yves 
Robert." Sunday Express. Proas, at 1.50. 

■ not Sun I. 5.35. 6.10. 8.30. 


SATE TWO CINEMA. 837 1177-8402. 
I Formerly E.M.l. International.) Russell 
Square Tube. DEREK JARMAN’S 
JUBILEE ’XL SeP- Peris 1.00. 3.00. 
5.00. 7.00. 9.10 KLUTE (X) IT. IS. 


Oliver Reed. Susan George and many 
other stars. TOMORROW NEVER COMES 
SeP- Praps. Man.JUx. 1.35. 4.5D. 
8-10. Sun. 5.45. 7-45 Late show Frl. and 
Sat. 11.-45. Seats bkble. for 8.10 Proa. 
Mon. -Fri. and all proas. Sat. and Sun. 
except late shows. 


I. Haymaricet. ‘930 2738:2771 .) 
jano Fonda. Vanessa Rcdfaravc in a 
Fred Zinnomann film. JULIA (A). Sep. 
prog*. Dly. 2.30. 545 . 8.45. Feature 
Dir- 2.45. 6.00. 9.00. All seats bkble. 


I. Leicester Square. (950 6111. J 

THE DEEP (A), sen. props- wry day. 
Seats may to booted. Door* open at 
1.20. 4.30. 7 .45. 


1. Marble Atch. »723 2011-2.1 

STAR WARS <U). Doors open Dly. 1.3D. 
4.35. 7. 50. All seals- bkble. except 1 .30 
p«ri. Wks. 


Must End Mar. 8. SALON KITTY iX). 
See- Peri*. Olv. 2 45. 6.15. 9.00. Seats 
Bkble. Lle'd. Bar. From Mar. g SWEPT 
AWAY <X). Bex Office Now Open. 


_ 2. Leic. So iWardoor St.l. 
439 4470. THE PINK PANTHER 
SIRIKE5 AGAIN «U). Sun-Thur. UD. 
5.35. 3-35. Fri. and Sat. 12.40. 4-45. 
6.45. 12.45. THE RETURN OF THE 
PINK PANTHER OIL Sun.-Thur. 2.25, 
7.30. Fri. and Sat. 2.35. 6 AO. 10.40. 


ART GALLERIES 


491 7408. A Loan Exhibition of Wtoku 
br SEBASTlAhtO filCCI In Britain in 


by Britisb and European Artist* 


Sats. 10-1. 


t March Weekdays 10 -s. Sets. 
ISa. Clifford SLV Net? Bofid 


oALLEftlES. _Flne British and 
MODERN PAI N TINGS end 
Br.tlsft MARITIME PICTURES. 


Br PETER JOHNSON LTB„ 27. 
p#t.jS.W101.23S 6464. "TM^ 
1ES OF IPSWICH ' until March 


PARKER .GALLERY. 2. Albemarle 


CLUBS 


STRIPTEASE FLDOR5HOW 
THE GREAT BRITISH STRIP 
Sbjra at Midnight and 1 a_m. 


S red It Card 
it.). Mon>- 


tooKnfls 836 1071 (except „ 

Thurs. 8. Frl. and Sat s.ts and 8.20. 

" ENORMOUSLY RICH. 

VERY FUNNY." Trairiim News 

Manr StHoKc 05 "^ 


GOURMET 


*• Out*tantnno°and C Ge narewL" oSuralSiT 

• KSnSS^fEaffaS: 

I AouHaine Howe. Farnburn 
1 SlouOb. mcntlonlno Flnanctol Y 1 w S^ 1 nl *• 


1 



le 


ftnanfclal Times Tuesday Mardi 7^1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: flnantime, London FS4, T etac 888341/2, 883887 
Telephone: 01-248 8800— - - 


Tuesday March 7 1978 



nearer 



BY JOHN CHERR1NGTON AND CHRISTOPHER PARKES 


Windscale and 

N EW ZEALAND, its past 
prosperity built on .a 
flourishing UJC. market 

I 8 t" I for its agricultural products, 

now finds itself facing an In* 

. . creasingly Weak future as a 

mk_ JUSTICE PARKER is to be already in operation or under result of Britain's entry into the 
congratulated* The Windscale construction in the UJC will EEC. The European outlets 
.Inquiry over which he presided have given rise to over 3,000 for its milk products are vanish- 
received evidence from nearly tonnes of spent fuel by 1995 : lag rapidly and its meat exports 
350 witnesses and some 1,500 the figure will be considerably there are threatened, its efforts 
documents, many of them book' higher if, as expected, orders to find alternative markets are 
length, were submitted to it." No for new reactors go ahead. That lacking - conspicuous success, 
known aspect of the question fuel will have to be dealt with and its genbraHy-accepted status 
failed to be discussed nor can somehow, yet existing methods as a fully-developed country has 
anyone claim now with any of storage are not very satis- served to debar it from any 
validity that the subject has not factory and do not preclude special assistance, 
been fully aired in public. His the escape of plutonium. More- it is against this gloomy back- 
report is a model of clarity. . over, this is not Just a British ground that, its Minister for 
Mr. Justice Parker is. to be. concern. The accumulation of Overseas Trade, Mr. Brian 
congratulated, too, for recoghis- spent fuel worldwide — and Talboys has arrived in Britain 
ing that the issue went beyond hence the chanees of radio- in a bid to win more favourable 
Windscale. It was not just a activity- = escaping- . ■ to^ . • the treatment for his- country's 
question of whether oxide fuel . e n virormfe nt-'-wbuTd, be very exports to Britain and the rest 
from UK reactors should be re- much greater. - • of the European Community, 

processed in this country and. if in other words, there is very His visit is the latest ftiahi- 
so, whether at Windscale. or else- little to be said for the status testation of a mounting concern 

where. It was more a debate QUO which mneCctc of nm. in Wellington which has seen *.»*»““ swine, jctuo Ago, «r. 

about nuclear power, not junst during ever-iruShig * q£m- the NeWzStonflers taking a attempting divereification into Sicco Mans holt, the former EEC 

now but also in the future, and tkies of spent- fuel and' -being far more active interest in the othe J L ? ar kets New Zealand AgMdttro Uorajmsswner,. 

not just in Britain but also in uncertain- how 'safely to cool way Brussels and London are meets competition from remarked that farmers there 

the rest of the world. The likely with it. That is the’ negative managing their affairs. Indeed, E® 0 exporters who are helped had a far higher standard of 
consequences of coming down case for r^Eocessin&The officials at the Ministry of Agri- heavy Community subsidies living than most in Europe and 
against reprocessing were quite positive case is twofold! Firstly culture are beginning to — a Polite wcred for dumping in the general life-style was prob- 

as important, as evidence, as the on the basis' or the' comprehea-’ complain that they can barely New Zealand eyes. ably better than in most, of 

possible risks of going ahead. s i ve evidence . presented at the step outside their offices with- 1x1 **•» rase of lamb there is Europe. There is a good welfare 

The one had to be measured inquiry the risks involved in out tripping over a petitioning as yet no quota, but an import -system and while there are few 
against the other: the decision reprocessing are markedly less “ Kiwi.” Every tip, whisper and levy of 20 per cent This levy, rich, there are few' poor. But 

on Windscale could not be made than the rides involved in the hint about what happens in together with the charges for the -fact remains that the 

in isolation. present methods of spent fuel Brussels is assiduously gathered slaughtering, freight and insur- economy has been built op on 

Storage Storage. Secondly,, reprocess- and telexed off to New Zealand's aijce > reduces the price received British markets which are dis- 

s , ‘ ing : would make the British capital. on the British market to the appearing. So' what is there 

.75® report’s str ] engf “ nuclear energy: programme The urgency of Mr. Talboys* extent that the New Zealand left? Or, indeed, will file Com- 

ft takes tile long view. It accepts - much cheaper,' since the spent mission can be judged by New farmer gets no more than 27 per mon Market be obliged to 
that it is necessary to provide fue ] once reprocessed can be Zealand’s latest balance of pay- cent of the Smithfield price assist? 

for future generations. In terms used, and it would lessen merits fieri res for 1977, which m**. the net earnin g s to New Mr. Finn Gundelach,'the EEC 



This w«M give; 


It is possible that the- New no room for importS,-axgue the New Zealand.' But in the rough 

Zealand Government was' too Irish* French, senior-officials in and tumble of the Council of atlea^ 

trusting of the British Govern- the. Commission and in the Ministers, higher political fe^b developing newoOTMS for ft* 

meet when Britain was seeking British Hhristiy of Agriculture, lags are generally overridden, batter and coeese m «M»taiy 

EEC entry, and too sanguine It is suggested that to attempt And when the gloves are off, the nnnneraud 
about " fluffing alternative tb wih back a market for New Eight regard access for NZ cype ^ wtth sudden 

markets. It has done ite'best to Zealand at this late stage will butter as another special cm 

diversify and has found outlets only- antagonise its opponents cession for the British. Far the 

in m Itt anririe* feftoSy ^danger the efforts .to. TJX- Government to retain it; estabUsh^^tionnsnhutteL. 
in reacted ' : establish- NX's role in the UJC then, it will almost certainly eatag 

i ^ nrtm. butter market beyond 1990. have to give ground on some bappier QW MBfflM'g 

28 * e That, after aU, iTa far more issue of tojmrtance to the to the fj»gn 

***** .;*«*: 2±*££*.>&E£9i 

suffers from -its geographical - ~ . . ~ - • • • , the longer term, the 

isolation. Costs of landing pro- 


HR. BRIAN TALBOYS 
. . exports plea to the UJC. 


ducts in tbe-U-S., Japan and the 
Middle East are almost as high 
-as to the UJC. Obvious markets 
should ~be‘ Asia ind'the Pacific 
basin, but the inhabitants have 
either no money or lack the 
taste, for New Zealand products . 
such is-butter. 

-The crux of the problem is 
New . Zealand’s apparent, 
affluence. When he visited New 
Zealand some, years ago. Dr. 



tiie probability that— without £ any case, in some"doufct“ “ Product Bv comparison, at its 
«her nAld \^_Capadty:; : . ^en^deSfai^d to 

5^ ore ““ 3 cent o£ 

antics of the nuclear nnv 1,0 mt * II w 1101 desirable either GNP. 

gramme to ray how ft could S°??f ioa “ y °* ^interests About 70 percent of all New 
otherwise be filled. So far there °{ proliferation Zealand expom are of jjgncal- 

have been no 


Sheep policy 
fears 


ripe 

course " he will tackle the Coun- 
cil of Ministers on the question 
of allowing NZ cheese Imparts 
into Britain 'again. 

Considering that Wellington 



a low-cost 

New Zealand ibust lie l Jh 
devribphig dutiet&V 
-The- prospects «treF-fer- 
distiftet fdr NZ laflair.'tap J — 
M 'things stand, thfe New 
landers- have- virtual!^ lita* 
-access- ttf - the British 'markdt* 
-'But' this is being 'aurea£ene£t&- 
: Legal ‘ opinions - have ' beS# 
voiced : Which Say that the Ccfe-s 
rntmity imisthave a “common 
v . market *L far sheepemeat B gfc 

- BrrtishsGpvernment : argues feta 
..whatever the legal mecessitfiS^T 

- there is no .pz^ctidfi- need Jobafi 

- regime -governing Hadelrr lafaffor 
And. itadds that sinfe'.all fee 
other- ..EEC fann ■:! prodnAT 
■regimes' Juure increased prieni 
above World, levels, ft: cantot 

. subserfee to yet ~anadher tiKfcj 

does the same. .. . -r ri-^ 

A doubtiul il- 

:• ■ 'Jfrj 

gam i> 3 

Therfiermans b^iervte thattfisa 
poor, performance of -She exM# 
ing commodity regimes provhsj 
that whatever Treaty rules sbqe^ 
expanding the Commom Agxh^fc 
tnral . Policy to .bover . sh6Qf 
would end simply In mare spaafcx 
‘ ing from : the cdrostretchbdl 
;.fann fund for n a Hi wn>Wiri ; 
. gain to either .= finnm J out 
consumers. t«- 

The French, who hove a jko»i 


had all but given up that market 

u .« ww |. . . . - * $ Cbrnmunlty -sheep meat for lost, the Commissioner’s much better longerterm, fihan- fact of Community life that tective national . scheme whWi 

convincing SSSLSTJSSi &Z.1SZ 2LVUS** cial potential. ■ Whitehall stm finds difficnlt to gustanteos theirtoner, 


answers **-' «««-«*« power of toe toxai comprises a airy «o one mows wnat it wUl con- nearremng. Jtsut quite wnai it Tm .. o _ arv ^ nt - ; . . ww wrbu» in* * 

Yet ftere is also an obliga : ."EJT ft 1 ? t 7^-1*600* in. tpitf « ■ N J^S^taS5S£SSS ‘ The \sst concessfims-fixing 

tfon to the furore to ensure that P£nt in Britefai m«or output the prospects land is that anything whi<* . miportquota and.evportmcome theftlmbi^naccess for butter uqtflthe-mid- wfU-end'. -up -.«Wd«a5 • 

such nudear power as is P«>- are for a further contraction in raises ; the price on fee British for NewZealand is anotijer mat- S p^the famous " Ancfcft?*f USO^were- ^Wm'd'urii^what. martet-^open to- -fiipdrts ah^ • 

duced is produced in the safest ^ ^ qUAntIties here - * <wlU fend tu reduce con- ter altogether. And the Naw brand off British she!ves--inost of Britain's 1 partners view lower prices, - dragged dowfll - 

possible conditions; that is the Cheese exports to the UJL sutnption. Lamb is currently Zealand Government wml« do ^ ^ up the spaces with their as the pantomime" of “renegotia- towards UJEC letfehi ‘which 

main business of the report. ha ^ e fallen -from 75,000 tonnes protected under the GATT well to remember that the Qvm ^ Rerrygold." . tion.’* And there are Ministers turn -are largely kept down by 

And.it will be seen here that ** n ® f J ea ^ n **J J* In 1971 to 15,000 in 1977 and agreements to a maximum levy Brussels! Commission .only ; pro- certainly have ' tiie and officials stiU smarting with the huge fm^rts froni : 

the key question is not whether d stand to be phased out ° f 20 .P e F c ^i S? 565 ' Tbe Council of Ministers Doten ^ aI to eKpan i Their cattle embarrassment at the roles they Zealand! • '. * 

or not we should have plutonium international inspection. altogether. but it is behoved that the disposes. played, and eager to settle the Offiy the Irish share witfte- - 

^we have it already: it is how- It was right. that a. pi*Uc in- Britain’s imports of New French will make it a condition The lnsh and the_ French. for in Europe.- but -with score- * 'fceaxte&y the Commission’s cejtf '■ 

the «»t «M. including pinto- wiry should he, held. It U Zetdeod hotter htnre faUen torn J* any EEC ie E nne.,that. there One heartening Hctor for the ■■ 

of^TjEC" New " 'ZealaDders is tfie . now brought under the : Common 
spend, dairy accepted principle in the EEC Agricultural Policy umbrella 
on by the that dairy output has to be And the New Zealanders fear 


slum, from existing reactors right that there- should now be 165,000 .tonnes in 1971 to a ^ some check on. New Zealand, be dosed- _ In 1977*. New.Zea- — 

can be most safely and econ- a debate in Parliament But quo ta of 120,000 tonnes this la ^- ^ _ Cl , ^ land wallowed to a*ndl5 000 JVjr years 

omicallv handled the Government cannot easily l. P am? will to The only viable product at tonnes of cheddar to Britain. ” 

^ Hi! date - continuing access wfil_ be_ InLaoro i?iis anrtt ™oS (dairy board) are adopting a so far is virtually undetectable, EEC Into actions which will lead 


S"3yrSS3 dS? ind e u^S E raw “thrt gtetindly Juxpo,«fld Pggant. ; . 

ndvtercS gas cooled reactors and ese^ « possible, - ^ ^ ^ lt Cd'ch^dThU M^r^hte 

The -New Zealanders contend might improve should the into Britain so far this year, argument when he pleads that P 1 ® ® rst on record, EEC their dairy trade. -< 

that _ not only are quantities world recession show . signs of And that, some say, is the end according to the rules of Com- Gutter output- fell slightly. The New Zealanders axe rfgtiE 
restricted by the EEC’s quota casing: of it inanity preference, New Zea- If this continues and to be fearful and watchfuli 

system hut that their earnings There would appear to be To resurrect the argument this land has nc/ real right to its accelerates, and if the Com- Although, there is so little*' 

are kept down by the Com- isttle opportunity for gains in sumraer-Ht will probably not 25 per cenfejfehare of Ifae British munity honours its half- political, economic or evei| 

muni ty^s import levies on those the other sectors. Exports of be debated this side of May — butter market especially . when promises at the forthcoming agricultural enthusiasm for thff 
quantities that are allowed into forest products and' manufao- will serve only to rouse indig* the Community has such a Multilateral Trade Negotiations idea of organising the mutton 
the Common Market ■ . tnrers are showing some signs nant and powerful opposition, surplus. ;/ in Geneva, there is a faint market, the Ckmmmnits? 

The main complaint is not of improvement but the scope is. The Community cheese mar- On the higher political plane, chance that Europe will cease machine has a seemingly- 
SIGNOR Giulio Andreotti, the In political terms, the out- only that the whole future of limited and manufacturers in ket, overladen: with home pro- there is stffl recognition that nsing-4he world market as a irresistible momentum of 

Italian Prime Minister, appears come is seen in Rome as an ^ hutter <W>ta is now open to any case require imports of raw duced excesses and likely to the Co mm u ni ty has a special dumping ground for its own which may yet st 

to have succeeded yet again in h onou rable draw Under the que&t * 0Q * fter 1980 but that in materials and, of course, oiL remain so for some years, has responsibility — via Britain-— for surpluses. all opposition. 


Another Italian 
balancing act 


Berks base 


buying a breathing space for his 

beleaguered minority Christian . gement the 
Democrat Government In order muiusts jnU wield greater 
to do so, however, he has had power than they have ever done 
to concede a further increase in hitherto, and the agreement has 
political influence to the Com- .already, been welcomed by 
munist Party, which brought his Signor Enrico Berlinguer, the . 
last Administration down just Co mmunis t leader, as a “major pfOtCSt COntlRIICS 
under two months ago by with- step forward.” It is in line with Bad news for tie Berkshire 
drawing its tacit support. Under the Party’s policy of gradual protesters against the reopening 
tiie new “ interim " arrange- step-by-step progress towards of Greenham Common airbase — 
meat that is expected to be Government The Christian its runway is already being re- 
formalised later this week, the Democrats, on the other- hand, surfaced. The work has been 
Communists will officially be- have succeeded in feuding- off going on for some time. Officially 
come part of the governing the . Communists’ original this is to “keep a NATO Stand- 
Parliamentary majority. There demand, which was for a by base at peak operating con- 
win still be no Communists in Government of .national emer- <HtSon.” but local residents fear 
the Italian cabinet, but a nura- geocy which would have in- it means that the Ministry of 
ber of “ technicians ” with Left- eluded Communist Ministers. Defence has already decided to 
wing sympathies arc likely to 1 ind^a, if the past seven allow’ the. UB. Air Force, to 
be appointed to Ministerial have shown anything, it station there its noisy tanker 

P°sts* has been the strength of the aircraft, the KC 135, and is only 

NATO opposition inside the Christian waiting for local protest to die 

The Communists have already Democratic .Party to the formal c 

said that their enhanced status inclusion of Communists ^ in ^ 

will not mean changes in the Government The latest .less On Saturday 

country's foreign policy or any formal pact was only pushed JF+J 31 , 

weakening of its commitment to through, by the party leadership 

NATO and the EEC. It would in- the toeth of hardline opposl- Df 1116 normally 

be surprising if they said any- tion. The ‘‘historic compromise” market 


MEN AND MAHERS 



a debt, found Itself in charge of campaign and so Morgan has 


a topless go-go bar. 


Beast trade 


had to resign. 

It is all an abrupt .change as 
only, last month Roy Jenkins 
was' ' telling Welsh television' 
viewers that he saw no incom- 


SO THE JAPANESE are talcing T ™ 

a few steps to limit car export® 

but in what is “ Animal and Europe. - Welsh .devolu- 


Year' 


'Animal Rights 
some ask if they will 


tlonists are particularly 


market town of Newbury. They 

thing else, given that one of long sought by the Communists, 

their mam policy objectives is in which they would have Joined J® rof Greenharn a note saying 
diw™ tv,. -Din>>t tho Christian Dpmorrat<; in a tnat, 


“Surely there ia- enough 
British rubbish without 
having to import ItT 


do the same with exports of Brussels aUows 

animals? They have refused to ««1 . servants to be active in 
join the 45 countries which- P««fara ■ and stand in elections: 
have accepted the Washington Mors® 1 ** ---.one-time assistant 
Convention on International ffcncral secretary of the Labour 
Trade in Endangered Species. Party, -was chef de cabinet to 
Their “zoos” are now the George Thomson when -he was 
leaders in the world animal -EEC regional affairs’ commit 
trade — typical prices are £2,000 sioner. During the referendum 
for a pair of red kangaroos and on British membership the EEC 
£20,000 for a couple of black had a senior official in Cardiff 
rhinos. on unlimited expenses to 

A 14-point Universal Declare- orchestrate the “yes” to Europe, 
tion of Animal Rights was pro? It seems they will not be s end- 
claimed in Brussels in January, ing one for the “yes for- Wales.” 
But the seal slaughter continues, 
and one of the few pieces of 


■■ ■ .if i ouu uuc ui luc ^icvca ui ■ # ■ ■ 

collection agencies were super- animal good news is that, as ATriCail IfORy 


to disarm the Righi by demon- the Omstiaii Democrats in a roat, the j^neri^K had vised by the Office^ofF^r T^ad- ^ 5 £L , *h 2 !ES Africd-is -proving u tricky .plare 

strating their responsibility and coalition Government, nowtooks wanted the^nconie,^y ^ John the &, fl SS for Western foreign ministers, 

TMTu^HKitihr wi. M*innaii» mpTMsindv ont nf the Question. snouiQ iney accept a piane _ _ Bad news for vaccincMnakers, ,.^+t. ?...».><■ j. 


Minister of State responsible, but" the' todies didn’t' like the SS£i 

brought into operation that part effects 

the neutron, bomb.. - _ mer he returned in a_hnff after 

Tanzanian -students received 

SnSm ^=r«TS gate extortionate ba fBains. T h |f official enctmregement to heckle 

reopening of the base. ■ But a couple of techniques NC ~ him over Frances arms sales 

The Cotswold District Council involving the Middle East have a - ba ^ *5* t0 A* 16 *. Now his 


respectability, both nationally faicreasingly ontof the question. “SJJ * 

and internationally. For tfae pyeii Signor Berlinguer is now * 

moment however, there seems -her longer using the term, and . No » nD ' n0 * 1011(1 and 

little need to doubt their word, pn . important .re-thlnking of Newburv Weeklv — ^ 

even if their longer-term attach- Communist strategy could soon M 1 ® of the relevant 1974 -Act which of 

m ? n ± t i NA T° is ukctt ' a ^ in ' tte ^ 1116 Mnrts w reinvesti - - 

pinch of salt in many Western r ^ 4 

circles. jjtiettOrUl - ___ _ - 

On the domestic front, on the The Communists* ' basic . i .... 

other hand, there have been dilemma remains unsolved. The i « to" see ^Vhe ^lanes^rt come our way. One debt collec- British officials involved with attempt to promote exports to 

a numter of policy corapro- closer they move to Government Fairford, an old Concorde prov- tion firm reports that London Europe* In- Brussels,. Mrs. Nigeria, not least of Mirages, 

“ ses ;.^ 1 e Communist d < emand more they risk alienating ing ground, while Lincolnshire casinos always check by tele- I ™ 1C1S » _spea^ saw bis offimal aircraft^aii age- 

for the unionisation of the ao d confusing their supporters County Council wants them at phone with a Las Vegas number ® llvlse r to Anthony Wedgwood mg Caravelle, nm into trouble 

police forc ® n °t .^ en by taking responsibility for un- one of its Six airfields to help before giving credit to Arabs found the West German over Algeria. Its pressunsatton 

accepted, while the ChnsUan popular policies of austerity. If, reduce unemployment and that they have a network unions casting her out when she system broke down, causing 

5!2i n - on the other hanfl - **** So why do the U.S. Air Force of sheikhs’ relatives who can be ^ed to attend a private meet- some of those aboard to feint 

great e uctanre. to drop a to militant poposition, want Greenham? Its lOjOOO-foot retied on to lean heavily back “* of tiie European Trades In Lagos it._proved impossible 

sene s of referenduxns on con- ^gy could lose the respectable runway is a boon but Edward home. The U.S. Government ^ moa Congress. This was about to repair so pe_Guiringaud nad 
troveraial assues like abortion they have been so Hatton, a veteran of Ypres and has. however, gone one better. 10 tie briefed by the EEC Com- to Ieave?fi|ena^aboMd a small 

and Jaw and order in Ihe assiduously cultivating. If the of the fire-fighting brigades of When the Intra Bank fell in mission on plans to reduce gane !g*t by the labouring 

interests of national unity. Left wins this month’s French World War Two, suggests they 1986 its assets were taken over refining capacity and. overtook- Nigw ' Repub lic. W orse, , when 

Most importantly, the Com- elections. Signor Berlinguer want the pubs and golf-course by one of its chief creditors, ins MorreU’s master’s support ne tried to trayri : first class 

munists have agreed on the could be tempted to change tack ofNewbury and “above all the the Commodity Credit Corpora- for unions, dismissed" her ns 2?? fouild 

need for moderation in wage arid go for a similar Socialist- availability . of plenty of girls tion. This is wholly owned by representing a government ™ e seats 

claims in exchange for Govern- Communist formula in Italy, for the base dances and other the UB. Department of Agricul- Closer to home, Gwyn Morgan, HfSPT 07 uneypon, the 

meat measures to attack unem- The new Partlamentary formula activities.” tore which thus found itself the EEC Commission’s man in u>mmJssioner ana a em- 
ployment, particularly in the u in any case unlikely to out- — - - — - ur * , ~ fc ~ 11 “ French ^ 

Soitth — a bargain that waU; jive DcCembeV’si-TresidentiaT . .^.i m.. .. . . 

receive its first major test when elections. It may have done LICDiOr S G3I1CC you might say, but there have Welsh devolution. Brussels did left 

the next round of national no more than postpone a much There was little illumination been some stranger ones. In not like his presence on the wins ““ moirai 5 ® e coons. 

wage negotiations opens in the more open confrontation be- in the Commons yesterday when Washington, the U.S. Justice executive committee of the 

flotumn. tween Right and Left MPs tried to find out how debt Department, seeking to collect “Wales for the Assembly” l/Wovi t/t-i 



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FINANCIAL TIMES SURVEY 


Tuesday March 7, 1978 


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roots 

By David WMte 

IS ■ 't aJSRE . is an ytfrinjr ffrflt; 

symbolises new directiops in 
Africa’s oldest republic it is. the 
emergence of Bishop Beanie 
Warner, -whom . President 
William Tolbert picked but of 
the blue last year to fiHL- a 
dead man’s shoes -as- Vice- 
President/.; The appointment is 
a telling -one .-in three, ways. 

first, if. Liberian vice-presi- 
dents are - by tradition ' well- 
advised to keep quiet* as Mr. 
Tolbert himself did before 
finding himself elevated to the 
presidency when William Tub- 
man died in 1971, Bishop 
Werner is not that, kind of 
men. He is a- reforming priest, 
a - fervent advocate of- rural 
change, a totally, indiscreet 
critic of corrupt practices and 
a man whose style smacks of 
something never really Been in 
Liberia 7V the" ■ grass "/ - roots 
politician. 

Secondly, Bishop’ Warner is 
of mostly tribal descent, out- 
ride the -^-clique of fazinlies 
which have dominated Liberian 
public life ever since - they 
landed in the 1820s under the 
auspices of. the American 
Colonisation Society, an experi- 
ment, like Freetown in Sierra 
Leone, in setting up an -African 
homeland ior freed slaves, or* 
as Bishop Warner puts it,, in 
finding “ a dumping ground for 
unwanted people.” 

Never did Tubman, in seven 
consecutive terms of office, go 
outside the American-descended 
elite for his second-in-command. 
.-The . third -interesting : point 
about Vice-President- Warner Is 
the manner of his appointment, 
which shows that Mr. Tolbert is 
nothing if not a politician and 
that Liberia is nothing if not 
idiosyncratic. The President 
found himself in an Impasse 
with the leadership of the True 
Whig Party, the only political 







BASIC STATISTICS 

Area 43,000 sq. miles 

Population 1.75m. 

Trade (1975) 


Imports 


L$331xn. 


Change is coming in Liberia — old habits and practices are dying away, 
and greater efforts are being made to develop the hinterland, and involve 
the local population in the running of the country and its industries. 


partly In the legislature, which 
had to approve his nominee. In 
successive sessions, .the party 
leaders turned down -the names 
of the Finance "Minister, the 
Minister for Presidential Affairs 
and the Information- Minister, 
the latter also of native Liberian 
stock. The for foisting 

on the party a 42-year-old 
Methodisf churchman would 
have seemed atvtihis-ktage less 
than nil. -But Mf.'Thlbert, him- 
self- a lay.- preacher;- took 1 the 
following committOemeeting by 
storm' by' solemnly announcing 
that Bishop Warner's - name had 
been revealed to him three 
times by God. The -vote was 
carried. . . 

Perspective 

. What has now to ’beseen is 
whether the Bishop will - con- 
tinue sailing close .to the wind 
— watched with Suspicion by, 
among others, some, churchmen 
who take a jaundiced 7 view ^ -'of 
Liberian politick! - "life— or 

whether, as some predict h® 
will eventually succumb to the 
establishment ethos. . V 

It would be easy, mtheligbt 
of Liberia’s ehtist political his? 
tory, to regard Bishop; Warner 
as a flash in the pan, were not 
Liberia undergoing a series of 
important- changes .. under ' the 
Tolbert AdminstratLoh, . the 
effects of. which are^lhard to 
calculate. . 

Re-inaugurated two years ago 
after a predictable election .hi 
1975, Mr. Tolbert has thrown his 
full weight into the rural sectori 
where most tribal Liberians Uye 


and which by the same token 
has until now been, more or less 
ignored. For three-quarters of 
a century after independence in 
1847, no Liberian President 
even went into the interior, no 
reliable map was made until 20 
years ago and no census until 
1962. 

Aid-backed projects for small 
farmers, aimed mostly at pro- 
ducing the main staple, rice, 
and big company ventures are 
beginning to make a-visible im- 
pact, but a lot of problems have 
still to be .overcome, others, 
especially the climate, the wet- 
test in the whole region, have 
to be lived with and it will be 
some time before results can be 
assessed. The Government’s 
target of self-sufficiency in rice 
looks out of reach. 

Long dependent on exports of 
ore and rubber to industrialised 
countries, Liberia is now begin- 
ning to link in more closely 
with its neighbours, most im- 
portantly through a customs 
union with Sierra Leone. "When 
we have developed an effective 
economic union then we can 
pursue other forms of unity,” 
Mr. Tolbert promises. - 

Not all the Government’s 
promises, brandished under a 
set of slogans for which Liberia 
has a peculiar genius — Self- 
Reliance for Higher Heights, 
Mats to Mattresses (the im- 
provement of rural living 
standards). Rally Time (a fond 
raising campaign that has ran 
out of steam), the fight against 
IDP (a recent coinage: read 
Ignorance, Disease and Poverty) 
—will be easy to fulfil, not least 


Mr. Tolbert's apparent deter- 
mination to weed out the cor- 
ruption that eats at the heart 
of his Wholesome Functioning 
Society. 

“What time is it by WRT 
(William R. Tolbert) time?" 
reads a hoarding outside the 
Executive Mansion. “It’s EC 
(Eradication of Corruption) 
time.” A National Force for the. 
Eradication of Corruption, set 
up two years ago, has investi- 
gated over 230 allegations, 
according to the President. But 
according to Bishop Warner, 
who has incited the Chief 
Justice’s wrath by accusing the 
judiciary of being rotten to the 
eore, the cases of bribery and 
embezzlement appear if any- 
thing to be increasing. 

The Government, he says, 
“has created an awareness but 
has not dealt with the prob- 
lem ... If yon stamp it out 
in one area it seems to he 
emerging in another.” 

No discussion of this kind 
would have - been thinkable 
under Mr. Tolbert’s predecessor. 
The same goes for the 
Presidents gestures of 
encouragement towards an 
embryonic opposition party, 
formed by Liberian students and 
exiles in the U.S. The three 
leaders of the so-called Pro- 
gressive Alliance of. Liberia, 
which seeks to set np a socialist 
state, were recently accorded 
free travel to and around 
Liberia by the Government, 
although the party bas not yet 
been approved, as it needs to 
be, by the legislature, which is 
totally In the hands of the True 
Whigs. 


The True Whig Party has 
been in the majority in Liberia 
for just on 100 years. Since 
1955, when Tubman disbanded 
its two rivals, it has been on its 
own. Although Liberia is not 
under -Its constitution a one- 
party state, it is so de facto, and 
the True Whig Party is also 
owner , of Liberia’s last remain- 
ing week-day paper, the “ Age." 

Nevertheless, Liberia enjoys 
an atmosphere' of unaccusto- 
medly open discussion in 1978, 
and in a time of severe 
economic difficulties there is a 
great deal of it 


Gearing 


Liberia’s ■ export economy, 
geared, .mostly to mining , has 
suffered severely from the steel 
recession. Three new mines 
which would have doubled iron 
ore output have either been 
postponed or cancelled, and 
Government income from 
mining fell by half last year to 
$14m.* a big knock to a Govern- 
ment with a budget of less than 
$200m. 

This severe hiccough has 
brought home how exposed 
Liberia is on the world 
economic scene, with its private, 
sector dominated by foreign 
companies — big iron, rubber 
and timber concessions— and its 
public sector totally dependant 
on foreign aid. Especially since 
the war it has relied and con- 
tinues to rely heavily on the 
goodwill of the U.S., responsible 
for the- most important har- 
bours, roads and hospitals, 
while foreign iron companies 
run the oitiy railways. 


Like Panama, Liberia uses 
U.S. paper currency and is so 
far uo more than toying with 
the idea of issuing its own. This 
means, for instance, that it is 
virtually pointless trying to cal- 
culate Lberia’s balance of pay- 
ments, since anyone can walk 
in or out with a briefcase full 
of banknotes. 

The Government’s first four- 
year development plan has ran 
into a serious funding problem. 
The plan was tailored at a 
cost of $415m. two years ago, a 
big increase on the previous 
spending rate of $30-$40m. a 
year, but this has since swollen 
to $71 0m. Even counting on 
more aid, which already catered 
for 80 per cent of the total, 
the plan will have to be pain- 
fully trimmed back. 

On top of this, Liberia has 
taken on the hosting of the 
Organisation of African Unity 
conference next year, which 
involves building a highway, 
conference centre and hotel 
facilities. 

The trade surplus is dwind- 
ling and may well tarn into a 
deficit next year, with no pros- 
pect for an increase in exports 
in the meantime. Earlier 
growth forecasts of 6.8 per cent 
a year have been brought down 
to 4J> pair cent, below the aver- 
age of about 5 per cent 
registered in the past 10 years. 

All torts has helped engender 
a good deal of social unease. 
There have been strikes at the 
Nlmba iron mine and at Fire- 
stone’s huge rubber plantation. 
In Monrovia, where the popula- 


tion has doubled in the past 10 
years to somewhere around 
250,000, over a fifth of the work- 
ing population is reckoned to he 
jobless, and slum, problems in- 
crease. Students have been 
showing signs of reatiessness, 
business is uncertain, and in 
the corridors of Government 
people live in fear of tfcedr jobs, 
which are regutarfy reshuffled. 

Since the death of the Presi- 
dent’s brother, Steve Tolbert, 
then . Finance Mhristm and 
probably the most powerful man 
in the country, in an air crash 
three years ago, the power that 
had then begun to become 
decentzodised has crane back 
into the hands of the Presi- 
dency. AH decisions in Govern- 
ment and the armed forces go 
back to him; deprived of. Ids 
strongest ally, he is known to 
trust few people — but to trust 
those he does to a fault 

Sackings for alleged .mal- 
practices and the unearthing of 
scandals that would traditionally 
never have come to light— such 
as a recent series of ritual 
murders in Maryland County, 
for winch several highly-placed 
people have been held — have 
caused some rumbles among 
the ruling elite. 


Risk 


Together, these ingredients 
— economic troubles, urban 
poverty, rural expectations 
perhaps beyond what the 
Government has scope to fulfil, 
new political forces, divergences 
in the ruling establishment — 1 


Exports LSdlSm. 

Imports from U.K, £23.?m. 

Exports to UJv. £fi.1m 

Trade (1976) 

Imports Lg399mT 

Imports from TJX £23Jm7 
Exports to XJJv. Cll.fiQi. 
Currency: Liberian dollar 

£=L*Ltt 


could eventually put Liberia's 
long record of stability at risk. 
At present it i s as hard to 
detect a real crisis as it is tn 
detect a Cuban. Liberia, which 
at independence was given a 
probable life-span of 10 years 
and hung around for 100 before 
Ghana joined it in the ranks nf 
African republics — has some- 
how been immune to the 
explosive nature of the con- 
tinent around it 

But the opening up of the 
countryside, overdue as it is, 
appears likely to change 
Liberia’s political nature pro- 
foundly. Real benefits may 
come about more slowly than 
the Government is hoping nr 
pledging. The dichotomy 
between social classes remains 
strong. Despite better deals 
with foreign concessions, funds 
are short, and so is skilled man- 
power, although the Govern- 
ment wants to put as many 
Liberians in key jobs as pos- 
sible. Education is slow to 
improve; not more than 20 per 
cent, of the over 15s can read 
and write: only a third of 
schoolchildren are reaching 
Grade 4, reckoned to be the 
minimum for permanent 
literacy. 

What has gone is the Tubman 
era, the music-hall Liberia of 
top hats, tails, cigars and yachts, 
and some of the social immo- 
bility that went with it. Mr. 
Tolbert sees the first change 
brought about under his Presi- 
dency as an end to “compla- 
cency.” For the first time, 
foreign aid is beginning to reach 
the interior. Though in Mon- 
rovia's colourful, steamy, seedy 
streets the pace seems slow, 
some things in Liberia are irre- 
versibly changing. 



WASHED FINES - WASHED LUMPY • PELLETS 

Imports to: 

C.S.A., JAMS. HALT, WEST GERMANY, SPAIN, 60MANIA, BELGIUM. 


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Partial View of Community Center, Yekepa 


MANAGING AGENT*. 


A wholly owned subsidiary of Granges International Mining 










LIBERIA H 


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economic 



THE QUEUE of shoppers in 
“ Mim’s Pig Parts " dissolved in 
a heap of embarrassed mirth. 
Either they couldn't understand 
the question, or they found it 
genuinely amusing. They had 
been asked if they thought it at 
all strange that they were pay- 
ing for their meat with U.S. 
dollar hills. It turned out the 
only thing they did think was 
strange was that anyone should 
ask the question. 

The dollar is vital to Liberia. 
With no reserves of its own to 
speak of, it would be rash to 
consider launching a Liberian 
currency. Both the Central 
Bank and the Finance Ministry 
deny they have any plans to do 
so in the foreseeable future. 
They point out that the dollar 
has been one of the country’s 
two great economic strengths 


along with an almost guaranteed 
trade surplus. But now both 
these cherished 'strengths have 
been weakened. 

The rapid and continuing fall 
In the value of the dollar has 
substantially eroded the value 
of Liberia's exports, which are 
□early all raw materials. Liberia 
Is only protected in that much 
of its manufactured intake is 
from the U.S. At the same time, 
-die slump in the world steel 
market has reduced exports of 
its primary commodity iron ore, 
which accounts for around. 70 
per cent, of export earnings. 

Exports of iron ore are down 
by as much as one third after 
picking up slightly in 1076. The 
declining profitability of mining 
has hit the Government hard. 
Revenues from iron ore were 
halved in the fiscal year 1976-77 


to around $14izl With mining 
playing ’such an important part 
in the economy, . a prolonged 
recession in the steel industry 
is not something the .Govern- 
ment views with equanimity. It 
will certainly mean a trade 
deficit within the next year or 
two and the reduced revenues 
mean either ^stepping up the 
borrowing programme or cut- 
ting expenditure at home. 


from 42 per cent in 1967 to 
under 15 per cent in the fiscal 
year 1976-77. "The indication is 
that without substantial new 
borrowings,, the cost of debt ser- 
vicing will continue toga down. 


teeth, that the President’s 
crusade against corruption win 
start to take effect. 


Management 


Already, Liberia is showing 
what can be done with judicious 
financial management Debt 
repayment has been rescheduled 
and new borrowings kept to 
a minimum with the effect that 
debt servicing has been reduced 
as a proportion of revenues 


The Government also -has the 
choice of increasing its revenues 
from taxes but it has already 
put them up as much as it feels 
it can for the moment The 
renegotiation of the: concession 
agreements in rubber and iron 
ore were responsible in the 
main for a 33 per cent increase 
in revenues from taxes and 
royalties, customs and excise 
during 1976. The fiscal year 
1976-77 showed the same trend. 



Comparisons are., difficult 
because the Government has 
only recently -shifted jm annual 
calculations from the calendar 
year to the fiscal year. Bat the 
total revenues for fiscal £976-77 
showed an approximate increase 
on estimates for fiscal 1975-76 
of 26 per cent to 6i.66.5m. Total 
expenditure on the previous 
fiscal year was up only 20 per 
cent to 6165.4m. according to 
figures released by the Finance 
Ministry. 

That healthy performance is 
not likely to carry on much 
longer despite an attempt at 
revising personal and corporate 
taxation in the Tax Revenue 
Finance Law in July 1977. 
There were slight changes in 
the rates of personal and cor- 
porate taxation but the 
measures were criticised as 
being insufficient What was 
more, said the business com- 
munity, the new law did no thing 
to end the corruption which has 
beset the Government 


The Executive Mansion — the presidential residence — in Monrovia in the fore- 
ground with the National Assembly in the background. 


President Tolbert is very out- 
spoken on the matter of corrup- 
tion and has pledged, his best 
to end it, and create what he 
has- termed a “wholesome func- 
tioning society.’*- But the lack 
of - adequate financial super- 
vision has always made such a 
promise hard to jaunty out: It is 
duly as the new financial infra- 
structure which toeGovernment 
ha& created starts to find its 


Real economic management 
was always hard to impose on 
Liberia because of its tradi- 
tional character of free move- 
ment of capital, jeady repatria- 
tion of funds and the lack of 
a central banking institution. 
The Central Bask took over, 
responsibility for debt servicing 
and began to act ak the Govern- 
ment’s fiscal agent in 1976. The 
first thing it needed to do was 
produce some reliable statistics 
which have been sadly lacking 
up to now. 

At present the Bank is work- 
ing on getting a dear idea of 
the balance of payments posi- 
tion which can only be an esti- 
mate under the present financial 
conditions. The Bank will begin 
by finding out how much 
foreign currency (TLS. dollar 
bills for the most part) is 
actually In circulation. Esti- . 
mates range at the moment 
from $0©m. to 680m. while other 
sources say such figures are 
patently exaggerated. 

The Central Bank is only part 
of an entire new hanking 
system which the Government 
is setting up to cater for os 
much of the specialised borrow- 
ing requirements of the 
Liberians as possible. Two new 
banks have been set up, one 
providing housing finance and 
the other, for 1 agricultural' pro- 
jects.' The Liberian Bank for 
Development and Investment 
has continued its expansion and 
it too has widened its lending 
policies to indude more agri- 
cultural borrowings. 



The Government’s aim la to 
widen the agricultural base, of 
the country by making fuller 
use of the 70 per cent, of the 
population engaged in farming 
— most of them at subsistence 
level. “We want to make 
Liberia the garden of West 
Africa” as one official put it 
In order to do that there : has 
been large investment in coffee, 
cocoa, oil palm and coconuts. 
Liberia’s desire is to emulate ' 
the growth achieved by its 
neighbour Ivory Coast which 
has managed to expand without' 
mineral resources — although' 
it has now found small amounts 
of oiL 


Scope 


In Liberia, the 70 per cent 
of the population working in. 
subsistence agriculture contri- 
butes only 18' per cent, to 
nominal GDP and there is 
endless scope for improvement 
Agriculture "has shown the fast- 


est growth rate of any seetor 
of ' the economy over the last 
few years while mining is 
thought to have contributed 7 
par cent, less to nominal GDP 
over tiie past year. Optimists 
were - predicting:® growth rate 
for Liberia of about'3 pier' cent 
a year not long ago but they 
are 'how hoping for zero growth 
until the mining sector can pick 
up again. 

, Tads change in fortune* has 
had a profound effect on another 
new tool of Liberia’s economic 
management — its first formal 
plan. Published in 1976, it was 
designed to cover the period 
□□til. 1980. Initially, its 
ambitious schemes for agricu- 
ture, schooling and roads were 
costed at 6415m. Things got a 
little out of hand from then on 
and by the time numerous other 
schemes had been attached, to 
the' end of the plan, the cost 
had' escalated to 6453m. and 
then finally soared to 6712m. A 
revised plan wifi be published 
in April. 


None&etaen. .tbe^pfcai, . 
seated an important part of tor 
process in tightening fife' 
Government’s- hold en tnfe 
economy. Costing w?Q be 
far more carefully fin 
And despite gloomy ' 
about the short term future if 
the economy, the Goventmeii 
has increased its -budget spensji 
ing for 1977/78 
eluding an extra 69m. faf 
development projects. 


tr* * 

I 


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“Let’s face it, Liberia, 


think, offers a lot” said Ge 
Padmore, Deputy Minister 
Finance. "The facias that 
most investors Africans Afri 
They are concerned a 
government instability and* 
restrictions — they want wi 
make sure they can get theigr 
profits out We want to create}* 
conditions which ^rlll mak& 
people want to reinvest if wb? 
tried to force them to do 
they wouldn’t come. We simpljE- 
make it worth their while toff 
do so.” 

Mack Webster,-; 




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A new sense of 


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THERE IS- a renewe d sense of 
purpose - to -the - regular 
diplomatic shuttle between 
West African couDtzfes. A£ber 
yeans of squabb ® iag over detail 
and protocol, it looks certain 
that some kind of union is going 
to be odueved between the 
rations of toe west coast All 
that remains is. for toe an to 
decide how Car they want toot 
union to go. 

The establishment of the 
Economic Community of West 
African States (ECOWAS) is >m 
line with the ” roots” poteticad 
ideology which is' popular 
among ' too young. .Ifloung men 
in toe mbristerSes, some fresh 
from, universities in the UJ3.' or 
Europe, are brimming with 
their new sense of African 
identity and want to make It the 
keystone for a long term politi- 
cal strategy. 

PaMtOeal ration -An scene 
to mt is veiy.raueh a posstatiaiy 
before toe end - of -toe decade.: 
You xnust coat forget toat the 
West African countries do not 
have the same ta nga t amfing 
of nationhood «s Che 
European countries,” said one 
top Government official. 

His outlook is undoubtedly 
more optimistic than most But 
even those who deny there is a 
strong ideological poll towards 





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like where the headquarter^ 
should be ; and which' coiin' 
should provide toe first 
man. - The idea was: -given i 
present momentum' by Nigeria?^ 
and Togo which revived thtfg 
scheme in 1973. In 1975 thn^ 
draft treaty was signed by 1S£ 
countries and since then thegjj 
Cape Verde Islands have alstfjjj 

.joined the group |j£j 

The aims of toe treaty are 
evolve a common - : agricultural*; 
policy, to form a committee otf* 
West African central banks tdj 
ensure the free flow of capital?; 
between toe countries, to estab^ij 
lish a co-operation,,, ;compensa^ 
tion and, development fund andr 
finally;-, to - abolish all obstad 
to free trade -between the m 
ber countries. j- 


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Modest 


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President William R. Tolbert of Liberia. 




The Soviet Union opened an tranquility and progress and 


rfeteratomrf Wfe* Afctesa embassy * the capital in-1972 not efforts to establish selfish 

81111 ^ ce ? en ^ merest...” said the President. 

pgwi ftniirf, Czechoslovakia have both- Yet the Government is well 


The J beginnings:. 1 , have 

modest rii ead quarter&h ave 
establish ed/in L^qjstand Lomjig 
and the fund has" been" given It*s 
first ihjeetom. of?'; capital. Th 
first projects are in 
feasibility study stage. The 
is-to build a trans-African hig! 
way which would join all 
ECOWAS countries on to' ^ 
mainland and toe second is US’ 
provide a tel e-communicationS; 
system for West Africa. 


ment of an offiafai 
Ministry of Finance, 


Mi toe- 


Gradual 


strong economic imperative. , , _ , ■ . . „ 

“ For a country of under 2m. & P ened embassies and are active aware that such a small country 
Denote toe no&arbbtov of ibavini tradin g Partners. For its part, cannot survive without friends, 
rSSkrt of i JSf &e Soviw Union offers scholar - And. Liberia believes that its 

people Ms to be somethin^ to ships for 111,6113115 t0 study in most natural friends .are the 
S3? fera^to - Russia "« has des P« tcll6 d other, countries of Africa. 

’ co ™ r those inevitable cultural am bas- Liberia was a founder member 

aadors — toe dance troupe. ‘ of " the Organisation of African 
As further proof of the inde- Unity (OAU) and plans to host 
pendent line which President toe OAU conference in -Mon- 
Tolbert was prepared to take, rovia m 1979. It would be the 
Fur Ifibem. it would he the his Government recognised Red realisation pf long term 
ivrical dSoiSt 5 a China instead of Taiwan and in ambition for the President who 

1973 it joined other- African has always been one ot the most 
wSSrias in. breaking off diplo- active members .of .toe OrgaAisa- 

wmcn ms taka jmw» Banged mtlc with Israel. tiom ■■ . ’ ■ ■ ■ 

But .toe shift has hot been a On a leas ambitious scale. 
Kino. p rw ,v u ,dv radical one, Liberia admits that Liberia signed the Mano River 

^ only broke with Israel under Union with Sierra Leone in- 1972 
extreme ^pr^sure from the oil- and that agreement is now bear : 
~ “ ~ “ ' producing. Arab nations anfl is ing fruit. The intention was. to 


ECOWAS is providing fun 
for toe trans-African bighw 
study ($250,0001 while t! 
United Nations body, the E 
nomic Commission for Afri 
(ECA), is providing toe 
pertise. The road would, if co 
pieted, run for 10.000 kll 
metres and would have li 
roads to toe trans-Sahara higb^ 
Way* The road scheme woul 
liay particular attention to th' 
problems of the landlock 
members of ECOWAS (Mali 
Niger and Upper Volta) whi 
make up 45 per cent of 
Community's geographical a: 


bedmato of the UJS. which had 

aB3infcaiied “lose tws qow considering re-establishing harmonise trade and tariff regu- 
warn too country tnrough its sMne tentative links. President latrbns between. ' ■ the two 
onrency and its commerce. Tolbert is keen to ensure that countries : to make commerce 
I/meria has not exactly been no t spoil his long- between them much easier. The 

unfetthful to the U&but has standing friendship with the two are also co-operating, on 
jjsed its charms to a*fcn«ttoe west.- In. a significant .speech bnildrng ' training. eoDeges for 
Initerest of all toe superpowers, to the first Soviet ambassador forestry and... shipping which 
President Tolbert has piroyed when he left. President Tolbert would have been hard. to finance 
far more of <a pragmatist toan gave him what can only be on their own. '• 
his .predecessor President Tub- described as ’a diplomatic But for the future, it is 
ma n. P resident Tolbert has “ earfuil.” ECOWAS which is occupying 

managed to pursue an indepen-- " We are in dire need of tech- everyone’s thoughts. -The idea 
dent Kne in Ms politics while at nology and knowhow, not guns has already come unstuck in the 
toe same time making both East and bombs ... we need past decade because member 
and 'Wees Sect welcome, - ' renewed endeavours for peace, states could nfit egree W 3etaSK 


• The only fear which 
holds members back from 
fuller political union is that to 
large nations like Nigeria wouhW? 
dominate. Nigeria has agreed t tr.4- 
to. provide 31.9 per cent, of the:-S 
budget for running the seare-,^ 
tariat and the fund, which giv 
it considerable influence with 
ECOWAS. Is 

"There are fears, und 
sfandably ones, that the bi 
countries might try to domina 
ECOWAS. But we reco: 
that the Community is n* 
simply a matter of ideals 
one of survival,” said the nut) 
try official “Our future 
lies with Africa." 






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tancial/l^es. Tuesday March 


|, Despite the turmoil in the world, Liberia continues to be one 


of the great bastions of free enterprise in Africa. 

2 . Liberia has a stable government that guarantees the expatriation of 


The Government is pushing for Self-sufficiency in food production by1980, 


profit and many other tax incentives for the incoming industrialist, 
3, There are still vast areas of natural resources to be tapped. 


4. A relatively young labour force that is dedicated to the building of 


a modem nation, and the growth of your industry. 

5 i A modem and reliable communications system that puts you into 


instant contact with offices in America, Europe or Africa 


With your investment in Liberia, whether in agri- 
culture, mining, trading, banking, construction low 
cost housing or manufacturing, you can never go 
Give it a try ! \fake advantage of the 


wrong 

many opportunities Liberia offers for the business 

r N 

man or industrialist who wants to see his invest 

- 

ment grow. 


Partnership in industry with qualified Liberian labour is the aim of the 

Tolbert Administration. 


The Liberian Bank for Development & investment is the financial house 

for investors in the country. 


Small scale industries have bloomed during the past years to cater to the 
growing need of a growing population. 


Write today for further information to 


The Chase Manhattan Bank and many other 
banks of international fame make commercial 
transactions easier for the new investor. .. 









20 


Taesday Jtoth ^ 


LIBERIA 




Exporters of 

Robosta coffee 
Liberia coffee 
Cocoa 

Palm kernel oil 

Palm kernel expel! er cakei 

Piassavx 

Dealers in 

Rica 
Palm oH 

Millers of 

Palmkernel oil 
Rke 

Fresh palm frurt branches 
Coffee cherries 

Parent company of 

The Liberian Palm Products 
Corporation (LPPC) 
and 

The Liberian Cocoa and Coffee 
Corporation (LCCC) 


The Liberian Produce Marketing Corporation 
P0 Box 662, Monrovia, Liberia. 

Telex: 4259 (A/B PR0MAC0) 


LIBERIA IV 








to pay off 


THIRTY-SEVEN PER pent' of 
Liberia's gross domestic product 
is accounted for by foreign en- 
claves. Concessions given by the 
Government- to U.S. and Euro- 
pean companies to exploit 
Liberia's main resources— rub- 
ber, timber and mineral ore — 
have' dominated the last half 
century of the ■ country’s econ- 
omic history, and, for better or 
for worse, . Liberie seems to be 
stuck with them. 

On the one hand, the conces- 
sions, which began when Fire- 
stone took out a 99-year lease 
on lm. acres of land to grow 
rubber on, pulled the country 
out of a state of permanent 
economic crisis. They gave it a 
role in international trade and 
provided much-needed jobs; the 
rubber concessions, which pro- 
duce two-thirds of Liberia's 
rubber, aza the biggest em- 
ployers in the country with a 
workforce of 42,000. The con- 
cessions brought schools, hos- 
pitals, roads and to this day are 
responsible for the entirety of 
Liberia's small railway system. 

On, the other band, the bigger 
concessions have been able to 
operate almost as independent 
states, irrelevant to the rest of 
Liberia’s basically fanning 
economy. With virtually no re- 
strictions on their repatriated 
earnings, they are sometimes 
seen as prototypes of neo- 
colonialist exploitation. 

Liberia’s treatment of its con- 
cessions is still liberal by any 
standards, including by those of 
other West African countries, 
but the Tolbert administration 
has been progressively revising 
the terms of its agreements over 
the past five years. Firestone's 
concession has been reviewed, 
and the generosity of its original 
agreement or B. F. Goodrich’s 
consequent 80-year concession 
has not been repeated with other 
companies. 

A new formula has been 
worked out for the forestry con- 
cessions, which are mostly U&, 
Dutch, French and Danish- 
owned. Instead of a complete 
tax holiday for five or ten years, 
companies are allowed to deduct 
90 per cent of their taxable 


earnings for the' first five years 
and up to 20 per cent after that, 
provided the deducted amounts 
are reinvested. Stumpage fees 
have been raised, trot are still 
modest compared to those, for 
instance, of the Ivory Coast 
In the Iron ore enclave agree- 
ments, dating from the 1950s. 
Liberia sought a direct share of 
profits rather than to levy taxes. 
The Government took half the 
stock in the big Lamco mine In 
the far north of the country, 
alongside Granges of Sweden 
and Bethlehem Steel, and also 
took shares in the Bong Mining 
Company (with Tfayssen of West 
Germany) anff ^ National Iron 
Ore Company. . 


Recession 


This policy, aimed at 
“ Liberianisfag ” the enclaves 
(Liberia's “capital” was the 
ground made available for 
mining ), has since backfired. 
The steel recession has hit 
profits so hard that the Govern- 
ment now only receives Its 
nominal minimum in revenue. 
One of the main mines, at Bomi 
Hills, ran by an associate of 
Republic Stahl, has been closed 
down. Profit-sharing in the iron 
mines brought in only some 
$14m. to 815m. last year, half 
the previous year’s earnings and 
a third of what had been pro- 
jected. This year they may be 
less. 

The share of iron ore, which 
makes up most of Liberia’s 
exports, as a source of Govern- 
ment revenue has dropped from 
20 per cent in fixe mid-1960s 
to 8 par cent last year and is 
expected to be about $ per cent 
this year. 

In future contracts, according 
to senior Government officials, 
the State will revert to a policy 
of taxing rather than going into 
joint ventures. This it is argued, 
gives the Government greater 
flexibility in assuring its sources 
of income, especially under the 
stricter tax conditions which 
began to be introduced under 
the late Finance Minister, Mr. 
Stephen Tolbert 

But it would lm misleading to 


suggest that the Government is 
taking a tough line on its 
foreign enclaves. Companies 
are “ encouraged ** rather than 
obliged to reinvest profits, the 
attitude being that foreign 
investors will shy away as soon 
as the Government starts- 
imposfas conditions, and that 
the important thing is to have 
investors, on whatever terms. 

In . rts current ftrar-year 
development plan the Govern- 
ment reaffirms the “ Open 
Door” policy and emphasises 
the u mutually beneficial part- 
nership between Liberia and 
foreign enterprises as a crucial 
dement of its development 
strategy.” 

The kind of thing it fears will 
put investors off is the row 
wfclth blew up last year over 
the future of laheria’s sole oil 
refinery in Monrovia, harbour— 
blew up literally, when, a big 
fire broke out at the refinery in 
December, after two months of 
periodic breakdowns. Sun Oil 
had been seeking to divest its 
interest in the LRC refinery, but 
with a throughput of 12,000 
barrels a day it was too small 
to lure other major inter- 
national companies. The 
Government offered to buy but 
the two sides failed to agree on 
terms. - 

The fire increased the 
Government’s sense of urgency 
in taking over the running of 
the refinery, having already 
become concerned about Its level 
of efficiency. The row came to 
a head when Sun Oil accused 
the Liberians of expropriating 
its interest — a charge denied by 
the Government— and pressed a 
claim for compensation. The 
two sides have since sat down 
to talks again, however, and are 
expected to come to a compro- 
mise deal In which Sun Oil will 
receive about $9m. 

A nationalisation row is just 


what Liberia does not want at these projects, at Wnlogisi, consumer market The-^ - 
the moment, because the fact is'aithdugfa the Government is- investment code gives... - 
that Open Door' policy or no; continuing to negotiate with a fives for five years or n^*- 
it Is having tittle success in: group' of Japanese interests. eluding a 90 per cent;;, 
attracting new investment; on-; . The: only new mine that exemption on imported^? -’ i 

any significant scale. Few of stands some chance of getting ials and equipment ands/V 

the companies which have come under way In the near future per cent, off corpora** • 

to talk with the Government fa a t Bie, near the recently de- But Liberia’s industrial--’ : 

have produced concrete invest- ftmet Bomi Hills mine, which has not: gone beyond * T 
meat- plans. There is practio- fcas the advantage that the medium rized operation! 
ally no new private investment Liberia waning Company’s rail- an export business in Vf : 
in rubber, although existing way line already goes most of gives, 
plantations are expanding. ’ Of the way to it. fir o atOT . thinsa am hon* . 

2“®* ^ neS _ W ^* ai - A concession for uranium ex- £2? 

it was hoped would be operating pioation has been given to 

£•* rV 980 ? **”**'« ^^Enterprises oftte VS, J52Tl*r UbUTS* 
8L5bn. to ?2bn. in overseas ^ two companies are holding mic. union with Sierra L : ’ : 

-g~ f » -*-» ou 

TtTitii nft™. i«kk . _ . . . . , dustrial free zone, aimed at ■ 

until ate 1985. The prospects for industrial export goods. >=? 

The LLS. A max group has investment are severely limited ^ *« 

pulled out of the biggest of by the smallness of Liberia's - Ui' 


-;o‘sT k 

•■'3ms; 

.Jtr-' 

- 

T-M>. 

y-f* 


'V' 

■ ^. T ~ 




». . _ * 
/v >>•••■ 




An Air Liberia Cessna flymg over an iron ore terminal with, a bulk carrier at the 

- jetty in Monrovia Port. 


- ri 

• i 


it 


Mi! 


’t. , V ” 



»• 

. . ■ 
/ 

. -• 





we’re 

involved 


We’re proud to have been involved for more than 25 years in the 
progress and development of the Republic of Liberia. 

Our involvement includes a wide range of international financial 
services in: 

• Registration of vessels under the Liberian Flag 

• Formation and domiciling of corporations in Liberia, resident 
agent representation and related corporate services 

• Banking and trust services 

• All lines of insurance and reinsurance 

THE INTERNATIONAL TRUST 
COMPANY OF LIBERIA 

80 Broad Street, Monrovia, Liberia 
Gable address: LIRTRUST Phone: 22337 . 


INSURANCE COMPANY OF AFRICA 

80 Broad Street, Monrovia, Liberia 
Cable address: INSCOA Phone: 21600 


rv,.-. - * w'.fc-lJ 

i 





Official Correspondents: 

Liberian Services, Inc. Liberian Services, S A. 

1 03 Park Avenue Pelikanstrasse 37 

New York, New York 10017 8001 Zurich, Switzerland 

Cable: LIBSERV New York Cable: UBSERSA Zurich 


Liberian Corporation Services, Inc< 
103 Park Avenue, 

New York, New York 10017 
Cable: L3BCORPOR New York 




Shipping regulations 


up 



AN' HISTORIAL quirk was 
enough to bring Liberia, a tiny 
ure fa the panbrama'of world 
trade. Into' the. forefront of 
shipping nations: From there to 
respectability, among the" world’s 
shipping community has proved 
a far more difficult business. 

The staroand-stripes flag and 
Monrovia registration, emblems 
of what -fa' today by far the 
world’s largest merchant fleet; 
have probably brought Liberia 
more fU-rejrate than the recog- 
nition it sought when it first 
launched its “’flag of conve- 
nience.” - 

Oil spills and other disasters 
involving Li berfan-registered 
vessels have proved so damag- 
ing to the country*^ image fa 
recent years that .the Govern- 
ment is now giving* greater 
priority to reversing Liberia’s 
reputation as a haven of run- 
away-shipowners than to attract-, 
ing new business. 

The term “flag of conve- 
nience" is -now very much* out 
of favour. President ToEbwt has 
tried to substitute it by “flag 
of cooperation” and, in the 
face of adverse publicity; 
pledged to “ support the highest 
standards of merchant marine 
safety acceptable to the inter- 
national maritime community-” 
Mr. Gerald Cooper, Liberia's 
Maritime Affairs Commissioner, 
who describes the mammoth 
2.660-vessel fleet as now being 
“one of the safest" afloat is 
anxious to tighten up the 
remaining loopholes in regula- 
tions. 


Fees 


"We are not going to sacrifice 
safety for dollars and cents,” he 
says. Undeniably, Liberia’s new 
stance has cost it dear. Shipping 
fees, which currently figure on a 
par with Iron ore as a source 
of Government revenue, are 
expected to drop from $15 . 2 m. 
iO $l4m. in the current fiscal 
year ending in June. This la 
partly because of the slump fa 
world shipping and partly 
because Liberia has become less 
of an easy option for ship- 
owners. 

Earnings from ship registra- 
tions in the second half of last 
year dropped from $7.6m. to 
86m. Although total Liberian 
tonnage— about 16 per cent, of 
the world fleet — increased from 
76m. to 79 bl, the number of 
vessels flying the Liberian flag 
dropped. 

Liberia's position has. been 
made more difficult by the 
efforts of maritime nations such 
as Greece to foster their own 
flag-fleets and by the emergence 
of other cheap flags such as 
Hong Kong’s, 


Liberia's leadewftdp, however. Government's prime sources of 
is u nchalle n ged. Its fleet has. income, after direct taxation and 
grown considerably since 1973, customs duties. Shipowners 
when lit totalled 2,275 vessels registered fa Liberia because it 
and 43.9m. ^deadweight’ tons, was reasy and cheap, because 
and some p£ the shipowners Liberia used the US. dollar and 
• who were at first scared off by bad an apparently irremovable 
new safety rules are Government and .because- there 

back Into the fold. were no strings attached. 

. Inevitably* since .so many T inspection . ? £ 

slaps are LUberism- registered, Liberian ships began only six 
Liberia figuresstrongVfafa&S^rsago. after a furore oyer 
aoddgut records. But accord- “ Ul S° a -jj* two Libenan 
tagtTltr.- Cooper’s Buiau of *£*?■*! P f dfl i Gl0 5: “J 
Maritime Affairs in Monrovia, S the EngUsh 

iTiSLrSS fleS iSns aanatl 0ctober - 19T °- 

been flower than Britain’s. Fvnnrfc 
Last' year? -ame major LaPCiU) 
dBsasfem doofawed to Iiberian inspection procedures have 
sbdp^ aU file subject of been, stepped up since 1974; 
Liberian Goveromeat have ati- with the number of inspectors, 

fiWkwa. - nearly all locally-hired experts 

Th^ krtroduotion of higher fa major ports, donhling to 
standards has gradually brought neariy* 200. Sfafa offices have 
recognftaoii-for Liberia in inter- been opened fa London, Hong 
nations! _ bodies. .. Last Kona Rotterdam, New York and 
November, when Liberia sub- Reston, Virginia, where the 
scribed to an fatamational Bureau of Ifaritime Affairs has 
Safety of life at Sea oonven- Whatit daims is a unique com- 
tion, it was finally granted a puter system for catching up 
place on the conned of the with uninspected vessels. 
Instergovermncnted Maritime The Bureau has sent a 
Consultative Org an isation, a distinguished former foreign 
UN body which receives 18 per minister. Dr. Rochefort Weeks, 
cent, of its funds from Liberia as its ambassador to the U.&, Its 
but fa which the Liberians have main and most critical client. It 
never before succeeded in gain- now claims its standards are 
mg a major say. higher than those of most other 

The council seat — a •'great shi PP in 8 nations, or those of 
whtevwneut" in Mr. Cooper’s Uoyds and other classification 
eyes — had been ccwetedby authontiesthrpngh whose hands 
Steria for years. By grindS paSL 

it Liberia Wtod Gnreceto ** 

i<h n-LKh, ttnued to come under attack, 

S it? P ajrfkulariy after the incident 

01 Ae Ar ^° Kerehant, which ran 
^“ WP **** ^ aground on the Nantndbet 
mamame powers. Shoals at the end of 1976 with 

Last year, representatives of a cargo of heavy heating oil 
owners of Liberian vessels, in- After 16 days aground, the Argo 
eluding the U.S. and Greek Merchant .broke fa two. The 
shipping associations which vessel, which had sailed off 
account for two thi rds o f the course; was 23 years old six. 
Liberian fleet, were invited for months overdue for Inspection, 
talks in Liberia— -for the first The' Liberians . eventually 
time in Liberia's history of punished the captain by revok- 
almost 30 yean in the shipping fag Ms licence, 
business. Another major incident took 

Liberia registered its first place last Christmas, when two 
ship in 1949— the upshot of a 330,000-ton sister ships, M/S 
wartime meeting between Pre si- venpet and M/S Venoil, both 
dent Roosevelt and the then Liberianregistered and on long- 
Liberiau Head of State, William term charter to Gulf Oil* one In' 
Tubman, who was anxious to- ballast and the other loaded with 
show Liberia's openness to 250,000 tons of crude oil, ran 
foreign investment and fell fa fato each other off the South 
line behind the ..example of African coast.. 

Panama. However, the accident rate has 

The fees established then— been decreasing as Liberia has 
$120 per net ton registered, sought to redace the average age 
and 10 cents per ton per year of its fleet now under ten years, 
thereafter — re m ain unchanged according to the bureau, com- 
fa 1978, not the cheapest, but pared with 14 years a decade 
still among the cheapest, fa the ago. The inspection requirement 
world. is stepped tip from once to twice 

Even at this rate, ship regis- a year for .ships over 20 years 
tration fees make up. one of the old, and since 1975 no ship over 


that age 
registration. 


can apply 


But maritime authorities arr‘ jj 
not the only quarter from which 
Liberia has had to face' fire. 'It* [ 
is currently in running battief | 
with the International Transport^ 
Workers’ Federation, which is i ! 
demanding higher wages for sea- ~ 1 
men on Liberian ships, and hai-. ; 
been threatening a boycott ;.7 1 
•The Liberian authorities coO: 7 4 
tend that the union campaign?!^! 
against the employment of 
men from Third Wa&tv 

countries; Liberia, althraighulir*. . 
trying to place Liberian seamed.*,* 
on ships, makes no stipulatumi ‘ 1' 
as to crew nationality. ■ T 
The Liberian authorities ciaim ^ 
that the minimum ws^m^ 

demanded by the Federation^ 
are higher than the European^ 
average and that average 2 * 
on Liberian ships is better toad. 
say,- on British ships. 0®er^« 
crewing regulations, such 
number of officers required ".jwi£d 
deck, are more stringent tiiap^- 
many. '- 0 , 

Rules on crew condl 0008^^1 
from the banning of finggfagito -r*j ■ 
the right to strike, the. latter ^;? 
subject to 30 days' notice!— hdfjj-r*' 
been incorporated into Liberia's^ . . 
shipping laws since 
Liberia signed internatiowi'’^ 
conventions on minimum age * >*4. 
for crew, officers* qualification* ■?$ 
and owners’ liability for fajUJTfjd 
and sickness. It has yet, hwrrj 
ever, to ratify the fatenwtwotii^fl 
Labour Organisation’s convene?! 
tion on mfaimiHn standards- 
merchant ships.. ‘ - 

Union pressure may 
result fa crew conditions being 
included as an item fa inspeci 1 ^ 
turn procedures, which conW.?^ 
result in further defectioto^. 
among shipowners. - ^ 

It is above aH to 
Americans that Liberia 
mined to disprove its reputation* 

for running a sub^tandard fieetJ^ 

Of the TLS. “ effective coatix^v^ 
fleet — Including UA-'bwh*®"-"' 
ships under Panamanian, 
duran and other flags — 89.5 p^^- 
cent, are Liberian vessels. " J, 
Not only that, but most of 
Liberian fleet are oil tankers.^ 
Liberian ships are reckoned to 
cany 40 per cent of U.S. dl.5- 
imports. • 

U-S. concern over the strii^fej 
role of the Liberian W* 
mounted after Liberian 
during the 1973 Middle East wg % 
to boycott U.S. defence csrgpgFv 
The Iaberians ha^e recentify? 
come to terms by .assurimT 
US. that they will make 
vessels available to the comgj&ri 
of ownership fa time ,’y ®§j\ 
omergencs. „ .. . • 













LIBERIA V 


i 


industrial free zone 
takes shape 


• • ■ n I* 


H EST AFRICA'S Mirn.n 1 

"halS 1 ” 31 freczone Is triang 

S^ Df I 1 i? lmhr0d ^ ^ 

h?®. ° r M ™™'S - U.s.-ftuilt 

JffEi, /* -countrfes 
£ J f or - ways to reduce 
;* 2 L , de P® n <*Mce on- raw 
I® Xj! 81 . ?**<* «w* to- attract 
^ »*<*■ 'Processing plants, 
on i« catching 

on fast Seagal- alreadyhas 
5?®“* °P er atiotr in Dakar, and 
•J* r ® are for others in 


n^S^J^ n 2 ed Its ***** 

n 1975, eMjnarisad 75 acres of' 

«d began Instigation 
c ^.v yeans ago. "Hie 
government has so ?fte amlp 

it apdexpem. to apen<* 

3m. on the first stage, to be 
“Pleted in the next two years. 
By then .» ijigpes to fetvS 20 
mp*iue&. romHng the b«se-of 
manufactw^. exptirtfwSor, • 
d erenypa U* ;, to . have 48 
Pe«*ing ^ fiMt'Free Zdne. • ; 
Rather tiitui 'copy i&e'Sehe- 
aiese fortgt&&;- the \ Liberians 
model^Bg.ji^teir pny^pn' 


! ?>*"»» Irish free zone 

* st Shannon. They have received 

■ technical; assistance. from both 
i countries, .and the ’ Irish are 
. running a training, programme. 

The Liberia industrial Free 

■ Zone Authority, set tip with the 
; idea of including .private local 

shareholdings but op to now 
State-run. Is seeking to attract 
foreign - business on. the basis 
oF Liberia's stable 1 political 
record, its relative lack of 
labour pressures and above' all 
the convenience ol. its use of 
the U.S.. dollar as- currency. 
■There are no exchange controls, 
:and companies are offered five 
years' freedom fro m *«; , 

Conditions have been - deliber- 
ately made easier than. Dakar's. 
The minimum investment 
considered is $ 200 , 000 . Vcom- 
parwl with 5850,0Q0required fey ; 

Senegalese. &iod whereas 1 
Senegal stipulates * that each ■ 
company most ofleratl east 150 I 
local jobs* 'LUiez^xpe^^ 1 

a vague demand-tfeat industries { 
be labour iptensim. 1 


, p In order . to Induce invests 
ment'we r bave to gave tip some- 
thing." shrugged. the authority's 
operations manager. Mr. 
Augustus Howard. What Liberia 
stands to gain in this appar- 
ently lopsided bargain is much- 

needed employment and tie 
basis of an export market in 
rotnethrag other than raw 
materials. 

Companies in the free zone 
expected to gear at least fib 
per cent .of their production to 
export. 


parallel those In the export pro- 
ject, except' that companies will 
become liable for full corpora- 
tion tar once their fiveyear tax 
holiday is up. Companies in the 
free zone will only be taxed at 
a quarter of the normal rate. 


Scheme 


ns 


J® LATEST wisecrack in ment has been in no hurry' to 
berian mining circles concerns insist on a full renegotiation of 
•e country’s biggest iron ore the concession agreement with 
□cession— Lamco J.V. “Have Lamco. A supplement was 
. u heard that Lamco has added to the agreement in J, 876 1 
_ ened a new mine? It’s in the which, was- partly- responsible! 
; °f Buchanan." The “joke” for an upturn r in the revenues | 
a reference to the massive from iron oris -by S 12 ml : -tn f 
>ckpiles of ore which haVe 528.7m. ' " ■"[ 

be “ us ® But 1977 will be one of the 

TrkP? - 5 f l worst 7eaxs on rec0rd te terms I 

_i * et - ^ J ther Lamco nor the of Government revenues from! 

• ivenunent thinks it is very mining with their income cut! 

rSfn w k . , by halt 4a '514 hl and Jittfel 

a r Cn ? Cul 1 1° Prosit .*« market picking | 

e Li be nan economy for the up. • . j 

st decade. It accounts for Until the dump. Lamco had 

Sw**? 1 <,uart ®I 8 of * he been scraping a steady 40,000 1 
untxy s total export earnings tons a day off the top of the 

- t J. s . la fSeJy responsible^ for mountain at Nimba and sending I 

beria s trade surplus ur most tt : off xiong the company’s owr 
-ais- for the past decade, -But 165 mile railway line which 
ce .all steel, producing apd Jinks it .with thc-port and proJ 
- ? n .° re . ex Pprt mg -countries^ cessing .plant at Buchanan. The I 
.Dona has been hit by the community -which serves the! 

• . : c , e . 10 ; demand .and-, is mines is 20,000 strong and] 
jxlousl.v looking, for other sprawls over the hillside in the] 

• mrees of revenue. dry. sunny climate of the] 

Lreenouse Previously, the ore was soldi 

- . . :r\ : - either as high^rade lampy with | 

TTje iron ore industzy Is q n - F.e content 64 per cent|- 
-itner Jike someone living, in a or it was put to rough the| 
■rehouse who looks ont one, day $5I.4ra. pelletising plant which, | 

4 find the trunk being hacked when it came into operation in I 
But since demand started 1973, bad an operating capacity ( 

- lling. as early as 1973 there of 13.5m. tons a year. Once 
. is been an active search by the the plant shut the skilled men 

n virement to reduce depend- who worked it were all found] 

- • .on iron or.e revenue hnd jobs elsewhere. Lamco Is ever] 
Torts 1 ;hy the iron ore com- mindful that the recession will] 
inie's’ to retrench to protect not - last forever and when] 
.emselves from the worst of . things do start to pick up] 

- ® 1 recession. Liberia will be in a very { 

There are nmv three major favourable position. 

nipanies mining iron ore in The country has immense] 
beria. The oldest of them, the reserves of high quality ore. In 
berian Mining Company, shut Nimba alone, LamcD can count] 
wri fast year when its Brtmi on another 115m. tons of ore] 

• 11s mine ran out of ore. The with an Fe content of 65 per] 
nanudg three- have an annual cent. They estimate that will | 

- "parity- of 22.8m. tonnes bWat last until 1986 at normal | 

• sseWFIhey am working afQhly demand and . in the Tokadehf 
■■ per^eent. of maximum. - mine there is 220 m. tons of ore] 

■^abefheless, "this* mining' in- with an Fe content of 53 per] 
•rtry^ffoved fairly bouyafit in cent which will last until the] 

T 6 after bad years in 1975 gnd of the century. j 

. i 1974. The tiiree companies j 

- te" • ' : Liberian - American Ativirtiic 1 

edish Minerals Joint Venture xmllATUIlj | 

mpany LaMco 3.V.,^the since Lamco’s investment ini 

tiondl : Iron Ore : Mining Gom- ^ ^ been 5300 m. 

~iy -imtf the BongMmingCom- ^ company 

iy) exported a ofajjOTi. jg understandably anxious to] 

.. i s in 19i6 worth $33l.6m..T3ie fnnfcn the most of rts investment. 1 
1 figures have -out been com- ^ ^gp jts share of the market] 

, ■ ia:‘ detail -yet but.- evpry. ^ investing more money in] 
icatron . is that, production building a crushing plant to ] 
i be well down. .. ; - . convert its lumpy ore into fines. | 

Vhat is more significant for g ven ^ 00^1 fines sells for less,] 

. mining companies is. -toe there is far more demand for it] 
nge in the ‘type of ore fliey en tte world market. | 

exporting in-order to satisfy 0ne major victim of toe 
«■ market there is. Oniy rec^oa is the suspension .of] 
ico -has a captive market in future investment in iron ore | 
t It-seods opg- third of its - mining on which the Govern-] 

/ to Bethlehem .Steel in the ment was counting. The most ] 
ted '.States, .^e, others are premising project was the 
ling lor a slice of a. shrink; Liberian Iron and Steel Com-j 
cake.,- pany (LISCO) venture at I 

a^Ko accounts for more than \yologisi which was scheduled I 
pefc : :CpnL nf .^n the ore to rtart production by 1980,] 

*d iii.JUberia. It was pie yielding 10 m. tons a year ofl 

• *o> react to . changing grade pellets with an Fe 66 | 

uastaices in the market by t0 *gg cofl tent. | 

plant anri The pro i,i em with Wologisi is 
part oL its workforce that 134 miles from the 
It has also j t would have meant con*j 
rodurimo. .from its s jderable investment on infra - 1 
• . north of giruoture. Negotiations with aj 

■ near toe. border jjmanese consortium broke J 

and has all but -down and the Government is J . 
TO^jodUetiop on a new now seeking other partners. For 
V-dgws recently opened at &e it. is a ^ question oi l 

-.v- T4t sitting and. .waiting . until toe I 

' l5le , -market hicks up;. ... I 

■VE ** «sperienced by 4he ' • .MW ' 

*¥ ewnpanies, toe Govern- • 


The remaining 20 per cent 
can be placed on the local 
market — but toe Government is 
allowing for a higher proportion 
as long as goods are not fn direct 
competition with other locally 
based manufacturers. 1 =7 t . 

A similar scheme of fznlustzy 
Beared to local market needs iar 
being pot . forward tinder are 
other quasi-Government agency; 
the Liberian Development Cor- 
poration, which- is setting up ait 
industrial park. Incentrves therc 


The Liberian ' Government 
' rel ying heavily onYoreign loans, 
is putting in water, electricity, 
drainage and « mMhnniwrfiftwn 
and building & four-lane high- 
way linking Bushrod Island with 
the city. The highway kills two 
birds with one stone, since it is 
also destined to serve for next 
year’s Organisation of African 
States meeting, taking place on 
the same side of town, now con- 
nected to the centre by a per- 
manent end-to-end traffic 
Harbour facilities ore being 
brought op to date and are due 
to be fully cootamerisad by tbe 
time toe first stage of the free 
some is completed ftn 1980. 
Monrovia harixwr, built under 
a SSQul Ufi. investment during 
and «&er the seotmd worid war 
mid enjoying free port status 
since 1956, only operates at pre- 
sent at about half its <apa$*ty. 


siiMUgfci.# tauKfies half toe 

counUry** foreign trade. 

Factory premises are being 
built on toe site for rente!, 
large one comprising four bays, 
to. be used -together or 
separately accoitiang to the gap 
of tire operation, and six lanair^ 
ones with two bays. Companies 
are to be charged for 
reotnl at', the rarte of 51 per 
square metre per year. 

AusouMflg to too authority, 
five c ompani es bam so far 
made fires commaitmeDts to set 
up in tbe dree aaae, 
a $7 An. investment by a UjS. 
co m pa ny to make ohoooiate and 
another by the Btrarifcbaa SwAft- 
Axukkb' meatHpracknng group. 
Enquiries have so far ben 
received from about 100 other 
CorapantaB, and It is hoped to 
receive total investment of 
about 550m. firoax private 



A shantytown near Monrovia provides visual relief from the industrial starknam 
of the Liberia Refinery plant in the background. 


The Government is eager to 
attract investment in pharma- 
ceuticals, electrical goods, farm 
machinery, motor assembly and 
tyres (a- pet project, more 
realistically within reach than 




Liberia’s other pipe-dream of 
an iron, and steel complex). 

Tbe criteria on which invest- 
ment proposals are being judged 
are their value in terms of 
foreign exchange earnings, the 
eslent to which they bring in 
new technology, the input of 
locally-produced raw materials, 
the avoidance of pollution prob- 
lems and, above all, jobs. Com- 
panies are required to hire 
Liberians except in cases where 


there are none qualified to do 
the Job— a criterion which in 
other foreign-run Liberian com- 
panies has been subject to 
differences of interpretation. 

The Liberia Industrial Free 
Zone Authority’s pamphlet, 
aimed at prospective clients, 
features on its front page the 
picture of a helxneted, doe-eyed 
worker, to whom is attributed 
the poignant appeal: " Hire me! 
I am skilled, hard working 


reliable and inexpensive, mad 
there are many like me' In my 
countiy.” 

Labour is Indeed low-paid mod 
plentiful In Monrovia, a city 
which has doubled ra population 
in the last decade and anpr 
probably houses 250,000, a 
of the country’s inhabitants.- ttw 
rate of unemployment is put -at 
over 20 -per cent, of the working 
population. 





«r :SfP 





sills ? 










Congratulations to 






On Ist March, 1978 AIR LIBERIA’S new HS748 came into 
domestic service for the first time. 

BRITISH AEROSPACE congratulate AIR LIBERIA on choosing 
this strong, comfortable and reliable aircraft. 

Wfe wish AIR. LIBERIA and the HS748 a most successful partnership. 


ftOSRaCE ° 

Kingston upon Thames, England. 


1 









- 22 


Fmaccrat -Times Tuesday- M£rcfc ! 7 -1978 


•'Ik* 


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■SI?' 
v. • 

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I’V. 

si- 


ICC 

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JIT 
,mr. 
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V'f 


PARKER INDUSTRIES 


INCORPORATED 


MECHLIN STREET, MONROVIA 
>.0. Box 1638 Phone: 21658/21948 

Factory: 10 Mile Post. Paynesville 


PAINT MANUFACTURERS 

HOUSEHOLD & INDUSTRIAL PAINTS 
EMULSION, ENAMELS. ANTI-CORROSIVES 


CAN MANUFACTURERS 

ALL TYPES OF CANS FOR 
PAINTS, BEVERAGES, JUICES, PRESERVES 
CANDIES, ETC. 


PARKER PLANTATIONS CO. 

FRESH NATURAL CLEAR PALMOIL, 
FRESH NATURAL RED PALMOIL 

In 55 gallon drums, one gallon cans and quarts 

(We alio purchase Fresh pafmnuts on the bun dt 
at our Todec Plantation) 


If you’ve got the 
product 
We’ve got the 
distribution 
METCO 

" MIDDLE EAST TRADING CORPORATION 

P.O. BOX 357, MONROVIA, LIBERIA 

PHONES: 21050-21844-21434 TELEX: METCO 4257 
CABLE: METCO MONROVIA 


LOJVE STAR INSURANCES, INC. 

acting for . 

? ST. PAUL FIRE AND MARINE 
INSURANCE COMPANY 

a member company of 


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WORLDWIDE INSURANCE 

and also acting as agents to brokers at 
Lloyd's of London 

51 Broad Street, P.O. Box 1142, 
Monrovia. Liberia. 

Telex: 4394 STARJNSL-R LI. 


LIBERIA VI 


Growing emphasis 
on agriculture 


FOR THE first time in Liberia's 
130 years of independent exist- 
ence. Government programmes 
and foreign aid benefits are be- 
ginning to make a visible end 
lasting impact on areas of the 
primitive interior.. 

Rural development projects 
and roads — including the farm- 
to-market roads badly needed if 
tribal farmers are ever going to 
have anything to do with the 
money economy — are the two 
biggest spending items in 
Liberia's current national plan. 

Although the Government 
usually overstates its optimism 
about the rate at which Liberia's 
agriculture can be brought up 
to dale and in line with its 
needs, it has invested a lot of 
political capital in its “ mats to 
mattresses ” campaign to im- 
prove living standards in the 
countryside, end is committed 
to carrying it through. 

It is the first Government in 
modern times to give such 
importance to the farm sector, 
which has been dwarfed in 
economic terms by the foreign- 
run mines and which itself has 
had the bulk of its inveslmeut 
concentrated in rubber. 

This change in attitude doubt- 
less owes a good deal to the 
example of the Ivory Coast, 
Liberia's eastern neighbour, 
which has similar natural handi- 



Agriculture and fisheries cold storage plant near Monrovia. 


which will in future indnde 
palm oil and coconutsr-is being 
boosted by a 316m. Government 
spending programme this year. 

Marketing of these products v 
the monopoly of the Liber.- 
Product Marketing Corporate 
(LPMC), a former joint venttr 
with the .Danish East Ask. 
Corporation. The State tv 
■ over full ownership in 1075 * 
has since kept on a manager; 
agreement with the Danes,/- 
in its final year. f 

The value of farm export' 
year leapt from $13.9m. to ' 
because of the rise In ~ 

. coffee prices, which co 
with a bumper crop yea’ 
volume of coffee exp or 
year is expected to ; 

' steady — last year 122,0 
. were exported after a tr 
of 174,000, and thiv 
harvest Is put at 132,i‘ 

— but coffee earnings ; 
.compare with 1977V 
924m. '■ 

This year, Liberia w 
to export palm oil— abc 
tonnes of it— as tL_ 
privately owned processing ’ 
plants come into operation. 
These are run by West African 
Agricultural Corporation, ’ con- 
trolled by Mr. Charles Sherman, 
a respected local businessman 
and political figure, and by 
Libinc, in which Getty Oil has 
an interest A third, smaller 


Sasssssssgggsssssssssssgssssssssssosscgssosca domestic product, and re- 


caps and little mineral wealth which nearly all farmers grow, the rice grown that year in the African governments. At pre- forms going. 

but has nevertheless managed makes up only 5 per cent. clearing. sent Liberia relies mostly on palm oil plant is due to be built 

to achieve a relative degree of Liberia ' s backwardness in Although there are reckoned farm projects — Lofa and Bong ^Monrovia. • v: _ 

prosperity. farming— apart from its more to be 137,000 rice farms in total 24a,000 tonnes harvested _ and swamp rice Two Ivoty Co^t concents 

The Government is also dvna im C export activities— Liberia — out of a total of in 1976. The Government wants con ductm 8 studies on palm 

having to come to grips with ctemT^from T Combination of 152.000 agricultural households to encourage rice-farming in- oil projects under a technical 

the fact that when the comraer- natural aS social falters and —they do not produce enough stead in lowland swamps, where 18 JJ cooperation agreement with the 

cial iron ore runs out. as it may Ead GovemnlnL surplus to feed people in the labour can be put to greater the L^nan Govemme« Liber ians, ^ lp MC ig de- 

do in 30 years, it will have to T ... , , T towns. The gap in supply has effect, leaving the higher land “J r f^£? WiQ f ^doping 22,500 acres for oil 

rely on its farms and forest ra, H s in Ltoena froi n May majnl with ^ rapid £or tree crops and thus prevent- USAID and the Worid Bank. A palms in Sinoe, Grand Gedeh 

resenes. lo Oct0 ^ er - ^ ram . growth of Monrovia and the ing soil erosion. third project in Nimba is due and Maryland counties. 

Farm schemes, like everyth ing and erodes * e 501 . movement of labour from the But farm workers, afraid of t0 5131,1 1 * ter - vear A -further 20,000 acres- in 

else in Liberia. are heavily ? The lack traditional subsistence farming catching bifharm in the West Ger ™ an Snanofl WO«, coastal regions are being dedi- 

reliant on foreign assistance. “ ain *" a ° C * d ® C “ L t of the sector on to the rubber planta- swampland, in the case of the and K & mned m <**>?**’ ° f which 

UN agencies are active in of r f ans ?°C M in " ..Cranir- and tions from the 1930s onwards. mpn UTra; ttimcd to this kind of Grand Gedeh. Liberia does not at present have 

experimental centres, in an country is the j - . raJ The shortfall was for some ^ rI , ^ sU>w t0 adapt ^ ^ But while a tot of effort is 511 exportable surplus. Other 

effort to identify and overcome the cou ‘ years disguised by supplies of ^ jn ^ ntrimp going into these plans, aimed areas J r 11 difEer ^“. t 

the bottlenecks which have held P robIems ' .. U.S: rice at cheap rates. The n TJ ^ of upland riSTe Sieving comiiSfor sub- S*®** developed 

the rural sector back — including Disease is rampant in the f Liberia since its va rieD6S oi upiana nee are f ~~ . ■ hi for coffee and cocoa, Liberia s 

all lie aspects of poor ednea® interior-chiefl, malaria bU- SLf SS ISSS, U M to IT ^ 

tion, health services, transport harzia, leprosy. elepbantia.L, became dependent on this . - , . - P 5 j ^ crops- These, like the .oil 

and so on. Liberia is one of tuberculosis and hookworm rice h a d^c instance of how 04 mcWasmg P™ducttvrty. • domm^ the T^r pal ^ projects, -wU take four 

half a dozen developing coun- Sleeping sickness in cattle of ^ can interfere « . a v ? r fiv ? years at „ leas ^ t0 .come 

tries where the UN is concern makes livestock farming pre- with # country - s development PrOjeCtS S t0 their . t T L By tK then * l£ *5 

trating on this kind of experi- carious. The UN Food and Agriculture these projects go through and 

menu New uroiects face endemic Organisation is promoting Some 1,500 swamp nee farms am»Jer 50.000 acre farm is Liberia begins to organise 

, # labour problems. A UN expert swamp rice development, and have been set up, and the Gov- pending at Lavaila in the east, rationally its immense forest. r* - 

UetiriPnriPS said he found “a lack of incen- new techniques are being tried eminent has been clearing land Liberia's farm export sector— Sp]®®' ® !«¥ r ? Ber u ***-+? - 

tive and awareness" among ou t j n Liberia by the West for rice-growing co-operation, which, apart from rubber, lts . ,, w * ier ® t “ B ■ 

Like other West African rural families, tied to the African Rice Development Asso- By 1980, the Agriculture Minds- means basically coffee, cocoa P 0 ? 111 ®* 1011 op tne land, 
countries, Liberia, although an narrow base of their long- ciation, jointly financed by West try hopes to have 3,000 of these and palm kernel products, but D.W. • 

agricultural exporter, faces isolated villages and to a tradi- " 

serious deficiencies in fond tional African system of rotation • • — 

supplies, especially rice, which farming, or “bush fallowing” • 

is and always has been the main Every year a family clears 
diet Annual rice imports were new land for rice, 'leaving the 
cut back from around 50,000 patch for seven to 12 years 
tonnes a year to 30.000. but last before using it again. This 
year the local crop dropped, rice means that for every acre being 
fields in the north were wiped used for crops, about nine nr 
out by flooding and imports ten are lying fallow at any one 
went back up again, with unoffi- time. This system works more 
cial estimates ranging upwards or less as long" as there is enough 
of 45,000 tonnes. land, but when the population 

The Government is pressing Increases the fallow land is 
an apparently far-fetched aim often re-used after three or four 
for self-sufficiency in rice by the years and the soil is over-used 
end of the decade. “Wanting: and robbed of its nutrients. The 
It's no joke! No imported rice clearing process is also ex- 
after 1980 " is confidently pm- treniely wasteful, both in labour 
claimed on a hoarding outside and timber, 
the Ministry of Agriculture. But In January or February, when 
foreign experts believe Liberia, a family *ets about '* making a 
with its growing population and farm " on u plot of three acres 
continuing migration from the or so, the men clear the forest 

countryside, wili stil] be- import- wiih cutlasses and axes for the LIBERIA HAS come a long way grounds and a sports centre as During 1976 Uberia exported Liberian-owned holdings, the 
ing its main staple another women to till the ground for since it was described disparag well as 9.2m. rubber trees. nearly 62 }m. lb of latex and biggest is Mesurado with 5,000 
decade further on. towing. ingly as the "Firestone Repub- There has always been a almost 100m. Ib of rubber crepe, acres. - 

About 70 per cent of Liber- The Umber i* burnt. It has j lc " back in the 1930s. At trial curious love-hate relationship which together were worth Th#1 rpiVrt i«tinnarv Ai*m * * 
Ians live on the land, but irad:- been e*ti mated that 50.000 acres time the Firestone Rubber Cum- betw een tbe major concession- 953m. The U.S. ■ remains the mast few has k*wTth 

tional Farm activities make up < f forest i « destroyed annually par y s plantation was by far the aires and the people of Liberia. Liberia’s biggest customer, rai)i [| ? 

only 14 per cent of gros? in this way. -.casting timber that biggest— if not the sole— They are accepted as an indis- taking 85 per cent of export nf y T 

■ Mhimo hut we tw, u Liioenan tanners of rubber 


Rubber plays a 
major role 



LIBERIAN TREE 
CROP DEVELOPMENT 
PROGRAMME 


ice, is infinitely mo re valuable than jn du?try in the country and pensable part of tbe economy volume, but the EEC has be- trees • Thw numhpr 

— v could exert considerable finan- but at the same time it is well CMn e an increasingly important 4 ™ Va rvfne Fmm 

Sl cial pressure on the Govern- known that they could contri- market and takes most of the viii-™, 
ment. bute more to Government rest The principal importers Z t S a w££$l 

Since then the manufacturing revenues than they are. More- ®J n ]2 pe ^ France, Italy j ncome> • A 

ba 5 p in Liberia has widened and over, conditions for workers at “ a West Germany. „ . . _ ... . -Jr . 

other raw materials have taken Harbel are not as goad as the Because of the large numbers *5? 

the place of rubber as the pri- Government might like in an employed in the industry, and "f * a Ff ?5_ e P9 te l<c y. 

mary export. But rubber is still ideal world. the growing share of the farm- five 

a vital part of the economy. But Firestone has at least ipg earned out by the Liberians ° ' v4 “ Ie . the 

Over half the wage-earning Muck with Liberia through good themselves, a large proportion -/fX? £ yieIds 

pi.pulaiinn (42.000) is employed and bad. The fluctuating price *> f 11,6 revenue from rubber ie i.?S “5*’ toe 

in what is still a labour-inten- of natural rubber since 1972 accrues tn the Government— as ™ iv ra ^ er L I f . UCKy tQ gct 

sive industry and since the made it look at one stage as “•ueb as 40 to 45 per cenL 

Government renegotiated the though It would no longer be -j-y • 

concession agreement with Fire- a profitable material to extract H01IS1I1P 

Mime, a considerable part of But the rapid rise in oil prices w . 

Government revenues 
comes from rubber. 


MONROVIA 


9 Project Areas 
El Project Areas 

with cuttings and 
seed multiplication 
centres. 

Total acreage to be 
developed by 1 982 
(a) Cocoa: 7,346 (b) Coffee: 4,346. 


The Liberian Cocoa 
and Coffee Corp. 
(L.C.C.C.) 

P.O. Box 359 

Monrovia 

Liberia 


700 1 b. The big. farms '.are .con- 
stantly improving the' strain bv 
developing new varieties of 
budded stumps and ' regularly 

now changed all that, with the price Firestone alone employs re P ,aciD E old or diseased trees, 
of synthetic rubber snaring and J 12 * 000 worker s and supports a Moreover, until recently- the 


Plantations 


natural rubber prices being * otaJ P°P ulati °o on both estates concessions -were the only units 

pushed higher than at anytime °- f 58 ' 00 ?'„ T ? e town 31 Wlth th « processing . capacity ■ 

since the Korean war boom. °* H ,^ bel looks like a t0 handl e the rubber 

Once you pass the giant in 1976 the volume holiday cajnp with its and Firestone could effectively 

hoarding announcing “The big- exported rubber declined by ^rick built huts for tappers and the price at \viuch; -the'. i%w r ' • 
geM rubber plantation in the about 10 per cent, but at the ^ fl f8 er P re- f a bricated bunga- latex, was sold. The government . 
world" you pass into anulher jjanie time the unit value of for the staff. has still not managed to set a 

world, another Liberia. Only 25 exports went up by 27 per cent 7 - gia fJ Firestone estate is standard grade forr.XEberian .. 

miles from the sprawling capi- reflecting the increase in world ISl 0 , 4 ? dlvi ® ion ^ at Harbel. rubber and so Firestone remains . 

tal. Monruvia. and only minutes demand Opposing volume and wth ?° tate * stations the major force, 

i rum the new terminal at price movements resulted in an f pread a ™ ind - Tappers work Firestone, processed .44m. lb 
Robcruficld Iniernational Air- increase in export receipts of £ rorn ® arl 3 F i until th^ of rubber for local producers 

oar;. the Firestone conces- 5 per enL Sh oaSm hWe WSfO* 200 £*** and las * year. It was a volume like v' 

:ion ar Harbel. mem revenues a considerobfe ^ P ^ ld ^‘ 5 V day ' T* e ? have «hieh persuaded... the . 

— m s -- SHSSSP ^ 


of the 


J l ™ ve « TG - UU0 , acres Tht r " d . uce J vo \ jm * of sal« ' The mbl^7“‘ tod^sti?“' in SSe mLujS nTbber-^ -i v 

Gavalia Mr example, is was largely due in a massive Liberia is dominated by six com- pany Kumpulin GntlSSuSer - 

1 - -j-.il acres. Nonetheles-s. once replaniing programme started panies . which account for two a management agreement, Kiiin- 

yi‘ii enter cither of them, as by Firestone. Firestone is thirds of production. As well as milaw nrnvirfari. =•' m^i -- 



of road, 
centres. 


a hospital, health rate of 3.000 acres a year with and the Dutch group SRC each 


recently been. negotiated^ 


schools, playing improved budded stumps. 


with 5,000 acres. Among the 


.KEW,» 


V irv \ 0 \ m 


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LIBERIA VH 





THE LIBERIAN PALM 
PRODUCTS CORPORATNM 

P.O. Box 3675, Monrovia, Liberia 
Tel: 22221 

Cable: LIBPALM MONROVIA 




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teas*. / v ..- : .4. 

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r ' »Cu£T " '■ >. »- • . , - 5 .* ■ •*■ • . ■*•*•'. > , ^'. i ' -\ .' ■ ■ ■ * 

, rewnaes. T5rt at ttisan^; tline a ronght idea. The total num- 

£ e - CQUlftT y cannot. affbSd -to ber of foreigners was relatively. 
' on t *® ®ist_floor frighten off the entrepreneurs small (4,575) and represented 

‘Wr^ ™~2ssj!i2 auSr - ?•-■*■ 

' SssSsES® 

■SbLr Sd^hoVesSe ^rSd^S 

" ° f ° Q ^ rS * ' - . . U-S.^domg the skilled jd» and vices. In' retail and wholesale, 

a tidal wave of workent fa the 55 per cent of the woricW 
••SJS: stnot “5 lrt * kw become unskilled or semiskilled- -see- was non-Liberian, most of them 
; , «able. an: to» . who have, swamped -the being Lebanese with shops of 

( Wressive political atmosphere labour, market Thai .voatsr why their own. Services, both busi- 
•:• 5r a th ^ retotiye prosperity of Liberia. bad. to .institute albeit ness and personal, had a 68 per 
Monrovia has attracted- peopJerelnctantly, some' form cjf izpnu- cent foreign workforce. 

.£?“ dl OTljr. .Africa : Tind . Hie gratimrcoatrot ■ ‘ • /' ■'■* ^ : fYl - - - 

‘'SGdSTe East- who have- thrown ■-•£: -• . ;■ was mor ®» ®B non- 

-ffieWelvdTwifti ’vigomr ifito^the Pillcp ’ ^Jenan * the service sector 

ebttomic life of their' adopted • ™v • - ' i-, 5!? ?-„l ve ”| e ta *?® 0 - sev ® n 

"tthantries. .' . A government report >caUed ^ raes higher than a Liberian in 

' '■* it K a font Of iffnnmM.'. life indicative Manpower Plan 1972- “ e same business. The same 
ft » your £££?*££! 1982 put Itetager dn™pLe *■> visible in the vital 

•probably be iSS vS of ^e. problem: “Asa resfitS ***■• .Although only 

• i 'driver tLmtSES'LJtSZ ■ the narrow manpower base and ' 1 : 100 J non-Liberians were em- 

■ -SS.S 1 -an • imbalanced ^dicadoh '5S-: ^ l07ed out of « total workforce . 

the average expatri- 

* -dh expehsjv^-mahpow^-' imp&ts ate had far. more responsibility , 
^^tto ^mrihrteTS eSSfc wtoh^as refle«ed in his aver- 

• r S™ .. - anyaqy difficult grewtH* . .«.• age eatnmgs whidi were three 

'ffir • Prtbte?a The -^enDoor- investment ^h^er. 

" "•About the onlv mnnortnlv 1 * 11 ^ durin S the l960s.tfrought - P» e ^ ^ of striate 
left to Liberians Is poverty^ economic and industrial growth' labourjha? encouraged major 
-Sdadis^SSS voWgSSi- which outstripped the re- concessionsVike. Lamco J. V., 
mint eSreT ^ °. f trained Jmanpower the mmmg cUpany,. to start its 

•IJManiw^ttat* a Tn SSSi'te ' ***&. Liberia cou& offer or oto.. paining-, programme in j 
Wj^Wp^arnTto train... The present overnment order to. train its own engineers 1 

Snl foMiTSi ^ * now-faced Wit? the problem and-uldUea production woricers. i 

bnimng bcQIUM and |Mxt «n of filling the mri£ower>acunm “ Ubwtantoatloii - is a key < 
“ ieftbyttat growfi. word in Government circle 


occurred between 1962 and 1972 
and which is continuing. The 
rural population de cline d from 
80 to 70 per cent... of the popu- 
lation in that decade while the 
potential workforce grew from 
under 400,000 tO“ around 
580,000. The numbers conning 
'onto the lob market-' have con- 
tinued to grow rapidly, reflect- 
ing the youth of the . population 
—a 1971 'census showed that tiaW 
the population was under 19. 

The future hinges on the 
educational programme. At. 
present .there is widespread 
illiteracy and a report published 
in 1974 showed that 79 per cent 
of all people over ten years old 
had never completed the first 
grade. In rural areas the figure 
was as high as 84 per cent. 


mi u ib iiui pa SSI Die 10 gei an iu meir muerian 

as that. Liberia’s most crdcial exact picture of how much out- workforce, 
need is for trained personnel side labour is employed in each The task of flnd^Ti^ employ- 
to replace the expensive ex- industry. But a survey taken in meat tor all has beau made no 
patriate labour which drains a 1973-0f 96 of the largest com- easier, by the dramatic ***<** in 
sizeable portion of the coilntfy’s panics in the country does give popbiaiiion. .* ddasrihution which 


Education 

Technical .education has. been 
made a priority by the Ministry 
of Education bat education 
spending in .1975 still only 
represented 4 per cent of GNP 
mid the education budget was 
up 16 per cent in 1976 bnt 
was still only $li.90m. Hiat 
figure is a distortion 

because many of the schools are 
run by odtside - institutions, 
especiaMy the churches. 

No one accepts the need for 
more spending on education 
faster than Dr. Advertus A 
Hoff, the Minister of Education. 
“It is a very small cake we 
have here and it is fliffiwiVt to 
taw where to cut it. But 
with respect to the need for an 
increase in spending — nobody 


recognises 4t more tiian tisose 
of us in- education,” he said. 

USAID and the EEC are 
among those providing funds 
for educational programmes but 
there is a crying need for more 
trained teachers. in theory, 
elementary ' school teachers 
should haw completed 12 years 
of education. In fact, the 1972 
figures’ show that only half of 
them had themselves completed 
High SWinnl, 

In theory, school attendance 
is compulsory. In practice, the 
1972 figures show flwt only 37 
per cent of tiie population 
between tix arid 16 had enrolled 
in school and the actual school 
attendance was much lower. 
The immediate need, says the 
Government is for more money 
which it hasn't got. 

. , M.W. 


SCANSHIP (LIBERIA) INC. 

HEAD OFFICE: BUSHROD ISLAND, P.O. BOX 209, MONROVIA 

^ACTIVITIES: SHIPPING AGENTS, CLEARING AND 

FORWARDING, AIR-FREIGHT, OIL EXPLORATION 
AGENTS, WAREHOUSING, IATA CARGO AGENTS 


BRANCHES:-! 

LOWER BUCHANAN 
GREENVILLE SINOE 
HARPER CAPE PALMAS 


TELEPHONE: 22832/21646 
(AIR-FREIGHT) 22133/21426 
TELEX Nos. 4281/4344 
CABLE: SCANSHIP 


NATIONAL BANK OF LIBERIA 


HROUGH0UT THE loi% dry cpnstiuctfcn (RXU&). But a expend fteir internar . road ing 20 per cent are texts. Taxis 
casop^r -there, w ample advance sizeable amount <SZ2.4m.) has systems: - - - ZS 

vamj^ig of road works, ahead, been allotted, to maintenance By 1974. the road network had r ™“® Df 

>e heavy machinery throws up and the balance (S&2m.) for donhted * n tran^iort within Monrovia (pro- 


i Ji «Si « i t I ne- major schemes contained me • covered roads. Secondary r™ “ lt=w oaKr P dui 

^ Plan are the construction, roads had been made- a priority oontribate considerably to 

Of the in order to open, up the Interior city's traffic congestion. 
TotoU-Ganta road: the Monrovia and ot the total mileage built . i 

• ^cpaud streets and . - drainage pro- during -that decade, 1,400 *oads carry an 

the. present toad gramme: and the construction were secondary roads. .estimated 26,000 vehicles pear 

SE7°«' : ~-:i ... . of .60 miles .and the improve- . None the ioee Tihoria’a -mad liay constiuoeum . • wftbfn 

. TJie government, is the first to meat of 310 miles of roads in ■* fi TOa - Monrovia is therefore vitaliv 

t^rnit. that the ' present ; pitted Upper- Lofa in the north of ^'i^L 1 ' 000 . I L op ^ latIo - n 15 i^S. Gne^f ST hlS 
ahws.afe in u&ent need of th£co*htry. ' ordy haUwhat might be expeo 

KerifiOn., It is "not simply a :.' Local contractors are belne ted wi ^ n I 1 *> cwnpared with its . J a 

u4stion u of comfort. More and offered the chance to build of nei 8 llbo nr. Sierra Leone, Sierra Sjjjj G . ^ Jolmson Street 
■ gtteT vtwds meafir^^eater. part iin p rovc m af ^a Ced Leone Tm Similar physical con- ^ ^ 016 

^ the Intenoropesed up and a roads and 300 miles of laterlte ditions, settlement patterns and “S’®® 1 ” 1 “L 1 ^ DnTC . 

' nl?' 11 ??' roads ip NUnba County- _ But per. capita income yet it has ’H* 6 Tubman 

immunity brought into j the most of the other major pro- morethan twice the road density bri< t8e will also help to Fdaemi 

w/^^nsitlee per ^ttousaad “I? 0 ?-. V boun GiiInea «>d Ivor? Oust lasage ea^er between the main 

nSiato*ofwy?Siit^o tte A = ' - dty and the port area. 

ST TTM^ rVbiic woS Aggravation tte 

mtorffie po^atlon^wtjrtsm f MPW) has considered .the pos- • poor quality of Liberia's roads. 

^W^ure. away man uroan sjbHity of a railway but rejected What aggravates the problem tms been overcome gradnalfly 
. W£V»c^* r. - it because of the. low popala- for. Liberia is that much of the since the establishment of a 

tion density of much of the g ri s t ing network is in -poor con- maintenance . programme -to 


ifvfliy > . toteiwr. .There Is Iso an in- dition. There are two principal 1973- The problem was, that 

? J,:~ 252 £&J£S*JV da,Iy 1his; the first of while fihe road network was 

uy h ?nd° back. 0 ^ ^ ^ CWm " that the design stand- an«ng so eonapicnoiiriy 

'god c«Rside»ble out- For most people the only way roa< ^. l£ 1 ^^ ow ^SL?^ 19603 ^ re was no 

.detalp has wane from such of getting about remains- by road. volume of- traffic.. comprehensive mamimaace pro- 

gaolsations as the U.S. Bureau .In the dtv it is simple either to OhB look at Monrovia, its gramme initiated. 

. Public UnHcis anif USAID: In take a taxi at 30 cents fixed once roads choked with uetrol fumes. lAnn, 


a»ooSlT?«iis was 29 'per cent low. but even so- the present ^ ^ ; Although vehicle au^t - 

. .ww'on the year before because network is largely incapable of registration figures are not 

. WWwr of major projects had bandltag the current volume of ' reliawTIhe Sehide cm^teto tbe re- 

m completed.. . traffic. - . ■ get^Mw fSm «<Sn hai ^ ato “ of all the paved, 

.'WMAw- longitetm programme Most ; of- the roads have been *2°.“' roads by 1977. That aim proved 

more, amMiious than .any- bnilt since 3M0, By toe mid-196(fe rather too ambitious and there 


more, ambitious, than .any* .built since 1950,. By toe mid- 1980 s IP J~7® - wan 23,000 0y ‘f Ti rather too ambitious and there 

seen so far. TChi National there were 2,300 miles of road Car sales figures prove that since - mma^o a w ot-vurk ikfSL 

Konpmic Dwelopinent of which, about 200 miles were then^toe growth has continued there fe^mle 

bpbnshed 'tn 1978 covera revered with tarmat During the to-, be ax- spectacular,. ' 

fir year period UP to lB8a next five years the increased About # dm- cent at the T®? 1 if it is 

fc^TO'lSBa*- too - plan 'public road-bbildiiiB proarahune ^ donds of dust 

■* of coincided wfth a blg effon on rt “ haosmg “»aieair.- 

?oa rw£^ OF this, the the part oF the -concessions «*>' anofib ^ ? ^ “P 1 - - • 

Expenditure would be on (mahvly ntober and iron ore) to private, oar aud toe resoamt .. M-W. 


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social change 


THE BARRIERS between the 
traditional elite of Liberian 
society, the families which go 
back to resettled UJS. slaves, and 
the remaining 97 per cent of 
the population, are slowly 
becoming overgrown and broken 
in places, like the woodwork on 
Monrovia’s old planter-style 
frame houses. But like the 
frame houses they are well 
built. 

The 45,000 or so descendants 
of Liberia’s 19th-century 
“Pioneers’ 9 are no longer the 
sole claimants to influence and 
wealth, as they were certainly 
up to 20 years ago. The name 
“ Americo-Liberian ” is out of 
favour and it is not always 
possible to determine who is or 
who is not of that category or 
who is descended from whom. 
A new class of educated young 
Liberians, impatient with the 
country’s fustier traditions, is 
moving back from foreign 
university campuses into 
important positions in govern- 
ment 

But to trace the impact of 
social change in Liberia is like 
watching the hour-hand move on 
a grandfather dock. The ethos 
of a planter society— -albeit of 
black colonised by black — 
remains, and its symbols are aU 
around. The Grand Seal of 
Liberia, which overhangs the 
entrance of the President’s 
Executive Mansion, shows a 
square-rigged ship lying in a 
bay, the- sun on the horizon, nn 
the shore a palm tree, a spade 
and wheelbarrow, and under- 
neath the device: “The love of 
liberty brought us here.” 


the Government, has reduced 
the pioneer families’ control of 
university places, of which they 
now only fill a quarter. a . 

If these changes seem slight, 
they should be set against the 
background of the utter back- 
wardness in which almost all 
the Liberian interior has been 
left Though the coastal tribes 
such as the Bassa and Kru have 
had some access to wage-earning 
jobs, interior tribes like -the 
Kpelle and Gio, who far out- 
number the Americo-Liberians, 
are cut off economical educa- 
tionally and socially. A traveller 
in Liberia, which is about as 
big as Ireland with half the 
population, would need to swot 
up at least ten languages in 
order to be sure. of being under- 1 
stood everywhere. 


done in a recent book which 
describes Tubman as a “bene- 
volent but autocratic political 
mastodon,”- but Tubman, in the 
form of a statute , in full craft 
regalia, still guards the entrance 
to the monolothic Lodge 
building. 

If there is one man who 
makes and breaks politicians in 
Liberia it is Mr. McKinley 
EeShields, otherwise known as 
“uncle Mac,” former Postmaster 
General and Secretary-General 
of the True Whig Party, for 
years the Grand Master of the 
Grand Orient Lodge. 

A former cabinet minister 
described the elements of power 
in Liberia , in these terms: “It’s 
got nothing at all to do with 


the masses, and a lot to do with 
the dub. The basis of it is the * 
Craft The Craft is where The 
dub begins.” 


What is changing, gradually, 
is who can join the dub. As 
tribal people have taken' on 
English names and as illegiti- 
mate children of tribal mothers 
by Americo-Liberian fathers are 
recognised and allowed into the 
.inner circle, the definition, of 
the elite has become fudge#, 
and it will become increasingly 
so. Instead, elements of a neV 
class structure are beginning to 
take over, a more familiar one, 
between have and have-not, 
town and country. 

d.w. 


Hierarchy 


Some of the characteristics of 
the small tribal groups have 
rubbed off on the settler 
families, which have not . only 
over the yean organised them- 
selves into a hierarchy of eco- 
nomic, sodkl and political in- 
fluence but have also built up 
their version of the tribal secret 
societies, based around the 
Masonic lodges. 


FINANCIAL TIMES 


Values 


The “we” are the free slaves 
who arrived from the U-S. and 
Barbados after 2820, just as the 
Pilgrim Fathers had arrived in 
the U.S. in search of political 
freedom two centuries before 
and with much the same values. 


Only recently, with officially 
promoted campaigns for integra- 
tion, have people seriously 
questioned whether their Con- 
stitution, which dates back to 
1847, should continue to say, 
“ We the people of the Republic 
of Liberia, originally the inhabi- 
tants of the United States of 
North America . . .” or whether 
a public holiday should con- 
tinue to be held to commemorate 
Matilda Newport, who, the story 
goes, secured victory by the 
settlers over hostile natives in 
Monrovia when she touched off 
a cannon with a lighted coal 
from her pipe. 

Attempts to integrate 
Liberia's tribal society began 
under President Tubman during 
the war. Tubman’s Unification, 
policy meant votes for everyone 
who could pay his hut tax and 
an end to “hinterland jurisdic- 
tion,” which had meant that 
everything more than 40 miles 
from the coast was run from 
Monrovia as a kind of aboriginal 
reserve. 


President -Tolbert has made 
a far more concerted effort to 
break down the fences, travel- 
ling extensively in the interior, 
which is something none nf his 
predecessors ever did, and 
taking state ceremonies o ut of 
Monrovia and into country 
towns. 

Several Liberians of tribal 
origin have been given senior 
government posts. His vice- 
president, Bishop Warner, is 
only the second non-Americo- 
Liberlan to hold the post and 
the -first in 5Q years. The Uni- 
versity of Liberia, traditionally 
kept under a tight rein, has for 
the first time a tribal-origin 
President, The maintenance of 
low college fees, half funded by 


The ruling class, including 
tribal newcomers, is Christian, 
in a country where Christians 
are probably outnumbered by 
Muslims and certainly by 
followers of spirit-cults. * The 
Christian Church claims about 
15 per cent of the population, 
split among some SO different 
denominations, and its influence 
is growing. 

Business interests remain in 
the hands either of the elitist 
families or of ubiquitous 
Lebanese and Syrians although 
tribal members have penetrated 
into official posts. The roll (all 
of influential names is basically 
the same, in business, govern- 
ment and the Lodges — Tubman, 
Tolbert, - De Shi elds, Cooper, 
Henries, Pierre, Greene, Good- 
ridge^ Greaves, Richards, 
Phillips, Duncan, Dennis, Weeks 
and perhaps a couple more. 

The hierarchy of power runs 
largely parallel to that of the 
Grand Orient Lodge, the 
Masonic headquarters which 
stands guard qn Monrovia’s 
highest hill, despite the recent 
defection of some younger 
members. Some see the- role of 
the Masonic movement as 
declining as the barriers to 
entry into the inner circle go 
down, so the Lodge becomes less 
significant. . . Originally, the 
movement was only - open to 
mulattoes, an extension of the 
power structure set up after the 
American Colonisation Society 
carried out its resettling experi- 
ment. Then, as the blade' 
descendants of slaves asserted 
their power through the True 
Whig Party, so they became in- 
tegrated into the Lodge. In the 
past couple of decades, there 
has been some limited tribal 
entry into the craft 

At the same time, it is no 
longer indispensable to be a 
member in order to hold down a 
'job. Dr. Blamo, the university 
President, for instance, is a 
non-Mason and a Catholic. 


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MIS 


Influence 


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But tiie influence the Lodge 
holds in Liberia, and its finan- 
cial muscle — estimated at 
several million dollars a year in 
contributions -and special levies 
—are awe-inspiring. The Tub- 
man era, when , the legislature 
was packed with the President’s 
cronies, can these days be 
openly criticised, as a Kru 
writer, ' Mr. Tuan Wreh, has 


THE FINANCIAL TIMES REG. OFFICE: : ^ 
BRACKEN HOUSE \ 

10 'CANNON STREET LONDON EC4P 4B*^ 
REGISTERED -IN - ENGLAND NUMBER 




FfirancTal Times Tuesday March 7 1975 


fi-.. ~. 



Or 







25 


SOCHZTY TO-DAY 





Iwe 3® tiwaa ***««> if deserves 
L ««*e«u election. The gratiflatians 


the 



coa- 

geaeoniTia * MC «™w«wms fbr arranging a 

will faSnu? e «« d ***** assempn surcession of pcdteaes of wage 
first Jet It iJ? restraint; that it did so with a 

& *_ ®*^diasised:11act mixture of gni?p h wHy iti g ar .d 

fe no * same thing a certain tSe 


ppstin- n.i*rum comHapi icr. tt 

“®¥ tt . e Conservatives meaning of words (“voluntary 
SSS 1 • *»-.jnn. . Thn Tory income? policy) ds to SSy 

D a ^ fi SJiS2?S y ii 9 ® ral: peopte ^dte for^rablfi. 
tbu«h ^.- p ^®f ents . as a the rate of Increase in public 
of Its e 3ir? Q hen -? e -tfWEj* speildir ^ was dewed down and 
weak fS^IfiSL F* PolitjcaBy for a while, reversed;, the quiet 

Sne dSSSSZlSft' 5 2?'- «swnption of aome of the old 

d S2Sr ta ?l *nd Trans- attitudes in recent mon&s has 
SWa . -itself • into, purring bar^y been noticed 
pn$fiy-caj when the affected-sub- - ■ • * - - ■ 

is . strong (as ' with Hr. 

Prior’s approach: to : the' trade ■ 
qflions)'- . 'I • -■-■ 

j^ut this • Conservative defect ^Some people m^j aA what all 
been analysed fairly folly ^ ». • about After aH, 
W- theses columns. The flaw In if® 001, .pnmding the 

Kabour is not so much a ma tter ® nt L &>VeriHaen t that most 
*£? • moral :* attitudes — * they democrats. as opposed to 

J^ibly have, a shade too many ®aahsfc> say tfiey want. If any- 
« ‘ them— aa stagnation of w 1 ®** is a'tourii too; conser- 
mought.' They have bedn ih gwhone social d«mo- 

flfKce for four years whoargued, during 

fpe index of industrial prpdnc- half of.' the Heath 
*5»u- stand* about where it did adnjjnistraticm. that the Tories 
dwng the-- period of - the were £°o bard nosed- then— and 
tenters* strike and the throeday ar S ued again, during fite full 
week that saw Hr Heath - out flusb of ft*® last \ySson adminls- 
d^office. Tbe world reoe^ibn. tration. that Labour was leaning 
that was set off by the quin- 100 Left-can surely have 
rupling of the price of oil at ta comj^ain.- of now. 

the end of 1973 is not a Sur ^ «t wiB. be said, we are 
strificierrt— esettse- for- suefe— JUUfNL ©Ptlk^Wfi.hififcwiy. 
abysmal performance; the truth ft* 8 * ^ country really. prefers? 
is that the Government may The answer is that we may 
have prevented the country be pursuing a path of that 
from failing .apart (as some kind, but- that even if- the 
feared in 1973 to 1376 that if opinion polls begin to show, as 
might), but that is the the election .- draws near, that 
sum total of its achievement - large numbers -of people feel 

more comfortable that way, the 
country needs something better. 

That is the essence of the 
It is worth remembering this problem. The rather ,'- more 
because for some monthsnuw familiar criticism, that -labour 
the Labour administration has is conservative now because the 
been on the verge of- winning liberals and the IHPhave made 
popular approval. It has, after it so may be tree, but it does 
alt. brought the rate of infla- not get to the roots. The Con- 
tion down. To those who. are servative cry, that- after 

- nut concerned about constitu- Callaghan there may ■ be a 


Labour Left Prime Minister 
who will turn Britain socialist 
forever could turn out to be 
prophetic; but It is just a guess 
by an interested party,' and, 
again, it does not get to the 
heart of the matter. 

What is really wrong is that 
the Labour Party, which Sir 
Harold Wilson characterised, as 
the natural governing party, has 
failed to provide the ideas and 
dynamism necessary to rescue 
our economy and revitalise our 
society- It has long been evident' 
that Britain needs a revolution 
before it-can be put light again 
but this supposedly radical 
parly is no nearer to the true, 
revolution that 4s required than, 
the liberal Party is to power. 

For example, it Is plain that 
whatever the merits of the 

nationalisation of particular in- 
dustries may be, .the classic form 
of public ownership is now out 
of date, a proven disaster. A 
reforming Labour Government 
(never mind about revolution) 
might try a hostiof experiments 
—extension of the BJ>. model, a 
mechanism for protecting the 
boards from Ministerial or Civil 
Service interference, a break- 
down- of loss-making groups 
(Steel, Railways, British Ley- 
land)- into, smaller, -completely - 
separate units. In fact it has 
half-toyed with some of these 
possibilities, most recently at 
Leyland. ■ - • 



Hr. C a llagh a n plants a tree and wins popular approval 'But 

stagnation of thought** 


Secrecy 


Successes 


Again, a truly enlightened 
Labour administration might be 
expected to extend the area of 
freedom of information. Of all 
the Ministers in the present 
Government Hr. Anthony 
Wedgwood Benn stands out as 
the one who has done most to 
foster public debate about 
important issues, both through 
the party mechanism and ■ his 


own Ministry. For the rest, the 
lead given from Downing Street 
seems to- indicate-a -predilection 
for Government secrecy that is 
positively anachronistic — whe- 
ther it be on the nuclear power 
debate, the Crown Agents, • or 
plans for British SteeL 
It would perhaps be too much 
to expect ‘a ' party whose 
ideology is founded on a belief 
in the benevolence of the State 
to do much to diminish the 
bureaucracy, but here again, the 
least that could be expected is 
an attempt to make civil ser- 
vants more accountable to both 
Parliament and the public. Mr. 
Callaghan has in fact done some- 
thing to trim their numbers, but 
one of the urgent needs of the 


day— to overthrow the CivH 
Service — has apparently not 
even been considered. 

Hold on there a minute, some 
might say— do I really mean 
“ revolution " and “ overthrow 
the Civil Service ? ” The answer 
is “ yes.** Taking people to the 
guillotine is out of date and 
terribly messy; one is naturally 
not advocating anything of that 
kind. But the only way to free 
this country from the stultify- 
ing effect of administration by 
a civil service whose prime con- 
sideration often seems to be the 
preservation of its own cosseted 
skin is the kind of harsh action 
that leaves some civil servants 
worse off — with less power, or 
less income, or no -government 


Terry Ktrt 

the flaw is Labour is - . 


lob at all. Our Labour Govern- 
ment tribune of the people, has 
shrunk from this necessary task 
— or, to be more accurate, it has 
seen no harm in extending and 
protecting the power of the 
bureaucracy over both • indi- 
viduals and groups in our 
society. • • 

Thus officials tell companies 
how much they can pay their 
staff (if the company is not too 
large or important to some 
other official). Tax inspectors 
are given greater powers. The 
self-employed are regimented. 
At the very top the ability of 
Ministers to outmanoeuvre their 
departments is visibly decreas- 
ing. And the Labour Govern- 
ment does not appear to bave 


a single thought about how to 
reverse this trend. 

It is true that in the area of 
social policy the Gove rnmen t 
has turned away from madness 
■ — but towards what? Economic 
circumstance has obliged it to 
stop building council bouses at 
■a pace that would bave guaran- 
teed unusable surpluses before 
1980; political convenience has 
led it to make the most populai 
noises about private home 
ownership. But there is little 
even-handedness, even in the 
policy of moving council rents 
to an economic level. 

Again, in education the 
Callaghan administration did 
respond to the great wave of 
feeling against unstructured 
teaching in oversized/ schools, 
and it did set Mrs, Shirley 
Williams off on her “ Great 
Debate.” But the scurry round 
many classrooms for good read- 
ing primers and mathematics 
times-tables would arguably 
have been forthcoming without 
the debate. In any event all 
we have really had on education 
Is a mild reaction, not. a JadicaL 
change of direction towards 
formality and quality of the 
kind that is required. A revolu- 
tion would have thrown the 
more cotton-headed of the 
■‘progressive’* teachers out of 
the schools: the actual achieve- 
ment of the “ Great Debate ” is 
far more limited than that. 


tnent of the post-war Labouw 
Government— i$ now in need o£ 
a thorough overhaul, as raos* 
people will acknowledge. Yet 
what fresh thinking about th|" 
Welfare • -State is forthcoming 
from the present Government’ 
What convincing ideas are thej 
producing for sweeping back tncf 
spider’s web of taxation and 
social security that not onljL 
make a poverty trap, but a tra£ 
in which our entire economy is" 
stuck? * 


Damaging 


Overhaul 


Or take health and social 
security. The National Health 
Service has a Royal Commis- 
sion looking into it, so it could 
be reasonable to await its 
report. The "Supplementary 
Benefits system is the subject of 
another study: it is fair enough 
to wait for that But the social 
security system as a whole — the 
principal legislative achieve- 


Most damagingly of all; 
Labour has failed t« reform thd 
trade unions, or the laws govj 
erning them. It is true that if 
has managed: to win their 
acceptance .of’ wage restraint 
and their- acquiescence in ihd 
continuation of a level of unem? 
■ ployment that a Tory Govern; 
ment would hardly dare to enrs 
template. But these are purely 
negative achievements, bnushf 
at a vast cost in terms of thiy 
erosion of the liberty of th'a. 
individual worker 1 the closed 
shop) and damage to industry* 
A smart Labour administration- 
would understand the need fo> 
much more than a “sncial cnn». 
tract." that keeps the peace anrf 
has kept tlie'Tories out of office? 
what is really required is a 
restructuring of our society 
relations with the trade unions* 
to which so many millions ot 
us belong. “ 

Is all this too much to ask? 
Yes it is, if one is speakinq 
tired politicians with little 
thought but of office. It wnuld- 
not be if the Labour Party; 
regained its early radical fes^ 
vour and intellectual bite. The 
absence of such qualities makey* 
them mere seekers after powers 
Like the Tories, they do not 
deserve it 


Joe Rogaly' 


Letters to the Editor 

' PlirohociniT ______ many others who 'feel, equally costs towards replacement costs, employer who also keeps a week’s 

Ul LUoMiIm IjCtt humble in the circumstances, the When world prices fell they money in band so they can 
1 . latest move to try and curtail the moved back to historic cost The receive two week's pay from 

natural forces of supply and de- blenders chose freely to set their their employer and one week’s 
'vZL, m, a mand will in fact only serve to prices in relation to cost All benefit from the state for every 

atyom mt. 4. aeaiey. _ _ aggravate rather than cure. the Commission did was to ask two weeks’ work. It appears that 
' . - a SKi ae( 1 1 e 7ri „ T * ie various ingredients this th?t they should do so consist- this can be done quite openly and 

t5ine ^different in'measoreto e ntly and not to operate on a is within the '.law. 
vjtifner and have becomejncreas- those fiat existed six years ago “heads I win, tatfe you lose 
rogly annoyed at the criticisms the majority of experts on basis, 
op poor productivity per capita the subject are in no doubt that d. C Hague. 

Tor-investmeok m new punt . the lack of . an adequate supply Manchester Business School, 

■1 firmly believe that the prob- 0 £ building land in the right Vnivemitu of Manchester. 
lem is not so much a lack of places in the right hands, is the Booth Street West 
investment, but the misguided main ingredient- which is missing Manchester. 

appliance of precious capital this time round. But then, the 

when new plant Is purchased. By Government cannot build bosses 
ibis I mean_tbat. for example, .because., it doesn’t have ..the 
jveheu-a new machine tod » pur- money-and.- as is- so typical Of 
ichased, although up-to-date in the age in which we live, mn 
kerms of technology, it may be attempt must be made to contain' 


Attacking the 
police 


^totally inadequate for the type the lowest denominator without Prom 'Sir Os 
, -,£oF work it is expected to dp. I proper consideration of . the side- Sir.— 5 do not usually reply Brentirood. Essex. 


Oswald Mosley. 


f " * ffX’have seen examples of this -when effects that may results 

k ?. Hlv-.o machine tool is commissioned Is this really a Govt 

* **■ “ _ fn » rnnutflA tunrlr uiithnirt /»nn_ tL ot wntrioc e K aii? m 


As a tax payer l think that 
these payments should -not be 
made by the state hut if it is 
thought expedient that they 
should be made to ease the 
financial position of someone who 
might not otherwise be able to 
afford to become employed then 
surely the payments should be 
recovered if bis employment is 
terminated within a relatively 
short period.--. 

R. T. Asplin. 

Charvells. Thomdon Park, 


TiON 


to mis-statements concerning the 
Government movement I founded, because 
for specific work without con- that worries about ‘-first time the true (acta, are within the 
/structi ve prior consultation with buyers? It could have, fooled recollection*-. of many, people. A 
/.the people best equipped with me, but one perbajs should not suggestion m your columns of 
: the know-how, that . is. the expect top much from politicians March 3 however, is too serious 
{ operators, on Its capabilities, who cannot see farther than the to "Piss. I know of no case on From Mr. Av Dalgteish 

* - - - f. anH /vf thaii- tail ” f . , lj.i r Cj- D»ha,4 Uotvo TT 


Alternatives to 
the car 


5 


;only ro find that productivity is ***& of their tati. 
jnot’ improved but in some cases P. B. Prowling. - 
\ decreased to what it was with the Bury Street. ^ . 

£ previous machine which covdd be’ JnwsBp, Middx. 

>.up to 20 years old. 

i We bear so much abont inter- 

'nianagcment/shop floor ctmsulta- 
^tions to-day but surely it could 
v be that there is a breakdown in 
Fcumniunication at the most focal 
:point of production, that Is to say. 


The price 
of tea 

ilfnVrf thifs’ltS^SJfcreSS rofttePri ra ““ -# ~ nil id, 

(throughout industry, -coupled Labour and Conservative govern- Angus Dalgleisb. 

jwith near negative differentials h 0 .™™ ss i£_° ments. TV has now rendered Shouson Hi U, Ruxbwy Road, 


botp-gen skilled, semi-skilled and previous methods of propaganda Chertsey. 

unskilled labour, then it. is small obsolete and should be available 

wonder that fingers are pointed JJJf* to any who are of public interest, r^ify nacc 

l« »* produc- vha,e,er ttelr ° ! ‘ taion - ^ Uy 


iss^wssaS ?xtz 

gW“toS* JSld’hSTb,™ ° rrt " ni °°- 

cxpcrioncc of production select +hY°n^ tn V f*«.ntifv 

\ h V°&ier e,y the sl,0,, fl0Br - 2S*S£F i E?iS2?t& 

-*. u. seiiey. . ,«m,u m 

£8. Gay Street. Bath. 


rates- 


Mortgage 


Doling out 
the money 


From the Chairman, 
Pnnrtifif} Holdings. 


market' would have done so. 

Where the competitive process 
is defective, as it is in the ___ . 

"highly concentrated tea blending Mr. r. Aspim. 

trade the consumer needs pro- « SUir*!. understand t nnt woere 

.. . an employer holds back a week’s be heartened by the realisation 

I agree wtth Prof ess or Myddel- pay at die commencement of an that The Stock Exchange main- 
ton that Prices Should be set by employee’s employment the tains high standards in its exami- 

1 poking forward rather than employee can on production of a nations, and that those who 


From Mr. J. D. Lloyd. 

Sir, — I see that Observer (Men 
and Hatters. March 3j - thinks 
that investors could have cause 
to worry at the 33 per cent, pass 
rate in .the Technique of Invest- 
ment paper in the most recent 
Stock Exchange examination. 

On the contrary, they shonldl 


Sir^n a -rtp'irol exxcmle of backward - Had the tea blenders letter from his employer obtain pass the examinations and be- 
-'mliiirii riovmV to «av nothine done this consistently and benefits from the Department of come members bave had to 
,f SSrtlonfSina S? -Govern- reksonaWy, there would have Health and Social Security. At demonstrate a proper, degree of 
■ iient bos derided to treat the been no wuse for concern. The the_ termination of the employ- knowledge to the examaner^ 

1 ' niorrcage tail instead of the bead, Commission’s complaint was that meat there is no requirement IncidentaUy, if Observer looked 
lespitc the repeated warnings of the blenders jobbed between that lie money be repaid. at recent pass rates of the Insti- 

ii:i pert® SvJw-baveSwe in historic- and -replacement tea .1 am reliably informed that tute of Charterwi Accountants 

-hnr head than the doctor him- costs. After the big upsurge in some people are only staying m nnd Institute of Bankers he 
: C ][, in my own bumble opinion, world -tea- prices, they moved a job for a couple of weeks when would find figures of a similar 
iDd I am sure in the opinion of from basing prices on historic they then move on to another order. _• i 

- - As chairman of toe committee 

which is responsible for the 
examinations, and as ooe of the 
dogged — if diminishing— section 

uhmiK with > total active it then desirable that Govern- of the nation which still reads 


Index-linked pensions 



criuetifm per were per cen? gsre^mSe? automatic sequences cannot be given such investment I give warning, I 
mniSihecosr of Se increases; 44 per cent gave non- protection or find it for them- however, tiiat if he proves to be 
'S222ta titeSwses-ond 21 per reives? ft is easy enough to "too dim" then I may Mve to| 

^arfflybe said that the cost of cent gave no i ^ ea |“ r ^ *1- . v.a 4 La «m TlAiri^r T.lAvH' 


cwms a furiftor jewuj pr^rt^n rt m®Hu m - 

K ^ hm 5»-..*“uSS!H.T l .8£ Balancing ■ 

25 per 


, am STpSut ** g 3S5 tSoi n M » per e 

,^a 5 roll to fce eom of uj tbe that VbK 5 bg “hftt^woSld fOTCeS 

. : ; A mployer with a respectable-pen- the pubbe sector Fublic «c- b h - 




■TiON 

;ER 


Vl- 


ion scheme . ” tor sSiemes in fact accounted for From Mrs. E. Young. 

Now, if i have ' understood ITS per cent, of “the total of S8I PjJJLJL < * umate . * h Sir.— Mr. Chernousov. of Mos- 

Tess reports correctly, it is schemes iu the survey. ^ith jf -« nensioners bad ’index- cow ’ as ^ (Marti 1) why Nato 
■emg claimed that 1( per cenLof whom then in the P™» lihkei ^SSm wflt would aot acc ^ t Sjmet proposals 
alary represents a fair assess- arc the civil servants being com- i iv i Dg *Jr * 

wni of that part of the cost of pared? of tfj e ^on-insured populatimi ^ apons „ at Europe, 

ndexation which ought to be It is all and what would be the political, ?? 

akea into account in any com- employer to promise the ^ sun, fiscal conse- 

arison of overaU terms of ser- moon and t° * m P loy ^ quences? . If the experts say 

of civil, spirants with those if he can fell 3 back that indexation of pensions is e ^Stion- lu^as 

f people-iti comparable employ- payer to foot tibe bill -or if he fiRB do m va i ua ble than 14 per Ka22¥nSS!» 'ifiJnSi! 

iem in the private -sector, the ^monopoly pricing Potion. ^ ^ ^nes. we should give E bateS5i5f 

nferenre being that most of if he operate in that part of the servants a pav increase oaiancnj 0 Sonet rop- 

?ow P«bicbSm indexed pen- economy 1B 5 A 1i 5H i t ® T ®S?*5 of ttait -amnimt and cancel the doS the 1 SmJS^Govemmem^ 

ssss^sasssiTf sar“ ■ ^l®^ 5 

'md?, 41 ^SSd ti °SSl £ pensiM reSwrSai^ of&Jvermnents. Is Vtepdeme pnac.Doikwfh Surrey. 100, BayswonerKoad,K± 


GENERAL 

EEC Foreign Ministers meet. 
Brussels. 

EEC Agriculture Ministers pn t1 
two-day meeting, Brussels. 

President Tito of Yugoslavia 
begins two-day visit to 
Washington. 

National convention of British 
, Institute of Management, 
, Wembley Conference Centre. 
Speakers include Mr. Peter Parker, 
chairman, British Rail: Mr. Terry 
Beckett, chairman. Ford „ Motor 
Company; Mr. G. T. Holdsworth, 
managing director,. Guest . Keen 
and Nettiefolds; and Mr. L. J. 
Tolley, chairman. Renold, who is 
also a BIM vice-chairman. 

British truck industry represen- 


To-day’s Events 


tatives meet EEC officials and 
European manufacturers in 
Brussels to discuss EEC suggestion 
that maximum British lorry 
weights be raised. 

National steel union officials, 
led by Mr. Yriiliam Sirs, general 
secretary. Iron and Steel Trades 
Confederation, visit British Steel 
Corporation works at East Moor, 
Cardiff, where negotiations for 
voluntary redundancies are at an 
advanced stage. 

Mr. Brian Talboys. New 
Zealand deputy Prime Minister, 
arrives in London from Brussels 
for talks on EEC plans to Include 


trade in mutton and lamb within 
Common Agricultural Policy. 

Daily Mail Ideal Home Exhibi- 
tion opens, Olympia ( until April 

PARLIAMENTARY BUSINESS 
House of Commons: Wales Bill, 
committee. 

House of Lords: Refuse Disposal 
(Amenity) Bill,- third reading. 
European Assembly Elections Bill, 
second reading. 

Select Committee: Nationalised 
Industries f sub-committee A). 
Subject: British Railways Board 
report and accounts. Witnesses: 
British Railways Board (4 pjo.. 


Room 8). *• 

OFFICIAL STATISTICS r - 

UJv. banks’ eligible liabilities,* 
reserve assets, reserve ratios and 
special deposits: and London 
clearing banks' monthly statement 
(mid-February). ’ 

COMPANY' RESULTS 
BSR (full-year), inveresk Group* 
/full-year). Provident Financia)- 
( full-year). U nilev er (full-yeorJU 
COMPANY MEETINGS -7 

Claverhouse Investment Trust* 
S. Crosby Square, E.C., 12il£, 
Lonrho. Grasvenor House, \V'„ 12,- 
Plastic Constructions. Abercom 
Rooms, E.C., 12. Record Ridgvayf 
Sheffield, 1220. Wlnterbottonf 
Trust, Great Eastern Hotel, E.CL, 

11*- w' 


M B WW 


' ; W i-svA ■< : ■ii' A ■ :■ 


•record in which any of our mem- Sir,— Richard Hopfr Editor - Of 

tiers attacked the police. Sacb Modem Railways — in bis letter 
conduct was forbidden to them (March 2) fails to mention that 
oh pain of expulsion, and in any detailed studies for the - U.S. 
case would not have occurred to Department of Transportation 
them. have demonstrated that express 

It is of course true that free b us transit uses only one third 
speech was denied to us for the energy needed by metros 
years through the continuous ^d also provides a quicker 
refusal of frails for meetings by service. There are far more 
local 'Labour majorities and efficient alternatives to the- low- 
frequent banning of our open- occupancy private car than high- j 
air ■' demonstrations by both c °st metros. 


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t- (0908) 610083 

“V'f Ask to speak to Mike 

Roger' Mason (Alloy 
’• or Gerry Riinacres 

}: ’phoning Swedea 




















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96 


COMPANY NEWS + COMMENT 


Parker Knoll slumps £0.42m. midyear 


> AFTOR EXCEPTIONAL expenses 
'this time of £ZQ0,OOQ, tax* We 
[earnings of Parker Knou for the 

• half year to January SI, 1978, 
! slumped from £1.05 m. to £029.006, 

■ while sales advanced by fl.Olm. 
ito 19.32m, 

The exceptional expense related 
' to consultancy fees and allied 

> costs incurred in the installation 
‘ of improved production control 
; systems within the furniture 
; division. The aim is to improve 

• efficiency and increase capacity. 

: The balance of the cost to 

• arise before the end of 1977-78 
will not exceed £20,000, 

■ Trading profit was down 21 per 

■ cent, at £829,000 but he is con- 
fident that the company Is better 

• equipped to take every advantage 
, of the increase in demand which 
, it U now beginning to see. Bar- 
1 ring unforeseen circumstances 

• second-half profit should exceed 
‘ the level of the first six months 
’ but the chairman does not expect 

■ to be able to recoup tbe overall 
' shortfall. 

For the whole of 1976-77 the 
- group reported a record surplus 
Of 12.27m. 

The net interim dividend Is 
‘ raised to 0i»75p (fl.873p) per Sop 
. share. Last year's final was 
; 2.35&p. 

A sharp rise in orders has 
been ^een by the furniture riivi- 
' sion since early January. _ The 
order book is now at a higher 
' level than this lime fast year, pro* 
r duction is being increased, and 
margins remain intact 


HffittLIGHTS 


investment funds 128 (5-241 per 
cent; others 0.3 (0.88) per cent 
The' AGM of the company will 
he held at S, Waterloo Place, S.W., 
on March 29. at 3 p.m. 


Profits at Flams are over 17 per cent hitter, but the bulk of 
this reflects the GstUentehap acquisition although fertiliser 
profits recovered Strongly after the first-half setback. Lex also 
discusses the inflation accounting adjustments proposed in the 
Lloyds Bank annual report. Also covered in the column is tbe 
background to the decision to abandon the proposed Bfsgood/ 
Smith Bros: merger proposals.. Elsewhere. Parker Knoll has 
suffered in the furniture slump but Neil and Spencer has shown 
further strong recovery. 


Neil & 

Spencer 

upsurge 




Half-year 

Year 



WTT.ra 157fl'77 

ISTBTT 

j 


flllMl 

£000 

£000 - 


Croup sika 

3.511! 

8.TO5 

1T.M9 

1 

Trail ins proHi" . ... 

R2» 

1,043 

L2« 

1 

Kxcfpl. expense ... 

TOO 

— 1 

— 



at 

1,005 

Z2M 

- 

T»* 

-t?r 

3W 

1 no 

m 

Not profit 

an! 

3K 

1.138 

l 

* After deprecation 

of rnr.eoo 1 £iBi.oooi. 


l • comment 

: The UJv slump in furniture sales 
» caught-up with Parker Knoll in 
. the first-half and group trading 
: profits fell 21 per cent (pre-tax 

- profits after exceptional costs 
were 40 per cent. down). Group 

• furniture volume fell by 6 per 
\ cent, during the period compared 

- with an industry-figure of around 
: 7$ per cent At the same time 

the fabric division came under 
increased pressure as home sales 
dipped slightly, while export 
earnings (almost a third of fabric 
sale s) were hit by exchange rate 
movements. Losses from ■ The 
small carpets division also 
increased while lower interest 
- r rates hit investment income. 
Second half nrospects look a little 
brighter and a sharp return in 
furniture orders in January 
. (February orders were also 
higher than a year ago) should 
work through to deliveries by the 
final quarter but the group is tof 
expecting any major recovery 
until the autumn — depending 
upon how much of a fillip is given 
' to consumer (and local and 
national government) spending bv 
the forthcoming budget. Full 
year pre-tax profits, therefore, 
may be around £l-5m. (£2.3m.). 
■The exceptional item relates to the 

• 'cost of an efficiency drive in the 
, .furniture division which should 

increase capacity by 13 per cent. 
The shares fell 4p to I03p yester- 
day for a prospective p/e of 6.4. 
The yield on a maximum dividend 

- increase, under current restraint 
\ legislation, is 3.3 per cent. 


Victor 

Products 

progress 

LIGHT ENGINEERS Victor Pro- 
ducts (Walls end) reports a 
£111,617 Increase ' in profits to 
£482,660 for the half year ended 
October 31. 1977. Turnover rose 
£513.958 to £3.442.698. 

After tax of £250.983 (£192,942) 
net profit came out at £231.677. 
against £178,101, for earnings of 
6.0Bp (4.66p) per 25p share. 

The Interim dividend is raised 
from l.lSlp to Z.S3p net — total 
for 1976-77 was 3.027p paid from 
profits of £850.000. 

Group activities include safety 
equipment for the oil, petro- 
chemical. -and.' coal mining indus- 
tries. and ' control gear for 
fluorescent and discharge 
lighting. 

Beradin 

Rubber 

dividend 

Tbe directors of Bendin 
Robber Estates state that audited 
returns from Malaysia are later 
than customary and it wfl) not be 
practical to complete accounts tn 
time to decide- on and pay a final 
dividend in respect of the year 
to September 30, 1977. before 
March 31 (the normal pay date). 

It has therefore been decided 
to declare a second interim of 
1.5p net. -A- 0.5p interim has 
already been paid. 

If any final dividend is con- 
sidered to be warranted it will be 
considered when the accounts are 
completed. 

Growth bond 
from FS 


Assurance 


The Glasgow based mutual life 
company FS Assurance has 
launched Us first Growth Bond, 
offering a guaranteed return of 
7.3 per cent net of basic rate tax 
over three, four or five years. Tbe 
contract is a single premium 
endowment assurance with 
guaranteed compound rever- 
sionary bonuses to provide the 
growth. 

On the death of the investor to 
the end of the period, the 


original investment together with 
all attaching bonuses would be 
paid, but the ' amount paid on 
early cadMn would depend on in- 
vestment conditions at the time 
and the return is not guaranteed. 

Investment can be made in 
multiples of £100 from a mam- 
mum of S, 000 to a maximum of 
£50.000 and the maximum &Hry 
age is under SO. The growth on 
the bonds is' free of baaic rate 
tar, but there would be a 
liability to higher rate tax. 

Mercantile 

Investment 

improves 

REVENUE of Mercantile Invest- 
ment Trust for the year to 
January 31, 1978. advanced from 
11.47m. to 13.2m., after tax of 
£ljm. (£871,000). 

- Asset value per 25p share at 
year end was better at 49p 
(4L.3pl with prior charges at 
redemption value, or 53p (45.5p) 
with prior charges at market 
value. 

The net total dividend is 
stepped up to L25p t0-95p) with 
a final of 0.9p. 

Yeoman Invs. 

dividend 

prospects 

"The directors • of - Yeoman 
Investment Trust are confident 
that the increased dividend, 
raised from 8.5p to 7JS9p net In 
1977, will at least be maintained 
for the current year, says Mr. 
Desmond A. Reid, chairman. 

As already reported, taxable 
profiCs for the year under review 
rose from £629,528 to £727.065. 

Over the year the London stock 
market showed a significant 
improvement and this is reflected, 
in a 32 per cent, rise in the trust’s 
net asset value from 174p to 229p, 
points out Mr. Reid. 

A statement of "source and 
application of funds shows a 
decrease in liquidity of £45,488 
(£63.697 increase). - 
The distribution of investments- 
based on valuation at December 
3L 1977. was: U.K. 82.6 (70.87) 
per cent: U.S. 72S (13.21) per 
cent; Canada 1.62 (2A9> per 
cent: South Africa 3.60 (3.94) 
per cent: Europe 1.23 (2.87) per 
cent; International portfolio 


A JUMP in pre-tax profits of 
£298,000 to a £716,000 is reported 
by Ne3 and Spencer for the year 
to ' November 30, 1977. This 
follows a rise from £129,000 to 
£281,000 at the interim stage, and 
represents more than a full 
recovery to the previous record 
of £678,000 in 1972-73. 

Sales for the 12 months finished 
£2w22m. ahead at £10.01 m. Tax 
took £318,000 (£27,000), for stated 
earnings of 14.5p (i4J}p) per lOp 
share. The final dividend pay- 
ment Is 1.184p net for a L9985p 
(2.7875P) total 

The directors report that the 
Improving trend in the company’s 
affairs has been maintained. The 
order book Is satisfactory and 
present indications for the 
current year are encouraging. 

In December, 1977. the company 
acquired the laundry machinery 
interests of Baker Perkins 
Holdings and good progress is 
being made in integrating these 
within existing activities. 

Hie company operates as manu- 
facturers, sellers and servicers of 
dry cleaning - and laundry 
machinery. 

• 107B-77 1575-7B 

£000 £WO 

Sales : •- • • je.M9 7.79! 

-Trading profit 771 4C2 

Loan stock Interest 54 57 

Exceptional ben — 12 

Profit before tax ; 716 418 

Tax sis *27 

Net profit — ; i 388 380' 

Extra ordinary ttexot ........ 10 S8 

Available 408 428 

Dividends 54 48 

• As ft tore trading reonirenents are 
not expected to result in a dJmlmitlon ot 
tbe volume or rate of stocks and in con- 
sequence deferred taxation for stock 

appreciation is so looser provided. Hie 
effect of tbls chanse of accoimtiw: poller 
baa been treated tor these results as a 
prior year adjustment ksd tbe compara- 
tive figures for UTS -pave accordingly 
been restated, t Surplus on nnee*<a— 
and. cancellation of Loan stock. 

• comment 

The strong recovery shown by 
Nell and Spencer since tbe 1973- 
1974 setback has been taken one 
stage further with a 66 per cent, 
rise to record profits. Demand 
for laundry and to a lesser extent 
dry cleaning equipment has been 
strong reflecting the growth of 
the cleaning companies in the in- 
dustrial clothing rental market. 
With the supply of working 
clothes becoming a regular 
feature, of labour agreements 
these days Neil and Spencer's pre- 
sent product range should con- 
tinue to prosper. Sales are 
currently running about 25 per 
cent, ahead but margins could 
suffer slightly- given- that about 
10 per cent of sales are. Invoiced 
in dollars. A •3.6 p/e at 72p is 
hardly a growth rating although 
a ±2 per .cent yield (admittedly 
.covered over seven times) could 
prove something of- an inhibiting 
factor; • . 



financial Times Ta«day Marcfc-T 3578^ 

The need for profit 




Freddie itmufieaL 

Sir David Orr. chairman of Unilever, who Is due to-day to. 
announce the group results for 1977. ' 


Abel MorraB IS 4 • — 2-65 2.43 “ *17 

Beradin Rubber ..-2nd bit 1.5 March 31 oil — 1.01 . 

Edinburgh Inv. ... 2nd int. 3.55 May 1 3J. 6.75- « 5.55 

Fisons 7.35 July 3 6.71 12JSS .11.52 

Mercantile Inv. 0.9 April 26 0.65 L25 .0.95 

Nefl and Spencer -1.18 May 4 1.14 2 L79 

Parker Knoll bit 0.93 — 0.87 - — 322 

Scottish Eastern Inv. 2.S - May 1 2.5 4.0S ' . 3.5 

Small and Tidxnas . -...in t_ 1 April 4 1 — * • 2 . 

Victor Products ...- int. 1.33 April 10 1.19 — _ 3.03 

Dividends shown pence per share net except where otherwise stated. 

9 Equivalent after allowing for scrip issue. fOn capital 

increased by rights and/or acquisition issues. 


Aids to small 
businesses 

The death or premature retire- 
ment of a key Individual or part- 
ner can involve small business in 
considerable financial loss. Yet 
all too often these type of finan- 
cial risks tend to get overlooked 
or even neglected. Equity and 
Law Life Assurance Society bas 
produced three new leaflets set- 
ting out the type of risks 
involved and explaining how life 
assurance can largely nullify tbe 
financial consequences of a death 
or early retirement 
One leaflet deals specifically 
with the problems in tbe event 
of the loss of a key man with 
essential skills or knowledge. 
Another outlines the financial 
arrangements which can be set 
up to ensure the continuation of 
the business fn the event of the 
death or retirement of a partner 
or director. The third covers the 
general field. 

TO) solve some of these finan- 
cial problems. Equity and Law 
has introduced the Extracon- 
vertible - Term Assurance. - This 


contract provides high life cover 
over five or 10 years— tbe mini- 
mum sum assured is £50,000— for 
relatively small cost and contains 
both an extension option whereby 
further similar contracts can be 
taken out or a conversion option 
into- various other -types- of life 
assurance. For example, the cost 
of death cover over five years of 
£100.000 for a man aged 44 "would 
be £383.99 per annum. 

SCOTTISH DTD. 

* • i . 

Despite the standstill hi' i»ef 
asset values in 1977 Mr. R. C. 
Smith, chairman of Scottish 
United Investment says that he 
still holds to the view that the 
real . worth of overseas invest- 
ments in terms of present and 
future earnings potential - will 
again, in 1978 or 1979, be reflected 
in their market valuation. 

With gross revenue- up and 
interest charges down • net 
revenue available for Ordinary 
holders in 1977 at £I.4Sm. shows 
an Increase of 2 Sj 6 per cent. The 
dividend is stepped up from 1.7p 
to 2p and a one-for-four scrip 
issue is also proposed. 


■ THE NEED for "profit in ba nkin g 

■ and- in industry is stressed by Sir 
.Jeremy Morse in his. first annual 

Statement as chairman. °f Lmyos 
Bank. 

Hfr comments: "v/fptout ade- 
quate real profits, ret ained In the 
business or used to attract and 

- service additional capitaLwo 
could not grow and help others 
to grow, because we would not 
have the free, capital to support 
more lending to indus try, to 
p riva te people and to govern- 
meats.” 

. Tbe bank " has already reported 
a rise of 12.5 per cent, in its pre- 
tax profits from -fl.47.fjn. -to 
for 1977. The accounts 
show, however, that the figures 
were substantially lower after 

- an adjustment . for the - 
-impact of Inflation. 

:• Figures prepared on a current 
cost indicate that last year 
5 total of £47m. was required to 
maintain the bank’s free capita] 

: in real terms, and with other 
= adjustments this brought the pro-. 
t»T total down to £I0 4 -S m - com- 
pared with £9 1.5m. in the previous 
year. ' 

The effect of. inflation In. under-’ 
' twirling the bank’s’ free capital 
ratio is highlighted by foe chair- 
man in his comments. . Be points 
out that hanks are essentially the 
same as tadustrial . companies, in 
neqding to make ' profits. . Free 
-."capital is required, he says,; to 
support the risks .inherent " in 
lending, and at Lloyds it was 
32 per cent, of deposits at the 
end of 1977. 

He expresses the hope that an 
acceptable form of inflation 
-accounting will .soon, be agreed 
and. * even more important, 
adopted by the Inland Revenue, 
“so that our free capital ratio 
teay no longer be whittled away 
by taxes on illusory profits.” ’ ’ 

Turning to foe question of the 
size of bank profits. Sir Jeremy 
argues that they are not exces- 
sive. He points out that profits 
retained in 1977 totalled £8Snu: 
this went to swell the free capital 
** which now bas to support total 
assets of £13fi3bn. H 

Seen in this way, be argues; 
two simple measures suggest that 
profits are not excessive. -First, 
over the eight years 1969-78 the 
average pre-tax return on share- 
holders' funds m large industrial 
and commercial companies was 
about 18-5 per cent; Lloyds’ was 
20 per cent 

Secondly, the group's deposits 
have risen by- 135 per cent in the 



-\ V - • 
i 


past five rm. modi of 
growth reflecting inflation, 
simply- . to maintain the 
capital ratio would have n 
retained profits of £255m. ajaf£r 
foe actual figure oT 1230m. 

Sir Jeremy then .tuna® 
-question "of whether"", the 1 
“earn” their profits. He x 
tains that the figures , sb 
looked at over a period 
so that the benefit of p« 
high I n terest rates is evened' 
with those in which .rates # ‘ 

“I would' emphatically, 
the suggestion that our 
are- not truly earned,*' the ,, 
man says. Commenting vf.llba 
past year's results, fie says* 
they, were not easily add " 
a year of disappointing 
in world trade and of t 

ceptible recovery lo thf 

other major countries. 

The -bank had the : 
lend to customers, hot ii 
in particular bad not had 

need- to take it up. Comp 
intensified: international 
were cutting their margins 
lending: and in Britain 
institutions with tax ad 
such " as building societies:' and 
National Savings, fqrtlttr 
increased their share of the trial 
retail deposit market . I .. 
■ Sir Jeremy also points out 1 
interest rates are now j 
low 'around the world, 
lariy in relation; to. rates of 3 
tion, ** and may well remain, i 
a period.” 

Statement Page 27 y 
See Lex 



MorralTsi 
second half 
decline t 

MAKERS OF needles and general 
smallware Abel Morrell slipped in 
the second half of. 1977. After a 
rise of £73,000 at half way, foe foB 
year profit shows only an increase 
Of £364)00 to £710^00. v 

The year’s sales showetCar 
advance of fl.SSm. to £7-34®^ 
After tax of £327.000 (£368flijo) 
net profit was up from ti 

£383,000, for earnings of '7fl4i 
(5.72p) per 25p share. 

The final dividend Is LS4Sp fa 
a net total oi 2.419p, agajiis 
2.166pu 


49 companies wound-up 


Orders for . foe compulsory 
winding up of 49 companies were 
made by Mr. Justice Slade in tbe 
High Court yesterday. They 
were: 

" G. and R. Gilbert;. Osbaldeston 
Taxicabs, Biiioyd, L. and C. Modes 
Fashion Ceatrer Macnamatas Con- 
struction (Harold mil), Manley 
Security Systems, Trendshourne, 
Saunton Securities. 

Scandinavian Express 
(Southern), Kings Court (Regents 
Park), Southern Approaches, All- 
day .Building Maintenance 
(London), Apple Staff Bureau, 
Avon- Entertainments, Karedge. 

MD Citroen (Diamonds), Peri- 
Ban ' Trade - International,' R. 
Keaveney and Co,. Russell Brown, 
Security Management '• inter- 
national, Silverdale Securities. .SS 
Sound and Styles, Tal Leisure, 
Saga Film Distributors, Graflm- 
hm Structures, Anglands. 


Grant and Smith (Northern) 
Torbay Apollo Electronic Systanu 
Fenny Black Studios, Cargoes Ca 
Gas, Yorkglade, Roger Felber an 
Co, K and M Conversions, M. an 
W. Heating and Ventilating &r 
gmeers, JBT (Mois^ear). 

Nosfield, Gearworth, Chan 
(English and French Modes] 
Peaehton, * Starmagem, Chelae 
Nurseries, Solarcreat, A. J. O’brlfl 
Wholesale Food Products, Crow 
Point Investment*.' 

Kerrigan Construction, Kilimaa 
jaro Art Trading Company, Fittk 
worth. Mini Move Transport, ani 
J. J. Honey. ; 

Compulsory winding up ordta 
made against Hendshira To*# 
port on Februaty SO and agafotf 
Carolock on February 27 i(er« 
rescinded. Both petitions were 
dismissed after payment of Am 
debts and costs. 


* 


zB 

i--a 


HIM* 




LCefenl Mdors 
I Ford Hctoi 


6 Standafltf 0« a? CiAme 

7 GuH Pi 

E intern jlon. 1 &ir-r<c Mch. 
9 Genetd' Etelnt 





lOOiydr 
1 l lnlmolOMl TW S <4. 
3Z Standard CW (lnd<ani) 


iiStvilOi* 
3J.U3 r 

i 


. 5te» 

5 Alt:** ftatfW 
!6 £ I Jo r 


fall dr Pir’-wrs 
. CcnlHv-.nrj >>' 
lSVtet!in Centr,- 
*9 PlOCtC'5L»nilii« 
ro.wwcr. 
rt.Unuri Cattic* 

7J Vtelm^oy^ EJe;'r^ 

73 Gor4;n3' iire&Rcb&Sf 
7-5 Ph>’!c r - fero'eiim 

’ Ta Daa ttemcJ . 

K. 0e«ft*rta» Pet^wnr 
•L’.'nhinatmal Hwwsw 
IiJ Eo-itnanlMai'. . . 
29 &n • . ’ 

^O.Unai Pi o! Cn'i’wna 
31. RCA . 

E.-'w* 

?! Siifilrivn S& ; , 

ii FkM Intrrruu. r.jj 

3vUnil<xJ feennri-f'^ 
S'lCjlfpflaT Jrjrl it 

SP Bcjliicfl taws 
IK* 

£3 Xr- jr 

*\ 9J faflC&l-'follfcS 
a. 1 MoTjn!!> 

4. 1 WW P 1 
44 i>ncr^l i'Vyi: 

4 r i CjIiC- S rr.*< 

■sr Ffisjwie Wl^bber 
4'.EprTr 
<Hr A j 
40 riir,h.f inr| 

Im 't'Sr. Otjo* 

t J.UcCnwvil Dmetn 
f* -fdrrmtCKlI pjor. . 

M-.rcrta Mnn^&Hfg, 
14.C 

JS.Kjrj'han PI 
;ri!'c7lfienfji CrCLP . 
r’ juB sv.wcm KdusL-vs 
65 A-iLiM Fuiifi* 

i>0 .'ii.iu Incr . tries 
111 ! •?■.**&* AaniL 
F. 5e»fV c jn.l 

bi 2<n>C y»*4 

6- ’ Sri,r„;,fi CjR 

Mor-ii 

i* life 
67 VI 
SS j-Pi.i ‘itfC 
fc r - V j 
77 ??n0'4 

7j Cs «F A-dnict 

I : CM I0n*» 

74 ri \'mr--irv lrl«n«'iCRU 

7- WecrtiJf >1. e 
7- Nji:5*w'i Steel 
77 PaoCo 

75 CcTokbi'x ivas 

7? tn’enur^iuii 

AlTPfiUn Prjrjj-. 


. lidkiSKh 
105 lS _ 

306.CdanM _ 

107 Arwsan u,anar<d 
KanejwAt.Meta*- 

109 . tea Bed ftwesuin 

1 10. Njbkra . ^ 

III Cereal T«"AR u bow 
1I2aFGootin-V. 

iisISiL'** 

IV Inwsrwur.i 

llinGe,. 

;_’l Bcrs^ne- 

U^.KaiseiA^mfiHirr ^wnCTcU- 
1 ■J.Ftjftrtan.l Wuitneu 
174 Central Sc; j 
• TS.Corntwdnn Enpneen'ne 
12B.SKi»i3ni Bu"ih 
f?7.Ejtm . 

'ItS-Nocth Arrx-cin FhSox 
li 2 B*Z'.xUWtoH 
HOKWmWR 
l?],N0rtn Sttw 
13.’ Med, 

I jj-Teea ralwnrii 

I .'i5 St RrkF>pc- 
1 iS-CamcCeH 

3 27 Araastctl Mil* Ft J-jrers . 

340 Ljke. 

I-sl’MeM 

Ul'*’. 

343 

trOu'.iritt 

345 (fefcf. 

: 46 .AlfcOalner', 
ja.". E n w: 1 .*' Ewtfric 
3d.-;Grmr-'nr<i 

15il.An*:anea . 
lyPa-tWj.rl-m 
J 1 !? Fitfehrtvr 
l&d.Qrabr Oals 

;5h4nheu^r6'i:cii 
1S7 *770 Fin.Jir.li 
353 Del W-'nld 
“W W:lnn.- 

jr a* tits 

Srf.Hi’.-n 

In’ jSvii 

Ole- 

'.if IntneTiJ 

IlVi sr.-e? Pier 
’t'.CWi jnc fnjrarads 
:»i3 rtn-fe Hr/ 

US. 

1 'Q Air.e»< jn Srojdcadne 
ITi.E'-l ' 

3 ’J.C-W Do fa 

3 ’i xjhn. 

3 l-i-i .’.-tt 
3 ‘l? Me-o'o-r 

Colt 

: N.Noilb-.-?!. 
telltiri [(««■! 



r Chemical 

' Drug 

306 Geo. A Honrial 
307. United HerctuntsSMIrs. 
203. Crane 

2W.«*oa Latcrabnt; 

710 0«f&Corwng FtOTar 
^U.CarmvcnwalnM Refining 
712 Amerran Fetrama 
213 faoro FeJrctefm 
rU.ftdyWneeisr 

717 Ttraefcc ; 
2\8.Comnnns trj".* 
219.CornmE Ctr- •i<:XS 

221.Pennaw . . 

Tg. Kafw. |n»^RtrieS 
TSPel ■ 

Z^MeGrawLdfecn 
'225.Uract»Can» . 
TCtiWiftano C:n»rirses 
227.Fai=ar . „ . 
ZKJs^SdifcBwr.g 

2.« Ann-Jron? Cork. 

231. Zenith R»*j . 

231 Trines M?W 
231 US Gwxw 
3M.gitB*eoU UJpper 

2 Sanborn . 

Ti 7. Cor jaw Corr of At r-a 
233.»KV*n-VW3bCia 


2420rcd6llt)7 Anecan 
24 J WtedinE-Wt^urEh Slet=, 
2W. ABegbenu LtxHdm 
2«.WfcStwca_ 

246.Nah?nsl Can 
74' 6run^el- . . 

r4?.c*iwi Ciirassed 
149. CefcMvnm 
250 Cashes 

2i>t GoM Kel. . . 

iV Oramona InleeiUXW 
I'y.iiihte" 

754 Sdaviif-ou^ 

TSiruBfC-sn G'3 'jo 
757 PMbriiCoiJ 
. jBit n c o ... 

2hP Airr? . 

.Vbn.-f Cormmsa^cns 

2i <Ar ftod-A2.&Chemuaiis 

j? £ll»o 

766.MBPXL 

267.MCA ^ , 

2®.W»wiliiara;»4iiwd» : 

26“.Kane-MJfcr 

270 ttaru- •f’rdurls 

2'! S».Jee WneralS 

r-’.rrwao* 

2" 0 0. 3n-i* 

2 : 4 Ar-_:>!Ki<sn. Cv.-OH 

Lira- Sralheii 

•- -n BwVi 0ed-e? iU-^vjitsrfg 

: >.T- U rv. u» , r*. 

; '■-j PbiiyjsenWeri-J 

run Cis?; 


3n.KFh*atf* 

302.4=7 Manufa^urwg 
333.Mcrt» 

304.Ant*M Ho£Fmg 
3H.AC3 

3Gft.«otea , . . 
3g.gw«Manria±!nrg 

309-fanet L 
310 AO. Smrth 
31LSpri=3s Ms . 

312 General Sfc'.al 
=• 13 Carlo njemm 
IilfliNihcoa! Gasum 
315 Berms . .. 

ilT.fiferaxrt Hiwl , , 
iiaWato-NravchTtafudS 
jlftPaiABraani 
22aS«*fctrand 
321.teWi Gws. 
saHarcp.; • 
mngSvHR 
SAlfarid _ . . 

3Z5 ResWte« Cfontab 
2Z6Ca»M'4s _ 

•327. PR. Donr^fleySrass 
53?. Htrihw- Fk=S 
' 3Z9.pjtTaid Msnre 
230.^ett.?g^y 
^il>Chc37P Brr^£ Ijm 
332.Sfdr=.-i 

PrScrt, 

Wd/erEsrach MuH-graph 
735.HcokC 
235 ttilec, Otemicjrl 

.CTSfanle,- VfcAr. 

2-40.Cocper bArties 
341.GUX 

:-'4££ato-Jj{em'w3' 
lilCitCTEdstsaAiura-num . 
24f jcalhasl Forc-t 'UuloB 
?4S.v.v^iff-a«e Indtraties 

34;.Pi(t*ij BcweS 
?tbFeiwaiCc 
111 Hart Scanner £ J-'sit 
250 trm^r 

25!. *4. lc*wvtwifl*3;» 
?52.A)ijriu. 

252,Scuare D 

354 CF toJlCtrfS .jjM 
355 1.M-an Heart 
2S5 A‘4P 

257JVTQ „ . ' 

3=i? FjtrrrsnJ 'CHS 
Great VfesKm ’Jr. -ted 
250 Scene er Foe-; 

2cLHims 

262.C-a»l*" jf*" 1 F'^ 

-••s-j. Thoms » Lttsn 
Tei.Kic-jf Stte* 

Ire ->.-»n Crtrei Pe , *>«ni 
2 *r Hse^ Vettr’ 

2r ’.B'Scr. P'Ji*r.:oa 
3f 5 UV T.hi nes 
36f.fi>?:*.- 

375 F'jniitie 

2'. 2ttv wdWr&I.abf 
£ Oar, 9»ser 
.- Lnw Incu trr 
3'4 Ccpper&Srasx 
2’5.3a>3» 

2^.JteniiIon 

*rraft .rfr 
52 tSird F7.il - r? 

* 9rcwu- En». 

2W ur» . 


afip? 

4Q4 ^^ St^a&lndg 

AruQuebr 
407 Ham^Ltittger 
-40S.«straarBarvl Cod 
40iTrans 


4i0.hterstale Biar-(h 
411 1 


Keeanee Wynnes 


Oil ReSmns 


4]5 Hotot 
ilbltorr. Indu-.Viss 
4?7.aPH9(xl 
4iafewi 
419IWC0 

42apra«rcXrVflrttt 

4»i 
425-f 

Sfcsn 

^.Rmencan HodSOerridl- 

l®”* 1 

43j.EaJe-PcJiarlflrtoit/ies 
432 Ar.*n Industries 


4»<.Whe*lirato-Tr« 

4g.W3nd Conbms 

43dNatnmas 

437.Fe^oal Page- BcJird 

43aVbrnxo 

439 neetwsaJ Enter nrta 

44aCs#iiK-5MirTBa 

44LR3lh PaOc-ng 

•UZCongofeuirr 

443. General tretrorn-nt 

444 fnako 

445. Montw1 of Co^lradO 

446. Mason de 

447 . Nalco Qrerelal 
443.Hu£hes boi 
449. Jonathan Ujgat . 
45aFla*t>rbnd kiJ=J.-ies 
*2 L Faro 

452.Vbihinctiin F:st 
4&3.GetifrTnducu 
45AHflter 
45S. Hanes 
455.Wm. WrHp;Je 
457.Wrtrer«r ’ 

45GG9WI Ca»sn* 

4?e.1hoioi 

*fj attwylea CocpenSre 
461, Hanna Mivb 
462Eowr 

463. faerr MenuLonal 
4*A Spper 
46f. U Sfilter 
H K. Pw\er 
467 Nishua 
■4>j£ Bel .15 Pdr-jleimr 

469 FreJerr^s hsrrud 

470 Kixfttin^ 

4'! 0u» Ccrrnwj 

472 T«nMh rrr-rSX Hter . 

473 PktVm-E'rrn, 

470 Gerer4 Cshte 
4 '5 Bous£*£Ljr T 'b 

hjndy&Harmrt 
4. n .Eett Anrjn 
4^tillev lndnstr«a 
479 Lcucsiana Uml&Eiplorato 
FrekoEt Mfc H .’ 

’ ijkTtr 



So AsuRhCl 
?' John: I 


1-3 


1«W Lein Strair-. 


w 

.•“SKWloKr 




3?5 SR: In2!. 

jib StiStv ’-ir, Cri 10 



Snap 1 
I wyet 


Inti ! 


fc£Cs 


. . R 

92 mcpd Sieei 
9« '.'Jirr'S'Ljn-tjpri 
f-7 

95 'jrarojal 
On MCR 

S'" r Hi 
05 ? , aw*if*er Ir-Ju-.^cs 
99 L’itt! Stands 
IOC 1 ?FG ImJuvU* 


19? O-nrer 
l°*.Na*-0pji D.3Sler;4Ch*iKaI 
k !94" 


J^lliwr Segfer 
C9iHamrnem»4 | 


392.G.een finrl 


492F3W 



19 _ 

Atn'.sar 
i'9 ’2a*rer 

IOC. HiiMtt Pj[-i«rrf 


29? PeJoPTP wrifft 
39«'> Ga-aJ Ho* 
jvO Rpmcrd 


39E W 
27? Aree-«:ao 9*>eries 
4COCoier Ham"ia 


-Hfltatodv ijilernalumal 
" 1 “ HMter i Bearire 
2*j0. roitwra 


When you consider that more than half of the 
biggest U.S. industmU do business with Marine 
Midland, you get a good picture of how big we are. 

la fact, our deposits total $10.2 billion, with S2^ 
billion in personal savings. WeVe got S638 raillion in. 
capital and reserves, and assets totaling S32J. billion. 

As much as these numbers tell you, they dont 
say weve been a major money center bank for many 
years. Which means weVe got enough experience m 

e ■ 1 1 iff 1 m bim ■■rarm 111 1 rmninnrnTi nrif 


loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to _ 
carry this oat. With our base of international operations 
jn. New York City’s financial district, we have 30 Q 
branthes throughout the state, and key people in. 22 c£ 
the world’s majorfinan^aal centers. 

Some people may not expect all this fronius. 

<1. Tl Hr - 1^7JT J l/.+ItH.'IOtil. 


v^rs. Whieh means weve got enough expenence m dome people may _no 6 i»^iuiLiiiau’uurw. 

foreign exchange and foreign nirrency management to But after ail, Manne Midland is the 12th bigesfcbank m 
generate major uioney transactions. Tb provide direct the United States- 

MARINE MIDLAND BANK© figims 3B.o£ F) u B*fT 1 N*r*8L 


Mellon Bank, n.a. and its Snbsidiaries 




(a Subsidiary of Mellon National Corporation) 

Pittsburgh, Pennsylvania 

Consolidated Statement of Condition 
December 31, 1977 


Assets 

Cash find Due from Banks 

Money Market investments: 

: Time Deposits with Other Banks 

Other investments, Principally Federal 

Funds Sold 

Trading Account Securities 

Investment Securities: 

U.S. Treasury and Agency Securities. .... 
Obligations of States and Ppiitical 

Subdivisions ’. 

Other Securities 

Loans and Related Assets: 

Loans 

Direct Lease Financing 

Other Loan-Related Assets 

Less Reserve for Possible Credit Losses.. 

Total Loans and Related Assets, 

Net of Reserve 

Premises and Equipment 

Customers’ Acceptance Liability 

Other Assets 

Total Assets 


liabilities 

Deposits in Domestic Offices: 

.Demand 

Savings 

Time 

Deposits in Foreign Offices 

Total Deposits ........ 

Federal Funds Purchased ....... 

Other Funds Borrowed ......... 

Acceptances Outstanding 

Other Liabilities 

Total Liabilities 




$1,120,766i000 

1,035,193,003 

' 597,576,000 

133.787.000 

254.002.000 

, 568,586.000 
70,152^300 

5.100.672^)00 

106.753.000 

43.077.000 
( 68,222,000) 

5,182,280,000 

65.515.000 
372,781^000 

165.284.000 
59,565,922,000 


$2,563,365,000 

1.377.168.000 
1^91.164.000 

1.750.488.000 

7.682.185.000 

616.024.000 
58,747,000 

372.782.000 

174.077.000 
58,903,815,000 


Capital 

Capital Stock — $10 Par Value . 

Authorized. 12,000,000 Shares 

Outstanding 10,01 9,413 Shares 

Surplus 

Undivided Profits 

Total Capital 


100.194.000 
257,961^00 

303.952.000 

662.107.000 


Total Liabilities and Capital ...... S9.565.922.000 



SiCTUOB 



ISlrirfty Square 
LondbnEC3N4AP 
(81)488-2434 
Hex: 885962 


. Directors * 

ROGER a-AHLBRANDT; 

Chairman ot tbe Executive Committee, 
Atteobony Ludlum Industries, foe. 

JOHN M. ARTHUR 

Chairman, Duqoosne Ugbt Ctanpany 

Robinson, f. barker 

Chairmen. PPG industries, loo, 

ROBERT J, BUCKLEY 
Chairman end President, 

Alleghany Ludlnm industries, Ine . 

DONALD C. BURNHAM 
Dlrector-OIBcer. ... 

WeaUngttouse Electric Corporation 

FLETCHER L BYROM •'* 

Chairman. Koppera Company,, Ine, 

SAMUEL B. CASEY, JR. 

President and Chief Executive Officer 
Pullman incorporated 

JOHN CORCORAN 

Format Chairman, Coosotidatioo Coaj Company 

yr. H. KROME GEORGE 
Chairman, Aluminum Company at America 

JOHN D. HARPER 
Chairman ot tbe Executive Commutes, 

Aluminum Company of America-' 

JAMES H. HIGGINS 

Chairmen, Mellon National Corporation 
and Mellon Bank, NJL 

CURTIS E. JONES 

President, Mellon Natlooef Corporation , _ 
end Melton Bank NJL 1 

GEORGE a LOCKHART 
Partner, 

Kirkpatrick, Lockhart, Johnson & Hutchison 

JOHN A. MAYER 

Former Chairman, Mellon NaSonal Corporation 
end Mellon Bank, NJi. 

SEWARD- PROSSER MELLON 

President, Richard 1C Mellon and Son* 

NATHAN ; W. PEARSON 

Financial Advisor, Paul FatnUy-Udetaa^r' 

William- h. rea . ■ : 

Cbolaaao t 7ymas.ffydranaga,liK, . 

WHIARD k ROCKWELL, JR. 

Chairman. Rockwell InLermUInoaf Corporation - 
JOHM T- RYAN, JR. 

■ Chairman. Mina Safety Appliances Company - ' 

RICHARD M. SCAIH- 
Pubflsbar, Tribarn-fteviest 

WILLIAM RJ BNVDS) 111 
PnoMeBbtbbSinnangoFttilucnCaBifiuf 

JAMS W. WILCOCK . 

. Chatman and Ctdal&Mcb&aaifcer, ■ 
j^MaottfsaariogCcmMay^ 


i ! 

:• 1 


Member Federal Deposit Insurance Ccrporattoo '■ 

P.O, Sex 1B620, 6000 Frankfort am Mala 16, MQmfteMr Strasee 1, W«t Genaany. Totepbone: (0611) 29427. TWac 418241 











'• Fi nancial- . T5jnes:Taesday Man*- 7-1978 

recovery lifts 



Assoc. Sprayers 
better outlook 


27 


management 
be made at 
Sprayers, Mr. H. E. 
the chairman, 


BOARD MEETINGS 


Pi© .fcltouTDg cotnoantes have noaSed 

statement, and £■**• * Ba £fL u the stock 

that the company £»**”*%, are to»wt 

hettpr times. ** W* 1 ? 0 * «* coruideiins 11 vt- 

Oerter times. dcnds. Official mdJcntions are not avail- 
rcascmable trading con- aide tfteflttr dividends wmcpmed are 


pw .cent, Jri 13X3JJ00. 


made and product ranges have 7701,0,1 Utore 

The hewer products, Nortron and be f n rationalised, he points oun pi M is— bsr. j. abbr. De Beers Co> 

As reported on January 21 bou<w«i Mines. he B«rs Ibmu 
group sales advanced .to £6.06m. COrwerion. I'r^*nfteld Milletta. Inveresk 



not materialise, they l>an j c Overdrafts stood higher at ■ Bainit J^vlownenis „ Mar. 

£865,216 (£716^43). Capita] spend- Bracken Mines Mar 10 

The "di, iP, WSSUre . ^ I ^:-SS£2S“ : oTXs overseas" « i W AUtiU P^^reSS ' S3.000^*0W). a^ro^pensS gS^S, 5 

:;’fhat SPSSSL A "policy decision to- increase £££■“£ gUg* SSS 

’^S^V^^probie^ *&*'*- * PerCent -- er 1B76 -- In a. letter accompanying the M-j-Jlffi *S 


_ „ ,-- The- yearns profit was also a acSunteMr. Minos 

toc & us,0 *l oM®CPnJ bpt the return on capital g*™ to Ufe® 1 !*" S of W” 11 * Child and W S? '“ 

._£2.Sm. m respect of GaHeflkamp at. 13.55 per cent, is down from 1 ? ow Beney and now managing direc- Rooter . McConm.ii 

■:r.W. the ; second half, profits ‘Of the ,T44 per .epnt. In- 1978: earnings t® 7 and deputy chairman of Asso- day (Rlcbarfi 

scientific . Instrument ffivisSoa P«r. £L share ate shown to be z: .V tT 1 ” **”?• ciated Sprayers, comments that. E, ede $*iS* ^ Buildina 

,s 'v£°S?S. “9! teewr'ftfim £M4nri,J*”WE. .at. . 303 p against. 50.9p 'S^ u ?«K* J 2SH“iH Mr. Newton-Mason, founder of 5* j!gg ** y!?-..- rt .- 

^’■^^■ 6 ,V^^ T * th0at the. adjusted on a.. '.comparable basis 1 ]?I 8 L^L^n th® company and its largest smitb^SS^ 

:.■?!- .Calleffkaiup no'.'.gpofrtb in. ipr a Change in tax treatment. Impact on profitability ni 1877. shareholder, felt the need to withes uaxncsi 

c earnings .occurred. Sue mainly to- ,' The dividend 'total is raised 1 by On the pharmaceutical side spread his burden of responsi- 

■"2?2’ ere cutbacks In public expen- the. . maximum : permitted— from Intal continued to make good biiity and be invited Mr. .Beney 

dirure in the ' V.K.. particularly Jl^Uon .jo 12.848p net, with a Progress both- at home and to join the Board, the letter 

aflw'tin'T *k- mto 'centrifuge ‘.final Of 7.348p.' . .abroad: disengagement from the exnlains. Ilfrriff0 C1UIIIAIII 

— nn Syntex agreement in the U.S. Following takeover of 1VCB by UftCn & rilf ANlalAL 

*22 added to costs in 1977 but permits Arthur Guinness Son and Co. in 

Sf2? re-organisation of Fisons efforts March last year, Mr. BraieVs role fllglOV 

Xik* there. A new SCG product, there as chairman and chief Mimi I 

31 ii5 Nalcrom. for treatment of gastric executivejias been much reduced. ^ flalfa ta 


Lucas- Industries _. Mar. » 

Mar. 10 

Mar. 10 

... Mir. 10 


ft. Helena Cold Mines 


Mar. M 
Mar IS 
Mar. is 
Mar. SO 
Mar. 10 
Mar is 
Mar. 10 


r-i' 


econd h 

ccline 


affecting. 

business. 


the. MSB 


■lorrair* Maior t® 064 ea7 P er - 

1 The dWsjana sales' rose; by 
»d ^aSeWtamp, 

apa me uaake companies in Ger- Debemurr--* loan -no. 
^«y and the U^. .-registered n ■ laa k 

i ~L per cent growth Jir earnings. 
t J e r director* point; out T3ZZZ. 

inai ualionkamp s. performance esctaam» loss 
suffered m comparison 'with the -Extraordinary items 
second half of 197fi being’ "8 per Pnf-awmffiUJon proat_ , 
fwt down due' to the non^ei^at — . 

‘ ’ “ ma j°r ^XPOrt order- in tiie Ki fcr: 


1«7T 

nwo 

-C&3.S74 

93%Jea. 

17.715 

a.nrs- 

■ ■ . W7 
- ■ TT- 
2.SPI 


^ complain ts was_ launched success- He has taken up hjs additional djy-^tooe were la error, and tUs pan" 
3.9K8 


*'■ 


fully in the UJC^ and a ' new appointments with Board of the" Clary should tie amended 
2 LM 7 ' isia proprietary brand of toiletry, approval at WCB, and with an foaww^- 
3.4W - is 37 Rosken’s Hand Conditioner was appropriate cut in remuneration .. ; vesterday 

« ^introduced “7fata” ‘“taUei £38.150 R MWn 

^ nterwx Ml T By acquiring S01-875 shares Mr. 4 wnwh * m ’ 

- ? IeS J - ,X L Japa ^ Beney has become the second U 

1B0T8 *1° a "? and Scandinavia again largest director shareholder next ciiwrtwuw inv.. s, Crosby Souare. 
■ 1.50a showed excellent growth, while to Mr. Newton-Mason who had ft *““■ Lo ,y bo i, S™ s JL enor House - 

E2 ssas^ssL? 1 ^“jsas JEmG^wtttssrai 


al 
37,3C 
- SH 
-49B 
' 472' 
16.715 
2 .M0 
2.73S 


gains, the directors s7rom“75R"i24 "to 658,^4. ‘ In "add i'- Si 


■ * -fr^ons ye?r= ' t short less loyostnient positive 

r-^jsd&wi-w- * ■ ll pvOTH rate of" tox te v«ir k ia.f per re ? ort \, ^ , tion, foDowing transactions Great Buten iRoiei. Ec."i£‘ 

' -wMOiisnes Tne division as fir • _r, ‘f. , Jr Jt” , „„ In August a Eurodollar issue hpfwppn Mr Benev and tho chair- to-morrow 

. - m ?£SL profit- earner &nd ' the: wunfrd^iB 6tr bw a4*SiL- tower raised S20m. to finance expansion man Mr Beney has conditionallv Balrar* Hoasehoid stores. Leeds, h. 

demorfttrate^ further .pro- 1 Effective to » AmStS overseas, and in October a fertiier to toy MoSw share* S 1 .ST 0 *' 

• ‘ilg“ *2^?!?! e a ? alaPC€ ' ,® etvreen l 10m ^ V s ****** ^ UiroujBti the ha? Sen granted an option on a "flg, Se^SSS' 

V. - ■ • -TSS«^TJ!S n# *!£-U aon- n».r^ L Eurosterhng market for 10 furt her 2M.OOO which would Keot. 12. u.s. Z qi^S^S 

trvarch T»ased activities. Due to erratic - short-term years, replacing some short-term brin<» his interest up »o 20^6 per Bocfcterstmry houm. ec. sjo. 

■On the pharmaceutics^ side fluctuations in foreign exdiange financing. p ^wZiiiMnn hnM^ Thursday, march v 

- ‘ volume growth of 5 per cent in rates, it has been decided for con- There was an increase in world- giw 74*> shares • Cgve . p „ tfy y 1 1 Chartw 

••• .,...’ Tfl ? U.K; ■ and 16 per cent over- solldation purposes- to. calculate wide borrowings during the year Major hoWers ou^ide the Ba\w^com^SiuMe 

* '-«»Ss was _ largely offset ---by Ibe-the earnings of foreign j sub- of flOnu of which £6.9m. was Board are 7CFC and its associs*** EC. il ‘ Grand Metropolitan. Thf Lyewm 

adverse effects of strong Sterling. -sufiartes; at the average exchange due to the use of cash in part- w^b 618.707 rt7 ner cent.1 Mr Strimd - wc - ,1J0 - Watson and Phuhj. 

In gei^ral some growth occurred rates prevaOiog during 1977. payment of the GaDenlcamp. r. Gro« with BS5.471 f6 oer rent.) p™* 00 . " 1 ^- , nav M ._ ru 

in 1977. with sales up S.6 per rather than at the dosmg rate on acquisition. and » Tr N pr Newt nn -Mason im, rL-w 

OUIld-lf c -f J - at £5 fay- ;ui fi Profits, ^-6 per. PecembeiL; 31 .as has peek See Ler with 205^55 (6 per cent). sgnderimnff. is. swisw Tnd« . omme^ial 


Dopoilfatto,il 
ams^Iio non vale 

(When a thing is done, advice comes too late) 

Nowhere is this ancient proverb truer than in die 
international banking and commercial world. Which 
is why you will always find an understanding listener 
in Credito Italiano’s London office at the “first thoughts” 
stage of any project you are planning. 

Credito Italiano is highly qualified for this role. It can 
bring to your business the special skills, the experience and 
the resources which make it one ofEurope’s top banks, and 
place it high on the world ranking list. 

All Credito Italiano’s comprehensive services 
are Teadily available to you, simply by calling our 
London branch. 

"I Credito 
i Italiano 


17 Moorgate. London EC2R 6HX 
Telephone 01-606 901 1 Telex: 8S3456/888075 Credit G 
Head Office Milan 

Branches and representative offices: London. New York, Los Angeles, 
Buenos Aires, Caracas, Chicago, Frankhirt, Moscow, Paris, 

Sao Paulo, Tokyo, and TiMr- h. 



SINKING FUND I^EMPTION NOTICE 

"■ to the holders of 



Guaranteed floating Rate Loan Notes 1980 


NOTICE IS HEREBY GIVEN, pursuant to the terms’ iff said Notes and the Fiscal Agencv 
Agreement dated as of September 28, 1970 among General Cable International N.V.. General 
Cable Corporation, Guarantor, and Irving -Trust Company. Fiscal Agent, that General Cable 
International N.V. intends to and will redeem on March SOW 1978 by operation of the Sinking 
Fund provisions of said Notes $2,000,000.00 principal amount of General Cable International 
N V/a Guaranteed Floating Rate, Loan Notes ISO) aHOO&of the principal amount thereof, 
which have been -selected for redemption by Irving Trust Company, as Fiscal Agent under 
said Fiscal Agency Agreement, as jarmlded in said Notes as follows: .. 

7 Nwtes in ^be priBci^ am»Rnt of $l,«(90;bearinc the prefix M to be redeemed in whole. 



> '• 

1* 

•••-eft: 

2965 

r *3'6':**143 

4766 

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5845 

6328 


7339 

7936 

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8937 

9270 

9673 

A 

24 

-628 

2971 

3560.14144 

4777: 

6328 

5854 

6330 

6799 

7344 

7941 

$482 

8943 

9274 

9683 


42 

630 

2980 


360? 7 -4147 

•4781 

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■ 5856 

6335 

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7347 

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43 

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3627 ^4154 

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6821 

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7077 

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8952 

9269 

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65 

636 

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3630- ;4171 

48 IS 

5351 

5872 

6372 

^6825 

7394 

7987 

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8966 

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61 

671 

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4826 

5373 

5882 

6877 

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66 

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3664 4178 

4830 

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4 -5385- 

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104 

712 

3067 


3669 4203 

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113 

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3081 


3671 4222 

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..3724 4261 

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£?8 S 7.4324 

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861 

3251 


3818. '4346 

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5071 

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3*1 

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3870#.: 4444 

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1 

499 

1109 

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<213 

6|642 

7168 

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1122 

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5704 

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1124 

3438 

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-5235 \ 

.5720 

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6662 

7205 

7S54 

8415 

8378 

9178 

9595 


540 

1147 

3449 

4015 4697 

5259 

■St. 

6264 

6711 

7242 

7882 

8417 

*885 

9182 

9601 


%l 

543 

1155 

3453 

4022 4698 

5264 

62B=f 

6734 

7243 

7884 

8424 

8886 

9186 

9606 



544 

1159 

3471 

4026 ^9724- 

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6785-. 

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6737 

7247 

7888 

8438 

8892 

0191 

9615 



561 

1166 

3495 

4028 4731 

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6301 

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5295 

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6319 . 

0756 

7279 

7396 

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9232 

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597 

2946 

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4090. -, 476 1 

6299 

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611 

2957 

3520 

4136 4764 

5313 

5839 

6324 

6768 

7336 

7935 

8458 

8920 

9262 

9639 



Notes in the principal amount of 510.000 bearing the prefix X 
‘ and the principal amount to be redeemed. 




Serial 


' "Serial 


- Serial 

Amo ant 

Serial 

. Amount 

Serial 

Ameiint 

Numbers Rrdanaefl 

Humbert Rederned 

Numbers Reitcmotj f 

Number! Redeemed 

Number* Redeemed 

Numbers Redeemed 

59... 

.$2,000 

K*:. 

£$i:«eo" 

1232.'. 

..$1i000 

1310.. 

.$2,000 

1346. 

...$2,000 

1389. 

...52,000 

207... 

. 1,000 

863. . 

.. 4.000 

1247.. 

„ 1,000 

*1311.. 

. 1,000 

1351: 

... 1,000 

1392. 


209... 

. 3,000 

926. . 

... 1.000 

1248,.-. 

. .-IJOOO ; 

•1312.. 

. 1.000 

1363: 

... 3,000 

1393. 

... 3.000 

266... 

. 1.000 

1062: :.v 1A0O 

1288.. 

. . -3 .OKI 

-1313.. 

. 2.000 

1355. 

2.000 

1394. 

...3,000 


. 1.000 

1096.. 

.. 1.000 . 

. .1277.. 

.. a, poo 

181*.-. 

. 1.000 

1363. 

.... 2.000 

1S05. 




1102.. 

.. 4.000 

. 1282:. 

1,000 

"'1319. . 

. 1,000 

1372. 

... 1.000 

1397. 

... 2,000 

555... 

. 2.000 

IIZB.wU 3,000..' 

1295.. 

..iaoo 

1322.. 

. 1.000 

1378, 

... 2.000 

1398. 

... 1,000 

746. .. 

. 3,000 

1141.. 

.. 1,000; 

1297. : 

- 3,000 - 

1327.. 

. 2.000 

1381. 

... 1,000 

1399. 


778. .. 

. 3,000 

1181.. 

.. 1.000 

1299.. 

.. 1,000 

1338.. 

. 2,000 

. 3384, 

... 2,000 

1402. 

... 1,000 

784 . 

. "2.000 

•1198.. 

.. 2.000 

.3304.. 

.r. .-1,000 

1339 .; 

. 3,000 

1368: 

2,000 

1403. 

... 1,000 

795... 

. 2,000- 

•1201.-.2, -1,000 •1308-. : 

.. .1,000 - 

1341 , . 

. 1,000 

1387. 

... 2,000 




•to be' rttfeenied for ih'e S/31 /77 Sinking Fund 
1 * TA,, xiw6>.$i;6oo 1 'xiws-..si,«w £]?]!■ -*2-®5 

X1201. . 1,WO.; - ; JC1311... 2,00$ X1313... 1,000 

Notes in tire principal anipnnl of SI UVjUUU S#WW*» D Y 1 

and the principal amount to be redeemed. 

Sfrtol Amount Serial.. ArnmA'- ' JSMtut' ftwow .' Serial Amaunl 

Nnitn RptfeniMf MuuibenrBeilfnlwd.jRBUrtien ^MaaMjl' NumlHn Redeemed 
*421...$ 8, BOO *424... SI 3.000 4fi9...$10,CHW H 432.. .511,000 

•425... 12,000 427... 12,000 : 430. ...1&j000 . 4331.. 15.0TO 

•423... 12,000 428.^^10,000 . . 43J, 10,000- 434,.. 15,000 


SerUl' Anaaat Serial Amnitl 

Numben RtdMtnedl .NumbetiRedeemetf 
435. J. ^14, 000 438... $13,000 

436.. . 15,000 439... 17,000 

437.. . 17,000 


■to ire redeemed for the 3/31 f77 Sinking Fund 
CC 1 . .$ 8,000 *■ c« 3 : .$ 10 , <W C 434 . 41 Q 0 OO 


’ - * l' 

Notes ih the 


Serial fliatumf- 
Nuttben Rctfceiaed 

68. . .$59,000 

69.. . 56,000 

70.. . 68,000 



' Serial ■ 'Amouut' Serial Amodiit " Serial Amounl Serial - Amu at 
Mamucn Redcamed- Khartum Rrilemid - Wumbm ReSetuaed Nuaiun Saleaaai 

71 S61AOO 74... $61,000. . 77.. .$57,000 80. ,.$55,000 

72 -j ^7,000;' - 75... 68,000. 

73:::lo:oSa ta... 54,000 


78... 70,000 
79.V. 45,000 


Sly.. 59,000 
82... 59,000 


Serial Amo art 
Numiwn Rmeemnl 
83. ..$68,000 


Thivahm^HgteA Nnteg-selectfid- fqft.redempiion‘ : for portion of -the principal amount of 
any Notestow redeemed in part only) shall become due and payable op March 31, ^78 and 
thereafter interest thereon will cease toariTire. The aforesaid redemption price payable with 
respect to the Notes or portions ihweof selected for redemption will be paid upon presenta- 
tion and surrender thereof, together with all appurtcumit f 0 „ U P«“ ®atunns subsequent to 
March 3 L; 1073 in snen coin or' currency of tire united States of America a$ at the time of 
ProSWffffBtf -SSiff W t*» payment therein of public and private debts at the 
option of the holderat Irving Trust Company, Corporate Tnist Divgion. One Wall Street, 
New York, Near- York. lOOlfi or at -.its. Office in London or at the efface of S. G. Warburg 
* Co. Limited' in London or at the office of Banque Internatio^eiL^oembourg in Luxem- 
bourg as. prori^dto paragraph Ibf sftiff’NoteS'SUbjedt to the J^^ctions stated therein. 

The holdcro? any Note which is redeemed in part only. iipo ngra T e nderthereof as above 
provided mffy -obtain in exchange for. the unredeemed porteon Aeretf at no additional cost 

an equal ^greate principa^aminint of Notes of autiionseddencmimaticwas. 

tJnp*3^^^iffasSSmentis whicH SreJl have become due on or mgr to March 31,1978 
sball ooatinueta^rm.vfthleta the bearers olthe coupons Which shah nave matured, and the 
amount 

unpaid ii 

the Notes presented for redemption.' 

GENERAL CABLE INTERNATIONAL N.V. 

By IRVING TRUST COMPANY, Fiscal Agent 

^ted;^bniary28J^.N^75pfc?tewY!mfc_...- ... 




Inl977 the Group earned profits 
of £166 million before tax.This is 
13 per cent up on die previous yeai; 
but because inflation has reduced 
the purchasing 
it is worth mu 
terms... 

With faffing interest rates in the 
UnitedKingdom, die contribution to 
profits from the domestic business of die 
dearirio; bank was sharply reduced in the 
second half of the year. However,: the 
Group’s foreign and international 
business produced a laigerprofit about 
45 per cent ofthepre-taxtotal for die 
year... 

These results have not been easily 
achieved in a year of disappointing 
growth in wodd trade and of barely 
perceptible recovery in the UK and other 


major countries, with inflation still 
makingfor uncertainty . .. 

Without adequate real profits^ 
retained in the business or used to attract 
arid service additional capital, we could 
not grow and help others to grow, 
because we would not have the fine 
capital to support more lending to 
industry, to private people and to 
governments... 

Ourretainedprofitof£63 million 
goes to swell our free capital, which 
now has to support total assets of 
£13,530 million. 



Lloyds Bank Group 

Co pies of t he 1977 l^POft and Acooune are obtainable on request from the 
aecrtteryi LIoydsBanldinikfid, 71 Lombard Sum, London EC3P3B5. 


r 1 T J ^ di f? 10 %earenowm43countries more than 500 offices ofdie 

Llcn^ds Bank G roup, includ ing thosep fLloyds Banklntmiatranal.ThfiNatwnal Bank ofNe^-Zealand andLIoyds BankCalifomk. 










U.i 




Dit 

.tyt 

-cl 

Cl 

T.i 






a 

■9 

i 


« 1 

2; 

X: 

a 

hi 


*' 

¥ 

* 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company: 

Also a "wide range 
of banking services, induding:- 
Selective finance for property' development 
Commercial and industrial loans 
Bill discounting 
. Acceptance credits. 

Leasing 

For further information 
please telephone 01-606 6-4-74 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 

Gre&ium Trust ltd., Eanirctpn House. Gres hum Streep London EC2V THE 
■ TdiOUW^T-t 

Biimiii^hjia Ofiicc: Edraufij Hou -e :sivluli S enlt, B iitninghuTn; 53 3EVV 
Tel Oll-lio U~’ 


We seek 

Joint Ventures 

with industrial companies interested in establishing them- 
selves, or expanding 

in Spain 

We expect: knowledge of the market, know-how and 
equipment. 

We supply: industrial buildings and land, eventual financial 
and administrative support. 

Please send proposals to: 

CAMPEL S.A.Segre 27, 
Madrid 2 Spain. 


TAR8ET MARKET EES 

Marketing specialise. 39. Gorman. wWi 
many jiain experience in consumer 
i ni industrial mj Acting in English 
speaking countries ii moving to 
Southern Germany end of chii year. 
Companies sacking peitrcrctlon far 
shclr prodncts/services into the Com- 
mon Market ore wc l c m n u n op tel 

M{odMi«u I mined, stefy. Start by 
(air) mailing your produce-literature 
lor preliminary discussion. 

S. GeUner DVp.MkfcJd. 

P.O. Bmc 23406 
2044 leatertpark R.SJk. 


Small, but quickly expanding 
Midlands-based 
SPECIAL ENGINEERING 
COMPANY 

Requires a Cash Injection of 
£40.000 

for it to meet its current order 
book of £250,000- 

OFFERS IN STRICT CONFIDENCE 

Bor Cl 549. Financial Tfaiee 
10 Cannon Street, EC4P 4 BY 



Our business is 
merging your business 
Successfully. 

38 CHESHAM PLACE LONDON SW1. 01-235 4551 


Company with manufacturing and warehousing facilities 
in - Frankfurt a/M, also with national sales organisation, 
seeks other products to make or sell in West Germany 
and EEC. 

Modem manufacturing facilities include machine shop 
with NC turning and other small batch machine tool*. 

Markets and product range include; — 

Ball valves and related products For industry 
Gardening watering products for retailers 
Plumbiag products for retailers and wholesaler* 
Fire fighting products for wholesalers 
Write Box G.1561. Financial Times. 10. Cannon Street, 
EC4P 4BY. 


are you seeking new customers? 

Team of top Sales Executives wish access a: all levels, are at your 
disposal to get your company large volume, long term contracts 
with the motor, domestic electrical and other consumer durable 
industries. If you manufacture a good, competitive product, have a 
good quality control department and want to expand NOW — 
either in the U.K. or Europe — contact: 

PETER ]. GARRINl & ASSOCIATES LIMITED 
130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


WANTED 

MACHINERY/EQUIPMENT 
' DISTRIBUTION COMPANY 

Supply ing one or more of the lollop- 
ing industries as Sole U.K. Sales 
Concessionaires: 

Engineering, Printing. . 
Plastics Processing. Packaging, 
Electrical, Construction, 
Mechanical Handling 
Only companies with family established 
P'oduct lines and secure franchise can 
of considered. 

. Replies in strictest confidence to: 
Managing Director 
8 or GJ 553. Financial Time: 

10 Cannon Street, EC* P <Bf 


EXPANDING TO NEW SITES! 
SAVE YOUR CAPITAL 

We will purchase the site for 
you and lease it to you. OR 
we .can release cash tied up in 
your property by purchase of 
your property ^and rent back. 
B. Seitler F.CA, 
RETAIL PROPERTY 
INVESTMENTS LIMITED, 

47, Peter Street, 
Manchester M2 6AU. 

Tel: 061-834 2510 


Building Group 

Carrying our no clttvbi work. holding 
cash and remaining sloe!" nr renamed 
houses. v!:b sunn? prtaO'.cls of vacaoi 
possession, for sale a: fpi.Q-.K). 
PRINCIPALS ONLY 
Rcr-lv lo Bos G.laofl. Financial Timet, 
10 Cannon Struct. EC-iP 4BY. 


DEMOLITION COMPANY 
in 

HOME COUNTIES 

Sxk’.IcS! r>.pa:a'ion. turnover 
£3*0) i r«i v.a. tor »ii«. Offers eouitT' 
Hiii or majority bo'. dice. First c_as? 
p.Tsoon. 1 . cunTar'J and prospecs. 
’An:*. Bon L.iJG. rinaco-.al Tunes, 
Id. Carcoa Sirei", EC4P 4BY. 


CENTRAL SCOTLAND 

IMPORTANT HOTEL FOR SALE 

Turnover in cv:<ih of £400.000 
Ex:a<len: condi cien — fi:e ccrtifiera 
Principals or.>y pleas-: 

Wrile 5e* GJSOf, Financial Ti.-nej 

10 Cannon Street. EC*P 43Y 

RETAIL BUSINESS 
FOR SALE 

RapM:? ispar.diac spoculss! saints 
rfiops inr solu. Will «tahlished Good 
prnKts and iro-irih Doientia!. Expert 
suiii could s.as i! ruaured. Exclusive 
Liner 

lnu-r«:-ii;d prir.>.-iro:« u-nte to Bos 
G.1546. Piaaciil Tlrn-.’s. 10- C ancon 
SUcu--. E-14P 4BV. 

TELEVISION mtkl 
CO^PAKY FOR SALE 

SltiJATED IN NORTH WEST 

457 colour ics. 257 monocfirqine 
vra. Annual income a:;er VAT 
£7B.ODO. OScl in tfw region of 
£130,000 required. 

Write Box GtS5f; Financial Timet 

10 Cannon Street, £C4P 4fiv 

CARS. TO SHIP... 
TRANSCAR (ILK.) LTD. 

43/44 rii-iy Bond Street. Lsndon, wi 

Tel: i □!-, 491 4121 

AMD AT U'.'LPPOOL 

A aart a.‘ ahe TF.AN5CAR Grotty 
ol Cam Pirn-i . Europe'i leading ear 
shipping :p:-ei«liKs. FulV com prehe naive 
service and In* prices. 

Write o- call now for brochurm 
rni auotatlon 

A LEADING CHARITABLE 
TRU5T 

?n His;oriui and 1 mjnsimi 
mace/a 

Seeks Interest-Free Loans 

from high ux Pa/ert. All loins will 
be fully ikii-M am) jent-sui f-in;» 
acnefiti pqts-PI:. 

•Writ? Bo/ GT3I1. Financial Time* 

TO Cannon Street, ECtP *8V 

Nationally-known Private 
Company wishes to DIVERSIFY 

in prof sail" well eetabTrehed_ non. 
iabeti' intsiitiK area:. Caik inveet- 
mer*: up to £ 200 . 000 . Existing 
Rijna 2 e n iTnt could pardtlpate in profit 
and -.-(jj't/ sharing. A'l -< rplres -r HI be 
dealt — r-t» >n -rt» nr.cteit confidence. 
Piessr write Box GJ547 

Fi.ia.ie-'sl Tine* 

:c Cer.nor. Street. £C4P 4BY 

COMPANIES FORMED 

Expertly. *p:ediljr, diroLghout the 
—’ll Id Corn pa.-e oar pf”-.»i 

ENGLAND £69 

ISLE OF MAN 698-44 

GUERNSEY £250 

LIBERIA U5.S870 

SELECT COMPANY FORMATION 

Tel: Doutf** 1 052-41 23718 

1 Attol Street. Cauglxs. l.o.M. 

Teie*: 623554 

GARDEN SHOP/PET FOODS 
Main Street South Devon 
Market Town 

5 miles Torbay. 

Shoo. Ssor e with roar access. OIRcofl, 
To’lets. T-«.o Fiaa, arte vacant. Turn- 
over £3*. 000 under management. 

£35.000 FREEHOLD 

Write Box CIJS3. Financial Tima* 

10 Cannon Street. £C4P 48T 

L- 

OBNraMNCCS. AGMt R«c c-rdatl . Tr«n- 
■crtatlons *130 trom cHant*' txaaa, m 
own :«nou*e«- SounJl Now* ITmJvoa. 

|1-M 

£> A men tar ecz M new er otane 

meauaes ComtMneO ratea + tola under 
A3 e iveok. Presdoe Oiicas noar stoefc 
Innansi. Mawm Mi-idqrv Intor. 
MU«m 3. 0l-«* 04M. ToMm Ml 1721. 



This cash voucher 
entitles your company 
to an immediate 

75% CASH 
AGAINST 
INVOICES 

r.b, ; e:':oaro'ii'.3' 



Cjbie-z • : o a r o 3 - _ _J 


its! 


Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
jphone us direct. 

Confidential Invoice Discounting Ltd. 

Circus House, New England R-Md. Brighton. Sussex BN I 4GTC 
Telephone; Brighlon |027Jj 66700. Telex: 87332. 

Also Bimvnghtmi 'Cardili. Leeds. London. Manchester. 

A subsidiary ol International Factors Limited. 


Tycoons, Whizz-Kids 
and High-Flyers only 

No one needs to tel! you that the only way to make a fortune 
is to build up your own business. Nor do you need convincing 
of the value of timeiy. exclusive business information designed 
to keep you a step or two ahead of the herd. As a regular 
recipient of the Company Director's Letter, the informed 
private-subscription service under the editorial ■ supervision of 
Robert Heller, you can be confident of not missing out on 
today's ( or tomorrow's ) besc money-spinning markets or 
concepts. For details of FREE TRIAL offer, write to: — 
Company Director’s Letter, Dept. 1CV, 

13 Golden Square, London W.l. 
or phene 01-597 7337 ( 24 hour answering service) 


Company ’Vented 

Medium size Public Company which has been in 
business for more than 80 years intends to 
broaden its base by an acquisition for cash. 

We are interested in a private company with: 

(A) ANNUAL Pre-tax profits in bracket 

to €2 MILLION. 

(B) Growth Potential. 

(C) Good Quality Management. 

(D) Products used by genera! industry and/or the 
Building industry. 

If you are the proprietor or majority shareholder 
of a busi ness within this broad category, and 
wish to sell to a Company which respects and 
takes good care of loyal and enthusiastic 
employees, please contact us for preliminary 
discussion in the strictest confidence, by writing 
brief details to> 

Box No. GI559 Financial Times, Bracken House, 
1 0 Cannon Street. London, EC4P 4BY. 


ARHGLIFFE HOLDINGS LIMITED 

wish to purchase 

HOUSE BUILDING COMPANIES 

ANYWHERE IN ENGLAND. 

Will consider leaving share of equity 
with the Vendor. All enquiries will be 
speedily considered in utmost confidence. 

Please write with details to:— - 
Mr. !. Fisch, 

ARNCUFFE HOLDINGS LTD„ 

105, Albion Street, Leeds LSI SAT. 

Tel. Leeds (0532) 445051. Principals only. 


PRIVATE INVESTMENT COMPANY 

Wntm to acquire established companies in Southern England within the Fght 
engineering, con trie- hire and leisure sectors. Proposition, are particularly 
invited in the range £50.000 to £150.000 with scror.g asset tacking. ftes'ies 
and Mcotnpanymg financial information will be rcat-d in the strictest confidence. 
WRITE BOX GT544. FINANCIAL TIMES 
10 CANNON STREET. £C<P 4BT 


AGENTS REQUIRED 
FOR 

TENTS AND 
TARPAULENS 


We jre leaking lor actn* AGENTS to 
«ll military TENTS and COTTON 
TARPAULINS manufactured Bv us in 
MOROCCO — ALGERIA — IVORY 
COAST — SENEGAL — GHANA — 
GABON — RWANDA — MOZAM- 
BIQUE sad NIGERIA — to the srmed 
forces as well as n local marvels. 
Pa-ties mte-uted mj' contact SID CIO 
SONS INDUSTRIES LTD.. 709 QAM AR 
HOUSE. KARACHI. CABLE 

• KPAPREWALA " — KARACHI. 

PAKISTAN. TELEX NO. 23679 TENTS 
P K. AIS3 loo r I ns fcjr SALESMAN milt- 
ing aoo.o counvlcs on remuneration 
basis. 


PROFITS BETWEEN 

£im. and £Jm. pre tax 

Quoted Industrial Holding Company prepared 
to expand by acquisition providing management 
is dynamic and prepared to continue. 

Send details in confidence to the Chairman, Box 
G.1557, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


EXPORT HOUSE 

With well established ccnn:e in Nigeria and Sierra Leone Is interested in 
promoting generating and pump sees, fivjo-r.icni l:jh« and ii Kings, wring 
accessories, power tools. V-bele. fan salts and hushes, ss" ctzrcnp. industrial 
fuses, fuss holders, circuit breakers ex.. lo*. and n<;h vc tage sables and cat:« 
joints, exhaust fans, water heaters. *>a:c MD-ng. finings and water melt's etc. 
Pieese tonus: 

K. LOKUMAl & SONS (LONDON) LTD., 

365 Euston Road, London, NW1 3D{. Telex: 23265 Tel: 1 11-388 0022 


Arabs! Arabs! Arabs! 

Sell your product o* n-vite to 
* million Arabs in 2-.ta n ■_'v: 
summer through :h? Aribic D-'ejeory. 
Others profited last year — nan's 
ro-j- Chance 

Pleose phone Hiss Bcvllf on 
0J-A?9 (233 or write to: 

KNIGHTSBR1DGE TRADING 
CO, 

3, Walton Place, 

London SW3. 


A Small Company with 
CASH-FLOW PROBLEMS 

Requires invesenene of C30.0G0 to 
fi.iar.— evtinsion. Atie to a:V>>« 
sales ol £500.000 -ni'iimum per a.-.nu.-n 
with net profitaoi'-ty on Simwe’ if 
1 2i 'i - Enqu'ries l-om Pnnripaii on:/. 
Eqjit/ available — executive i— ,:-ot 
•welt on ed. 

Write Box G1J5B. Firarrol 7 -nei 
1 17 Cj.tiow Street. IZe? 4 2> 


REMOVED FROM CITY BANK 

Teafc executive su^se i*<. bu^st 
as new. F'ne cjal tv dent >n t-a< 
and mahogany l-om -.3Z. Cl^t: ■: 

in tweod from £15 So £iS0. C-,s- 
boards, fil'fj cib.rrc. rrp?w-':-'i, 
•c. Lists avriabU. 
COMM£»ClAL EC' , j:PMZ*i' r tO. 
120 G’ay’i inn "oad. WCi 
01-EJ7 «SS3 


ELECTRIC 

TYPEWRITERS 

ra:ro"r -ero-d.tipned and gua'anteed 
If4. Bur. up to 40 a.c. 
Lew.- 3 fCi-s 'nn £3.70 weekly 
p.-.j r. 3S1 Ber month 

Phone: 01-641 2365 


INSURANCE BROKERS 

Well-established North West based 
Insurance Company is Interested in 
rimmencing discussions with a view 
to a sale ai the substantial business 
whirh is spread between motor, life, 
rommerciaf and general insurance. 
Pleose write to: COLIN & COM PANT. 
Cfirrtcrrd Accourrtcnts, 65. Crocs 
Lane. Raddiff*. Manchester, indicat- 
ing :he b»*i« or which you would 
expect » value to be determined and 
whether the continuation in service 
of the Managing Director, or his 
immediate retirement, would be pre- 
'Squisife. 


SMALL MANUFACTURING 
COMPANY 

lacks resource* to adequately market 
new DIT Product range. Documented 
sales oocentiat in fmillion* with ex- 
cel. 'ent export prospects. Unique 
opportunity lor international company 
ra expand into DIT Retail Market. 
WiM t ell T-ade Harks. Patents and 
Goodwill, or consider substantial 
tapin' injection. 

Principals only pleote to: 

Box G1S3S. Financial Times 
10 Coenon Street, EC4P *87 


ENGINEERING EXPERIENCE 
AVAILABLE 

ACQUISITION & MERGER PLANNING 
needs evaluation ol a company s 
products, punt and equipment, pro- 
ducuon efficient* and management 
Kyle. A former Engineering Executive 
with managerial experience in Produc- 
tion. Sales and Research, isaev working 
freelance and having completed An 
evaluation for a large quoted multi- 
national company, n available to 
undertake further assignments. 
Strictest confidence observed 
Write Box G155S. Financial Time* 
10 Cannon Street, EC4P 4BV 


MOTOR BUSINESS 
SOUTHERN IRELAND 

Valuao<e freehold premises with 
development potential, consisting fully 
equipped spacious workshop, show- 
rooms. stores and forecourt. On main 
thoroughfare in expanding provincial 
town. Main distributor for popular 
range of can. Owner retiring after 
40 years in business. Finance available. 
Write Box T.4828. Financial Times, 
10. Cannon Street. EC4P 4ST. 


WORLDWIDE OR COASTAL 
SAILING 

M :c--- e-c:-o- : n.,vaias aid esm- 
m.r:ta: o-i -t: ariv.: make ^ovayes 
JVf ic.c :*ie exocrc.ie :o 

«i-:: vo a I- rfl ana ftt:«r i ai* 

,ou- -rsj a.—e-T :-a.-i VHPs aid e;nj 
sai'TC'j ta -'i-i.j'i radars :J :nc 
mjj: utriiite naviaato-j 

ar ; «m:o« rc hp S5EtiTeiek. ^'5«e 

ao: . i v*-i:.n- So> G.I52I. 

r irf J »’ in. Cannon 

fliX CBV 


STOCKBROKER 
WITH BUSINESS 

Aisisant to !o-me- 5rack Evchange 
M:m3er seeks small soundly Based 
firm wh-'e he can de-e'oo mair.Iy 
P.'rionaliscd -nsi.tutional business 
( forme- member C^O.nOO P.a.) 

Wr,:e Bo» C T542. Fircnc.jf Timet * 
10 Cannon Street. EC4P xgy 


PLANT AND 
MACHINERY 


PAINT 

manufacturing 

COMPANY FOR SALE 
South Coast 

!>.:? 'i a sea: -rrr. rn via esirir.c 
ar.d esc nr: oners. 
xz..', t iiaastial t.n-s. 

'larr'.ti a—.::. ECaP 4&Y 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

LXP'ESS CO 8 EGlSThATIONS LTD. 
30 City Road. eCl 
01-62.. S*3*Hrn*1. 9?.T6 


GENERATORS 

Over 480 sets in stock 
1ltVA-700lcVA 

Buy wisely from the man u fact u r er s 
with full after-sales service. 

CLARKE GROUP 
01-985 7581/0019 
Telex 897784 


INDIAN BUSINESSES 

Under recent Indian legislation. ‘ fr-oign 
owned Indian comoan.es na»e is 
*lnd>anise.‘ We have Sterl ag ar-.d 'JS 
Dofar Funds and would be ^:v«aS 
in acquiring British or ar- e - un 
inta-ear in Indian comparJe*. Ineerest-d 
parties, write to: 

8ov C!Si0. F’raneiol Time* 

10 Cannon Street. EC4P *SY 


FOR S.ULE 

TAX LOSS COMPANY 
IN F.LECT1UC.AL 
WHOLES AUNG 

r.. ns of £23 O 0 #- 
Eui J.V ..-arnal Tiaea, 
'.if Cj:-.cz Sire' 1 . 

4JY. 


GENERATORS 2-300Q KVA ~w ana o:eU 
■ee-i n,l , available. Keen :emaeri:i,r 
a-:es. Cere--» tfe 07 ss sosj 

T.-e* 3C8SJ7 


I FORK LIFT TRUCKS— U»Ca mooris. Ex- 
cedenf ehtnc« at over IOO trucks lead- 
mo n-afes finished m manolacturers 
. colours. Diesel, electric or gn oocratca 
I Large s:ocx ol Electric Pallet Trucks S 
Reacn Trucks. LIU sent uoon request 
trace & e«oort enquiries we*camed 
Large renucucn on eul k oarchases. De- 
1 'icries arranged anvwhere Bii-rningnam 
Fork Lilt Trucks -Ltd.. 4-8 hams Ra.. 
Salve* Blrmingnam B3 1 DU. Tel: 027- 
S27 S944 or 021-328 1 70S. Telex. 
J3T0SZ. 

r OMPANV PRODUCING 

cnem.cjls - erparc.ng .... 

■ count-. es. Price S2SO.OOQ Inc Freenolo 
P'Ocerc*. Purcnase consideration can or 
>o.-ead o-.-er hve rears BUSINESS SALES 
LTD.. 105 Commercial Road BOURNE- 
MOUTH 020?i ’1MS.1 


STRONG INTERNATIONAL 
COMPANY 

teeka aegu-iitianx or Mechanical Srg -• 
eennj consii'n in the U.4. 
i0'-r ccrci;-anica i*-»:n; zte tht-ai 
and D-oca:s Inauiv-a. bjs also 
willing to eontid'.r a.-crarc tr?e equ.p- 
rac.it and/or ma-ra. 

Wr'te Bo* <51545. Fl-en'cl T.me* 
10 Cannon Street. £JZ*F 4Br 


EX PU8Li; CO- CHAIRMAN "as E»S0 COO 1 
* ’• 'J-' ‘.-3 -r -oieent.c o'lse-* 
•' ,. jri.'.L wntr'Jif 

.;.. r ’VV;,-. 259. M I* Raa= • 

FINANCE PEOUIflSD -Sr 51JK-* ■■>-.9.-- 
--c -e-e iomo-rt*. F'JI. ■ se-.-j-ea 
- ■ ■ in—;,, Djrt.c-oii :* Bret; 

v'.-2j • * .v - mi , 10 

r » LZ-: jb> 

f4 c .“T 5 *GES -OR EXECUTIVES. 

i*p. Jio Pa:-or 

CAPITAL - e.: -■ £2-3.000 -e- • 

- - re: •: v. ; Ma:w.,i . 

Ma-: -j :« «*iw i-i.ir.ji jttu-na 


_- er •« 


By* GIS55 


HALFWAY TO CORNWALL! 1- C. OrnTC" 
market town. Tnrl*-nB l.reiwed rcsawjr: 
jnd tea udi.. qwne-s' accom . yore 5 
oarage. 535.000 FreehalO. W.n-.e 9oa 
G1548. Flnancia! Times. 10. Cannot 
Stnoe- EC*P 4 BY . 

DISPOSABLES Whoi«*l*r»IJanl»rlai DiS- 
frtouioi waited. S**l w#h anal. tv. »»- 

Branded uaer io-olxl wiping sroduca 
Ex seeck. E*ee*le"» mreiri . Wrw# 8«« 

g w . r *yg^ ) T> ~- « 


V E 'j'- 41 10 Cannon S:-ee:. scap 

ro --‘ ?“• " v' assocutes in 2 

r.V.V, r. : a; .-ial rurr.: ji». v 
■ il ? ^ atm.-iKroti.a a-e 

■. -...ies. Fe-mi-.A, .ml manaae 


ZURICH. . 
We jller 

- - o office 

... _ , Ta-.-ii and miugmen c» , 

1 -AjH TS W'.t" A ruler Associates. PBna • 
Jl 1 Cri-aoss 2>je;!u Phone 31 SA 8V 


I ^ Ml a 

LO -‘ !, < £ ^kragLISrita Manaqotnent : 
I fFroM. bcap <«r. 


Business and 

investment 

Opportunities 

Every Tuesday and Thursday 

Rate: £15 per single column centimetre. Minimum 
5 centimetres. For further information contact: 
Francis Phillips, Financial Times, 10 Cannon Street 
EC4P 4BY. Telex: 835053. 

01-248 4782 & 01-248 5161 


Financial Times Tuesday March 7 1978 

COMPANY IN THE NEWS J ' 

How WiUiam Press 



.-ra 

n 


grew 

the energy busiae^s 


BY MICHAEL. CASS E LL - 

WILLIAM PRESS, the inter- 
national industrial pl ant and 
mechanical engineering group at 
the centre of yesterday's Inland 
Revenue investigations, has in ‘ 
the past few years grown in the 
wake of the expansion ol energy- 
related industries. 

The group has now established 
for itself a dominant position in 
several fields connected with 
the energy-producing and supply 
sectors and offers a range of 
specialist engineering skills in- 
volving the installation of Indus-' 
trial plant, the fabrication and 
erect-ion of pipework and pipeline' 
construction. 

Press subsidiary operations are 
involved in a variety of fields 
related - to the group's main 
business, such as the design, 
fabrication assembly and testing 
of off-site plant - industrial 
refrigeration and air condition- 
ing equipment and the provision 
of consulting, design, engineer- 
ing. procurement and super- 
vision services, for the oil and 
gas industries. 

Logical 

In 1976. the last financial 
year for which final accounts are- 
available. the group earnfed =• a 
record £9.Sfim. in pre-tax profits 
on a turnover, of £156m. Work 
overseas, including the. value of 
materials, amounted .to £2 4m-, 
of which some £10m was carried 
out in the Middle East. - 

ln the first half of 197?. the 
group increased its pre-tax profit 
by nearly a quarter, although the 
figures were in part a reflection 
of the acquisition of James Scott 
Engineering early last year. 
Scott’s electrical engineering 
activities were seen as a logical 
extension of the Press Group’s* 
engineering and contracting 
activities. 

The group, which employs over 
15,000 people and has been on. 
the end of several take-over 
rumours, is deeply committed in 
work associated with aspects of 
North Sea oil and gas explora- 
tion, as well as industrial plant 
for the process industries. 





Losses 

Press successfully handled 
much of the U.K/s gas conver- 
sion programme earlier in the 
decade — at one time cairyhig out 
over 500.000 conversions a year 
—and. has izt the .past . been 
engaged in one-shore pipeline 
contracts. 

The group Incurred substan- 


Bags of documents- being--. -j 
removed from the. Essex ” 

• Street, Strand, offices of- ~ - 
W illiam Press and Sfltf _ 
yesterday. s . i 

tial losses in 1973' after it bad. : 
established a yard. at. Howdoa . 
on the River Tyne- tor the puSk ' 
duct ion of gas and oil production.^ 
modules. After its initial ptebv: 
leros, however the yard ■ wppu 
substantial contractsond- recently 
built ■ the t four largest mod b tea - 
in the world for : North Sea. - 

opeartors. . . 

Overseas, William Press (Inter- 
national) has recently completed 
a small refinery complex in Togo, 
West Africa and also -has work 
in Omin, Abu Dhabi and Bah- 
rain. . The group also hay operat- 
ing. companies in Saudr Arabia^ 
Iran, Libya,. Australia - 'and Hdl-f” 
land. .. . 


MUBf 

fill 


BUILDING SOCIETY 



“Savings Bonus. 
Some easing of' 


.-The Annual General Meeting took;.-.! 

I place- on the fith March. The following -h**' 
are extracts from the speech made by . 
the President, Mr. Cyril darker- LffiS 
F.CJ.S., F.B5. PIT 

Last year a Private Member's Bill 
for the reorganisation and national- 
isation of .Building Societies, came., 
before Parliament. The Bill -did not - 
have the backing of the Government - v ’ 
and was defeated. Should this issue 
be revived . the . consequences of • 
nationalisation would mean the conk- 
trol and direction of the savings of 
many thonsands of . investors from all 
walks of life. * : - 

We are anxious to see more-- • 

people owning their own homes: . 

Legislation is being introduced to provide 
and Loan” schemes for first time buyers, 
stamp duly on the purchase of higher priced houses would- 
be welcome and if tax relief bn mortgages was gxfepded more 4 ; 
houses would be available r hr the lower price range? Sin ! ce r ' 
the present limit of £25,000 was fired four years ago the . 
retail price index has risen 75%. There is also an urgent: ' 
need to abolish the investment mcome surcharge for air' 
people over retirement age. * 

Last year, in the Housing Policy' Review, the Government - 
recognised that there was an increasing demand for home" 
ownership. Building Societies are .anxious to play their part J 
in a revival. of the housebuilding industry, for without more 
new bouses the imbalance between supply and demand will - 
continue. Neither the Government nor the Building-Societies, 
wish to see any. undue escalation in house prices and the"' 
amount of finance -available to the housing market may have - 
to be curtailed until there is an increase in, the number of 
new houses' being built. 

- The dramatic fall in minimum lending rate over the past- 
year has forced down' the level of interest rates which have * 
been reduced on three occasions. Now tbe pendulum appears :, l 
to be moving in the opposite direction and if this trend 
continues Building Societies may be -obliged to Increase thm- 
rates. ■ .-; . 

Last year there was a healthy' inflow of ‘investments. - 
Share and Deposit balances rose by £24 million to £141 million. 
Our mortgage lending in 1977 was £231 -million. 32% 

I was on properties built before 1919. the average loan Was 
- £7,'421. ■ - 

. Liquid funds represent. 24% of assets and the market" 
value of quoted securities was £375:000 more than book value.*' 
High inflation affects management expenses -Although ; 
fbese are increasing year by year they are still ' below the" 
average of all societies and over 90% of tola! expenditure 
relates to interest and taxation. ' ; 

Last November the Society's rules were amended 
provide for a retirement age of 7D:.-for all Directors. .The 
average age of the present Board Is 58. 

^ During the Queen’s Jubilee Year the Society niade 
substantial progress. Total assets ^ gassed £150 million. thV- 
growth rate being over *7% * Over £900.000 ztas added to 
reserves which sow total £6.4 million or 4.25% 0 f assets. 


i _/ 


* t 


lb the Shardaoldeis of 


AKTlE SELSKABGT 

KJ0BENHAVNS HAXDELSBANS. 

(COPENHAGEN HANDELSBANS~A/St 
'■ COPENHAGEN IV’V 

end ot 127a (less 80% dividend tax) for the year*^T^ t We^^mv 



Payment wfflfal»prac® at tbeHenk’s 3 
Kta^DK-W91Cd^aiha0 
scfaid,& Sons Ltd. - i-.. - 

7thMarcil978 

.'AKTT**t^sicABiST 

VJ0BSNSATK8 HANSELSBAKK 

(COFEatBAGEN HANiaaaSBAMg ^flTl 


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wrs '' l ' 




JVu -. ’ 

■ i f‘. *.V";- 


In |> • " 

‘Hl e r ^ r*jW64tWS 


’-; -,’ -r 7 <^ .... •■ 

ay March 7 .1978 


s .. 


SA clamps down on 
uranium information 


m 


^ PAI^ch^ePj^ ' v .. ; ^ 7.:;.; . - ; ; y- ' • 

d «^n^ly 'on theiki. if it should 

fS Conzinc MBfhd2\if^ Wb Australian market... circles ■ that 
L whlc^Js^SuB? ethp-jomt offer, will be- Increased 
6 •_>-Wd,o ? ;t&4aWe puts a 


r -JU IADQmI indnstrifct i ramv nalf-yearlr profitj’and bonsterf “it® 

1 tE w?- ^Vl :■>:■■ ■-. -interim vdlvWerid -te g cent* frfim 

'£NLmE ^^J^V«waent. has- re. 6 ^ants. CAlL* shMes.-iH-S?dnev. 

a apHes of=gnide-'. were yes-ierclav 2r®ritsabo*e the 

W riSsSL^ 1 ^^ •W«T howhifia tJM«* -Price-.ot 8A&M: - :. / .- ■ 

, JBhac?^& t5-^r W %^® pd ' in LondWi-. resterdv TCRA s i 

I j^RaDnSTfer^Mi'in.. ^Iu®P ■aoftare'nt. detemrinatiofl T<v ‘prew 
L J 01 : *-ffifong J»«»e on worn ; -ahead with th. e joint bid was /me 

’^ e rafTors-iiltins _Jta- thsre 
pariier refusal- . price . to ..iSfln' £ S \TL. ao-th* 
WSa* ^ ■ ■-\ jKS8L . *ua'.DT&de a toint ■htdi'lt’h other hand, tvere barely' changed 

J »«al company,:^ »«p, .v: ’..•.' \ ’-. 
■§& itoNW «»•«»*?«. • -.-’ .” ■ ., '? ._ 

waw ,p JB? T»ie "fon trrver«yr »firrtfhndr - s- Tr _. a •'•-.-7r - t » ,'L '■' . 

.^me-'py the Thfa\Bvi.;«^e . AN A PONDERS 

rnmnovea^ by \l& -NSW tjovsrtw -___•' 

ctmtr ^ foreign iqvfeat* URANIUM QliEST 

g3?3f * ■- ttp*ffrmn£nt' M&ciais Bn4"CftV Tfce .Guayana (Tovainfimirtt^ ha* 

■'. ed'nseotfewe * T** 1 ortafc for* urasimr 

EPfS^ &*®F R *C 3 «W' that IrVkeuM- rour »* r ? ■ But. our fteorze. 

■fcvf Welng. Wl^aubndWw.tQ ‘ Q V vl ? m rt"Pi *V r 

Jfifcfc . « :i'-'.-i# the.-Covprainefrt.'. - 5 u “ err , £ 3Ck - fhe Energy ano 

S£5 The ■ snbTuisrfdris wBk'nt out $*"**£! ,ofc 

PI advantage* *h1ctr.*ouM be „*,■}■ J* 1 that .owing- nr the sen 

K£^ . h kefy to' a.retuo.' frohj' " a : dati i- ' naTure .PfM.he • saibieA. . he 


-•tow GRA part icipa thm irr' CAIL.” “H* , -v ’• ’ ,: • 

CfiA already JhoJds -12 R ter tit ? r ■£** dfd nm.say ^h whom 
wirt. of. GAEL... while-, H«»»rd £l= 

Pnrffh. already linked. With CATL SSӤ k *SSL 
by r common Board, members,’ SfiEPhfiPfLflLfiS?^-?^ 9*^ 
holds 38 wr. cent ‘ ■* ..•;. ■ '■ ’ J 11 - v«t - 

The NSW Gpremment • :ha s . Ja ?5 
pointed. out .that if tbe.-ttd is 

Kii«pi»»cfiir ..th»» ri»i wniAtna-' >r> PaMtameTH that hp &Rxf been- eon 


Geologhjuw et Miniercs, a French 
Government agency, and -A max. 
9 GJb. mirnne house, would hold 
respectively’ 3 per eerd and 4H 
per cepi . of a neu. French- com- 
pany taking*? siake 'm Cofremmi, 
the operator for a nickel venture 
in Npu Caledonia fti fact the 
RRflAI holding is .-51 p»»r rp.nl.. The 
error arose in the . transmi'isinn 
of information between .A max. it< 

London agent* and the Financial 
Times -••■-. 


.uriniiimaifflii nr prPW r-rkira. » ii-n 

; -ahead with The joint bid was. ime . MiV COWPAMES 
-of. ihe fafTQj>-.UftinE .its- 5hsr« _ *. - . *■■• 

price. S r. TO. t56n C,\TL. no th«. FARIS 1 LESS ■• - 
o»h«««: hand, were birely' changed ■“ "■■ . -- 

•:.at 312p, .>; • - - ;-. Higher m^al prices hav® nM 

' j. ‘ • '.' V;'" '■ 'he®n tnlflriMI in r*rmnen<»tp 'for 

f- Tr V- . T k>w '^ r production ai Aokam Tin. 

. vv* ANA PONDERS 3 Tnember o! the Mabrtbn 

‘ Minin* Corporation Th® mm. 
aJRANIUM OliEST ■ T ' anv ha *' animnnced n®i profits 
;’■•.■ : ■ ■ ”.JTTT . for the «tir month* to riecembpr 

The -Guayana (Tovbrdmirttt' ha*‘ of SAiaSfism f£Sos.74ni. down 
announced that - it’- ta* hording di®' fr, * m *^Ia-4 3Sm m . fh® «ame 
ca-t*ions orr exploring for- uraninir -D“rtod of 'tOT^-when there wap a 
' in the country. But our fiaorze wioilm on buffer stork trans- 
: Tow n. car respondent 'write}.-' Mr a^ion*. . 


&w 


— pointed . out . that if the. - ttd is ZTwZXn'I 

successful, the CRA holding'. in 1 H»S.'SSmS!^SS2. 

CAIL will be about 40 per. c*nt.. 

i.,j •-. , -,thusj:meertng. one- of the main c£222" h w5 

,r ‘ iGnvemmeur suidOhnea for SI per S2» Bl, i!lLi2!r ln »*l? 

• ■ -^dp^Bc Mtr. ta-.«ta5i 

■ J; ' 5 : ' o5Br 5^5S^?^S c ir^iS??gJE' 

Govern ment now centre - on JsJESJS'wSMbtonS'' ’ 
another guideline ’ Which reads. - ¥SS.-^ ii at ' 

:*a,» s s^ n * i*?sr **8*"^ 3-“ » 

S5ni .355 hauxiie. but trawpf rpi'ioaeWye- 

: rrtor- r Itk^»i«i*ir^t»v. S *h» e fdneirala-T'a^e brep'ftrand tn.-fije 

fj e "J P ast » althoush ihe MtbBt bf any 

• companies concerned, to rare Inc u, - r • 

p^vkiusly ‘ determined condttiona ® e Pp 3 *^. .** " 0t -7?! 0 w .> 

of lYimine leases which" would be ''- !_• ’ -.7 ..- ■- ■■•■■) (■:• -:••• • 

aJ^cted by the change.". ' AMAY-ARTiM 
ThJlv when the dt«niT*irtlW mww -? WA A ,V"yW,.;.,,.;'..; r 

• Honed in the guideline .are mm- . Op March' t '.it* wifr. ’reported 
plffte will CRA be lOcely-to more -that Bureau, de RecJ^nrhes - 

' / . ' * • , W/ 


A similar. paMern ®rhpr?®ri nt 
Tongkbeh Harhoqr Tin. . where 
net profits for the half year in 
rWpmher were - rinwn : tn 
SAf^PTAnnn ’ iflSM.lfitsi from 
SMa t 08m m the correspondtnc 

■perjnrt <jf ]p7R. . 

’Both companies receivpd.. an 
average prirp of «Afa. 1.707 per 
picul of tin ...metal aeainci 
SMa 1.218 in the flr«l half of the 
JflTS-77 voar. .Vikam's production 
.was 13.674 picul* compared w-ith 
16.804 piculs' while •Tonekahsv.-rm 
down to 4,262- .pirnfs against 4338 
piculs. ; . ', 

: - There has trten no rhance in 
the production pattern since 
■December Tn . London vesterday 
Tongkah shared , were 85p. 


BRENT WALKER 

Brent Walker announced last 
night that the writ issued asainst 
the company by' Grajiam Saundf-r*- 
and associoteR m connecrinrt whh 
.ihe Oxford ’ Walk develnpmem 
proreci in. Oxford 'Street has been 
withdrawn. 


World Value of tte Pound 


. . .‘The table he low gives; the latest available..; 

nJei of exchange for rtifeTrounri p^aihst Grinds - 
currencies oft March 6. 1 B7$. . ljj .* . eomc_ . 

. rates are nominal, .Marker rates are’ the „. - 

Average of bu*ing and nulling rates except where- - 
they »re -»hown to he otherwise In some cases 
market rates have been calculated from those *f 
Toreign currencies to which the v are tied 

Exchange in the IJ.K- and most of the-' 
l * * \ : . j .if “nuntnes listed is officially' controlled aryd :the 
I wViLi<aics shown «houlrt noi be raken as -hoins . 

mnlicable to any particular transaction wlUjoift^ 
'efefence m an iuilwrf»ed’'dearfT-'-0. v - * " 
Ahbteviarians; (S) member or'the sterling' 
rea other theft Scheduled . Territories^- rkv '- 


‘ , ^chefatg3^5’)yT ltnr > ■ 1n) official rate; fFi free 
rite*; uXitniiri^t rate;- -'{n c ’i nnn-cnmm®n*tal 
rate;.(W^nn» available: .1 A> approximate rat® 
-' 1 P. 0 " d freCl .tiqntgttnn available; 1**4 -el I me rate 
huyine rate: innip 1. nominal; (ex/rii 
exchange jemticat*^ raie; iPi based ®n f ! S 
■■' dollar flAgriet. and roipb sterling dollar ra»e. 

:bi^«rs' rate. iBa«) basic’ rate; fimt 
- comuiprcia)' rate:- 'Ccn'i convertible, rate: <fni 
; financial fafa. .- 

r-c '. •: '-SKi^piJSsi^ctuatfpns have " been seen lately 
r-.:-fariihe^ore»*nr+^Thanxr market. Bale* in rhe 
‘ table bHow are' not in’ Ml caseir doMite rales 
' - 'on itK ilaiK diinui. V 


J Plate and Local TTnit 


Valiieur 

^Starbag 


Place and~Lor4l Unit . ' 


jfralur nf i. -\ ,' ' _Vq'n*i>f 

#£-SrpHinff I . Place and L«c»l Unit f Sierlinn 


'rebaaiBUB AWbaoi 

{ii>«Dia.. .. Lun 

5 set*-. .. piW." 

Vi-tf:... :i5SS! 


s 


Seii*'_. .. pmw.*- :y i. BISS 

' fTtucb rnai! I 

v lory* .... ; PvATrf vt paKi , %».» 

KiewBia ' : . nJfc- ’■ 

UiXSS i#*!-.. SX^nbtaan ) . Miff. 

“^en'Hna... Ar. Tow Pise ihuT-Utt' 

in.- apii tS<. AturtrtJiao g'"' f.-'.JJM 

utna Ki-kllling ] SaJS 

Ktt*. _ rosxoR. E»oado.i :7*,« 

IfMJBM .Si B«. Italian • ikWS 
-ne'vlMli iS Talfi • I ■ . I*.® 

-•nin ■*. „ Dinar - . ■ ' | I.IHj 

.-eur'i • I*. ... >p»- P*»o»» - I 166-25 

riw-l..kt < &> BartMulMttt l.'.Wt 


" w: . M . I Qb ' 1ml - v % L 1. uiunuinA* 

• Ott.MM' |(Shaaa ,| &' 1 .'^.. i-iii • "" LJ-’ 


Oibnltu VK-; (Vilww-ie f >r 

■ litiieri Ji-OI-'A.iH -DdKitr . 

. <>nA.y • .. bnu4><9f .- • 

, tjrwnimiri.-... DnOitPVumer 
j, Clmnad* ;S* .. R. UBbrean S' 
4riia4ah.-upe... D»* : Ttnijc 
.. Ia * 

Oiai€wala .... 4ju«tal 
; Guinea I.Vp... tii ly 
■Guinea rH««ao- 
Gin ana id).;:. GirnmaeaP. 

■ Hftitj. - .. .:. OniinJa. . 

UiiiriuruttepLewpu* . . 

.- UoapKupgi^n H.KJ 1 . - 

- "j aumtaix!.-... Formt. ; I 


2 IS igi 
10 

1«7»; ■ 
I6.«S*~. - 

w»: . 

»JB«7 ■ 

l-Tiftl 
. 1.570 
40.75113 
•?7 68436 
4J6S» 
f.6»6 
A-'S 
8.9B6 ' 


i e»:a^tutv ...Guetnai' - . "fl 8D 

:-pv**.d.-hi-' -. . ’- 

j. t<t Yerntd ftV- Yemea Dina: A*0.6S14P 

[t'eru. .■. Sr.i -w -a 2H.45 

J- Philipp: nee . ft* ■»•«* 14 jv 

i v*'..-;SsS5S!5iiV.' 

iPoamd ;.«J. J..iioiv . \ (Cm;M.20 


S <i«tn»i.u- 
■ ! lltnoBl.lB 
1 - • 8.874 
. T 6M1'« 
•1.6570 
j : tt.«08 - 
.1 .58.74 


vjibur: B. rranc , 

• Hri»...... -BO _ 

Pin— L.F.A. Franc 

ib'i.. &Ia. * 

i:U|i Install H»l-4r . 

•.via .~.. .. Boiiv{»d lAtto 

i*™»«a <W, Poia ■ .- . '.' 

im...: ituww :i -•• 

\ :r2iDb’a'- U'.e.S 
jnri Brunei 8 ' • 

■ua-ia Lev .. 

nDi.n.... Kjrt - 

ruud:...,. - Burua-U Franc 


mere a Bp C-FA. Jsm» . , I ; . ^462^4 

mia laoailian S .' -r f 5.1W5 

larrtk... .. 6|slllilll’ME( 1 . 1HL25 


^'erdp t. Cap* 1 BsL-odo 'l 

i-roant "Si Uey. I.S ' 1 

it. .VI K*>. . L.F.A. Plane j 
i>i L.T-A-Jranc i 

•e ;... J:.. L.Pe-u ’ 1 

Ilk run i n In Tuan J 

-m'-pi . C.-iVei 

1"*lm L.V.A-. biCb: 
i..-r>>H' !>•>.. t t'.A. t ram: .; 

Ii Ki-s '.. ■’. ) 

* _ .. . Luna® Piaao' 

iru* is4» .-. - 4. yr*i» C. ' ! ‘ 


Teelaud 4S; .. I. krtaa 

India Of) InJ. Bupee 

Lndomabu Riipiab 

Inn .. Rial 

liae' rna Omir 

li --h Ka&lbl^ truth £ . 

I Ifiael. . -t»r«ef-£ 

jltalv\ Lire" 

■ IvorvJUakV:.. C.FA. 

J Jamaica '^- Jar*ar«JJuJAr 

l-Upsn....; Yen ■ - 

J Jnrrian iNy ^Jiwxlsn Diner 
: Bampuebaau fuel 

■ Kanin . ... Kenya 'd&ilims 

i K-irt* iXiln... wyet ; -. V 
i hu'-w n?*l»i .. w.* 

1 KuwMi ieHhi. Kuwait Umar, 

1 Lam - 1 — ..-b’»u Per W " 

. Uitmicm — - .lebatHMi£ . 

LaaMiiu t Atnunr K«qd 

Liberia -I LilMtiau J 

Libya : Lilwnn Dinar 

Lwdit'nttn .ieaimFraar _ 

' Lrixamhaitx . Lua Frmur • 


, 40.75113 ttwtuMi Pto-eF*c«d® 

■77 68426 P®** Tuner. .... Ti mor borlo 

1 4 JSStt W*a|k.lila'h!'t. bendo 

l 0.686 TuafUr Rtoa,.-. U.S. 9 

• 6^3 ' j Viiarcq;:..^ 9*iaj Krai .. 
j ’ 9.886' Keunten i. 

. /won WAS ■ « Mtk f*»ik 

f fT> i» >66:55 -Kii'Jd«ia:*l:- Rfeortewaa 8 - 


*3? 

15.7486 

niiu 

■ A- 1* 

0 67266 
l.fc* 

• 8t 767 
ItM-e 
«2>* 
Z4058 
46dia 
.0.5S2 tn.- 
3524 4 
16.1948 


I Hemaais _Leu 

Rvaode (hna4> Franc 
Bt.ChriOo- . 

pher 181..- ft. tanbtwan.5 . 
it.He>«ba — si. He*«w c 
<1. Cewmepi., B. i.anlr«n>ii t 
M. Fj«m. .. «. .f A. Piarrp 
mA :ncs s ju.| B. t 

I ar'^ador R' . - . . 

i Sana* t An»„ C-.a- 5 
: -au Jlafimv.-j llstwii Lire 
| Sao T'jtoe^..., yg-n G-rndr. 

! Saudi Atahw. k<n>4 


“i* - iMaeao-V .. tve®.. - ■ 

rBL &2.1S i i||.mn . .. Knrt'ia'wEkCudo, 
I Malapaiue. Up. MG F»nc. 
.iWS*, JlRiavf fr-. . Kaar-Ul 

jMe'aiw «•:. ftawai* ~ . 

- ,-V* i MaiUiv* Mai* Ku pea 

‘m* 1 . w*il ' Ifn V Fraw 


■-buBMiab Knioua ~ . 

imark-'. ■ HaB«ii kwof 
x-un.-.: : Fr. •„ : 

ninW- k. R. C**lW<lD S j 

nin. Hop... DomraxAu Pwci 


- ,-V* Msiaiee l-.»i SlnrUupea 

»«4»'lfp N«ir F»aw 

* ItuSMZ Marta .. .. UartCHr I" 

- i icH Mari i inn ur — Ik*arPranc 

XimOen®,.. -OnpiiJ*;- - : 
B.I28 16 _ UatihilnaiM. M. Biipee 

t ie Si » IImm 1 .'■ Mexican P«*f 

j Ointnitn .. .. i. PlA. Fiaiv 

iMnw..;. Fren-h 1 W 

V 827 '* j. : .1 Slunpei*’.: ’... WtA- ' 

■ I Mqaieenai ,:. L buriMiv S 
l.»57t . • ['>}i;nrixm .. ,i Dirham 

. MoeaaAlqM. iim. tkiuid® - 


>t"-‘ EBVf L*®"®’ .' 

wpw _.. Ettii-spian Birr 
1 Guinea PeaeW - -■ 


, uO-48.18 

| r-.DiO .785 

:«|TrI,66 


jHaurn ti....- Avsu Ddliar. ■- 

Sn*l’. -I 

I V Jr. r.ntlAe* - 


^ Badia * | FalktaaA 1«. & 1 
'* * U Danlib Brcoa \ 

/and Markka 

" x« Fieiieti Pram 

U'mnAf* t^.F.A'. FrsBrt . '] 
Ouuoi.... UicaJ Fr*m: 
tV. la... C.7.P. Freon • 

ton . .... r. 5 . a! plane ;' 

ibia iSy.i. Dmm i 


P4.0H18 Xetfteftaud* i.liWldW.',, .• J.. 

165-26 1'Sern.Aat lea. Anililirn Guild . ? -46725 

' I u .jj 1 Dace I 140.4141 
j N«* JAortLlDoUa*-- — lAMft 

18 I ^ -u* | I.eUflK 


i x. I»H nd ‘6. 1 Xi. Dobar I 1-88386 

I Sica^r*-- - Lbrdoba I »■« 

Sij^r HK..-.V -t^TjA.-Fmae- . -j 
I N'btTW Si... Salle j Jl*®®® 

1 Nortraj Srwg. A.tjo« I 16AB -* 
j.---’ . ■ . i 

| Oman Sujiaa- » ^ Oinan: ' fl FtP 

j see <ri i ! ■ 

[pHktrtaa. PW«i. Rupee j « h W 5 
| PaDam®. . balboa . 1 9S78 

' j-FSsi-iliilv.O.'&i Bins ;■ •■’•r.- -, - 1.*l » 


1.7285 H j ■wi'WKsiy L.l A. Fmoe 

raa.iS | -mxbaile^ . s. N>n«> 

0. 66R . I SievjA’Mrn Lem® 

8r7.49‘- : -ineai-we 8 

6.6764 ■ SuLmuom l*Csl A-i*<r«lwn 5 

T.660437 ! Mtiwin ..'.-cvm rt|Mmg 

1. Jiift . *il'. Airies i si Itaort 

tp 8 67545a ' \V_Attx»i. ■ 

i Mig Tcrni oner in: t. A. Hand 

VI 10 Ve»r««' 

'iren. Kn0« in - 
fl 6W Nortb Aims. J'eiei* 

78.66. Sr. XsnBV^jeJ. U"«a 

4b? I i ■ '■U-twtL Hjli v nu-»a B i 

l.Bndl Surimai.-: b .;.b Oie-r 

4 65326 j :mrlfaiirf1S.'i Lram*iu . 

j:8<24 [saeiai. .... > Si.-w 

PI-4 1;. I S“ ilzarlan.1 ,>a-i w tranr 

D.fbljS Skill . ...i -■*»!.- r . . 

8.24it . ! Taiwan:. A.,... »«-Tar« id 
BL.44677 lrtli/eHta.4j4.i. ken. J*L'< tins 
12.119 I ijMiumrt Hel*i . 

44 02 I r-e(i> Kn.. . F. i. Fiem 
*67i4 iIm ihftaiVkite 
b.lv.j . ■ Lnni-lait .-a.j to>* A 

.... ! FfiniMa ........ 1 iiiitaia u. Dinar 

tr.JWr t. n talflni--.-.: llirki*Ir Llr-4. . 

5.2647 • j turira.A r.i'k... L > fl ' 

JJtbi-ci ! Ijjn-u '....'. J. A uatr« mn r. i 

56.1640 IU«nda rtmilns' 

■ l w, dudes .'. U.S. tA. tar 


I tirujpiapi /-Lfuguae Pew» 

lUidA^BUi.WA.i: Dulitm 
j . . : AV-ubM- - - 

j UnperYdUa.'. L.f.A Fiane- | 

{ Varies* ...*. Italian Lira 
VanerufU:.-. Iloliwr ; • . 


9 6W 

> ?8.66 . 

■ 4b?'t ■ 

’ I.Boil 
• 4 65326 

7:8124 
9E4i t 
0.76 <56 
6.24 it . 
’ 8L44677 

12.118 
44 82 
463J 4 
- 6.1V.* . 

•UA.366 in 
. 5.2647 • 

l 8J5"-£i 
i 66. 1640 


irm'r-.6T 
m-eiT 35 20 
. 178.56 

63547 

1.8 

n 2S*7 ■ 
46V U 
VU-47 
4-fa 

. L9578 ' 

' LSSBJ* 
7e.86 
*.8a 

•6314 
' 16 55 
7.0 

4.46075 
I 6379 ' 
r a *-12.1654 
1.880467 


2? .875 
'A •*.* *448 
- ,< *6735 
.1.6(0487 
8..-» 
•*.65; 
.At/ BB97 
. >]'■/&. 606 
15 15 
48-6026 

<"?i4 

1.589 
4.648* 
O.'VWu 1 
45 75 . 
t 570 
.. 189.5 . 
la. 126 
1.987* 

•WB' W «5 

■ ffP: 2.77 

7A«' 

Vf4 

-462m . 


-J ridtUBHf.tllt D"Uf • 

; v mtAwnnatfat pimuv 

i Virginia. U.b, L.3. - t'dla: - 

j ■ff’e^wn . 

[ Saiqo* x?# 1 an moan tats 

l Yemen - ,...: Hva< 
j Y 'W | '6»h >rrr Y Piaai 

1 &ure-Hp .-.. fen* ... .. 

I fell, IrtS -... K’wTcfiB 


■» . 0-8.7S5. 

), «'i.inki: 

l 6.68545 
. 1.0A70 


v' lut nh ef tbe^r™ ntt ennuaiubr tn : Unci - forawrly 
* • «rr of French Wq* A?na or tfusoch EqnhtorleT Africa, 
topeet per BMnc> i v _ 

ne Ovaae Uttj|nUc«l the'CFA Irene. The- rtcftotw* 
ran Ifw44--M VrsK m anc Haft- Of - tM 


.; Gancnl ra*'** e f nil and Hon exports _xi 
>■ Bind on cross r«*s «X4is« Broian ?««!«*■ 
a* p a ir is tiK muster market fcontror^di. - 
** Hate ri now baaed 00 S Barbados I to the dollar, 
ji iT N«W 0r> ofB-Jal rate 
f Fallwnnii S* pw- cem. ; fevihwmn 


■• .sir' 

*'■ >-r- 

S-- ■ - 





Thomas 

COOK Bankers 


Cpok Travellers Cheques 
irne fdr money^foridwide. 


BY QUENTIN PEEL 

KEW RESTRICTIONS c.n the 
publication of information, about 
South Africa’*! uranium reserves, 
output, contracts and processms 
are proposed in a Rill published 
here to-day. extend mu thp 
already far-reach'nc novers of 
the Atomic Enercy Act. 

The amendmen.Lx wnuld.-ban 
the publb-hinc of any iitformatinn 
about rhe whereabouts. e^Tent 
and whiles? of uranium deposits, 
a> well as the prir-p. paid- terms 
and condition* of any contract 
for the sale nf uranium produced 
in South Africa. Namibia tSouTh- 
West A Tries i. «r imported mio 
*h® cnnnfry. wiihnut permi*«ion 
from the Atomic Snercy Roarrt 
The> •.mu Irf also ‘ make- it an 
offence ro publish anvifiinc about 
r® search work into uranium 
enrich men: and processing, 

whether such 'vork look pJace 
in«irle or ontflide Somh Africa. 

, Ai ih® sam® time the A»orjyr 
EnersV Amendment Rill «eek« io” 
ban any South African from 
givifi? information ' a bn ill ' any 
nesotiaiinne or meeting? heir! bv 
-nran'uni prnducpr.a between 
.la mi a rv. . 1PT^. and ner®mh®r- 
IpTS^ihP year*' of th® aJ!pc®d 
uranium prortuppr*’ car+®J The 
clause is clearly intended a l pre- - 
venting r»nv Sotnh African From 
testifying in the current Westing- 
ho«««:e )i*itrp*inD jo rhe. l.'.S. 

Th® .Atomic Fn«rjv An : m 
South Africa already impoces 
severe retfric-tinn* on ih® Puhlira 
tion -nf - any mformarion «n 
uranium npiwi? and thp nuclear 
industry, airhdueh n has not been 


widely enforced. Th® mining 
companies have stiD been able to 
publish a modicum of information 
about their activities 

While indusiry sources . Ore tn- 
day expressed concern at pn&sihte 
rinvemmeni over react ion.' they 
were hopeful that permission 
would continue >o he cranted for 
rimpantes .involved m uranium 
rnJnin? and exploration *' ro tell 
the. shareholders ;hp things they 
necd.ro know." although they are 
«jrilikel?.itP Hp abic 10 publish as 
much mforniarion as m the case 
of Snlrf'tniftes 

A pari from ih® restriction on 
crantmz . information about the 
uranium prcducpre' rariel. the 
stKirceK ?**r ’hp !aiesj mnvey as. 
aimed, .principally ni curhms 
'* speculation hv the Press ’ - 1 : to 
>uch suhiecis h* South Africa’* 
atomic enercy and uranium en- 
rjrtunent : proeramm>>&. 

Platinum hopes . 
in Brazil 

RRAZlulAN wrxixri 

are awatlinc th« results of the 

analysis of cperimn'ns of platinum. 

2 old. palladium and silver found 
in ihe city- of riuro Preto in Mina® 
n®rare s-hite’ tr» del® mi me whe'her 
a HpprviH^of u-hat appear t |r» he a 
lar*:® quanun or .:h®s® nieials. 
could, he e<?nnomii-a|lv viable, 
writes Diana Smith from Rio de 
J»n®ir". • 

. Snerul-Pion Ht»» 'h« d®po'eir 


C4PE TOWN;, March a. 

could contain up » uf» n®r ?®n', 
of thf* ■ HOridV current piafinuai 
reserves, ha* not been confirmed 
by -the Braahan NatieftaJ LJcparl- 
meni of Mineral Production- - 
which Vh-psyrii that D is >til! loo 1 
early ;o p 3 u«® full potential 
Exploration and testing are still ] 
at an party stage Johnson Mat they 
o (London an* currently- ex&imn- 
uw; ‘•pecimen? 

The current bulletin' of Brazil’s 
National Departmen-i of SMners! 
Production ' meanwhile repert? 
rh« pro s 4 >eciin? ' in >Idrauhao 
SralP in »he norih-ea*! ha* vu-lded 
strong chance- of a i 4 «v>d renin on 

capital in non-merHilw minerals 
e-fjpcuHy limestone and pho?- 
phorflUi bauxite, j; cH as 
sypsum. *and and *lat*. 

A deposit nf IS. 3m tonne* of 
phospoitnis Kiuxiie — a per cent 
oT Brant's iota! *-®>er>e«^-ha £ 
h®en found »n ’ ihe Piroixuw 
mountain rense and on -Trauira 

fc-lind - - 

. .Two .coiupaniea fir Id- the .work 
inc rigbis (Hakt Mlnenicab. for 
an a red conremin" *>Sro. *onn®s 
and Companhia Tran fra d® 
Fosfatn for - an area i.oruuiUR£ 
S.sm . tonnes. . • • 

MINING ’ BRIEFS 

AMALGAMATED . TIH - HJGEB'A- 

iqnoMM 4o*ex*< nr ;.c • p*---ri 

hr 1*1 lor-.l'.'s- -A.-imkifii ;f- rpnr-aa 

• xvc.-^tnh-r p 2? •wn®*- 
PAUAPG COrtflOLlOATFD— Feoruin 
prcd'ii -*ior o* a»J® 'In icr.c* a: ?-»’«>» ;sr 

•MIIW* 

KILLING MAIL TI*l_Fah.Tiirr i»*. "V 

r'l» fi* -fh-VIA* tlO« 


Abel Morrall 

Limited 


PRELIMINARY RESULTS 

Year ended 31 £t Decerr.fc’er 1977 

£000*5 

Sale? ■ 7,341 

Pr-oL? before tax 710 

Taxatipri 327 

tamings per share ' . . 7,54p 

Dividend per share 
Interim 0.576p 

Fii'.aTiprooossd) 1.843p 

Dividend covered' 3.116 


A final cr;idend is recommended -.vhicli, 
fogelher -.Vitn trie interim, is ine maximum 
permitted Dv, the current dividend resiraii’t. 


Manurastu'rvi cf 

■’Aero" knitting pins, ■ 

‘‘Aero". haberdashery. 

Hand sewing needles. 
Handicraft and allied products 


r-a t - -~e‘ , . , 5**. , ‘; -. ;; - = - y 

CUse Au-'i. c~. r. \ *:• A t - ■ = ■;■ P 


1376 

£000 

5,71 


710 

r.74 

327 

369 

7.54p 

5.72p 

0.576p 

0.516p 

1.843p 

1.c5p 

3.116 

2.641 






CONTINENTAL ILUNOIS 
CORPORATION 

AND SUBSIDIARIES 

CONTINENTAL BANK 

. 231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693 'USA. . 

Lasl year was another year of record esfrinas. Earnings before securiN* transaclions for the full year 1 97 7 
vrere a *eoord $t44.20J 000. a 1 0 2 per cent increase over 1 976 earnings of $130,762,000. This reoresenied a 
reium on stockholders equity for Ihe third year in a row. of about 15 per cent. 

Foti-thtoiiririer earn.ngs oetore security transactions ro&e to a recc’d $41 .554.000 or SI .1 6 oer share, up 
1S.1 r-£r cent from ihe previous record ievei of S35. 165.000, or 99 cents, reporled in the lourih quarter of 19?5. 

At year-eric 1 977 the Corooratipr's loan vaiuatian-foseiMe v.bs SI 65.774 ,000. cr 1 .11 psr cent ot totai loans. 
TTre pe-ceniageus among :ne riqhes! of America’s ien largest bank holding companies. 

Cur 1977 Annual Report to shareholders '.viii be a\-aiiaP:e soon. I! you v.*ouId like a copy, please v-rite our 
Corporate Secretary: 




. O' Rc?°r E. Andersen 
Cr-s-man 0 : r.*Sc*a:d ot.Oirecicre 


John w Pfeb-.ms 

Pres cent 


Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank and 
Trust Company-ot Chicago . 


Cr * '.Tii z: 5za:c of C.*.-s;;a--» 

J3-f-iH.p5.c-;r.M3 
. F-KJ9& 

C-T^-i-C C V-'LLE^ 

V.zi Z ~9 ■ r 's~ 5 .- - '•vsi-j.-zr 


F A--r.:c-.3- C. 5.4U:.*H.iRT. s J. 

f*.-e V't-: • . 

L :yc-o 'Sr. .e-5.V>*o: Zfiizzgo' 

J*r."£S r F=-= .’ 

C* 5 ?•• :• !■!•'«' S>eru:ive C fleer 

.V-j ■ -•■:-■■ -I i-oc-.-a:. on 

or~c:;= cc c =v 

l '•!«- 

C’. :r ?.:. •..;f-i7.-! £S~:n Cot C£~ y 

IvO’*-:* 4 ^S / .TT 

C • *'•- i- ci.zer 

Cc^a ^n;c&r.y • 

v. , .L>M g j:wa;:i : 

C * l - 5.- r- 7-' , .i“. fcjrscufAe Officer ' 
/wir.:j£*r.es...-,5. .... 

V. L’. iVG r;-4.B*j=3. 

F-- •-=? er-- of ihe Board 

a-o r. *z Cf- zer 

6 s»i".;.«eCc-C! Co. 

^=:.3LC-AA-C. liTViST 

Fa": *7 - -iv * : i.; •;•— - 7 
La ..- rr* a .--s.ler. 

rrFC'.Tri !.*'*LC1TT 

t’ " ari C Exeruliw D.'.'zer 

F..: 7- C 

l.v.Ri. :!J C! MIT^ub'lI. 

c - j ... •l-.r.-.-re 5 ■* r riP r or i~ZQnt 

C •■-■-- 3 ^ Sr.r.^c d ; rz n Cc~cafy ■ 

K2ITH 3. POTTER 
f •'-’ •’ 1 cyF-t' m r.ar. r-P.-5r.c9 
»“*’••■■• ’•••''•fl- •->-.■•.« wW..piV 

V. .LtA'.f J.C LttL-J • 

C~d • c: Pnffdanf 

Cf <cac-_ :V- .Mi.^e^ Cc-fioraitur, - . 

p;.e=ftr;v ■pri.gice} ’ .. 

F ?j: '.vfranv 2*d ’man and 
Cr *• c •e'-v-.-ve Otkc&r 

£:~a.> ir ;. 

F**JLJ ~'Z70 

y*-“*o.-. \'cs Preside-! a-d G-^iup £/ scii*-’.-® 
lro>rr.ai-crs) Sus-r-ssc .yap.-..r.es Ciw.'a.->*» 

f.t r-.-EL TEMbMSA'JM 
F *:i :•*'.* 

Ir *-. j C-omna.Ty 
AP' J .:.A V V.COh 

o ! ihe Board gr.d 

£**--s c . :e.:^ :k nr ? 00 . 

a.'05‘ PH S v.P-ght . 

C-9 -rr*r. r.f ;*-e E>e -'ytve Com,r.c:efi ' 

Ze.-.-r. fied-c ^c7£o?a: cn 

j -■-^ DO ;\GTC , *J . '•• ■ 

t--?c ■-.*'/« J:-f. e^sc»);r 
■Lurcarc Or-. C^T^or./ ^ndar a ] . 


Consolidated Statement of Condition /December 31 

(<n mi Hion$.< '”* . ’ 

Assets 

' Casl'i and due from banks _ * 5 

’Total'fundssbld . 1 !’.T i.‘". ••• 

Ii\.-&i.rmenr securities: 

U S Treasury and Federel agency securities 
Stare, couni-/ and municipal sec unties 
Other securities 
Trading account securities 

Total loans . . * . 1- 

Less* Valuation reserve on loans . 

Net loans . T 

Lease financing recervables __ ’’ 

Prooerties and eauioment ' f 

Customers' liability on acceptances 
Ofher real estate 

Other assets ~ • 

Tola! assets S2 


Liabilities 

Depijsits: 


5 2.879.3 ’ 

$ ’1 523 S 

4,116.0 

. 3.942.6 

683.4 

752 2 

. 1.535.0 

1.3591 

282.7 

252 7 

299.8 

383 4 

. 14.812.8 

12.903.8 

165.8 

1633 

14.647.0 

12.740.5 

327.6 

272 9 

165.0 

1209 

255.9 

125.5 

30.6 

16.3 

577.9 

495 0 

S25.800.2 

$31.984 9 


Domestic— Demand 

Savings 

Other lime 

Overseas branches and subs'riiaries 

$ 4,429.1 
1.449.4 
4,211.2 
8.664.1 

$ 3 538 2 
1.515 1 
3.655.3 
7.106 5 

■ Total deposits ■ • 

18.753.8 

15,617.1 

Federal funds purchased and securities sold under 
agreements to repurchase 

4.383.0 

3.9815 

Long-term debt ■ 

318.3 

265 3 

Other funds borrowed 

463.3 

325.0 

• Acceptances outstanding 

257.8 

126 3 

Otner liabilities 

611.9- 

557.3 

Total liabilities 

24,788.1 

21,072.5 


Stockholders' Equity 

Preferred stock— Wiihouf par value: 

Authorized. 10.000.000 shares, none issued 
Common stock— S6 pair value: 

Authwized: 80.000.000 shares both years 
Issued arid outstanding: 1977—35.564 845 shares 
-1976—35,467,010 shares 

Capital surplus 
"Retained earnings 

Total stockholders' equity 

. Total liabilities and stockholders equity 


1.012.1 

$25,800.2 


912-4 

$21,954.9 


S1139 

112.3 


1974 1873 

$95.9 • S86.3 
95.6 85.4 


Operating ftesu\\s/(5year$-in minions) 

. 1977 1976 

Income before Security Transactions $1442 Si 30.7 
Net Income ■ 143.1 127i8 

Income and Dividends per Share/ft years; 

1977 •• 1976 

Income before Security Transactions $4.05 . . $3.72 

Net Income 4.02 363 

Cash Dividend Declared - ■ ■* ’1.26 t.iS 


All per-share data haWbeen/estated to rsfiect the two-ror-one stock split which became effective 
on Way 6, 1977. and. 1976 amounts -have been restated to conform to current reporting practices. 

OFFICES. IN U.K.rCiN'B'arc b, 5$/$0 Moorcare London E C.2. y/estEnd Branch, 4" Berkeley Square, 
Lcroor.’vV.l . Repiesemattve Office, 9 Si. OoirreoVeei, Edinburgh. . 

MERCHANTBANKING: Continental 1:fcrc : 5 Ltd . 14 Mooheld- HighwaV.' Loader E C2. 

INVESTMENT SERVICES: Continental bimcijs Inteina^onai LnvessrienlCcipctai'on, 14 Moorrields H^gh , ;.afe, 
LonocnE.C 2. * ’■ ' 

OTHER EUROPEANOFFICES: Brussels; Lteqe, iJ'Jase'dnrt. f.’uri;h: Frar-^urt. Firaeus;A-her.s,’ 

Thessaloniki; Madrid. Ro:?eraam: ATigierfUm, Miiar., Ra-r.e, Parc. Vienna, Ger-?'. « anc Zunsn. 


in r-i 




so 


MONEY MARKET 


Large assistance 


Bulk of England Minimum 
landing ^te §i per cent 

(since January 6, 1978) 
Day-to-day rredir was in abort 
supply in the London money 
market yesterday and the 
authorities gave large assistance 
by buying Treasury bills from the 
discount houses. This was 
probably more than enough to 
take out the underlying shortage, 
and banks will probably bring 
forward surplus balances. 


Discount bouses paid 59-6 per 
cent, for secured call loans early 
in the day- but market conditions 
were very easy towards the dose, 
and houses found final balances 
at 4-5 per cent. 

In the interbank market over- 
night loans opened at 61-63 per 
cent.. and remained steady at 
around 6-fij per cent until the 
afternoon, when rates fell to 34 
per cent,, before closing at about 
5 per cent. 

Adverse factors Influencing the 
market yesterday were: run-down 


bank balances carried over from 
Friday, and a fairly large net 
take-up of Treasury bills to 
finance. On ' the other hand 
Government disbursements were 
slightly in excess of revenue pay- 
ments to the Exchequer, and 
there was. a very slight fair in the 
note circulation. 

Fixed period interest rates were 
generally easier in the very short 
periods, but there was little 
change in longer term rates. 

Rates in the table below are 
nominal in some eases. 


Hnr.e 

1978 

oter-mj 

Certifleate 

rt rtefcsits 

InttrNmV 

Lon 

aotlwltj 

■ieeroit* 

Lt> al Autb 
rwrtinbw 
t«iv1p 

Kmxn.-e 

Reuse 

Deprafr 

Lsrajsiiv 
Ire. os Us 

Ulw"in. 

msrtci 

1'rmBun 

BUI>« 

bllgilllr 

Bank 
Hill* 4 

Fine Irwii 
Rub* 

Overmctu 


663s 


— 



si a 

46 

— 



_ 

Kdaysuxlct..- 
7 days or 



6U 

__ 

— 





— 

7daysBotlra... 


et^-eis 

6U 

— 

e»s-«4 

6’i 

sij-e 

— 

— 

— 

OooAhMUh.... 

GI3-6A 

bi, 6 * 




ese-7 

65s 

6 

5* 

•tr* 

7.71s 

X w raonlhs... 




6«*-7l« 


GOi* 

a^-s* 

7-7i b 

Tbres «Mirh». 


77U 

6^-7 

67R-613 

7*4-71j 


6U 

6 

et-es4 

71? 

Six mxilhs.... 

7i, 7N; 

75, .7* 

7i4.77a 

SU 

oii-PJe 

7^-6ra 

8-8U 




— 

7,4-73* 

7S* 

Nine mmuh.... 

8nr« 

8A-8<s 

ass 

a 13 - 7*4 
Sli-8 


— 

— 

— 

— ' 

Two mn 


- 

- 

- 

- 

- 


Local ambonnev and finance house* sewn dir*' notice, otters wn dm fixed. Lont-ierm local anttftrttr morarafte rate 
ww malls three r*an IW-1GJ per ran.: four rears 191-11 per cent.: fir* rears 11-114 per cent. 9 Bank MU rates In table are 
buying nt'es For prime paper. Bavins raws for four-month bamc bills “r m per ran.; four-month trade biUf T> per cent 
Approximate selling: rates far one-month Treasury hills 3 »r-£L 7,;> per cert : nro-moDth jUSK-iZS® per cent: and three-month 
KTsc per cent. Approximate -wllina rate For ode-month bank bills 81 1 « o?r cent.: two-month <w» per eon.: and thrve- 
month *<>it-6l per roDL One-raontb trade bills W-7 per rent.: two-month 6f-7 per cent : and also three- mo nth 7 per cent. 

Fiance Heuwi Base Rates > published by the Finance Rosses Association > 7 per c*nt. from March l. lprg. dealing 
Bank Deposit Rale* 'for small pugs at seven days' notice i. 4 per cent. Clearing Bank Rates for lending 61 per cent. Tnmtr 
Mils: Average tender rates of discount S.SMh per C*nr 


IN BRIEF 


SCOTTISH UNITED INVESTORS— Re. 
suit- for 1P77 reported Febrniry I. rnrra- 
mutts XY 1.6 Ira i£J$ KHu.i. investment cur- 
retl.-v pri-miimi fiOVfn. lilKMn,.' net 
PRIDE AND CLARKE 'retell motor 
traders*— Results for year to Repemher S*. 
19“ already known. Group fixed assets 
fT.USn. (fl.nm i. Curronr assets KS.lfm. 
'EZhSloi.v and UabiUtie* rrirTm 


■ nt Sbornerm fund* increased 

by £3 1m. iflisrei. decrease j. cmfinany is 
a snbctdiar* of incbcApe and Co M<*etin« 
inn old Broad St., E.C.. on March 33. 
at i p*n. 

ROMNEY TRUST— Results for 1*77 
already known To vestments fin.lSn. 

i£?i.2*m i veined at lu.44m. if 40.03m t. 
Net current liabilities fl.Cn. 
necreife in IKrnMttr £o asm. ' IC-59U1 >. 
It runstns oolicy ro raabmtn U F. In- 


vestmenta as oufUrtk lor U.8. stuck 
market and economy appears superior to 
that of r.K. Meettiut. 31. Moorftttds. 
E.C . on March 33. at 3.49p.m. 

TRIBUNE INVESTMENT TRUST— 
Renin for 1917 already known. Invest- 
ments totalled m.Mm. i' £33. 4m. t and nat 
cutTFiri assets GE7.787 USiJHtn liabilities. 
LiquMior increased by fO.Tm ffurm. 
derreaso>. MreUtW. R5- Leadmball 
Street. E C , March 39. at 2.SO p.tn. 


Benlox closes 
lossmaker 


Financial Times Tuesday. March T 1&78 


BY ANDREW TAYLOR 

UNDER THE new chairman Ur. 
Rodney Harnett Benlox Holdings 
the building contractors, in which 
there is a largo Arab stake has 
announced that it is to conduct 
a complete reappraisal of its 
remaining business interests. 

This follows the announcement 

that the group made a pre-tax 
loss of -£31,000 (loss £26,000) in 
the six months to August 3L 
1977. TM group has already dis- 
posed of Its. BenfieM Lesley 
building interests, while Merrow 
Gauge and Tool has been placed 
in receivership. Claims for 
damages in excess of £200,006 
have also been instituted against 
the vendors of W and W Group 
for breach of warranty. 

Mr. Harnett, who only took 
over as chairman last month, has 
now announced that the croup is 
to dose its IrrtsmaJdDg Frederick 

Minns subsidiary. 

He said last night: "The 
remaining aspects of the busi- 
ness have been profitable and the 
reappraisal is to make sure that 
every respect of these businesses, 
indudinc bur Interests In the 
Middle East, are now on a sound 
footing. There will also be a 
reappraisal of management." 

The previous Chairman. Mr. 
David Olney, who retains a 25 per 
cent stake in the group, is to 
take charge of Renlax’S interests 
in the United Arab Emirates. 

Last year . -Arab internets, 
through the vehicle of Grange 
Nominees, a Guernsey-registered 
company, took a 29.9 per cent, 
stake in Benlox — just short of the 


level at which a full bid would be 
required under Takeover Panel 
rules. . 

The Olney family currently 
controls arou&d 38 per cent of 
the group’s equity. However, 
Grange has a further option which 
would enable it to match its 
holding with that of the Olney 
family. 

Mr. Harnett said that Minns had 
made further losses in the current 
year and that the decision tn close 
this company would help provide 
a more secure future for the 
profitable pans of the group— 
namely Olney Bros, Interplan 
Electrics and J. Joslin. 

However, with the Inclusion of 
further lasses from Minns it is 
likely that the crmin will make a 
loss in the second halt 


QC to head 
airport inquiry 

MK. IAIN GLIDE WELL. 0 C M 
will head the public inquiry into 
British Airports Authority 
applications for planning per- 
mission. to build a fourth ter- 
minal at Heathrow, the Environ- 
ment Department announced 
yesterday. 

The inquiry «iii open at 
County HalL London, on May 31 
with the possibility of hearings 
elsewhere if necessary 



LAIC accepts rival offer 
from Colonial Mutual 

The directors of London Colonial Mutual’s bid Is 127p a Rentals to 2*5 5??^.®* 

Australia Investment Company, share. Including the dividend result of a take-over Did. hat 
ihe Sydney-based investment trust .(which is not premium-worthy), made Jt wear at tne outset /L 
whose shares are quoted only on the value of the bid rises to Wlp it was not the groups intention „ 
the London market have agreed a share. Yesterday LAIC’s shares -£o beyond a 35 per cent, staker? 
the terms of a £8-5m. bid from closed at 124p. up 9p- The pestm for ffifc.i 

one of Australia’* biggest life ' 
assurance companies. Colonial 
Mutual Life. 

Colonial Mutual is offering 
5A1J57 a share in cash, and will - 
allow LATC's shareholders to 


added interest is not 
dear, though there is some ; 
la lion that Philips’ could - b«i 
anxious to tie up outlets for fir 
video equipment. • W 


RMC BIA S MORE 
BRIT. DREDGING 

auow Lrtiiys snarenoiqcrs ro . 2?~ f y. i 

SKSTSSSS 3 SffiSTS! EDINBURGH & GENE. ; 

£*S % 'iZW&Vu STS* SfS£ S IN MERGER TALKS 

Anrii 3 ° paH1 . ° n '27A per cent. The Share quotation qff 

TTie bid from Colonial Mutual • A spokesman for KMC said Edinburgh and General Invent 
follows hot o™ th? heels trf^Si 7f**Kiay; “There are no present mente. the insurance brokers 
upgraded offer nf SAUn 3 share Z*™ 5 {nr . makin E T a . bl ? _, for Uoyd s , underwriters, has -he^s 
From Colophoidiini, I JUC’k biegest Br ibsh Dredging. It ts just a suspended, pending a reorgamw* . 
shareholder. which controls ample case that these shares tion of the company. » 

around 29 per cent of the" equity^ on to the market and we A 'statement issued vestenhs 1 - 

It - was announced In London to bnv them. reveals that discusslous have h«hb 

yesterday mnmlng and appears WilUam Adam? of Twwport tajong place with a prl vMB * 
to have taken the Colophoniitm *l*o recently ^hrai'rht -Tfl.ofrfl snarev i, an ^ Q{( an( j fattl ranee brokkigi: 

British nredging, ^marginally group. with a vtew_tn merging 


camp by surprise: so far there |» . , — _ ...... _ ... 

ha* been no indication whether it increasing stake nvo businesses, 

will be coming hack with yet c»nf. .to 5.2i per cent. British cpu ^ “lead to 

another offer. However, since D rentring shares last night- nosed 0 f 

LAlC's ner assets per share at Mp. down 3p. General* 1 

the December year-end are W ti- ^ i d (, n uty of the other party 

PHTT IPS BUYS has not been revealed, but both* 

rmurb nuia are estemal ana^3 f 


The discusfiouiL 
a Change in th»‘ v 

Edinburgh and. 


$575,000,000 medium-tenn Euro-do liar loan 


The Republic of Indonesia 


acting by and through 


Bank Indonesia 

$500,000,000 managed by 


Morgan Gbaraiity Trust Company of New York 

Ban kAmcrica In tersatiosal Group Chase Manhattan - Asia Limited Chemical Bank 

Citicorp International Grout First Chicago Ahstraxia Ltmited ManltacturerS Hanover Limited Toronto Dominion Bank 

Algemene Bank Nederland n.v. BT Asu Limited Wells Fargo Bank n jl 'WestdedtsOh* Landessank Girozentrale 


Amex Bank Limited 


BA Asia Limited 


Banque Nationals de Paris 


COMPJ&nE FlNANCrtRE DE LA DeOISCHK BANK AG 


and provided by 


CriTBANS; 


First Chicago Australia Limited 

(Yfla Brunei I 

Toronto Dominion Bank 
W ells F.vrgo Bank n jl. 

Banque Nationals de Paris 

SncipvN Bru«k 

Canadian Imperial Bank of Commerce 


Chemical Bank 

Sfa*»<wo Bpvocl 

Morgan Guaranty T^rtWr Company of New York 


Republic National Bank of Dallas 

tuiqtn Brad 

First Pennsylvania Bank jla. United Caufoknia Bank 


Chase Manhattan Asu Looted 

Manufacturers Hanover Trust Compact 

Algemene Bank Nederland n.t. DB Finance (Hong Kong) Ltd. Bankers Trust Company 

Marine Midland Bank American Express International Banking Corporation 

WestLB International 5. A, The Commercial Bank of Australia Ltd. The Bank of New York 

Lloyds Bank International Looted The Bank of Nova Scotia 

Commerzbank AkxiengesEllschaft .Irving Trust Company 

Continental Illinois National Bank and Trust Company of Chicago 

n.v. de Indonesische Overzeese Bank (The Indonesia Overseas Bank) The First National Bank of Boston 

European Asian Bank Commonwealth Trading Bank of Australia 

ASL4C - Asian Internation.u. Acceptances and Capital Limited 

Amsterdam-Rotterdam Bank n.v. Asia Pacific Capital Corporation Limited Australia and New JBbaland Banking Group Limited 

Th e Bank of California Credit Suisse Crocker National Bank First National Bank wt Dallas 

Oversea -Chinese Banking Corporation, Limited Republic National Bank of New York (International) Limited 

1 . 

The National Bank of Australasia Limited UB AF Bank Limited Bank of New South Wales Girard Bank 

Lnternational Rank of Singapore Limited Allied Rank International American Security Bank, n.a. Banque Canadienne Nation ale 
Banque Europeenne de Credit (bec) Banque Fhancaise du Commerce Extereeur Basing Sanwa Limited 

Chemical Rank International Limited City National Bank of Detroit Manufacturers Hanover Asia, Limited 

* Detroit, IBcUfn 

NederlandscueMiddenstandsbank kv Trade Develotoent Bank Morgan Guaranty and Pabtkkrs Limited 


Royf.ast Investments. Limited 

i A umber at The Bo»»l Bank o! 6 —1 Ciwpl 

National Bank of North America 


Morgan Guaranty Trust Company of New Yohk, Agent 


The Fuji Bank, Luhted 


$ 75, 000, 000 managed by 

The Bank of Tokyo, Ltd. 

The Industrial Bank of Japan, Limited The Mitsubishi Bank, Looted - The Sumitomo Bank, Limited 

and provided by 


The Bank of Tokyo, Lm 

The Fuji Bank, Limited The Industrial Bank of Japan, Looted The Mitsubishi Bank, Looted - The Sumitomo Bank, Limited 

The Dai-Ichi Kangyo Bank, Limited The Daitta Bank, Umited The Long-Term Credit Bank of Japan, LTD. The Mitsui Bank, Looted 
The Sanwa Bank, Limited The Tokai Bank, Looted The Hokkaido Taku&hoku Bank, Ltd. The Kyowa Bank, Ltd. 

The Nippon Credit Bank, Ltd. The Sattama Bank, Ltd. The Taiyo Kobe Bank, Looted 

The Bank of Tokyo, Ltd^ Agent 


Financial advisers to the borrower 

Kuhn Loeb Lehman Brothers International Lazard Freres et Cie. 

Xhis ameaaeeneUoppttnS as CTnatter of record only m 


S. G. Warburg &Co. Ltd. 


Jan u*ry 1978 


mated, on a break-up basis, fn 

the distribution) there does not Philips' Electronics has bought a aHvice'nnd ^a further* stateiMM ir 
appear to he much for Colo- hold me of over fi per cent in ^ m » ner h 

phonlum to so Tor. - Rediffnston. the TV rental group £ JS and General i 

Colonial Mutual is expected to in which BET has a S7.7 per cent. J" „ hl * "• ueneral **t 
absorb LAIC’s portfolio within its Sa* MSimSn nriee of aifr 

own, thereby obtaining tax The Ttediffiuupn . reaction was 7™; 

advantages which allow it to bid that the move w?s n«t very signi- 304 General. 

slightly over the break-up value, fleant. while a spokesman for arouno • wn - 
With the recent slide in the Ph flips' said last night that the 

Australian stock marker, the holding should be viewed purely <^"rtTfllOSl . if 

value of LAiri's poiTfolio ha« as "a trade investment 1, A u 

dropped slightly. When C«>lo- tradLng relationship has appar* The acquisition of SO per cent;, 
phrmium opened the bidding for ently existed between the two of the Remy ISronp of cnm|Sanl^ 
rhe company. late last year, parties for a number of years. France, has been ratified hy tw-' 
LA7C> directors pm the net The new purchase, which repre- shareholders of Scotrros. They' 
asset hacking at S A 1.67 a share, sen is an investment of around also anprnved an alteration.- nr 
At that ataee Colnphonium was £4.7m . marks the romaany's the group’s borrowing powers, tfr . 
offering $ai.xo a share. . inereasinc interest in file field of onc-anri-a-haif times the capital 

Allowing for inclusion of the TV rental. Philips’ recently and consolidated reserves of th» 
dollar premium, the value of expanded its interest in Electronic group. 

Reasons for trust merger 



The formal offer document 
from Scottish Eastern Investment 
Trust for those shares ta Western 
Canada Investment Company 
which it dops not already own — 
2S5 per cent, of the Preference 
rapital. and 21.1 per cent, of the 
Ordinary— comes with n document 
from the Board of Western 
Canada, setting out the reasons 
for thfcir decision strongly ■••to 
recommend the offer. 

They say Thai, following pur- 
chases of larce tranches of 
Western Canada's 'hares by Scot- 
tish Eastern in 1975 and 1P77. the 
marketability of Western Canada's 
shares is so limited that it might 
heroine difficult to justify the 
continuation of the Stock Ex- 
change listing nf the company on 
anv fnrther contraction. 

They also say that the amount 
offered to the Ordinary holders 
of WWern Canada. P50p a share. 
Is “ attract ive”: it is equivalent 
to the going concern net asset 
value nf the shares. And 'finally ' 
they point out that both Ordinary 
and Preference holders f who are 
offered lDOp a share j. will he able 
fo reinvest the proceed* of the 
bid al a higher return elsewhere. 

After a year in which gross 
revenue increased from £3J2xn. 


to £4.44m. and net assets attribu- 
table to the Ordinary shares from 
£75m. tn £ff0.lim H Scottish 
Eastern’s Board has declared a 
final dinil°nri nf 4-JMp a share 
gross, making 6. lop foJJOp) a 
share gross for the year. 

PI./VKFY’S 

Tlie direciop; of Blakry’s 
(Malleable Castings), excluding 
*Mr. A. J. Cross and Mr. R. W. 
Rtonp who are also directors of 
Cenlrewn? - . advise the Ordinary 
stockholder* to take no action 
regarding the original nor anv 
revised offer which may be 
received. 

ALSTON HLDGS. 

Mr. Raymond Stonpr i* bidding 
76p ner *hare to sain ftill control 
of Arm on Hnldinga. Tn Saturday's 
st*'r>- the offer price used in the 
heading inadvertently differed 
from that in tfw test: 

ASSOCIATES DEAL 

W. 1. Carr. Sons and Co. has 
bought an liehalf of Charterhouse 
Janhet, arivi-sers to Coral Leisure 
group. fJOO Ponfin's 7 per cent 

SHARE STAKES 


conrertible loan stock at 174p <mi u?] 
behalf of a.«soriates of Carr, they ; [11 
bought 5,000 Coral at.I07p.- . ■ 

MFTTOV PLANS 
EXPANSION 

The Mettav Company has xigneff 
a letter of intent with Roeedale 
Moulding* for the purchase of 
the toy manufacturing business of 
Ro*edalp. 

This will further strengthen the 
range nf toy products that Mettoy 
offers tn the wholesale and cash' 
and carry trade. Tt -in the inten- 
tion of Mettoy to develop the liso 
of the 3osednle brand in this, 
significant market sector. 

Tt is planned that RosedsWt toy*, 
will he assembled within Mettoy*'. 
existing Swansea facilities and 1 
sold through iM wholesale sales 
force. Mettoy will continue the-, 
purchase of plastic mouldings for 
existing Rosedale toys from-i 
Rosedale Mouldings. - j 

W. WILUAMS 

The interest of W. HYDianis and. 

Sons in an associated comnany in . 
Sonth Africa, shown in the 
balance sheet a* £43.910. has been' 
sold for BSOO.OOO— about £133,00111 


Plantation Rolling*— A K S. 
Franks, director, sold on Marrh ?, 

25.000 shares at 64p to finance the 
subscription, already announced, 
of 50.000 shares under the execu- 
tive share scheme and the tax 
arising on the sale. 

Moss Engineering Croup — 
Britannic Assurance has interest 
in 3Z3.5O0 shares (7.02 per cent). 

Beralt Tin and Wolfram — Bake- 
lite Xylonite has acquired 25O.OO0 
shares. Total holding 1.52m. (13-25 
per cent.). 

General Accident Fire and Life 
Assurance Corporation — At Feb. 
24. Kuwait Investment Office had 
increased its holding by 60.000 to 
I2m. shares (7 3 per cent.). 

Beniamin Priest and Sons 
(Holdings)— Industrial and Com- 
mercial Finance Corporation owns 
530.000, shares (6.3 per cent.). 

British Tar Products — Load on 
Trust bolds 1.1m. shares CP.46 per 
cent.). 

Tlammersorr, Property and 
Investment Trust— Standard Lire 
Assurance on March 1 bought 

30.000 “A" shares. Tojol holding 
3.66 J. 400 share* 129 per ccnl.i 
registered in name of Bank of 
Scotland (StanUfe) London 
Nominees. 

Ilenlys— London and Man- 
chester Assurance has hnucht 
,100 523 Cumulative Preference 
shares making total holding 
44 POO (23.7R Dor cent.). 

Wagon Finance Cnruo ration — 
Duncan Lawrie Investments has 
increased its investment in the 
company by 25.000 shares making 
a total holding of 625,000 shares 
(5.39 per cent.). 

Atlanta, Baltimore and Chicago 


Regional Investment Trust— 
Wiltshire County Council’s holding 
of Ordinary shares has been re- 
duced to below 150.000 shares, and 
therefore, the council no longer 
ha* a notifiable interest. 

Esso Pensidn Trust no longer 
holds any shares fallowing the dis- 
posal of 215,000 shares. 

Laurence Scott— Prudential 

Group has increased its holding to 

665.000 Ordinary shares (7.1 per 
cent). 

United Guarantee (Holdings)— 
Company has been notified that a 
holding previously registered in 
the name nf Essex Group. Holdings 
and associated companies has now 
been transferred to Steepliill, 
which now holds 23J2 per cent. 

Assam Dooar* Holdings — British 
Indian Tea (Holdings), a sub- 
sidiary or Lons bourne Holding*, 
has transferred its holdings of 
12.390 Ordinary shares and 14,500 
Preference shares in Assam 
Dooars to Longbourne; As a result. 
Longboumfi now holds 113.370 
Ordinary (11.31 per cent.) and 
14.500 Preference shares (9.73 per 
cent.). 

Estates and Agency Holdings— 
Angloped. a. company .owned 
equally by D. Berchanpour and 
F. A Shasha, director, acquired 

1.000 shares at 26p on January 
12, 10.000 at 41p on January 24 
and 12,500 at 40p on February 
21 .' 

Polymark International — ITC 
Pension Trust and the ITC 
Pension Investments are now the 
joint beneficiary Owners of 

330.000 Ordinary shares. 

Steetiey— Prudential Group now 


Rfiiri ^ 


holds 2.843.488 Ordinary 
(5 per cent.). 

. Spear and . Jackson Inter-- 
national— London and Maui* 
Chester As*nrancp has acquired**- 
further 4.171 5 per cent. Prefer-'; 
ence shares and now hold more" 
than 3 per cent of that class. 1 

Vernon Fashion Group: Mr. D.- 
Mettrdch. a substantial aharer 
holder, has purchased 15.000; 
Ordinary shares. 

Jokal Holdings: Longbourna 
Holdings has acquired. from its. 
subsidiary. Rritisli Indian .Tba 
Company fHoidlngs). 1 jOO Prefer-: 
ence share* and 1M.347 Ordinary 
shares. As a result of tida-* 
acquisition. Longbnurue now', 
holds a total of 4,670 (3.1.ptf> 
ceni.) Preference shares ; «»j 
692.460 (31 &l per cent.) Ordinaiy: 
shares. 

Monument .Securities: 07r. O. 'Jt 1 ;' 
Finlay-NIulligan, a director. . has- 
disposed of 25.000 OrdtaBETj 
shares: and his wife has disposed^ 
of 240.000 Ordinary shares. 

Warwick Engineering Invert*', 

ments: GIdney Securities has? 
recently purchased 100.000 Ordia; 
ary shares. * 

Banro Consolidated Industries:.', 
264.000 shares registered in .tfia;.. 
name of Magwest Nominees -am- 
held in their capacity as trurif#.: 
of Key Small com pan as. • ' -1 

Limuva (Ceylon) Tea . ,-sri-i 
Rubber Estates — as a result of • 
Harcros Investment Trust be* j 
coming a subsidiary of Harrisons^ 
and Crosfield. the latter companT 
is interested m a further £SSJ»*\ 
stock in Lunuva thereby making *^ 
total Interest in £571,081 stock" 
(66.89 per cent). 




SadlLsli United Investors 


Continued-faith in overseas hwestment 

Despite the standstill in net asset values in 1 977, we 
still hold to the longer term view that the real worth of 
overseas Investments in terms of present and future 
earnings potential will again, in 1378 or 1979, be 
reflected in their market valuation. 

With gross revenue up and interest charges down, 
net revenue available for ordinary shareholders at 
£1 ,429,334 shows a 23.6% increase. 

The board, maintaining its policy, recommended 
that these earnings should be substantially 
. distributed, and, following the increased interim 
dividend of 0.65p, has proposed a final dividend 
of 1 .35p to make 2.0p for the year against 1 .70p 
for 1 976 and at the same time a scrip issue of 1 for 4 
from capital reserve. Robert C. Smith, Chairman 


UNITED STATES 37.3% 

| CANADA 4.7% ' 

J | UNITED KINGDOM 37.8% 

| 1 I EUROPE 2.8% 


r. 

i 


Summary of the Year 
1977 

Total assets . £92.455.388 
Net assets 75,531 .288 


1 Net asset value 
j Gross revenue 
| Net revenue 
^Dividend 


104p 
3,891 ,524 
1,429,334 
2.0P 


. 1976 -1 

£87,852.039. 4 
77,234,485 I 
106p [ 

34560,729 | 
1,155.879 [ 
1.7pJ 



JAPASS.5% 


GEOGRAPHICAL . 

DISTRIBUTION J 

opravESTMarrsi 
| I 

BHA21L.D.fl% | AFRICA 2.8% 

EQUITIES 97.8% JFIXEP >NT£B£ST2.2^ J 


S.L ASIA 5.5% 


AUSTRALASIA 4 J% 


Copies of the 4 ccounts available from: 
SCOTTISH UNITED INVESTORS LIMITED. 


\ 


i 

a-: 

■i • 


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»Jd * 


d offe 

ituai 


■P'togftcfal Ttera Tue sday MarA 7 1978 

IEPORT ON THE WINDSCALE INQUIRY 


BY ROY HODSOft 


|\ !:• 1 . 


PARKER, >hb. : -;■• r ■ 

inducted last summer's planning . Hh 

uvv 7 British Nudear 'I 

“«« appUethon re build a W 

'552? la * pl8nt K W^cale. ' ' 1 

yestej '^y sa^e Wsiin- .... ,-. •■* 

ruivoca 1 approval tor tbb pro- ^ •! . ; 

. m a report to Mr. Fetor ootloa eWier ta bnfld CFRi 
uj ‘ * 5 vlf onment Secretary. w to launch as FBR programme, 
}gjV .w-p*gfr— plus annexes— and although it is possible that 
T>P]r? rocom mends that per- ** *iB "be decided not to pro- 
lssjon for the .Windscale plant further with FBRs at any 
innjd. be granted without delay. rate for a period. I conclude that 
Toe. recommendation Is baaed a plant fdr reprocessing 
several agreed condifioiw ejcidfe spent fuel from U.K. re- 
•tween BNFL and the local actors te desirable and that a 
ithoriiles in the area concern- start upon such a project should 
g-such points as the appearance ““de without delay. Hy prtn- 
nuitdings/ .the monitoring of JO*«ons for this condusion 
aterial discharged into -the * r £ : 

i iivironraent and the- reDOrtina Stocks' of spent fuel from AGRs 
til accidents. presently existing and under 

A further condition proposed CQMtructioh will, unless repro- 
K T the Cumbria County-Council **“■?• tre and 

aich Justice Parker believes W # 1 £*»« *» *» stored until fin- 
ould -be accepted, is that the W disposed of .in some manner. 

. to- of the - plant should be ' rt , 18 necaw to -keep toe 
nited to a throughput of -not nudear Industry alive and able 
ore than L200 tXs o£ spent “ er P* n *“ ra he re- 
el 3 vear “ That" would -h# Q«IKl 

•cup table to BNF™mn recoct S“* expansion might re- 
end, that it should 4 also ?be ® lCher *° adtimcmal 

inched " . . energy demands, or to preserve 

Justice Parker says that he is ® nd J® JEHU "**££ 

. . -thonsed by the assessors. Who Hfi 1 " *£ UEKff JESS 
cratAH him nn- <v. i source. or to reduce the numner 

it* that they both aSSi^rith fossil fuelled Nations as a re- 

' I subsidiary, conclusions, except Pn/rt 

o*e 4 relating t 0 coBventionkl <Ld elrewherel 

£ b£ D 1 SStStSi-fWS STmSl t&k 

nuclear. Stations. . • 

" q?S of ^sJS ^ Keeping the industry alive will 

. Tito assessors were Sir Edward "“"jJKSf 

ichin and Pmf«ucnr -■ air constructed and further quann- 

cdSick Warner - - tie « of s P enI fael arising- Such 

rT? <mncS? J,mm a re of the further quantities will, if not re- 
nort Justice proceased, also have to be stored 

r^ndu"!" . Ti; r^‘ dly <MM 

w e h. qi ‘, e Si;S = nt ! All the .pent fuel stored wiu 

->ro Wf. contain fission products and the 

mSW long-lived actinides including 
' oxide fuel from U.K. plutonium. The inventory, of 

actors he processed in this plutonium wiH, therefore, con- 
untry at all? tinue to increase for as long as 

Although reprocessing of oxide reprocessing is delayed, 
el is ’not necessary to preserve The prolonged storage of e*cr> 


vindicates Windscale 


increasing spent fuel containing 
nn ever-increasing quantity of 
plutonium would involve the 
development of new storage 
methods. This would be both a 
costly and a lengthy process. 

To store such increasing 
quantities of spent fuel would be 
sensible only if it was likely that 
. it would ultimately be decided to 
dispose of the spent fuel (with 
its entire content of plutonium 
and other radioactive substances) 
without reprocessing. Such a 
decision appears to be unlikely 
and not to be In the best 
interests of ourselves or future 
generations. This Is because: 

1 — It involves throwing- away 
large indigenous energy resources 
and. for so long as there is a 
nuclear programme of any kind, 
making 115 wholly dependent on 
foreign supplies. The undesirable 
consequences of energy depen- 
dence of this nature has been 
only too well, demonstrated in 
recent years in the case of oil. 

2 — It involves committing 
future generations to the risk of 
the escape of more plutonium 
than is necessary. If the pluto- 
nium is extracted by reprecess- 
ine the total inventory can be 
greatly reduced. 

3 — It involves committing 
future generations to a greater 
risk of escape of toe remaining 
content of the Spent fuel since 
the spent fuel is likely to be 
more vulnerable to leaching by 
water than solidified highly active 
waste. 

If reprocessing is going to take 
place at some time it is prefer- 
able to start without delay since 
the techniques can then be 
developed at a reasonable rate, 
and greater experience can be 
gained both of the process itself 
and of the behaviour'ahd effects 


of the emissions involved, while 
spent fuel stocks and arising* are 
corapratively small. This is to 
the benefit of workers, public and 
future generations alike. 

The risks from the emissions 
involved in reprocessing are, on 
current estimates, likely to be 
very small and. if reprocessing is 
to take place at some time, will in 
any event occur at some time. 

Evidence that current estimates 
are seriously wrong did not 
appear to me to be convincing 
but, should it be proved correct, 
tills is likely to have occurred 
well before THORP begins to 
operate. THORP would then have 
to operate to the new limits or 
not at all. 

The risks of accident will, if 
reprocessing, is to take place at 
some time, also have to be 
incurred, at some time. At the 
present time they are likely .to be 
containable within tolerable 
levels. 

If reprocessing were to begin 
suddenly on a large scale after 
a lapse of time the risks would 
probably also be containable but 
would be likely to be greater 

The risks from terrorism are 
not significant The plutonium 
separated from U.K., fuel would 
be stored at Windscale and 
would not be subjected to move- 
ment fro nr Windscale, save in 
the form of fuel, -which is not 
an attractive target 

The risks arising - from 
transport would be no greater 
than at present Spent fuel will 
have to be carried to Windscale 
in any event. Fresh fuel sent 
out from Windscale would not 
present any significant risk. 

Should reprocessing be at 
Windscale? 

I have no doubt that the 


answer to this question should 
be in the affirmative. 

The existence of the facilities 
already at Windscale and the 
store of knowledge concerning 
the behaviour of radionuclides 
discharged from Windscale. 
coupled with the facte that any 
alternative would be likely to 
involve additional transport of 
plutonium or prohibitive 
expense, -make it clear that, if 
the Operation is to be carried on 
at all, Windscale is the obvious 
locatioa 

It - will involve additional 
exposure to local inhabitants but 
the risks Involved appear to me 
to be so small that this fact 
' cannot outweigh the advantages 
mentioned. 

Should toe plant be double 
the. size required for UJC. spent 
fuel and used to reprocess 
foreign friel? 

The financial advantages of 
having a ■ plant to reprocess 
foreign fuel on the basis inten- 
ded' by ' .BNFL are plain. 
There. is the .additional advantage 
that planning permission, a start 
on THORP and the receipt of 
foreign fuel for reprocessing 
would do something to relieve 
the pressure on non-nuclea^ 
weapon states to develop their 
own facilities. 

• it would -also demonstrate that 
this country intends to honour, 
at least the spirit, and as Z think 
tbe letter, of its obligations under 
the NPT. This could well be an 
advantage in negotiations, over 
the period when THORP is 
building, to strengthen the NPT. 

Furthermore, the existence of 
substantial reprocessing facilities, 
in ’ one * orrinore nuclear-weapon' 
states is a necessity to deal with 


fnel which fails in reactors or 
deteriorates in storage. 

The disadvantages of accepting 
and reprocessing foreign fuel are 
also clear, it will involve 
additional routine emissions, 
additional -storage of spent fuel 
pending reprocessing, additional 
highly active waste to dispose of 
and, which was chiefly retied on, 
additional movements of pluton- 
ium in gome form, and the put- 
ting of non-nuclear-weapon states 
nearer to the bomb. 

These disadvantages appear to 
me to be clearly outweighed by 
the advantages. The risks from 
the additional routine emissions 
are very small; the additional 
storage presents no significant 
risk and certainly no greater risk 
than would be involved in the 
storage for prolonged periods of 
U.K spent fuel. 

Tbe total highly active waste 
from reprocessing of U.K. and 
foreign fuel combined will con- 
tain only a fraction of the 
plntonlum which would be con- 
tained in U.K. fnel alone if such 
fuel were disposed of without 
reprocessing; tbe risks from the 
movement of plutonium can be 

largely dealt with by technical 
fixes. . 

The one substantial objection 
which appeared to met to arise 
is that the separation of 
plutonium and its supply to non- 
nuclear-weapon states will put 
them nearer to the bomb. 

Since, however, this matter 
can be alleviated to some extent 
by technical fixes; since it will 
not in any event happen for 10 
years: and since a refusal to 
accept foreign fuel would be in 
breach of the spirit if not the 
letter . of Jhe NPT and. would put 
■pressure on non-nod'ear-weapon 
states which could lead them to 


produce their own plutonium 
long before they could receive 
any from THORP 1 cannot 
regard this as. an overriding 
objection. 

- It is also important to 
remember that unless foreign 
business on the required scale 
can he obtained BNFL would not 
proceed with the plant as 
presently proposed. 

To meet U.K needs only 
would require a smaller plant 
and the whole concept would 
have to be the subject of re- 
consideration and re-design. 

This would be likely to involve 
an undesirable delay in starting 
on reprocessing of U.K. fuel. It 
would also mean that - when 
further capacity was required 
we should, instead of having it 
available at the cost of foreign 
customers, have to finance it 
ourselves. 

In the light of the above I 
would answer the third question 
in the affirmative. 

Mr. Justice Parker follows his 
reasoning to the three questions 
with a number of recommen- 
dations. 

They include; 

• An independent person nr 
body should vet security pre- 
cautions at Windscale ami during 
-transit of plutonium from the 
plant. 

• BNFL should dpvelnp tech- 
niques for removing and retain- 
ing krypton S5 for future use in' 
the plant. 

• Permanent arrangements for 
“whole body" monitoring of 
local people should be insti- 
tuted. 

• There should be on adviser to 
central government on the fixing 
of .radiological.. protection stan- 
dards.' 

• A single inspectorate should 



Mr. Justice Parker: unequivocal 
approval for the project 

be responsible for doterminiriu 
and controlling all radioactive 
discharges. 

A There should be inor»* «-*oni». 
toriog of ntninsphenc disrli.iri rt ^ 

• Them should ho .1 rotnpreiien. 
sive .mnu.il survey of all ih« 
charce> 

Q BNFL should do mom lu »’v. 
sure That safely precautions’ 
and operating procedures ;0- 
Windscale are sufficient for .-U 
eventualities and are continually 
rehearsed. 

• It is essential' that people in- 

volved in the Windscale emer- 
gency plan should he aware of 
their responsibilities. ' ” 

© The local liaison comnifl r,, e 
should he reorganised. 

© Fuel flasks should continue 
to be delivered to Windscale by 
rail as far as possible. 

Thr Windsral 1* Inquiry; Rcp 'rt 
bv it Jr. Justice Parker. M'l- 
twneni Office. £3.7.>. 


IV I 


1 t ', • > 

\ V % 


Elaborate 
and envin 


protects public 
from radiation 


Questions Ban on reprocessing 
of nuclear would be ‘imprudent’ 


' ' VNY aspects of the risks in- 
re.qt . in radiation discharge 
-Ting the routine operation, of 
• proposed plant, ranging from 
ssible contamination of Man- 
?ster water supplies to danger 
isle of Man potatoes and 
1 Hops, are covered in a 'Chapter 
the -report.. . 

lixstice Parker 'pointer' out that 
>re is. nationally and inter- 
tionally. an. elaborate structure 
protect the public anfl the 
'ironinent from harm from 
Uatlon. 

BNFI/s intentions are that 


refuse to accept toe. risk 
involved if to accept it would 
provide some demonstrable 
benefit even if that benefit Were 
small. • 

■“Indeed even if BFNLV inten- 
tions failed, to such an extent 
that- members of the public re- 
ceived the full permitted .limit 
I would have a similar difficulty. 

“Tt is possible, -! suppose, that 
there are people who writld say 
that although they were, each 


tion. But they had not sampled 
Thirlmere. Haweswater, .UUs- 
water or Windermere, which are 
the sources of supply for the 
Manchester area. 

' “At my request all four lakes 
were sampled by BNFL. By the 
following day BNFL were able 
to report the result- of a test of 
Thirlmere. No tritium was de- 
tectable.*' Justice Parker says. 

In the time available. It 
would have been possible to de- 


cases the results showed that the 
tritium present was even lower 
than the maximum possible 
levels ascertained by BNFL in 
the earlier tests. 

“ I had and have no hesitation 
in concluding that the Man- 
chester population have no cause 
for alarm whatever in this 
matter. They may also be Com- 
forted to know that the NWWA 
regularly monitor for radio- 
activity in water supplies, and 


^ MJt. JUSTICE PARKER says in returned 'in the form of. fuel he reduced by the knowledge 

_ chapter op proliferation that rods, after brief irradiation - to that they could send lheir spent 

the possible effect of the building make tbem dangerous to handle, fuel here, have it reprocessed 
of tbe Windscale plant upon the this would both practically and have the plutonium required 
d spread of nuclear weapon eliminate the risks of theft in for fast hreeder programmes ro- 
il capability had been much can- transport and render reprocess- turned to them, either as plu- 

vassed during the enquiry. i n g of the irradiated fuel rods tonium nr in Ihc form of fuel 

e R had formed the main ground necessary before weapon material rods. 

_ .upon which friends of tbe would be available. “The civil incentive to 

r Earth .had submitted that a _ . .. ______ hn reprocess is the achievement or 

. decision should be 1 delayed at ,,,T^. IS _i^° Uld ;.. 1 53UU? resource independence, for a 
’ least ten years. *22' ?£S ™uniir which depends for its 

s The report says; A nuclear c ™? d th nuclear reactor fuel supplies on 

bomb can he constructed with 0^ WJMewiim racilittes. imports, is in a vulnerable 


THE report has considered spread of nuclear weapon 
public reaction to the proposed capability had been much can- 
Wincbeale venture. vassed during the enquiry. 

“ That there exists in some Tt had formed the main ground 
proportion of the public a "pop which friends of the 
degree of hostility to, or -had submitted that a 

anxiety about, nuclear power, decision should be delayed at 
and thus reprocessing, is * en yearS- . , 

herond all doubt.” says . says; A nuclear 

t„W|m Partpr bomb can he constructed with 

justice WKeT - thl? grade -of plutonium recovered 

He says that he was bv renrocessinn. A cnuntTv. 



JnrtJre rarfcer. the grade of plutonium recovered lelUl P™ 5 '!' 0 " hn,h finannaMy and 

He says that he was bv rep rncessing. A enuntre. t* 1 "? ,s , aI *. intern ' , ,onaI politically, 

unable to assess with any which had in its hands such pill- 110, t0 . r ?. prn ?i e ” n . , i c,ea r "The disadvantage nf heenm- 

accuracy. however, the strength tonium. cnuld produce a bomb 5,v 1,15 in S ,nn dependenl on importing 

of the hostility nr anxiety and nr i, om hs more rapidly, and with i" 3 * t . hP Y* '"dwale plant ni) Ml p p |j es has been all too 

In what proportion of the less risk of its actions heine do- -li-..! 111 !. 3 k„ effectively ricmonsteaied in 

recent, year* and 11 was submitted 


public it existed. 


tecteri in time for international ! t wnn M 


3RP (Thermal Oxide Repro- 
one Plant 1 ) and magnox. 
!t be kept to about 50 rem 
annum. 


“I.. doubt Whether such diplomatic pressure to he t( ' ,ne « hal - lin,ff ' r Present circum- 

' matters are in fatt capable of exerted, than if it had no- such «**<**• . wun "" 


assessment 


the. plutonium. 


hostility 


anxiety 


It was submitted therefore. 


from a great variety of matters therefore, that if THORP were 
and ■' vary in strength from built and used to reprocess 
person to person- In some cases foreign fuels, and if the re- 
anxietv and hndilitv ran be covered phnonium we» e rr- 
dlsp piled by sreater. knowledge, turned to the countries con- 


others they may 


cerned. this must inevitable in- 


vr r.'i. 




accident •. v. : ] 

tiatly smoking three cte -<1 

s a week and one-fifto of the ; 

of accidental death in. toe ’v. xJH 

' in question. BNFL’s iuteu*, 

•J with regard to the yufallc 
Ive a nsk 20 times lower 

King toe intended maximum ... 

will therefore he 100 times - — - ' ... • 

' likely to die in an accident . 

une sort in tin* year in which Mr. Peter Shore, Environment Secretary, examining the report last night, 

oeeives it than to die years . .. .. 

• from cancer aB a result of it. . l. . 

• T *ltkciv t d \e 1 eukaem U year. 10 tones more likely to die tect down to l/10.000th of toe have been so doingsinea, at 

1 natural causes and; if he of some accident, they found amount presently regarded as least 1839” Justice Parker says 

larly smokes 10 cigarettes a such a risk intolerable and permissible ~ in drinking water in his report 
he will be 300 time* more would rather the benefit were for continuous use. It ^ followed In hl5 evidence for IOM, Dr. 

y to die from - that caiuae ..denied .than accept it. I do not therefore that such tritium as B QWen raised the possibility of 


creased, white, in yet others ere * ip the proliferation risks. 

thev will remain. This argument does no? apply ” ” rn,,lfl 5,1550 h e w-ctl 10 enforce the 

«»r Ih. « 0hft ,i,fa« Ui' *n top reprocessing of U.K. fuel. io.roprores K considerable quan- acrepian.e of policies oiher than 

nnriw MweJ an^red to bJ h(lXh h^ause we already have a tito* of toat fn«l ni.n-ornmeratinn 

moral nuclear weapon capabUity and . Referring to President Carte; s Lunitatiun of reprocessing 

ImlS/ nnnnS because the plutonium already -«™ce nn reprocessing. Mr. would prevent tne resource inde- 

Bromuls. Among opponCTts, recovered ai)d vet t0 be recorere d Justice Parker said: “Tt is clear pendenre which is legitimatelv 

from magnox fuel is enough to that-, when the President was sought by nations without their 


based on sincerely held moral 
grounds. Among opponents 
there was a tendency to sng- 


r-nr Jarror stocks of sjwnt fi.H reprocessing rapabi lilies could 
without facilities being available hv forc ^ fn M ^ p lho dpve , ftp . 

' mrml of such i-noabilify. if (Ijp 
“ A enuntrv which depends countries upon whom they reh**d 
for its nuclear reactor fuel ^ ,,r uramiiin supplies or enrich- 
sunplies on fmwnrts. Is In a services joined in with- 

rnlncrPhlr posttl.n ho.h hn .!*;"r h *"PP"m frnm l^m. 

_-J nnlitlfwillv " O .IPH ^ SRHChOJl j> U P* 

financial! j and politically. rjnuhterlly - A powerful one. It 

could also he used to enforce the 

10 reprocosK considerable quan- arc«»pi»ni-p of policies oiher than 
tit’e< of *hat fi»"l nim-ornliferation. 

. Referring to President Cartels "Lunitatiun nf reprocessing 




Ashlcv Aitacood 

Mr. Peter Shore, Environment Secretary, examining the report last night. 


jLnj rrnnnrtnf nf mirier ilUJII lUfl la ’"l " ' - - , " + ^ 

E?**' manufacture a great number of acknowledging the nght of own supplies, 

power -.were, acting in an j^^bs countries such as ours to enn- Furthermore if. at the same 

Immoral way. Nor does the argument apply ttnw reprocessing, he referred time as foregoing reprocessing. 

' That attitude was plainly to- the reprocessing nf fuel from. to renrncesring for home use of such nations were to send their 
unsnstalnable for “it Is clearly and return of the recovered ptu- the nlutomum only. spent fuel to the U.S. (or 10 mhnr 

possible to hold an equally tonium to. countries which like " P would he absurd to object nations with an existing 
tincere belief that reprocessing ourselves." are already nuclear 1° the export of reprocessing capability) for storage, they 
Is necessary on moral irnrands.*' weapon powers. capability to nations which no would be depriving Iheinselres 

• jndiri, Parker rited anm> It is. however, contended that, not have it. hut to have no nbjec- of an existing capability to 
mentV^that reorocemluv «mld ** v «n if THORP were used wholly Jipn 1 to the export of plutonium become resource independent. 

STmm IT WrMM iSSn tot- the renrocessing nf fuel from Itself “If the apeo fuel is retained 

oP uThfaufmu tbat U.K. reactors and from nuclear “Nevertheless it appears tn he the possibility of f n becoming 
fatoS^nerettwSTSiSt K «P^ Powers, it would still In- clear that the building of THORP remains. ’ 

I nmT pfi P | PneranmaS nugni w dfrectlv increase the risk of pro- » fe e!f would not he counter to Referring tn the Friends of lho 

exposed ro. . . - . Iteration on the grounds: U.S. policy so lore as no pin- Earth submissions about the 

Another possibility was that ^ th T ,| ntnnilim he tonium produced by it was ex- interpretation nf the Trcatv on 

reprocessing could help avoid ^ 0 }p * T whti e in minsport ■ ^ 06 nnr1< ’ rf - So limited there would the Non-Proliferation of Nuclear 


reprocessing could help avoid 
the possibly greater harm to 


both present and future gene- © that, if the U.K. were tn em- liferation risks. 


be no direct, increase in pro- Weapons. Justice Parker said hp 


P: 


-f wilt hp abnnf flip samn as . T mean uiat a persun comu ono* cam quauunw iu mao unuu&u 

' ■- mvn rpH in tntwflS* am inteolidiw are fulfilled, or even something in the order of 10.060 the contamination of seaweed 

•fc? il!! nr brine ? wmbiMtiou 1 of errors in the litres of Thirlmere every day later to be used as a fertiliser. 

‘fin Vnr i h^r 40 minTiW* 3 Wto ® ia BNFL’s wit h 0 ut reaching the inter- - 

60 Xqt 1 ho1ir mlniltes. intentions resulted in the nsk nationally accepted dose limit, 
stice -Parker says that if being 10 Times higher than I The same position prevailed with Pnfatnoc 

■nr estimates arff correct, and have assumed, my own opinion regard to the lakes wbich BNFL XUlalUCa 

\FL Fulfils' its intentions, it. would be that the risk would be had been, testing previously. „ T _ . ■ TA - r - 

. possible to suggest that tolerable, so far -a* workers and “ ^ 1 guested toe IOM Govern- 

substantial 1 nnmbers of the individual members of toe public i*U 0W1 , D f da T'- ment to have samples of seaweed, 

c nr of workers would are concerned." he says. -f*® 5 wh J!* 8M, 1 a, L d P° l t toes t *^ en and 

d the risks as intolerable. Tui« oa iov" r chestCJ ^ ^awS its supplies and analysed. Such samples were 

d tne nsk?. as niToierjnip. Cto JjOy 1977 Mr. J. frnm Coniston Water. Bassen- taken and they were tested. 

s ro workers. Mr. Adam*. Urquhart for the Windscale In- thwaite Lake and Thirlmere (re- „ Am 

nal Officer of the Electrical.- qrngy Equal Rights Committee test) were reported to me. By A? !? - , wc ^ e 0 5?V f * 
ronir, TelerounnunlcatiDns XWTERC) suggested that 2Jm. using longer times for analysis sa '? pI 1 s toey clearly could not 
’lumhing Union, and Chairi -people, in Manchester, which it ffl bewptwsfble to JSrffln todiratewhether °r not toerewas 
of -toe Trades Union side -of; draws its water from the Lake that inwall ?Sses toe- tiitium build-up occurring but they 
Vs Joint Industrial Council. District, might be receiving a content was even lower than that Sf iSin^SnSS^^lSiS 

^ev \ den 1*0 before me and was significant amount of radio- first reported for Thirlmere f0I \ ^ aLarn1, Justice FarKer 

/.in favour of the proposals, activity as a result of a. build-up although again no tritium was says ' 

S -.s clear that he wa* .speateng w™** ***** WOam dis- actually detectable. ' Counsel for IOM observed that. 

< Alia considerable: knowledge c*^rgedirom windscale. “Samplerwere also taken from to reach the internationally 

|E Jp Mihjrct. in particular of BNFL bad been sampling the certain lakes and rivers includ- recommended dose limit for 
|! £ /& >> previous record. water of four of the lakes, Wast- ing Haweswater and Thirlmere eating potatoes grown in soil 

h s io thr public. I find it water. Ennerdale. Derwenrorater by the „ North -West. Water dressed with seaweed for two 

ih tn hpijctr that there are ntid Loweswater for tritium for. Authority (NWWA) and years, a man would have to eat 
.* perhaps anv. *0 lacking, some years and found the levels analysed for : them by the 30 tons of such potatoes per day. 
.. -nemsitv that they would to be below the level of detec- Government Chemist la all He stated: “There is no danger 
” from these potatoes. 

. The questioB of sampling the 

- seal Ions from the Isle of Man for 

■ • (ihi 1- .. ..1- plutonium and americium also 

^ - tUSTS OF PROCE5S1NG TO ELECTRICITY AUTHORITIES arose from the evidence of Dr. 

1 • ■■ Bowen. He suggested that only 

'u =- A < ?' . :^>“ . ' — 1 t—r • — • * a small revision In the ICRP- 

I ■ 1 CosLaf'iriprocrufog including - Lim^tenn storage followed, by , - limits would put the whole 

vit rif l cw'j oB of. waste Cost of lanp^erm storage only reprocessing to recover uranium • scallop fishing ‘Jtoustiy in 

"S-V: . , • • • • ; . — . „ . . jeopardy, in contrast to tne 

•ap ' Usinx ib -"UJiw smaller Wet storage Dry storage md vfti^icatfen of waste (after ca se with seaweed, soil and 

v TvJl TOffi*v-'".'853S2r ' credit for recovered uranium) potatoes, the IOM had already 

• \'w ■! >■••• asked Dr. Bowen's laboratory to . 

analyse samples of scallops bur 
- -.some of the results were pot 

:.V. * . , - ^fangrofflgn- available at the time when he 

jg'; { : -o'.' ’25??“ "■ gave evidence. 

®F * * J . “When Dr. Bowen's final re- 

■ i : ■ — — — — ■ — . suits arrived on the 83rd day of 

1 * I £ per tonne Cper'tome - £ per tonne £perton"« * £p«rtomte the proceedings- they showed 

* j cost 260,000 jj 5,000 that, on toe basis of the nuclide 

* . * : ftw - ■ .'*• concentrations measured, about 

I I wered : ■ - 50 lbs of scallops could be eaten 

. I . iium &0.000 ■ 4 dfl 00- daily without the ICRP. limits . 

| 1 - being exceeded. Dr. Bowen's 

s J 200,000 T 2S5fl00 ■ t50.«» • 22SJJ00 . 4T5JOO fear that even a small revision 

t j nf the ICRP limit would put toe 

I ■ ' - At nranium price. S30 per pound. scallop industry in 'danger is 

"" . v. . .therefore without foundatifla," 

s --. 1 ‘ the report says. - - . . 

. t * h J . ' 

• . • * • - 


rations 

nun^hv^nRln/midwr newer prevent other countries also db- Vere ' supnlied to non-nuclear- ward “bo ran in. Th'n csrencp nf 
enririv ■ rr 20 wars’ time ■ inK with .the result that they weapons states it would pot be the bargain was that the niic'rar 
' r ___ <h _ • rmihles that wnnld wou ^ then be tn a position to «o supplied until, at the eortieri. weapnnMales wmild.iffnrdexrrv 
M,™ 1 ^ TPflnrtrnn in raore rapidly to the creation, of. Ml years from now. for THORP assistance to non-nuclear weapon 
nJ;n W rfanriarri^ If at ih»* " nu ™, car wea P Qnfc ’ . ‘ won Id not be operative- until states in the development or 

! SSelt inmiiS^f The contrary argument is then. . nuclear energy in rxchnnce fnr 

rime eren a monesi nauilH-T Ol tho mnmmciins nf . ajpv. 1 j .1 . ,u. ... ....1 ...... 


bark on reprocessing, it would "if the use of THORP were able. 


found their argument unsnstain- 


be difficult if not impossible to not so limited and Plutonium 


The treaty was a str.iishlfor- 
ird “baranin. The essence nf 


time even a modest number of 
the unemployed can obtain 


reprocessing 


‘‘-The effective risk would thus the non-nuclear weapon stares 


. , ,,, , _ _j | f t v:_ _ n foreign fuel would lessen toe be a risk of increased prolifera- refraininc from making or 

erapmvrnem, annij imsw* ,- ncent i ve 0 f the countries send- tion. at the earliest. In 10 years acquiring nuclear weapons, 
be achieved at tne cost or an fll „, fri _ ~.nrnf>»»cc,T,o -rki. 


be achieved at the cost of an 
Insignificant exnosure of our- 
selves to radiattoo, tt mar be 
that support- Is the moral 
answer. * 


ing fuel for reprocessing to time. ThU bai 

develop their own reprocessing “In the meantime . the included ih 
facilities: incentive to customers to de- reprocessing 

• that, if the plutonium were velop their own facilities would states. 


Thi<; bargain must have 
the included the develnpmeni of 
de- reprocessing by the nuclear 


Terrorist Plutonium facts and fallacies 


risks 


Cost et rvpracufog including 
Y kriflcM ’lM of -waste 


"! JJringsmaUvr 

THQRf f- : <faafif«s 

** prapted :s*Wi home 

■ - atWrti We Mil . 


Cost of long-term storage only 
Wet storage Dry storage 


Long-term storage followed. by,, 
reprocessing to recover uranium 
and verification of waste (after 
credit, for recovered uranium) 


■ * ; •' v - ^sddstrng foreign 
. ygob iarfa nuts 

;; -^-v . . . 


£ per tonne £ per forme 
260,000 J15.000 


200,000 iSSflOO 


£ per tonne 


150,000 


£ per tonne 


. 225JKH) 


£ per tonne 


4T5JOO 


Ae uranium price- S30 per pound. 


MR. JUSTICE PARKER makes 
no finding in his report about 
the ease with which a erode 
nuclear device could be made 
by terrorists bul be accepts the 
view of the Royal 'Commission 
on Environmental Foliation 
that It Is credible. 

He points out, however: 

• That although plutonium 
has been produced and moved 
both intra- and internationally 
for more than 25 years there 
has not hecn any. known 
terrorist abstraction or threat 

. •- There ate .technical 
methods that could all but 
.eliminate (he threat of -.pluto- 
nium theft and 'subsequent 
construction of nuclear bombs 

• There ’is no evidence at 
present that the safeguarding 
of plutonium has constituted 
any undue interference with 
dvU liberties. 

He could see no reason to 
suggest that permission for the 
plant should be refused either 
on security or civil liberty 
.grounds- Matters sueh as pro- 
tection against terrorism and 
the effect of such precautions 
upon civil liberties were of 
concern. 

But tie dirt noi accept that 
there should be an inquiry into 
them --- 


underline safety problem 


MR. JUSTICE PARKER included 
in his report a Bst of truths and 
untruths current about plutonium 
“ because it was apparent to me 
that there exists much misunder- 
standing about it-*’ 


Untruths 


Tt is not true that plutonium 
never exfsted until man made 11. 
It was stated on behalf of one 
party at an early slage in the case 
that God never made plutonium. 

Later, that’ party’s own expert 
witness accepted that toe exist- 
ence of a natural nuclear reactor, 
which had made plutonium in the 
long distant past in Gabon had 
been established. 

To talk of the creation of 
plutonium as “ man's bargain 
with the devil ” or “the Faustian 
bargain" Is therefore no more 
than emotive nonsense. 

It is not true that plutonium 
is highly radioactive. 

It is not true tbat plutonium 
has only two uses, making bombs 
and making electricity com- 
mercially. Plutonium 23S is used 
within the body as tbe power 
source for heart pacemakers 

II is nnt true that in all circum- 
stances very small amounts of 
plutonium are -lethal.- - Rtreluble- 


particles when inhaled certainly 
are hazardous in small quantities. 
Considerably larger amounts 
could be eaten without appreci- 
able harm. 

II is not true that plutonium 
is safe only when protected hy 
massive shielding- It could he 
sat on safely by * person with 
no greater protection than, as 
Professor Fremlin put it, “a 
stout pair of jeans." 

Il is. ool true that plutonium 
is the most toxic substance 
known lo man. Numerous radio- 
nuclides are more toxic than 
plutonium 239 if present in food 
or water. 

It is not true than an escape 
of plutonium, would be a unique 
disaster. The damage done, for 
example, by the breaking open 
of a tanker of chlorine of the 
size which regularly travels by 
road and rail would be a great 
deal more damaging than the 
breaking open of a container of 
spent fuel with its piutoninm 
content. 


Truths 


It is True, however: 

That plutonium is a 'bomb- 
making material. 

— Tbat- 1/ -plutonium readies- a 


critical mass there will be a 
chain reaction and thereby the 
creation c»f highly active fission 
products. 

That in certain circumstances 
plutonium is very dangerous tn 
man. 

That plutonium, if relr-ised 
into the environment. peTsisiv 
for a very Ion? time. That, as a 
rrsuli. stringent precautions are 
nerpssary to prevent plutonium 
fa! ling into toe wrong hands, 
frhui' reaching rri(ir.i! ma.-sps 
and from returning to man over 
Hie long period of its life. 

That, as was readily accepted 
hy Friends of the Earth, it is in 
everyone’s interest in find as safe 
as possible a resting place for 
atomic waste, whether in the 
form of spent fuel containing 
plutonium or in the form of glass 

blocks. 

There was much stress laid on 
out obligations to future genera- 
tions to find a safe resting place 
for our waste rather than leave 
it fnr them to do so. 

Resistance lo such arrempis is 
neither in their interest* nor in 
nur own. It whatever form the 
waste is m be. il is likely m hp 
safer in deep hnlpt in sljfile ceri- 
logical formations than pro. 
served in above ground storage. 


Financial Times Tuesday March 7, 1978 


IMKRWIIOWl I; 



mt 


NEWS'. v '$ 


AMERICAN NEWS 

Beatrice Foods bids for Tropicana piffle 811 

BY JOHN WYIS NEW YORK. March 6. 6 |y|^y g || j |- 

BEATRICE FOODS, America’s 26th consecutive year of in- more than 4S per cent cor less in profits for eaca of the last l « 

largest food producer, appears to creased earnings. Among the than 40 per cent, of the 0.<m. ten rears. Earnings for the fiscal fi alipfipp 7 
have carried off the prize which many virtues perceived by Tropicana shares outstanding. vear" ended August 31. 1P77. \'UvUvV 


Swiss franc bond quotas 


BY JOHN WICKS 


ZURICH. March 8. 


■NEW YORK. March 6. 


BEATRICE FOODS, America’s 26th consecutive year of in- more than 4S per cent- nor less in profits for eaca of the last 
largest food producer, appears to creased earnings. Among the than 40 per cent, of the 9.<m. ten years. Earnings for the fiscal 
have carried off the prize which many virtues perceived by Tropicana shares outstanding. vear" ended -\u"urt 31. 1P77. 
three times eluded the Kellogg •"•'rts u tha highest .return On the basis of Trnoi cana's Unped 42 per cent to *£.'.3m. on 
Company by reaching tentative of stockholders equity in the current share price and past sales of -S244.6m. This high-flying 
agreement for tho purchase of fond mauatry--i6 .7 per cent, in earnings, Beatrice is willing in performance was maintained in 
T3 12P lCaDa , Pr0 ?“5 1 if .}° c * . , 10-5 P erc ent. pa y a considerable premium for the 13 we el's ended November 


FOREIGN investors will be are maturing' (socalled . am- of 

allowed to subscribe for 35 per verson” issues) will be treated whose assets a tleast 80 per cent 
cent, of all foreign bond issues, rather more leniently; foreigners is invested abroad la free from 
private placements and syndi- will be allowed to participate to the ban but not toe secondary 
rated bank loans made by the same proportion as their market Purchase Jif ^certfficates 
foreign borrowers in Switzer- investment in the security being already issued. Foreign bor> 
land. The remaining 65 per cent, replaced. The same principle rowers S c-h 


The deal, worth S490m. to cash “J per cent, for ^ “prizT" Tropica d«.fns when ea^ were SoSiSSrSStSn 

and stock is one of the largest general Foods. price (in the New York Stock cent. U a c-n the same quarter in «a rmil t hai u 'Sue 

acquisitions so far this year. The proposal agreed between Exchange on Fridav was 833 STS iqrfi , tGa *, “ . " ue . 

Tropicana is a Florida-based pro- the two companies is subject to a ' share -mvIh" a ‘valuation r.f ‘ senaratlsfc - nrientori 

ducer of fruit juices which has the agreement of stockholders around " S31Sjn Moreover 


By Victor Mackie 

OTTAWA, March 6. 
MR. IAN SINCLAIR, chairman 
of Canadian Pacific (CP) has 
earned that if Quebec's 
separatist - oriented Parti 
Quebecois Government tries to 


agreement of Itodtooldere Iroun™ MoreSver. addition to the offering ^ehecois Government tries to 

been the centre of interest for a and to a favourable lax ruling. Beatrice's offer is more than 21 P nce * another factor oich must force it to operate CP head- 
number of acquisition-minded However, insiders control 35 per times ih*. S2 38 a share earned Jiave appealed to Tropicana three- quarters in Montreal In the 
companies. However. Kellogg cent, of Tropicana's stock and hv Tronfeana in 1B77 TtahT is xc,rs was Be J JtT . lce s operatm ? language he will move 

seemed the most likely to succeed those with a 15.4 per cent, bold- aL-nostcertadnlv the ' hi-hest nro- structure which lays great theoffices out or that province, 

for the last three years until ing have agreed to sell to SS fSSSS «5 wrnSPs re em P has,s . c,n decentralisation They have been there for 
talks failed at the third attempt Beatrice for $52 in cash “ny mafor reSulsiSoD of the last ° ne of t,ie company6 pn L“? “early years. However, 

last August. “whether or not the proposed i" ^ boast* i? that ns entire manu- when the Quebec legislature 

-Beatrice Foods’ financial merger is consummated.” ~ ' factorin'; empire of djiry and was considering Bill 101, 31r. 

strength is one of the most The agreement provides rhat ,ast ^chance o. stock soft drink products, grocery- pro- Sinclair submitted a brier and 

highly-rated in the country. The Tropicana's 3.674 stockholders J“£T proposed by Kellogg in >Tuly ducts, speciality meal products, later gave interviews in which 
company has achieved substantial would exchange each common va lued Tropicana at -,344m. confectionary and snack products ht* said toe Canadian Pacific 
growth since the 3950’s through share for either 552 or Beatrice In common with Beatrice, and chemical and allied products head office could not continue 
expansion and diversification, convertible Preferred stock. But Tropicana has an impressive is all administered with a nenri- to do business in Montreal if 
With around S6bn. of sales last the number of shares lo be ex- growth record and has achieved quarters staff numbering few nil provisions of the Bill were 

year, it is expected to report its changed for cash would not be an average 30 per cent, increase more than 200 peopie, applied. 


Further upturn 
at Heinz 

PITTSBURGH. March 6. 


Puerto Rico to seek Core© transfer 

SAN JUAN. March 6. 

THE Puerto Rican Government Puerto Rican Government a pro- meat will kpep a clo-c -.retch’ 
intcnrlx In nntitinn fhi« iveok fnr ipclf-d SSJ m in ner barrel orl for any Potential bliyer# Of 


„, u ., t ulta intends to petition this week for jected SSJm. in 52 per barrel oil for any potential miyers of 

THE BOARD of H. J. Heinz, the transfer to San Juan of a bank- import licence fees. It ha* filed Corco s refinery on toe , -*|p n “- 

food group, has repeated its n ,p( C y filing in San Antonio, for protection under Chapter IT He said that Ashland Oil had 

optimistic fore last for the Texas, by Commonwealth Oil of the U.S. Bankruptcy Act. been a prospective buyer, but 

current year following the Refining Company (Corco i, Corco also owes toe Puerto that talks ended several -reeks 
announcement of further gains f ue inland's major supplier of Rican Government Development ago after nine months of 

in safes and earnings in toe third petrol and petroleum products. Bank $13m. and at least another negotiations. Sr. Paniagua sard 

quarter. At the nine-month Secretary of State Sr. Reinaldo S34ftm, to bante, Guif Oii. and that at this point toe sale of 
stage, earnings are 20 per cent. p a nias:na said papers will be filed Exxon Gorcn "is a long she'..' 

higher at 863J!m. or $-.65 a j n Texas soon. Corco owes the Sr. Paniagua said, “the Govern- AP-DJ 
share against S2.21. Sales show a 

14 per cent increase at S1.54bn. 

Greyhound earnings may reach record 

year. For toe previous year new YORK March 2. 

Heinz turned in net earnings of 

983-2m. on sales of S1.87bn. GREYHOUND COPORATION S cents a sh3re to Greyhound's favour of the proceed meats 

For the current third quarter, expects that 1978 net income will 1978 net income after ail financ- business. 

Heinz reports a 15 per cent gain meet or ^eed toe previous in S costs. James Kerrigan, chairman n. 

£2P«t - 2 record of &wta-A «e„d e r o.7,r for £222^“SL*Mj f JS: 


NEW YORK. March 2. 


Sf« ia°cfJie“ by 19 5. arn t d ta „ Gerald H. Verex at $30 per share is Mid ": ? w ‘retires wntreT “ 

to M23°6m. Trautman. chairman, said to-day. scheduled to expire later this which had 1977 earnings 

Commenting on the increased income for 1977 was month unless extended. of S6.8m. compared with ?9.2m. ARjjrpipAU 

third quarter earnings, the vice struck after a special gain of Clifton Cox, chairman of the in 1976 because of non-recurring MlyltKi^MW 
chairman Mr. R. Burt Gookin S^m. and a charge of SlOm. Armour and Co. unit, said that adjustments and reduced tourism OU&RTFDLIE 

said the results “were gratifying Mr. Trautman said that the because toe fresh meat industry in Southern Florida, expects a 30 HWMRitnus 

as nearly half toe gains in sales planned acquisition of Verex is susceptible to fluctuations, the per cent, earnings increase in T5 =g— n n ' p 

were related to volume Corporation, announced last company plans lo reduce ;ts 197S. ' Iaw * 

increases." AP-D.T '"rtnth will onnirthiiip qhnnl «'mnhasi« nn fresh m«»aT« \ n «»nrie« Fourth Q Barter 1' 


. transport, services and food ser- 


e, applied. 

Mr. Sinclair in a television 
Interview has now repeated 
that position- He said there 
are two factors to he con- 
sidered. First he doubted the 
reb 6. Quebec Government had toe 
. h-. jurisdiction to control toe 
vreicn language toai die company 
* r5 «ses at ifs head office, which is 
r m 71 u ^ English and will continue to be 
Oil had English. 

er. but -Wc arc a trans-national 
l weeks corporation and we could not 
-” s operate our head office in 
ua said French ” said Mr. Sinclair. He 
sale of wag asked if be wonld contest 
it in court and continue to 
operate, or take toe route fol- 
lowed by Sun Life recently and 
pull our of Qnrbec. 

J "We would contest it," be 

^ra said - 

CP Rail has already moved 
. ca 2. Hs financial operations to 
Toronto because Toronto re- 
meats placed Montreal as the 
country's financial centre, Mr. 
man of Sinclair said. He doubted that 
d of the Montreal coaid ever regain its 
>od ser- position as Canada’s financial 
■srvices centre. 


Will have to be placed with Swiss appties to options (warrants) ex- denominated m Swissfren^nd 
residents. This quota is in line tensions, consolidations and re- m toe portfolio of Swim M|est- 
with market expectations and is financing transactums and in ment funds can ^o.regargeq. as 
the same as applied in 1973-74. capital increases. foreign laroOm^wo^i t^as 

Announcing these measures to- A commentary to the new their asne or P£>ce>?ent baa fisen 
day. toe Swiss National Bank also rules issued by the Swiss appro ved by the : nationaT bank, 
said that it was lifting toe cell- National Bank stresses that un- Fartimpatums in <MmestiC cqm- 
ing on Swiss franc bond issues like the investment restrictions panfcs. foreignere iss ners .sh yes 
for foreign borrowers — this bad in force from June. I9T2, to Fete and bonds JMLta . s * rt »SW | «* 
been set at SwJrsBSOm. for toe ruary. 1974. toe new ban applies but not denominated Jn^S^ss 
Jannary-Febmary period. to all persons and companies francs- Swiss baal^T certificates 

These details amplify toe resident or with headquarters for US, L’JL apd Italian ehajes 
measures to prevent inflows outside Switzerland, with the and shares of theBank forJnXer- 
announced a week ago. Foreign exception of Swiss nationals. national Settlements denominated ;. 
investment in domestic issues has Foreign-controlled companies in gold francs arc also apmn 3 
been completely hanned. based in Switzerland are con- securities not subject tq.lhe 

The Swiss National Bank sidered as foreign if they hare uivesbnent ban. - 

comnumique. which was sent out no premises or respqnsible stall .♦ A spokesman .or tn^.Biank 
to Swiss hanks over the week- of their own in Switzerland or for International Settlementa in 
end, also confirmed that there is where they are active in port- Basle said to-day there would 
a total ban on secondary market folio management business. The be no ad vantage, in central-bank# 
purchases of Swiss foreign bonds, same rules apply to the princi- moving Swtss-Iraac deposits to 
placements or letters of credit pality of Liechtenstein. BIS since the latter could, do 

bv foreign investors. The commenUry specifically nothing the 'centiral nanks qOU.i , 

Swiss banks have also been bans such avoidance mores as not themselves idn: that is, sHift 
forbidden to sell sub-partici- the exports of domestic securities the funds into Euro-Swiss m»Jset 
patlon# to foreign banks in loans for l^ purpose of sales to nr into other currenaes. Dwing . 
approved bv the National Bank foreigners or participation in tn BIS secrecy rale there is nn •• 
before March 3- transactions Involving - third indication available as tn . 

The new regulations specify parties acting on behalf of whether a major move of funds 
that issues made by foreign bor- foreigners. into the Basle institute has 

rowers to replace Issues which The issue of new certificates, taken place- *, 


Amro Bank improvement 


; MEDIUM-TERM 
(LOANS 


BY CHARLES BATCHELOR 


AMSTERDAM, March a 


AMERICAN 

QUARTERLIES 


AMSTERDAM-Rotterdain Bank, lending activities. , 1 A flO|i|PT 

Holland’s third largest banking Basic lending activity fesDud-i Z AUVLUVJ. - . 
group, expects its result to im- ing Euromarket activity) never- j 
prove markedly In the first half toeless rose 19.3 per cent. Short- j l/\nr) rrii* 

of the currimt year. This foL term lending to pnvate custo- It/Mll ll/i 

lows a considerably better per- mers rose, but business lending; 

formance in the second half of showed little growth. Medium- j ____ _1_ 

1977 than in toe first. term lending growth tame largely! ^|fT|£l LFHCH,"-' 

For the year as a whole, the from mortgage lending (up 33 *-*****•%•>*. •*%*>»*. i 

bank reported a 15.3 per cent, per cent, to FlsAfibn.l and the 8y Francis Ghiles ' 

increase in net profits to instalment credit sector. The J • 

Fls.212.5m. (S98.Sm.) and an 18.8 growth in business lending came THE Algenan state on compm?. . 
per cent rise in its balance sheet largely from small and medium Stmatracn, is back- in tnemarttet- 
total to Fls.59.5bn. (S27.7bn.). sized firms. for a major loan .or the first 

Amro's interest margins The sluggish rate of economic time in many months, lt-jp rais 
increased in the second half of growth in 1977 meant that the f ing 5250m. for . seven yea* tin .k- 
1877 from the low level In toe banks only temporarily came up i spread of 1J. per cent through-.. . 
first half, the bank said in its against their credit ceiling with I out. Other terms include a_‘ 


AH iheza securities tunrisg been said, this jr-oax.^r. 1 sppiars as a of record only. 



Hitachi Zosen 

KabushOd Kaisha 

(H;tcd:i Shipbuilding Jc Engineering Company LimiltS) 

U.S. $30,000,000 81 per cent. Guaranteed Notes due 1983 

unconditionally and irrevocab!:-- goarantced « lo 
payment of principal, premium i.ifam> and interest by 

The Sanwa Bank, Limited 

{Kubuskild Jsoxiur Sun, id OuAij 


Fourth Quarter 1477 WT6 

S S 

Revenue 119.3m. 87.0m. 

Net profits 4Sm. 33m. 

Net per share... 0.51 0^7 

Year 

Revenue 466.3m. 389.4m. 

Net profits 19.Sm. 15.8m. 

Net per share... 2.10 1.64 

CANADIAN 7arp. BK. of COMM. 

First Quarter 1971 (PI 

S > 

Revenue 675.9m. 599An. 

Balance 42.42m. 33-S2ro. 

Net per share... 1.22 097 

GULF & WESTERN 

Second Quarter 197S 1977 

s s 

Revenue l.Obn. S77.7m_ 

Net profits 40 4m. 352m. 

Net per share... 0.79 0.68 

S»« Months 

Revenue 2.0bn. 1 Sbn. 

Net profits 79.5m. S9.1m. 

Net per share... 1.55 1.74 

HARSCO CORF. 


1977 annual report. the Central Bank. It is clear, toree-and-a-half ^ year grace . 

Eurocurrency business grew at however, that the Central Bank period, and a guarantee front.’ - 
a faster rate than the bank's intends its controls to remain in Banqae Nationale d’Algerie.; *• • 

basic business. The Dutch force for some time in order to Six -banks are jointly leading this-; 

— — - Central Bank's credit restriction reduce liquidity in the economy, operation: Citicorp, which Is also ' 

x«T6 which took effect last year meant The bank plans to raise its agent. Bank of America. ' Arab'. .. 

™, 5 _ that the bank toned down its authorised capital to - FlsJbn. Petroleum Investments Corpdra-^v . 

“islr mortgage and instalment credit from Fls594m. tion. Bankers Trust. Bante« of ’.: .' 

— Montreal * and ' Contlarttal 

_ _ _■ _ . « , Illinois. ‘ • ’•”« ■: ,■ 

3 S: Foreign banks in Spam , 

1.64 ° • ■ from Eximbank n lfi Washlrigton 

— BY CHARLES DAWSON MADRID, March 6 . for the best nffcjof natflfdl ga? >v 

SPAIN’S Finance Ministry is only open one branch in Spain hquefactkm project kxwwrf^ as , 

iw? nearing the completion of a law and profits cannot be repatriated GNL~ which is. being built in.;.,.: 

, which would allow foreign hanks for toe first three years. Areew. in eastern Algeria.- Trie ; «v 

JSS®- tn operate in Spain with a Ever since last June after total cost of tins project is.abou! : . , 
reported capital of Pts.l-5bn. Spain’s first free general elec- 53bn. The first gap liquefaction • 

pay ($19m.). While there was no tions in 41 years, there have project in -Anew, known* as w 

official confirmation here’- to-day been reports that the entry of GiVLl, was inangniated^otwc - r . v 

— ■■ ■ — ■ as to when and under what exact foreign banks was eramlnent weeks ago-. . — gssfi 

conditions foreign banks would The Government is aware that The terras of .the. curre»t*^an . 

8777m. he avowed to enter into Spain, with toe liberalisation of the confirm that Algeria is sucked-' 

35 «, m hanking sources said that it economy' such a move is inevit- ing in getting finer terras oq the ' 


Nomura Europe N.V. 

Baring Brothers & Co., Limited 
Credit Suisse 'White Weld Limited 


S. G. Warburg & Co. Ltd. 
Citicorp International Group 
Goldman Sachs International Corp. 


FQurth Quarter 

1977 



S 

s 

Keventre 

1 79. 7m. 

152.6m. 

Net profits 

12.7m. 

11.6m. 

Net per share... 

Tear 

1.33 

120 

Revenue 

6S2.9m. 

593.4m. 

Net profits 

43.2m. 

3S.0m. 

Net per share... 

4.49 

4.01 

PHTSTON 




The proposed decree would impose almost prohibitive condi- state steel company, SNS. jwss T ^-- 
stipulate that foreign banks can tions. I signed. Joint lead managers^ re 

” . {Bandue Earop^nne de . Credit ~<r •' 

rilPHRONnc; and Dairlchl Kjthgyo Bank.^ ^ 

tiUKUDVnUd ! hlfrhp.r 'rpsrrns 'similar tn t4in«n 


D-Mark sector active 


BY FRANCIS GHILiS 


reflect toe fact that the Joannas ' - •' 

negotiated. last autumn j 

Thris is similar to another loan - ; - 
for Sonatrach sinned last, week 1 -- -/ 


Sanwa Bank (Underwriters) Limited Westdeutsche Lsndesbanl: Gircoentrale 


Algerr.eus Bask Nvdsriaad ::.V. 


. Z. lc Cc. 


A-s^iSnS 




Andreseitj Easl: A.3 


Arnhold 1. Bkichroedsr, Lir. 


./.SIAG-as ian InletMior?’ f.vz-ya'irc-s U 


Banca Csainwrdah llalucui 


lui Julius Ba-sr L-UerMUoaU 
T 1 

Bankers Trcd taleraaL'gui 

LktjIv d ' 


Bsrsa Ci!S?dj 


7."i9 j; cf someda 


Sar.ra "aricaa!-? d»! Lavord 




Ar.£cisbarJ--«i .“ z Oaaebori 
c.rr.J H*-c- r-i*rt Cktei-4- 


Revenue 354.4m. 

Net profits 15.7m. 

Net per share... 0.42 

Year 

Revenue 1.4bn. 

Net profit? 502m. 

Ni^t per share .. 1.90 


4 of quiet yesterday while the sterling been very strong .indeed. by lead manager, Algemena Bpn k*. . • : 

; sector was described as dull. The tighten i ng . of rules in Nederland: S32m..for seven: yejarsl u 

Some banks were reporting Switzerland and toe outflows on a spread believed toltieL 1 
1 . • • fairly heavy turnover in the that will result point to a per cent. 

s Deutschemark sector with greater number of issues In yen Two other loans for Algeria are - 
4 25 .9m Prices seesawing during the day. and guilders. . currently in 1316' pipeli n^friThey t '<Z- 

43.2m. The DM 200m. Venezuela bond Some dealers said Norway is are most likely to carry terms...; 
1.15 was priced at 101 by lead man- floating a Fls.lOOm. five-year note similar to those of tbc S250m.-i: 
ager Westdeutsche Landesbank. carrying a coupon of 6i per cent for Sonatrach. 

1.4bn. The same bank is expected to and an issue price of 991 through Two Gulf borrowers arc also in'? ~ 
146.4m. price Tauemautobahn to-morrow, a group of banks led by the process of arranging loans oiv - 
3.91 This Is earlier than expected but Aigetneae Bank Nederland. substantially finer terms ‘ than 


eaafc L-d. 


B*nq>i9 Erorrelles limben S.it. Ear.q-ae csUTOti-i ca CssSiKSO Z^.4:. r .sz 2ts-.-.e 7:4T.;£i:: io ;• e: ca T.::*:3 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Banqce Generals du Lnsambonrg 3A B«c^=c ce llrdodun« el de £=e= Bia uvcrr.i^ar jio k i-cz issb ?u_- g .7 Zans-Zisey lea 

Eenqve ItsSonale de Paris Banqae de 'JeaSize, ^iicnborg^r, Malle: Einqce de Tans -si dej ?a-.--Eaj 11 c? f.\ tes j.- i^uL-sel 3 - 


Baztqea Papalaire 5als3e SA Ser.q 

L'CMntears 

Barerisctie Hypoihelcen- ard 


co 1'yaJon Z*fc 

esiiosis ;o-Szas .7 


3?rliset Knncels- ur.d F:anjiar"xr S arlr 


CerJraic habobenk 


Chase i-~.tr 'ms.-. 


3!7Ui.ti«n*r a. Oc. Ct:s-i Cc.-.:iaj? cj.- Ej. — . 1 ; 

Cssxiiaria Benh oy liei'Lai. a •" • -r-.-.-r - - • C j.t 




Sir." 
rrrui^T"Ji:' ■“ s 


CKnpa^iuo Mcnegasque de Ear.que 


C»av 




Crodi: Indus tri-ei el Com?:oaJ 


Crddjl L.-sauS 


• Credit du?,';td 


C:?a ilmsiait-car..' -5 r- 


haiTsa. EiiicDel'.V. Ti-;asri « Cs. D-r* r F?-k 

el.n I Jv-.an'jVtfi 

Tti— j'-iK-BtV.'.-Vjrr-: 

tiectsche Gircj^nb-al« The De-.-ei=er-.»nt Bari- ot 

— Doulsciiu CairmcMlbank — " l.-.'-rf 


Ti-;asri Dr:z « C;. 


Ecc Dassr.s •zfTs’str f 


Eoamion Se c n rl tiej 

• L=-j-eJ 


Eurescas Securities 


Erisdner Bar-k 

{ndrti 1 ' 


D.-Mi: Furr;-! re UinbSK 


Tirst Bo::w i~err?e- 1 


first Chici-TO 

L.rt'ol 


Sre.-ierrari-.-.’-arfi.--; 


r zs-ssi r «.r e .. _ r. 


CcaBsawBebalCiriw Zeatralbank fifi 
virx* 


Girsrer.h^ie tr-.d Ban!* i«r r. £^«tenr. 


Kill Samuel & Cc. 


E. F. Huttos c: Cc. :;.V. 


IB; ir.'ems'iora! 


Irdema^sca; Cr-d.* .-Eunre. Zzsr.-Szi 


do Lirn. a 




-sa: “rrporK.rr. 




:~AsnaI L!J. 


r^r.irj r’de ci 7:W3 


Jardin© Fkeninrr 4 Company Orsi- -Peel- td 

isua 

KrodielbanJ: 1I.V. Sgsdiefaau S-n. L=emb3urpeo^e 


Ensdielba& 11 . V. 


Uoydc Bank fatemaSonal 

Louted 

M tan&e t nreiB Hanover 


hiddsr, reds/yi* Inlsn-dLe.-si 
Echn txblchzc 1 




.7. =,-.-ert. r m jjr. 


I::.TdFfifeset C.-> 


loco Sheades, HcmhloTfer laMicattosol 

? ■ —ti *i 

KfexriU Lyrch. laemali-r.ai & Co. Steab 


Morgan Grenfell & Co. Me 

United 

KededaodachB Mdden3tand*aale tt.V. 


Morgan Gcarantv and Fartners 

Ll nurd 


Japan Securities £nro=e 


Lrrdsc i Cor-.? ‘r.'jl Earj-: :3 


Cl o ar.tr. roe© ■ c 


Morgan Shrlfr Tr.Jtrrj-joril 
The Seeauu “o., •Errrre. !•£. 


Suru-r! 7.T'.*jUyu -i- Co. 

unded 

~-C Z Z-L-ssder Bask ZJi. 


Zicsyixs5asC: 1 r.. 


The Klppctx Eangyo Hainmsru Seozrifa'as Ca. Lid. ysmczatioiselloMi (T-o.-’.gXseg? L.’d. IlrrddeVvhT.-!— ■; • - rarrtos Co.. I i. 


EaL Orpanhcini it. a Gie. Onoo 5. 

- L1-1 :, 

Piersoru Helddr.g & Pionon l*-"‘ ■ 
Saleznoo Brothers Ifhamationfll Sarr} 

Singapore Wonrora Morctanl Basking 

iunjtid 

Sodtie Baacaira Barclays (Suisse] SJL 


Osalsfa Sectiriaes Cc.. ZcZ. 


t 1 :'.esrsi ssis~-3 Ltijr::-.: 


Fri.-xVirl"-. 


Sasrjo Zecsribzis Co, Ui 


EcamCni.-im 

Lji-ii 


s >n— ri jaaa isla Easkuda Bahiss 


- j:*-: 


Sociald General© 


Sc— 6le General© rhjde.-.-..- cj Fir ri. 


Soci6t6 S£qiiaoafsa do Basque 


SefiasS-pJo. 


Sparfecfcama FarJc 


Srrif ' BarJr Corooradrn 


li.-.rrr© 






. ?■' - diii-a Ic-.-i 


S-3a.-.qteS..=- 




Vr.'-.ace'. Ze u!. 







STRAJSHT5 

Akwr. A'-^traila Sipc l?t^ 9S! 

VMEV ?pc 19S7 . .. W 

AusTrallj Si pc WK ?M( 

A’lMralun M. ft S. '.'iP'' '1C 3S 
Barclays Bank Sjpc 1>P- .. 
Dti-rj:.T a : pl n-j? 

Cj:i. BaitwJ- S:PC r*S6 i'.) 
■" -ii; Nan >;:al '-n-.* l;'-v . *J! 

r*"-ajnii 1 : '••pc 17H .. .. ' ni1 
CCb -u I'”- . . . * , « i 

F«Vs .- ipr- l“'r . . I’ m 

1'If: -•- oc . . .. erj 

n -.j 1 3 . pc !?>• . 

Kru^n :■>- !■»«■» 

t‘-jo -so.- »'»=■: No 

■"■i l_.il*- r'lwr-jinc |fM Mi 

H ■>ir.jr< l -»" . 1>V, 

k*i)fiujiif>‘r sp; j: 1 ?; .. !*•; 

B'l S.O- ■■>?7 nr i 

i-v I'nnrt-i 9jp- :r- l f| " 1 

.'ivinillari Fin- I'll I” I 

'Ta..--;-.- F-riiC'-a ?:p: ir>l >»•-: 

»}p.; T n; S f n? T 

■‘IMId’vl In;. FrP j'.pr TW? 3I- 
Miil. Coal F-cara apr 1W7 “44 
3 p,- jo»e 

N-v-foun-lMnil npc I3?J l 1 * 1 ’ 

Xw«j Kom. !?►-. iim: I??: ?- 
NVpipp S;PC ...» 

T.’nrsl- H; iirn Sjp-r ",?3r .. n-.j 

He )n ©p- irr-? ... . lnnj 

An'enem-^ *>tv ;?**: ps; 
Fri?r. Oii-oer °pr . °«. 

Pm - -- S3«*fnlch ?iDc 1 «n| 

R-.fil lui.-nwiioral ?pc 10 r? 

B-rT-i Dpc 13X Pi 

S-!ccS!3n Tv. Sipc 10-1 ... K>* 

S-ai*J Easl-iWa 3pc 1PH .. 0‘? 

5KF 5pc 17ST "It 

iR‘rlnm< S:PC 19S7 0.^ 

frif.-d Blvui-s ipc I0?J ... "S: 

VriM Spc 1037 March 91 

NOTES 

Australia 7^ pc l?i*4 93J 

E-.U Canada ;;p-: ns? . . Of* 
Br. Columbia Uyrf. 7ipc ‘S3 9fj 
Cm. Pi-.. ?!?'■ I"5f 0°j 

Oo-i- Ch.-inlcal fpc 1031 ... r«* 

EC-'’. Tip.; 1US: e? 

ECS s.P-r ;•>?© Kt 

Fee Tine I«? .. . . n*-} 

7. ec 10*4 0"{ 

i.'.iniTl: site |i-4 . .. 

■Init-o-ivn : : P- :i>; . "*.; 

'. - H. tiirr.< *;*'■' I** 1 ” 

r.li.-Ji.Jin 4j|»: nn; 

Monlrnil LrMn -;pc !■>•-.; in*i; 
Bron^w-irV Sr>c 

:.-•• E-*io<. Pmi. ?lnc ■*', liio- 

T»..]jRd arpn n<, 3J 

"■••■nic Ir.r. lanlr 71p. - I>4 OfS 

-."r.i- nj .; "O ISxJ ... W- 

-..in- i> Tir-r I’C ■“•i 

■ *i - i.«n ■ 111-;:" ;->j7 . 

-in... r '• r- ." . *i| 

c f < .■• rs -. Vs-.- — o-.i 

i.-c,,™-- ji.. jo - .; oi" 

■ • "■ '• : - " -re 


irfTBI I NO RHNOS 


E1B Olpc WS 90S 

„. EIB 9ipc 1092 975 

Finance for Jnd. 9Jpc 1957 9S 
*7f V I nance f»r Ind. 10 pc 1039 955 

"J Fisons lOiPt l»7 1001 

INA IOPC 19.« 97* 

" 1 Rm-mree IDiDC 19S3 97* 

3 . S-.irs Wipe 19S8 9?i 

Total Oil aipc 19W ™. ... WJ 

: SJ, : dm bonds 

£){ BFCE 5:pc P5S loos 

f:;de >!jpc 1936 031 

n-nmark jtpc MJ* lnnj 

F-IB Mpc 1909 . . 951 

_!T7 r F ura tom Oipr 1937 .. .. inn* 

Eurolima 5 * pc 1955 .. . lnnj 

Ftnland Sipc 1999 *™* 

‘nn f’>rstD3rks 3«pc lflM . . mn 

’ ex land .Wpc I9M . . 1 Wt 
.G; Nornn #»dc W** 1919 ' 

’j.’ '-nr»-ay 4ipc '9^'. Wl» ! 

Q l; J.-MP lijiK- li* 1 " IT ‘ 

3a wlen foe .. . I"? ■ 

‘ 7 VO Fewer C*i fipc 1988 03* • 

World Bank Sine IS9P .. . inw 

FLOATING RATE NOTES 

B«nr of Tokyo 15Si 7l3i6PC O’* 

BFCE l"*4 7 pc ocj 

EXP 1t«l 81 16 PC .. .. *W| 1 

--Vi CCF 1DW 5pc «9 1 

„ IMJIF 1954 74pc PS* 

Cr«litar?tnlt 10S4 7*p^ .. pi* 

Cn-drf Lyonnais ISSZ fpc .. 909 3 

‘J!? 5 TK! Banl: 1959 TIS|6PC WJ 3 

GFB 1951 7{p.; l«i* 1 

i* lm|. Wsrmnsrr. ’Si 7Gis pc 99 * 3 

Lloyds 1993 7ipc WPi 3 

LTCB 1SS1 Spc 00* ] 

iS- Midland 1*2 Spc - inn* 1 

Midland. 1887 TlljtJJC OSi 

'"‘FTP IRC 7jpc 90* . ] 

5=1 SNCP 13M Sipc . 

Sid. and CUrd. ■« TUmpc 9P* 1 

Wms. and Glyns -SJ SIkpc 391 J 

^ Source: Wbjk Weld Secondtes. 

CONVERTIBLES 

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97* Ashland Spc 1*»8S ss 

- ■ FaOi-nrk ft Wilcor Pipe 17 K 

1 ^* F-nrt-:e Foma 4,pc im7 a* 

B-airti-“ Foods 4ipe 1997 \l»| J 

W 7 B— i-ham *ipc 1992 p.l 

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*'•* P")4d»ay Ttalo 4Ipc 1057 T'-i 

"1 i~arn.it inn 4oc i«7 75 ' 

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Olfer 


Bid 

Offer 

1004 

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substantially finer terms ' than v " 
they had been able to get a few," 
months ago. The Emmiratea :;'v 
Telecommunications Corporation 7 
is raising a SIQOm. for eightyears ■; '• 
on a split spread of J per cent, 
for the first two years and -5 per ' * - 
cent thereafter. 1 ' 


<137 . Warner Lambert 4ipc 1«37 
juj* Warner Lamb-rt -4 «jc 19SS ; 
994 5<*ro* 5 pc UK? 


BRAZILIAN 
INVESTMENTS SJt. 

Net Asset Value per 
Depositary Shan- of 
28th February T9TR 
U^S12LS4 . j 
L1«roH- Th» Lorntun ■ StireK RAdbHWs 


Kirtfer. Paabod? Sccnrttt»s. 


MADDOCK 

LIMITED 


Notice is Kerday given of the * 

appointment of Lloyds Bank Limited as * 

R^istrar. ' f - 

All documents for registration arid * 

correspondence should in future be sent to:- i 


Lloyds BankLimited, • . 
Registrar's Department,.! . 
Goring-bv-Sea, ^ . 
Worthing, West Sussex BNl 2 6DA.- 
Telep hone: Worthing 502541 
(STD Code 0903). 


L A. WRIGHXFCiSi 

Director and SecretanJ 












Tlm^lSiesday ManS~7H.’9.78 


33 


FINANCIAL and company news 



_ M ; * Y WltiiAM DUUFOUCE : 

,. THREE nj^jor Swedish . com- 

w* - planning to merge 
_ “JSJT* *P«tid steal -operations, 
i "v™ ► uddcholm. and Fa&ersta 
, * im to .establish vilhin.-two 
/Jftnuis a joint, company- j^ith 15 
.„tkt tones rqamjJ’actuxipg stapicss; 
-* S 0 ^ and. tool -steels, it -would 
a turnover ot-.STOuna Sibn. 

• .• '18.000 ; employee^ of whom 

• • ;.4,4fl0 worS abroad. ' -.-'•- 

• -!'- ."The background to" tBe merger 
'.Plan is tb.e. -heavy losses Being 
■ gadp on Swedish spefcipl Tteel 
.■prqduetiOQ and the abortive 

• .attempts to restructure the in- 

dustry. Last year a Government 
.inv estigator recommended a 
"*»wes of mergers, ration alisatton 
moves god product swaps which 
. would .have involved the loss of 
. .6,000 jobs- within - the sector.- " 

In December; the Government 
announced a scheme involving 
*«ft loans and itJaranteesy up to 
; JKr.I.Sbo. 15282m-) as an incen- 
tive to the special steel manufac- 
turers to get. oh .with the restruc- 
turing of their industry. Btxt Mr. 
JNils AasUhg, .the Minister of 
Jmliistry,. 'underlined .that, the 
■Government wasnot. prepared 
„ to invest any share capital, as it 

"£.0!IJ5i|.TFBv lMs done ** SvensKa StaaTplbe' 
_ _ fc W »w Swedish- commercial steel 

DANS company.- " 

It is estimated ;that -SKF, 

V Xlddeholm and FagerstaTosrover 
0,1 tfaeir special steel 
. -- -a j{n operations last year. The current 
merger plan _ does not 'Involve 
I i* SKF's much lareer roller bearing 

1 1 3 # " 1 f I Production or Uddebolm's forest 
f Vi product and chemicals ,-opera- 
-. Hess. Invitations are 'being sent 

* pi .!to other special steel mamifac- 
\ . r j , [ [ .[ [ turers. notably Bofors; the Avesta 
'company owned by. -tbi.. Axel 
Johnson Grpup, and_ A$EA’s 
Surahammar subsidiary" to join 
■titt .uagotiations. ..... ~ z . : 
Tbfr three- com panics ’merger 


scheme is being co-ordinated bv 
professor Ulf af.Trblle- Sweden’s. 
“ company doctor.” who; . also 
helped to establish Svenska Staal. 
previous efforts!, tir. restructure 
the industry .had .'failed because 
.comppmps. running at a loss - bad 
been asked to .take over tfther 
losing units; Professor af .Trolle 
says. 

Under the new: plan, the - com- 
panies -won lif.invest. assets rather 
than money, become: part owners 
and . be- in' -a" strong- pdsifipfl to 
draw: on "the-. BrJL3bn- Govern- 
ment incentive: .scheme. -' The 
special steel’ sector would. change 
from a .collection of small pro- 
ducers into a medium-steed con- 


. STOCKHOLM. March 6. 

cern (by .world ‘stahdardai with 
an existing worldwide marketing 
'Organisation, of some" 4,000 
people;.. t , . ‘ 

Mr'.. Lean art Johansson,! man ag 
ing director of -SKF, said that 
larger production volumes would 
make' economies of scale possible, 
“but we are still surfing on -the 
top .and we need a deeper 
analysis to tell us more about 
the .details," 

He suggested that this analysis 
should include the. possibility of 
.co-operating with Svenska Staal, 
ft would-be advantageous to have 
the metallurgical base for the 
special steel branch concentrated 
in one company. 



BY OUR- NORDIC CORRESPONDENT- STOCKHOLM, March 6. 


STQRA \ KOFFARBERG, ' the 
Swedish steel and-forest Industry 
grbup'.-reports a KrJ&Tm. plunge 
in -.pre-tax earnings fbr;.\1977. 
from a profit of KrJOOm: to a. 
mss of Kr.l27nt <52K6*n >; Turu- 
-oxer- -also -slumped- by Ju\268nu 
to Kr.4.15bn. (SQOOm.). 

The Board proposes to pay a 
dividend- of -Kr.7 ■ 4 : share, -which 
is the same as. for . the previous 
year' after- a3jtikting-f or the ore- 
for-two scrip issue .last y ear- The 
1276 dividend, however, had -been 
. cut' to Kr.10.50 a share- 'from 
Kr.I2 In 1275. ' ' 

The in a in reason-forihe down- 
turn"! s the. KrJZ31m. operating 
loss on the steel side, -a ! figure 
which more 'thai>- doubled - the 
loss recoirjipd in 1976, Forestry 
sector operating Income .dropped 
from" Kr.440m- .'to : Kr-SIfen-,' a 
-relatively strong' ■- performance 
compared/ with ' those ' of - .other 


. Swedish pulp andpaper concerns. 
The '.Mother” "operations iiri 
proved operating Income . by 
Kr.SSm. to-Kr.l89m. thanks to zn 
increase, in earnings by the 
power stations.' : 

The preliminary reports gives 
"ho "'estimate' of future orofit 
trends, but Stora Kopparbcrg 
will unload its steel business 
-this -^year to the new Swedish 
steel company, in .which it will 
be • -«r minority shareholder to- 
gether .with the State- .-and 
Granges. This will reduce turn- 
over but transform the balance 
sheet abd 'leave the group with 
its still profitable forestry and 
power interests. 

' Financial - costs increased, by 
Kf.55na. to Krl65ih. last year. 
After - extraordinary -items the 
-loss- was reduced- to- KrBOm.^and 
unspecified transfers of Kr.lSlm. 
enable the group to show a net 
profit of Kr_76m. ■ after tax. ' 



setback at Lufthansa 


BY ADRIAN DKKS 




March- 6. 


DEUTSCHE LUFTHANSA, the external events -it-- was referring revenge.- No further such inci- 
- West German -national: airline in to, the board was clearly jtihiding dents have been reported, 
which the Federal Govornment to the -widespread fear of terrorist To-day's letter to shareholders 
holds three-quarters o t . the attacks that caused thousands of gave no details of - 1977 financial 
shares, admitted to-day that. -its people to cancel their hdftkiri&s. performance,: beyond - recording 
financial results had ■ -suffered After last October's -dramatic~a^.fi.B- per -cent, rise in flight 
from “external events?, .last rescue of the passengers and revenues to just under DM4bn. 
smtumn. though it told .-. share- crew of . a -Lufthansa plane hi- The. only concrete indication of 
holders it-styi: expected. tgj show jacked to ^Mogadishu, a' : wjdclfc.. the damage the airline -suffered 
an overall profit for- 1977. publicised' (though never: fully from the terrorist threat was its 
'.Although- the letter, did not authenticated)'. threat was made report' that; passenger traffic 
•poll out -in so. many, words the to- bomb .the airline’s flights, in measured by tonnes per kilo- 

: — : r^~ ' metre rose by 5 per cent com- 

y* ii -tn . - * ' j i a- ' ■'! a. ’ ’ pared to a world average increase 

Poll Ofl French debt Status : of * per cent, measured 1 by - the 

• International Civil -Aviation 
AN OPINION poll of bankers they, jyere' pr^axed to' Wcreasfe' Organisation. ; Kreighf carried, 
•veeutiisiflg,. : -in jsurociHTrftuey thein Ueoding and .42. per^cenL Jiovfever. rose' by 12 -per cent, by 
indicates -4w'd- -they. 7 woujd-areduce /Ibeir. fhe'«aine measure, compared to 

■ ' ' - - - a wbfW average M 9' pCT cent, 

■nine status as an international . Asked- whether France’s, bank - During -last year, Lufthansa 
•orrower would be . adversely borrowing or its bond. ' issues took delivery of two A300 Euro- 
ICected If the Socialst- would be the most- affected. 17 pean airbuses and one additional 
Communist alliance ' wins, this per cent, of the bankers polled McDonnell- Douglas DC-10, taking 
ninth's general election. . - said- bank . -borrowing^ would be its totals of these types up to 
The poll of M8 Eurobankers the most seriously effected and five and- Irrespectively. Out of 
% . 19 countries was conducted S3 per 'cent, said France's- bend .totaJ.-jqvestments of .■ DM600m^ 

>•- : the AGEFI Euromarket issues woul d suffer - t he most. DM46 9 m. wa s spent on the thrti 

eu-s letter ' . which is '- owned Regarding Eurocurrency bank aircraft and on deposits or instal- 
y. the French business -news' loans. 17 per cent, of the m ent pay rhenls for mthers. •• - 

aper Agence._ ■ficonbmltJije" et respondents said French entities Between now and the first 
ioanciire (AGEFI).;' 1 ;^. 1 ’"; . would be able -to borrow under quarter of 1980, Lufthansa is due 
Assuming . a . . Socialjst^Gom- a! Socialvst!Comniunist Govern- "to take delivery of six airbuses, 
itinisl Government, in .France, mem at the same margins -above' -with options on-nine more. It will 
. le poll showed that 95' pmf-cent interbank rates as they do now, also take delivery of eight Boeing 
'the respondents would bejrc- However, 32 per cent., said the 747*8 qf various types, with. a. 
ired to continue lending, to margins; would "rise, by an eighth further .two npti.onsr and ef seven, 
rcnch Government entitieiyet of .a. po'intr'- i ' 'BoeflAgTflT-aSO’s, stir of whichTrill 
dot of thg' respondents 7 said moire.' -T.'T'AP-Povr Jones, bgipfcflre newer. enlarged .yersionr 


India to 
investigate 
progress 
ofFERA 

By K, KL Sharma 

NEW DELHI, March 8. 
THE' INDIAN Finance 
Ministry is to make an inquiry 
Into complaints that . foreign 
-companies are circumventing 
the requirement that they 
most reduce tbejr foreign 
equity holdings, by increasing 

the Indian ■share capital. 

The -inquiry was- promised 
by the Finance Minister, Mr. 
H. m. Patel, when members 
of Parliament told him that 
most foreign companies had 
retained their original capital 
holdings fully by increasing 
the number of Indian shares. 

This is not barred by the 
Foreign 1 Exchange Regulation 
Act (FERA), under wfateh 
foreign companies must pro- 
gressively “ Indianlse 10 their 
.ownership and' reduce the 
foreign holding to a maximum 
of 40 per cent. . unless 
exempted from doing so by the 
Government .But Mr. Patel 
sug geste d that the Intention 
of FERA was a reduction not 
only to the proportion of 
foreign ownership but also In 
the amounts of dividends 
repatriated abroad. 

If foreign companies increase 
their capital base by selling 
shares to Indians, as has been 
done in recent public issues, 
dividends are not affected. 
Complaints are that the 
foreign companies are thereby 
siphoning off funds from the 
capital market which won Id 
otherwise have gone Into fresh 
investment In. purely Indian 
companies. 

. Hr. Patel said that the 
Government- had noted that 
soma foreign companies were 
not - . progressing- towayis 
“ Indian king ” their owner- 
ship quickly. If it were found 
that this was deliberate, steps 
would. be. taken to -stop them 
from repatriating. their profits 
until they -complied with 
FERA regulations. This is 
thoeght to -apply mainly to 
sterling -tea companies. 

. The Minister said that it was 
the new Janata Government's 
policy to reduce repatriation 
of dividends and profits by 
foreign companies to their 
respective countries. ' Asked 
for specific details of remit- 
tances by -six companies ' In 
1976-77, Mr. Patel gare the 
following . figures- . Hiudusthau 
Lever (the Unilever offshoot), 
Ks-30-99in- (about 
Glaxo, Rs.84Hm.; Colgate 
Palmolive, Rs-15^7m- Bata 
Shoe Company, Rs.L40m.; 
Indian Tobacco (formerly 
Imperial- : Tobacco, RsJ0-4m.; 
Britannia Biscuits, Rs-2.17m. 
All these were dividends per- 
mitted by the Government to 
be repatriated. 

Mr. Patel said that all 
foreign companies were being 
required : to reduce their 
capital holdings and. were not 
being allowed (o expand Into 
rtaln - -sectors— reserved ior 
Indian small-scale anils. _Nor 
were - they given any conces- 
sions. 


£L_ce: 


... -S' 


pOt - 5 

* c * 


tv 


S-ll 


This announcement appears as a matter of record Only. ' 

TJS $37,000,000 

, PROJECT FACILITY , 

■ V for- . • ■ ; ' f 

LEWIS CONSTRUCTION CO. PTY. LTD. 

and - 

THE STATE ELECTRICITY COMMISSION 
7 OF VICTORIA 

to finance the construction of 

coal bunker facilities at Loy Yang Power Station 
arraiise2hy 

HAMBBOS BANKXm HAMBRO AUSTRALIA. LTD. . ■ 

aad provided by - ^ -! 

AUSTRALIA AND NEW ZEALAND . BANKING GROUP :IdMlIED 'r- : 
BANK OF BRITISH COLUMBTA ' ; 

BN s' INTE R NATIONAL “(HON Ci K.ONG) LIMITED . 

BANK. OF. SCOTLAND . . 

BANQUE CONT1NENTALE DU LUXENIBOURG S A j.. - , 

CANADIAN IMPERIAL BANK OF CONfMERCE 
EUROPEAN AMERICAN BANK AND TRUST COMPANY - • 

FIRST NATIONAL BANK IN DALLAS v - • ' 

HAMBROS BANK XIMLTED - : *' ' * - 

KUWAIT PAaFlC -FINANCE -COMPANY LIMiT’Ep : - . 

LLOYDS BANK INTERNATIONAL LIMITED 
MIDLAND BANK LIMITED ‘ - 'V 

MlTSpf -FINANCE ASIA- LTD.-. ^ .. 

NATIONAL BANHC OF AUSTRALASIA LIMITED ; *- - ... 

NATIONAL WESTMINSTER BANK GROUP 

- ' March, 1978 


Esso dividend 
to parent 
is lowered ' : 

' By James Forth 

SYDNEY, March 6. 

ESSO EXPLORATION and 
ProdneUon Australia Inc. 
earned almost steady profits 
in 1977, bnt has made a sharp 
reduction in the dividend re- 
patriated to Its U^.— parent, 
Exxon Corporation. Profit for 
the year edged down from 
$A82 07m. to $A81fi2m. 
(US$93J3m.). but the dividend 
Is ' cut from $A82m. to 
$A55B9m. . .. 

The directors pointed out 
that commitments made in 
1977, Including the purchase 
ot a 25 per cent, stake, in the 
Hail Creek coking coal project 
in Queensland, and exploration 
on the Exmouth plateau off the 
coast of Western Australia, 
would require about SATOOm. 
(Just under USS800m.). 

About SA350m_ of this would 
be spent on the Bass Strait oil 
and - gas fields. jointly 
developed by . Esso with 
-Broken BUI Proprietary .Com- 
pany, while petroleum, exp I ora- 
! tion commitments in. other 
areas would - need ■ about 
5Al25m. The. development of 
Hail ' Creek . would- - require 
another SALTOrb. 

' Esso's return on - average 
total 'assets declined' from 19.6 
per cent, to 16B per cent, bnt 
if Inflation 'accounting ha3 
. been used . the. profit would 
have been only SATlm. or 19.8 
per cent, on assets. 

Roche buys 
stake in Lane. 

-. By Our Own Correspondent 

: SYDNEY, March 6. 
ROCHE AUSTRALIA, the off- 
shoot or the Swiss chemical 
group, has brought control or 
local chemical company. Lane 
Limited. Roche has acquired 
a 73 'per cent, interest from jl 
U.S. group, Ansal Company, 
and to comply with local stock 
exchange listing requirements, 
will make a comparable otter 
to remaining holders. 

But Roche would like - the 
remaining shareholders io 
retain their Lane shares. It is 
(he first occasion, .io the 39 
countries in . which Roche 
operates that local investors 
have been offered a stake To 
Roche’s operations. 

Roche will pay 5AL07 a 
share or SAK9m. for the con- 
trolling interest in Lane, sub- 
ject to Government approval- 


Further step by Sanlam 
to group banking interests 


BY RICHARD ROLFE 

THE -INSURANCE group, 
Sanlam. whose bank holding 
company Bankorp acquired con- 
trol of Trust bank last year, has 
taken a further step to consoli- 
date its banking interests. After 
a month of negotiations, it has 
acquired the banking companies 
controlled by the short-term 
insurer-Santam. in which Sanlam 
has au interest of 2S per cent. 
But Sanlam 's short-term in- 
surance interests, the biggest in 

the republic, with RlOOcn'. a year 
premium income and widely ex- 
pected to go into Sanlam, which 
lacks an existing short-term side 
on any major scale, have been 
excluded from rhe transaction. 

San tsun is to shift its bank- 


. - JOHANNESBURG, March fil- 


ing interests, which showed total 
assets of K205m. in the last 
balance sheet, at end-Se P Lember, 
into its small wholly-owned 
general banking subsidiary. 
Wellington Board- of Executors. 
Wellington will be sold in turn 
to Bankorp for a consideraTibn 
of Rlim. this is being settled 
in Bankorp shares, 3.5m. of 
which are to be issued to 
Sanlam. which in turn will end, 
up with about 11 per cent, of 
Bankorp-' 

. The issued share capital- of 
Bankorp will rise to R3Q.7tn. The 
deal has been done at net asset 
value, so 'the prire struck for 
Bankorp shares is 316 cents, 
twice the current share price. 


Included In the- package • is 
Santam'g 64 per cent, owned. sub- 
sidiary. Mercabank, which will 
be developed, according to the 
official announcement, as the 
Bankorp Group's ** boleggings- 
bank " for investment- 'bank), 
differentiating it from the 
merchant bank Sen hank. In 
other words. Mercabank “will be 
.involved in takinR shares la 
companies, often troubled ones 
tit has a number . acquired' from 
judicial. managers) rather than 
corporate finance and com- 
parable merchant banknig 

activities- . 

The deal also provides for man- 
agement of Santam's unit trust. 
Santanigro. to be transferred to 
Sanlam. 


Rhodesian 
Breweries 
to change 
name 

By Tony Hawkins 


£ 


JAPANESE NEWS 


Reshuffle at Y okohama Rubber 


BY DOUGLAS RAMSEY 

JAPAN'S second largest tyre 
company, Yokohama Rubber, 
will shortly undergo a high-level 
management reshuffle designed 
to give- its main bank -a greater 
say in plans to restore the com- 
p aiiy's profitability after a Yen 
3.3bn. <S14m.i net loss in 1977. - 

The company to-day denied; 
however, press reports that 
Yokohama's chief shareholder, 
B. F. Goodrich of the U.S, has 
asked to reduce, and eventually 
to give Up. its 33.6 per cent s(a'K% 
in the company. 

Yokohama Rubber is second to 
Bridgestone Tire in the 
Japanese market, and derives 62 
per cent, of irs sales from car 
tyres. 'The company suffered x 
severe setback, last autumn when: 
it had to recall some 15.000 defec- 
tive tyres at an estimated cost 
of Y10.000 apiece. On the 
-announcement late last year that 
Yokohama* Rubber would cancel 
its 1977 dividend,' the th>?n presi- 
dent, Mr. Hiroshi Yoskitake 
resigned to take over the post 
of chairiftfen, and to leave day-ti^ 
day management io Mr. Yasuo 
Tam aid, who is mw trying to 
steer the company clear of its 
losses. Jn . 1977. .when sales rose 
5 per-cent to Y148bn. f$G2ura.), 
the company posted a recurring 
loss (before tax) of Y2.7bn.— 
more than wiping out the com- 
bined profits of Lhe preceding 
two years. 


According to Yokohama 
Rubber*, the company's - main 
bank, Dai-Jchi Kangro Bank 
(DKB). will increase the number 
of its directors on the- company’s 
board .at the end of March. The 
two or three directors will have 
“management" responsibilities; 
and- the. move is interpreted in 
Japanese industry circles as 
signifying a much greater role 
for DKB in the company's policy 
decisions and possibly doing the 
'spadework on a rearrangement oT 
top shareholdings should B. F. 
Goodrich want out. For its part. 
DKB has lent Yokohama Rubber 
a total of over YlQhn. (942.5m.) 
and is understandably concerned 
at the company's- sudden 'turn 
into the red. ‘ 

Yokohama Rubber, like other 
Japanese lyre companies, does 
more than a quarter of its busi- 
ness by exporting, and its over- 
seas ' rales have been hurt by 
the Yen's appreciation. " 

Another Eidai offshoot 
seeks composition 

TOKYO. March 6. 
EIDAI Company and 13 
affiliates which are in financial 
trouble have .liabilities totalling 
Y226.1Sbn., according to private 
credit inquiry agencies, Teikoku 
Koshinsho and Tokyo Shako 
Research. 

Eidai Company itself. Japan's 


. TOKYO, March 6. 

largest plywood maker, and 12 
of the affiliate's have " already 
sought protection ' under ; Various 
provisions of the corporate re- 
habilitation law with the. record 
amount of debts. One other 
affiliate has suspended business. 

The latest subsidiary to seek 
composition with creditors in 
court is 100 per cent: • owned 
Eidai henzai R.K. which has 
applied with liabilities of about 
Y13bn.. 

Canon earnings, and 
dividend up sharply 

CANON’S "after- tax' profit rbsfe by 
66 per cent, tn a record Y5.8Sbn.- 
($25m.) in 1977, from. Y3.60bn. 
in 1976, writes Reuter from 
Tokyo. . 

Sales increased 21.6 per cent. 
Io Y123.99bn. ($52Dm.).! from 

Y101.97bn. r -alsa reaching a 
record level. • 

The dividend was increased to' 
Y7.5, from;Y5.5. . 

The company said that its 1978 
after-tax profit will be virtually 
unchanged from the- 1977 level, 
in view of .the yen's .expected 
appreciation.- " ' 

The company added that it 
hopes to maintain 1977s Y7.5 
dividend on its Y50 par value 
share for the current year. 


SALISBURY. March %. 
ANTICIPATING future pulitw.il 
developments, one of Rhodens 
largest listed cumpaniiw, 
Rhodesian . Breweries. :Bas 
announced a major reorgatwa- 
tion and has- dropped “Rhodesia" 
from its name. 

.! Ip a related and also poiitic^ly 
significant 'development.' ahe 
Rhodesian -Breweries group — io 
be renamed Delta Corporation — 
is taking over the Snuih Arri.ejin 
shareholdings in two Rhodcspn 
listed companies from ns parent 
group. South African Breweries. 

Spnngmaster 

Rhodesian Breweries will take 
over 71 per cent, of the cquilv in 
Spring master Corporation. Rho- 
desia's largest furniture manu- 
facturing company — and. is io 
make, a one-Cor-10 share offer 
to minority holders within _iiie 
Springmasier Group. Spring- 
master 'is pari of the Sitfnh 
African Afcol Group, itself con- 
trolled by.SA Breweries. 

lit-, addition, the Rhobyew 
group is acquiring rhe entire 
issued share capital of* T)K 
(-Bazaars, Rhodesia — nnc of .the 
largest retail groups in the 
country, which until now 'has 
been - a \v hoi l.v owned subsitfra ry 
Of- OK Bazaars of South Africa, 
itself controlled by SA Breweries. 

.a! 

Delta ^ 

The net effect of these- triins- 
actions is to hive off the 
Johan ries burg-owned subsidiaries 
of the South African 
Breweries group into the me w 
Salisbury based Delta Corpora- 
tion, which will be controlled: by 
an overseas holding company m 
which SA - Breweries will have 
majority equity control. i'. 

This severs the direct Jo'hartties- 
burg-Sallsbury link. In addilTtm, 
Rhodesian Breweries is to place 
its beennaking activities intojhe 
bauds -of a separate company 
within the group, iu be cabled 
National Breweries, thereby 
dropping the “ Rhodesian" part 
of the name in anticipation' of 
the country becoming Zimbabwe 
at the end of this vear ' 


All these bonds have been sold. This announcement appears as a matter of record only, 

Sears International Finance N. V. 

£15,000,000 

10% per cent. Sterling Foreign Currency Bonds 1988 





Payment of principal, premium (if any) and interest on the Bonds isuncondiifohailyand irrevocably guaranteed by 

Sears Holdings Limited 

ISSUE PRICE 100 PER CENT. . . 


Hambros BankXiimited 

Hffl Samuel & Co. Limited - - Algemeae Bank Nederland N.V. 

Banqne de Paris et des Pays-Bas ^ Commerzbank AktiengeseJlschaff 


Socidte Generale de Banqne S.A. 


Union Bank of Switzerland 
(Securities) Limited 


A. E. Ames & Co. 

JJjnacd 


Amcsc Bank 

U miied 


a-kc 


Astaire & Co. 

Lieohtd 


Bachc Halsey Smart Shields 
lococpomoS 


Bank Julius Baer imematianal 

i-imtted 


A rast ordain -Rotterdam Bank N.V. AndresdnS 1 Bank A/S Amhold and S. Blcichrocder, Inc. 

Band Commerciale Italians Banca del Gonardo Band Solari * Blum S.A. 

uaeocporwea • ^ , 

Banca della Svizzera Italians Banco di Roma Bank of America Inienrational 

.... ....... Limbed . . . . . . 

Bank Gotzwfller, Kurr, Bunsener Bank of Helsinki Bank Leu International Bank Moca <fc Hone N.V. 

(OmMH) Limited Limited x . . Limited 

Basque Arabect Internationale dTnvestissemeiu (BA.I.I.) 

Banque GAnirale du LuKrabouix SjV. > ■' -Banqtie Internationale H Luxembourg S.A. 

Banqne de Neuflize, Sebhunbergex, Mallet" * Barclays-Bank International 

Ljmiied _ 

Berliner Handels- and Frankfurter Bank Cause d« Depdts-et Consignaiions 

Christiaala Bank og Kredhkasse .- - Citicorp inieniationai Group / • ■ Compagoie Monfigasque de Banque 


Bankers Trust inicmaiional 

x . . .. ^ _ 

Basque Bruxelles Lambert'S. A. , ..-KaBqiie Franca isedu Commerce Exiertcur 

- - flanqucJSuxionale' Uc Paris 
- - Bergen ELink . 


Barrng Brothers & Co., 
. . .UsoStctf 


Chase Mnnhanaft 

I. lmitprt 


Credit Commercial de Francs 

Den nonke Credhbank 

Drexel Burnham Lambert 
In tnr po m m 

Robert Flerning'* Co. 

LlmiRd 


CrcditSuisse White Weld 

Limited. 


Credit Lyonnais : 

DiUon, Read Overseas Corporation 
Enromobiliare S.p.A. European Banking Company 

Goldman Suchs Intemtional'Corp< 


Crediio imliano 


Chemical Bank fnicrnational 
. i-imllftl . . 

County Bank 

. limited 

Den Danske Bank 
,ari871 AkdesefeUb 


Deutsche Bank 

Akiienaemlteiwft 


Dominion Securities - 

. . jLhnired 

First Boslor (Europe) 

.. Limiievl 


Drcsdner Bank 
. Ak Umnsdbchan 

First Chicago 
. Limited 


Gcfina International 
Luniied 


Hambro Pacific 

Lhmttd . 


IstiTuto BaTrcario San Paolo di Torino 

Kjobenharos Handdsbank 
Kuhn Loch Lehman Brothers International" 

Merrill Lynch International & Co. 




Xlemwort, Benson 

Halted ... 

Lazard Brothers & Co., 
t 'miled 


KutsaUis-Osa ke-Pankki 
Kredictba nk -N.V. 


Groupement dcs Banqu'wrs' Priv« Gencvois 

Kidder, Peabody International 

-- ■. - .... 

Kredielbank S.A: LiUicmbourproise 


Lloyds Bank International 
... _ Um^ed. . . 


Manufacturers Hanover 

| iiwiferi 

Moran. Grenfell- A Co. 
Limited 


Morgan Stanley Inicmaiional 

Unwed 


Loeb Rhoades, Hombfowcr Inlemaiiona! ■! 
v - - » ■ : L-imacot . - •• t 

Mitsui Finance Europe Samuel Montagu & Co. . * 

.-. ... - . ■ r . ■ J y® u " s ' 1 «; 

Nesbitt. Thomson >-The Nikko Securities Co., (Europe] Ltd. '■ 


Nomura Europe N.V. Nordfinanz-Bank Zuerich 


Orion Bank 

Limited 


FKbanken 


Po&tipankbi 


Frivaibanken 

Ako»dsk»b 

Scandinavian Bank 

Llmiicd 


' N. M. Rothschild & Sons 
Litnuod 


Smith Barney. Harris Upfaam & Co. 
Inewooaued 

Strauss, Turnbull i Co. 

Union Bank of Finland 

Limited 

S- G. Warburg * Co. Lti 


Pierson, Hddring &. Pierson N.V. 

ROWt & Pitman, Hurst-Brown 

Joseph Scbag A Co, Sksndmaviska Enskilda Ban ken 

Soeiite Bancaire Barclays (Suisse) S.A. SocHti Genimlc Sofias S.p.A. Sparbankcmas Bank 


Salomon Brothers International 
Limited 


J. Henry Schroder Wagg £ Co. . 

Limned 


SundavallsbankeB 

Union Bank, of Norway 

Limited 

Wardley 

Limtea 


Svenska Handdsbanken 


Vereins-und W«tbank 
AfcnMiBBteUahc*ft 

Westdeutsche Landesbank 
Ginuetanle 


Swiss Bank Corporation (Overseas) 
-JL^niiiod ... 

J. Vontobd &. Co. 

' ' Wood Gundy 

- 


. March, 1978 



_ _ Financial- Times Tuesday; Marcb j 



OVERSEAS MARKETS 


O 


Off 4.6 on coal settlement rejection 


nervous 


GOlib MARKET- 


BY OUR WALL STREET CORRESPONDENT 

THE STRIKING U-5* real miners Hesitation Wa* also attributed CSF, OBA. 


Machines 


Bull, were maintained. in light trading, would open on a weak note. 

rejwlion'ofthe proposed contract ^«53T« ‘ ta"5; C™».-Lo,r. «*»,«. Air I*nai4l« taTSS 

set tic mem caused renewed weak- shares or International Business Llqiude and Pctroles BP all out- fresh fails occurred in Tairlj cents, while Hutchison merdai order to huy dollars, esti- 

ness on Wall Street to-day in Machines, which’ fell 4 to SMI. a standmciy lower. act.™ indta, with Bearer stocks Sl^d in the raarket at around 

light trading. new 12-month low, and making a BRUSSELS— Rather mixed m a and jWSlJSL- lost 3 cents apiece to 8HK3.G23 S2Q0BL-S3Mtau pushed the. U-Sf 


. ‘ • 4**1 RulliiHi. 

The U.S. dollar was very weak Gold continued to : reflect Jhc ;^ ‘" ,, ^: i ,iB4u.ia5^5a85i l 

m . early "trading in - the Forcisn nervousness “"IE?™®!-. S? A> f *ni»nR. ,. *■}!»«,. U» * 

exchange market yesterday, open- dollar, rising SI to S1SJH&J*. JJje suernna h**:siWJa - -mmb 

ing at DM1 .9330 against the highest closing !e\el since -SM 

D-mark. SwJTraJJlTj against the Fehnauy, 19 ** arm nfc\ '-ffi 


^i83.|*4lSf 
■V94.695} v* 
*184.4*. 

'SUB'.f 




The Dow Jones Industrial three-day drop of SlOJ. 
Average declined 4.39 to 742.72, In the Coal sector. 


slack business. 


harfest ^TSSL.th^SSZ losT s rente apiece to 8HK3.EJ3 $300«^30Qm. pushed the. U-SJ- |j 7 i 
i n i d e(r«.ti , nf Ih^f^^nreian and SHK2.13 respectively, but currency to a best level Of DM2.05. H2f 


StSSSSS 


(■■•III tl.MTTI, 

J.niirolluiltV i 

Kragm*ofr>lWii 19Z 
. IE984 99U 
fiwrebov'gtre-’tf®^ S9 




Viellle Montague gamed 1R at ing effects Of the hi* on foreign aim f-^T^T cents 91 aid YSS7 10 Mn 

Frs.WM. but Petroflna purchases of Swiss securities. _ Und r0se 8 renfcS S2S 


unidtffW’Mau-aou sM'i-mr 1 ** 
. i t l-3D-31< ■ ■CSBu.aftL':-' 


RLH were up ris^riu ana nw- 
Lloyd FIs.UO higher- among 
Transports, but KN’SM and Van 
Omnteren were easier. Elsewhere, 
Pakhoed receded Fls.1.70. but 


higher. 

GERMANY — Softer for choice 


Fridavs total — a ‘“‘” ' " M-M were up MS.2.-HJ ana rera* 

.7sffiT£?- Sf SSpJfi Sff'JTS 

1 .tAft OTHER MARKETS — 

Sirattrrr: {gsrfis atis sh 

obtaining an injunction will take Canada mixed hi-her. around 

time and many miners have in- A mixed performance took place GERMANY— Softer for choice 

" ~ ’ on Canadian Stock Markets yester- , n lacklustre trading. 

MONDAY'S ACTIVE STOCKS day in moderate activity, with Motors, however, were higher, 
_ . _ , Uhansi? the Toronto Exchange showing a w ith BMW adding DM3.40. 

dull bias but most major sectors Mercedes DM2.50. and Volks-* 
rjrrPMi Mai Dm ... mi in Montreal pointing higher. The wagen DM1.40. while elsewhere. 

nux» Poucr 2is.7ro _ Toronto Composite Index was 0.S Harpener advanced DMI0 50 

Trop'cana . .. .. i>9.w8 «: +to. harder at 1.0155. but Golds more. 

MT? ,U “.. acc " 111 “wo -1 receded 9.5 to 1.328.3 and Metals Notable dull spots included 

Ki'RiKroii Copper ms. soo ’>41 + * and .Minerals 3.7 to 779.8. In MclaUftesclIscbiirL. down DM4.50, 
tsit. Tel. A Tel. ... in;.s«n an Montreal. Banks rose 2.17 to 24S22 Ruetgers, DM3.90 lower, and 

Anrr. r<?l i Ti-j. ir.i»n a; -t and Papers 0.32 to 94.31. preussag. off DM 1.80. 

li^rdisil i-u-lkl . liVteo 22V PARIS — After recent good per- . Public Sector Bonds were 

• . i formancc. market lost ground in JI^SfTaiM and mixed. with gains 


and a' proposed dividend increase, reacted in moderate activity, lea DM2.Q22Q on Friday: Sw JVsJ.5 1 * a, . 

Domestic Bonds eased up to l by es?V)rt-onentated ISSU® 5 * compared with SwJVsAEfiaO: and 
percent. Foreign Bonds showed following the yen s appre ciation Y23&3Q, compared with Y237J0, 
losses ranging from l lo 2 per in Tokyo to a post-war recora speculation about possible moves 


FRENCH 

FRANC 


Held Cellti .. . . 

Kt5S™^-- ,<189, » 19lli N1BB 

^ ^97 $1-9811 j vC07ls^mi!W 

V«eft*nto-.NS7 59 • .->57bsT^J 

cubi-^oi=i '.cBBisaeiiv” 
Old SK«* r'gii' $ 5® 60 U 

.JC50-51i ‘t£X» 

MO E«iri ....&29U-299 ^295 SDff. - “ 


fnTeSonalhad Unfiever and eST. foIlouiSg* details of“ The high a^inst the Ui dollar The To p^nt tund5 

» , .. i. j m . Katinrul Banket miino nn non- Nikkei-DovV JnoeS Average fell } n * n Oermanv contributed to the 


Royal Dutch each around F LI »*■! Bank's ^ling on non- N.kkei-Dovv ^ average reu Utlo Germany contributed 4» the 
ui’u-r resident subsenptions. 4 “ 49 . i m _ nervou* conditions. 


resident subscriptions. 
31 1 L A N — Bourse 


„ amounting to 240m. shares. 
i ,r i c ?5 ElectriraJs. Vehicles 


' i ^ 7 I _ 

OCT. ROY DEC JM 


FOREIGN EXCHANGES 


-4 


Morgan Guaranty's calculation. 


time ral MaiDrx ... ^41 ;m 

Puk- Poucr C19.7Q3 

Trop'cana 

w.-vunsiiousL- Elec, irtjqa 

1RSI 141.000 

Ki'iril-'roll Copper 130.300 
Inf. Tel. A Tel. ... i3;.sa« 
Anrr. Tel £ T.-J. i-£.ftin 
Conner Labs. .... lio.Gog 

llanhsll I n-Id . .. H-1.160 


Sio.As Cb.<luii 
irad«d pn« 


Market K»wS~ 

a$r‘i — 


Notable 


^Iks- parties. msssive Crntrpi Btstim.™- STo MitomT 9ol ■- * 

ass ^u , «sbLS s i:»v:, Y KS 


Rurouean 
1/mc cu 
AMVmni 


■ m | Ujwiit ; tjlqi 
New York.. • 6ic'lJailM.B44a 1.345&A 


included 


England, fell to teJ2 from 655,' S5rSS5*!^ 


a fail of 25 points on the day. - $t*uaa iir*_.. 
There was no indication of 


cheated that thev would not q«l« irading. with polentlal JS*??.*? J ,° p I® nn, p a P d l0 ^ s results -Dealers commented -that «ere firmer, where charged, after 35 ^Snte on 'SetoT- ’itSSmK 

accept ^a rcmm-Kwork Srder ?o buyers standing on the sidelines .1° -^ enn,a ^ The «tc vo atility-or Foreign Exchange light trading. j T he 5 of 390575 

pnd the strike now in °lu 9i« ahead of the elections. Regulating Authorities made net markets caused a loss of confi* AUSTRALIA — Industrials made . ^ ™auainon of xcfWpj k-irmr 6.M1W 

“ rne siriKe - no " ln lts 9Ist ,,, 1 J t purchases worth a nominal dencc during the morning, with a mixed showing, while Minings intervention by any European s 5 »i D iwew...l ?8.40B8 

All sectors were affected, with D3I5.20m. Mark Foreign Loans expectations that Wall Street gained ground but Banks were central bankin the market y«8ter--8«rrttabkrciniej 
— i mostly lower. da *-’ . ;; 2 - -* 0316 


ere firmer, where changed, after 
;ht trading. 

AUSTRALIA — Industrials made 


□.655092 
1.88737 
147659 
16.0147 
.58.8817 . 
6.81804 
2.49748 
2.67076 
6^8892 
3048.68 
290JK73 
6.S4188 
98.4068 


lUxHrml....' ■ 7is2.im-SJ7M.Z1BM3.iaB 
AiutlruUm I 4is: 4.14423 ; 4.1Bfr4JE? 
BruaxHaC tils' 68.8B-ei.55 ; BUMnP 


1.25294 

1.40086 

18.3262 

59.6305 

&96S51 

2.54567 

3.73400 



— - i'iMiriili»7en- 9 . 10.70-18.84 :N.88l=SMSr" 

0.846184 Frankfurt... . ■> ' 5.87^-827 

LWwn M 78.4J-78.20 7«.S*»tS« 

Madrid - V jl55.ia-IH.861G5ys.Kftl 

Milan Ui-J Lfi4Sn-1.8filiI^4®n5B- 

I loin.;. i d :tfl.3l.--I0.3U leJSfrgjBL 

PMri«..; : 91 3 l 8.17^4.304 ; by4-**3 

' StockhPlm..| S > 8.fl8(4.9af ] 

I -41-1' 4G5-4G6 4b7i M>a- 

Vlcana Mel 38.10-28.45 28-30-^3;-. 

Zurich- I 1 ! 8.54>-i.S7^ I I.G34l*M 


Uriiun- I lA 

Madrid V 

Milan | M> 

Ouki,; i d 

Purls... ' 91: 


Vicuna 

Zurich-'. .... 


t Rain ©von an* (or converutta.f 
Financial franc 


am 


Indices 


M.Y.S.E- ALL COMUOR- 


&in< aa<1-lfaii* 


NEW YORK -BOW JOBES 


Mar. Mar. Mar. Mar. 

« S -l I 


Mai. Mar. 
i "t 


Mar. teb. Fe'i. i — — 

I So 27 High 


Mn«i s-mpilat'n 
Htci> Lra 


4B.S7 48.07 48.60 48.48 57.07 . 48.87 
. i* Fill i iH.5T78» 


_ 


filar, j 

Mar. 2 

K+iie* 1 railed 

1.836 

1.820 

LB36 

Itl-MM ..... 

405 

734 

740 

Pali*. - 

942 

559 

578 

1 n.-lunsnl 

489 

534 

518 

A*»n Hitafi* 


35 

19 

fi+n hiftl 

— 

51 

77 


BHP 
SA 3X2 


declined 4 cents to 
and Carlton United 


Dunlop Rubber added 4 cents at I . 
SAl-29 and News 5 cents at | 


v. Lormao 
mark 


BN5 Wales 4 cents cheaper at » .u.v> n.xW 6i 4 .65* 

S.45J2. 

Golds were favoured. Central 
Norseman advancing 30 cents ta gsaJI? 

SAfUO. Elsewhere in innings. — : 

OU\ moved ahead 12 cents to Euro-Freneb deposit 


rsbert term ... 

i .ta.r» DixIr 
M t-ntb — , 


K0XTREAX 


liinunai.. 742.72 747.31 746.43 743.13 742.12 748.83 MS./3 742.12 ll&l.'n 4IJ2 

- 'Psb.^iib-ill L. ij’i il J.Sd) 


H'meB 18.36. 89.50 19.46 69.48 89.49 19.32 s3.B7 . 43.33 - 

Tranpivt... 195.76 201.65 201.14 901.11 201.40 203.1: 74644 Tk .60 , 27V.IR 

l 111 Hies ..... 103.72 105.65 103.45 103.55 103,25 102.94 11647 ! 105L54 '|tf3.32 


iTV.St 15.28 
V.'J.i'Hi \tl.S2) 


ImUi^iriai 

i. 


164.76 164A2 134.26 163.68 lhb.47 <T(,^ 


68,^7 
I. 64.-7 

714.73 
1 75 b- 77 3 
I 77,81, 


613-634 

618-634 

6,; : -B7 a 

5 A -63. 

5i4-5ia. 

53g-Sia 




I 513-353 
; 3 Jr- 31 s 

I f.jJr i 

> Sia-31. 
! 31B-314 


ruuuKui mm. 

•'■9a 

OTHER MARKET5 

* \olu-a Uala ■ 

ArcratUia- 1 1530-1834 AiKentlna^HSO-lSi 
AuatraJla _ 7. 6864- 7.7084, AiMtna.....f 27*- ar-,’ 
Urarit...-. 31.60-8240 fUelKtuni.J <uifl * 

Ftntaa-1 749-8.02 Stovll \ SIB 

Greece .....;69-576-7l_29K'iuutJ» 

Rtiug KvogB 4068 84169 Denmark. T' 104 R> 

Inin - 132-188 Ifnun IEVhI 

k'pnli 04334.548 |rtcnnan.r-f i fcnj 

Lixtfiuh'ra 6145-81.15 -ifretfci...... . -67-75 

M«h.v»li»... '44480-4.5585 Iraty ^Wpctai* ' 

N.ZeabUHl’ 1 4745-1. l:S2|3a|iiui.. iSSS 
damk .Vmf* 8MJI ;S"Mhcrl'mli 420-4(0 


Euro-French deposit rates: twday.HIRl per cent.: seven-day 


1 th line ' ui 
W* i 


'■*. L-i 1 i7. < J,«Mi it j.j2] 

10244 103.32 10. Si* 
12 : ic.-';J-*.<M)> 1 2b. 4 4£ 


i»-iueH 174.63 174.14 173.47 I72.7T 1*7. *5 tin | 7j,i tes.W 2rrl n 

O-mp-.-ac 1019.3 1814.5 10104 10064 (0*7.4 it a . n ; -„I.U Jb.l J> 


• il 04 u-hilp tjfah imnrnred 3 | onc-monib 145-13 Per cenu: tbrea-numih me per cent.: six-nnxnh lSMH per V.6 

(«»«-: scat US-lSi per cent. - Unaku.. 1 


tdnaapnre- 4.4545-4.4670 , .\«>rniir— ■ j 104O-.Si| 

1«-ll Per cent.: s. .UHa.. l.6S76-T49MJ9«ii(il ’ tSi'? 


cents to .S.VJ.no. but Uraniums J Cona-ierni 'Eurodollar deposits: two" yeans Siiu-SSi* per cunt.: three years cal 




tended easier. Queensland losing j sJs 649 io per cent.: four rears 83-SI per cent.: five years SM-'-per cent. 


17.250 20.120 20.280 71.010 19.750 I9.95U 


JOHANNESBURG 

firtkl 
Inil’i-tria l* 


o rents to s A 1.70. 


I*L .bjt .! 1.93-1.91 

l-.a.wntk., B9.2S-864B ^ 38*-hf 

Ratr siren for Arsbnfinn'ia > htc'iins 


, 205.2 205.1 203.4 
> 1804 196.8 199.2 


301.2 21v7 ll&tt, 
1984 214.4 0.1,731 


ISi.4 .S»,o. 
Idd.l <££,*< 


■i t irrrtct -Jun^on imw U 


Year eu'/ aupr.it.. 

4.33 


STAB BARD ABB P00KS 


Mar. Mar. Mai.' Mai. 

b j i . 1 : 




9542 96.16 86.02 *^.E8 65.74 96.49 11*.. 2 

:*'LT7 

16.90 67.45 6/42 67.18 37.04 87.73 i J/. • J 

■4 1. 


9542 Ia«j4 aj2 

•S.'S.rjb'i 11:1.13' 13O *■ .-Ci 

86.80 ' 12545 - 4 ,4U 
i6.\v7F. t M l- !■-> 'I.r.,v. 



filar. 

h 

I’f Pf' 
•I'll- 

, 'll. Ii- 

Hie), 

hri-te 

L'« 

Australia * > 

442JSI 


1 , -.•*,* 

*1-^*3 




*a,l.'is'i(lli.2 11 

Belgium *." 

«.l» 

iCi.tl 

+i.l.- 

-0.43 



1 10; l n 

■12-1.26 

Denmark 

■Ti.W 

97.10 

IJ*.d. 

•aft-CO 





’Ci* ir. 


.■*2.11 

ZO.l 

pc .4 

A+.r 




< r I.i,. 1 

. 'lu.b- 

GBrnunva::- 

WT.p 

799.0 

: Irjt 

• 1*.* 



• Ii Hi 

Iu.*.'j 7 

Holland *'»• 

iii.e 

■|!*il 

te.* 

rr.- 




a»S) 

lift*.-* 


tsej 1I4.4 0,1*7;, 1 im.i -A., 4, NOTES: orenraa pneva shounncJow shori-wnn rates ire call tor Merlins. 

^ „ !„■.,« ^ «* •*»* *“ ““ <™»- 
6 ckiur Hveli Urn J ^ dcooni. tmlew oihcr»-BR stared. '• 

V Ptas400 denom. unless otherwise stared. 

* Kr-ioo deoora. unless oUierwtae «ared. _____ 

a Frs.300 den on*, and Bearer shares EXCHANGE CROSS “RATES 

>nb.'ss olhervriw slated. r Ven 50 denom. 

unless ol bennse staled. S Pm-c ai tlrae — .. g F — r~ r— . 

ntrtrtni • zab^i a*J5.1 *^.i dr*', jot snpensioa. a Hi on ns. . b Schilllnss M * r ' b | ereu»iiiii.A«»» 1..rs | r*ria t 

» * -.77 I i- Cents, d Dtndcnd after pendina rutbis ' “| _ „^ - v-V i , 0 — 

— — — — — ■ — — » j and or scrip iwuv. Per share. I Franca. r ..“’ ,l *J ur ‘ "j I < i 

ludu-ca and base dates <aJl ha»r values J 0 Gross, dlv. 7* Assumed diYtdend after v 1 1 — •non- in- < i 


The foUotiHnj nominal rates were -cawed for London dollar certificates or. - - . . 

deposit: oncxnoatb 645-7-03 per ceoL: chrw-nianLh 7.15-7.23 per cent.: afx-momh Ratr nircn ror Argranii 
7.40-7.30 per vent.: one-rear 7.63-745 per cent. 

" Rates are nomical calling rates. 

Short-term rates are call ter sterling, U.S. dollars and Canadian dollars two FORWARD RATES 


i"Ttireeini Hirin' 


Spain , i*< — • ■ 91.au 
Bwedau ■»' 55L36 55546 
Ssricrcrl'ri' - 2954 5*15.1 


— ■ 91.3u i->-*jJu -U.To . 

•ju li. 25 l:. 
5L36 55546 • ln^ ur^ 
.U2o. *34,|1. 
2964 5*15.1 0.1 3r<<. 

i*-. i* * ;77 


New Y.*ri,'0.U7c.pm-048 <ll».045-0.1Sv.|ra 
Mi'utival . 0.05 K-.i4ii-0.05diK-O.2U41. 10 V-Nn* 


Anut'ilam 'a >-.i'iu-ig r-utl- *-. 

. Uruauela— 10 1- pm -jar.' r , .'30 - 10 i 


«««,« <«ii « 4»r v«j U « o Gross, dlv. h Aastuncd djrtdend after Y,>1 ^ J®-**®? J . ^Z:^. I^ 0 88 "“ 1 C 

Mi fuupt NISfc All Comiiiun - o(j and or nshis issue. kAfter local f^rir — -aa.-ttf-0.iy S.T41-SW f . ■ 

Standards and Poors — li ui»l Tnromo laxes. in tax free, i, Franca: mclortma dru»»e*a — ; l5JxJ-w ; oL.7060 i 649-64 


Lup'nbgn.:7la -9lj .ore-ilCi ; 18; -20; on; iW 

Frnatfuri H i'g 'a vf. pm 

Ust-ra ..... 70- 180V dls ti76«K) e. *U 


:w* l.utMi. the Iasi named based un I97.ii 
: Exclwtuu: Ponds i 40<i lndu*u rials 


Unilsc dlv’. p Nnm. 'o Share split a Dir! Lm-Jno 1 . *£t?L 

and yield exclude special parmeot t Indi- \«n«t ,fani ...106 .96-r.l V2.1 1 47-17731 46.45-48 


Z.057-0S5 ! -4240-46- : b.«5-45* .'45-64 ; B5.4670 106.60-90 Ustim..... 70-180*1-". dis- ti7 5-600 e.'rtd- 

— ' ;i0 88-21 05 i. 1700 1776 i.gSSo-lNOy *M40 56 65.70*0 M».lruJ .... 5U-140V. ills : 190 -B70 e.,Ha 

4-792-8 Ml -10.154-108; tf.27-29 I USO.aO^ |U3 .*> <■» »S5!! -‘atJnredi? 

aL7M0 i 64944 - 614«l | U.Dl-Kl i MeWTS ^^ oredla ,15-17 orwtri'l 

l. 56fr-76 j ^44 So olJto-la 1 4.1BJ 20j ’ 8.6M* Han^ SJ-i-81 -. dia 'IdA-ldi n. dh. 


1i*v lie. vield S 


Y««n, »t" *i|*(T'*\.i 

iTIs 


Hong Rong 421 
Italy r/*^4l KJ 


111 i. H-b llttf 


fr.iii: (iv>l. Ln* * 


oi ■ — , t.uif £«* ran*, ....... aiv-OiL 1 r. bm _ . ISA. c da. 

64736-377440^-21361 — I16.82&876 Stekhu'lm 2-4 on'dii aU-7U nre dii 

u9696-99493.65Z7-ft>58 ; r6.8*-874a: — Yietfiia . .. |*r-10 aitMlin ^5-1^ gli*4tf 11 

Zurich.-... dia-Ifa r. |uu': !7-6c. pm ":M 


dlao cents, 
n Milan -852.705.00 


Japan *■»* 590.12 5t"» ’ -S.f5 New SB 4 i if. <i*» Srruii> r,ni-s I9W 

.45, -ie) */4 lit <r< Close. irf* Madrid SF. in 12 77— tludi 
Singapore ZIO-M 2nJ.94 i,l,*v arid Inu- lor I47S only •■•• SinJ'>ilm 

.*.. 1 1 - V j - i Industrial I I ‘5k. <f, Swiss Bank ixirp 

■ ....'» " ■■■ — ■ ru> Unavailable 


GERMANY 


TOKYO 1 


[ AUSTRALIA 


Six-month roreard dollar 0 37-B.Vc, mnl 
12-month l.li)-].90e -pm. * ' 

II ■ * I ' ■!> 

ncm '•*> 


"+ er * Dir. Vld. 


OVERSEAS SHARE INFORMATION 


fib 

A-.isii* VereiHi.. 
HUM 

Inv.S Prom, at $2.60 lo£— (Mi°h) 7" 

Effective rale (ai 1.9370; 371% (371%) fcvw.Hws... . 


— i % 


-u.B - 


1 -+■ OriDiv. 


l" I’rtvo" ’4^'ur . Dri. , 


238.9 +3 A 20 

137.1 - rU.X 17 

137.1- 0.7 16 


— AnLi Gian....... 328 

1-9 Canon 452 

4.4 l,a.a. 610 

6.2 Chilian 390 


Bctgcu Dank.. 


1.4 \CAI !!.«*> cenii- fU.67 Uomataanl S7.5 +3.5 j 

X ' 2 I - ... rfm *: -_ ii .. x , f : n « iiii.<iiL ) nd * t « i_nit 


35 ' e!o Wn>« Ausiraha <0^5 :-flA3 jLreilllleiik I04.5al— 0.5 


NEW YORK 


A* Lvi 

kit 'lrtf»—js*arh .. 
A.-tua Life* L«?- 

\i- I* .oiucl* 

Al.V** 


U.1i*lll K U4*i- 451ft 

Ll'L Ini'u'tiona* 44U 

2^ i. raiie bbi» 

lix* ker.Nal— b4'** 

- Cruwn^c.ie'lob-li 29ta 

vSi, t uiiiiii.ii- Kiigine- 34 

Ota 1 1 uri-lVnehi li’a 


A:cauAluin>iiiiini '43 


A a9 

A-itf jhi-nt Ui-li.. Id 
Vi.e”heii< fA-uer Ifcl« 
Vnrdt ueiiiieai.. 46's 
A >U- I -31-f. -. . 19 •: 

\;.t- i tia-viioi -... ei-z 

AMW 35** 

\>,>a*-’t-Ja Hi-*V .. 24 

\ ntei . \* riinc .. . >ii 

\uiif. ittan-1- ... 4*1.'! 

lm«r. U'ntilni*l. 47ig 

t.iiv . tan 54 j» 

V.uei . I t anaiiit-i 2al- 
AuiC 1 - Eilv. IA-«* . 4'Aij 
Vine. . . 32 

A.iu-'.H«*mel , im 27 
\-iie". Mcli'-s ... I8*e 

vmei. M- <••**. 4 1 . 

Am-.- . til. 'in-.. 401.- 

\'i.-'.vl*inki'i.. 3+ 

A *ie-. ~l-»c- . IjBl, 

Ie*. a lu- 59 ( 

\.i.cie*. ^9 

AMI' Ie'- 

\M r J4i- 

V-MiV Hi'. 

Vll< Uol Hi-.*I'I£. «f5i,- 
Vnli.ii-,' *>«•*■ •— 17 i 

\- nits* Tic*-*. - -t>>< 

V.-.V. ^I-i 

Awnieia *.'■-. W l - 


l*ail luduiinn.. a5'.j 


l 'cert- 

! Uei Monte. 

i Ueu-u*« 

1 Uefiispn inter... 
Uctmil Ld,**n... 
j UHniirtiil.Tbanitk 

1 HietN(,b»nr 

I'leila- biidip..... 
Liisnev lift in.... 


V-ftii** 

V,!,iiiikiIIi... , 

Vl . Ui- 'if'C-l. 
Viilo Unis 11* 

m ... 


a9aa i *. un- •* rtgni »«’a 

23 | Hin* eOU 

3a . Hail Induiinn.. a5'<i 

16 Jr l 'cert- 2a 

1*; « lie* M<*nie. 23 

a5*a Ued'-M 6:« 

20 Liofiikpiv Inter... I<U 

d4*( Uctmil billion... 16Js 

33'* UHnnrtui.-sbanitk C5 

23*S l>,elN(.l|'-nr ll'ft 

tfi? uiciia- buui)*..... 39*: 

49 LH»nev riVilti.... .c^ 

37 jq Uotcr Curpu . .. 39** 

ipi 4 lion l : lienitcai. . 

24 Hint 26 '« 

23 jg Hr wane, d6la 

53U Un l'»m 99 

27 IH in-ilnduilrics. 13'n 

lt>j\ Kocl'e I'triiei 16>* 

4 ■( tail V iriinc*.. b^i 

40 fCnirnran h'**lal>.. 41 J< 

iA hi loll 33 ij 

22 1 " lf'n 

,r|® h 1'no Nat. In* 14** 

rj* J Knm 

j?, 3 | Liiierwii Fleet rh 29 j* 

- Kuien Air+i'fgiii arl? 

*“ ].mi«n 291-- 

h.U.1 2-i 

i' ' ftisie-Iianl ’c4 

*^4 K-iiiiarv K»U 

a,;j Uvu 44 U 

15 ( fair In i.l Camera -ie4Si> 

KB.'-s I'r 1. U*|4.Mi«r* 34' 4 

4a.. Mictinnr tn«. • la ■ * 


•luhii* Man vi lie.. 29 .a 
■l*Minw.<u Jvlm— n 0734 
John -on tuiilrri. 27 
Jut MmiiiiaL-un’e 31 
K.Mul 4. *..r| 1. .. 23;j 

7 ui-er Viumrtu 'jh 2UU 
Kai*er ln.in»lr*o -js 

hai-ei Mrei 22 j? 

Katr d( 

heunenxt 24ig 

here Mi -tin- **2Js 

hM.li Ma.ipr 2rl" 


■let nm 

. 144# II* *ld 4 Meiair. 
, Me* iimjI* R. J.. .. 
i Kleii'v-n Memel-. 
I lu«-L«-li Inter... 
lit Jim A Maas. 


U~. «i| tiunii 1 

- 

vmA 

/m|AU 

/^•Iilii Uni 

I’Aliai.tl, lari 


i.-tt«liit.Ne*].wrta 

Cuntnndzlank.... 

1. 011I: Cu moil 

llMm*«rfh*ru 

Uetru-eia 

Ilernai: 


lima ' 67<-j 


I S.lwM.ii" !>• ;81 'i 


MTK 

| fill*- li.-K*. .. 


L.Su-WHav hili v 6.31; | 6.34; 


41 js : kv*>r >\«iem.... 


hlmfaeiv ( lari... 42 


hopper* 

| bran 

I briber 

la*4 1 M laure 


UbtarUa .Fcairt.... *c U 


l*»2Rrii 

ldiiy • Ell 

Luton IiMn-l 

laa-khee*1 Ain-r'li 
1/uicMar (nil*.... 
LrniC l *l*i u< I fJ*l. 

bailiiUn* lanbl.. 

Lutm-ul 

Luek.V >lwe* 

I.’ke* 1 'uncut ’an 
Uaellilla 11 


2'iin - **iewav -*i*irer... 30 th 
421 j >l.J— Ahne.i... Kbit 

19:^ ! l' B l* r ^7 
4 2 ip I rerti Fr I rut*.... 34 

ab+a : -rail* lnv**i 5 14 

29 1. »aftvin J i»*l* . .. . 5 

2oli ! >41.11/ Hnnwa. 124 
• S-h .innhei ce, — 644 
3,1. rn-M 161* 

fail 13 

S-.ni*Mrg 2uS(. 

Hnulf IJin.i Ven. 6lg 


CANADA 


34 

344 


113* I 

in? 

5l« 

5I« 

VmiiI.i l'a|*a*i 

6 

5 

fijciuo- hay . •* 

-»ft • 


184 

13 

VicaiiAiiimmium. 

/53ft 

254 

544 . 

b54 

V ip.-inn riv 

18 - ■ 

18 

164 


tsi-e-K* 

+8 

-9« 

13 

12tft 

r’ank.K Manure 

■IK- 

lt^B 

2uSft 

201a 

ISank fi.\i **.tia 

20 

IHis 


I)i*.*-Iiiier Hank... 
L'vekerlh>ir£enil. 
imieiiidTuuiit: .... 

Hai«e Li.-nl 

H*r]<euei 

H'-eeli-l 

Hintndi.. 

Hui ten 

riaii*iuiii< Nil/ t 

Kii-Lsiil 

IvaiUhei ....... 

Kua-kuer I'm. 100. 

KHU ;. 

Kiujip 

Lm-lt 


287 

+ 1 1 

20 

319.5 

-23! 

20 

180 

-30 



831.1 

+0.6 

18 

79.7 

-0.4 

— 

309 

-0.8 

19 

273 


17 

160.2 

+ 1 

14 

307.6 

-0.6 

20 

249.5 

-U.5 ■ 

SO 

145.6 

— 1.3 ’ 

4 

202 at 

r 1 • 

J2 

112 

.... .‘ 

12 

370 

+ 10.5 

•tf 

1+7.7 

-* 4 

16 


*1 Print, 524 1—1 J 18 


-2.b VMeu.Mnb-'ihl^. Indtn SI 
1.7 Ampul £ypiuraiinn......„...i 


td.12 ..._. Kusnue ! 296 ;.+ S 

tH6 ;ft41.01 Kre>1itka*ff<ii... . . 103 — 1 


3.4! Fuji ajl“ ;» : 1 j ! Annairvetreieuin.......^. tD.69 . !hU »1 ><?reh«.V*li"kr.a)i 179.6-0.5- 

3.1 1 uSachi_-.».:: ?.;*"819 '+4"-1 ~5 ^'n.7 -Vaaoc.' M< MWrt a..4.^..<..j.. ta7S ■ i otnrebrain f 77^ -2.5 



- - - j Hood* Motors-...' 569 


Pulp t*SperSl- 


3.9 j House Foo-1....— 1,220 ,+ 10 M , 1.4 1 .Aaauc.Cqo. I tkluatriei 


.1 ~ j lUib^ 


! 1* 2-fc 1 Aim. f.-uiKlarlni) hi vest...' 


TL11 +4MJV 
tL55 ; 


3-1 lU/Yuksilu 1,140 1-.-.-. 1 3u * 1 J i V..\.K— 


44.8-0.2 
liO.2 -0.8 

737.5 0.3 
<Jk2.5 ........ 

204 - 1 . 

d4 

1 76.5 + 1 

»7 1 0.5 

244 - 1 


ti'Mfiibrau Iu0.... 1. 30 


M»ex IS. II .. .... 
Utr- Hatuo #1 


I Mai e* 

I Alarm lion On 

> Marin** Mbliaml. 

I SLai'liali Field... 


24 ir. 1 isl. Nai. UuMifti. fct&i 


V* 11 l*i— l'i -I-. 
i*a » *? f i"l- 

l*au» tmi.-'i n.. 

M/ii»ci* 1 1 .N.A . 


Un »U*i tr««i*n*".. 
hiin <" l'*-*-*... 
ina-t-nlti «em-.-n 
Iw-i.A ||.-«e.'.. 


I-T.-U ; uei ( i-n* "r. 

lu-lli ci*en* Tie*' 1 
l*. 4 w A t'eekei 
Is-i-'i's • 

I- a -cam.-.. 


tf.*e r- 

la-.i K< 

43 l. 

2 s r'* 

y 

37 4 J*,. 

22 J’- 

lB-'i * 

r,; 

21 ■( 11. 

lalj l*f 

a 3 j 6 1 '*' 

2ai. (•■ 


l -.-xi I'ui 

FiinUute 

fioiiala IVinrr.. 
F'iiot. 


I— Marin 1 
hiainrr tin . 


F.Al.t 

F-'Ol 11.4*4.... . 
t,.rviu*.*»l tick.. 
Fv.l"*rn. 

r iauknii Mint. 

r'lwiwll VlipL-ia 

1 rneliaiil 

Fa*iua Ind- 

ll.v.f 

hailiieti 

'* i.i vi i- Amur, hit 

(i.A.f.A 

j lien. 1 nine 

| lieu. tiviUlilltr . 


lin-li*. User*.. 

Hi 1,. fvl. \UK 
(• a -». 
Hruii-»*ek 
hin ini- h.rii.. . 

l-u-i-l 

1 .11 1Vm.;li . 

Hi* I II "l*ui ^ I l*n 

Hin-i 'IU^* . .. 

a ■■■■■... s,ii|- 

1 a ii'iian IMeib.'. 

• •■■■ l{nn.l.*.i-l*.. 

1 

1 nrriL'i \Oem-n* 

I 4 -te* H** .. 

• aiei'i'i a I m*-i* 

a 07 

• •* a near i ■ >a*Tall 

a ent-a * 3 » 1 

a i-rvaoile" ' . . . . 

1 e -iu -Air -rail . 

< m-eMa,ii'all , 'ii . 
I la-jifll 8 1 *. A ^ - 
■ -e.e.-ta6 1A<n.l . 
a .-C' le -sv-leiaa... 
a ii: -.ic-.* l'-ri*lc«.-. . 

I III vlUBII- A 

4 linft .tf T . ... 

• iiiciania 

a . viua 

a it** r*-i*. . 

• il !c* Wilts- .. 

a 111 (nii' liiij.. . 

a ...n i >.a 


Hen. tiKlrk-i... 

■ ■■■iicrBi r.*al*.. 
Iimi'ia* Mill".. ■ 
l.oneral U**l**rs.. 
•'iii. fiats Llii. . 

t»eu. >iguel 

1 1 vail 1 c>. K'e> I 
l.'na. l.s re 

L.vtien.i ■ 

iinnie Parlli*: 
laell.V Oil 


1 ... in Ai-* ui-lll... 10=1 

1 ■•.un«>-Lnl'V.. • 483 4 

1 -..uraiina I'ri ... 14 Ar 

a ••iii.Iii-LisuVA'u ISM 

1 ■•in , . , u-il**.*n l"i- 32- k 

t i. nll’U'lL'.l’ 1.41 . 14 

a Til “'iii b'ii-*-n 27 

a nnn'IuOi lie !!'i 

I -.•nii*. Irate'IIU 1 . 34 j» 

i -mvuUrt’-i’.'n *> 

1. v*i:4 ... - 1 9 

a ■■!.’ Kllv-* 1 N.Y 

F.-.-h. . 25 '] 

a \*i. Cat 1 37 Jr 

1 ainw P.-eer Cev 

« -...•'i'.’I.J'iW (.'IT- 29'4 

* > -nt* r 'c"W* ,, ii.. «7 

I "illnWl* 1 ll , il'. i la 1 ! 

1 tiaia .. 44 
Lw).<!r bi'i* — ^0*a 


JC, 

Su UL ‘ U -' ui ‘ 

333ft I'll-elUJ. .. 

14. ft t.«.«irh-li K.F«. 

luii .ii—iveet lire... 

21 'a u..iii*i 

12 I.TB.-4 W.l£ .. _ 

IrJn til. Allall Kac-len 
*.8.3 t*n.A'*rili lr>*n 

4 4 Ureyb'-uud 

a6U Otiii a Western • 

13^ Cull Ol 

I93<t Hanl<uil.ju 

31 1- iJfauiM .VIiiiiii)*. 
2bl-I Hsi-unwiileerr. 

»7 S ; Hait»sCvTV*I 
21.i Hem- HJ 

32>i HeuUwin 

Hewlett. l*a*-kai/ 
in% HomtllV Inns . . 

H.nuevmkc 

inf: H'Uiei wtril-i- • 

20 ’a H’n'aer 

jt,; H- 7*pt<.iiv Alnci 

, . J Hi'iiati*ai S*at. ha- 

bj* HuiiUTli.A'1 lari' 

Huihm 

tii j >•* ■ hi'liMnci-... 

;t\.\ 

7 ®f 3 Ingcru.H KaiM... 

, ,2 I Iniaml rileel 

***1 

32aji ! 

144) I 1 11 lei owl l tnerei 

27 >3 [IBM 

21- Mnl. H*v*'ui-9... . 

351; | lull. Harti-stvr.. 


Hewlett. I'ai-kain 
I Kxii'MV lnn» ■ - 

Bmiievcake 

HaallCV well-.- • 

H*»»»er 

H-wpiuiv Alim* 
Hi'itatnai Nil- ha- 
HuiiU't’1i.A>l Inn 
Huthm K.r.„.. 
I.I . hi'liMrici-... 

! l\.\ 

Ingcrta.*! laan-l.-.. - 

{ liiiaml 31 eel 

1 ln«il«-" 


204 

20.-, 

18*. 

184 

44,* 


ie4t. 

25 Ift 

044 

34 

la ■+ 

la*.! 

Bfcftft 

<6 

IV ‘t 

17U 

20 Sr 

2o.s 

30 4 

-iU4 

31 

311, 

20-4 

2oij 

43tj 

43ig 

1 14 

li 

29 

291+ 

7* 

74 

181. 

18., 

23311 

25-« 

9te 

9 U 

lUjfl 

lOAq 

3c 5.1 

30tft 

80 

» 8, i 

22-x 

2d 

IB-*-* 

124 

40 ia 

41 

44..-. 

44'-, 

26si 

*64 

274 

28 

684 

684 

194 

194 

23 s 4 

24ii 

2Mift 

264 

24 Jn 

24'..* 

0J-* 

01+ 

244 

244 

1+8 ’a 

160 

26 

29 

IB 1.1 

19 l! 

154 

16 

25 

2+ *ft 

Ie4»ia 

2 *»j, 

7-’» 

8 

2233 

23 

IS 

13 

lli» 

Uaa 

244 

244 

»5'.j 

a5. a 

361.. 

374 

I4=x 

104 

h 3 

434 

37 

3730 

2e 

2o >4 

64 

643« 

la 4 

194 

32ift 

dSift 

45 4 

444 

l-A 

12 

24 

B4^ 

231ft 

234 

lUft 

U-x 


Mat |ipjit,-iiH»- 21J* 

Mv A «4 

Mi-flernioU 21>, 

'IcIV'iiii'-u Dim* 23ift 

Vlil> run Hll 17i(, 

Mvniuiex 27 i* 

Men-k 3ll« 

Vla-rnll I.V Ill'll.. .. Iti* 
1I04 iVtif'iinin. aS'.g 
AIOU 26.; 

Mmu.MincJc.MU; h 4.‘« 

593**, 

Vl..'u.-aul” *44i|i 

Morgan J. I’. 40 U 

M<it..i..la a5 ■ 1 

'[i.rjiln till 32;/ 

Vi'" **7»ii 

Naali-" iTiemla-l.. 26 j*j 
N nlla-lial C1U1 14 


re* iHiMintrs. 

2U 4 

22 ie 

-neeiiratn 

213ft 

214 

r-reric -(r. 

1IS 3 

11*8 

0«r. lb*«4ncl>.... 

2-»i8 

2«i, 

4 Kilt. 41 

294 


Shri* Oil 

301g 

304 

•?lieUTr»,i-.>«*rl .. 

36 

do 

Si^jiwi 

28 

281? 

aii;iii»1eF'*r| 

a l*a 

321; 

•*IM,|ili ilv 14I .. 

11 

1Q>4 

"?lnaa-f 

1* ‘a 

184 

Mi, III* Kline. ..ta.. 

491; 

494 

Seili'.ial 

14 

l*a 



244 

24-t» 

rtulheriil *1. K*l. 

204 

254 


16 Jb 

164 

•Him. fial. Ken... 

dO'i 

aOia 

M+iiiicraa l*..iln . 

3 lift 

324 

>«iiljernl{ftilnar 

4&3R 

4&i* 


23 7« 

23s, 


•iaM.- I.T*,.iipe>.. * 

ala-.- I i-,ri<li. eie.... .SJ4 
lk.» Vanev 1 n.ja.i 223j 

ill 1 1 'ana. la ! 141* 

1 h 

Mriu.s. ->t .Z.06 

-a -»n Hurt.. ■ u4> >s 

IIi'k lilft 

' 91ft 

■ ana, ia MVLnw/ Ida 
v.mn liii|ti.iu.(..*ir' 26'c 
• ana- la I rhnj -I .. ' iU's 
* -all. IV-llle™...! l6 - .g 

■ an. IS' lfl.- Inc. la 

i m. mi|»-i in ... ;5>j 

1. ariiiii* 1 1- heeie 0.58 
caviar V-«a**l.*J 9 


Luiilutiua. v 109 -rO-5 

MAN 195,5-0.5 . 

Mamie- maim 16B-3 * l 3 

Mtflaiice 222.5—4.5 

Muu.-ti.-inn Kut4.| 530 ' 

Vti-kemunn .... 109.5 — 1.5 i 

I'rcirv-a- UM IJU. 1JQ.Z-1.8 
i;bemW>»hf.ivJ.' 203 Jd v-OJ 

■x-heiniR ' 248 —0.9 

-i-.-nieii* 294.6-1.4 


17 ..! 675 —15 : 13 

14 4.-* !.I_\.L. 2.760 +3'J ; — 

20 3^ : Kftil-ai K'M. I*H.-1'J)80 -JO to 

20 4-u ; Kumatru S 14 —6 . 18 

* , i’f j KuOut*. 279 -. 1 33 

jar hyu»u-tera l ule...3.580 -r 190. oa 

12 3.4 1 UmiMi4uu Inu... 628 .—13 7- 

•tf 3.3 Matsubaalii bauk.l 279 U 

16 6.3 Miuublftlii Heavy. 138 -1 • 12 

4 4.4 Mitsubishi Lirrp_: 413 - 1 13 

10.4.2 MUau-fi Lw. 310 +1 14 

9 d.W UiLaUkualll 506 —2 40 

20 3.4 N iiit'/ii Diuau.. . 1^60 ,—50 lo 

20 5.0 Nija«ai Sbmpan_ 62 —14 12 

— I - \h*jin Vivo*-** 798 ■— 7 16 

IK 3.4 ituncer 1.390 —50 48 

- - Teuy « Kiectrtu. .. 207 —4 . Id 

16 3.3 Mxiui Pretalij;. .36 ^4 ou 

*w 1.3 MatitMn 1.180 —10 20 

7 3.2 ■ sidj 1.780 —60 4u 

Id 3.1 j taisbu Marine — coO —4 i 11 

14 4.2 [aktriaCbemirail. 323 — 5 lo 


13 l.u Auatmivu { 

- - | Auftt. Oiafi UeaL 1 

lO 1 4.6j Blue Metal laal._ 

18 *: -9 I HoujpuiirlUe Copper. 

13 , a.. I Hat*Wn HUI Pmt^tetare-.. 

»o j.o | HZf.3uutii.. I.A.; ' 

t* I l.e Onbiti Lulled Brewery.... 
1J , l.b (o. J.L'uUk-.J.... : 

12 ! 4.0 [UmiHi 

13 l.t Com. Oohifirid Aua_ ; 

14 3_i Container (5 U_ 

W * “-u Cunri 1 a- llfouatu. 

lo J.b Coot all * Aiiotralia.... ►, 

12 . J-9 Uunmp-ltubbeK S t) ; 

16 • 1* KSCOK. 1 


it’io 1 Pr "-' ! + or Dir. 'Pit. 

*.l'44 3 * ,r ' R ' l r,, ‘ “ Lnarisf 

” 1-34 — O.K^Iu^IJb 

1?'^ UeueuHrasil FF,. 3.97 +O.05*.17.'lJt 

li'SS jK Benwlteu K\. .■ 1.07 UfrJ« 

H* 3 - ;_ S. 4 Brian Mu icmt'.i P* 2.05 -Q.06j.liM 

23a .W. OP... 3.12 .'-awjA-Sg 

Ii'an ."if? iVtrebwa HP... . 3.42 -0.20 «.li-i2 

Ii 1 ™ r SnJ ItrelUOP. 2.60 . . i.ltfSS 

iln +J ' Q< ^neACivir UP... 4.23 .;O.OSj.m 2| 

I“7 ta 0 . ' i L'mp PK 5 58 -O.BfjJ, S3! 

1 \nle Klt> !!.<*• p|*: 1.78 -0.02 -.13 lift 

ti 94 +1.IS - • 

jlJiO -Vi 5 \ol. Cr.lMom. Slwrrs •M.lin, ^ 

tl.kfl +0X4 Sourtt:; Riu tie Janeiro SS. ■ ^ 


BRAZIL 


1.34 -0.05 J.lB t» 
3.97 +O.05*.17.t» 

1.07 u«a 

2.05 -aoej.u^ 


2.60 . .. ..Itf) 
4.23 ,>0.0fi:4.asj 
5 58 -O.DfjJ,; 
1.78 -0.02 .13 \ 


tliiO --Vi S 
tl.kfl +0X4 


10 . 2.3 l I'UK 1,550 


■1*7 I lerjiu ..... 


115 1 

— ■ rukto Marine. • 510 — 6 

~ . — I'uktu b'levt Pl'w'r'l, 140 ! + lQ 

i6 4.U h-*}</ aiui.rw ! 266 —1 

BO . 4.. I.Ajoobihaum. 128 +1 

16 i ii. • loray - 128 T 1 

17*0.4 ii.ftMa Mulur. 892 -19 

11-4.4 — — 

14 3-Sr Source Nikko Secunllea. r 
IZ a.2 

10 1° BRUSSELS/ LUXEMBOURG 


248 -0.9 
294.6-1.4 


tul /ut’ker 250 —2 


J6 4.1! 
za . 4.. 

16 i 4.i 


I'bwen A.O.— .. 124.7....- 11 

180 -1 14 

VEtJV 115.6-0.1 IB 

Vcia-mOV-i Hli.- 305 -1 

\*.lk*»*ai£en 212.8 + 1.4 


Source Nikko Secuntlca. Tokyo. 


AMSTERDAM 


Dir.- 

Fl+.-O ' + ->r Yn. Yl-l. 

Kit. — .'el ■ % ' 


ClllHll»|||_.... • 

a 


Price : ~+ -H blr.Tl l.J AHred . 


.:.. 2.270 


l.oll* Itallinrsl 4i 3ft 


A HI. lai-liller*. . 
,'al . Serru-e luil. 
Aaihitiai rlarl ... 

Vai.-ma> 

'CM 

.\e|ftuue lni|'.. 
Arm hliabui'i hi. 
V«» Kiialau.l 
NlB-ura Ali-liank 
N laiutra .-*lan- . . 
A. f. Imliiiii1e» 
N.ei'JkJLVVeMern 
>,+ili Nai. !•■*-... 
Nihil Mala*/ I'wr 
Atliwe*! Airline* 
NLiiavpBl Baru*ir, 
,N unit! ?>hn>>ii ... 

• 1 s-bleuia* I'etri.i 
i»ail».v Mainer ... 

Hill.. Katlta-ftl 

<JI|U 


I -■« j ltau*Uarr*. 2 h 
1 Mwnv II iiti'li.. . 15 Jh 
I St+mv llaiui. ....... 

>>(iiil. BB5fl 

! Maiuiar-i llrau>i* 221-/ 

: >l.i.i HIV alil.-riUR 37 i; 
! tflal. Oil !a*.tiaa-a_ 44>2 

"40. nil • Mum 61 >2 

: 'Unit IhrniW.. 3t Jb 

l Mei line I'nit 12*6 

•MuilHfttri 48U 

•sun l- 351s 

1 .-iiii-l-lianil ....... -4 

->Mdei . ......... 22ia 

1e>.-h 11 u.-. * 

, lektn.nls 32s« 

Teieafvim. rl-Vi 

■ T+lex 3 it 

I lentai’. - 28 ig 


I. 'ai*aiiui-i In*... It ’a 

. '»»l* lieniiiR-M ,.rl* 
.-.-lain Kl-ll... _ . ■ *4 

llr-nt-vn Ulna*...' •** 

Ik. me VI i lien. i 4>2 

I I. .•■•<• I'Httmevitn' .9l« 
.k-m, (*,..« ii rwljr c 6*4 

, .k-inlai l*a Jo 

1 l*ll|*<lll U9| 

I Fa-* . ii' b h NirkeJ.' 167ft 
. urn Ah.ii.t Can..' r72 


Ala. >1.1 iH.2*»>... 
Vk.ieKiJi.*. 


I IB 6.6 
tfu • 7.9 


Vlea.fi : F*v ' — f, -n-4'rv. lamb.-. 1.4.2 -8 6J +3 

... ■ ■ J 1_ oekert -8 1,736 UB 6.6 *B5aa 

VI1..1.I iKl.aj... 100.0"- 1.5 >21 3.6 C-Wt-ternem — 1.140 .-3 9 m ■ 7.V 

Vk.-ieKii**. 01.9 +U.2 ‘ 'A-Aorti- 06S —1 — 

\i~a*nitf>ik.K .luu 3 8.5 +2.0 .A 2o5 6 J 68 be. 2.850 177 ; Y.c pARIS 

VMKV it'i.liti.. .. .8.8 — 0J2 .'--*♦ 6.6 6*«clr>aH >6.040 -.10 43 m 7.1 

Viun4ftmk |FIJ».. 2.4 + 1 O 23.5 6.5 Wmqdar.\«l. 3.375 -15 170 : 7 1 : 

itlivuk«ri 80.3-1.0 33 3.6 U.d. iuirv-Bm ,1.860 —3 lad 74) ' M 

.k.ka'Ve*i "nn F.l-I 1x3.3 + 1^ 7U 6.2 ‘"eraeav 1,234 —i aJ U5 — 

Uurlirml eilvianl*.-; ch.7 23.7.4 H*.lniBeu 3.30 jS 1- lj 17j /A Kn.Lu V. 


48 1 1-7 tiiiicc amltb.w. ....._ 

l"f I B-9 HJZ. [odie-lrles. 

3U i l.o U«a. Priiperty TrusU 

; 11 ’ 23: t.c.I. fiuatraita. 

13 * 43 Inter- Cupper. i 

: 3 m ; 1.0 :-faumhj*li Industries i 

I 1 m [ 4.3 -Juoea iDaridi I 

• 11 I 1.1 Lotiaurd ,r.hl...-. j 

! 6 - 4.4 ITctalM' Kxtdutat lutu.. 

ljf -4.3 MIH j 

1. >.9 Myer limimrlum «... 1 

lo 3J .loll -.. :.| 

'l.t N!i-hula» InurhMhoiHl 

— T “ A*ntli Bi».*en H‘dm-0 iCO ' 

okjo - Oablsridge... .7^ 

i-hi **eareli .’. I 

■ tiller Exvl'jratl.io 

Fhancer Uftldcte ■ 

ra',- - .. — Ke but A. 0*;nu.....' 

L’_’.yi., ■ .U.'U. sleigh. ■ 

a’ : Mtbhm Mi ulng 

* - a ruiitbafili'. 

, _ n'lltm. 

6J -. 4^1 ll’ertern Minina dfloemm. 


* va > 

:.!1. _ 

nun ... - 


n.87 ... ” : JOHANNESBURG 

JJ'-S +fl - u l MINES 

ti'ls Msrcl1 6 K ' llrt 

H)1 to +Stt'iii*!51 J V, " , T | «“ Corpn. . 4.M 

is »a Owner ConsoUdnivu . . .. -l-ii. 

Ea DrJefoiHcin : jl **0 

IlLIfi" mjSJ I ElshlU* . — S..M, 

“r® 8 1 Harmony ii.M 

IU^6 .+0J11j Kinross 0 15. 

10-BM ...... KlOOt «LJ4; 

;J.l5 ,-fi.OT Rustcnburs Platinum ... ."1.41, 

il.&g ;+MI Sr. Ffefuoj . 13.30 

1 1.67 1 _... Souihvaal ' . .. 

t 2.£6 . 1 M1J36 Gobi M>.-|<ls SA 2P.4C 

W-W Onion Curtxiratlon 4 so. 

*J-°2 Dc R**pK Deterred' .. .TlV 

»**£ B Bij-roonriratit! vwr 

tO.OB ... . East Rand Ply tfi.l?- 

Ij-l® Free Slate iJcdiild TTJSe 

lLad ^.... I President Brand ,. 16 S3 

Prvnia.-nr Slvta T^.lri 

•0.74 -0.0 1 1 Stillontcin 4M : 

'0.19 • j Weft pm .. . 4.W' 

tl.'»5 ...... .Weir. Drielonieln •.■sj.ua- 

*0.89 Wt-Jttern Holdlnas .. 

*1-9 1+0.01 Western Deep lj.»; 


,1.67 1 
tB .26 ..MUS 

ri)-t»d 

1 1.02 

1 1.68 

td.OB ... . 

iO.iB 

tLad >.... 

i4.55v. 

•0.74 -0.01 

•0.19 • 

i 1.78 ...... 

♦0.89 ...... 

*1- 9 ;+0.01 
*1.62 1+0-02 


. SP.-ir'S 

. .nr 
. van — - 
- tS-lj; J 
.. 77 JS 3 

. IK ■*.! .*• 


16 S3 r’ri 
«.l« - 

4M* > 
j.nr'-vM;] 


ViuriJftiiik (Flutfi 2.4 + xD 

itijeuk>.H 80.3 -» 1.0 

•InkaWeM '■■■■ F.lJ 1x3.3 + 1.8 7U 6.2 «'«*«» x,Z« 

UurlirmleiU-mdej c6.7 23.7.4 H.-lmCeii 3.30 j 

hlM.-MeialT.tOa_.: x76J-1.5 1x1 1.5 Internum 1840 

hiinia N.V. Bearer 136.8 -ru.5 32 j +.B hredieLivnk 6.450 


+ ur Ui». : Y«-L 
- Fra,, -£ 


. INDUSTRIALS -,.-l 

AECI' _ J.W ' " 

Ansfo-Amer. Indantrial n.UU , - -JI 

8a rlew Rand - 3.19T ■ **.• 

C,\A invesunents +LID 4t * 

Came .Finance 

De Beers Industrial 


3.30-ofl- 1 j 17 j 

1^40 -5 14a 


; — rn>,, •£ oar Beers IudanrijI S.79 

— — . Edaaru Coniuttrdaicd hiv».. ♦l.«r 6B *|J* 


*•4 I Nif.iv ..1 783 +3 4tc] 0.6 1 Edxtare Sloree i Jl .tlB ■* 

♦•* I vrr»Mua*tA*vlV»] 346 +3 |81.I6 6.1 J ErerRvady 8A 1.63 -* 


U»«*«'Jlil|i... 
vreeu-.t uiac,.. 
Uueu* iiilin<lv_ 

Pacini' has 

Paulin- LrfBhtiiifc.- 
1W. P+r. A lj .... 
Paii.VinVVurlit Air 


21 
39 lj 
21 '* 
24'ft 


! Inan Pm naam m 

! Inu*. 

I I>ft3»cll.l 

' ; I ,, *»■* Iiimiii. . .. 
l eva-, till A I.i* . 

I I * I nliiire ... 

. Ilfi.r* la 

ri.iie- Mirtor.. . 

; Timken 

I fie 111- 

, I tadruacftl-.P . ... 

• 1 r»n«it. - 

I talia l PMI » 

fran-aav liaa'm 
I ran*, W."T In Aar. 

■ I nit ....ei-. .... 

! I ri t-ouruienUil ■- 


iieii**lai w*i 

•..win Vui.itknitfc loJ( 
■ >tlil t»i- I n 1 im .L a 86*2 
Hxnkt-i **nt. van- S'*t 

Hu nn;».| j.... fdUU 

Hume Hi. *V. — 48 

riii.lM.ii Bat Mill:'. 1-^8 
Hii.l-t+i Kh\ . ' . l'l'i 

H.i.lM.n a >u A (.«i -»B*i 

l. \.l 1761) 

I Hit ■ 1* • 3l Ift 

I Ul,idial LIU 19 

I la-.. lalft 


Kumt .hi TaU-'l-tU 
*ir?I Hria-aiietaFlU' 

HelnrkeiiiF mS;*.. 
H>j.ftp.tieii»,FlJO* 
Hiuiiea n.,r .h+J. 1 
I.H.t . Hirflaial. .. 
K.UVI..F-.LV* 
Ini Jliiileiilitil...* 
Aaanlen 1P..IC. . 


a*0 ' -.bj a.* S \u Liqul-L 


. 9<v.e> a.5 I i*a Kutaie Ue*Bc..S^70 .+ 10 ,3J3 d .6 I .Vuuaaine 


37.8 +0.5 22 ’ 3.81 l*an liuidlna 2,38u ai.ii 3.*. 


19- . 3.4 Petn+ma '..'3.850 — 35 174 4.3 UuupuOk 426 


B5.2 —0.2 1 -.£h o.2 1 hen Uaoqu«i..2.770 


11 a 14 a. + 1 w.- lien Ue'S’iaue. 1.960 »» ,vm i.e . wiwuMr.. 1 

15.4 + 0.1 -lu i.s j 6 u»m» 3.060 +10> ,s e.7'] L.ti.K 


'169 6.6 ' *AN- lieraala...-' 358 -2 
, 14 j 1 .s ! v*reeioor — 1*385 


K.l-VI. iF..Lv* . • 125.2 + 2.4 y +ay ^2,460 

ini If ill lei *1.471.. .* 3J.7— 0.1 18 9.3 I rartioo biem 2.478 

Aaanlen .P..10. 36.O -*.9 ltx , 6 8 L '-“; 938 

AauAni In*.. Fl.ll>, lo3J +0J 46^ 4 4 Ln Mur. , 702 

.\p| imlbki Fixct/ .3.8 +O.T 41) t 4 'leiiieU-.nugnel.364 

fieri Vital Ift- FI A*. 184 +1 I 22 6.0 " " ‘ 

ai.e-.T13>> U3.5 \3A 4.- 

V’an Uinmritia — 14.0 -0.5 IB 6.0 SWITZERLAND • 
Phkli<«.| iF.-iC. 33.0-1.7 -31 11.2 : 


I imla . ; 1 j 

I In *■ ml fiftl.liaa*.' Ivas. 
1 ii-i'i-r't Ph.*?Lh»- Xa'*4 
1 k.l+l lt'+<N(ift.*e>- 19*4 

Lain m'l f- in L'ur| ''ft 

| u+a*. l.,„i. •b.’ 1 3.43 
VI.- nn -'iti-ueri-.l L6'< 

' Vl4>«.-t I'+i-jiiafti 1- l* 

! xb.-iiiiwv 4 1 

Ua«ei* C. 4 |ftl 33 


254.0 —7.5 16. i 6.5 Federafo VoUrsbriestantfS +1 4*- 

324.9 B4 .* 7.4 1 Oreaiormans Slopes tl pi* 

467 -8 IZJtf 2.7 1 Cluardtjru .Vajuraoce <SA< ... lW 

486 +1 .ibSS 7.9 1 Nutella.- UMa 

353 -2 • 37.C' 10.7 ] LTA LR.^ 

385 75 5.4 McCarthy Rodway >0 iBT. T+ 

288 -3 • 87 9.6 1 **-dft«0lt SJT ‘ 

887 + 2 38.. 6.5 OK Baftaarv 

256.0 12 4.7 J Premier Mlflias ;; r 


fieri Mltllik' FI At, 
ai.e-.TI3C. 

Van Umnirmi... 

I'hkli.ftri iFi.JO. 
7'lltllftr* .Fl.lCi—- • 
::i,i9*-ii\ euKi.l*.*' 
Bulc'-.flJU. . . 
lti*l,nn.,FI.^U.".... 
lirtvnlM .Fi.nUi. 


♦ 10. ^3 e.7 c.U.K 288 -3 ■ UV.k' 9.S 1 >rdB«ntt 

-10 ,\6M 6.2 Aa-axoi. ...J 887 + 2 a8./ 6.S ’ OK Bazaarv 

SS toe 6.5 G,e Ban,*, re 255.0 Va 4.7j Premier MUllrw 

T 6 — - cub Upatllei - 367.3 +1.6 6.5* 1^1 Pretoria O-mcnr 

—6 60 8.6 twl'i U'li Pr'.r 111.8 r 12 1 10.8 • p ««ea - Hokflnjm ... . 

+ 18 .100 1A crouar* Unre... SS.7 -2.4 1 12 22.31 5 and Mine* Prooerhev 

— Dome 1 462.9—5.1 /A 1.6 * Rembraatfr Croup 

Pr. PetiwlM.. . 10Z _1 I4.»tfl3«8i5 c *re '„-.u * 

lien. Otvl-leoiaj*; 180 —3 ; <J3ir, 4.6 f Haldlu» 


Ib.vaillutdi'F !£> 124,7 


• 3 .3—0:1 21 6 5 

72 —3 16 - M«r- R 

lo0.7 +0,2 V2jt 8.0 

113.3 • — - 

law 6 +0.4 14 3^* Viumiyiuru . 


Prl^o +nr Dir. Yld. [ Janiuea Bonel 


Ukriarve— 

I V LI real...... 


•: .n 

u -D 

I 1« 
i ai.: 


49^ -03 ) 3.«i tO.S c. C. -Smith Soiir V.".....".'. 6.3S H ' 

90 • - - Isorear .. B3f ri *i 

105 IS. 1 1 10^1 s.v Brea*vne> . .. fcll 758 


PaiU.-T Haiiiiniii. 21U 


Peal*,<*ly Ini 

Pen.Pw.JL la... . 

Pi+ma 4.1 

Peuiir>.il 

Pca.pla> Drue 

IVi*|ie. Ha 


llqelm.. 24 j 3 


IV, km hlmrr lr-s 


Pel ... 



pbcipr lb. l S a- 

I'hlln.loidila Hie. 


1 .li.vv 

?24 

-2h 

Aftbl'enlnty F**v 

22 J* 

22l S 

l VI 

*'s 

CCtf 

l VKG*.l...ta 

214 

.214 

hill 

2*4 * 

hSifl 

• OP..’ 

20 

19i« 

Ln never... 

-6Js 

d< 38 

1 irilean M 

a- 1 : ' 

:bi« 

1 num Kaxacriii* . 

ta 

la 

1 noil arliiile.... 

dOJft 

able 

1 11 ,. hi a •*iii,«c-r»e 

6^4 

has 

I ,<|<4I 01 ».«,|l.. 

-94 

-94 

1 m**fi Ifili-ilb' 

-24 

424 

1 annua* 

•+a 

7-s 

1 „ue*l Umn*i«... 

ilx 

"S 

iMHn-awik. . .. 

£* Vt 

28:., 

Ls.Uvpsuu, 

r2‘ft 

£2 

1 9. 0h*« , 

*4ig 

<3ftp 


Xinrai hiiuifTV-- 
' 1 hn. 1 c-e«->,iii... 
Vuin*- On i!t>a* 

■Jiru. 4+1 p«r'm. 


Pan. 1 aaa .pf+'iu- 

l‘iil mi. 

1‘evpie* Dept, 
P.a.e 1 a ,v 01> ■ 
riaa+i li+ieii+jnli; 
Pin e'C'.rfnrav'p 


| 4uriw>r .■'lurjirrai 

Itaivtr, < 'it 

liana. 1 Warn .! 
IIh. A. k"iu. 


35L* I I’Unip M»rn»_.. 

, * l*_i. 


Phllltc PeLlia.'ll* 
| PiWMiry 

i Pitney B*'i»ea* 

I Pitl-ion. 


Piener Uii AUK. lb J « 


t a.M«"l 

L. Leenin ...«ie*.. 
IV ID-Iaa+Irtek.... 

I ficmit fc.'e-l _ . 

IVaiftimi..- 

II inaea-Loniinn. 


S.-P|rlra If 

»■' 

*W: i.muaifa— •-' 
■jhemiio. Vltuc 
srlwal', U..~.~ 
.V 


I *IC*.- 

lull. Pftiwr... 
1W 


-ifia | tail lbs-tri.i:t. ■ 


l.u let. 3 ToC . 
; In a i-.it 
l-.n Iteri - 
H, lni*m*ii«iiKi 

• nn vi'aiier. . . 


<vl'J 

2 4 



374 

471; 

Pi*,a,^i.i .. .. . 

23J*. 

+9fc 

itPa 

fk’**f»n»'- hie- .... 

15 


401 3 

PPL lii*,iuirn*». 

Z*a4 

134 

lift* 

I*n* ter ha'iihk*. 

76 

063,; 

36 

I’m- Vickl(*.i. 


27 

4. 

i’llllRI^U 

2- 

94 

94 : 

Plil-rX. 

164 

tt-r 

<7 Aft 

4n*ikHi ini* 

• 21 

1 *. 

; 

llftj*,*- A inert HP. 

7 V: 

39 v. 

ta- 

I!ft\ilic->n ... . 

. 2*; 

l * t« 

11+ . 

in. ' 

r*‘. 

i 7-.s , 

i7>. 

l.Mpulilii- «[**el. . 

22 >r 


te- I "anm-vuiiiiuu. 
10,8 1 U'41-nei .Lamlwl 
1 'Vt+Ie- Man'iurnl 

Mi] ; 

15 I W L «icni iteii <<r| 
24 . ft - W .tatt-m fi . Vine* 
7bl;« ' " erlprii I ni«m . 
Bln 1 vVerim-jit— B*i 


15 I vy L '4icm Ubii • 
847ft ■ tt .taU-Hi fi.ln 

YOU. ' It e+m,, 1 n,.a 

Blia 1 VTp+l Itl'jl'— 131a 
Z4U ; 

I6)ft I tl .- uia 1 ■ 'r. u ■ 
20i: ‘ We. e- h+fa-e- 
7.v lt-.'-t... .. .. 

32 jj 'I aallr l.-ll. Ire 


vi'vtay nir. u. . Krfi* 

l'"c. e- h+na-c- . . c 1-'.| 

It , 1 1 • : j,.. - 1 •-, 

It >,llr Ire-.. 20« 
Vt'n inn. a - .. 16 . ; 

iv,*il-l|nlll f.-ta-l I Bb‘-| 


Brit nen* Hu* Iren-' 
19-ifl IVmu+- Gunarta... 
B5 lunmiu Uuni.tfk I 
3 I j I nuisL nn PipoLta' 

c4!g l Iran- Mumn U> »• 
lo | In.-e 

1 r i& j L in, 'ii Gan 

; lid-'koK Mine* 
2r'» ;VV« tea Hiram. .. 


<2<i ; «i~l L*+t-l 1'ra 


l.U 

1 4 

+1 

19i B 

a3 

a3 

aSlt 

2214 

• 16 

lb * 

15de 

104 

*. x9u 

IBs* 

4.90 

4.9 & 

1.87 

185 

.8 

. 8m 

. zS 

aaU 

lta+j 

i la-. 

1 4.0 1 

w.oo 

.Cl 

.c4 

204 

20 4 

la. 4 

lOift 

114 

114 

1.50 

1.45 

*6J, 

26 is 

tf 

9 

*94 

2b 

*6'* 

284 

io4 


8 

SU 

ez 4 


.145ft 

19 «b 

-* 00 

•4.5s 

30 

304 

-.40 

1.3. 

2-1* 

*34 

4.60 

a.40 

39 

i8is 

- l-.Sfl 

1 .05 


144 

9V-1 


5 1 m 4 

It. 4 

uu 

I04 

7 

>■» 

an? 

314 

i2 -. 

3d 1? 

■84 

154 


'♦laieuiitirz,.... 


V 3 O o.O BBC -V... Lc60 


-ie+11, Grpip.^l-j. 1-4 


, .(5 1 CUm heigj ( Fr. 00 1.185 —35 . 22 


T.asv« f'ae.Hi.l+.b 
i.niierar,F*jar....i 
1 ikiuukaa.hil.fil 
tV'es, lan’rlai. Ban** 


38.1 +0.1 
408.8' 


3.8: rt-LHh_ 835 -7 m 

3.8) !»<). . Keg - 661 —12 

7. - '.'reUii -.aitac. 3.860 —73 

1.2 Wwnuu 1,600 '—45 


UeRuuirL- 1,361 ■ <3l.Sb' 3.4 

2.0 Ual+xai's Pb«*ux.. 748 —1 , 59— 0.3 

3.0 MKbeilaa -B" 1,123 -17 32.66,2.9 

t6 Uocl Hcon Wny .. 373.0 — -J.7 I 12Jr 3.4 


94.0 +0.8 30 0.8) !»*>.. Keg §61 

I20.C +1^J Afti.e 7. Vrriiii -.ii— e. a.360 


22 2.6 Sha)ilne\_ 


."■.—.1*8-/7 10,8 sa Brenvne> j-.U -pA 

** 2 Tisec Oats aotf Kail. ftlg. BA -n«v( 

+• i.s a»*v 0nls*Kr , * ...» M .... 1 ||3 -4 

-17 '■& l 89 Securities Rand SU.S.0.8iff*J 
-J .7 1 UJ» 3.4 (Discount of 27 .R% J :-'ig 


52 3.V PluHia* ,Uw*ft(l. 


B2 . 3.0 Panlai,J. ! 

16 . 3.4 pocbtawi ....^ 1 

lo 3.1 Perimd-lttafa — ' 


154.5 +0.9 1 3 1.9 

156.5— 3.4 Id j*. 12.8 
78.3—0.7 7A 9.6 SPAIN * 
205.0 — £9 > 7A 5.7 : Msrrii 3. 


3 ^| IVmikb* kliwwJ 283 j lp , 5.2.) Aaland. 


Per oll£ 


Htrftmaii PvLen*. 80.75 m ; -3 .SfiOi i60 | j .7 | ywwtrr_.; 110.6-0.5 ; - Banco ’iiiUtao _~L7 


* 


Liu, itfmoiii 4.075 -270 si 0.7 J leebnique.; 362 ,-S 


InierfrxriB .5.656 -295 B0 2.8 Nedoutli-.^ n 

■ Jetmuii iFrJOJ,,- l.*>20 -oO BO i Ia* Kbiftis Phulooc 58.9 -0 J 

M ♦ fientieiFr. IOOi ...' 5.390 -80 «:b.a; 2.3 3t-h;Aaln.... .... Ml. 3 - - . 

tiu. Mefi -.2.300 .-—23 3.7 akb* Ka^-nrno+.... 1.490*1 -10 

Pni* ,+or Div. uenlkoo B.,P^=u2250 - 09 rl9 11&.7 ** er 886.4-3.0 

Kpuer — . t % Pirelli SIP 1 F.l«r 275 -11 15 * 3.4I W™""*'*;-, . 


COPENHAGEN * 


Ani.1ert.han ken.. . , 144 1 4 — U 
uiai ni'ri r VV . au>— 445 +5 

l>ai»l*>.- Hank.. .. USh -l| 

Uv»4 Ariall.lv... *234. — lj 12 

•'lnmi.ihajiken..... 1381; -2 15 

fa". Pyzcerier... 3oS 18 

K-r. isplr /a — lj 8 

Han-lcl*- iftink . .. la8U 13 

■ r.fi'i li‘n H.iKrtfi 1 * 265 ' 12 

fi.ml Ka,«l 27 m— IH 18 

IMieMlrik d9 .-ii , — 

Prnaibauk 141i t -V 11 

Pruiiurlnna, . ... 1481;' 11 

>*pb. RereRiIrcn. 377.0 12 

3upcri>+ 187 > 12 


— 7 Santa iFr.au>,... S.650 -100 28 1.8 i NnutriL 

*• 6 Do. Part Certy.i 475 - a Bo 2.7 ! L,ltn,,t ' - 

1 *hlBdl*rW> FIOOi 300 -10 , 9 LS 

StihaerCUtF.KW.' 565 .—5 14 . AB' 

3.1 Strranir ,F j£0i .i 815 -10 8.57 3.7 ) STOCKHOLM 
=■6 J *iwt'« Bruik -rJCO 374 —10 lO B.7 1 


362 ,-3 25.5 7.1 fUm-o Allantlcn <1.0001 

*199 —l- ‘a** 4^ Banco Central ~..'.^nr 

59.9 — OJS 9 ‘16.4 Banco tixtenur 

151.5 16.B&. 10,5 Banco General _ 

J55* 1 — 1® 2.6 "Banvn' Granada fl.OOUj 

286.4 — S.O . as.till.3 Banco. Hlapaoo ... 

548 —4 J 42.75 4.0 Ranch lori. Cat: at.nnat 


,; zSa [ 


144.4 - 1.6 [15’. I5KV5 B Infl. Mediicn-atjop 
13.6 — 0.5 — i - Raano Ponakir — , 


=s Ud 


l - 7. Lmon Bank-... - 3.215 -85 


12 3.9 
18 4 4 
- J - 
11 7.3 


2 } 


: Price 

+ or.* D*v.,Yiu. | 

l- 

Mar. A 

, Krtme 

. - 1 Kr. 1 - 

, . f J 


Radio Puiwkir _ . 
Banco Saiiioitrier ^3*1, 
Banco JUrauija -jt.aoru 
Banco ' V'Bcaya- 
Banco Xarannano 


Ranus Andaluria' 

Babcock tVUcart 



! MILAN 

3.8 j 

& ' 4 ' Mar. 4 


t- ur .Dlv. Yld 
- j Li re % 


All A At* * KrjJi... 
Ufa LAuimKrai 

VftiK.V iKr.5U> 1 

.Vitas Couy»rKra] 

Blllerud 

I Bunns ! 


182 -2 
1&5 -1 

84.0-0.5 
113 -4 
78 +2 

124 +1 


VIENNA 


* B"1 .fisk>**1. 

: Traded, t New nock. 


.t|ftr, a* 

Price 

% 

+ '« 

Ula.l'wL 
*o : t 

l.wlfbiovbi'l...... 

30M 


lM ' 4.0 . 

Pennn-* *ci 

263 



1 .9 : 3.4 1 

■‘C'e’da 

666 


4B 6.5 J 

*H*,.,pe+ii . 

e*j 


1 

"*l«-lr Ikuni'pr. 

184 

+ l 

•7 . 4 9 | 

V ell 'lac* re-" 

255 

-5 •; 

14 6.0 


.Vain 140 +3.T& - : I Bert 'lux ‘BTKMl_ 130 

tteitotri I 535 +6 — - > Kricwoo -B'lKraO. 140 

1-996 f+13 180 7.8 Uarolte 835 

IN}. Prtr— *1.630 ■*■ 7 IPO 9.8 ft^tovla 100 

FntiMer j 87.75 -» 1,5 ; - Orange* .trew — 48, 

I ulcetreot .; - 1 1. ISO + 300 ■ 2«» ijg Ha u* Mrivakeor..- 89 1 

Itniafcfcr 136 -2 : . viand<w ISO 


Cairiu 18Zxc ; — Z I 1U 

CelLukm ■ 211 i + 2 I 10 

BertTux *HTKbO)_ 130 .i-3 . ; 5.3 
kriwee ‘B'tKraO. 140 , — B , D 


, 'fonlailovn ....— ’ 106.75 *3.25 

joiitecxiFnr : 869 .+ 18 

1 Pirdiifi hoi. 2.309 I + 17 1 

I Pirelli 1,069 ’ - f« 1 

iSniaViMmi . 864 +2B 


•' 196 -2 — i - ' ; Maral*w 

.; 32.750 + 960 l.2Dt JLuL> b llwntf<w 


100 +18 

is - abISsSS KMn ^“ - 

gIS Tl '\igfiS 5K Pa,a,PM 

64.5 -0.5 , ?.5 ■ 7.0 JSSa “~" 

? ' M^rtenrul'-a 

“® ' 1 5 6 4 ; Tor r«s Hantench — .* 

0 - iTHtaies 

*? - 1 ■ 6 ^-0 1 liiuim Elec. 


^ . 3^2 ; Dragados . 

9 ' 5 *9 ; B- *■ Arasomau* ....^ 

■ . 6 i 3.3 i E^aiWU Zinc .' 

; 8.7 i Rio Tmta .— — 

! 4 ■ 3^2 Fccei tl^JOOi 

I 10 ' 3.5 Paw* ......... 

I 10 I 4,7 Cal- Precede* 

• 5.8 '• 49 Grupn Velazqtre; «4nu> 
a-as Uiarata .. 

> ■ 4 2 1 , n«w»bani I 

•* *t.o oiarro 


- ' ' »ii>)all .1.y. 

i LK.K "O' KMta... 
130 5.7' -fUnHtonkHAn.. 
80 7.6 J Tftitri+rili "lrKreO 
1 L'-wehviM . . . 

1 VriiiriEfrelr.. ... 


130 -1 
78. -2 
46.5 + 1.0 
■ 67 -1 


ytSfl- +H 

1B1 ' VCi 

88:4ft 

82. 

"8 

S: 

s? *s 

f "-f 

un . - f:. 

"ua -P 


Hin 


n ir 






French lamb 
inport tax 
aised 25 p 

Ry O.Ur Commodities Staff 

Hhsh M T° R J ,eVy - on 5aies or 
r ^ Bn, k 10 Prance was 
uwid tfesierday uj 84.7p a kilo 

St wSk ~ 5P * ^ higlser than 

Tlie sharp- rise of more than' 
’ pe .T 000 1- mar ^s the coming 
10 force of a new system of 
"““urn. import prices and 
■mow levies announced bv tbe 
■eneb Government last week.-. 

Irish exports ot lamb, which 
e ¥® v wne<l by a special 
rangement between Paris and 
; jolin, will still be allowed into 
■ance free of all charges. 

The levy on UJC trade has 
co set at rhe maximum, be- 
ose the lamb market is France 
depressed-— by French 

indards. The average market 
ice. for lamb is fractionally 
ire than £2 a: kilo, about 70p 
kilo higher than in Britain. - 
XVaders are now concerned 
*t: if the French market falls 
Dick up and prices fall even 
few pence a kilo lower. Paris 
,iy nexr week bar imports 
irn the U.K.- altogether. 

The . new import- controls 
irred Mr. ". John Silkin, 
i tain’s Agriculture Minister 
tr cabling a protest .to the 
'■C Commission in Brussels last 
' ek. 


fall in LME stocks 


BY JOHN EDWARDS, COMMODITIES EDITOR 


COPPER PRICES eased on the; 
London Metal Exchange yea ter* 
day., in; spite Qf a hefly fall iq 
stocks that reduced total hold- 
ings fn the Exchanges ware- 
houses to below 600.000 tonnes 
for tlie first time: since August 
Iasi year. 

The stocks fall of ‘52.650 
tonnes, reducing total holdings 
to 599.850 tonnes, .was the big- 
gest single weekly decline for 
a long time; Whit- is more it 
was the sixth successive weekly 
stocks fall from -- ' the : peak of 
645.300 tonnes, reached at the 
end of January. ' 

However, lie fall. was in line' 
with market^forec&sts and had 
already' been discounted to fa 
larce extent: last Friday. In. 
-addition it is-claimed that -the 
recent fall m warehouse stocks 

merely -^reflects a -..transfer of 

shipments. \ now largely com- 
pleted, to -the U S. seeking to beat 
any possible ban. or restriction, 
on imports that ' might - he 
imnosert. ‘ - 

- Tn - other words.' the fall' in 
LME warehouse stocks "- repre- 
sents simply a transfer qf sur- 


plus holdings into the hands of 
U.S. merchants, and does not 
signify any great upsurge in 
fundamental consumer demand. 

The ptarket was more worried 
yesterday by the possible im- 
pact of the continuing coal strike 
on the U.S. economy. As a result 
cash wirebars closed £7 • down 
at £623 a tonne. 

A fall of 250 tonnes in. tin 
stocks, reducing total holdings, to 
4.010 tonnes, also failed to hold 
up -prices. In Tact, cash- tin lost 
£62.5 to £6.152.5 a tonne narrow- 
ing its premium over the three 
months quotation, when some 
heavy “lending” -(selling of cash 
against an equivalent amount 
purchased forward 1 emerged. 

. The market was dominated by 
uncertainty ■ about; the <U.S. 
senate subcommittee’s hearings 
later this ' week . on stockpile 
policy. • 

The njove ..by . tbe -- Carter 
Administration to -introduce a 
Bill seeking the release- of 25.000 
tons of stockpile surplus tin. 
announced on Friday, has made 
for some nervousness. - But 
there is still considerable con* 


fusion as to what is likely to] 
happen in the end. 

Similar eon fusion reigns over i 
The Administration's jruposai toj 
release 63.5m. ounces of surplus) 
silver rrom *he stockpile, since [ 
it was later claimed the stockpile 
objective should be raised -loj 
provide supplies for a missile 
programme. . ; 

There were sizeable falls" in ! 
lead and zinc stocks. Zinc stocks, i 
as expected, declined by 2.600 to • 
60.850 tonnes. But in spite of ) 
some early bidding for cashi 
metal, which closed £1.625 higher 
at £353.375 a tonne, tbe premium ■ 
of cash over the three months I 
quotation established on Friday 
was eliminated. Three months 
zinc closed £3 up at £259 25— 
more than £30 higher than a 
week ago 

Lead stock* fell tw 4 550 tonnes 
to 63.475 tonnes, but this decline 
had already been anticipated by 
the market. As a result cash 
lead, in' fact, closed slightly 
lower at £293.25 a tonne follow- 
ing the easier trend In copper. 

- LME silver holdings fell by 
170.000 ounces to 19m. ounces.; 


London commodity centre plea 


Brazil halts 
exports of rice 
md maize 

\f Diana Smith r 

RIO PE JANEIRO. March 6., . 

AZ1L HAS decided to suspepd 
■oris of maize and rice because 
he shortfall In crops caused, by 
mg drought. Exports of soya- 
n oil may also be suspended;, 
'bis year's rice production 'is 
•ly to be only 75m.- tonnes, 
nestic demand is put at S.3m. 
nes. , ,V 

kunestic demand for corn is 
mated at 17m. tonnes, but pro- 
lion this year is unlikely to 
eed 15m. tonnes. 

/eaiher conditions have 
cted the quantity and. quality 
he soyabean crop. Beans are 
ding unsatisfactory * per- 
tajees of oil and . Brazil’s 
iign trade authorities arc how 
--tewing ihc entire soya^expo*>t 
gramme. 

ean while. Reuter reports 
o Delhi that India plans -to 
or i 950,000 tonnes Df edible 
this oil year, which began last 
ember. .. 


BY OUR COMMODITIES STAFF 


INTERNATIONAL.COiEMOIllTY 
organisations wiih headquarters 
in London are. ftdpeluL-ihaf tbe 
British' Government will. pve 
more urgent considera’i'm to -the 
establishment of a proper' "Com- 
modity Centre, following --a meet- 
ing with Dr. David Llw'en, 
Foreign Secretary, 

Dr. Owen is reported *o;hav^ 
been sympathetic to the Case put 
forward sir m»;ly by a. delegafton 
represeftHi'iy seven interuatjonjii 


commodity. .associations that 
existing c.unfereisce facilities ip 
London .we*v utterly- inadequate. 

The Foreign Secretary pointed 
out that the Treasury ‘had to. be 
consulted about any financial 
expenditure, but promised to give 
-a- reply is soup a.* possible. 

A memorandum, was submitted 
-on ~ conference and. accommo- 
dation difficulties,” signed by the 
heads of the cocoa, coffee, sugar. 
Tin and wheat councils, as well 


Indian sugar export move 


BY OUR OWN CORRESPONDENT / . CALCUTTA. .March. 6. 

THE 1ND IAN, mig ar - indugto. __ Sugar prodyctioti jp ’ .India, is 
has welcomed a government i}e- estimated at 5.6m. tonnes and 
cision to allow' the export- of "consumption at 4.42m. tonnes. 
650.000 tonnes -Of 1077-78 crop: In Jamaica, sugar mill workers 
sugar this year out of 'the .coun- who had been on strike. for three 
trv's total quota under the In- weeks over pay went back to 
temational Sugar Agreement of work on Saturday. Producer^ say 
700.006 tonnes. ■ - '*■ the strike has cost them SJTm. 


An industry spokesman said 
that subsidies would be heeded to 
enable sales to be made,, since 
the dlfr&iwce'Tfctw&eri The wW 
price and the domestic- lmNan. 
price was about Rs.500 a tonne’.- 
However, discussions .with the 
Government had shown- that the 
Treasury was rully prepared to 
pay the subsidies on exports. 


In. London yesterday tbe daily 
.: price for raws was- fixed £2 a 
tonne lower at £104 in anticipa- 
*tiflu of 'a— general depression 
..expected to overtake tbe futures 
market during the day. 

In the event. May delivery raws 
lost almost £3. closing at £107.875 
a tonne- August fell £2.675 lo 
£112.95 a tonne. 


as the international rubber and 
lead and zinc study groups. 

It said that the* entry into force 
of the International Sugar Agree- 
ment on January 1 this year had 
made solving the problems of 
inadequate facilities even more 
urgent 

Tbe present conference and 
committee rooms in Haymarket 
House were likely to prove too 
small and the advent of any new 
commodity council in London 
(such as copper, or the establish- 
ment of a full rubber agreement) 
would place an intolerable strain 
on present facilities. 

The memorandum noted that 
immediate action to reach an; 
understanding was necessary i 
because of the practical and 
urgent needs of some orgatrisa-! 
tions. which would otherwise j 
have to go their separate ways. 

A working group had already 
looked at a number of buildings ; 
The World Trade Centre at St j 
Katherine's -Dock bad in its; 
design a new 320.000 square foot ; 
building which coulij be planned j 
to house a commodity centre, 
provided decisions were taken at j 
an early date 

Century House (owned hyl 
British Rail) in Shaftesburv 
Avenue, and Norfolk House in ; 
St. James's Square also had I 
possibilities. 1 


Cocoa price 

uptrend 

resumed 

By Richard Mooney 

j THE - UPSURGE in London 
; cocoa futures prices wax 
1 resumed ’ yesterday, a Her 
J Friday’s setback. May cocoa, 
which had fallen £63 on 
[ Friday, gained £87.5 lo £1.744 
a tonne — a new 1978 ** high.'’ 

Dealers attributed ihe rise 
I mainly to speculative buying, 
j though a modest amount of 
: continental industry buying 
, wax reported in the morning. 

| Producing cuuo tries were 
j generally Inactive, but Nigeria 
j and Ivory Coast were rumoured 
! to have sold marginal* quan- 
| titles. 

Alesi traders remain basically 
‘•bearish” about the long-term 
prospects for coeoa prices, 
luspilt of suggestion* (hat tbe 
1978 surplus may be somewhat 
smaller than has been indi- . 
rated. 

The West African main 
crops, which are now virtually 
finished, are believed to have 
fallen . short of expectation*. . 
The spate of manufacturer 1 
! buying last month is being I 
! taken In some quarters as an 
I indication that the fail in eon- 
I sumption has possibly been 
I less severe than bad been 
feared. 

Chart “ patterns " slilJ 
point to an upward short-term 
I trend, largely because of spec- 
ulative buying and covering 
against earlier ** short ” sales 
on the futures market. Many 
traders believe the market is 
still recovering from the 
“ oversold " situation which 
developed earlier in the year. 

No Ghana main crop pur- 
chase figure was announced by 
the country’s Marketing Board 
yesterday, but unofficial trade 
estimates put last week’s pur- 
chases at about 3JI00 tonnes, 
bringing tbe cumulative total to 
i about 257.500 tonnes. 

— f 

INDIAN WHEAT 
FOR AFGHANISTAN 

NEW. DELHI. March 6. * 

INDIA has agreed to lend 50.000 
tonnes of. wheat to Afghanistan 
to help it over its temporary 
shortage, the Government an- 
nounced at the week-end. 

The loan was agreed during 
the visit here -last week of 
Mohammad Daoud. the Afghani- 
stan President. 

The wheat will be sent via 
Pakistan- between April and 
September. Afghanistan has 
undertaken to repav the loan, 
which carries no interest, two 
years after completion of the 
shipment. 

Reuter 


[CAPITAL FOR AGRICULTURE 


/and becoming too 
dear for farmers 


YET ANOTHER voice is added 
lo-day to the clamour of opinions 
being offered to British farmers 
on how their industry is faring 
and how it is likely to prosper 
In the future. 

it comes from.lhe Centre for 

Agricultural Strategy based at 
Reading Univeraily. in the form 
r>f a thornugh-gnlng study of the 
capital and <ax problems of 'agri- 
culture tn the U.K. 

Capital for Agriculture — The 
Prohjpnt of Financing Growth* 
'itlempts to assess the effects on 
farm ownership and output of 
‘"Haling land values and 
chances in grants and taxation 
policy. 

A measure of ihe complexity 
of ihe task can he gained from 
‘he siimmarv of its reertmmen- 
datinns. which concentrate 
mainly on anpealinn for Further 
research and surreys. 

The authors want a complete 
survey of land ownership more 
facts on how fhe trne of land 
ownership n^ecis prortiicifnn and 
an era min at ion of how relative 
tax burdens fall nn incorporated 
inrt unincorporated businesses 

They also sncgesl more selec- 
tive and more ** forward -Ionic.' 
'"a aids for investment and a 
change in the way farmers are 
taxed. 

T/OW returns 

They conclude that land prices 
will continue to increase' and' 
that the purchase and financing 
of this fundamental necessity 
will remain one of the greatest 
bughean- fur anyone wishing to 
enter farming. 

Although returns on capital in- 
vestment in agriculture were 
Usually considered very low. the 
extent of this had been 
exnereerated. 

Returns on overall capital 
assets — working capital, land and 
associated buildings — were never- 
theless about 3 to 4 per cent.— 
about half the level obtained in 
industrial companies. Servicing 


BY CHRIJTOPHER PARKES 

a mortgage on a modern-day 
farm with thai .scale of relam 
was growing daily mure difficult. 

FarmiDg- might even benefit 
tn the long-run if the functions 
uf owning tbe land and fanning 
it were separated To some 
extent this was already happen- 
ing. but present lanrilord-and- 
tenant rela lions hips were being 
eroded through 1 the effects of 
capital taxation. Institutions — 
those Cily * buyers whif were 
currently under scrutiny ,hy .the 
Xonhfield Comm I itee — were pro- 
posed as perhaps offering “ a 
reasonable alternative." 

In the long-term the institu- 
tions. like pension funds, unit 
trusts and insurance companies, 
would have large amounts of 
money to spend. If they made 
“ a concerted effort ’’ and bought 
up all the large farms sold in 
Britain each year (about 00.000 
hectare.- worth of farms bigger 
than 120 hectares change hands 
annually) ** they could be respon- 
sible for just under 50 per cent, 
of U.K. agricultural production 
within 30 years. 

“ Fears that financial interest 
on tbe part of institutions will 
predominate over farming, 

interests to the detriment of the 
'long-term productivity of the in- 
dustry are probably unfounded.” 

They suggest that if there were 
any upsets, (he answer could lie 
in the creation * by an 
institutional buyer of- an inter- 
mediary. such asf a land-holding 
company, which could form 
partnerships with working 

fanners. 

“The advantage of such a 
scheme over direct ownership of 
land by institutions is that pen- 
sion funds and ' insurance com- 
panies would be free lo realise 
the appreciation in land values 
by periodically selling their 
shares. without physically 
selling the farm." 

Another possible solution, 

guaranteed to raise blood pres- 
sures around rural Britain, is- 
land nationalisation. The authors 
conclude that «uch an exercise 


might ' be prohibitively expen- 
sive. costing between £l5bn. and* 
£20 bn. at. present values 

“However, so long us Stale 
ownership of land dues not. 
become Slate management qf 
farming, land nationalist ion 
may indeed be consistent wijh 

the national imprest or maintain- 
ing an efficient farming indusuj." 

Fiscal policy 

There is les* clarity when the 
repun comes to consider rEie' 
importance to the farming Vh- ' 

dusiry ni capital transfer tax am! 

the possible effects uf a wealth 
tax. 

However, in a can ic-mplu non 
of fiscal policy and its effects on . 
farm invi-sinieni. ihe am hors 
re pun : "Tu achieve a mure 
euuitable im-unie distribution, 
there may he a sound case for 
discriminating against the larger- 
farmer and especially ihe large 
landlord, but it has to be 
recognised that such measures 
are likely lu ran counter lo 
economic efficiency.” 

Later, .in an assessment uf the 
difficulties racing unincorporated 
businesses, (he authurs state: 
“The threat to fanning posed hy 
existing and proposed laxatipri-* 
on personal wealth may !••.* less 
than it appears at first sight. 

“Nevertheless, there is a dis- 
tinct possibility that the larger 
holdings especially tenanted 
ones will bt* forced tu sell part 
of their land to meet impending , 
lax liabilities. The impact of 
this fragmentation of holdings 
on the efficiency uf agncuttiir.il 
production' is not fully under- 
stood. 

“ There appears to be a real 
danger of embarking on a policy 
which will lead to rhe break-up 
of large farms without having 
first assessed the implications.” 

*£2.75 post-free from The 
Centre for Agricut tn rat S’trafeg*/: 
l' ni reran n of R&tdinq. Earley . 
Gate. Rending RG6 SAT. ’ 


Jamaica seeks advance bauxite levies 


JAMAICA IS trying to bolster 
Its dwindling cash and reserves 
by proposing that five North 
American aluminum companies 
issue it notes to cover an 
estimated S180nv of '.heir future 
bauxite-levy payments. 

The companies, it is reported, 
have been asked by the Jamaican 


Government to issue promissory 
notes for one year’s bauxite 
levies. 

Under the proposal, companies 
would keep paying their bauxite 
levies, which are tied to the 
price of aluminum ingot, on the 
regular quarterly schedule. Bui 
tbe companies would be 


NEW YORK. March 6. 

authorised’ by the Government 
to pay those levies it the batiks 
that purchased the notes. 

The proposal, which has 
drawn some fire from the Govern-, 
mem’s political opposition, "is 
said to be part of Jamaica's con- 
tinuing effort to resolve .its 
economic crisis. 


HVIIVIODITY MARKET REPORTS ‘AND PRICES 

iCr Muv i I C - SB15' frplori ha memos shahds to -visa* Carfc* Ottilias* ol cask tn alert iJ nanuv*4 c*nl* per pound v— Daiij price March S: and June H&.3*'. denamabk wains n/heai and sn.K lor ihe respective shipment 

43L luLI ALj - it ar^.3. -The larce fall m warehouse -the hackvardanao lo UC at one dodii 1S*.2I <J43.W*> Indicator pnees March 6: delivered East Anglia April. May and pt-nods’ Yarn and cloth aukt. 

.. . Blocks had bei-o widely anwapaJed-.-tiod before II widened nurstnalJy to dMe at 15-day jverace 129.68 '129.10/: "-day June £88 25; leed barley del! vi red £asi 

.... ! ».P'. .♦ ■•! l-.ni. 'I.r-'i had Uuie effect- on prices. TurtOscr: IU. Turnover 2 jH tonnes. average 12S.7< <l2127i. Audi a /-wit. May and Jane i7fi 00 IS/nril Cl ITT I ID rC 

- i*m . -n I — . UMii.-n , - . iidso lonoes. ■. ■. - , — „^i; ' rnnrcr . Jf ec d_*ily import levies— T he VI UUL rU-I Unto 

— j-r— Amalgamated Mutnl TradiiW /eporied n\ L oiri.^a. | - | bnofft'-M , - LUrrtb B wS ?- r EE u pnmmms are UJNDOH— Link- easier n- imo irading. 

t . L . *■ I *- iha; in ihv nioruine vaab w/rvbars traded I 1 n - _ . . _ enecUve ror March 3 tn units ol aevounr Bach - rvnuris 

jar* J IK4.5 25 ihreo monihs £W1’ 4uJ 60. p:., • ! , 1 1 i , Rob * lsul> _ at * m U*drff dowv to new per tonne. In order curr-m levy pluc. iHen,* oei khoi 

e24.3 5 -B 038.5SJ—T L siS7 »! 27" EEElJ ^ mu „„ . ■*.. , Q 1 ' Iokb m all «mrracis bur prow bnruw Apnl Mas and June premmmt fwnh ^ Dei K, ‘ 


ite: in l hr morning cash w«vbars traded 


bar*. 'tbiw • mohtla flES.5. 38. 373. 37. 


r mi t>u>Ui8e 

— Done 


ndon Mi-i.il Eachansc. Thv Brum-ss forwart aandard metal ro open lower ”7'„. ' . „ „ v*lne*. 

rime coupled wub ro.idai pnrfv’- . U BSJflO. ,\a aterta* weakened- how- Momir^^uuldam. ■ cash Ifi-Jki- M. Y^-ieW — i 

Kjssr* aaJg ^ i 

k’wsuksar-’s&s sr.i”r M issr^”£? a .ss — - 

er. p.i the ni Drains kerb and during . fliwhM Bn* beiwvii ffi.080 and tO.lflO prior fc*-™- 6i vward, Ihree mpnins ihJiW «.U95. „ -ifisajL iUO n igii,n ikan 

liomoon ihc price weakened to to doatna at ttc laner on the. late kart. LEAD— Barely' changed in- ufle' tradJus. ii« r 1 ujb j u«S ■ Zs?'l Jg jm 

" - r ■- SllJ l ^rl5r B S2 W ih?^ito «*«?■ SMpiaMtwi - 1289 JJ- 1501.0 13.fr Id I- .278 

-i: — ^ ihc^Snh^lrirt. froeeaU^. .. 1766.0 l*7u.O -r I7J )!£& 

Idcx Limited 01-351 5469. Three momh Gold 187J5-I83.I5 ^.eS^od^SJS oST? « SBttSKSS i H 

pi uill Road, London, WM OHS. Uw late kerb. Turnover 3.675 tonnes. j ,,HL0 ' ZM ’ D '" , 

'RCAMAI I rnMftAMY " ,iih -I «*! . R-J- !* w SaJet: 2.631 i2.52Si lots of 5 toimrf. 

lRSONAL LUfflr MM 1 UtAP Odkia - buvtfk-w. r - ICO ladlcakar prices for March 3 iU.S, 


RUBBER 

EASIER n pc nine on 


DhTsIcai rnarkei. Lillie mwren ihnniBh- 
oui the day closmjt dull. Lewis and 


W. ail. jj*r II 220.o-i5.0 - 1.0 

'T*?* 5 - May k27.U-;0.U -7.5' 

i.2.*-i6.u -a. II 

zu.OOf. .a n,n«, Z£5.iMl.0 -1.0' 

lilVlulvji .. 2??.U-«*.Q -1.0 

iltn-D 242.0-45.J -1.5 

M<v 242.1M5.U -t.6 l 

London <5.u -1. 6 



- ) 

PRILL CHANGES 

Price* oer ronoe <tniw Wienrijw 
4lalod 

| U.S. Markets J 

All,,. 6 • + ill ] UirtllK 
.: - 1 *e« 

Coal crisis 

Metau _ j 

Animln'urn C6SO ....... £680 

t'r-v Mruhel > -41-6'j ^d60-7D 

C'*|<|rn«^tTVV. M,r -2o23 —7.0 £629.5 1 

$ m- <iil<- . ,.« 1,. . '.-©oo-Tt — 6.9 £642.25,' 
Lk.I, L'4IU.«I»« -:ol4 — 6:3 £619 i 

lifts gold 
and silver 


Sales- • .1 i7i lots of 1.500 kilos. 


ni mill. I.,, do.... ^27 — 6 5 C652 ...... ...... . , 

(i.iM I'rnv -I a.B«5 + 1.0 SI75.625 ' tu Man ™ »; 

ca»BA— 1.0 ! PRECIOUS METALS raUud on apcvula- 

' I'li’iiTh- (.'301.39 — 0.6 £321 1 inc bnrinn prompu-d by ■.-oncern over 

Awi-e — I ihe cuubnlntrc' rvaiUon iu Hre^idem 


F>«- Vi^rket u.111.. 1-1.65 


UUI Uir U«jy CiOMUR UIIJI. urwis unci Ba anman n . , , . ■ ,r » — *<ei waai., i -*.W | UKlt'P C iWV't lO lUVOkt' lltf 

Peal reported ihai ilia MaJayslan sodown ■„ a . Rfl0F0 .? P ~? B * L ^ lt * ^ alHwmtb | 2 .j 4 SI.B2-2.D An in a bid in md ihc pu sinkc. Cocoa 

price was 205 '206> cents a kilo (buyer tra 5' :C ' tiwaied *°trv. nimovor in »(«il , dosed drone ou Coinmu&iuu House *iop- 

AprUi. '^ lvld T u »' lopmasers are not d.v- "lum m< v.. A lUfca lua* huylns. foMdirins London. 5uwr 

-- sausfled. Tn>-re are buyers, bin '101 in im ,k^ 0 '"i"V ei ;» ■■JS'.-d on nred lone liquid juun and Trade- 

I . sufficieni Dumb.rs man. ptilwj. Tirte tfil at n-lliup. Coffee easel on Coinaiw- 

N. fc i .teeu-ntty- i-iunju, .maiuew Bourcea said Tupmakcrs roll Bod c*i»n Vhiawwm im>u, *1A3 idb SIM 46 , M01) Huuw KcUmc and uoiabl- lack of 

K.S.3. ■ -1.-V \ .v.ne '“*0- rti-ouipoininis silver inn . v . — 4:8 b * ’*5® „*T®I’ ■ P*rt»iat business. Barhe reported. 

1 : —I — SYDNEY GREA5Y- Close «m order * * 6 /5B. h. J CoMa-MurMi, 137 73 .iw -t, «,» 

i buyer seller. bMiOiM. «te».-M,cr. n i« ■ K6 J62.5 - 62 r V6.J40 14 rS^i & no ' t£m? 


Cocoa— March 137.73 


.AYIMS CARDS 

I one erentng'i play yom 
piamcnt on tine, one pack of 
would be ceen ai lean 1.000 
Nn other medium can apread 
-h ;ood Will for *0 little coat 
urn qoanocy 1,000 slnjla or 
win packs, Send for. prices and 
Monplea to: 

vYING CARD PUBLICITY 
COMPANY 

'astleton Ave^ Wembley, 

tddx. T««. Q1-902 43W . 


BL1C NOTICES 


DUL AUTHORITY BILLS . 
0.000 ssramelvde Raoionaj eouncu 
• aote 6th March. 2978 mator- 
June. 197*. at 6>M*a. Apollca- 
auea £40-500 000 and (here are 
000 Bill! outstanding. 


COMPANY 

NOTICES 

CORRECTED NOTICE 

M.V. EWGELSCH-HOLLAMPSCHE 
BELECCINGS TRUST 
< English «nd Dutch Investment Trust) 
. Efu pushed in aunMeesaffi 


4.m. if w*l p-in. 1 , w 
Odk|« j — I buvKL.-u i — 


■' -Ja«b J299J-3D0-1J X»8-^ >-l 

llKMitQo.,1 303-.J , 301- .O 'r— .5 

m- lu’iail aOO. --T4 . - 

US>t-a.|. - ~ 36 1 ...... 


Sale.: i«l *2.325) low of 5 lonars. ~ 

ICO ladlcatsr prices far March 3 iU.S. 49 'S^ a- L B i . ? 

cm la per pound >•• • Colombian M1W s. 

AraMcss JM.06 <m.00>: nnwashed *«■ a » ?' saisr* 

Arabicas in.ii <171.001: other mild <5 ^ ^ ^ mb i, 

Arabicaa 1W.S8 <177.78.: Robunas 156J8 J 'u M ., i5ee- ; 3 3B j4.lfrcd.2fl 1 3 4.?0 iflJ 

fULOfll: Daily average .64.® <lc»9ai. Ape-JiK-: saJM-ab-IU 99.4e-ae.4fr ab 40 aim jiH*."! 4 

lor DOM ARABICAS— Recovered some- Hv-sep. --B ZoJb.oU afl.flo-SfrSS 

what after early weaJaiesfi to ch»e up Da-Hfc.: -7 bh-67.80 se.on 


11. ninn I- I • rm * — Tn — Z J Jf,tr early weaJaiesfi to dose up ^-IW. -7 bb-57.8C se.UO 

Moromjr Gua m B9. torn momte ,0 3.60 lower on Uw day. Dre*el Burnham ■ ! I 

ww. S.3. 3, -J, 2. Li 13. 3. 34. rfooriPd. toprejr w nrmejwUlx * ~ 

Kerb: Three moqiha £803. J. Aliernoon: -fnan local trade sources Mhoiii sides of 541 M: ISO <423. lots of 15 lonoes. 


llnain.lri.i ' eUl 

Launeni ihleir' : ia9p 


. 31599 

Sd6b 


MEAT/ VEGETABLES . ,So56.- -r ioio S507 

SMiTHpiELO .ptOiCY pc, puuiH) ■— Beef : i 


Pi? H. 01 * 31 La. L75. IA the market- Physical closms p^ , l ^ e U tl, 5£. re, ^voicb killed sides da.U >u 330. Dialer Eeeda I . 

NOTICE IS HtffHY: GIVE N mat an Kerb: "ton * -motuhs £3«U ri*0. £39® j. Prices .in order buyer, seller, chanpe, •»., Ilf* .'?*■ March ** b<udquaners 61® tu B4.d. forequanera Lm(h» Mjjiil { -4Sa« +12.663985 --SSf .■ Wl '• ? V 

2lff% rV ha C w n at*tlie^eM5chic^SIS" OW- «A OBA . busuuasi— AorlJ l!82^«frS9. -3.69. 153.00- AprJ 4flp >48^,. gto ui « U: Eire lunouuaners i».8 lo 9..»«i«u .L‘.s,.....|-2B7.5: -3:0 S84l' » W afrjfl tS^XlM rii'lll ai ill -o‘ 

19,11 l"i5? XSSSmalSr n Tuj- ZIRC-Elrtnor,. After opening .shade •Mfc.June Ufr^BLN. -ML 1WL25-WJ15; CAV A RCA t\J Me* I ** «•« 1 ihil w jT slEidl 

area. 197ffT»t is.oo nour*. easier on Ihe pre-ourteiVforward metal Aas - lo4J!a-o3.M. - 1., a. MR: On. 144.50- uUl AutAn Iff t A L Veal: Dutch nj.ida awl eml< Dd.u io 9S.U. 1 . aa/MhUS.’* 1 ' JU,y Salrt - 

Uo?tJ 3« W flaff resmaHt “s !ip«Trd “rlM * 7u w’W^iwln^JWi '“o -y-.- i CoM-March Ivsin <is.;4ii.. Apr.i M3.» 

spssna— . >d»- ssinjsn. , sr& , t *a?vjr ar* iass.“«Ar- arirtr w-l:: • a " M “ iarvr^gf fir ssst at 


Cooper— March Se.'l*. . .Vi-.-tU 1 . April 5t!.5tt 
..'rti.sU'. .May 57.00. JuJ) 3 m»I. Skill. 59. UU. 
I Her. Iiv.nl' .Ian. Ul.Ov. March ul IHJ. Ma> 
I i'IW. July H.0U Sepi li’i.OII. Doc. 66 W, 
Jan 87 i« Sale-;- r.-ffli imp. 


Sarohatatraai 19a. Afnsiardam. on Tu«- ZIKC— frtrtnor. After ooening *' shade CriYA RFA \ MCA I 

oar. aisr Marca. 1978. at 15-00 nours. easier on (ho ore-mar kei, forward metal Aus. LMJJa-ea-M. -1.7a. 1»4 09: Oct. 144.50- OUJADCAiY IffCAL 

id^irSBr vSVXlrVR^ ^ Alrer the iniiuu weakne*. m: 

cw5 m orhefcre Tuesoav tdth March.. in » t ?^ 68 H 3 F jQ * cish nmeyiaJ. Short f4 b na»?J? M7 ‘^‘9n'”VS: fesunied Us upuard trend as p 

vtt * °"« of lM tottow,n9 OOverlns^AOd- -Trade tmeresi HWever. -S-32. on- nitami recent ru^lis. Laio proflt-ra,,,* 

tariear- _ PToW-wkUte: juuwf earlier sams and iho “»"«• Sal's: 82 '»> tout of lrjod kilos, jrirnrned some oi ihe and market 

to t, n , 1. 1 -fl. Co ♦*” to C? before recavernifi to r D ,iitc dosed CLTfra.oo higher. SKW Commodt- 

VJSSh^ieSfrTSpIBr Ctow ai^fl oo lb. Jam kert. Turnover UK4!J>> Ue9 reponed. * 

‘"JJSThSSw H.V- ■■■ , 1.1 ; ! : ZSOTE JSSTirt- ..jjnaw 

- SaronatatraK lia. _ 9 p, u.uj. • . + v , crop -whe al opr oed lap Usher and hn- ; ■— «* • — Uon * - 

Cop.cs of Ole Annual R«w« «n“ /.IVLT — Lonffl™ _ -pnwod a further Up to 20p on trade buy- 1 1 

SOT® A ar«-PS£ l 3ffl U^'Se — JT te6. In ^ahemuon ihejaarch posmon . . . •CtnTiiltiUr' ! 

!£*' beiarc Oil? M«^Q^»r« ,, 'aSStobto 3 ' T 7 (iT rose another 25p on short covenns but Apni..^ 1 ISJfl 14.0 ,8Jfl 1l6.7fl-t2J«t 

ttic Slices of "the aoovs: names. . i, >(1 ■ ■ • om.j +S_7fii £38 75 +L62 Hff ^aye d around ihe tunchOmc close fane— — -... 112.20-12-4 -f-XA6 142.904i9.80 

Be Orcor ot tbe Board. - affw.g tr” ’ "7 S .* x *** *”<!£ buynj* matdied by proSi- M2.60-12.8 * 8-86 liaje-tt 

HOULANDSE kqopmAhsbank n.v. J 5 *2 - 4 t««ne : and some shipper seUms. Old Ocu*ei 'lllJO-12.2 +2Jfl.li2.flfl.n 

« Management. > ‘ r- - •*»- 8 fd-fr - — — crop barley traded tbe day around us- U«amt»r....,ite.M-W.4 i- liatiOJJU.Ol 

Arnateroam. . . .-muTiewf. - _ I 1 . dwnsed esneneodn* a eooslsienr two- ( 110.10-15.0 + 1315 — 

6tn March. 197». Mnrnina- nn t'tf .k—„ — shtpper trade. New crops eased Aorli m ■ JM».i8.B +£>.« — 


63.0. forequarters JS.I 
Veal: Dutch funds 


SStOMM lo W9 season A..5 

HS.JSfSgtot- Port: Eosifsh. under IOC lbs sr.« 10 

i1tt>»ei-i »•■ + ■■ • nwiiiiu 44.0. 100-1-0 2>s 37.0 to 43.0. IJS-JM ibs 

. ■..««* : — I Unnr ^..o >o 42.0. 


4V.0. I moor led broaen: IU PL new • 

Season 45.5 io 44.0. HM mw season 44.5 h-. ‘ Am VIOO i £97.5 

IQ 4g,||, I 

Pnrt: Eosifsh. under IDO Ibs 37.* iq fru. » ifo ■ 5pm, : .-86.75 +0.2 1»4.25 

44.0. 100120 ibs 37.0 tn 43.0. I20J6O ibs >« inlei. ; 

Sv.O (o 42.0. fr«*l a '!« n* • d>* . £93.5 


-CuMi'.ttnt' ? 

ii5.5<n4.o ^.s^ri 15.70 - ujhi 


a2SS!L , ff!! , ^!f l Sif hlBi,# 47,0 10 -!;»« >88.5X1.075 ; M.lic-Mnrch ^bi-22s: .Mar. 

Australian Mi.O iu 4t>.i>. . »1»‘ 1744 - . B7.b JS 1.493.7 • iSB|i. July 2351-79:. frept. 234,-. 

HEAT COMMISSION— Average fautpek Wlw • -itnrc .. * ; March 244:. 


; 4U3.0W halo.. 

i CoM— March I'o-in US.; 4U>. April lja.-jo 

183173.3 1 1^4 bu *. Jlay HCffO. June IM0.«d, Ans, 

192.50. Oil. 1M.2U. Dec. 197.90, Vet*. 

.'£97.5 200.uH. .'Pril 2iti.6n. June 20d(W. Auh. 

•Jtfi.so. Of. iV.-Sfl. Dev 215.80. K-b. on- 
l £84.25 Quoted. Sales: s.Ooo Ion,. 

T I fLard— Chu-auo loose 23.dn i2j.00>. Xcvr 
. £93.5 j Yuri.- prune steam '-'5.00 traded >J4 50-. 
5i£l.»7i Maize— March 7fci-22s: < 2^ i ■ . Mar. 


THE C.C.S.T. 

V EEK LY MARKET REPORT 

free io Trading Clients, tills Report gives ruadarantal news, 
sfils future price movements.- and makes weekly option 
uuemJa lions. Aided by. seleeied charts, the leriinical ^tua- 
n cacti of the major London Markets Is also M you 

I like- free copies of- the next two issues of. the Report 
trims 01-480 '6841. or write. to: 

ICSX Commodities Ltd 

inyham House. 35 Seething Lane, London BC3N 4AH 


iS COCOA BOTTOMED ? 

' te rally in Cocoa the start of a major reversal, or is it 

technical?. 1 ....-.. ■ ■ - 

charts .and eomm.ems '(£K per annum for subscribers 
he U-k. for the weekly charts: £118 for weekly *>“d 
ihly plus long lerin history) will help you xieeide. 

I for details to: 

— n 

nT)0N COMMODITY CHARTS J 


; jfiJ. 3. 3KS. ’ Mtamodd: Three monihs iLur at 
£ 250.5. 59. Kart: Three montia £258. 39. . 


- uenu per pouna - ,»Ou uroTtous jVaMaidar'aj «■ m fYoaenlay 
UDOUCUU dose. ZSM Par BtCUL M’ntii ,.-.mae. | — j. 


SUGAR 


HIM Wu per «m.. a'verase BL5o Nwmittl. v Unnamed leiifir's uuni a ff. f - A*; 

1-0.1*. Scotlaad — CORle up 13 1 per real.. "°?- r Cents a on., «i e K»-lan» T4>mi n n. - -,nn lo |. aid iJjman* 

fivpra^p. is'Hin r-niur choon ri HiH rj ton) • ’ « i/*k '• j0P ,0 ^’ _ Haoa> anu Herman hPOt 


mtoy • u LONDON OAILT PRIC6 for raw squr &verue ' 63 ‘ 200 Sbeep dotn* Q Ji n WMi KPDl 

n»A» ’ _ flrt4 no i pm mi a rnnno rtf fm* UTa rrh 14-1 P*r CCOt.. n TtT33C 2p ApnJ. P ApnKJUDC. w March -May. ® 

3 -Ur SsrsJSr & “ T ftSSST&BK* ¥ 


83.60 i+Q, 85: 71,15 I + 0X was ffxed at flti.DO iMfoe). - (+®-' 1 - 

W.40 j+0.a; 73.00 j-O.te Renewed reports ihat India would WLC : . Average Moefc pnew « ftfr 

8S.85 i-o^s 77.50 p-0^5 shonly after whiles, produced a weak lrten > at1vf ■«**»», for w «k cwhn* 

84.60 r -v4fr 79.06- — 0.10 opemus when prirrs were some 250 March A G* rattle £4.i5p per kp i w. 

87.10 *- ;JU* U ZJ2D — Q.S0 paints behra oc^wocfc-end levels. Coro- U.K. sneep per ks.j-st. 

E TI,~r7. “fiMou Boose fit op- loss UomdaDofi was d-C-w- i-UJ;: GB rfwcs fll.ep iprr feg 1 w. 


ct , wxr,,* H*>- 88^0 ;+O.B: 71.15 l+0j was MaTnis.n iwroe). • f+9-7'. 

SlLyjER- Ui? 86.40 j+0.a; 73.00 M>.fl6 Renewed reports ihat India h-ould ”irF : H Dnw fc * “»► 

«... u U1 _* 82 *6 ^ — 0.25 77.50 ~ C^5 alranly offer whiles, produced a weak icwmartve nurkets for week ending 

Silver was toad fl.35g. ai OUBCe Sifter her. B4.60 r -v^SJ 79.96- —0.10 openutg when pnccs were some 259 March A GB rattle £4.i5p per kg i w. 

for spnl dclfrery Is the Loa^oii builtoo • j*,,. 87.10 I— sJSH aa^o — q.sq paints bektw oK-waclc-cnd lei/els. Coro- * — ®-33*e U.K. sneep iXLto per ks.t-ai. 

at ISS.8P. U.S. «ni — j— mteioii Boose WOP-lcss llqmdatiDfi was ff-f- 1 '- ■ — 8-6 > : GB^Mgs SI.Sp prr kg 1 or. 

HWBTBJWM Of . Jhc fixing kfeb am: EtonaM dcae: Wheat-March 83fi68S.<3. louched a« toier whenfdrSff tosses " <-0 5L EwtlkBd and WMra-otrle 

*9®* 60Wo. Me; rtroe-niomb j^:. Mar b.3»^.40. s*pr. 82^5 Nov, frLbfr . around 135 pomis were recorded. CTmns numbers Bp 66 per cent., average pnee 

dOWP 0.5Ct- Slg.fponlh Slf.flv anchaosed: 64.W. Jan. |7Jo. ggiet; 111 lott. Barley: the alremoon. hpwvrer. New York qooia- 64.33p i-l 71 ■: Sheep up * S w?r cent.. 

^Bd.tt -mnnih fiySc^down 0-^fr . Starch ti lfr-n.i.0, Scpl Tions md not follow ihr (tin extent of average WSo Pigs un s.t 

J “' £i ' 4 *‘ and market recovered cent average fll.4p <-8.7i Seodand- 

and cloaa xi 258fr2a!» foSI-oCic'. . « S Sxtos^WlMA . lo Opemng levels. C. Camlkow reported. Csn,e up ner cenL. average £3.40p 

r~ ' ~ ' ■ — ! : >.°, 1 131 -rr— i-B.05i: sheep up is.8 »?r cent., average 

, ''“[*»!- + - «-«x. U « SUS SSSSRTF5-«SftS5 w-r- 1 !-«— “» Kr 

- per J;.- fixing — — S.49, Aprjj fl] Jfl transhipment East Coast. .': nma, 'l ' Uo * e (toon covent garden ipnces IP sterling 

<«.s ,Jt 1; ■ prwwu ! . | - U.fr ^ jwinter ordtoary. Vesi ada 'imin. f I ^ unless Stated f-ImporS 

. , . . . _ r~ fijq. fr SW SW area. NSW Prune Hard. I produce: Oranges — spania: Nnvds 3.5D- 


-ilLV hiH [ 8u‘Huu + or 
.- per ti.HxMig . — 

Irtrt -jc. j. . pnrTBU ! 


FINANCIAL TIMES 

- Mxf S ^ a TT 3~ uTrtTTn , ,, j \- 5*1 , . " 

850.17 328.66 1 4Z8 84 ,~287.34~ 
(Base: Inlv i iM2=tobf 

REUTER’S 

Alar. 6 • Alar. 3\U>ni<i> 75 1 V(*T^T 

1384.6 Il3b6.a ■ 1399.8 i 170 8,1 
rliwe: Sepwmber. 18 1931-IB0) ” 


DOW JONES 


VKrtf i Mar. ; Alar. 


Mum If) leu 


58 353.82.348 86436 68, ■ «o; Mar rh 2SSI 
SHI “r.^ 2 jjjj -Q7ffag.664a7.fa6 j ~ WINNIPEG. March B. <’ Rye— MAY 
(Average »*4-2fr&=lMi i llHl.59 iIOS.Wl bid.. July ifliM asked 

| M86J0 hull. Oct. 10T30 bid. .Not. 106 im. 

MOOD? S I -oats— May 79.00 . 177.20 hull. July 

“ f MerTu«r - l«.mii»-i— ‘ I 75 * n t,w '” 4 ^ bw> - °vt. 74.40 bid. 

N«»iv-. * 6 f ■ W). }\ -^Barley-May 7I..50 bid |7?.10 bid-. July 

i ; ■ __l Jl bid (77.00 bidi. 0«. 77 jp bid. Dec. 

| ,9 S,»i«*d-May 223 50 ,222.00 b,dL 
(Uewnher 31. 10»1 = 1WI) j c ir 227.00 asked ,524'.i0 btdi, Oct. 2S2.?0 

— — - - — "Wheat— SOnts 177.3 per cChL protein 

. i-oniem cif St. Lawrence 153.23 'ana vail- 

* , • 
COTTOK, Uvemaol— Saor and shnun™, A» wn . tg P« DOU " d cxrtrarehouse 


1 1 622. Sept. 602. \ov. Sllj^^Sfai. Jan. 6U1- 
1 SUB. MjitIi BID. 

■ <;Soyabcan Meal— March 160-50 . 

! May l62.7D.io: jq < 102 Jfl-. JolA' ldj.Dfr . 
; 105JO AUpaq 163.00 103.30. Sept. 162.00 
Jir.'.afl, Oct. 15S.aO-150.PV. Dn.- MO JO-181. pO, 
Jon. 101 jfr 162. on. March 164 JO-lni.08. . ‘ 
Soyabean Oil— March 24 30-24.2> •SS.SSli*. 

XI ST r. fin 2*75 123 501. July T.L46«J». . 
AUg. n.0iVi.O5. Si-or. 22.20. Ori V.45. . 

Vm 21 20-21. JO. Jah. 51.03-21. 10. March . 

2i.ns.ri. to. 

, Sugar— Xu. II: May 6.47-S.ij iSaoi. 

; lulv S^2-SJJ3 iSJS - '. Sept 9 9&-B.D9, Del. . 

; 9.22-9.25. Jan. 8^0-9.S3. March 9.05-9JS, 

I May ia.r&-10.1S. July lO-TMO.'Jj. Sales- 
j 5.3DU 1015. 

| Tin — 544.00-300,00 asked iS52.00-a5.00 

I poked'. 

•Wheat— March 270 <265* ,. Alai- 27/1 
,27! i. Jaly 371-2711. Sepi. 273-2751. Dee. 


OUK&~‘ UtaMr’cZ' * ?5 “ *5^ UZKlcD; . 0d - 2fr55.BO 129 7S «L 00 MLMLSfiiS Crapefndt-Ctrpnis: 15 klloe 2 ! 40-2.60. ^0 

iRIfaSYBAi BtSStf-iJUf- ISK 


- r <Jssr, 

ajrsV^r Thrte B - “k Kfl-OO. he S«U«as Tate and Lyte ot-wfuenr -onse rov 5 .*aww. Catogwv it Cubtrn 

*•*' ■ a -‘* ■ STS to- sranuLiied basis whlit «ug«r was £242.40 Delicious Category I 5 0u-5£6: 30-lb 

• -...... • - • - U-K- monetary coeflSetem for week from IM ®' * loan* for home trade and £10 Golden n* Boons Categorj' I 04 3.W-2J6. 

rnf f)A Starch 13 is expected io increase in 1.352], ,fln ' fW «P0ri, 72 -J.Sfr3.2H. Caiesjury U sM 2.0O-2.10. 75 

VVV>v/rc HGCA— i Average ex, farm yam pneep inuroadonal Sosv hpreomfot— indica- j 3U-2.46: 72-10 Red Delicious 2.00. Stark 


(Average MmSSSsibSi 

MOODY'S 

[ Mm-.| AlSrT|M.wiii-i.B,. 

} 6 j 3 

f*'" 689.8901.2' 896 6 ^IL 5 

(Drcemher 3L 1031 = TOO) 


lugoa 77 ^ r.tr j- a cT 

' . — ■ j ' u.. Tonnage 9.40. .Feed bariuy — S.E, Tu.io, in brackets, waits: V» 20 lumei Ap«r- Pnmo on Bcetroot—Fcr J3-Ih non 0l *ds in a variety of Aroerfoan-iype °^ r j ** lb v--P ^m of Ap. tnlres pre- 

NaaC’ntr’ti ‘ h. ■ Enf 7DJ9. E. Atidlauds 5?3i TtV. hiJi Srte-Per OaM « OnloSi- "'f®- BoUl Eastern and Africa v1o V s dal '- £«» » ST btil* 

Miircb -;18»J-B>.fl .+106-0 10 70.fr 1^6 lands 69.80, ,\i TtUH. X-W. »3S, 8c«-. .. __2__ Per 56-lb U.80-1.S8. Swedes— Per baa. ®“|I He *WOTtdBd 'he bulk nf the demand. ,w S,fcSS' iS'J** b ?^. r ’ 1 «*“- 


1 >141 .... 'tMb.fr 81^ M-E7.B0 1&30.C-1S66 in .Berwick 

— — — ■ MARX LANS— Finn market dui 

1 sales 7.50 U.S5fl> Ms '-or 10 tonnes. - . of f»nn offers. ' Xonsnal vatsra- 


pouno Mrs B.i3-o_. oramiey-A v u-u.u. — n—™— dellvcml VV r p_„,« 

t Spartans 0 1?. Poai*-Per Pound. Con- * ft?,! Z? MVwSXni/- ET. 

■ ferenw MMll Cornice O.lfrOja Lordon PALM OiL-Close: Merch SSraTto ^ a rtwTron f 0 'r hulk 


> i-I’lj' i jli i'aw' 'jm'.'.V - '' 1 iPtoraalloBil Caoi oraanlsaUu iG-S.' wheat delivered LoodCfl area, 




STOCK EXCHANGE REPORT 



Bear squeeze after hours puts equity 

Index up 6.6 to 442.8 for biggest rise for eight weeks 



Account Dealing Dates 
Option 

.•First Declare- Last Account 
Dealings tions Dealings Day 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
JFeb.27 Mar. 9 Mar. 10 Mar. 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 

. * " New tune dealing* may take place 
(Tom I JO a.m. two business dam earlier. 

Slock markets were featured 
yesterday by the development in 
tiie inter-office business of a 
bear squeeze which boosted the 
FT industrial ordinary share index 
by five points after the 3 p.m. 
calculation. The dose was 442.8, 

Snd yesterday’s overall gain of 6.6 
was the hugest single-day rise for 
nearly eight weeks. The closing ' . _ 

Index represented a turnround of BflQKS tlTTn 
7.9 from the first. 10 a.m. calcula- 
tion when it was 1.3 off. 

' Depressing week-end Press 
comment bad led jobbers to open 
prices cautiously lower, but little 
Mock came on offer and prices 
were subsequently raised in an 
unsuccessful effort to promote 
trade. Official markings of 4,177 
were the lowest since mid- 
December and compared with 
4JJ74 last Friday and 5,942 a week 
ago. 


Exchequer 8} per cent 1983 which 
remained slightly above the issue 
price of 96$; closing losses were 
minimal, however, and the only 
cause for despondency was the 
poor level of trade. Scattered 
changes in Corporations were 
usually small, while Southern 
Rhodesian bonds marked time 
after Friday’s upturn on the 
signing of the majority rule pact 

Interest In investment currency 
fell well short of last week's daily 
average and the premium moved 
marginally throughout to close a 
net i harder at 84$ per cent 
Yesterday's SE conversion factor 
was 0.7289 (0.7285).. 


12 per cent and could be con- 
templating a full-scale offer 
helped Fairdougfa Construction 
put on- 2 to 62p. Interest was also 
shown m Royco, including a fair 
amount of option activity and 
the close was 2$ higher at $3p. 

A few pence firmer in front of 
the results, Fisons improved 
further to touch 366p in response 
to the annual profits performance 
but fell away late to dose 3 
easier on the day at 357p. Else- 
where in Chemicals. IQ moved 
up after-hours to settle 4 better 
at 335p- Blagden and Noakes 


Brown ended 2 dearer at 274p 
after having been lower at 269p 
for most of the day. Elsewhere, 
RCF moved up 4 to 40p in 
response to favourable week-end 
Press attention and GM filth 
improved similarly to 2Bp on 
news of the sale and leaseback 
of one of its properties. Victor 
Products, 2 dearer at 94p. reflec- 
ted satisfaction with the interim 
results, while other bright spots 
induded Desoutter, H9p, and 
Peter Brotherhood, I25p. both up 
3. On the other hand, British 
Northrop met with sporadic offer- 


Gilt-edged also traded quietly, 
but long-dated stocks ended with 
- gains extending to } in a very 
thin business while the shorts 
were held in check by the tap 
stock. The Government securi- 
ties index had its best rise for 
seven days at 74.80. up 0.34. 

Sentiment was helped to an 
extent by the further fall in the 
cost of industry's raw materials 
shown in the latest wholesale 
price indices, but the late rise in 
equities owed more to technical 
factors with stock in very short 
supply even at the higher levels. 
The overall tone failed to improve 
markedly as seen in the ll-to-10 
falls to rises ratio In all FT-quoted 
equities, while the FT-Actuaries 
All-share index improved only 
marginally to 192.91. 

Longer funds up 

.Still encouraged by the latest 
Public Sector Borrowing Require- 
ment, quotations for longer-dated 
gill-cdgod firmed at the outset 
and moved appreciably better 
after the announcement of 
February's Wholesale Prices 
indices. Final gains extended to 
£ but it w-as pointed out that they 
had occurred in a continuing 
small volume of business and a 
resultantly thin market. However, 
the fact that sellers were not 
motivated by the enhanced prices 
instilled some confidence and the 
tap Exchequer 10$ per cent 1995 
■tose to within a point of the com- 
parable level at which the 
Government broker was last 
operative. The shorts meanwhile 
were unable to make progress. 
being restricted still by the 
presence of the new tap 


Home banks settled with gains 
ranging to 8. Barclays and Lloyds 
ended that much dearer at 310p 
and 250p respectively, while 
Midland Improved 3 to 33Sp as 
did NatWest to 268p. Discounts 
were quietly firm with Union 
recovering from 385p to finish 5 
harder on the day at 405p. Still 
reflecting investment comment, 
Hambros added 3 more at 163p 
tn merchant banks where Keyser 
Ullmann put. on 2 to 39p. 
Provident Financial, among hire 
purchases, edged forward a penny 
to 8fin in front or to-day's annual 
results. 

Following a late technical rally. 
San Alliance, , 516p, and Royals. 
3fi“p. both closed 5 better, while 
Phoenix gained 4 to 244p. News 
lhat the group, is to increase 
motor premium charges by 14 per 
cent, from April 1 had little effect 
on Guardian Royal Exchange, 
which were a penny dearer at 

218p. 

Having been marked down 
Initially following a bearish week- 
end Press, breweries staged a 
good recovery and closed firmly. 
Allied were finally the turn 
harder at 8l$p, after 80p, while 
A. Guinness. 157p. after 154 ip. and 
Bass Cbarrlngton. 141 p, after 
14flp, both closed without altera- 
tion. Elsewhere. Distillers 
hardened 2 to 166p. 

The Institute of Marketing's 
depressing forecast or sluggish 
construction output over the 
next decade restrained business 
In buildings and prices initially 
drifted lower. However, a la re 
raliv on technical influences left 
a mixed showing at the close. 
John Laing A cheapened 5 to 
123 p. after 121p. while Ahertbaw 
Cement gave up 4 at 13Sp sod 
Tunnel B 3 at 225p. after 222p. 
John Mowletn declined 3 to 112p 
and Tilbury Contracting were a 
like amount lower at 233p, but AP 
Cement picked up late to finish 
3 up on the day at 228p and 
Taylor Woodrow and Richard Cos- 
tain were both 4 dearer at 352p 
and 240p respectively. A Press 
report that a Saudi Arabian con- 
cern had built up a stake of over 


no 



JTJN JTTL ADO SEP OCT NOT DEC JAN FEB M 


edged forward 2 to 2l2p in front 
of to-day's preliminary results. 

Easier initially at 240p, GEC 
edged forward to dose 5 higher 
on balance at 246p. Other electri- 
cal leaders followed a similar 
pattern, with EMI reacting to 142p 
before recovering to settle at I46p 
for a net rise of 2. Secondary 
issues presented a mixed appear- 
ance. Decca firmed 5 to 395p and 
Racal were similarly better at 
2QSp, while Westingfaouse, 4dp, 
and Kode, 79p, improved 2 apiece. 
By way of contrast. Pffco came on 
offer and fell 8 to 86p. Sound 
Diffusion eased 2 to S4p and Ward 
and Goldstone were similarly 
cheaper at 86p, while BSR lost the 
turn to 90p ahead of to-day's 
annual results. Red illusion held 
at 93p fo lowing news that Philips 
Electronics had purchased a 
stake of around 6 per cent, in the 
company. 

Leading Stores staged a late 
technical improvement and dosed 
at the day’s best. Marks and 
Spencer, 14Ip, and UDS, S6p. 
ended 3 higher, while Gussies "A" 
hardened 2 to 260p as did House 
of Fraser to 123p. Elsewhere, 
Selin court, at 22$p, recorded a 
Press-Inspired gain of 1$. Free- 
mans revived 6 to 254p. 

Engineerings took a modest 
turn for the better in the late 
trading. Hawker 'and Tubes both 
finished 4 to the good at I74p and 
374p respectively, while John 


ings and gave up 4 to S6p along, 
with Ductile Steels, which reacted 
a similar amount to llOp. Staveley 
eased 3 to 2l4p and falls of 2 
were sustained by Clayton Son, 
6Jp. Rotorfc, i04p, and Averys, 
I4Sp. Among Shipbuilders, Vosper 
held at I55p despite a report that 
the company had lost a major 
order from Kuwait for a number 
of fast motor patrol boats. 

Awaiting to-day's preliminary 
figures, J. Bibby moved up 5 to 
191 p in Foods: Rows tree Mackin- 
tosh revived with a jump of 10- 
to 357p, while more modest rises 
were seen in Llnfood. I47p, and 
B. Matthews, 127p. Following the 
announcement that Tesco has 
decided to stop buying bread 
from Spillers and concentrate pur. 
chases on Associated British Foods 
and Ranks Hovis McDougall, 
Spillers closed without altera- 
tion at 27Jp. RHA! held at 
40p. while AJS. Foods finished ■ a 
penny harder at 54p. Companies 
with tea interests shrugged aside 
recent nervousness caused by 
the prospect of enforced price 
cuts and dosed - firmly. J. Lyons 
edged forward 2 to 91p, while 
Brooke Bond. 44p, and Cadbury 
Schweppes, 48$p. were both 
marginally harder. In Super- 
markets. William Morrison, at 
I73p, regained last Friday’s fall 
of 3 which followed news of the 
proposed purchase of Whelans 
Discount Stores. 


G^and Metropolitan were, good 
late at 93p, up 4, helped by an 
investment recommendation. Lad- 
broke continued firmly, rising 7 
to 172p for a two-day gain of 10, 
while Queens Moat Houses 
mirrored trading flea's with a 
fractional improvement to 22p. 

Wul Press suspended 

Owing to the late technical 
rally, the miscellaneous industrial 

leaden dosed at the day’s best 
Glaxo, which bad earlier fallen to 
51 Dp on adverse comment, picked 
up to end the day 3 harder on 
balance at 523p. Rank Organisa- 
tion put on 8 at 234p and Boots 

were € better at Ifitp. Turner 
and Newall, a dull market of late 
m front of. and after, last week's 
disappointing results, picked up 4 
to 185p, while Beeenam were a 
similar amount harder at 5S7p; 
the latter announced yesterday 
that its UJC. Pharmaceutical divi- 
sion is to invest £4lm. in its 
Worthing. Crawley and Irvine 
factories. Reed International 
advanced 3 to 113p but Unilever, 
with results due to-day. closed 
unaltered at 482p, after 478p. Else- 
where, ■ .renewed . speculative 
support prompted gains of 5 and 
6 respectively in Pauls and 
Whites. 114p, and Avon Rubber, 
180p, white Alpine Holdings. 42 P, 
and Campari, 103p. were both 
marked up a penny in reply to 
Press comment. Robert McBride 
rose 15 to 335p In a thin market 
and Cosalt firmed 4 to 66p. 
Nervously sold down to 15p on 
early reports that the Fraud Squad 
and Inland Revenue inspectors had 
raided the company’s head office, 
WITH am Press were standing at 
17p, 6 off the pre-week-end level 
when dealings were suspended at 
the company’s request pending an 
investigation into the company’s 
affairs. Parker Knoll A declined 
4 to 104p In reaction to the first- 
half profits setback, while the 
termination of a speculative 
position left Gripperods 5 lower 
at 44p. . 

Motors and distributors re- 
mained. neglected. Lucas In- 
dustries, which reported interim 
figures on March 31 last year, 
improved late to close 4 better at 
246p. Alexanders were also better 
at 171 p. up li. following week- 
end Press comment. British Ley- 
land. however, eased 2 to 20p 
despite the company’s statement 
that an increasing worldwide de- 
mand for Us buses has resulted 
in a record order book worth 
1143 m. 

On offer throughout last week 
following comment downgrading 
potential North Sea oil revenue, 
Thomson rallied .6* to 163p, while 
Daily Mail A, 26Sp. and 
Associated. 134p. moved up 8 and' 
2 in sympathy. Elsewhere. Saatehi 
gained 2 to lQOp in response to 
Press comment. 


Occasional buying inteiest was 
seen -in the property- leaders. 
Land Securities edged up 2 to 
2Q5p and MEPC a. similar amount 
to U Bp, while English were a 
penny firmer at 35$p. Secondary 
issues, however, showed . nb. de- 
cided trend. Bellway Holdings 
encountered further speculative 
demand and put on 3 more al 
60p, with the Capital shares the 
same dearer at 59p, hat advene 
Press, mention ahead of Thors- 
day's results uosettlx) Peachey, 
down a penny at rf9p. after ffSp. 
Church bury finned 4 to. 247p, 
while buyers showed interest .in 
British Land, which gained l$-to 
33p. 


Oils qniet 


The ofi leaders made further 
slight progress despite the con- 
tinuing . paucity of business. 
British Petroleum picked up a 
few pence more to 726p. while 
Shell edged up 3 to 493p» the 


FINANCIAL TIMES STOCK INDICE! 



"m^t 

6 

Mm. 

1, 3 

GtmmniCTL6sefi- 

74.00 

74,461 

ftmd Interest 

777T 

77.17, 

tndd«trHi Ordinary.... 

448.fi 

43&2j 

Gobi SI in ex 

163.2 

163.9 


6.10 

6.17: 

LammgiVlil® ifuilK*’ 

1753 

1S.3SJ 

P/H Ratio uweirtl 

7.831 

7.64| 

Ueaiingamarkert — 

4.177 

4.374 

Rquity turnover 6 b... 


57.77 



Equity r*rpali»T<«»l_! _ _ 

l«~Lm. &LI. 11 uL 4WA Noon 4*1 

3 BJ1L 4S8A » P-m. 4ST.S. 
Latest Index tU-3» 882*. 

* Bawd on SC per cent, corporation tw. 
180 Govt. Sets. U/tRQft. Fixed lOL IMS. 
Miites SB 'Activity July-Due. 1943. 


18345! llA9a 13.6Ua 

1 pm. «si 


HIGHS AND LOWS 


♦NIJ=7.T7. 

Luil. Ord. L7'3L. 


s.e. Acnvr 



. 19W'7ci 

sStBT. CunipiiNti'in 


Ulgb | Uiw 

Blglr 

Ltrt* 

liort ace*-. 

■79J»a 

(dOiDl 

60.49 

Oil): 

UV4 

49.19 

mWliA 

Fixed Int — 

81JJ7 

CMViUl 

60.49 

<«'l] 

150.4 

{2WIWTI 

01X53 

(drlitej 

ImLOrd 

649-2 

397.0 

02 .1) 

9493 

tl49/77f 

49.4 

{£6(1n4(A 

GoW Mines. 

174.9 
f IttalOs 

95.1 

<l.3l 

442.3 1 436 



list. 

d 

— 

' 

Ulll-&l£Y<l... 

157.Q 

luuu’iriex.... 

135.1 

SpwuWUc... 

36.1 

lutale H 

95.1 

Ar’ia^e 


Gllt-L<>i(eii ... 

160.9 

llhlualrteh- 

146.7 

SpCLU'XtlvT.^J 

4X5 

Tom 

UU.fi 


due to-day. eased 2 to Slip;* 
London-regisetred Fi _ 
were undisturbed as were 
sums and Coppers. Modest's 
taking following the gig 
the internal settlement : 


__ index to harden another 0.3 to 

latter ahead of Thursday’s annual 163.2 — its highest level since mid- 
results. little of interest occurred October last year, 
elsewhere in the sector. Heavyweights closed showL 

Publicity given to the . results improvements of up to a 

reported last week by Its point as in Randlontein, at a - . . . 

Sheffield-based steel subsidiary 1977-78 peak of £35, while others caused mamnartfalls m 
Dunford and Elliott failed- to to register new highs included .|™ . M? 

unsettle Lourho. which dosed a Free State Geduld, | firmer at ch eape r at 45p 2nd 
penny harder at 70p. . £16 and Western Holdings, $ 

harder at £18. ' both a penny easier at 

London Australia Investment naruer S9p respectively, 

came to the fore -in -investment Among the medium-priced , . ... _ . _. ■ 

trusts, rising 9 to a 1977-78 -peak issues profit-taking left Buff els ln Australians, Co name SJa& 

or 124 p on news that a bid of 20 down at S9Sp and SL Helena a J v ' ero ir < ^; tstan I d ,lS“ , wllh 
3AL57 cash per share -from similar amount off at 778p. 

to “GO. commenced 

^F l Ser te sSaotiS^SabSr uranium production at the end markets. Pancontinental drops 

^ASSSS^St *82 g is* 25 more t0 ” 

where. Negtt SA were marked up Jf lL tolfhisrh 71118 were -east 

45 to a 1977-78 peak of 750p on r0se “ e same t0 a Malayan Tin gave up 5 ttLJKp 

overseas advices. In Financials, OI IJWp ' front of to-day's interim flrij 

Smith Bros, remained -at 55p South African Financials while Southern Malayan fej ja 

following news that the proposed generally drifted on lack of same amount to 245p. - - — 

merger with Blsgood Bishop had interest. Exceptions, however, F ww-hf‘r»> ' ih« 
been called off. Dealings in were Union Corporation. 5 to the J™®} ^ -JSTSLS 

Edinburgh and General Invest- C ood at 2S0p and UC Investments, 
ments were suspended at 23p at 3 better at 225p. both coming in a . further 
the company's request pending for Cape support. Union Corpora- Hon to a 1 i °"' ,s 1 , . 

*■- - - tion’s 1977 results are expected Canadian influences left N» 

to-raorrow. De Beers, with results sate 7 lower at 24ap. 


Sltare Information Service vaterriav 
attained new Highs and bows lor 1 977-78 

NEW HIGHS (15) 

ENGINEERING <3> 

VIC LOT ProflUCtS 


details of a reorganisation.' 

Shippings had a firmer Inclina- 
tion, Ocean Transport hardening 
2 to 126p, wb lie P. and O. 

Deferred. 97p, and Furness Withy, 

24Sp, put on a penny apiece. 

Press comment on the implica- 
tions of any Budget increase ’ ln 
excise duty For cigarettes felled Brolhcrhood 1P.? 

to deter Tobaccos, which edged Tace ... 

higher. Imps finished a shade 8o , lwav property n» 
better at 64p and BAT .Industries „ 

Deferred S harder at 250p. Sclwre 1 

Lon. AusL Imr. Ncro<t SA. 

_ , , _ RUBBERS <21 

Subdued Mines 

..... . . . Ranotonbotn Estatos F. S. Geduld 

It was a subdued day In mining ergo viMkom 

markets and in gold shares par Grootvl * , 
ticularly.' Despite the', relative 
strength’ of the bullion price, chmitr 
which rose 31 to 318L875 per - 
ounce, interest in Golds-reinained ,IKO 
at a low level although scattered streewm 
buying enabled the Gold Mines Lennons Grow 


NEW HIGHS AND LOWS FOR 

The following securities ouoteO In the 


Coibv Mines 
Northgate 


MINES I Si 

-Tara Exoloratloo 


TEXTILES (1) 
TRUSTS 1 21 


Rises and Fall 
yesterday 


Western Holdings 

NEW LOWS (8) 

AMERICANS 111 
CANADIANS HI 


BUILDINGS 12) 
Tarmac 
FOODS m 


British Foods 
Corpus^ Dorn, md 
Foreign Beads .... 
Industrials ... 
Financial and Prop. 

Oils — - 

Plantations 

Mines — - — 

Recent Is 

Totals ..... 


U 

2M 


Oewnjji 
13 . 

-1 

9 T 

mu 
» 12 1 

1 S.d 

25 « . ’ 

2 2 1 


APPOINTMENTS 


Financial Director 


for an expanding engineering company in the South, of England 
which is backed by the resources of a major public group. Turnover 
is around .£ lorn with, a subscandal export content. 

• responsibility is to the managing director for all accounting, 
financial and data process matters in the business, with ail emphasis 
on managing change and development. 

• tiic requirement is for a Chartered Accountant well versed in 
modem bit; company management and financial accounting 
methods, and with die capacity to contribute to the policy making 
process. 

• ?RCFmRnn age : under 45. Salary! negotiable to £11,500 with. good 
additional benches. 

Write in complete confidence 
to Dr. R- F- Tucketc as adviser to the company. 


TYZACK & PARTNERS LTD 

lO HALLAM STRUTT LONDON WIN t>DJ 


12 CHARLOTTE SQUARE 


and 


EDINBURGH £H2 4DN 


Young Part Qualified 

A33i 3TA»MT 
ACCOUNTANT 

4 shillfnr? id sirctch rour intclleec 
m produ^in, lophts tinned monthly 
j:,OunB j' n^u’tnil tompiny nev 
Slough. To CS.OOO pj. 

Please Hear All On 
01-499 9441 

DON’T SPEAK JUST LISTEN 


LEGAL NOTICES 


LEGAL 

NOTICES 


IN THE MATTEA Oh 

CAY FEME SLtbnlTiu LIMITED 
ana 

IN THE MATTER OF 
THE (.OMmitlb ACT 1948 
NOT I Lb IS HEREBY GIVEN Mat Me 
creaiurt el tne aDava-namea Campanr- 
Khich Is being voluntarily *ovM “>»• •* 
rcqu.reo. on or neiore llw jlst_oa*. of 
Mircn 1978. to send in tteir tub Christian 
■no surnames. I heir a do rases and ins- 
criptions- lull carticDlan oi thdr duHs 
or claims, and Uic names and addresses 
of Uieir Solicitors til any), to the ujwer- 
slanco Mr, D. A. J. Draper. FX-A- W 
Klosons. Columbia House. 69. Aldvrrch. 
London WC2B 4DY. the LiouWatar ol 
the said ComBany. and. it so requireo tnr 
. mkicc In writing from Hie, said Lqdioator. 
arc. dertonallv or bv their solicitors to 
como in and orove tlwlr dutns or claim* 
at such time and oiue as snail be soeci ir-i 
In inch nonce, or in default thereat they 
will be excluded Iron, the benefit oi any 
distribution made before such debts are 

°T5 atED this Z3nj day ot February. 1 978. 

N.B.— Thh Notice is ourely Igmal. 
-known crealton have been, or will he 

P * W ln f0ll b. A. J. DRAPER. Liquidator. 


IN THE MATTER OF 
BRANDY SECURITIES LIMITED 
and 

IN THE MATTER OF^ 

I THE COMPANIES ACT 19dS 

NOTILE IS HEREBY GIVEN that the 
crei>i:or» of the aoov^-named Comnan* 
wn.cii is bcimj ,oluntarily wound up. arc 
renutren. on cr oe ore tno 3 1st oar oi 
Mjrcn 1978. to send In their lull Chrdrian 
ana «u-namos. their addresses and des- 
criptians. lull particulars ol their debts 
or claims, and the names am) addresses 
ol their Solicitors <l» any), to the under- 
sioiwd Mr. D. A. J. Draper. F£A or 
Kidsans. Columbia muse. 69. Aidwvch. 
London WC2B 4DY. the Uouloator of 
the said Company, and. H so required bv 
notke In writing (ram the said Louloator. 
arc. personally or bv their Solicitors, to 
come in and prove their debts or claims 
at such time and place as shall be speeded 
In such notice, or In default thereof, they 
will be excluded from the benefit of any 
distribution made before seen debts are 
oravetf. 

DATED this 33rd day Ol February. T97B. 

N.B. — This Notice a purely formal. All 
known creditors have been, or wfl< bo. 
oaid In full. 

D. A. J. DRAPER. Liquidator 


THE COMPANIES ACTS 1948 TO 1978 
„ ■ NOTICE TO CREDITORS _ 

C. R. DAWES A COMPANY LIMITED 
•In Member? voluntary Wincing Uni 
NOTICE IS HEREBY GIVEN that the 
creditors el the aba*e-namn> company 
arc required an or before the twenty- 
ninth day ol March. 1978. to send their 
names and aodresses. with particulars ot 
their debts or claims, to the undersigned. 
Edward Raymond Jevncs ol Price Water- 
House * CO.. 169. Edmund 5treet. Birm- 
ingham 83 2JB. the Liquidator ol the 
Company: and if so requires bv notice 
In writing from the said l .on I da tor either 
personally or bv their Solicitors » came 
in anr prove mrr debts or claims at 
such t'me end place » shall be specific 
In such notice and in default thereof, 
they will be excluded tram the bene f it 
of anv distribution mode betoro such 
uebts are proven. 

DATED thw Ih'rd esv of March. 1978- 
,. nT E. R. JEYNES. Liquidator- 

NOTE: 

This notice Is purely lormal. All known 
creators have boon or will be paid In 
lull. 


m— HARROGATE — a 

©liBroaitliofel 

B SIXAIN'S HOST DISTISGUISHES 
COKFESENCE HOTEL 
a a Conferonee Secretary „ 

Tel: HARROGATE 504051 
fSSRMws IZHM* 3 «, wan Sahas 

Plounr Cvatarxati 3PI A 4 Prhwtt Sevwa s 7S 

Baassai Hildas 30B ir flsdtet BfifiOttan 
3 IMMHB9 11 a.w. tall par. 

. TELEX 57322 OLDS WAN HARO GAT _ 
WMOna of Britain's PRESTIGE HOTELS^ 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Shtoie 
Per nttnai 

torn cm. 

£ £ 

Commercial A Industrial 
P roperty *-50 14.00 

ReSidenual Property 2.00 8.0B 

AntotnimuoTs 4 59 14.00 

Bm.lfk>4* £ InrL-ffJlcnt 
Op^arroaitm. CormniioB 
Loans Prmlu-MOD 
Capa dor. Buslneasfia 
For Salt Waited 
Education. Motors 
Courrarts & Tendcrt. 

Personal. Gardenia* 

Hotels and Travel 
Book Publishers — 

Premium positions available 
( Minimum da 48 column msj 
El SO par single eolema an. extra 
For further details write to: 

Classified Advertisement 
Manager. 

Financial Times. 

10. Cannon ~Street, EC4P 4BY 


US UJM 


433 13-50 

S-75 19.80 

— 7J0 


OPTIONS 

. DEALING DATES 
First Last Last For 

Deal- Deal- Declare- .. Settle- 

ings ings lion ment 

Mar. 7 Mar. 20 Jun. 8 Jun. 21- 
Mar. 21 Apr. 10 Jan. 22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
For rate indications see end of 
Share ' Information Service 
Stocks favoured for the call 
included Premier Consolidated 


TRADED 

OU, Burin ah OU and 8$ per cent 
Loan, Ladbroke Warrants, Town 
and Gty Properties, SL Plran 
Jamaica Sugar. Pentiand Indus- 
tries. Royco, Cableform. English 
Property, Anil and Wiborg and 
Weir Group. A put was dealt in 
J. Lyons, while donbles were 
arranged, in St. Piran. Ladbroke 
Warrants, Town and City Pro- 
perties, Talbex. Britannia Arrow 
and Premier Consolidated OIL 


ACTIVE STOCKS 


BP 

fl * 

12 

726 

+ 2 

006 

720 

ia 

£1 

!1 

335 

+ 4 

446 

325 

BATs Defd 

23p - 

10 

250 

+ 3 

300 

202 

Beech am 

25p 

10 

587 

+ 4 

603 

372 

Shell Transport ... 

25p 

10 

493 

+ 3 

635 

454 

Barclays Bank 

fl • 

7 

310 

+ S 

350 

228 

Courlaulds 

23p 

7 

110 

— 

135 

89 

GEC 

25p 

7 

246 

+ 5 

284 

163 

Grand Mot 

50p - 

7 

93 

+ 4 

10P 

62 

GKN 

£1 

7 

267 - 

+ I 

369 

260 

Midland Bank ... 

fl _ 

7 

33S 

+ 3 

300 

259 

P & 0 Defd 

fl 

7 

07 

+ 1 

173 

95 

British Leyland ... 

50p 

6 

20 

- 2 . 

.28 

17 

EMI 

SOp 

6 

i-w 

+ 2 

234 

141 

Thorn Elect 

25p 

0 

33S 

f 2 

448 

196 


The a bore list of active slocks w bawd oh the number of bargains 
recorded yesterday m the Ojjicial list and under Rule 163 fl) (e) and 
retiroduced to-day tn stork Exchange dealings. 


RECENT ISSUES 


EQUITIES 


: • • 

If | 

l«ue r|- s * 

Ln* 

*»«'■* l?=’-j 

1 

- ! - i - i - . 

_ 

Ml i 


FIXED INTEREST STOCKS 


i? 


II £1 




r.f. 

,-.i’ 

i\p 

P.l*. 

Y-r. 

UdO 


11^ 


K100 
.M 

nuu 

K.i*. 

* | mo 

■« 1 in 
vIBOi j K.I*. 

- | r.r. 

- I r.l‘. 

F.l* 

-.■99 H l!lu 

- | K l« 


laTi/t 


Uta-b I 


134.2 

.£ 1.2 

28.-7 : 

- 4oi9 ■ 
_ I 

i - I 
« - I 

I - 
ZBf4 
.34 2 


»a« 
h«| 
TO-» 
9?7fl 
lai . 

W-Ui 
I2H\ 
luc i 

** I 
SW> i 
ICU.t, 
LCbfi 
lir-i [ 


f? h 


La^ .XiilomAli-i neu-. nun. Ltim. Pr« lUt j‘. 

I L a I lull il -,1 s in Yijrhvtjii,.- liijL.mil HrvJ.. ' t-'Cn ... 

M|i'« >ni n-wmv 119 1 uin l'i*i I 107p 

8558 P.K.t. lUSMorUng Bds. 1983 ♦; SSSj; 

ui|i« Liniuii^an Kvl, U-;i U .' i97k;ril 

ayigihfnbinaliwi \ CliciMSi I l/t *^7...............( o2ts| 

LCUln • -in- 1 m Iim.|.. i-rV ;10Ul,'. ... 

lil , \li.i-**u-«ox WaU'r 7% llctl. I*rf. 1925 [ iai 8 ! 

llA [.nn,.ii is., ikijj-^ ni, nn Iji I>hx,.rf-....il01 '—1 

^*>,l|ii»UUrt' lul.. ll>it lifcf ~..0, BOie' — . 

mi lui-. t iu N;V . liii'i tiv<e 4i Bdli)' 

S» I tn.” Kin. .\ V. ~i% iimr. .ViiJhs I't+.jSBOls, 

• ■***> i TitiiitAi.li' Ynnaluo IRBA._ I 99. q 

.1*1 lh. 10,-% Ufml V4-5 ...I 9i 3 . 

l03|'IW"liilrlu«ii.« >1, .» II-. l pm YrH I !OS« — la 


‘•RIGHTS” OFFERS 


H- 


■ Mil 

I'm* 

u: 


LtMl 

KniiuR. 

Uait- 

I 



L'nnlUv 

Pnee 

Ill 

Ui-ili 

Lira 



K.H. 

IS 

~SlS 

bi 

<4 

m-u 

85 

/u 

fill 

1315 

4/4 

lUimi 

d|m. 

tsexunimit t*i <*yae>-lfr-- ........ 

9"iii[ 

JU 

l\r 

o 1 

lU>4 

)* 

■»" 

el'inn 

5€ 

Al.f k 

K.I*. 

&4E 

ld-3: 

IA 

ItiU 

Cuniiii. imnv ill Auiuntlin 1... 

194 

IU 

.K.I'. 

5.3 

313 

-IL* 

13 

L 

19i* 

lu 

t .1 

li 

1 1 3- it 

V 

L.U.V.. 

at: 
















A 1./; 

■ .r 

Hi 

a;; 

All 

Ini 

A-HU'iM uana iu An-.im Man 

186 

.4 

K.K 

lui 

lu-a 


■u? 

»« - 

HO 

Hr 

- .1 

9 c 

4 £ 

•4 

n 

i'i*h 'Airnli 

81 ! 


fteouneuiuKT flaw uxaalb hat day tor isaum; me ot stamp out y. o Kicurej 
Based on pro* no crus usUJn»ie a AxMimtd divKtend arri >ivM- it ForccnaT diviaeini: 
cuvoi basod on pros loin roar's oarpinKh r DlvWond and yirlri based on pnuocciiia 
or mhi-i nffluul esiimak'fi lor 1959 « Cross. i Kl^urv-. usanmrd T Coi-r alluws 

fur cun version or stares nor now rank ms tnr diddeiut or ranking only for reariured 
aivvii-nns 5 Plauns price to public pi K-na- hhIi-m atherwide uutiniefl. s Issued 
by indor D URcred ro holder* ol Urdinary >jhar(*!i us a “ rwhis." -* Hunts 
b» wus ol cupilaiisillion. *+ Minimum 'ender urVx Ij RciRUoducvd. Isnucd 
in connocUon with rronumoaim: merser or lake-over. f|l Inrrotumon Q lavted 
iu rormur Prvtereucc holders. B Allonnem lerien lor tally. paid > • Prrvusiodal 
oi aTrily-uaid jdlnlTTKni tellers •* With warrants. 4 Own led price subject to 
f- pp-mliini lor U.K". .resulimls- .1 


FT— ACTUARIES SHARE INDICES 


o#- - 


These indices are the joint compilation of the Financial- limes, the Institute of Actuarftf 

and the Faculty of Actuaries • 


r-ta 


EQUITY GROUPS 

GROUPS & SUBJECTIONS 

Figures tn parentheses show number ot 
stocks per section 


CAPITAL GOODS (U9)„. 
Building Materials (27). 


Con trading, Oonstrnctiao (28). 
nectricala05) 


Engineering Contractors (14)__ 
Mechanical Engineering (71)_ 
Metals and Metal Forming (17) _ 
CONSUMER GOODS 

(DURABLE (S» 

LL Electronics, Radio TV C15)_ 
Hooseboid Goods (12)- 


Motora and Distribotan C25) . 
CONSUMER GOODS 
W»MKJRABlE)n7e_ 

Breweries Q4). 

Wines and Spirits (6). 


MrthBBl Catering (Iff. 
Food Manufacturing ( 

POod Retailing (16)_ 


Newspapers. PuMlshing (13). 
Packaging and Paper (IS) 

Stores (38) 

Textiles (25} _• 

Tobaccos (3) 1 


T oys and Games (6) 

OTHER GROUPS (97} . 
Chemicals (19? 


Pharmaceutical Products (7). 

office Equipment (fl) 

Shipping (10) — 

MisceUan coos 155)- 


PfDCSlHIAL GROUP («K). 


Mon^ Mar. 6, 1978 


Index 

No, 


190 JI 
16708 


289 35 
41A58 


270.95 

150.63 

154.98 


174J4 

21054 

16054 

J95J2 


X8L78 


207 JO 
Z33j66 
22051 
176.73 
37655 
276.91 
12157 


168.77 

16251 


22351 


9356 

17U1 

54747 


22958 

T70T0 


43751 


179.94 


Day’s 

Change 


+05 
+05 
— 1.0 
+ 1 . 6 . 
-85 
+05 
+0J 

+05 

+0.7 

-05 

+05 

+15 

+05 

+1J 

+17 

+OJ 

+2J 

+L0 

+3.6 

+OJ 

+UL 

-0.4 

+0.9 

+0.9 

+05 

+2.4 

+07 

+05 


E8t 


Yii 
(B*ax7 
Com. 

Tusnt 


18.62 
1825 
19.90 
16.05 
18.32 
20.18 
20 J4 

19.65 

16.93 

1957 

24.07 

1758 
25.71 
17.78 

1759 
2259 
1559 
12J4 
2251 
1157 
2257 
2476 
2153 


1751 
1955 
21.98 
20 J7 
2351 

1752 


Gross 

Div. 

Yield% 
(ACT 
at M%I 


6-14 

653 
•459 
427 
7.44 

651 
852 

556 

3l96 

7.62 

758 

654 
659 
6J5 

759 
6.04 
5J7 

451 
9.60 
458 
825 
858 

652 
650 
7J2 

452 
5J7 
752 
652 


'Est. 
'PfE 
Ratio 
(Net) 
Carp. 
Tax 52% 


75* 

7.81 

752 
859 
7.47 
754 
657 

757 

854 

6.90 

6J1 

7.96 

9.65 

857 

877 

651 

926 

1225 

653 

13.78 

5.46 

450 

621 

753 
6.98 

10.71 

552 

552 

SJO 


Fix. 

Mar: 

3 


Index 

No. 


I89J6 
36630 
29227 
40807 
27186 
258 J6 
15477 

17363 

20951 

1077 

16538 

179.99 

20658 

2XL23 

22259 

17550 

17653 

27135 

119.92 

36634 

16234 

22103 

9471 

17358 

24059 

22841 

117.48 

43458 

17847 


Thun. 

Mar. 

2.' 


Index 

No. 


188.95 
16759 
29430 
40447 
272.60 
14957 
154.64 

17436 

21055 

16128 

104.68 

179.46 

28524 

22955 

21962 

17568 

177.96 
26959 
12954 
16537 
16065 
22264 
9441 

17345 

23869 

230.76 

11961 

41064 

179.49 


Wed. 

Mat 

1. 


Index 

No. 


291.40 

16193 

29652 

43558 


Z75.73 

15257 

35652 

176.79 

213.71 

16158 

106.74 

18168 

M5.79 

23555 

52639 

17736 

37951 

21451 

32129 

16652 

16351 

22569 

9433 

175.45 

24174 

Z3559 

12072 

41257 

18854 


Tubs. 

Ffebu 

SB 


Index 

No. 


19213 

16932 

298.76 

415.42 

27551 

15211 


15655 

17656 

73379 

16234 

10633 


18155 

205.46 

23454 

22578. 

176.49 

18872 

29459 

12074 

14679. 

1642ft 

22560 

9432 

17555. 

24055 

23566. 

1205ft 

41251 

18132 


OilaO ... ■■ 


563 SHAKE INDEX.. 


FINANCIAL GROUP (100? . 
BankslEl ; 


Discount Houses (1Q)_ 

Jlire Purchase (5)^ 

Insurance (Life) GO). 


Insurance (Composite) (7). 

Insurance Brokers U0) 

Mavhanl Rfinfcx 
Property (31 


Miscellaneous (7), 


In vestment Trusts (50). 
Mining Finance H0 __ 
Overseas Tradfenflgi, 


AZ2rSSAMSmDEXft73f. 


157 J1 
178.70 
191 65 
140.79 
228.94 
12358 


31951 


7174 

22575 

10139 


176.48 

8539 

263.07 


292.92 


+13 

+17 

+03 

+03 

+14 

+10 

+10 

+05 


-03 

-0J 

+03 


+0.7 


2732 

13.04 

13.94 

353 

2562 


358 

1836 

17.67 


5.75 
652 
862 
557 
A43 
630 
435 
666 
3.05 
. 7.79 


535 

636 

7.45 


5.95 


5.49 

1134 

30 M 

62.43 

5.42 


27.97 

637 

734 


15547 
27569 
19072 
LOAT 
22838 
in 1? 
31637 
7U2 
22436 
10119 


17662 

8552 

26264 


29149 


15489 

272.93 

189.72 

143.01 

12974 

120.86 

516.7ft 

7189 

22476 

10115 


17725 

8565 

76776 


19125 


156.06 

275.72 

18972 

M333 

13035 

122.09 

31771 

7119 

226J4 

100.94 


177.76 
8663 
263 J3 


19375 


FIXED INTEREST PRICE INDICES 


British Government | 

Mon. 1 
Mu. ! 

o ! 

DU’S 

xdadj. 1 
Tivday 

xd adj. 

ism- 

to dsti 

1 

Under 5 years 

1082ft 

-Ml 

— 

208 

3 

Over 15 years 

12748 


— 

232 

4 

Irredeemables.. 

142.72 

+0A8 

— 

1.78 

5 

All stocks 

128 Jl 

+0J7 

— 

207 


FIXED INTEREST 

yields . 

Br. Govt Av. Gnu Red.' 

Mon - . 
tfor. 

«. 

M. 

Mu. 

.3 . 

J 

1 

Low 9 years 

7.82 

7.64 

n 

2 

Coupons 15 years- 

10.07 

1814' 

n 

3 

25 years 

1053 

IQjH 


4 

Medium - 5 years. 

958 

9j89 

-JP 

5 

Coupons . ' 15 years. 

11.07 

1LM 

. Sm 

6 

25 yeas 

us 

2131 


7 

High ' 9 years. 

1052 

1033 

■ s 

8 

Coupons 15 yean 

3196 

12.05 


9 

25 years.- 

12.B4 

12.14 


10 

Irredeemables 

10 JO 

3057 








Monday Mareti 6 

Friday 

J \lamh 

Tbun. 

ALstvli 

W*t. 

\ffl n .l. 

Tueiw 

Pula 

Muodfiy! Friday 
FaJa 1 Prf. 

Tharx- 

Feb.- 



Index 

A o. 

Yield 
. % 

1 V 


1 

reu. 

38 

rp)i | *©!■ 

27 2* 

. 2i 

15 

-0-yr. tied. Deb. & Luaus (15) 

60.99 

tlZJZO 

60.89 

60.09 

60.77 

80.73 

60io} 61.00 1 fifl'jlftj 

16 

mveatmeni i'ruol Preta. (IS) 

56^3 

13.43 

56.87 

57.07 

67.07 

57.07 

* 

87.0? j 37.19 

■ 57.1«- 

17 

Com! anti indl. Hnjts (20) 

76^8 

11.82 

774» 

7o55 

77.03 

77. IU 

77.10 | 77.27 

.77^j 


T Rode rami on snuld. Hisbs and Jfiws nurd, tun Bates and values and uostitoent ehanpes *1* puhlished W Mffl-. 

c e a »»"raM Is avmuhla fruni liw PoWtehara, the Financial Thnw. Braritar 
Street Lonooa Ewp 6BY, pries Bp» fay post 22p. t 






SlOci 


BONDS 


Ahbfy' Unit Tst Mgr*. Ltd. (a> fc) Gartmore Rind Haugen * feKgt '' PerpeCnal "Unit Trust MngmLP fa) 




qqjtyFW titi , 

SS*Ri=»i 

'■SESS&tenft 1 - 

•• DBVPTtililo FUad„ la . 4 

Hone* Fanil 21*4 

WfeJVnprny U*J 

eos.srirtUve — . 76 & 

m«. S»a;unrr_ xjttfc 

3A Managed — _ Ms 
«L EbUite 141 *. 

^'1^.4,, aoa 

4aa.«d Ser.4_... 1285 
. uquitr F«1. Scr 4 _ M2 ' 
*W.Fd.Kc r .4..„ ®» 7 


33 8j . .T- . 01.K271Q7 PO Bo* 4. NorWich NR! 3NG. - QStthi 

^2*1 jrl - Property Bouts | - . I Fund JW7j •*M«3 + 05J_ 

W?*i Z7I — HUttbro Ufc Asssmce Limited P FJopenjrFmS IS 2 329"?] Z! I — 


Norwich Union Insurance Grew' 


7240. GMe h puse Rd„ Aylesbury, 
Am»rC»pHpu_p*.4 . si 
AblwyIn«Hne__.|BJ 37. 

Ahbes tnc;TsUFa..pe4 3Z. 


080122*0 f 




W.”:t — 


KcT: Tues. tSSS- 

«Mmy Life Assaance Ca Ltd. fSS&S!£ 

.Did Burl] nc ton Su/ftl. 01437082 5»-g-§-raP-- 

^pniy rj. Aee._ |1M2 17271 I .Pea. BA Asc. — 


TOW Park Ijne. London. Wi 
Ksed lBLDep n „ 022.7 

gqu uy nS7i 

Cropcrty— PS56 

Menaced Cap, 

Mauled Arc. 

Overseas 

Gill Edged.. 
Fm.FfiDepCap. 

PosJ^ IJJopActi 
Pfrn.PnjjLCipL 
rM.Prop.Att 


lbany Life ABsnraace Cow Ltd. pSgSIc^aS; 


.DldHurlincbmSf.m. 014 
vtinih 1 1M.2 17271 J 

JV92 iol acc. „ .; cm lSa — 

.id.Vo.K-. in* ua2 “""" 
nU Men. I'd .Asm . 983 Jjfjl 

jrop.M..\rc. — ic&4 nta _ 

l pipla\. Acs.. 15^8 . 
^^pjllvhonJd.Aec 1982 *»3 

rodTPi-n-Aer „ 175.9 179.* ...... 

WrBon.lfcnAcc^ 126.3 132. « 

DUnlVFdMt^ 168.9 M»a 

x>p IVn.icx., 119.4 125.7) _ j 

rIcLnJ l ca.\cc 1 .IMS 1 9 i«i| j 

KEV Life Assurance lid.? 


.Pcn.ttS.Asc.._ 

Pea.D-A.FCap. 

Fen.DAF.Aec 



m iAii 'ihiei Fliu-d InL Fund _{155 0 Ife3 lj +| 

S OMfieftOl LVpoMtKund pLl 107.3 .. 

-*-■ — her.umLFeb.15_l M4.9 ] .. 

— — Phoenix Assurance Co. Ltd. 


Allied Hambro Group laKgHf 

Hanthros Hoc. HnfTon. Brentwood. EM 
01-588 £851 op Brentwood (02 SI) 21 1458 
Balanced Fuorfs 

Allied 1*1 _______ 157.9 yi *4 +01]' 

BriLlnd Fund 1574 U_Jl +0Jj 

Grth.& loc — ^_-_p34 35,7] +0JJ 

H«L & Ind. D*T,p9.4 31.4 +0l| 


(£863941 ZSL»arpAacEC3A8BP. 

| 428 (rJAnjnrtcanTat- 

80 523 BHtlsisTjtlAcc'- 47J 

80 456 C«im»dliy Share Jl26 
CO) 420. urRirKa*LTniM.-g6fl 
^ Hljjfa lurowlkt.— .(» ] 

( IncmnfrFm 

___ Ins. Ateneie* 

,55® Inti. BscmtuPd 

1WB mlntl.TeLt.AMJ 


0T -383 3531 48 Hart SLllenlry on Thames 04S126BSS 

+0Oj 029 PpCUalGp-GLh |K« 57.1] I 4 JSt 

♦Oil lib “Piccadilly Unit T. Mgrs. Lid Jt (ai<h» 


OFFSHORE AND 
OVERSEAS FUNDS 


A ib nB m et Secnritle 


57.1c ^01 950 r.f.r. . 

* ll«4| l Er 326 Small Co s FA 

W7-D4 5 80 Capital Fond.. 

2?7 ?S lMTEni«.iABS*tfl_ 

£I1 > JJ7 Fm ale Fund - 

... Gtbbs (Antony) Unit Tst. Mgs. Ltd. Accumhr.Fund ... 
Hs zt bWIcM SL.EC2M 7XL. 0t-W8«l 11 ^^^ F,UKU 

i« S^S^zil 5a ■ 

461 i*iA.C.F«rBWn. -|20 4 2191 -0L 630 Practical I eves 

5 73 oeahnc T u«. flWed. 44 Bloomf burv So. 1 


.AUirti.'roliJl. 

— 7 Z ^S-Ktnc William St, EC4F4HR 01-8360876 

Hz fa«r^mu - 

_ tbr.pnxqB ms 732I'. RTrbvirfdFd _i 


35,7 +03 

31 4 +03 
682 +03 
994 _... 
113,6 +0.4 


S-S Wart C -.oHv.,5ft,L«'d I »Wa.ira tjMOWI 


(CJJ Limited Rrselex MngL Jener Ltd. 
r?- 0SN7SI77 FOBmORSt. Heller. Jfc+cy.fBwO 


M«-La E90 
36(H .... 510- 

219-01 030 


American Fund 


_0J IS AnstraUan Selectioa Pond NV 
^03 62 MaA« OpwMUlattiea, ,«2e Uioh Yonat fc 
n n 2 BO iioihwailc, 127. PCfiC Sl Sydney, 

ZZj 13 l' SSI Share* ISUSpS " - ) | _ 



High Income. 

.... . , ' AjR.ai.-iiw. i_ 

Prop. Equity & life ASa, Gd.9 * ‘ laienaUesa] Foods 

119 Crawford Street. WlH ZAS. 0OU60657 Intern auonaj 

R SjlkProp.Bd._4 f 1703 i : ,J — l! c 7l 1 0l ^ 1 ^ r1=a — . 

po. Equity Bd. I 670 j PaclOcFiind- 

On. F*. Uny.-Bd. Fd| • 1512 ' ) .....j — SpecWlA Foods 

. • ■ . SmallerCo i! Fd : 

Property Grewfh Assur. Co.- Ltd? - RtSavOTSt^.-ili 


- Hevts of Oik Benefit Society ‘ 


. Boston Road. Umdftn.NWi 

Hearts o[ Oak ^ 063 


— . na erawiamarrw.viiK^.46. 

— • RSUkFrop.Bd._jr 1703 -j, J — 

-- — ■ Do. EquityBd. . — I 670. I....' - 
— — . IXv F*. Unj.-BA Fd| ■ 1512 ' ) ...._) — 


IS ssss , 1 -“sy : 

SpecWiA Funds - iAecum. UniV' — 7003 

SmaUerXTo.'x Fd — : 30.4 - 3ZS-0J 53* B (rn HI’ M*r. 2-_ 1643 

2nd Stair. ro'sFd._ 37.6 4t33 ..„. 529 . T 'nLtri .104.5 

Recovery Sit*. 792 £3 -02 538 Endear. Feb. 38. 161 6 

HM. Mlu.dc ("dtp. _ K2 382] 6 02 tAectun-Un.Di 1669 

Otwcas Earnings. «7.8_ 5UH -0.2 5.49 Gnicb*tx.Mar3_-_ 773 

EipC Sailr. CD’s_.e|lELl 2023; — 03} '5.93 iAerutn.t'aila) 796 

• • 1-n AB rsO. Mar. 1— 67.9 

Anderson Unit. Trust Manag er* Ltd. IAecum. Unlisr — (704 

IS&FVnchurch SLEC3M8AA. . 6238=31 Kirardian RPVal Cx, 

AadeaonU.T._u-J«33 . ' .462| — .] 5J0 NmiJ e*chan8e.'EMP30.' 


45 * Gorett (JoiuOV 

ju T.. Jjw.tanWaU.ECZ 111. S88 3631 

S-hWr.Mar.R-—...-. 1118 4 124 ^ _....| 251 

747 Dp. Aecum. Unit— 0417 i«ij 251 

Neil dealing djj- lurch 17. 

3M Grieveson Management. Co. Ltd. 


.. . _ - _ ...„ Net as*« value March A I Thoms* Strew, douglas. ci VI 

Practical Invest. Co. LttLP (y)(c) - rjl „ . ..J.imind .Jerr.es i_ 992 9.97] ; lu 

44. Bloom/bury Sq. -.VCU2KA 014238803 **“*,“ Int «niatlOll*I SA '-UI 7rjj J o_«, ) |llZ5d 125.4^ [ 113 

F-raetlwl Mai- 1 _ _ flE.0 1803] 4 47 =5 Bouleranl RortU Uk era bo nr* GJ>. T »f-, 7 „ , 

Accuntl-mu 1895 1964 4.47 «mw Inconw jsraSM U?5«( , — 622 t-ISataE? 1,nR m s2'Sl 1 — 

_ . ' Prices at March 2. Next mb. d» March & kU**laU. ISiatltt 182.47) J — 


Cvdl Aucli Cap. — j -33114 1+027] 

King & Shaxsoa Mgr*. - ' , 

1 Charing Cross. SI Heller, Jrmey. * • 

T Thomsr siren, liousbis. Ido et Sha 

i hllFlind iJ«rr.rvl_|9 92 9.97] : 1135 

i.iHTnj.rg n.v.i. JllZ5d 1154a! J i ffc 


Hearts o[ Oak ]36J 3U] . P 

am Sunad Lite Assur. Iid.r a 

NLA T*rr, Addi*c4mb*Rd, Croy. 01-0884355 -A 


0KH7 5020 LwwHeuskrrnnioB.CIUMLi; - 01-flBMtM S?LJS‘ , -S £SLr 


Property Fuad-, 

Properly Fundi A . 
Aert cultural Fund 


property- Unit* 
Property SsrioaA 

Managed I n ha. 


Auric. FuodfAi 
AW»e>- Nat Fired. 


nw-Hw ? ...vi 0 iaii , i_B t + out Rett gate WHIL Managed SertesA, 


d^\' Man jived ' niA7 

w3 

Meney pa._. 3C3fi 

•'S^.&ri>^Fd_95« .. 

95.0 

fE\*Prr.n Fd 9SJJ 

*E>Msd P^UJU 9R0 
C>,AL'dJP«i.-B- M2 
naplaa _.|99.9 ' 

V®!? ^Jte Afisnrance 

eUMvlftf e Road. W.u.. 

LfiV.K&Cpl ' 

I.MtFd.ik.fnl .197.7 1 

inlons Mgd Fd._|Ha3 ] 


Managed Senes C 

Manns Units - . 

Maoe* Series A 

FUied l»L 8cr. A 


= 




r 


Pna.Gtd.Caai 
Pna.Gtd.Acc. 


Abbey- Nat. Fd. (At 
hi vestment Fund •_ 
III vestment Fd < A ) 
Equity Fund.. . 

Equity Fund (A> 

Money Fund 

Money Fo&diAi 
Acruutal Fund. _ 

Gilt -edged Fund 

Gilt-Edged Fd.tA'. 
4Heluv .Annuity 
6ImraceL .Snn'ty . 


„ . . ... , _ _ „ Prices at Marcb Z Non sub. day March & 

251 Provincial Life Inv. Cm Ltd.* 7 

251 22?. Biihop'sate. EiT3 01-247K33 Bnk. of Iji d ti . St S. America Ltd. 

Prr.lifie Unur >634 733 a-Q.li 3.84 4028. Qaerat Victoria St_EC4. 01-800330 

High Income j9B5 3055| +0.2J 831 AJc*SJ«lorFund_ISVSS82 - I __J — 


Smaller*:*.** Fa._j.B84 
2tidSaIr.ro sFd._ 37.6 

Recovery Sts... 792 

Met Mitt. 4c U dty. _ 352 
Onerscas Earnings. 47.8 
Ezpu Sair. Co’s — 4(1925 


t Co. Ltd. High Income j«5 3055| +0.^ 831 AJc*SJ«lorrVnd_ISVSS82 - ( __j _ 

0I-TO64433 PrudL Portfolio Mngrs, LtdLV (a) (bad Nei as * cL ” l,,e M,f * 

209^1 rd 4M ^Z^- EC ^,nn ,«« BnwelltS Lambert 

1721 ...... 7.94 Pro^nlLil 11112 . 13A« -_.| 4.80 ^ j^,. u,, j, Reccllc « B iooo Bnutela 

iu« 7-S Qaiitcr Management Co. Ui¥ SMUFundLF— p.sn 1.993] j s.« 

hA E W, J£££tttt m mm23Ti£ 


Klein wort Benson Limited 

30. Kcnchureh a. KC3 
Fxrir.vm. Ijtt. p. WOd 

liucnscr lor 56 C MC- 

1H.-..VCCUR1. 693 73 6 

KRFarFtWFd. 5UB956 i 

KKlniL Fund SUS1025 

KB Japan blind STS27 40 i 

KB. UK. Gti th. Fd, 51031 
Slcnrt Eerntiids 5L.S4 25 


01-823 BOM 
-t« 357 


♦OiO) o§ 


ua- = 


Imperial Life Ass. Co. < Canada «iiW2!StaiSS^ 
. . Imperial Souse. GoBdforf. 71255 Sim-. PArSf. 

01-74U11L - Growl Fd.Mac.3_f65.6 7lM — [ — Prauirm Fd. Lis | 

-— -I — Font-Td. Mar. 672| | — Foni.Prais.Fd. : 

Unit Linked Portfolio . . Cpv. Pns i.to. Lt] 

Managed FuodT — na.4 993} — Man.-pms. f3Z- _ 


Prop. Growth Pensioes a Anaoilies Ltd. 
AJl.WUvrr Ac; UU112A* S36(-„«J' 


iniiays Life Assur. Co. Ltd. 
!Racal0TdR(i..E7. 01-534 S3 

relnj bonds-. — „pn 6 120.71 ... 

ni»F 1013' 106.7 -93 ’ _ 

WdROL Hi! 118.0 .0_5 _ 

•pertr ... 1019 107.3 +0J — 

nsRrt:. -Mft9 -1062 ..... — 

• nor 97.4 102J _ 

n J^casAiwttm. _ 166 • 1013 

,. .Inrtlol <53 100.4 _... _ 

ncyXeu.Acc.ir 988 10Z2 1 — 

ijmlial |96.V 10171 

, 'Current unit value Feb. 22. . 

«hrrt Life Assur. Co. Ltdf 


La All wTher Ac: Ula 
PAII Weather Cap.. 
71255 Wm-.Pd.fL-.. _ _ 


-- FUraTlaLFd-: N5.1 IflOJJ 

01-53* ssqc Irish life Assti^ce Si - 
^83 '_j 1 1. Finsbury Square, EC2. 0L88882B3 

— z -Msa.^.ir®i Sir- 


Man Pmr.ClaO 

Prop. Pern;. Fd 

Pro P Feo s Cap. U ta. 
Bdgt Sbc-Pen. L% - 
Bdg. Soc.cap. LX— . 


9 • 13361 Jr — 
.1 127.5 — — 

1Z73-- : : 

M2 J. . • — 

1303 _.... — 

1413 J.~ — 

1317 — 

1423 — 

1» * : J.... ■ — 

1283 — 

.1166 — 


Arbothaot Securities Ltd. (aKc) 
37.Qneeo SL Loudon EC4R1BY .. 01-2385381 
Eatn Income FU_I107.4. 11631-03] 1835 

HI rh Inc. Fund 368 483 *928 

«Awiu» l>nitBi__. 49.4 533 928 

i 8> 4 * WdrwLUtSJ 49.4 53.1 _. 988 

Preferentw Fimd__ SS 215 1228 

jRAecnm. UniUl__ 37.9 . 482 12.88 

Capiul Fund. 169 - 17.4 -03 — 

Commodity Fund _ 507 54.7 6.15 

lArmim. CniUi 715 772 : 531 

ilO»6WdrwLU.> 45.7 69.3 511 

FixiAPropFd. 160 174 333 

limn Ls Fend 348 375 -i.4 374 

(Accuza VnlUj 402 43.4-0.4 3.74 

GrnstbFtad Z9.7 32.0 -03 357 

iAecum. Units). SB 375 -03 357 


-03 5.49 Gnu5»ttM«-J— P7- M9 "Z 3J9 OuadrarlG«i.Fd..l9b9 99.9] -43! 456 rami-u. u 

-0i] '593 iAecum. Uttils) 706 83 jl I 329 Quadrant lnconw-|U35 1172] -3.^ 859 LChanngCros5.SLHcIier.Jn>i-. 053471 

33 d IS Reliance Unit Mgrs. I6d.f B*ffidS. 83 = 1 * 

«B=31 Guardian »yul Ex. Unit Mgm. Ltd. "W “TtS 

AaderjonU-T.-w.l433 .462] — ,| 520 Bichaime,EC3P3DN'. 01R2B8DH SeRfWdt-T.1Acc.cj37 7 403^ Ihli 506 Barclays UnlceRt InL fL O. Man) 1 

- — ... laqi GoardbiU TM— 1782 8Loi| +02| 424 SeUordeT.toc. — 1374 M0| -02] 5.96 1 Thomas St- Dottgl^ToM. 06=4- 

1 NobSa-LOVWA.*^ ’o\S3STTB. aHeD * :r501 ! 1 AdmuiistruiomaHz) Ridgefield Management U(L ■ K?SSS.iS?:^: SI il = i 

I ne. Monthly Fund 054.0 1MU 1 93 Pronder U,T, Admm, Rajlcich Road. POBox-ltO.Bank Hse .Maochslr. 09V 23S 8521 Po ilm-. Pacific. 549 592 __ - 

***• RrenWObd.ESSB*. 027721T33B. Ridgefield Int. IT. (g 0 17.01 J 222 Do. InU. Income — J72 4D.0 I 

27 H I 245 Ridsefield 1 ncome. /S.O 97.DI 926 Do. I, of Hu Trc — «9 «7j « 

37.1 all Rothschild .Asset Management fg> 

«.!H£o2l 0.93 73-80. Gaii-bonse Rd.. Aylesbury. 0S9SSM1 Blshopsgate Commodily Ser. iAd- 


2. Rue Dr ]a Reficnce B 1000 Brussels K, J f- D 3 n .r' , .? d sri- HSL* r°-=°l °58 
J* ■ B«taF i iudUF__p.«n 1991} — | *.45 gggft Ji3 u. 

srss 

-3.W 829 LChanngCrossjSLHcIier.Jnn-. 053473741 

Ocerseu Income _ W9.6 522] J 1830 Uoyds Bk. |CI.» Iff Sign. 

boi ^fe^Y5«rr'SdSo.»,ni? n ’;^Ll 7D ' R°- Hot 135, SL HeJirr. Jer«>y. 05342381 
OBflCCSSn -Subject to fee aad withholding tp»c» Lloyds TM.H\rgL'.. (48 a 505] J\ jn 

jBjj |S Barclays Unicorn Znt. fL O. Han) Ltd. N«t dt-aluur daw March 15. 


WS448S® ZJoyds International Mgsmt SLA. •» 
— 1 7 Rue du Rhone, PA Bot 175. 121 1 Geneva 11 

— J ** Lloyds Ini.GlhXd.KfUO'fl Slfal I 100 

Tm Ltoydi lot Income. fcFXLN 3UW 640 


u drall 6a.. 
Grcnrthlu 
Growth Act 


- oat (iiFar 
9 M qiFiBiaUTO 


53.8 988 lei Rlgblacome 

Sl J?228 trtlSriAMfia- 

4B-B -■_] 12.88 fgilmemaGapal . 


..■■ . — iAecum. L'niui_ 
Ionian Gth. Fa.. 

Co. Lid. ‘ 

01C476SB £$S r F ilZFd[ 


37.4 —03 — 

54.7 6.15 

773 : 531 

49.3 5.11 

17A 225 

375 —0.4 3 74 

0.4 -6.4 3.74 

320 —02 327 


- igjNth. Amralam; 


6S Jrf -0.7 1.90 X. C.Fquuy Fund., 049.0 

245 4.06 K.C.- fcJigv.Res TsL 83 

»Aa -0J W6 N;c.TSb^ud_5s7 

30 Jn -0.1 6.78 .VC. Inti. Fd. Unc.t 722 
26.5 -01 220 h.10. lull Fd.«Acri7S5 

342 -128 N.C. SmUr Cbya Fd 1365 


158.H +1.0, ___ 

93 9 -02j 104 ARMAC'Fcb.6 

1423 +03 7.61 v'\NRHO"Fcb.6j 

772 -0J| L« COCKT- Fth.6 

771 -03? 195 cmclnally tsitii 
1455 J 4.79 _ . , 


335 ( P.O. Bex 42. Douglas, Loll. 


Originally issued at *$id am 
Bridge Management Lid. 


Cog A Shaxson Ltd. " 

5E.ComhiD.ECa ‘ " (U4BS5d3 

Bond FU. Esranpl ._|121J4 H3JB}+£LS^ -r 
Next dealing dale March 16 • " 

Gort.Sec.Bd. P233 J383fl]_ — J — 


Provincial Life Assurance Co. Lid. 

22=. Blsboiwerte, E.CZ . ■ 01-247853 

Pmv.ManwsedFA.nM3 1261] | — 

PrOT.CashFd. fig 9 .. -J — ■ 

Gilt Fund 30 11216 129JU +021 — 


a HD-jfl 266 Rothschild & Lowndes Mgmt. fa» t. 

"till lu St Sul thins Lamm LdO-BG6 0I-O2S43S6 ^1°^ ^4^4 

lojj 957 New- CL Emrejpl iLU: 0- 1260] J 373 SpO j^fsocTltonr KSg 

■rnr w dempc moos only Pz ' CJ> “ Feb - lS - Xext dealing 15 NippooFtLMar.l-pT'SAII tW}*M3| 0X5 

357 Hm Stiwirf Unit Tst. Man t lal Rowan Unit Trust Mngt. Ltd. Ex-woek Split 

626 45 Beech St_ ECZP2LX O14E9B0U uib-GateHte,FiiE.biuySq,EC= 01-6081086 Britannia Tst- Mngmt. (CD Ltd. 


g-Si 1 Lloyds Ini.GUiXd.f-FTRifl JWfrt I 190 

R70 Lloyds lut. income. FTJ8U9 31105] | 640 

fa “H 2-S 1W i G Group 

~7 , _ Three Qua.% Tower JU! FJ3P. 6BQ. Oi-«M 4SM 

' Ser. Ltd- .MlnnUcExFcb.3a..|il Mat 247] „... 

nffia. 23811 .MikLEx.lUar. 1.— ST'Sirc 1411 ..... — 

, ,;pjdEa.3u r . j &-14S4 JOtzd.. .. — 

<9 i j — Island 11025 10911-0J RP 

i I “““J lAecum I'uiUM- (143.2 152.41 -0.4] *4.07 

and »^L0a Samuel Montagu Ldn. Agts. 
a. 1 14. Old Broad St-fc.1'2. O1S88M04 

Carman la. Apollo Kd Krb. 38. IS F4J K 46701 I 4 DO 

i l^arel* JaDtWlFHi =8 BHK9Z7 9SS 129 

I I+0357T — nTrrp.Kcb23— . 10-1817 UW 2 IS 

u«-ntru on s-CS 3 ««--{ W 


5US2669 I J — 

a wo I.J3 - 

f2336ai _.... — 


-n"i m (b'Bri 
i IK tetinrt-^ 

IDO l«t Dollar TVost 

— -I-*- 00 ibi capital Treat 

ih i FtnanelalTram. 
iV fine) fbiiocoiDeTruA 


2 >ga5-S IS te3Sajeia:=dK5n. isi|::::. IM 

MS “° j f# Bourn a».Jttr.*-8** ? 624 7.95 Ej 55^3 

jfi] IS iAecum. umiai. 685 7io _... 795 l"^ rv F A." - — 

wi Ini -am RiroJUmStar.a 67.« 70.6 -L0 424 — 1 

27 0 ... aua (Accom-UmUi \8*- 7 8611 -0Q 424 VnnsL S TtL bii. 00 iltH . ..H 

49 8rd -^U 5.68 Royal Tst. Can. Fd. Mgrs. lid Value March 3. Kext dealing itot-b 

■«. lntelp (RW ^ -• ^ SfiBSSSu- 655] 3*5? ff^!SttS££ ^ 

ISSSSKSBaS** 87JS “Th: *»5a»jJRteB dJ&ji>r. M. BSBSS^MI iSI =1 

I 2M Key Fund Managers lAd. Unc) s * ve * P«»sper Group me« ai Feb. 6. Next mb. dor March 

+d| 25. MiikSt,KC2V8JE . 01-8067070. =T ,e ^i^^3f v^* Capital International S.A. 

Mmm Fey Encrc IixFd-_f63 9 6791 I 433 Sat;«p« t re oCsAt 1&I» n, (mat nil 37 rue Nntre-Dame, Luxembourg. 

. _6J.U1 -DJI 5.43 • _ _ _ ... i-.r.mllnt VI11.H I (I.XICK 1-Dll _ 


Prudential Pensions L2inxted4> 

Uolbom Bars, ECIN 2NH. 01-405BS22 

EqnitFd. Feb. 15—103.86 Z3.7R J — 

Rid.lnLFeb.15 HqR MJd .1 — 

Prop.F-Feb.15 £3120 3495^ 4 — ■ 


I _ + t 1- (bi Capita 

^2) — Areirway Unit Tst. Mgs. UcLV faRc) lb! 

317. High Holborb, WT^VTXL. 01-8818=33. ‘b'Socun 

jm. • ArebwayFhnd (743 79.0] ... .| 617 ‘ b »HlBb3 

“+* . Price* at Mar. L Next sub. day Mar. 15. Intel* 


^ R^tSalainEa ioo , , 

Value March A Next dealing Mhreb 13.. -10a Boulevard Rq>ui. I uxemhoure 


+ eai fjf e x-'^ lmr * ^ W Iirngfaam Life Aasnzuee Co, Ud. P^i-^i^ZSiS 5« = 

lbmhardSL.Et+. 01-8231288 rju«ham31a.Hi>lmim»kDuNWt 01-303SXU ^ 

jggBa g^ja, .,; ,sg-| - *eii M « Mnta a 

nad& ’Late Assurance Ca. Wisp (SP) Man FdfTJA 77J| ^_1 — Tunbridge Well*. Kent oa 

. Rich ^l. Potters Bar, Herts. PAar 5US2 _ _ m _lL , .L Ret Prop. Bds. 1 1922 ] — 

b-Fdoihir. 1 | . 566 l i _ Legal & General (Unit Assur.) Lid. 

mtFexLr eb. iol8 [ -42j _ ignggw ood^ Rmye. . TW gmrth HothechUd Asset Management D^fiencrtl 

tmou Assurance Ud.9 — «-Swi thug tanc. igadoo. sot. . . oi-^8 43S6 R? jff-r- 

SidteSicii: S* ' S3*a- r z rssh*-jntfiu 

ilDrUoita. 105.45 — . -&JE — Do. Ac ctrm .185.9 • S.5 T +o5j ....,.• 

10.99 -6'i0 IT. *Si\ ~ Royal Insurance' Group 

ftj VH.“ Managrd Initial— 109S HS3+iS> ■- NewHallPIactli9e^m«a.■ 051! 

nw Royal Shield W.L-P21A .♦ 33&g 

— .^... . — Do. Accmn 

— —re “ Legal J Geuni 


illy Units.— 
perry Units 
HtV Bcnd.’EjceC- 
p. Bond-Exec — 
. BdJKxjc.UniL 
xr.it Bond 
nr. Accum. 
vatj- Accmu. 
gpACCVBL 


Barclays Unicorn Ltd; (aKgWO SulS^S±Z 
Unicorn Ho. 3S2 Romford Rd. E7. 0L5345544 _ Z_ . w 

Dnidoxxi America— ^.4 X5 Lit Key Fond MX 

Do.Anrt.Ace., 535 582+63 253 25. MliJc SU EC2V1 

Do.AuSlBC. gA 4M -v02 2B Key Ent+O - Ib-F^— 

Do. Capital . _ M.1 6L5* {« Key EqoiD'AG^n. 

DaErfraScome _ Sis 22.4 ~ 645 

Oa Financial 53.9 - 58J -0.1 556 

Do.500^ KSraCrtW 


Murray, Johnstone liar. Adviser) . 

nvix-nii* 183. Hope St_Glnȣow. tV. 041-2215S1 

I 4M 'Hope Sl F.1 J SC STS 72 ] _.. I 

[ ?JK ‘Murraj Fund- ...I st : S9.17 | »_. — ' 

«NAV Jjc. 2L .. ' 


146 Ji 

m 


-245 ln<SnicFa.™__ ^66 7Bj| 7 IV' I S ^ D Rox l65. Hamilton. Bcrinuda. 

Save & Prosper Group Prices at Feb. 6. Next sub. dor 1 

?•?{ Drilincs to: 01-554 8880 nr 031-2=6 7351 ” rue Nntre-Damc, Luxembourg. 

5AJ •_ _ - ... _ i-.ulillM l ci.-uiccx t. 


NAV Mar. 3 ] SUS1058 ]-3J»( — 

Ncgit Ltd. 


Bunrevs Equity 1283 L97I ! 2.09 Bank of Bermuda Bide*. Hamilton. Bmul*. 

Buttress I nrome.__]l99 192] ..—I 7.49 NAVKc-b.24 K4.S2 — |....]_ 

Prices at Feb. 6. Next auK dor March 13. , _ . „ ... _ 

. _ . Old Court Cmnmodily Fd. Min. Ltd. 


1 65 Save & Prosper Securities Ltd.y 

intcraatiosal Funds 

Ti f M UL7 34 1] .....I 


Royal Insurance' Group 
New Kail Place Liverpool.' 
Royal ShicULFA. —P22A • 1 


'Do .Frf. A'ns. Tst p2i.9 
Prices at Feb. 28. -Next i 

Do, Reeovetr., fiu 

Do. Trnaleo Fnnd- 11824 
Do. WidwideTTOrtte? 

W in k. VA Try Kf + 

Do. Accunt B&l 


rFqnity h 

■sasfcd 


‘•n.’. I rnjj.iAv'e. .t 


OWS rOR IS* v m i5td , PsasA« 


Drp.Fensi AC0.N63 ' 1019] ,J ■— - 

'■ L Jt PcnSjAcc.Wl.7 97.8) I — 

Current value March 3. ' 

^pTSFUfe AssunnceV 

' £nnn Hcuse.Cbepel AshWtini Q0O228SU 

.' tl'Oavxrt. FtL_ _| .98.74 - l J L. 

auukcrtnv.Fd..| 164.46 f J l. 


Exempt Cash fait 

Do. Acetun. 

Exempt Eqty. lait. 

Do, Acc um . 

Exempt Fixed 
Da Accuhl 
E xempt Mngd. 

Da AcctmL 

Exempt Prop. Intt.. 
Da. Accum. 



Save A Prosper. GraepV • , -». 

A CtStHelpn's. Lcrfa- EC3P ZEE. 01-654 BBSS 

Bal Inv. Fd. .0173 12621 -Oil — 

Property FU* |M65 1553 .. .j — 

out Fd. ;-.U203- ■ 3ra+oJq.— 

DcptwitFdt MLS 127.9] 

Comp JVnsJ" d.t— R927 • 202* . ...j — 

EquitvPMtFd g586 167.« +85 — 

Prop.PensFd.*__L_)28S.9 217.* .. .. — 
Gilt Pens. Fd. — _®.4 9M +05 — 

DepomPeu5.Fd.t__|l66 lDli_„. — 

"saw* 


13S.8] 1 — ; Da Accum. IpSj MT] 7.7~\ 53 

■ . . . Baring Brothers & Co. Ltd.V faMxl 


suj J 455 Klein tvort Benson Unit Managers^ 
20. FenchuTch St, EC3. 01-8238000 

hdwiiirtbSI KB. Unit Fd- Inc. -.{76 8 ‘ 832cf 1.478 

30 599 9 KB. UiiltFitAe—llSa 1039a] ... J - 

1 5J L * C Unit Trust Management LitLV 

SIS ~ 1 619 The Stock Eehange, EC2N 1HP. 01-906 2800 

653] J 539 LiClnr. FA -1126.2 UO.lrt ) 7.79 

Lldl lull a Gen Pd. |B65 B9.l2| 4 239 

Lawson Soca. Ltd. V(a)(c) 




, _ , ..aneAouM Magna Gp.f 
* v ^ l ti. Chequer ^Sq . Uxbridge UB81NE 
I'ucilnmy— |33JI 36. W _ 

jJw.i«oney_.»2 . 3£j( .. 

th; e. NancKca..|36i6 384 - 

1h; .• Equity 022 33J] 

• j- rotWd5oc. — I ' 1246 _ 

: .. $ua Managed — | 153.6 . |_ 


BINE MUR 

sa ~j = 


Legal A General Prop^Fd. Mgra. Ltd ' ^ 

fchnrier life GmupV 

rtectaob dayAprUi. EnCerpnRe House, JVrtzmontb. 

. Equity Feb. 28 J_ 2867___ 

life Assur, Co. of Pennsylvania . ■ EQSjSjFebia.- ini m 

38-48 New Bond St_ W170RQ. 0MB88895 Fix<^Inu Feb. =8_ 139.0 146 

lACOPUnita-— -.0815' 1S661 [ — Fiart lnt3 Feb. 28, 1493 157 

^ . InL UT Feb LS 114.9 128. 

V TjiuiI, bl iThHiiu rimf . V6V KA SGiil Feb. 28— 1453 148. 

Unytu BL l ull 1st. Mngrv LM. KiS GL Sc Feb 28L v»»* 129 

71, Lombard St^ECR 01828 USB Mngd. R*. Frt. 2S_ 123.4 129. 


ssas 5 K± 5 a ■u a iTars£?sBS!? 
fc “- tasSSl^ J * pe^= 

Blshopagate Progre ss ive MgmL Co.V iiGutwnTmreL 
R Biahapsgale, EC2. ■ 015688230 f^lcmFA. 

B'galePr.**Feb. 21 .0643 T74rt I 363 £^^2 E 2rf^ t *' 

4SK?a.SL-ii ^3 18 -|££g“s 

tAcaun.) Feb 28-__[l693 UCJJ 2J1 De*L *Mon. - 

Next mb. day March M/"Mmxb 7. Legal Sc Genera 



- .DL7 

l.TX(» 

—h 

Increaatng H 
High- Yield — 

tom At Fund 
150.9 

High income 

High Return. 

Foods 

Bti 

UJC. Poods 

UK Equity 

Oversea Fm 

1395- 

kWS 

»r-r 



'TAccunt Uolta) 


Deal AMbtt. *Toos. ttWrd. iThure. —FA. 
Legal Sc General Tyndall FnndV 


-oa 716 IOXJ 

-DJ 736 .teeter Fundr - 

+10 330 Commodity' 162 6 673 

+12 330 Energy 1575 61.6 

210 Financial Sen. [638 67 

? mgb-Wsinui Foods 

Select Iseame R&S 51 

Scotbits Securities lid.* 
and* Scotbits t»i» 37 


Six Capital International S..\. 

031-226' 7331 37 rue Nntre-Dame, Luxcmbnutg. 

lties Ltd-V - Capital lot Fund — | SL-M555 I -DJ] — 
Cbarterbouse Japhet 

3481 383 1. PrtemoiterRoiv. EC4. 01-24830 

BrS "2^ S* Adiropa DK3JU SUM ...._ 54 

60.91+03] i25 Adi verba PIH5B8 5050 .._.. 53 

Fun dak W4315B 3120 61 

54.7] +0i| 730 SSSHif KS =SSS “ 

sig+o i| 989 ■« 

438«{ +o.lj 696 ConthlU Ins. (Guernsey) Ltd. 

PO. Box 157. St Peter Port, Gueneev 
42.4U* 1 533 Inml.Mkn.Fd. (1568 1708] -7 Si — 

■ 8211 -ON 279 Delta Group 

c-PSja "2^ l fi P-O. Box 3012, Nassau. Bahama*. 

673^-83] 3.11 Delta Im.Fcb.28_.fa28 134] | — 

675<d +031 4.90 Deutsclur Investmcnt-Tnist 


PO. Box 56 SL Julian s n, Guernsey 0481 2S741 

O i'I'clTm Frtj.'._fll77 • 124 fl I 514 

O i'UIlrt-mTMt... IS24 89 26 47| .. . [ 

•Price* on Feb. =& Next dealing Mar. U 
tPricc on Feb. 21. Nett dealing date March T 

Phoenix International 


‘ 8231 -0, 
868-0 
67:3 -o, 


fia^i % 

677] +03] J. 


01248 Imi Rboenix International 

■'ll" 535 Pi* Boc 77. St. Peter rurt, Guerorey. . i 

602 Inter- Dollar Fund .|U'S2J4 236] . | — 1 ' 

4)30 622 

— Properly Growth Oterseas Ltd. -■ 

'lw SRJrlahTonn. Gibraltar niibiQlOS 

j 1 ’.S. Doll nr Fuad 5VS83Z7 1 1 — 

^ Sterling Fund | 02880 I .... f -_ 

-75] — Rothschild Asset Management (CJtj 
P.O. Box SR St. Julians Ct, Guerneev. . ? 

0481 26331 •• 

, Eq.Fr.Feh.2R |494 525] | 258 

} — . Inc.FdMar.l 11493 . 1582] I 6*9 

• I till. Fd. Feb. 1f> K65 92 o3 _ 

- Sm.CoFrt.Ke6W .11319 1403] ... I 338 


3 Postfach 2683 Eiebergaxoe 8-10 6000 F^ankfint. Royal Trust (Cl) Fd. Mgt. Ltd. 


i -& fla 


* Bridge Fund Uanagenf(aKc) 
078627933 King WUUamSCBOtR BAB 01 

— Bridge Ine.* 

— Bridge Cap. loaf 

— • Bridge Cap. Ace.r 

_... — Bridge Exeioptt. 

.... — Bridge Inti. In C-f 035 1*4-. 

— Bridge In«L Acer _P4J S3 _ 

— Prices Fob. 28-Mar. 1. Dealing *Tue 


18, CanyngaRoad, BrtrtoL 




Scotbits 

Scotyreld 


us nuni K cniTmi:i DU. Feb. 15 (54 D 57.21 I 409 

SL.BC4RBAB 01-8234851 713 "ij 589 &.«*•__ BM.4 212M --J 

48* I 7.42 Next subTdaj- MarehiS Scot Ex. YlA-6_ 6597 1673* .| 

Mif— B0.4 32* J 353 , . . . -Prices al Feb. 22. Next sab. day Mi 


M=J= 

am 1W ‘ “* deaunf idh It 

P.O. Box N3712. Nasaau,. Bahamas. 

41S nav Mar. 2 fngUM UBf I — Save & Prosper International 

4 92 EmSOn * Dodley TstMgLJrsyXtd. 37B^i St. SL Holier. Jertev 0534-205B1 

P.O. Bos 73, SL Heller. Jersey. 063428581 us. DeHarrteiMinlnatcd Rinds 

EDJ.C.T. 1 1107 118.11 ..-.J - Di7ftLSnl-M^LN36 




»S ' is Leonine Administration Ltd.- 

623 6DnkeSULandonWiM8JP. 01-4885091 ^ Sjff? 

*24 Leo Dirt £) 2 T1.71 *831 560 

dhPi: M LroAc«aL.__..|5l5 7525 +0j| 526 V 

■ Lloyds Bk. Unit Tst. Mngrs. Ltd.f (a) Am. Growth 123.7 25. 

■gementtaMg) MMM, Gonog-te-Sm. 


-Prices at Feb. 22. Next sab. day March 8. F & c. Mgtrrt Ltd. Inv. Advisers . 
Schlesinger Trust Mngrs. Ltd. (a)fe) i-’ Laurence Pounmcy Hill. EC4ROBA 


$nn Managed— 1| 153.6 Lteyds JJfo~A«aranee 

y of Westednst^ Aamr.86£tUL 

*ftoad ifouse. 6, WhJtefaosxs RoedL Opt5 PnmMml2_«22fi • ' -12! 

ydon.CRl)2J.V .01-086 MM. OpC5Eqt*LUr2— hu.B lli 

«W*»=BF HSg.-“l= fiESl 'l 

t cf Westminster Ass. Co. Ltd. _ _ _____ 


01-3477896 


Moneys Feb =8 — 
Deposit Feb, 28. 
PJWrasyF«b.2C! 
Propeny.3 Feb. 28. 
KPn.tS» Feb. 28. _ 
BSPn-’Ace. Feb. 28 
Mn.Pn.Cp. Feb. S8. 
Mn.PnAsc.FebJ4_ 


UR4 

• 1275: - 

*53 195J 

17.7 2291 


Britannia Trust Managoiient(a)(g) Rcgutiar'a d 

3 London ' Wall Bnildhsa , Londao Watt. Worthing. We 
London EC045QL . 01-838 0478/D476 PinttBaMcd. 

Assets : (60.9 6551 -0.0 -562 ?o.lAco 

CapitalArC.— .fe.4 . , 48.(1 +02 - 439 ^ eco P df — r- 

Coram 4 Ind —®!9 51.5* 489 

r nmnuyti tT -- ,Ug, a ’793-03 5,98 Ttaidflnenme 

Domestic G43. 34* +03 443 ga CA c<mmJ_._ 

janS . Kn4 958] +0J 83* Fourth tExIncj 

Sriolncome 347 595* -0.2 10 JJ DatAeenmJ— 


[01-83 400 

10308195441 ) L~enL Fd. March 1-1 


1-0051 - 


Registrar's Dept, Goring-bs-Sex. 

WcrtEng. West Sasser 01-6=31288 

“ — — .zamfc 


Exiralnc.TsL 
J® Income Dirt.... 
2® lot 10% WdrwL 


jszmsnt ^ Whitebo, “ ’oh® 

! 4SBW=Bf f 


.-•i; Fvnd... JS36 84.* +0.11. — 

!\DluSg=|v JPJe 

ntraifl) dated C* new bnatmart 
, .Tip, Units _. J 188 3 J 


anerriai Union Group 
TlenV, 1. l.Bdwahaft. BC3. ' 01-2837300 
\n4rt'LMar-i [ MJ4 I — J — 

Jiowtji UU. I 16.92 J — 1 — 


d. . . . ’ Scottish Widows’ Group GowaGtnen 

<rm LflO^n Indemnity *GnL Ins. QL Ltd. FOBoxatC. Edinburgh EH163BO. 031-8558000 

...OMM-M. .'^tszeszsir-tti S9:iif = iSit£3£ 

m3— J — SS^tadwl^ — §K S2 _ to. Ij^i .1. JSt ZDIJ .1 1 _ L 1 ,'. — .1^”“ 

Z J^e LbudOu^ StenOhest^ A y ■ . .. 7 ■ > I North AmeSc 

— - The Lens. FteU m at nn c. Kent. 030381333 Solar Life Assurance Li anted 

C y-Pro wthFm^vl 2BM I — i — 1(77 CheapshJe. EC2V 8DU. 01-8080471 Sbl^___Z 

^ ■_ ziz : "" 


♦Exrt-tar. TsL FdJ 
FleiublaFlmd— — I 

Tnr. TrurtFtmd j 

Property Fund. \ 


nowtj»UU..-l 16.92 1 — 4-— ““ ira,ru “ u » 

Icdmlio^ Life Insaxauce Ca MAG Group? ... 
mnccry Jane. WC2A 1HF. 81-242028= One Qaam Ibwr WO BQR 88( 

Wf fund. 1141.9 149* — — Pwra. PoiSU» MV . 

aCcrfFnnd... 1740 1877 — : gouy. D eport f 

jij 7 Pi.a Fd. o9 3 72.7 EqniriBood*- 

>■ PcTL Fuad . ' 2M3 — family TB-EO— 

in! Pin I’d l°bO .__, — FmUy81-aB~ 

l!-’JP»n r,1. 1761 .— . Grit Bant**- _ 

jsyivn. Fd . - 129.D ™ •— Wenwtai Bhnd- . c „. . 

it;rd in. JTdJ . 352.4 . ..J J4»Bag«lB«tf— — g».S MSi 


1(77 CheapshJe. BC2V 6DU. 
Solar Managed S___Q2L8 
Solar- 
Solar . 

SolarFxd 
Solar Cash S 
SolarliuJ_S 
Solar Managed P 
Solar Proper 
Solar Equity 
Solar FXd-lnLP 
Solar CMbP 
Solar In ILP 


01-6060471 

31 E 


Far East - — 

Financial Sec*. 

Geld & General 

Growth — 


Xd(T Growth 
lnvera.7rt_Sharo£_ 

Minerals. 

NaLHlgblpc 

New laane 

North American 

Pridessitmal 

Prop er t y Share! __ 

Shield' 

Slain* Chan gr 

Univ Energy— j 


Si IS SKSoittZ 

608 ...... yn Ihy. Tcl I'nltSLL. 

Mariret Leaders. 

ff-S TV-. 5H PreCSiGUlTmaL. 
“8 +0J 827 Pmi-Hflun. 


is7 Fidelity Mgmt. & Res. (Bdn.) Ltd. 

8.79 PO. Box 670. Hamilton. Bermuda. 

-••• ,22 F1dcliD-.4m.AM_. SU52034 ..._. — 

- • iS-S Fidelity InL Fund. SU 518.33 -_ 

. — 1084 Fidelity Pac.Fd._ XUS4055 — 

. - Fidelity WrtdFd — SUS12.29 +081 — 

— ’ IS Fideli ty Ster. Fds_ — - —.. — 

-are Series Alin tnL I £311 — 

+ 24 JS SeriesBiPaciflc)— £688 ._... — 

+01 8.08 series D (AioAns-i £13.43 — 


Jg Lloyd's Lite Unit Tst. Mngzs. Ltd. 

Vi TMO.Citehotlse'RdiAylcsbMy. 0298 SMI DiGrtklli*. 


. 43> ' 332 

238 5.07 

270 +01 493 
2 62 +01 688 
25 1 115* 

265 ...... 242 


265j _....! 242 pint Viking Commodity Trusts 
afg — H x« a SL George's St, Douglas, I.D.M. 

"-rt —"I “9 fUMj jiRB-i a „ rvi.h.. I. t.a 


DlrFldlnl— Mnr 1 ..19 36 9.«M| 7 04 

IntcrnaL Gr.*± fel2 66N-002 — 

FhrEaau-rn-f 134 30 . 17 081+0 dJ — 

North American'!. B36 3 6«-0.[M| — - 

Sepro--; — |12 86 14 05] | — 

SMlrt-tninluirt Funds 

Channel Cap|ts?0...pO?.l 213.« -0.71 187 

Channel lslBnii39...|p6.1 143 3 +05 520 

Commodih- Mar. 3-11127 UCSd 

St_Ftd.lL Mar .1 .. |139.9 126W . ..I 1895 

Price* on -Mar. B. —Mar. I. •"■Mar. 2Ci- 
Weekly Dealings. .. ; 

Schlesinger International Mngt. Ltd.' 
41, La Motte St, SL Holier. Jersey. 053473688. 

*ife=zB» a.z: t£. 

Gilt Fd fo b • 23 Binj +01 1155 

1 nil. Fd. Jcrcey- ffi 1M| 148 

InlnUd-Lxmhrg. _.|95& 1086^+001 — 1 


4.48 Equity Accum. |135 4 

IS M & G Gnapf (yKcHz* 


142 51 | 4.48 


‘Next sub. March 8 


1RU — ] 625 ^p^Ma]ui I rfSswi75TO i ^ojiwhwT Schroder Ufe Group 


7hree Qmo*. Towra- Hill. EC3R 8BQ. 0182S 4588 ia0.Chexpnde.EC2. 
irt Kn #l*o Stock Exchange Dealings. Capital Feb. 28 OS 9 


75J 986 

342 — OJ 4.94 
275 -MU 2.11 
4425 +15 422 
135s -0.1 269 

4Ub -MU 5.02 
27.9a -02 5.42 
3Q8a +05 295 


IAecum. I' nils i b 

fciurf ral n gt *n . .. . ,r 

(Accum. Units! f 

Commodity —— — ,1 

LACCU&L Tin I f m I , U 

C ompoun d Growth . 5 
Canvetxion Gitrothr 
CtUrvcrrioa Inc.. — r 


+0.1 ~ 
+LE — 
-0.4 — 

+05 — 


The British Life Office Ltd.? (a) Dividend.. 

Reliance H*t,TunbndgeNen*. XL 0683 =m y£cu&3&!U} 

*L^ce»Mrari::S«d«aUngSir^ttt^ 


WJ! Toscurancc Co. Ltd. Ex.Yfelri Fd.gA 

jshill. C.C.1 0MQSH10 

_^-re«f(b 15 -i-MM - l—Jj.+f - SSSSnf Bd.-+. . 

, ct. !6 Itti — 1 — .J,— _ . Price* on ‘Mar. 

- hiFAI cb.20.P590 1675t w 


SI - = 


— | — Brown Shipley St Co. Ltd.? 

" *‘S •’ • Mu ere; Founders Ct_ EC2 

Son Alliance Fond BbngmL Ltd. BsunRsFrUT^SU jag 

Sun Alliance House. Horsham 040364141 (Ac cJFeb27— &555 2685] 

OSSSSttf^^=d r Begfc . 348- 

Growth Accum. E398 422 

Sun Alliance linked life Ins. lid. Growt h incom e — Si 345 

Sun Alliance Rouse, Honham 040384141 Hfc2 2E^ 


(Accum. Unite) — _(■ 
rhndof rav.Ttts—.ll 


410al +0.1 
425 +0.1 
410a —03 
,4 25 -03 
64.6a +0.1 
69.6 +0J 


56.0d 

111« -0.1 


48.1 .. 
81.7 -0. 
.306,2 -1 ) 
<13ii +8. 


181 « Accum. 1 — 108 0 

1.D1 Income Feb. 28 1667 

H 'feSSS-Tgr 1 

4 83 (Ac rum. Unite) .,892 

40 Europe Fab &, 2B.4 

429 iAecum. 1'nitai 318 

4 06 ■Fu'Ch* Feb. 21 -.1547 
90* ‘Spectfex.Feb.7_.. 21LI 
662 ‘Rccovray Feb. 7. ._ P772 


7.U rimg.Fcb.28 ] SDS4L69 ^1 

3.46 Free Worid Fund Ltd. 

y+2 Butterfield Bldg, HamilUm Bartnodn 

— — “7 klAVr^J. AO (' ffTTMiLfg I r 


•For tax exempt fundi only 




01-8008520 tAeemjjtfaitai 

_iii . qit Genmai . . 

-ij lit 

^ High Income, 

. (Accum. Unite) 

- — Japan Income 

403 t Accum. U»lU' 


13o +0J ' 327 
450 +0.4 327 
575 -0J 5.89 
687 -0 2 589 
07-1 -05 639 
39.4 —0.4 609 


4.B1 =8SL Andrews Sq., Edinburgh K 

J-K Income l>niu U61 4901 . 

327 accuhl Unfls .. . — (52fl_ . 550 . 
32# . Dealing rfjy Wednesday. 


_ • ' *” „ .... FsLVitCm.TsL_.O05 405s4. | 200 Enterprise House. Portsmouth. 0705 L’7733 

J. Henry Schroder Wagg A Co, Ltd_V Frt.VkDhLOp.Da-»68 W8| ...Z[ 0,80 JIlterB aii«Bai Funds 

okmmi Fleming Japan Fnnd S_A_ - ££gu;D; PQ52 ing ..... ^ 

1M.4 257 37. rue Ndtre-Dame. Luxembourg £ Fixed In teres*- 1395 148.4 — ... — 

1 :::- « SS :™:: z 

4 3.46 Free Worid Fond Ltd. SManagcd (loa; 115 J ..... — 

2 :::: 12S S^“£s*y ,w *- J - Heaiy Schr « >der wagg & co. Ltd. 

.9 129 NA ' Fcb.3 ,| SUSM666 | I — ja).Cheaprtdc.E.C2. 01-3884000 

1 - 1% G.T. Management Ltd. Ldn. Agts. cta-SMareha i_J »g I .— I 2?8 
4 Sitt Part Hae.. 16 Finsbury Ctrou* Loudon ECZ IV^ 07 ' « J n'i'J 7h- 

. only Tel: 01-6=8 8131. TIJt 886100 -^5° £kL eb - 20 -Pr l ^S IS 

to Ltd* CXPacincP d -..., 5D8 II59 - ^ *3^1 

tm-moioi cS^^Bennuda Front St. Hamlin. Bind*. Sentry Assurance International LUL 

1=1 * S3 ::::::! S£25a,"-aas 


KW”.": 129 NAV Feb. SB (' SUSI66J6 | ] — 

in G - T - Management Ltd. Ldn. Agts. 
1 8 2 641 ...!.J 5.16 Parte Hie. 18 Finsbury Circus, Loudon ECZ 
iinds onhr Tel: 01-B28 8131. TLX: 886100 


fg Scottish Equitable Fnd. Mgrs. Ud.? | ?_ T Pacir,cF ^ ; 1 .. 5U ?^? I — I ” 


alacct&e 


tt & Commerce Insurance . : ; 


jHerelunit Investors AssoranceV 
135, High Street, Croydon- 01-681 


Equity Fund. 
Fixed In tore* 


Interest F«_ 
FU 


. .-•y-Ri St, IdDdon W1R 5FE. 01-067081 vre, “%, 

^ ^ »-3 “fcWte= W 

F„c„r^,«>T* Ili M».>V.Man..Fd. mi 


ice¥ rtc 

01-6868171 
— I — ManagedPttad 


a ..._j — 

r°.i = 

■+05i — 


Index — _ 

(herseas 

Pet fb nuance — _ 


4 JB i Accum. Units* 1275 136 

-— IS Magnum 1715 1835 

._... 527 IAecum. Urdlsj 21S.4 228 

9^ Midland 1«5 156 

+0-1 0g (Acetun. UniLsi 235.7 253. 

-05 552 Recovery 68.9 74. 

••ffv 245 (Accum. Unlnj 697 76 

-0.1 554 Second Geo. 144.9 157. 


135.7] -L4 
136.51 -10 


ss;~ w Bte& , iitai^ftr“ l 5M iSSSStm"? 199 M»4wd^“i 

609 Sebag Unit Tot. Managers: Ltd. • la) Bk. 'of Bermuda, Front su. Hamlin- Bmda. Singer Sc Fried 

£2 PO Box 51 L Bckibry. Hse, E.C.4. 01-2385000 F ' n \7M r, to 20. Cannon St. EC-L 

tS Sehag Capital Fd. -|305 .32-91+0.1] 4B G T * F “ 1 * US6J3 ,+WZ| 079 Dcfarf« id« J .-.-._-| 

Sebag Income Pd. _j285 29.^ +05 822 G.T. Mgt (Asia) Ltd. TokynTXt Fob.28..| 


J"S P.O. Box 3=6 Hamilton 6 Bermuda 

Man aged Fund fiVMW 1I7S| | -,.- 

la Singer Sc Fried! an der Ldn. Ageal(t 
l ^ 20. Cannon St. EC-L 01=48 8646 

0 ■ 7, Dcfcafqnd*. ...IPMW96 =634] I 646 


29.4j+0J| 822 | G.T. Mgt (Asia) Ltd. 


Security Selection Ltd. Huichima Hsc . Harcmm Rd_ Hang Kong strongnoia m an age m ent 

4§ 15-ia Lmroln-J Inn Fields, WC2 01^3168388 ^.T. --[ K O. Bw. 316 Sl. Heller. Jersey 

4 65 UnvlCtbTHAcc &2.7 242) _,...] 3.98 Bond Fund™. | 5VS12.18 | J 500 GMBUIOdlQr Traa._|88.45 93. 

DnviGihTxiinc._|».9 2Li{ t 3.90 G.T. Management (J»«eyl Ltd Surinvest (Jersey! Ltd. (j 

516 Stewart Unit Tst. Managers Ltd. (a) Royal TxL.Hse.Cnlotnberte.SL Heller. Jenwv P.O. Box 89, SL He! I it. Jersey. 

556 45. Charlotte Sq_ Edinburgh. 051-2283271 G.T. Aria Sterling... 10084 11.471 1 7.1* .American Jnd.Trt._ji6 80 6 1 

f ZJ ritevart American Food Bank of Bermuda iiGucraaqri Lid. ' r ""” 

IS Standard Units — 1547 5801 | 165 M-b. 1* P^lct, Guwpwy. 04S1-2C85 

Accnm. Units B8 9 62.H - BerTy p »c. Str! 

C62 W,thdr«-aU'mu i ..|«0 47.9| reTrt 

Rmtt Rrittxh ramCfli Fxrxt Anchor uuxy.TiL _ 


eder EnsaranceXe. Ud, gSitov p5r|a._ I486 

If. ■{•.ii-.i*. ToworrUECS. 01-8*68831 Equity Bond 530 

v. rr T. .167 7 74.4) -10| — 154.8 

- Man.Peu*. .- 3311 

- S.3T EnsuriMUtend Afi*. • : EouJtyPm^-- • 1509 

mS'M?*S£Z Si 

A.ii \ mis a Ufl 

•7 i L?w Life Ass. Soe. Ltd* Fenfidna Lt d. 

ham Band. High Wycombe C4M333T7 »«^Cotnt.Dor«TO.Sgirty.. 


Sub life of Canada' (U^ji Ltd. * 

2.3,4.GoekspurSL.SWlYSBH. 01-0=05400 
MxpiP is n rth I 1804 j .....J. - 
Maple [AMaugd._| 1290 -17 — 

SSSMKttz= g 1 ha = 


= :SSStec=K «3’d q&toZzd/ti 

Canada life Unit Tst. Mngrs. Ud.¥ BpectaUsiri Funfe ±7U 

2-6 High SL potter* Bar, Hcrtx. P. Bar 51122 Trustee [1267 , 

Can. Gem Dirt B30 053d +0^ 4 90 (Accum Units' .— 2420 2564^ - 

Do.Gen.Amnn — S5 C|+fl0 4.90 Owlbondfeh 28. UM ■ J « 

Do. Inc. Dirt. 02.7 34.3+02 709 CJiarrfd. Feb 28 — 132.4 1344) . 

Do. Inc. Accum fil7 404+02] 709 tAccam Units;.. — U8.9 I6J.3 - 

Peos.Ex.Mc6G — 1164 12201- 

Capel (James) Mngt. 1M.0 Manulife Management 1M- 


Stenrt American Fund 


a }A Standard Units — 547 56W Itt 

2 62 -Accum. Cuib 58 9 62.J - 

WitbdrswaJ l' mis ..[45 0 47.^ J — 




7J4 *sundarri._ _ (m.9 lM4rf — [ 365 Gaitmore Invest. Ltd. Ldn. Agts. 

Z-S Accum. Units |14O0 152Jj J - U c, wre 


Stewart British Copitai Fnnd 


Dcfcafonds. __ ...IPMM96 =634] ] 646 

TokyoTXL Feb. 28.. I Sl 531.00 | | 200 

inj Stronghold Management limited !’ 

195 P.O. Box 315. St. Hdier. Jersey C534-71400 

500 o>unnodJtyTnia._ (88.45 9301] | 

Surinvest (Jersey) Ltd. (x) •- 

envy P.O. Box B8, SL H cl Icr. Jersey. 05347nen 

174 .\mcrican Jnd.Trt._|£680 6.941 -0.03 143 

CoppcrTnirt £981 10 0B-0 1M _k 

Jap. index Tsu . — ]£9.10 929|-0 08| — . 

Surinvest Trust Managers Ltd. (*)j 

3.24 48. Alhol Strew. Donclas. LO.ML 0824 23B14 
ThcSil'crTruM. ..|9fl5 10061 +021 ~- 

>- Richmond Bond 87. |lP66 1960 +03)1028 


IDiS 1*—-' — -1 

8^ Sun Alliance Fond Mngt. Ltd. 
Sun Alliance Hse. Horsham. 040 


s2JS7» l S2ftR 303531 &5S#C!f:dySJ V&rM z- 


ExpJSq.T.d. Feb. 8.. (£19100 20090] . . J 
vrheFamtly F<£ — Jfi.9 87,i( +04 


i',4 ... •99 0 

'• i; }-d . .. 1424 

. • ■5iriRiF'...IW4 
--•iVd _ . 578 
. f*..v U20 


H .4WJ- — 

♦io .+- 
.... ■ 
■mj »-i • 


■a! portfolio Ute latt -CL IML* 
'1 .•:■ y:e ♦' Ct-lVolUun Ahma, WX3UHI 
...,( 1283 J — J +- 

loCqintc! ,|41A ' 43,7) — .J 


am "Eife Ass.'Soc. Ltd. ■' \- 

c rtWtlw Rd. B' mouth. 0=02 767655 

iSFead (950 1K0 — J: — . 

uitrj-und .IJ44- 99.41 - | 

• irupd — pwr. 11B.B . — J — ■ 

! ruhd 

ItaJ |9S0._- -_J, “f 

ix- A)Scc. IHe Ass. Soc. ULf 
. ukllrxy-on Thaflres. Barks Tti.'gUH 

mgr. "I-. : W l—lr.rr ■ 

. '.k£L.A£chll4.B 122.1] .. .J 

up«;rd._.l ,-£8166 ■ 


Ncfex E(t capk— 

Nefex Bq. Accma. 

Nelrx Money “ 

SrinG^fecAec 
NeJexGlhincOp... . 

Next mb. day 

. FUr Near Cant' Property a* Hricr 
:■ Rothachlhl And I— Mg— 6 

NFT Pensions Management Ltd. 

«8,<3raeeeburthBh.GG3P3Ra. _ 01-823 


MataagadFond: — 1^10 , 3*70] 
Pncec March 1. Next dealing 


Target Life Assurance Co. Ltd. 
Toraec House, Gatehouse Rd.. Aylesbury. 
Bucks , .AjlesbttiyftE96i50 

Man. Fund Inc }907 96 OJ — 

Mao. Fuad Act 107.4 1117 . — — 

Prrp hUlac. 1062 - Bll - 

Prop. FU Acc. — UL0 — 

Prop. F<£TUT. . — ~ 102.9 — 

Fixed laL Fd. Inc. 1068 lgJ _.... - 

Dep. Fd. Ace. Inc _ 970 102-3 .... — 

Ret Plan Ac. Pen. _ 65 7 7L« +0.1 — 

RcUHanCajxPen — 54.4 MS >00 — 

KW PlanMxnJkcr^. U70 1232] — 

Ket-PlanMimrap- U89 lisa — 

Glh Pea. Ace. 1350 WZ3 — 

Gl&Pai.Ca«x-. 1292 13851 — 


as-™*---* »•» Ud - ¥ 

SMI Prices on March 1. Next dealing March IE. Mayflower Management Co. Lid. Target Commodi ty 

Z l*18<Jroshaai S l, EC+V TAM, . 01-8008089 


H z Unit Fd. Mgrs. Ltd.? (aKc) - ^ 

„ Ml ibura House. Newcartio-upon-iyne 21105 General Peb 21 ... M2 690^ J 607 ic? a«?Obi» 


Carl to) (590 6201 

Do. Accum. Units _|710 -. 73.R .... 

Da High Yield. — _]382 ■ 410( 

Do. Accum. U oils— K7.1 49.6] .. „ 

-Next dealing date Maroh 15. 


01-0=34200 r.i»Wn(V r ' 
April 3. • _ _ _• 


— j US Mercury Fund Managers Ltd. SSSnlSrah” 1 

1'Z 8 89 30, CarestunaSL. ECHP2EB. 010004555 TarlS Inrt 

..-I 809 Mere Gen March 1.1154 5 164.4M $02 Do Reinv. Uniu 

25. AM.UUlUirfcl-.ta3 2140 .502 Tarmlav — 

Mere3nt Marcb l_teai 62 2 1.90 Tar*rtPr.3fer.l_ 

Accm-Ula. March I.i62.7 6t7 196 TsLlnc.. 

m-usuoco Nerc-Ext-Frtrja ,_RJ77 2)S.9n 459 Tia Pref, ^ 

OlrOaaaMO Aeeum.Dts.Feb53.S35 9 245.7 *59 CoyneGromh FeL 


' TransInteraaUonal life Ins. Co. Ltd. 

Mew Zealand Ins. Co. a T JU Ltd? 3 B re a m Blrigs,BC4iNV. ^ 01*058 «7 

MatrtandBouso. 6otrthend 8S1 2JS 0TO 6=955 Tulip In*«LFd_ t ” , ‘" ’“■< 1 — 


Kiwi Key Inv. Plan 
gmattC^Fd. 


American Pd. 
FarEartfU- 
Gift Edxed Fd. 

trFd. 



« t *H = ■Sffi’SSSt 

1 __ Man.Pen_Fd.Cap.. 

"''j _ •. Man.Peu.Fa.Acc_ 


3z 


M=lr 


117-7] __J - 


JliZZISS Sm 376 Couitwood House. Silver Slrert. Uead. Target Eaile K2.8 ■ M6j ..... | 1. 

rtri gSf IS Sheffield, SI 3RD Tel: 07427064= Target SSale Ob2 Mg -0.1 6- 

iKmeS atr ia Commodity * Gen.. [560 «.« . J 604 Extra Income Pd. -|56J 605^ -O0| M.' 

*b. 22. Next dealiagmaren L ££^f an >- K I 83 tS 4| Trades Union UnU Tst. MmiriKersl 


Trident Life Assurance Co. -Ud? 
Renriadelfeaa^'OIopctster 045=365 

Managed.— - —0.770 U4g __-J _ 


BASE LENDING RATES 

c 6 *% ■ HiU Samael 

Banks Ltd. $i“a C. Hoar? & Co. . 


. :..V. Bonk 6J% 

' ' tifclrUh Banks Ltd. 

•[ untan Espi-css Bk. 61% 

•' n.r JJank .. 

1 .Bank Ltd 

. ir>. Anabacfeer 6i% 

icirde Bilhao &i% 
■ .k.cCCredil & Cmce. 6.i% 

‘ k^ot. Cyprus 

' k-uf. N.S.W/. 6i% 

<>' hwrBelge Lid.' 6i% 

ftue_du Khona 7. 95 

• r days Bank 6$% 

^ ncti Chrlstw-Ltd..., 8J% 
mar - Holdings Lid. ?*% 
. Bank of. Mid. East 64% 
A T n : ,5y«ploy..;.. 64% 
:tda- Permanent AFl 6*% 
, itol G &C'Fln. Ltd. 8 % 
wr Cfd. 7- % 

ar;Holdings+., ....... S : % 

. rte‘j;hDusc Japbet... 6{% 

ulartbes. 04% 

3. Coates 74% 

ioHdsted Credits ... 64% 
ptyrafive Bank $}% 
* QthVap SecfifitJes.".. 6J% 
hULyannais-,. ...... 6^% 

. Cyprus Popular Bk. 6i% 
»R*iawrie~ 6i% 

I 'frost ......... 6J% 

isb Transcont„„... 8- % 


Julian S. Hodge' 7J% 

Hongkong & Shanghai 6A% 
Industrial; Bk. of Scot 64% 
Keyaer- Ullmann 6j% 

Knbwsley St Co. Ltd, ... 6 % 

Lloyds Bank 6j% 

London & European ... S % 
London Mercantile..^. 64% 
Midland Bank 64% 

■ Samuel Montagu 64% 

■ Morgan Grenfell 6*% 

National Westminster 84% 
Norwich General Trust 6i% 

p. $. Refson & Co 64% 

Ross minster Accepfes 64.% 
Royal Bk. Canada Trust 6*%- 
Schlesinger Limited ... 6J% 
E. S. Schwab - 84% 

. Security Trust Co. Ltd. 7*% 
Shentey Trust 9J.% 

Standard Chartered ... 84% 

Trade Dey. Bank 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 7f.% 
United Bank of Kuwait 64% 

- Wbiteaway Laidlaw ... 7 % 
Williams & Giyn’a..:... 64% 

"’ Yorkshire Bank 64% 

BMfimbcrf of ihc AceapUng Booses 

OomniitteO- 



= 

^ z: = 

129.9 — 


Charterhouse Japfcet? A>SSE?-if5fS5 1 

l.PaienxMerRov.Er*. 01nS488MQ 

CJ.Imeruan 190 230 300 2Z~r^„ .lr 

Acemn. Unis 230 241 3.M Midland Bank Group 

S « - — XU Unit Trust Managers Ltd.f (a) 

A^fuSSZZlii 300 _z: 

CJ.Fd.lE7v.Tsl 240 260 401 Sbeffirtd .SURD 

Accum. Units p70 29S 401 u^mnodtty *Geti..Bfc0 

Price Feb. 22. Next deaUagJSarcn J. D^Accum. — 

Chieftain Trust Managers LULVfaMg) c^p u g^ ZZZr B* 

301JJ Queen St. EC4R 1BR_ 01-348290C DftAemxm. —KS-3 

American -kril90 280] _.. ] L96 fe|| 

High Income .. — _KW.l _ 42JH -001 903 Do. Accum. _. 510 

inlcraallonal Trt — HZSEL& 53 _Zf 306 IniCTnalKBiaJ 393 

Baric Resree. TX.&B _ 2*3 _.| 504 

Confederation Ponds Mgt. Ltd.? (a) 

SOCTiancciy Lane, WCSA 1HE • 01-3420=8= Da Accum.-.." ._._|93 0 
Growth Fund P6.9 380] | ASS ‘Prtees at Frti 28 Ne 


Target 1\st. Mgrs. (Scotland) taXb) iintEquity susha u: 
12. Alhol Crescent Edln. 3. 031 -2208821 .1 1 InL TS-jr- ‘A* SljSllOl Li 


ingl. lid ■ Ganroore Fund XagL ffri East) Ltd. 
tt. 040364141 1503 HBtehison Hsc. ID Harcourt Rd. ttlfenl 

200 901 HK*P e c.U.Tsx.._!kr205 2J9MZ7..I 300 

B7ll io H 416 japan Fd JjnOlD Iza ...._) — 

87.R *001 4.U N AmcrlcnnT5i.._J5l)S9» IDlg j — 

td.¥ (a»lg» InU Bond Fund — |?l^UJ2 lL9aj | — 

Dealings: 0=965841 Garoaure l u i rolmai t MngL Ltd. 

3331 -071 4.69 PO .Eox3S. DmiglaivIoM. „ , 082433911 

591 +0 1 467 iuLemwioual lnc._C0 1 2X4] ...,_| 121 

362 -00 653 Do- Growth 153.7 S70| I 5.41 

itf!! - Z 6« Hambro Pacific Fund MgmL Ltd. 
124.' +08 30 =110, I'oonancht Centre. Hong Xosg 

271a 545 F^rEart Fcb,33 — BHK995 U47I [ — 

260 "" 2M Ja * ,a,,FaDd Pl'SMl 605] | — 

,285 ::::: in Hambros (Guernsey) 1 idj 
*290 i*D0 3S Bambro Fund Mgrs. (CXJ Ltd. 

160 10 JD PU Box 86, Guernsey 04B1-=85=1 

US 473 Cl. Fund- ...{130.4 139.41 1 4.00 

, Ql/Tl . Intnl Bond SUSh0J42 106.6» ,._.J 850 

ouand) (aKD) Int. Equity SU99D 10 0N 1 230 


Growth— 

Do. Accum. 


--■* - . Chieftain Trust Manager* LfcLWaMg) cTpuitt^ 
... _ 30, BI Queen St. EC4R1BR. 01-30298= Do.Areum. 

Ltd -“ American -kril92 200] | L96 Income..., 

045=36541 Highiawme.,-.— B90 42XH -00^ 9.K3 PO-Aceum 

I _ internal lonaJ Trt — H^U-6 53 Z 326 tnlenialKa 

.fd , Baric Resrce. Ttt.00 2 *a 504 .S?-*5£u?V 


Trades Union UnU Tst. Managers? 
3.49 100. Wood Street. Ea’A 01-088801 

TUUTMar, 1 |4S0 4804 ..._.| 5.6S 

673 Transatlantic and Gen. Sees. Co.V 


2461 I 158 D>L Sits. -B; SUS3B.99 102] ___] 230 
35 3 j| a ifc Prices on Marcb I. Next dealing Match a 

600^ -O0 | 10.77 Henderson Baring Fund Mgrs. lid. 
t. Managers^ p.u. Box IWUNunu. Bahamas 

61-628 SOU Japan Fd. 115.47. 1603) | - 

480x5 | 5.61 Prices on Feb. 22. Next dealing dale March a 

i. Secs. Co.V mU-Samnri & Co. f Guernsey) Ltd. 


iAecum. Ututst 
Colcmco Mar. 3 


Zmlgi0w ui4 r:,..-.i — . 

w Caah vahre (or £100 premium. 

TynAtil Assnrance/PensionsV 

itt Cmyngettaad. Bristol , .021238281 

3-W3TFeb.16.__-_] 1194 1 j — 


international Trt-_HriZi0 53 __Z 306 ireernaiimia] 39 3 -00 3 02 BarticanMar. 

Baric Rexree. . 3* -J «4 .^|a~ # : 33 ^ 

= J Confederation Ponds Mgt. Ltd.? (a) 8&CTS5r=:33 JM-““ IS ^' EDroF?b ““ 

50 Chancery Lane, WCSA 1HE ' 01-342 0=38 Do. Acrarat-™. — RS0 103.?:." 5.68 rrf _ n _ nM-ra 

Growth Fund [36.9 380] J AJS ‘Prtees at Feb SB. Next deaUag-Match 3L ,AccSnUnit« 

Cosmopolitan Fnnd Managers. ' J®” 5 ** 1- ^« uld **&*«* LW- 

ssssSs^TKt - 1 ^na °TI5« t^HLl 

COamopoln.GtJLFtl (165 17.B] S 29 SSffrS&d St' . SS Z“| IS hS bwoF^SS 

Crescent Unit Tst Mgrs. Ltd. (a Kg) ^LA. Unit Trust Mgenmi. Ltd. v^Tc^^.ai 
4 Melville Crea-Edbihtugh 3. 03142234831 OM Queen Street. SW1 H UG. 014337333. iAecum. Valfei. 

Crescent Growth _B4J 260] +60] 451 MLAUnIU_ ...133.B 3S5J ( 473 

oS. w^S2lZ:K:o 1^ Mntiinl Unit Trust Managers^ w<g) .Arcum ut^l; 


677 01-88 New London Rd. diclmriordOHSSlffil 1 8 LcFcbvTt- SL, Prtcr Port Guernsey, CJ. 


Cosmopolitan Fond traia axanagera «n. 

■ZrZT-Vrr.rTi „ tZ^mrir an nT-r. MinxterHsa. Arthur SL.E.C4. 01« 
8a nrat Street UedonSWlXOEIr 01-2358325. winiaer Peh^T7 1310- via j 
C0anopoln.GtlLFIl (165 17.B] ] 506 SS^l^a.ZlEb ' . £3 Z"J 

Crescent Unit Tst Mgrs. Ltd. UtHg) MIA Unit Trust Mgenmt. Ltd. 


igj Z". — Crescent Unit ' 
’ 4 Melville Crea- Etf 
1102 ..... — Crescent Growth _ 

ua+ - Crej Internatl— 

iaa — — eras. High. DlsL_ 

370 — .. — crei. Reserves 


PL580 U60] | 547 


01-8064803 W iefcTM ar.2- 
1^708 'Accum. Units 

Jrtid 7 & Do- Accum. 

9-05 Tvndail Mai 


Bond Feb. 16 — . 

property Fsb 10— 

iVponiFeb. 15 

3-Wayf’etLFbb.W; 
O'seus Inv. Feb. 16. 
Mn.Pn 3-W jfaf. 
Dn.Equib-Mae.l_ 

Do. Bond Mar. 1 

paProp.24ar,l_ 


Crea. Reserves P85 3Un< _Z] 

5S22SBSRff ,t "SSL “1 *4 ?S 

KESS?±fSB^ ifiOJJ *TZ% 1* 3 *3 -9R5 Tyndall Manager* Ltd* 

National and Commercial i&CanyngeRoad.BristoL 

R F. W inchester Fnad Mngt Ltd. .31. sl Andrew Square. Edmburgh 031-5560151 Mmomrl 

;OM Jewry. ECS DMHtlg l«o«Maf.l 0586 ■ mg 6J6 i 

Great Wlnchertcr-JITJ 19.4x4 I 609 ?S-S (AMMsrUUttt 

IGLVineh'er (TseagUJ QJ 400 ^S^SmZdSl M ^ IS 

Etnsoa St Dudley T*t Maglttit. Ltd. National Provident Inv. Mngrs. Ltd.¥ 

20, ^triiogtoa S l, 5.WJ. 01-4SS72H ORGneechurehSL. EC3P3HB 01-6234200 ihLEarnJUsm.i 


75.S 

920 

117.7 ...... 

1390 

5Z7 

36 1 

518 ...... 

645 

462 

517 

47.0a 

577 

683 

43 S 



570n 


5.95 Guernsey TsL J1392 1489] +0 41 3 i 

Bill Samuel Overseas Fond S_A_ 

4.29 37, Rue Notre- Itemc, Luxembourg 

?-S P6.29 16.99J-002] _ 


^tR^aLong \1723 UL6| t2l 3L51 

2JW — j 300 TSB Unit Trust Managers lC.1-1 Lid. 

■Sint { „ B3CfttclIcRA,SL5sivioUT,Jcr«cj-. OSHTSIjK 

ffiy ; _ Jersey Fund— |414 4J6o3 | 4,41 

tii — Guernsey Fund — Ml 4 430rt|.. 4,4t 

082433911 Pnccs 0,1 Maxell j. Next sub. day March ,8 

gdj I izi Tofcyo Pacific Holdings N.V. 

57 ‘** 5-41 InlimiB Management l’a N.V_ Curacao. • 

Mgmt. Ltd. NAV per riiarc Feb. 27. SUS»5 32 ,• 

«e Kaos Tokyo Pacific Hldgs. (Seaboard! N.V. 

[ — intixDi*- Manosi-men! Co. N.V. Corocao. 

<us>1 1 — NAV per .share Feb. 27. 51/KB.04 J. 

^ ■ Tyndall Group -1 

CJ.) Ud. P.O. Box 1236 Hamilton 8 Bermuda. 2-276* 

0481-265=1 i n-t-rsea* Mar l W. S090 lUri . ...| 808 

139.41 4.80 (Accum. 1-nilM BUSin liffi I — ' 

U».6a 850 3-Wnr 1st Feb. 16 _|SLSW SUg I — * 

*?7a 2« = N'rar St- 1*- Heller. Jerwy , 053437331(0 

3-231 JS TOFSLMar.l £600 6 70^ b.OO 

so (AeCUIIX Shares i — _ £9.60 10 ADi 800 

lealtas March a TASOFMar. ] 76 0 SOW — 

_j t .j lAccum. Shares i . _ 760. BO.O] 

w ngre.ua JtTMn- F± Mar 1 ._. IB) 6 199 il .... 7 JO 

imas iNon J Arc. U(M-_ 252 6 26701 7 SO 

16031 .... I _ Gill Fund Mar I ... 110 a U28) 10 M 

ins dale March 8 I Accum Shares' . 1392 141.8] 10.64 

t-msey) Ltd. vlrt “7 H«ne. Doaalas. bicol Man, 0634 25029 
Cuernaey CJ Managed Feb. 16._.|125 6 132 4]...] - 

1489] +0 4] 369 VltL IntnL MngmnL 1C.!.) Ud. ■ 
Fond SLA. l*. Mulras-ier street, 51 fleli'-r. Jerrt-y. 

ibourg V.IE. Fund — -.] 5L S10D ] ... .] 83 

16.94J-002] _ United States TsL IntL Adv. Co. i' 


609 I International Pacific Inv. MngL Ltd. 14. Rue Aldrinxer. Luxembourg. 


- I “ PO Box R237. 58 Fill SL Sydney. Allrt. 

“ Javelin Equity Tst_]SJLa3 193] | _ 

- |“ J-E.T. Managers (Jersey) Ltd. 

” Z77 F° Bo* 184. Royal TsL Mac, JereeyOS34 27-i-Jl 

. 3.42 Jersey Extra). Tst„. 1125.0 1330| I - 

.. 342 As at Feb. 28 Next Sub. doy Mar. 3L 


LS. Tst. tar. Knd_ | SV.S950 J+DJUi 895 

Net o»set .March 3. ;- 


S. G. Warburg A Co. Ltd. 

;i£i. Gre&ham Street. 8= 


01-600 4^35 


2g As at Fe8 28 Next tab. duy Mar. Stt ^S s^Feb Wj SVKSl Z 

“s 1ZJ 8» Jardine Fleming & Co. Ltd. MerJBur Fd. M-r l.|RS»a UJi| . ..( - 

*35 7.1 819 48th Floor. Connaught Centre. Hoag Banff Warburg Invest. Mngt Jrsy. Ltd. 

M« — IS jS^SSlS'?S4:| 1 1. Charms Crow. Sc. Holier. Jsy.n 0634 737« 

Is H ■ :z fsaRfrs-usf ina i - 

f NAVFe ^f q » t 3 M TS *- k z 

wcxl SOD- Mareh 3L -r\rr i M Wh Q K lx u rrt ^ I _ 


CMTUd. Feb. 23 . 0262 
Metals Tri. Feb. 16. 00.93 

TMTFehB— _ SIS926 

TMTUd. Feb 5 — 903 


98Qrf [ sox Kemp-Gec Management Jersey Ltd. 

i&a — fS )■ Charing Cross, Sl Helier, Jersey. teWi374l 

H-741 J 4-g Remp-Gee Capita). |79.4 SL9 1 — 

4-55 Kemp-Gev inwime .)&20 63.9| | 861 


12.95 -... — 

1121! .... — 
9 SB „.... ~ 

907 r.„. _ 


“■ World Wide Growth Management 

10a. Boulcrord Nii>al, Lnxembourit. 
Worldwide GUi Fd| SUS1269 I-0.D1] — 


Z" — lEmsoo Dudley Trt..(M.7 


Vanbrogh Life Assurance 

4 1-43 MafltoSL. Ldn. W1R 8L.V 01-4W4923 

MmagedTU, ..- _ ]137h 194 91+6.3 — 

Equiti Fd._ 2B54 218 S +0,4 — 

mmi Fund 50 -00 — 

Fixed lntenmL— 1704 1793 +03 — 

property <8 1369 1*83 *04 — 

Ca-hFund — 116 5 VtJl ..... — 


Eonitas Secs. Ltd.«akg) 
41Birtromafe,EC2 01-588 2S51 

FTOgresrirc — „ — £82 6L5) J 483 

Equity & Law Un. Tr. SLf («ftKO 
.Vnertbim Rd_ Hi£h W.Toxnbc. 648433377 
Bqurtj fcLav - fc " — 


500 N.PL Glh.Un.Trt — 149.4 47J — 3.75 

vAccuaLCaitsft— B30. _.58S | S.75 

NPI0-rea8.Traa_.KMB 11«3 — 300 

,___ tAceuaLliuiUJ* 4 — 11161 1K^ J 3.29 

J8K1 "•Prices or Feb. 23. Nest desdiu* Match 30 
403 ‘Price* Feb. 18 Next dealug March L 

Natiacal Wcstmln sterna) • 


, High W.Tcombe. 648433377 °l 

—1587 M01+1O1 870. i 


aatST^P* S3z^ IS MMCk* SM-O- iM TSBUsitTru^W 

tSooS— _. r J _ ftSSSf Fd — SI £9 — I Z" N£L Trust Mtnsgere Ltd*' (akgi 21. Chantry way Anto-or. H»te 038462168 
5» u j?'.-7= gl W0 a _ ..1 — Da Acemn. |9B0 98^ 207 Milton Caort,Darkins.Suxrey. 5911 (hr rsBK«SSi iDC< 'lws ra6 ^ 431 

■«»===» **3 = Ste: SB kh 4^ I 

Gu 3 ron l re6«.. tat B»oaa«h-iabl-. JSjgS^t ft’ SJ =J ^ ^SSaS^t^SSSS^ Scotti t^-- ^0 74N -fl3 |J9 

Welfare Insurance Co. Ud.9p ' G.T. Unit Managers Ltd* mates ***** W 

n.oL*M,Foftei8w«i'lfcTiL ‘ 030357333 18 Floabury CLrCos E£2U TDD __ 056288131 Gro FriZ_Z^S83 5M0n( 1 To WarinfiStreeLBeMa"t. 023233231 

— 1 - — ‘ I f I fZ T r#n Tm Rd S TOD? I f TL * U - •“ ^ — .1 J_W II .|1__ _ro __.U 144 A ItfJ iHd eM 


■■-•J .— FwmHngtoa Unit Mgt Ltd. (a) 

. ■ - 5-7. Ireland Yard. EC4B 5DH. 010 
l ' . Capital T*. to30 1 

SEESfrss^dK r3 

-1-4 — - Da Acemn. — (920 982 


_ . Flnanrtfl! . 

. (81 Grotctblnv. __J790 

01-3488971 --r -- -Kl 

PWtWUDlBr. rd.e^JK-9 

Jg Universal FcUdJ^ {*7.7 


k3 40.ii 


— - 1 3.75 I Acc am. Units) . 
— I 5iS Sect. Cap. Mat. 1 

1 306 (.\cnua Units;. 

.....J LM ScoL Inc. M ar. I 
Lnpdon Wall G 
* arcnl - Capital Growth 

Da .Accum . 

«v«i Extra Inc. Growth. 

JPS'- Do. Accum. 

“S Financial Pr ity 

TS-J Zs Do.Accubl 

I S High fee Priority 
+ni Im Inirannl tonal 
+9 ) 89? Special Sits - 


500 NOTES 

502 

5^2 ‘ * - — — 

S5d Plf** do ipclflde S premium, except whore Indicated 4 and are in pence unleu, rtbercua 
550 indicated., » lelat [*bown io last colanmi allow (or all bujinc expense*, a Offered prices 

l c Yield bated Pi offer price, d Estimated, t To-day s 


550 (ndlcateiL V i elds N (shows id last colan 
Q 25 | include all expenses, b To-days prices-'c 
| opening price, h Diaributlon free of UJC ( 
premium insurance, x Oflered price In 


. taxes, p Periodic premium Huwnuiceptans. u Smsltj 

pr mlum_ insurance x OCercd pnee include* all expenses except agent's commission. 
£ Ottered Prtce includes all expenses if bought through managers, i Prcrinua day's price. 
9 Net of tax on realised caplud eainsi*pic?i indicated dj- 4. f Guernsey gross, f Suspended, 
an I > ♦ ^ ield before Jersey tax. T Ex-subdivision. 


37 0 -0.1 
4L2 -00 

164 

199 

683 -00 
276 -00 
287 -00 


-0.U 1073 
-0-U 10.73 




: KS? < Pia*C«ti!t 111 ' M* ,r - '-"T <w- “ 

: ^aST_“^z.-Si% •* •arJSPSt-.Ttt&fW 

boimd Guaranty... - and over £23.000 44®-. 

dlays Bank .t 6*or * con dcpodia over £Loaa ni. 

n'G55 Mihftn (tit? 4- Demand deposits 4ft. 

DE55 01 anon appUos » stedw* fed- 

bros-Bank . 6*% &**. . : vT' 


Guaranteed m 'hu. Bom Bates' table. 


Friends’ Prpvdt. Unit Tr. V&sJf 

PUhamEnd, Dorttng. . 030&5055 Fri 

EB5E2S*! iZ 


8 +60 
+00 
+60 
-60 
-DJ 


Welfare Insnrance Co. IBL4 


Moneymaker Fd.. -I 975 

For other tundi please refer Io T 
Manchester Group. 


T^e'iienUon , 


Windsor Lite Assur. Co. Ltd. 

I Hl£h Street. "Windsor Windsor 68144 

Liie Inv. Plana— [680 72JA — - — 
FlrtureA.wd.Cth»«). ■ 190 — — 

F0U1 re Aud. Glixh 1 . 47.0 — 

Rci. Aafld-Pvni — • £2808 — * 

rtetlar.Gnjwih'jillffr - 125.91 — — ■ - 


G.T. Unit Managers Ltd* 
16, Flasbuiy Ozfins BCZS 7DD 

Bo T ^j!!zzzgJ HI 

G.T. Inc. Fd.L'0 U69 -lajrt 

G.T, £.&&&*_ 1295 itt 
uT. Japan &Gen__ 2365 2580 

PGl Pena.F.x.Fd 1296 Urtffi 

C.T. Inti Fund 1872 lUffl 

G.T. Fhnr YdaFd 520 Sm 


tM -Pearl Trust Manners Ltd. fa Kgkri 

|2 JSiUifb Hoiborn, WCIV7EB OI-405344I _ TlRflt ._SCTOHr& Mgznt. Ud. 


023233231 
36*4+001 8fl3 


CLIVE INVEST5IENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-^S3 HOT 
Index Guide as at 21st February, 1878 (Base 100 at 14.1.7?^ 

Clive Fixed Interest Capital 134.6 :: 

Clive Fixed Interest Income 121.45 • 


CORAL INDEX: Close MO-445 


-H Z *G .Sc A Traat (ai &) 
7.^.1 — -18 Rayleigh Kd.Breataood 

— J — Ja&A._ jzsj 


Pearl Growth Fd— [289 -22.S 

Araun Units 23 9 -OJ 

Pearilqc.-, 791 n3+D0 

Pearl Unit Trt — — T 1 S +Q0J 

(Accra. Units— — fdO 0 430J ..7.7] 

Pelican U sits Admin.. Ltd. (gXxj 


— .1 6 M Nine Willinm St EC4R 9AR 


Wider Growth Fond 

King William St EC4RSAR 


10277)257300 81 Foaubda St, ManchciUr 031-2303655 income fails ^-127.2- 

300] +00] 5J& PdkmtMB— -J73J TVS -~4 3L54 Accum. Unto pU 


0l-ffi34S5l 
13701 -7JH 8% 

34^ Z^ WZ 


01-023 4851 

*S=j u 

































































































































































































* HtOES^nM^oBtuHied 





»■[ - 


ft 9 .iH.S 1 

Prop.Pm'sbic^ 
Prep.itBev.'AV 
Prep. See. &F50p- 
Raglan Pr». to. 

Hwaflaw 

Regwmlftop^. 

na-«A' _ 

Roil i ftnpkfK 
SaMdftups— 

Stot. 3 ietn 9 . 20 p 

S&.'ffiritttyWp- 

SlMsbEte „ 

Do-KAOm/SO 
Stock Coacoai- 

^TOCeutreJ_ 
Town & City IQp. 
TrafiortPart_ 

G.K. ftnoerty 

CIA Rml Prop— 
Wsreer Estate— 
172 ' WaraEordlor 20p_ 
~ WebbOw)5p_ 
WDHJtsterP.2to. 
WiustaaEfls— _ 


an 


:+l 


!+l 


\+h 


mi 
GrtJWE 

j|| ip 


m 


INV. TRUSTS-^Contiimed | FINANCE, LAND— Continued 


l_4j 6.7 161 

34 &D 
12 31.9 
26 366 
*119 

ulTijaoA 


SHIPB UILDERS, REPAIRERS 



•64 .—a — 

134 6.86 

155 +413 

265 4il 


IB 7.2 
m 4.] 
r 51 2 i 


SHIPPING 


u 


,.34 Rsi»rUL„ — 
WW Furness wthj-£i 
[140 (feting Gibsifl.. 
25 lj Jacobs J.Liaop. 
3&2 (Lo? 0 Sms. Fita. . 
U26 _ _ . 

LmgsJ 

tfcKevDtPn, 

JStadDockstL 

Ocean TranfOMt 
p.*ai«S£i„ 

Reardon Sra_5Qn 

Da'A'SOp — 
Bondman iWj_ 


+1 

-b 



f .. Stock 

OnJrtH.ta.tl 
Da 

Clue 

1 dts4Com.ta_ 
Do. Cap. if]). 

City fc For. [uv._ 

dty t Intern fl_. 
Ckj of Oxford __ 
Oararbousesop., 
SflnalmsigpJ 
flgtedaJelnv. 

Cobnl*JSw.Wl. 

Caitowflilnd. 
CMtineert Ccios 

Cnanluslnv 

! nw'taHSIW, 
Dotgpnoiu- 

Dertmtafe 

__ Do. tap. 50p 

1 143 <2 DccmimiGM. 

UraytanCcBn'cl- 

Do, Coos 

i Ito Far Eastern 

Do-Premifr 

DcaheettaSOp 
. Do. Capital fi 
pndeefcLoo. 

S 

lIdv.DLEI. 
nlov.TiL- 

LiCen 

'ilntenuiL 

[QSt A jCOLiTT?. 

msr u 


Me> 


|+ nj Mv 


m 


SHOES AND LEATHER 


i IBSBfcf 

36 {Footwear 

67 gsnarSeotUair 

12b _ __ ; 

37 HIltcfHJDp 

26 KStcei— 

31 LaabertHli. 

2213 NerboIdiBortn 
22 otndrfQ'.v 

45 

21 SteadiSua'A*. 
56 Slronai rater.. 
17J2 StyloFho»_ 

18 WrWAElOp 

19 WaulWbita 
fleznalOp 


OJ i 20.7 
, . . . , 43 ML? 3J2 
ftd36fl 2.4 9.7 66 
63 7.0 46 
45 63 6.6 
14 9.7 «_5 
3.7 6.7 46 
23123 54 
4 ?.8 * 

* 6.7 f 

3J 6.5 4.1 
16 S3 11.1 
41 96 3.9 
23 5.61 
29 8.7 
53 6.1 
26 20 


SOUTH AFRICANS 


AbsetnRlXSL- 
Anglo Am In. R1 
AnK.TrsInd.50c 

EdwrafclOc 

GaMFWs.P.2fje 

Cflnius 'A' Site 

Hul«fsCpn.RL 

PKBaaa rsSOc- 

PnanoselOrts... 
. _ Bex Trei&re ‘AlOr 
M SAflrew.at_ 

[395 nssOit&tll 

ifiwee- 


1+2 


86 tjl44 
10i 24 


TEXTILES 


{Alfied Textile— 

Al&s Bros. 

BealesU.12&U 
Beckman A. 10p 
Blackwood Kin . 
Bond St. Falx JOp 
Bright Ootm] 

S'SlSt 

24 Brit Mohair 
29 fetarUfib. 

12 CatrdCDnnd 
40 [Carpets lit. 

22 
22 

56 [Coats Patons 

1{P2 Ctffah 
, 89 CnatinMs. . . . , 
te6fllj Da 7% Deb 82/7 

28 Crowtfaera] 

49 DawsooML 

«?2 Do.' A' . 

DnxmfDoraD — I 

BSI&3 

(J-Ufll 

[ffifildfias.5pZ.| 

20fz DTKnEthlLaOpL 
17 PaWOp-JZ 
26 tngnnnlH.\Mp_ 
S* JsooetHWgij. 
Btahr 



Note. Stoats, 

SBS5?: 

PkHesfW.UCa 
Da'A’fiVlOp- 

m.r 

racnarns lup j 

12 &EE.T.2DP 

18 SedtPnbatsoo.) 
12 SetoBtotlOp 
1412 Shiw Carpets 10 . 

62 Sdavlnd&SOp. 

30 Srdar— 

20 Small 4 Ednas. 
27h 5a.VlsaRaUJ90_l 
1«* DaPrtv. L1200 Jl 
22 Spencer (Geal_ 
14 Smddard'A' — 
StrodaileyDrt. 
rg&C op salate- 

Tex Frd Jrg . lDp.l 

Tomtoaras [ 

rootal 



rnoariBel 

. WD-Textil. , 
36 lYoashal. 


TOBAI 


tBATInda. 

Do. nett 

DntoH{AJlta, 


+1 


,06.49 

334 

+262 

M.49 


,-7 t-Jns 



+1 


laf 


+6 


d282 

100 . 


+1 


325 

167 

«176 


113.01 



W li 

64 

28 


13 75rtUJ 
4.0 7.4 54 
15 62 29 

6.4 42 3.9 
0 3 5 J 296 
0.9 10.7 158 
26 83 76, 
10 29 3481 

1810.4 88 

!?“» 

22120 58 

52 7 5 48 

53 d 56 


+3- 


-2 


BP 



TRUSTS, FINANCE, LAND 
Investment Trusts 


lAierteenfevs-. 
jAbrntteoTJua. 

[Aljlmce Lnr— 
LAliianceTnat- 
LAWfundli>c.5ft>. 
Da Costal SDjx. 
lArfuDKlas.ta- 
, Da Cap, — 
UraKkaaTrna.. 
UnBtouta'B' 
Unto Ad. Sets- 
KSoijtDiv.^ I 
DaAssrtSis— : 
wiaScoLtov.. 
bffinedota. 
DaCap.S0p — 
fc®In*.i5AD— ’ 

Xihiftrgn hw. | 

AttaotaBaB-Up. 
AHanrie awtte . 
Allas Eleet ■ 

Banters’ Inc.. . 

BenyTras 

^tasniaFrepi. 
BishopsgaieTS, : 
Bantortstkfl.^. ; 
DaCtov.^—— ; 
Brad Fuad cm 
Bratiltaczn. i 
BrmirTSt — 

RBR&i 

BntUAaeta. 
aitlad.4(J«- 

attlmtst 1 

B roads toi jei20p) 1 
Brans lor,—. 

CSntoinatot^ 2 

55^2 CaJatoctoTS- 

DO.-B 0 

CaotstasslGn. 
C4a*3atavi8p. 3 
Can, fc Fore tgR— 
D16ND— 1 

, . •v. 1 

fcandfaal&d— 

&aire 




1-1 


%£! 

pe 

740 

t731 

+036 

+406 

ti5 


.tB23.9 
.&0 232 
_ 66 219 
18 4.9 319 

& IaiSs 


14,66 22.61 

[+1 [ '- | 

u ]$3l 
58 a4 
14 58.9 




i+t? 


*&■ 


!3 


i -2 


1 R ACEarotnat 

.42 i F^TlBv.li, 
.69' FSScot.An. 
|117 .- FondB>4CcL„ 

, 29 . F.U8XTJR03) 

1 25 Fundtnwstlse, 
43 DaCap. 

^SSKssr 

GeaCtKBotdtd. 
Genecd Pundit 
Da Coot. lOp— 
CenJnveston— 
Ck: Scottish 

Gkoderoilitv— 
Da-B" — . 
deunnrraylnr.. 

,ir-SE?= 

I 421, GoveCEnrope— 
49 Grange Tma — 
741, a-tfetth-ofac^ 

^ SK*- 

#«? 

35 Do-'B' 

B tatod» 

[600 Do .« 

Wi Industrie iCea 
[-97 totaStHXM_ 

S InteiatTInv 

107 QaLtaEUjyJl. 
28 W+nSoeceis^ 
j_59ij QMEon’ Cap- 
161 taKtmtTlt&p.. 
103 Tanfine lapse — 
7£Pz JartonSee-HnsJ 
103 JenscErtPI.jp 
185 Joey Gen. £1— 

2fi^ 

28 JoveI 1 rr.I 11 c.lOp 

2 DaCwxJn-.. 

83 ^m&.SOp 
31 Sgs&InrZ .. 
66 Lake View lev _ 
24 Unc-llmlyiv. 

, j 69 Eaw Debenture., , 

[rm. tiiv iaani Mi i» J 
“ Letfatataajp 
12V DaCaj2.5pT7 
1 18 LeTtojnetlnv.,, 
Uaic Abdn Tfdid 
LmABantic-J 1 
77 LoaAKtJmSAl 
43 Lan.ACkrt.5Cp , 
83 Wa.6HoUrood_ 
57 Iffl.Alfflnnr— 
13 Lm.6LKH)pJ 
km, k Lomond _ 

. Lon. fcl&ntmae. 

Emx APror, 

45 LoaPradestol 


•M (U 

- 13£tai 


pc.fcS’chde— 



, NegilSA 

a 'ISS£ 

KYAGartnon, 

LAtiatt&Sec 

t 



145 


87h Pentiandlnv. — . 
63 Pre* Scs.Im.50d 
Protocol Cities 

Raeburn 

25 Rea brook Inv — 
Rights* Is. C4p 

RtorAtat 

, 88 Rpw P late Det_ 
|£4ffA iRobooia-. I rao 

Ifioxnuey Trust j 
(Hosedlmondlnc 

htotiuid Ia.50p 
iaregaard Ind— 
SLAndrewTtt— 
s Mt AB lav. 50p.. 
35b Scot & Cant tar. 

, 90 Scot Odes *A'_ 
[103 Sect East Iev„ 
25 SeoC.Earopcan .. 
75 tSeottisisUK— 
9IV Scot. Mon. ATst. 
{Ill SwtNKUmal— | 
70 SrotNotoeni^. 
|1M ScctOntano — 
7Zi 2 Scot Old. lnv — 
Scot Western — 1 
Scot Wests. 2 ?- 
Sec Alliance ta_j 
Sec.i&eatNlha. 

Da-B'_ 

SecamiesT. Sc-. 

SdataAtaSCS. 


Q12 (£70 
48 



44 


[Trasl 
frnKtwsCarp— 
sdeta — 
(wnutr— 

BtitSect- 

DtdCqstolf— 
[IS Deb. Com 
C 6 .*GesemTJL[ 

US Trust FihISL-I 

Titos Heoorres-J 
WCStATPOSlflp 


4J28.7 3M E18-. mmtslsv.a^. 


Wistgbot twn - - 

ffitaalv.-- 

Veosanlnv— ! 
Yorks. A Lanes— 
Yertgreefl.Ifti- 
1 (Yotn^Co'sInviL 


—1 4.T 


17 




H-b 


■*= 


-1 


447 


+68 

0.71 

tQ47e 


f3.4 


78 202 
9.0163 


72 20.6 

73 224 
73 20.0 


1^4.41: 


9.6| 

64 [23.6 

,!pi 

U 5.0273 
lli 66kl6 
lflflO.^14.6 

12123.4 
1« A 
3245.0 
5.4) 

68 

3.7 37.7 

73118.4 
6 J| A 


4306.1 


IfajefielnUp— J 
Hanoi JTLP.i to . 
MassMltiRT 
NltCJura-lS 
XippsaFi 
Paraabel. 
ParkPl*e_ , 
ramtafSIASoa-j 
Pretabl-SFidML 
StGeorelCp— 
Scot A&rc. ‘A'_ 
StE Ettipe Ann— 
SsnXh Btb . --- 
StoaltaHESOc 
5ae:Fu.NF100. 
rrjBS.5£tt79Llp 
Wto.Seied.2to 
WestdEnEtoa. 

YuIeCattoltto- 



CV 


m 

12.7 


0.7 


HU 


H 

,81 

133 

id S:I 

1 j 


9.4 


166 

To 

73 

277 

198 

58 

36 

?9 

93 

152 


Jacan's leader m 
international securities and 
investment banting 



Th» Nomura Securities Co*, lid. 


NOMUM EUROPE N-V. LONDON OPFtCC: 
Barbar Sivpaoni Hail. Mcnkwoll Sc rare, London «U, 
London ECzVs BL Phora: (01 1 806-3411, 8263 


OILS 



& 




UtockSJp— ~_ 


£401, DaftUSiWJ 
1900 tlCCPStkSeafl-l 
44 C^rSnrrlOo— 
18 Cbanmbdlto-', 
£12*4 Cie Ft Permits Bj 
400 HChtffOilfl — 
flOO ttCWe Petrol £1 
7b EncfemourSOc— 
24 KCA— 

\BS USMD 
l£84J 2 USJni^rtav® 
[260 LASSO -ft*” JOp. 
13 . stood MeoiiKie:. 

78 OilExfd.IDp , 

8 Premier CeasBri 
£14*i Ba«er Oil. 
l*o Reynolds Pi 
£35 S» fR Dutch F 

(412 ScecmvRas. 

SbeB Trans. Reg. 
DaT*iPL£l_ 
wSwbewfT.KiSl, 
Texaco 41% Cnv, 
TrlcentrM — 

Dlmaar 

Do TpcCnr. — 
Weto+btlOms., 
PaPld.tM.10c— | 
WoodadeA50c- 


112 * 

136 

726 

75 

45 

£56b 

900 

51 

21 

£15>4 

400 

116 

28 

134 

£101 

284 

19 

192 

fg* 

A 

510 

493 

bb 

228 

|57 > 2 

330 

196 

121 

97 

97 

59 


-1 


-2 


+SJ3 

*8$ 

0 » 2 % 

+2.43 

QWJfr. 


zoa 

Q14%! 


L92 


+Q50SJ 

w 

Q15Ve 


334^113 - 
e362 I 


381 


2Jt 


a 


3 


5 .K 13151 1 

AM14.4 


46 


77| 

1L6| 


ll 

elM 


18.1 


6.1 


4.4 

1 U 


iia 


1*77-78 
ffigb Low 


MINES— Continued 
CENTRAL AFRICAN 

Wi. 


no 


4.0 

54.0 

66 

5J 


21Q 

24 

165 

164 

80 

42 

27*2 


20 

127 

128 
325 

72 
112 
35 
242 
105 
2\ 
120 
12 
147 
55 
£13 

1 19 
555 
264 
75 


31.1 1 


66 

52 


? ? 

fill 

70 

27 

ID 


10 

57 

10 

(125 

10 

1 

79 

8 ? 

20 

s 


I Stack 

FaknnKhJOc - 
RbotTnComlffi?. 
HoanCtas-W 

raneanritaSto 

Do.WsOP--. 

WankjeCoLRhJ_ 

Zam.Cpr3BW^A- 


Mee 

70 

122 

7B 

a 2 


-1 


KB 

087 

QU.0, 


.TV 

C*r|6td 

131210 
4jl 3.7 


U 

16.4 

U 


AUSTRALIAN 


Acmes 25e^ 

BosuirnlUeSOTcca 

EHaouthSOc 

CoanncRiundoSOc. 

GiLKalRaarlicSL 

Hanratc Arras 5p _ 

Metals EtaJc 

Mitt. Hite 5»c - 
Mount Lyefl Sc _ 

Newmetal ! 0 c 

North 8 T51l50c._. 

Nth. Kalfigrli .... 

OakbzidceSAl 

Padlictapner — 

Pencom'lac 

PartnraM&£X5p.. 

M»Wailsend5(ic. 

Westn. Minina SOc > 

Whim Creek UJc — 


ID 

73 

65 

1£6 

70 

93 

32 
127 

17 

2 

02 

11 

135 

33 
775 

12 b 

43G 

89 

35 


-25 

+3” 

+1 


5c 

15 

QlOe 

T 

145 

7.i 

Q9c 

17 

QSe 

15 

iQTlc 

19 

Q15c 

Q6e 

40 

14 


OVERSEAS TRADERS 

* | 22t 
4.7[ 6.5, 


92 


J 275 
3 103 
240 


4W3?5 


11.8(12.4 


«* 


HI 

1 -1- i*i liii’ 1 * 

l*S 




93A [.African Lake*— 305 
60 {Amt Agnc50e_ 64 
134 [BetisIaratS *W.i.| 193 
For Booker McConnell 


Ztnhnckrnm.islp 
: B«E*ead'I0m— ' 
Finlay ilas-iSOp- 1 

GilliDuHus - 

GLNtbn.D0 
2 JTrtJ'ta.Cros.a. 

HcffnuHgti) 

Incbapeil 

Jacks Wm 

Jamaica Sugar— 

Lcttrbo — 

! Mitchell Cotts 

Nigerian Eta— 
Ocean Wlsns.3Dp 
PatiwaZodLlOpJ 
Da’A'WVlT 
SmgmCIi) 

Sea Sugar SOp— 

SS 1 " 1 

lbxer KeotS 
2 DaBpcCnv. 

aaSsot.; 

; DalOpcLn. 


vrm , 

£ 0 <h Lew | 


Anglo-Indones’n— 
Bertam Cons. l(to— 

BlrdtAfric at | 

Bn*raiUlB^ra 

Cajtiefiddl 
Cbersanesel 
Cons. Hants! 
Gadek Malay! 
Grand Central 
Gmbriell 



Azmi. Nigeria 

Ayrr Hitim dl 

feerallTIn . _. 
Bg ju n ta Httl 
Geevor. 


TINS 


Gold* Base lftp- 

CcpensCotis. 

Hoaskonc 

tdriiiOpli 

JattariSip 

Katruntinc 51*050. 

KDlinchMl. 

(UaLsywrarJWSUlJ 

lAFaiem 

doJcoIDp — 

.. ..abngSMl, 

Saint Pi ran,...— 
[South CtontylOp— 

[South Kino SM50 

]Sm Malayan Sill. 
teungriBesiSUI — 
lSapremeCorp.au 
JMfilSp 


_ „ Hrte.OU 
[IrnnhhSMl.. 


28 

2S0 

51 

225 

495 

9 

255 

150 

83 

11 

70 

450 

295 

49 

53 

170 

50 
S3 

ISO 

245 

>8 

93 

85 

175 


— 

♦251 


9S 


156 

— 

75 


7015.5c 

0125 

Q»5c 

’?| 5 

m&r-f 



-i" 


ul.99 
W 12 

-5 

tZuSc 

iJlUe 



Z ?| 0c 


Q56S27. 

ZQ30c 


9,0 

32 

16,4 


6S 

To 

24 

44 


AO 

S3 


21 

KX 




a -a 

0.9] ' A9 
129 
0.71 «. 


k>! 

D.S| 

ell 

1091 

1461 

14| 


2fl 


32.C 

111 


27J 

7.0 

5.Z. 

18.6 

16- 

AO 

10.4 

111 


UI115 


3.4. 

7.0- 

14.4 

3.7 


lUessnaBOSO. 


COPPER 


74 | — |jQ30e| Iff * 


MISCELLANEOUS 


RUBBERS AND SISALS 



-for 

Db. 

— 

Ntt 


254 


35 


hi 77 


fi?8 



2.03 

— 

W* 


0.55 


+30:15 

+Jg 

365 

+ i 

J8®ic 

+h 

®i^ 

+r 

sM 

M.43 


S“ 


15 73 


1 -W 


fi 

13 


(Banna Mires lTbp. 
CoUatiDnesja.-. 
(Cons. Murch. I0c_ 
WoihbttCSl 
(ELTi 

Isaiuna Inds C51 


£14*[7B0 fezraEsytaSl 


JtehidrBaitiilslCp .| 

[Yuba Cons. C$1—. 


9 
56 
235 
245 
164 
72 
7 GO 
C5 
123 


-f 

:? 

-20 


Q30c 

til 


in 

Q7C 


t 


76 

Ts 


41- 

36. 


51 


1W 25 
111 56 

ns; 

19 
76 
6.9 
3.B 
62 
72 
56 
36 
56 
19 
52 
46 


NOTES 


|Uh1cm rtlia r ln Maud prices and act dMdenda are -lx 
and deaeoalnallBiH m SSp. aa***— 1 prlMUntnp 

and covcca ire hoard aa latest anneal rrpona and Meomrii 

andabaaianlMt, are updated an haH-jearly Hpnti P/E»a»t» 
aataMad aa Uw Incla of net (Batriballaa: bracketed Hgnxea 
MhWr 11 per cent, or nwee dtOemoe B calculated en “rfp* 
dta nniiiU — . Cmn are baaed an "Marimam" d latrih n U a^. 
ylgUi are t«ad «e nldiflt prices, axe pvw, adjoted to ACT ad 
M per cent, and allow lor value al d mdm ed fliullw flian end 
rifUa. SecnriHes with drrmnlnatiena ether than atcrHng m 
«Md ladnhe *t the lnresonoit doUar preadnm. 


TEAS 

India and Bangladesh 


An»mDoo«r*£3._ 
Assam Frontier £1, 

Assam In*. £1 

JSnpire Plants IOjl 

JokaiEl 

I«igt»unie£l — , 
McLeod Hussein- 
MoranLJ 

SngloHIdgr.lOp-. 

Warren Plants. 

Wffliansffla 


200 
285 
104 
2 2l z 
248 
250 
203 
410 
• 221, 
188 
140 


-3", 


♦953 

♦h8J3 ; 

76 

♦198 

120 

10.0 

10.0 

,15.08 

♦F172 ; 

P136 

9.0 


5.9} 72 
«.9| 43 


a 

661 

4.9] 

32 

36 

4l, 


102 

13.3 

73 

61 

73 

56 

221 

105 

9-7 


185 | 59 |Lanura£]- 


Sli Tanka 

1 133 

Africa 

430 [ 
14 M 


I— I 5-5 I * I 66 


2335 

13.0 


82 


Sterling denominated vecurltiea which loclndo jimmuuntt 
dollar premium. 

-TarT such. 

Highs and Loos marked thus have boon adjusted to aDoW 
lor rights issaea tor cash. 

Interim since increased or resumed. 

(1 ^Interim, since reduced, passed at de ferred. > 

jit Tax-free Id nrawesideets on application. . ’ 

4 Figures or report awaited. .. : 

nXTnlisted security. -..I 

» Price at time at suspension. • 

f Indicated dividend after pending scrip and/or rights tagoe 
cover relates to previous dividend or forecast- 
** Free of Stamp Duty. 

♦ Merger bid oc reorgarilsatkm la progress. 

♦ Not comparable. *. 

♦ Seme interim: reduced final and/or reduced eendaga 
indicated. 

Forecast dividend; cover on earnings updated bar latest 
Interim statement. 

Cover allows for conversion of shares aol now ranking tor. 
dividends or rnnldnR only for restricied dividend. 

Cover docs not allow tor shares which may also rank for 
dividend at a future date. No P'S ratio usually provided. 

I n E*du dine a final dividend declar at i on 
* Regional pnee. 

D No par value ' 

a Tax free, b Figures based on prujpcctus or other official 
estimate c Cents- fi Dividend rule paid or payable on past 
of capital: «ner based on _ alvidvnd an full capltgL 


Sf 


rh _ -J jail 


MINES 

CENTRAL RAND 


145 1385 


[207 


DartmDeepRl _| 
EastKflBdFVpi- 
RBiidfcHit'nEst 
West Band Rl. 


_ 354 

-11 




. 379 

+3 

JQ5c 

16.4 

1 £35 

a 

qSOc 

33 

_ 142 

VU3c 

5 


A0 I 


EASTERN RAND 


63 


BnckraRJ- 
Ea&Tto 
EJiaa .... 
Groottlel30c 

KtaowRJ 

Leslie 65c 

HarievakROSL- . 
S-AfakwliiSSe- 

V ttHnntoin Rl 

WlnteUBakHO 

|«tNigel25e— 


m 

27 

326 

152 

363 

V 

725 

58 



FAR WEST RAND 


yiii 

42 346 
. 8.7 162 
(12.7 12J 


r«ltt.4 146 

■107 : ;; 

■ 0.9 ■■■II 

5.4 2651 

33 346 

9.9 15.4 


Bijvoora 

BofielsRl 

DeeIkrariIlfL20_ 

HudaaodGId.aBeJ 

Eadmrgm 

HanebeestRl — 
Kloof GoJdRl'. 

1 Jhcnvm RI . 

Southvaal50c 

ShTfjatfohi Slip. . 
Yaal Reefs 50c 

r VentospoaRl, — 
y.Driefil- , 
Wesent Arras 81- 
Western DwpB2- 


030 


[ZaadptnEl— _ 



I 6 1142 I* Redemption field, f Flat yield, g Assumed dividend aqd 
1 ’ ‘yield, h Assumed dividend and yield after scrip Issuk 

i Payment from capital amirres. k Kenya, a Interim higher 
than previous total c Rights issue pending q Earning, 
based on preliminary figures, r Australian currency, 
a Dividend and yield exclude n special payment, t Indicated 
dividend: cover relate* :o pwvimi dividend. P,"E ratio based 
on latest anauoJ earning;, a Forecast dividend: cover based 
on previous year - earnings, v Tax free op 10 30p in the £. 
w YMd allow tor currency clause y Dividend and yield 
based on morscr terms, z Dividend and yield Include a 
special payment Cover does not apply 10 special payment- - 
A Ned dividend and yield. B Preference dividend passed or 
_ .deferred. C Canadian. D Cover end PS ratio exclude profits 
53 lot O K. aerospace subr.idisrics. C hsue price. F Dividend 
land yield based on prospectus or miter official estimates for 
ID77-7B. G Assumed dlvtceod and yield alter pending scrip 
and/or rights (sue a Dividend and yield bused od 
pr ospe c tus or other official ost ina ea Ebr iSfPJ-TT. K Flgnrrel 
based on procpcmts or other official cdlrelca for 1(172. ■ 
17.0 SI Dividend and field bnsed on pro^pecais or other official. 
__ estimates for terra. N Ditldv ad acd yield baaed on prospectOs 
4 1 or other offinal e-fimates for I97P. p Iiiridead and yield 
q ~4 hosed on prospectus or otiic; official estimaies lor 1977. 
e‘7 Q Gross- T Figure- aummeif. I- No signuiran: Corporation 
T-? Tax payable Z Divide ud total to dale. 4+ Yield bared, Ml 
assumption TreaiuryBUi Rate sayi ucckus jed usti! natunty 
3^3 of mock. 

L3 Abbreviations: decdividenditrexscripisstiezmilcbtsiara 
72 all; d ex capital dcjtnbvuiori. 

“ Recent Issues " acd “ Rights " Page SB 

This service is erailabZe fo era?- Cerapaoy dealt is w 
2 _ 3 j 83 [Stock Exchanges throughout use United Ein^dco for a 
fee o£ £403 per bccibb for each security 


9 
^1 

$3 H 

♦ 

* 


8.7 

19 

6.7 

36 

7.0 

36 


REGIONAL MARKETS 


2.4 The following is a selection of London quotations of share* 
5.0 previous! v listed only in re tio.-ul raarfcr-ti:. Prices of Irish 

5.4 issues, most of which arc not offieiolly listed in London, 
n ore as quoted on the Irish exchange. 


O.FJS, 


*w 


?a 1MI 


i Free State Der, 50c 
P&Gedald50c_^ 
i FiSatojatasai- 

HhnBoiwWe 

1 LorabeB] 

1 Prea. Brsiid 50e-^. 
PregSttjmSOc — 
St Helena Rl 

fiTTICfl . 

' WettanSto 

|£lfli2|W£oidiags50c — 


90 


QUc 

141 

£16 

W 2 

5 

Q240c 

17 

379 

+3 

fQJOC 

« 

326 

+1 

Q6c 

05 

955 

7S 

778 

-3 

-2 

-20 

W 

©15c 

16 

9.9 

25 

1B0 

-1 

re. 


280 

+7 

Q35c 

19 

' £18 


Q280c 

15 


f-jjlAlbanyltfv.Sto 

I Ash Spinning _ 

“3 1 Bertanu. 

6.7jBdg , wtr.Est 60P 

Clover Croft 

, Craig 4c Rose £1 

l^a&McHdy' 

Evans FrTs.lOp 


q q | Fife For 
_ Finlay P 


*.5p 


n, 1 mgsems txrew. 

g| LO.If.Stm.£!... 


86 Peoree iC.H.i.. 
— Feel 31 Ills,.— 
7.5 
93 


23 

43 

14 

2S2 

22 

400 

39 

6S 

57 

•15b 

47 

20 

375 

60 

145 

243 

57 

329 

17 

46 


-rl 


ShefT.TlrfryV.ctt.J 53. 
Shiloh Spina — [ 19 
SindaU (frm.l....| 83 


lEfSJI 


.tilianccCis- 

Amost... 

C=my'.!.pjj.„ 
Cloadalkin .. 


1^. I'fvrp .. — 
Jrivh Ropes... 
.li’cab .. — 
Sunhcara— . 

T MG 

Vnulure— 


£96 

+% 

. 70 

270 


182 


05 

-i 

215 


49 


140 


133 


57 


. 30 

. 178 
, 72rd 

-2 

— — 


m 


Usance, Land, etc. 


FINANCE 


0.9 392 
4.7 296 
56 256 

7.4 19.9 

2.9 506 


43j 3 J 
56UB6 
12D26 
6^202 


5.9 232 
4.7 3221 

tizlal 


AknFdSDttheR 
AaoonrTtt.iOp. 
; AtoeritylJsT.SOP- 
B ritmma AlTOW. 


HOroSfinhigltfp- 
fekireEDOse- 
&Iaa>dsiflP — 
lExrienriwCo.5iL 
KririmiCea to.. 
[Fmaseetlsd. ltlp 
plmesi— 





ZL31 97 
, 4 *120 


Haww.5.51— 
ImestoenlCo-— 

[48*2 ihkwi kSf 

14 KiehtoTaiWIto 
14 Kvraiiu Mb-— r 
& UaudiOos-JOp^. 
.26 LaawSecs-Slp 
10 . LotllL. . . 

34 Loa.Herchanb-1 
60 0LI 




[206 1 4.71 


Ma J -4- ~ 


-1 


m 

L0 

MJ69 

[3.72 

10.49 
[+4.49 
1 10 


[165 

0.10 


2W 46^1 




+164 43)10.0] ‘3.6 




tAm.Coal5Qc_ 
lAmer 30c 


64 52 
8.9|l06 

f(7^l 


B' r _ ....- 

11% Ant Am. Gold Rl_ 

a Ang-VaalSJc. 

» Charter tons. 

57 QmGoldRdds- 
15 Bast Raod Cos. Ito 
12 Gtn. Mining E2. 

15 GoIdReiMJ 


Tl 


(0.C ImeAR: 

feniaaCatm625e. 
[V’ogeli^jc 



OPTIONS 

Z-rsQTtih Call Sates 


IndnatrUIs 

A. Brew 

741 AJP. Cement.. 
n m| , 0*5 | E62L. 

f?! Babeo 4 k,.„.,„_ 


Ujlig 9.9|»3 >j 
4^1181 


JdReHfs6.25t_ £12 . — OUOc 12 55 Hnvlim'B«nT~ 
lo'^S^R 2 - OWt ...... Q17pc 22 86 SSi BSS ’j 

Middle Wit Sc — . 150 —5 022^ . J 3 9.0 BoouDrug 
Mnotto»m-«_ 1«W ..... ffiSc 14 4.8 ' 

NewWtMc— — 106 QISc 0.6 85 B..VT. 

Fsth»NVF3s6 985 -]5 QC50c <fa 3.0 BfitttbChiygeti 

Hand IraidaD 15c_ 58 tQIQc 3 0103 Browatf.i. 

Setation Trust — 375 -1 3672 16 6.9 

SertmaJEto 202 +7 tQ& U 83 SSSU* 3 !!'- 

34 1.5 261 15.8 

| S#E_ 

m 

Gen. Aceldmt 
Gnj. Electne. 

DIAMOND AND PLATINUM ~ 




111 76 

a 66 C.KJv. — . — 
2.4 6-7 Huwfceradd.. 
|2BfJL4 SOttKofftew. 


T.C \ 1 

■■ljapv' — « — , 

T.C.L— 

Inverssk 

KL'A 

Ladhrote 
Leg^Sc Gw. J 
LCi Servile.. 
IJoydsEant.. 

“Lnf*"-. - .. . 
tendon Brie!; 
Lunrho ....—. 
iLucbt-lhdb.— 

Lyons fJ.i 

"Mams' 1 - 
Mrk9.fr Spacr 
Midland Bask 
N.E.1 


Nat West Bank 
Do. Warrants 
PtOWd 



B H.» 

fUnknru.'A'.. 

Deed InU 

Spill era. „ — J 

iTtiseo — . 

Thom 1 

Trust Homes.. 


iTobe Invest., | 

Unllcccr 

Lid. Dmpetj-' 

Vsckers 

7ocI worths —| 

Property 

Rnt Land .... 
CaD Counties. 

E.F. 

IntreurepeaR 
uandSecs.— . 

MERC 1 

Pear hev 

Samuel Prope.. 
TovraiCnj— . 

oils 

Bril PfeSotoaB- 

EumahOiI j 

Chorterhall.. 

Sliell 

Litpaiaar-_ 

Kiwis 
Charter 
coas, 

Riot. 


S' 

1 

IS . 

-M 

10 

2 




' £mc^416L 


171 


^ selection of O; 
London 


ions traded 4s given on thn 
“ '' Report page 












FINANCIAL TIMES 


Tuesday March 7 1978 


\ 

i 

1 

\ ; 

i 

1 . 


Britain^ Finest 
Tracers - 


Fruehauf 




e price rises 
ower level 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


£450m. Leyland 
equity plan ‘given 
NEB backing’ 


2nd 

3rd 

4th 


T1IE UNDERLYING rale of in- 
crease in prices charged by 
manufacturing industry' s»eeiu’- 
In he leieilinu '<u ! — at the kc.vosi 
level for hcjiL. live year? — after 
the sisnifiram <tic.cdnv.-n in the 1976 1st 
secnnd half nf last jear. 

The cn-t nf inditslrj's raw 
materials and fuel is. however, 
continuin',' to fall. In February 
it was 4? per cent, down on a 
jear earlier. 

The latest figures support ufli- 
cial hopes that the I '--month rale 
uf retail price indaiiun — 9 0 nt*r 
cent, in the year to mid -January 
— should remain in single figure-? 
lor i he rejt of Ihi- jc;i 


WHOLESALE PRICES 
(1970=100) 
Output 
(home sales) 

206.9 
214.4 
223.2 

233.9 


BY OUR INDUSTRIAL STAFF, 


1977 1st 
2 nd 
3rd 
4th 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 


But the improvement i< tin- 1972 / an . ' 


in 


Feb. 


248.0 

259.2 
267.7 

272.1 

268.1 

269.2 
27 IT) 
272.0 
2733 
2T7.n*~ 
279.2* 


Raw 

Materials 

2663 

292.6 
3063 
329.9 

“3413“ 

347.7 
3403 
330.6 
3383 
338.1 
3333 
329.9 
3283 

" 324.9* 
3233* 


* provisional 

Source: Department of Industry 


likely in »>•.■ a* dramatic as 
recent nmntlis. 

The Department i»f tndu.-tr 
announced ye>l>Tday that Hi 
index ul ntii nut 1 factory yatei - 
prices rose by 11 .S per cent, last 

month to 27&.2 1 197b = 10 O>. Tbi-. three jjiuntlis. the lowest level 
follow i a 1.3 per cent, increase since 1973, 
in January. . This surest ion of 

Part of last month's rise re- in the underlying rate 
fleeted the residual effect of the inflation i« in line wifh 
increase in car prices in 
January. 

I; is nnf clear how 


The cost of materials and fuel 
purchased by manufacturing 
indastrv fell bv i per cent, last 'THE National Enterprise Board more, which will not disrupt lie 
month 'to 323.3 (1970 = I 00 >. is believed to have given full balance sheet as much as Ley- 
This index has now declined i backing to British Leyland's land's present heavy borrowing 
for 10 months running and hasj controversial plan to seek up to rate has >n the last three years, 
dropped bv 7! per cent, since; £450m. in new- equity capital as However, the NEB, which I 
April as a result both of the rise] part of a refinancing scheme 10 mainly responsible for Leyland 
in sterling and the fall in many : carry it through the next five funding, does not have the money 
com modi iy prices. I vears. available to inject the £450 id 

The cost of materials bought | ‘ Th Jan was apDl0 ved after WantS 331 

h »»,»h«n. 5 «p», 8 .». Is lengtjiy <lebate. a i .I* Board, Board is limited 

Of 
other 

troubled companies like Rolls- 

drooped by 41 ner cent in thei““|j ot » 1 Par ties hope for some Royce - Alfred Herbert and 
la«t three months. ! response fmm the Government ?«*ui*»Uoii. and investments in 

The wta uF the food nmnu-,^^ parliament® ri.es for the ^XroatiVkTdf 

E 3 Eui r the^new Drarnratne for could he f °und under Section * 

1 E ha"™aa SiSl'mSrt'h.Vj'pS o»“fifancU] p™vufon U ‘ A^ar 

prices char5ed l ^ 1 sias : ,£=Brai^' — 

higher; while Levlaiid is not asking 
nrices for a wine ranse nf pro- -• 


THE l.hX .COI.UMN 



pauses as 



After being Fl.Snx down at 


Lloyds' tax ratio on real profits 


side the food sector Tell last | fevland's main shareholder, on . AI Present, the Board is lira 
month bv 4 per cenu with crude i Friday and was passed on to the e *P endlture 

oil accounting for more than half! Department of Industry yester- ^i 0 c ,?, v ? r ° 


the decline. This index has 


Department 
day 

parties 


food manu 

factoring sector fell by 3 per 
cent, last month, mainly because 
of lower prices for fish 3nd 
coffee. This index has risen by 
2 per cent in the last three 
months. 

The 

manufacturers rose by 
a plateau ce ? r - »*> February as 


of orice nrices for a wide range nf pro- . fo _ more mV. r . eV than originally , Board is believed to have 
the** evi- ducts, especially biscuits and f flUtiiTlcd t0 pariiameot during 

" K TS"^S5£ d .1£3 JSSS KSK 

1 nw fora. simp,y P° intin S out toat it sup- 


donee uf price rises notified to ca ^**. w< * r ® oartlally offset by 
the Price Commission. The ,nw ®r coffee prices, 
much of chances of a Further slowdown The output price index for all 

the 2.2 per cent, rise in the out- depend to a large extent on manufactured products rose by. iiv iw ddiuu^, iur ii t* 11 ^ c w- S’ritimrrtoc l._ j 

put price index so far this year what happens to pay. 12» per cent, in the year to Feb- ! of equity to put Leyland finances «. v 3:„ the indict 

js the result uf an annual hunch- The rise in labour costs only ruarv, compared with an increase i an a sound footing, reduce bar- “p “L e 

in*? t*f inrrM.ci>?c nt ihn he^innin-’ eXi*l:til7S Dirt nF fh*» '*au hptwe^n nf m nor In <ha M>^vmuc f rnuinzs and to the com- expeciea to put 

puny room to manoeuvre. l vJ%? r J2£ anM> * be,ow thC 

1 - -- ,itY j s Easter recess. 

This is lies, shown by .he siv in output prices. mornhl^ imnrovemeat KTETE 1 forthcoming, he calculates cn Hyland bus P lans 

month! v rale expressed ..<n There has probably also been " „JJ?J ,y, ™ prove ' neor ,n ^ ^ i borrowins cnlv about £400m. Paget 

annual basis, which has been an attempt by industry to in- “ r ‘“- 
about S! per cent., for the last crease its profit margins. Retail sales. Page 8 


of the year and hence overstates the fall in raw material costs month, 
the under!: in? trend. nine* last spring and the rise 


This is the seventh successive ! . J*. * h Jf. •* mo “ nl " f . 






to bridge gap 
on contracts 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Jobbers’ i 
called off 


lerger 


BY MARGARET REID 


THE PROJECTED merger for both the former prospective 
between two of London's partners hag been the gradually 
largest stockbrokers. Smith improving scope for inter 
Brothers and Bisgood Bishop, is national business, a field where 

FRESH ATTEMPTS in bride* waiter "f principle as well as team at the talks with CM !™*' 0 nnof^/^rnLusion Sd^i^^hfeh 8 it' 

the gap between the Government on the details involved. leaders yesterday, when it was:?)' en Monopolies^ Cunmn.ston and into !t l * ‘ 

and the confederation of British It makes it harder for Sir John agreed that some rewording of havr> B ^ recent^removad S the re- 

Industry over the us«* of public- Mdliveit. CBI director-general, the clauses could be worked out] J hc J “°^ ,d Jjf'S «.rrInd?T 

sector cn tracts to enforce the and hi* colleagues to reach a during the next few days. Stock m f !i t *nr nmi um on ‘"S 

pai iw-'lic.i .-are i» be made during compromise with Ministers. was a concession ‘ u ~ r ' i Exchanges hi__est mbbeis from the investment premium o - 

the next few days. At best, it seems that the muni which 

Thu '•niii.v s '■•>rt*.*tnr>nr hv council, which will discuss would clarify but not change the 

1,11 ,0,l ° ' •te.rucuiont oy lhe is , Uy next week, could clauses. 

decide that sufficient changes The rewording is expected to 


Ministers yesterday that some of 
the wording in the new pay 
clauses they ha 
the contracts can 
This does not 
sufficient changes 


.... . rti-f, nosed for 1,ave f * eeQ ,nade to ^ clauses he intended, partly, to reduce 
"■an be chm-ed for tflc CBI not 10 mount an >' * h c problem of companies being 
- - mpaA s r , outright opposition. responsible for their sub-eantrac- 

he made 11 would th<?n be ,eft t0 5ndi ‘ tors5 ' More specific definitions of 


of 


proceeds 
has pro- 

wheo the Government surprised tided a spur to the revival of 
and annoyed the Stock Exchange dealings in such stocks by 
by referring it to the commission British investors, 
last October. Perhaps more important. 

In a joint statement, the tvv» there appear to be hopes that 
companies said last night ihat. confidential discussions in the 
when lhe reference was exchange will result in jobbers 
announced they had been being able to deal in a much 
'obliged to discontinue their closer relationship with foreign 


to satisfy industrialists and hst viduai c "»‘P anie S- without any what pay settlements would be 

ni/hf a mceting of theXBI’s toS direct CBI advice, to. decide bow covered by the clauses may also 

jevel president's committee made JJ {JaVnciS tried^o ^ut toe ^The^Bi'’ also wants a proce- i pk'fis for integration and to con- centres, though probably with- 

nn C chacceof fh^endorsin^url? puy cbus ^ int0 contract. dure for companies to b e P ab^[duct their businesses m pa rale 1^ out ( formal^ sacrifice^ tke dual 

much ,he >° mai ' Sufficient “ha?Toi 1 E aS n<jr S wlttifJ d ^h“ pay 

This st roil » line stems from At worst, sufficient changes in Fhll C M r A a ih^BnnltV^Wrprar? 
fears in some companies that, the working will not be made 

if the CBI eventually backed and the CBI will isMie aileron- 25.^5?&“ ent sh0Uld be the 


sole arbiter. 

Tbe CBI also wants references 

unpalatable policies, such as on Government contracts. Such an 
planning agreements and worker- arrangement would have to be iSSLltL 1 
directors, through Government registered as a restrictive Prac- A“®. 
contracts. tiro with the Office of Fair Trad- f®/ ^nt niv ™ L m £ JS 

This unexpectedly stron- line ing and. ultimately, defended in *“*, ! 
from induslna lists un the prusi- the Restrictive Practices Court. at the end ot the 

dents' cum mil lee means that the Mr. Koy Harters ley. Prices suramer - 
CEI is fighting she issue as a Secretary, led the Ministerial Parliament, Page 11 


down on this issue. Ministers live clauses to its members for 
might try to enforce other them to try to insert in tbeir 


Since then, they bad pursued broker- job her structure 
separate policies for the future Another factor which has 
and had now. after considering probably had some weight in 
all tbe factors involved, decided killing the merger has been the 
not to enter into- new merger prolonged unsettling effect on 
discussions. the staffs of the two concerns 

One significant development about their own prospects should 
which has altered the context it go through. 

Strong powers proposed 
for securities watchdog 


Carter sets 


Leadline 


BY JUREX MARTIN, U3. EDITOR WASHINGTON, March 6. 


PRESIDENT CARTER to-day merit concluded by the 
imposed a March 17 deadline for countries last summer. 


two 


British and U.S. nuguliators iu 
resolve differences over the u*u 
uf cheap air fares un the new 
services linking London v.iih 
Dallas and Houston. To.-: a.-. 

In so doing, he asked the U S. 
Civil Aeronautics Board no: to 
suspend British Caledonian's 
opc-ratirm rights fro m Houston. 

The Board had !br<?ak*n*'d to 
do this, next Sunday, in retalia- 
tion against the U K. refu<ai to 
permit the U.S. carrier. Bruniff 
international, in Hy the Dallas- 
London run offering a standby 


Mr. Carter said he was confid- 
ent that the U.K. would adopt 
such a position. 


ORGANISATIONS concerned related to the securities industry, 
with stock and share trading are This means that it would have 
beins asked to accept publicly the right in principle, to pro 
that "rulings of the proposed new nounce on any aspect of the 
self-regulatory body, the Council regulation exercised by the Stack 
for the Securities Industry, could Exchange through its listing 
not be ignored, though they agreement with quoted com 
...y-«a«.«, ul i ir,,,!d ,ac,: authority, panics or otherwise. In practice, 

of government. He'said 'tbrir 1 wri, « Margaret Reid. conflict between tbe two bodies 

responsibilities should he given ! This is one of the key aspects Wl ^' d no douht be unlikely, 
over to professionals. ; of the plan for tbe new council. ‘he proposal, worked out 

Chairman Hua admitted that ' A ' hi ch would aim to enforce " the secretly over some months in a 

ac h ,evad I. Ch.aa f — ! schems waj af the Baa, of E^l. is for a 


Continued from Page 

China 

mittees do not function as an arm 


development over the past 28' 

. y';ars. much of tho experience circulated bv the Bank of 

The presidential intervention.; had been negative. He said England last 'week and is to be mn^nttaiTa 

m lhe form of u letter to Mr. .China continued :o suffer from discussed vitb ail the interested 0 i 4 n f rlre ln ri n P thp?hnd7e r 
A lfred Kahn, chairman of the I the lack of trained younger men ■ associations at a top-level meet- ra !I? e of C J t N. d other bodies. 
Board, came as a British dele- land women capable of taking’ ing at the Bank to-morrow in . ihese bodies include tne 
nation arrived here to resume rover from older experts. the hope that an announcement different associations of investing 

talk; with U.S. authorities. . ; 7 -^ most strikin' 1 feature of at, oul ri] o council's creation can institutions, the banks, the 
Ostensibly, this round was due: th e report l< its straiahtfoSard he before the end nf this accountancy bodies the Stock 
to consider charter flights and hancuage. For the first time month. Exchange which would have two 

was due to last until March 17 [china has publish’d ->n ini- Tiie Proposed council, representatives the Coafedera- 
in any case 1 portant document which has been designed to combat any city Vp" of omish Industry, and the 

But the cheap transatlantic air i translated ca refull v into the kind scandal or malpractice, is seen as Foreign banks, m London, 
fare debate has clearly assumed! of English which might, with the 3 , ' n ' ,r,, ’ v ' ■" :T " nrr ‘ CDH « 1r - A somewhat com Dies st 
much greater immediate signific- ... - 


council with a chairman, deputy 
chairman, three lay members 


anc*: under Uie presidential 


fare uf $349 ruund-lrip— :>60 deadline. 
below what lhe l T .h. considers British officiais here have been 
appropriate. 


exception of some Socialist jar- regulation t 
gon. lie employed by politicians -Ability _of ha 
in the Western world. 


. . j 1 . r 1 On foreign poliev. he vnw»d 

'^/^ n r, har l*? ; s !^ u J^ de l?:__ 0 J F '^io that China woQld ‘•liberate" 


But the President warned that the implementation of the Board j TaiW3I1 and build a unifPd int ' ’ r . 

■ was ready to consider order against Bntisfa Caledonian.. Da } from 3f . ainst tbe th £ 
lilateral actiun iiy tin? IS. if which was announced last week, tf , world peace ‘posed bv supe- 

when it became clear that the | power, particularly the' Soviet 
BranifT services to London were Union, 
not going to be sanctioned. u 

: — . the completion 01 the major, 

•industrial projects, said tbe ! 
Premier, would provide China 


he 
un 

the Britijh did not auop; 
position consistent with the 
Bermuda Two air services agree- 


venture in improved self- A somewhat complex structure, 
to fpnd off am- pos- which would preserve unaltered 

having a legally-backed the City Take-over Panel, the 
supervisory concern imposed— referee of hid activitv. hut add 
like the " U.S. Securities and "'her panels to administer codes 
Exchange Commission. and conduct investigations in 

Another important proposal is nth*»r fields, is proposed, 
thai the planned ISLmember There would be a market com- 
cnuncil would be entitled to niittee under the council to work 
make recommendations affecting out additional codes of condnct, 
any a^nect of the activities of perhaps on such matters as new 
its participating organisa f ions capital issues. 


Continued irom Page 1 

irter i; 


one Keniucq miner put it this 
afternoon, to “starve us into 
submission." 

A temporary Tafi-Hartley 


Redundancy ‘preferred 
by steel workers’ 


with 24 “ fairly strong and ’ 
rationally located" industrial 
bases. China is to ne divided 
into sLx regional economic sys- 
tems. 

temporary orders putting the: The goal of S3 per cent, 
law imr, effect. ! mechanisation of agriculture 

In the course of the week or has now been moved forward 

so after that, assuming teni-j five >' ears t° 1985 - STEEL WORKERS at the East would oppose any retraction of 

injunction may well be obtained porary orders are granted, the , Light industry will be devel- Moor* works, near Cardiff, will the "strong Government com- 
as 

proceedings 
board of inquiry 
day to serve as 


BY PAULINE CLARK 


earlv as Th'ursdav Under the courts may hear further argu- ; oped to produce an ahundance prefer redundancy payment-* mi 
oceedincs a toree-member for and ac a ‘ n ^ making; of first-rate. attractive aad ratoer tnan fight to keep tbe at 

ard'of inquiry was named to- toe injunctions permanent. i reasonably-priced goods, v.iih a plant re-..,,. it . A r- jS predicted la.-t orh 


mitment " to save steel-making 
at the Shelton plant near Stoke- 
on-Trent. 

Mj.. u , scm - «», , .. J?j r by .Mr. Bill Sirs, general The meeting is expected to be 

a-bitTalor and negotiator under p r ,etiS ruled out the use of: capita consumption. The secretary n: :be iron and Steel the last between Mr. Varley and 
a.Diiraior jou nc.jiuuj 1 «.nniv nf nn«-«ini. r«wht,,ir. «. Trade? L'.,n federation— the steel the committee before the 


administrator. Admiinstraticm officials more : considerable increase in 


the law. 

The board's members, two men 
amJ o woman, are all experienced 
in the labour field and are 
drawn from the Federal Media- 
tion and Conciliation Service's 
roster of arbitrators. 


more federal courts 


troop; to mine coal. 1 supply of non-staple foodstuffs to 

But the President did direct ; cities is to be improved, acd industry's largest union, 
the Secretary of Energy, work- ■ commune peasants guaranteed' jj;.- fc r .-. ca 7 £ (> arne a .c 
ine with State Goveinors, to} an annual income rise in norma.' ' 

harvest 


committee before the 
Minister makes his promised 
, . . . union statement before Easter on 

. . , . . „ • -esders ir, iho steel industry mcr prosoects for tbe steel industry, 

nuke use of existing statutory [ ha rve->t years. Mr. Varley. Secretary for and r,n Government proposals for 

powers to allocate coal supplies; Advanced heavy industry will • Industry. -,u press for close stemming losses, 

iu areas in greatest need. Concentrate on pushing iron and involve iron: in Formulating an ■.»_ <-;_ u „. hn 

Prv-ident Carter said tBat coal. s t e ei production, coat, crude rj i» mvesmicm programnie for the VnnimiitoJ 5 

The board began meeting late supplies had already been re- J and electricity production to the ^wujking British s te e 1 h p v i Hn^?h Mnrl 

thif. aflernoun in Washington dnc*»d »o critical levels in many ; world's front rank. And more Corporatism. ihis wiek m 

and it is .-issumccl ihat by Thurs- ports of lhe Mid-West. He wanted] p etroC j)eii]icals. electronics and. A: an hour-long meetine ^ . V a s. proposaw tor 

day at the latest Justice Depart- rbj: if the strike went on, onej 0 jj] er new industries are to be oct v:v -.t. Mr. Varley and the TDC ' _ n . 

men lav.-yr-rv will Uc in one or million more Americans would developed. »•*'■! committee, trade unionists niJ 

seeking be out o i work within a month. Sytr.cj nor-.ws :ur almost made it clear that they Talks begin this week. Page 8 

J i 


the halfway stage, Fisons' pre- fndlcs rose 6jS tO 442.8 was - .88 per cent: last -year 


lim inary pre-tax profits arc 
£3.1m. ahead at £21^m. But this 
can largely be- accounted for by 
the switch to using average, as 
opposed to end-year,, exchange 
rates for calculating foreign 
subsidiaries' earnings ' (worth. 
£0.5m.), and six months of the 
Gallenkaxnp acquisition,, worth 
anotlier £2.3 m. In fact; after 
deducting pre-acquisition profits 
on the Gallenkamp deal (Fisons 
only owned it for the Jast four 
months of 1977), attributable 
profits are only £l.6m. higher 
and earnings per share actually 
slipped slightly to 50.2p (based 
on an 18.7 per cent, tax chaise) 
putting the shares, at 357p, an - 
a multiple of 7. 

In 1976 the pharmaceutical 



iiEmsimi 


. . 

i B*« J J 


1977 



(though a more moderate 61 per 
cent, .if deferred tax is left out 
of- the calculation); V~>. 

flat while the^ initiative^ by 
-Lloyds is welcome, the reason- 
ing is muddled ! n several impor- 
tant respects, Us ckim that no 
gearing, adjustment is r«|Uired 
.because a free capital adjust- 
ment is more suitable for banks 
misses the point that the free 
capital provision is equivalent 
to the cost of sales adjustment 
for no-a -financial companies. A 
gearing adjustment' is still re- 
quired to fndicate.'tbe difftrtnea 
between the Lnapact-of inflation 
on shareholders-'- as opposed to 
the.bank as an operating Entity. 
Loan, capital financed 46 per 
cent of Lloyds’' 1 average fret 


and the agrochemical sides had council will have to demonstrate capita] last year, -.-and so it. 
provided the vast buik of the that it is not just another Cltjr-conld be -argued that the free 
profits growth but last year both dub - w“ ich rou!d ** ^ mte a capital adjustment need only 

divisions turned in a lacklustre task with only three “lay” have been £2onL The debt- - 

performance. Agrochemical members among the -semes financed proportion of free 
profits fell by a tenth, partly ranks of bankers, fund managers capital can always be main- 
re fleeting the heavier It and D and brokers, tained by new borrowing, 

spend and poor weather and Welcome features in elude the r * dr ?P storiias 

although pharmaceutical sales facts that the brief has been- , ^ of r^. J uouar-detiom*'- 

volumes rose 5 per cent in the confined to a manageable size — • mmoKiHiated loans ex- 

it Jv. and 16 per cent, overseas the securities industry, rather P~fo? 5 the decline m tile overt 
margins were under severe pres- than the City at large — and that aU _^ ee ra t‘0 from 3.5 

sure — profits were only 5.6 per the Takeover Panel is to retain *° 5-2 pe . r cbot. last year. The 
cent higher. its existing format within the tree equity capital ratio stayed 

In the U.S., unit sales of Intal larger structure. The Council steady at - 1 - 8 P er cent - s., . 

fell and Fisons* failure- to will not be directly responsible 1 

market successfully its wonder for tbe Stock Exchange quota- Smith /BiSgOOd - 

drug in ;this ■ ail-lmp6T|ant tions committee^but it will be _ ^ P“! ; 

market is one of .the key. reasons. -able to exercise aiwweifu] Ih- 1 • .. wnat seemed such a good fijea . 
why the growth of .the group’s fiuence over its workings. Smith Bros. - and Bisgood .. 

pharmaceutical profits has tailed Maybe the Council's most power- Bishop last summer, and was on 

off dramatically. Fortunately; -fu] sanction in the City will be the point nf being implemented" - . 
after just about breaking even the thought that if it fails, the four months ago before the 
in the first six months, the alternative could be very un- Monopolies Commission inter- 
fertiliser division . recovered comfortable. . vened, has now. lest its attrac- 

strongly in the second half and - “ turns: the two • jo.Bb.ers are npt • 

further improvement in the T _ j "D • i • to merge after all ; So has .the. 

current year should underpin a. Lloyds Hank . • Commission saved*. the two fem s 

healthy growth in 1978 profits. Lloyds Bank has broken new from getting embroiled in jn 

ground by becoming the first unfortunate union? That is not. 
clearing bank to include an in- they say, the way. to look at it. 
flation accounting statement in father, in a few months of 
The proposed Council for the its agwimi report The bank has ra P^^ changing circumstancgs .••. . 
Securities Industry is gradually adopted the principle advocated, ?be two have developed in dif- . 
emerging from the shadows, and. for example, by the bankers on "ferent directions. ■ 

is taking a familiar - .shape.' the Morpeth Group's working The. key elements must M ' . 
Instead of rules, it is going to patty “K”. who proposed a the dropping of the 25 ggr 
make “recommendations”: in? deduction from operating profits cent surrender rule for invest' 
stead of baring Its teeth, in to compensate for the erosion by ment currency and the >‘fh® ’ 

chief weapon wiU be the threat inflation of free capital. The that the Stock Eschar At*":. 
of a frown from the Governor actual formula- is to. apply the grmt jobbers greater fl a " 
of the Bank of England. increase m the UK Retail Price In 'dealing in foreign sev v the - 
As a matter of fact, that can Index to the average of opening Smith, which has been fr\v-a5 - • - 
be quite an awesome; deterrent, and closing free capital, produc- new Jinks with South A.-*re 
as the Takeover Panel Has ing a deduction in Lloyds’ case Paris and Los Angeles, may w lit 
successfully demonstrated. But of £47m. for T9? 7. With smaller see more scope mn the inten -- . •• A 
tbe success of an organisation additional adjustments for tioaal scene thaii in getting j - 
run on these ' lines will rest depredation and associated com- more deeply involved, through 
entirely on the personalities panies the overall effect is to Bisgood, In a U.K. equity scene -.r 
brought in to run it In partial- trim pre-tax profits by 41 per now being shrunk by a bear 
lar, the proposed 19-member cent to £10A3m. On this baas, market - . 


Self regulation 


Weather 


UJBL TODAY 

DRY OR mainly dry with bright] 
intervals. 

London, SJ£„ Cent Southern 
England, Channel Is^ E. Anglia 
Dry, sunny intervals. Max. 9C 
(48F). 

Midlands, Cent Northern, S.W.| 
’. and E. England 
Mainly dry, bright intervals.] 
Max. 8C (4SF). ■ 

N.W. England, Wales. Lake DIst,”] 
isle of Man 

Cloudy, rain at first bright | 
intervals. Max. 9C (48F). 

NJE. England 

Cloudy, rain at first, hright! 
intervals. Max. 8C (46F). 

Borders, Edinburgh. Dundee, 
Glasgow and Aberdeen areas, 
NJS„ N.W- and S.W. Scotland, 
Moray Firth, Argyll, Orkney, 
Shetland, N. Ireland 
Cloudy, occasional rain. Max. I 
6C to SC (43F to 46F). 

Cent Highlands 
Cloudy, occasional rain. Maxi 
7C (45F). 

Outlook: Becoming milder. 


BUSINESS CENTRES 


Auckland 

Vday 
mid-dar 
*c "F 
C 20 68 

Am st dm. 

C 

7 

45 

Athens 

s 

16 

at 

Bahrain 


27 

HI 

Barcelona 

s 

15 

58 

Beirut 

s 

17 

63 

Belfast 

c 

H 

46 

Belgrade 

F 

IS 

61 

Berlin 

Sn 

8 

37 

Brmghm. 

S 

S 

46 

Bristol 

S 

9 

4» 

Brussels 

s 

7 

45 

Budapest 

c 

11 

57 

B Aires 

s 

27 

80 

Cairo 

s 

27 

80 

CarditT 

s 

8 

46 

Chicago 

c 

-S 

38 

Cohisoc 

V 

s 

41 

CapahaStt. 

s 

5 

41 

Doblln 

a 

IB 

50 

Edinburgh 

c 

7 

45 

Frankfurt 

s 

5 

41 

Geneva 

c 

4 

39 

Glasgow. 

c 

7 

45 

Helsinki 

91 

1 

34 

H. RcnuE 

K 

17 

62 

Jo'burg 

C 

as 

77 

Lisbon 

S 

18 

61 

London 

s 

9 

48 


Vd*y 
mid-day 
«C *F 

Lnxemb’B S 4 99 
Madrid S Ii 55 
Uaodiestr. S .8 49 
Melbourne c 33 73 
Mexico C. S 24 74 



Casablnca. F 16 61 
Cape Town C 22 72 
Dnbrovntlt R IS 53 
Faro S IS dl 
Florence F II 52 
Funchal F 16 il 

Gibraltar $ IS H 
Cnornwy S 6 43 
Innsbruck C 4 38 
tmrniess F 7 43 . 
fsfe; or Man C 
Istanbul C 







ftoaonfroffw 

iorEoadbRS- 


HOUDAY RESORTS 


Name. 


Address. 


7 451 Venice 
fl 48 


CRUSADER 


€> Tho &B*actaF.XbBeK?Z4<iL. ! 


insurance CQMPANYLUWTED 

Estehfishediaao vTs 
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