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: : ‘.No. 27,504 

Wednesday March 8 1978 ***i5 P 


Engineering Co lid 
Leamington Spa 




Rhodesian border Growth of | Japan pegs 





- Hf* ' Rhodesian forces to-day launched what a Zambian 

“o • Gn £s improved in tote^ Government spokesman called “an unprovoked and 

od iwiniMtoMHi.*" « markS. indiscriminate attack Ming, jets, helicopters and 

tone, Sideup and Bexley, to the lates t bank ing ground troops aCTOSS the Zambesi river, 

in an operation aimed at ^ nre ?:. Covfen unent ^h e attack appears to be a briefings from military or 

fog a -ring believed to be 5ecur ‘“ es Index registered .a major intensification of the Ministry of Defence personnel, 
.'ring 'weapons and explo- rJse of 0-09 to 74*89. i. z. - • * Rhodesian conflict. Zambia later Tins latest development adds 
"i© eaofcs of robbers. _ «_■ _ ,„<■ claimed to have shot down six to speculation timt the Rhodesian 

.. . • EQUITIES also n^de late Rhodesian aircraft while fight* Government has decided that Mr. 

, id-grenades, pistols, knives, gains. The FT 30-Share Index, ing continued with wounded Joshua Nkomo, leader of the 
•wder^and equipment for off 13 at 3 pan^ closed at 444J. Zambian soldiers being airlifted Zimbabwe African People’s 



-rn .M 

V’V'.V-'l '• 

J.V li.-. 

W--. ) 
in :K*-. ' “ 



g blifiets were seized. The 
s follow the arrest in 
•o '* of a man who had a 
: > 1 revolver with 50 rounds 
■munition in the boot of his 

’. inrober of people are help- 
Ith inquiries, but the police 
isised that there was no 
stian- of terrorist invoive- 



fta holds key 

• ^Euronean If 1M ' - • t-' wooded valley is 120 miles east supervision. ; tinue to, offer qualified support 

* VI ■ of Lusaka and Feria stands at the • Nationalists confirm that Mr. of the ; agreement reached in 

130 — ” " — " tip of the triangle of Zanibian Nkomo has. been negotiating a Salisburyjast week betwen Mr. 

Hi,. ■ territory, bordered by Rhodesia transfer of part bf his arzny to Smith, -.the ‘Rhodesian Prime 

olpants.^oa^^a ^declaration ^ ®7S -*• and Mozambique. Lart Septem- Mozambique, . which wonW infil- Minister ; and internally-based 

JJJ* 1 rS« n », 0 , S rS n A« m n»g tn mar ber * Zambian Government trate Rhodesia, along with forces black leaders. 

rtirar Goldberg, head of the ^ mi accused Rhodesia of a napalm of Robert Mugabe’s Zimbabwe Officials of Zapu maintain 

lelej^tion, warned that the _ ' attack near the town. African National Union (ZANtJ). there .Is-, not a guerilla camp 

risked turning me confer- up O oh' the day., Gold Mines Assessing the state of the war which has some 4,000 men ne * r Pena, nor. they say, are 

intp. an object of ridicule. went ahead, the index gaining on the border is difficult. The already inside Rhodesia and their Zajra guerillas involved in 

to hospitals in Lusaka. Union, will not be party to the I RHODESIA c 

Government troops “are con- internal agreement, and, there- k •• \ S 

taining the situation.” said the fore, wishes to carry out a series I \ . / m 

i Zambian spokesman, but gave no of pre-emptive strikes at Zapu I " !' ‘ >P 

further details. camps, before Mr. Nkomo i* * V . L 25 Dio to ^ 

The attack comes at a sensitive mobilises his 6,000-toR,000-strong ~ 1 j 

time — less than a week after the army, of whom only 500 are place on this scale — will re-in- 
signing of Rhodesia’s internal thought to be inside Rhodesia. force the . deeply pessimistic 
settlement now under heavy The bulk of the army is based mood among Zambian Govern- 
attack at the UN Security in Zambia — where there are ment officials. They have 
Council. thought to be about '12 transit, already warned of the inevitabi- 

It took place hear the eastern forward, and training camps — lity of Russian and Cuban in- 
border town of Feria in the and in Angola, where Zapu volvement should me Rhodesian 
Luangwa valley. The thickly- cadres are trained under Cuban war intensify and me West con- 
wooded valley is 120 miles east supervision. tinue to goffer qualified support 





THE GROWTH of the money 
supply, slackened last month but 
remained well above the Govern- 
ment's target levels. 

The banking figures published 
yesterday indicate mat the ster- 
ling money supply- on the wider 
d efini tion <M3). which is the 
main measure used' in official 
monetary controls* rose by sub- 
stantially less man me 23 per 
cent, increase recorded in 

At me same time, the London 
clearing bank figures suggest 
that there may have been a 
recovery in lending to manufac- 

Editorial Comment Page 22 
Bank clearing tables Pages 22 
and 33. Lex Back Page 

car exports 
to Britain 


-rary go-ahead — ~ - — (neither opportunities for foreign Mozambique. 

Government has given the • STERLING gained 5. joints journalists to visit the bonier The attack — particularly if 
ad -for a £164 ol British against the dollar Id ®L9375, area and scenes of clashes, nor it is confirmed that it has taken 

- jy.'.lo be built on a 9* -acre its: trade-weighted- index : 

*xl to St. Pancras Station. ^ to ggj (653). The doflar’s 

.m. Work is expected to trade- weighted depredation # -m 

■^s.WSSaffiSSS- Israeli Defence B 

of the century. change trading. Page 2.- TSn - ■ 

13 to 1653. 

Zanibian Government provides 8.000 to 10,000 in tr aining in the fighting. Yet. observers here 

'it. ■ -a ii- . # - %r - w oeiT it tifdffM hti ctfmrccrni'r if fha 

say it would be surprising if the 
Continued on Back Page 
Cubans in Africa Page 4 

Israeli Defence Minister 

7 of its citizens to speak out highest dosing level since 
increasing the. v POwerav« J)eccmher : 1974. . . ' . ■ ; . 

ament in relation to the 


‘ tEL AVIV, March 7. 

4umii>t Putty*. >P*ge 4 . ; WALL STJECT “P MR V7E1ZMAN, Israeli Cabinet from “creating facts” in Jerusalem that Israel must I 

UtbUTO victim *'' * wos v • Minister of Defence, has threat- in his absence. take concrete and difficult deci- 

P vl . • . ■ • US. TREASURY Bill rates at ened to end \is visit to the U.S. week be persiia ded the ^ ic f s f in < the coming weeks r on the 

. Werner the latest huctian; threes 6349 and- possibly ? resign from the Minuter t0 back his Palestinian !ssne and on with- 

jroungest wetebprs of the m ^.676 ,<6.709} per Government, if .work is renewed decision * stop settlera building cirawal from the West Bank and 

German PoUtburo ami eon- » /»- . 0 n building two Israeli settle- a villa e in sfa a i in spite of the ^ Gara Stn P- 

id one of the ™ost KkeJy _ - • -V . inente on me West Bank of prote ^ 0 f Mr. Ariel Sharon, When Mr. Begin visited Wash- 

Mors tojk Er^ • JAPAN is considering setting me Jordan. the Agriculture Minister, who ington next week me Americans i 

ckw, tlcvCommun^^y U p u company to buy the Eure- He sent _a message Ao tins foUows a policy of “settle now, would make clear to him what 

r; has ~died m a helicopter Airbus and. possibly omer effect to Jerusalem yesterday justify later." thev believed needed to be done 

: in Libya. Page 2 aircraft and to lease mem to from New York, where be had t0 j^p ^ peac e process eoine. 

V x - i South-East Asian airlines. Page heard reports that the Govern- A nftrv camn a^n ' ^ th. 

tre trial ■ s ment was considerirrg rescinding AHgTy Campaign ffr 

(tent Mobutu Sera Seta, raid „ ... , „ . . SlttlSivig S'. “^d 5Ser?i“^ totetS 

British Steel SS3SSSS fsnsLSMSOS 

Kinshasa twiay. accused of + rbicA Washington next group ^ 6harpening me differences 

uig to overthrow him. 10 TaiSC PHCCS Tins is only the latest poMic m^^lSSen^hS S>u^3 th“e over 

nih iflilfi actors • BRITISH STEEL plans to expression of the sharp rift- m settlers* anger, and they have fn ir5l^o? 

ain jails actors * ise rices of 50tne products by the Cabinet on the settlement launched a campaign of protest prlSiiile "n ihe^decSitio “of 

f spafSKisrs: saasr £z%sr 3 - ^ ^ ^ Si-"-- -- 

sssrfssafSLS mr susvsaa- up SaT-AKSS- 

eklace snatch J« ftn **sTro»dit«w« SHELF'S & SS’inteSSJSSfS 

i" . - 

: I*' ••••'• 
tfc ■ 
' 1 

1 > 

r a:- ! 

ssors , to .. nciT erica £ JAPAN. is considering setting the Jordan. _ the Agriculture Minister, who 

cIkt, they Coinmunist Party up a company to buy the Eure He sent ^a message to this foUows a policy of “settle now, 
■ t, c has died in a helicopter Airbus and. possibly omer effect to Jerusalem yesterday justify later ” * 

: in Libya. Page 2 aircraft and to lease mem to from New York, where be had 

% } r- 

V- . - . • SOUlU-EMlbl AMU 

tre trial ... • 5 

.dent Mobutu Sese Seka said _* 

— M JE2 plc ’ ,i? c S5S 8 trS British Steel 

an officers will stand trial 

■^lashasa to-day. accused of x r n| C p nriPPC 
ing to overthrow him. Ill IwIISjC JIULCo 

turing industry while personal 
customers cut their borrowing 
for the first time in recent 

The main pointer to the money 
supply is given by me Bank of 
England statistics of the total 
eligible liabilities of the bank- 
ing system. These are the main 
deposit funds of the banks, and 
an important component of 
money supply. 

Eligible liabilities rose by 
around 1.4 per cent- in the four- 1 
week period to mid-February, ! 
after a jump of nearly 2 per cent 
in the previous month. 

This outcome suggests that 
the growth of money supply so 
far this year has remained sub- 
stantially higher man the top 
end of the official target range 
of 9 to 13 per cent, for the year 
ending in mid-April, but has 
started to come down from the 
exceptional growth rate experi- 
enced in the previous month. 

In the nine months to mid- 
January sterling M3 had already 
risen by nearly 11 per cent— 
equivalent to an annual rate of 
around 14 J per cent— leaving 
only 2 per cenL further expan- 
sion within the target for the 
remaining three months of the 
year. ...» 

The filt-edged market, which 
had been influenced by predic- 
tions of a substantially bigger 
rise, reacted favourably in late 
dealings yesterday, 
i The growth of eligible liabili- 
ties. affected by exceptional 
movements in the banks’ money 
market assets, may slightly exag- 
gerate the growth of . money 
supply during the month. This 
is in any case subject to a num- 
ber of adjustments, including 
particularly for seasonal factors, 
compared with the banking 

The clearing banks showed 
that their sterling lending to the 
U.K private sector rose £244m. 
during the month, indicating an 
underlying incre.ase after sea- 
sonal adjustments of perhaps 
around £150m. Most of me rise 
was in the manufacturing sector. 


JAPAN HAS agreed to restrict 
shipments of ears to me U-K- in 
1978 to me same level as last 
year. The agreement is for a year 
initially but is expected to be 
renegotiated for 1979 by re- 
presentatives of me two coun- 
tries’ motor industries. The 
undertaking by me Japanese 
Government is the first it has 
given in the growing dispute 
over car sales. 

The number of cars sent to 
Britain this year will be no 
greater than last year and a 
similar arrangement has . been 
made for light commercial 
vehicles. No heavy lorries will 
be shipped direct to the UJL 

Mr. Edmund Dell, Trade Sec- 
retary. told the Commons yester- 
day that me Japanese Ministry 
of' International Trade' and 
Industry was to give strong 
administrative guidance to the 
Japanese vehicle industry. 

A letter delivered by the 
Japanese Ministry to me British 
embassy in Tokyo said this 
should lead to a natural decline 
in the Japanese share of the 
UJL car market “assuming the 
market grows in accordance with 
me forecast given by the CUJK.] 
Society of Motor Manufacturers 
and Traders to the Japanese 
Automobile Motor Association.” 

There will be no attempt now 
to impose formal restrictions on 
Japanese car imports, unless the 
aereement is ignored, and me 
Government feels this will give 
the U.K. industry a chance to 
imnrove its performance. 

“ I very much hope that 
British manufacturers, " particu- 
larly British LeylantL will be 
able to take advantage of the 
greater degree of certainty wbicb 
I believe these assurances give 
mem." Mr. Dell said. 

It is thought however, that if 
strikes or oqor productivity iff 
the U.K. industry lead to a short- 
age of cars then me Japanese 
would, be allowed to comuetel 

In its letter, me Jauanese 
Ministry said it was prep-ve^-to 
give the guidances “fully Vecbs- 
nisjng .the .special ,cirqjinstahqex 
of trip British innusirv and 
| sincerely boning for me earlv. 
and successful revitalisation of 
th« British industry.” 

British fcevlnnd. which has 
been Dressing for some sort of 
controls for some time, said last 
nieht it was pleased with the 
assurances hut added that, while 
its own stocks were high, so too 
were those of me Japanese. 

Deoartment of Trade estimates 
put Japanese stocks at between 
40.000 and 50,000— about four 
monms’ supply. 

Last year, 140.410 Japanese 
cars were registered in me U.K. 
for a 10.61 per cent, share of the 
market. The Government would 
like to see that drop below 10 per 

This year, me total U.K. 
market is expected to expand 

50 j Japanese Cars- 

[( UJC. Registrations) 

.1 „i i • i :,i 

1973 ’•» *75 ‘76 '77 

from 13m. to 1.45m. cars and 
demand has been strong in the 
first two months. 

Sales of Japanese cars have 
been high— about 13 per cent, 
of me market — but mis can be 
evened out. 

If the market should turn 
down later in the year, then 
there are provisions in me agree- 
ment with the Japanese Govern- 
ment for some further restraint 
with shipments and sales being 

The Government clearly is 
relieved at not having to impose 

restrictions— although me option 

remains open— and sees the 
agreement as part of the strategy 
for reducing the imbalance of 
visible trade with Japan. How- 
ever, cars account for only 20 
per cent of the imports from 
Japan and the estimated overall 
trade deficit of £350m. 

Last night, Mr. Doug Hoyle, 
president of me Association of 
Supervisory, Technical and 
Managerial Staffs, and Labour 
MP for Nelson and Colne, said 
me assurances were vague, weak 
and woolly. 

Dealers in Japanese cars were 
upset and the Daisun Dealers' 
Association has placed advertise- 
ments in national newspapers 
mis morning explaining its 

They claim they are Ihe Victims 
of unilateral discrimination and 
point out that me cost of all 
Japanese cars brought into 
Britain accounts for only 0.7 per 
cent, or the total U.K. import bill. 

Mr. John Ebenezer. managing 
director or Mazda Car Imports, 
said an inevitable consequence 
would be a rise in the level of 
imports or European cars. He 
was doubtful if it would give 
Leyland any breaming space. 

Most Japanese car dealers are 
expected to review their pricing 
policies in the light of the agree- 
ment- With volume limited and 
the scope for growth removed 
they will want to see profit 
maximised and mis probably will 
lead lo reduced discounting. 

Editorial Comment Page 22 
Recovery in car sales Pag fie 32 

r ckfa.ce snatch , T?„hber projected on the West Bank. waver in the face of 

CWBCewiasun 4 GOODYEAR Tyre land Rubber ^ decision further Ulustntesthat led him to 

Over V/2 million reasons for 
using NatWest Registrars 

. m * “V -7 ms decision runner uiusumua uhi icu uiui iu issue his 

well-dressed gunmen held is to cut the workforce at j -firm resolve to prevent the ultimatum. 111 fronts. 

Alyc* Kaiser, widow of Wolverhampton plant oy up pro-settlement lobby urn the A senior American official said More Middle East News Page 4 

' fllthy industrialist*, in New ^400. Page 6 • . - 

--With boT- _ vrcAMc is making senior 

boosMte ^ uis? h sales. Page 7 WI<rtv*4- 

Bird’s Eye to shut Kirkby plant 

' # CLOTHING industry has been JUIXU |»UUi 

JSSa.paTOe - urged to step UP rts exports. 

^je fehting ij gotog tm round page 7 ' by RHYS dayid 

• TVYTCH FARM oilfield in BIRD’S EYE, part of me Unilever me decision had been taken by hourly-paid workers now dis- 

Dorset is expected to produce ou q^w ^ l0 dose its Kirkby me Board on Monday. It was missed, but no announcement 

tvS->£Sa&-‘ hv the worth at least £30m. a year over plailt in Liverpool, with the loss decided that it was no longer has been made on their future. 

TitebdrSKSintiMd bv the next 20 years. Page 6 of about L200 jobs. It is me feasible for me company to keep Local union leaders were too 

new on second major company to puU the plant open. . . surprised last night to comment 

‘ • MANAGERS have “died on out of , Merseyside within the Bird’s Eye had already about the closure decision. But 

.. . the Government to inciuae pj^t four weeks because of tebour announced that 450 jobs would Mr. Robert Kilroy-Silk, Labour 

wffti • 1° consultations about nau problems. be- axed, after a decision not to MP for Ormstark, called for an 

J^ TI * - '• economic measures. Page o The plant, which makes meat implement a £6.5m. investment immediate halt, to all Govern- 

O \\ 



V Rffil-- ■Jffiltifler'S twice- - hwvrs reporting a® pieq,. has been at a standstill for plan because of the strike. ment aid to Unilever. 

J ly q^esfiojp.-l^ne^ Jtrtiie Com- warned 14 weeks because of a dispute Talks on these redundancies Mr. Kenneth Webb, chairman 

• ; wUl.'bfifbrb&acast live . on inc ^ e ®f e cneculative involving 110 • maintenance had been held with me unions of Bird s Eye. wrote in a com- 

0 4\tm^ne»days 'and ^Thurs- against H workers. The company warned and a meeting was also called pa Q y newspaper in January mat 

] after/ EastW-recess. trading m m^on . of olosure in January if the -under - the auspices of the the Kirkby plant had the worst 

Maiva.' focmcr -Ombuds- ®* ck an ” FagC . strike lasted more than 12 - weeks. Advisory Conciliation and Arbi- record of any Bird-s Eye factory 

t hv the * LONDON OPTIONS market is ■ British. Leyland announced tration Service last week to and described the workforce as 

a Sheeted to deal in options in last'imonth that it was closing resolve the- maintenance men’s acting like lemmings, 
of -SS of teTWJK- companies. i«; Speke plant with' the Joss dispute. The closure decision comes 

jr peoc^SShn&ie id be dia- Page ° r 111018 J°ta- The A company offer was rejected when unemployment on Mersey- 

'I move again came after a pro- by the. unions as unacceptable, side is nearing 90,000— more 

/V ■ A : ■ . • AUSTRALIAN stock.exchaflges longed dispute bad halted pro- A total of 300 staff and manage- than 10 per cent, of the total 

S have proposed changes m Auction. ment .are also employed at the labour force-rwith Kirkby one 

^byjff-Vpnm^ers^ London. ru j es governing company i 3xe " Bird’s Eye said yesterday that factory apart from the L200 of the worst affected areas. 

ffit^Btfrcentnry t erfi# V 31 • . - l 

? of Lord Abefideemlm been' ov ^ 

m „ mLn, fsmmrn \ m: irtl'rtBSJSPS 


’s Eye said yesterday that factory apart from the L200 of the worst affected areas. 

Sri** 1 '-" 

m ■ 

-cres, 5onnas r be«n expelled 'American dews - « 

nmsj&iMte Tjttjvensty »«» 25 ” dL “ . 4 

/ “ PttaeetJnarcb. ^ gSR made lower pre-tax profit .woria trade news 5 

f arm ^certificate are to of £2034m. (£2S.65m. ) w ™ .Hdia,e nows— gpuerai 6-7 

.-yp on .April l.- year"<d January 7. Page 2» —labour 8 

- "V —Parliament ... fi 


profit feu 

last year. £un>pean news 2-3 Technical page 10 - Inti. C 

Technical page 10 - Inti. Companies 29-31 

Management page 11 Euromarkets ;..... 29 

Arts page : 21 ' Wall Street ; 34 

Leader page 22 Foreign Exchanges 34. 

ILK. Companies 24-28 Farming, raw materials ... 29 

Mining 28 U.K. stock market 40 


indicated);? - ' 

lequer 3pc T883« f? 
d. .Dairies -t- 


... iss- ^'4 

vs (Godfrey) ... 79-^ ^ 
.S *\ and General — iSn .+ '*■ 
ds Bank ......... 258 4- 5 

wrcaire 13a + e 

• Carbonising ■«. ^*7-+ g 
Idem Financial..:- '88 + 8 

Sandhurst - Marketing » + | ■ 
Cons. Plants. % + l 

De. Beers Dfd. T ^ 

Free . State Geduld-.^l'i + J* 

Gold Fields SA. &| J \ 

Randfonteln Ests. T J 7 

Welkom + s 

.Western Holdings + 5o 

Winkelhaak i9 

ttfSploration j|| I J? 

Falcon Mines _ 3 

Rhodesian Crp 

Cart errand the miners: 

-The inunanaged crisis ... 22 
Trachns follow the world 

veconomie rut 23 

A gUnt leap- into the nn- 
; .taiown — 3 


Cuban involvement in ihe 

Horn of Africa'. 4 

Israel’s off: Protecting the 

Aehiiles heel 4 

E. African trade; 

Tanzania’s bottleneck ... 5 

Recovery in car sales 32 


German banking 15-20 

Portugal 3538 

■ — — 

That’s the number of holdings 
we look after on behalf of over 300 
companies and local authorities. 

Such an impressive volume 
enables us to invest in the most sophis- 
ticated equipment and skilled personnel . 
-something few companies can afford 
on their own. _ 

We don't have to fight for 
computer time, for instance, to update 
share registers daily. Or to provide a 
wealth of useful statistics and analyses. 

We can handle dividend pay- 
ments with ease -printing warrants, 

packing. posting, plus all the follow-up 
procedures. (All you need do is make 
one ’phone call). And our highly-trained 
staff maintain close and personal 
■ contact with our customers. 

if this is starting to make sound 
economic sense to you, contact us now 
forthe brochure describing our services 
in fuff. 

You’ll find that besides strength 
in numbers there are substantial savings 
to be enjoyed, too. 

Telephone the Manager 
on 0272-297144. 

Appal 9»*Q#W 
AnpnlHfwwnti AMs.. 

. Cfemtrd 

■ ffa f r appm ant Guide 
VT-tauaite Indices 

. Lex 

Lombard — — U 

He* isd Matters _ 22 

Maney Market zr 

RBdss - M 

Saleroom 14 

Share lnfonaaUim ... 42*45 

Te-durs Rvwts • 3 

TV Radio 14 

Unit Tnuu <L 

Weather - 44 


Vatic water 52 

{CMtstoBt. Pme V) 

SUS&. Pauartes 22 


Brush Vita 21 

Conntnr Rank ..... 25 

De Been Coosd. ...■ 31 

De Boers ladnsu. ..; 33 

Lowdale - Cromher 28 

Trass Houses Fane 25 

Base Lomfiaa Rates 41 


%w Registrars Department 

National Westminster Bank Ltd. Registrars Department. 
National Westminster Court, 37 Broad Street, Bristol BS99 7NH. 

Hfcaritial Throes Walnestiay M&rcli $ l97g t ± 

r :v 


EEC Ministers settle 
French farm price row 


BRUSSELS. March 7. 

EUROPEAN AGRICULTURE meats, ironing out the impact of further 2.5 per cent, during next 
Ministers to-day resolved the erratic currency fluctuations. month’s farm price review, an 
dispute over French farm prices This will apply to all EEC immediate 12 per cent devalua- 
>-■101 a package of compromise members but is of particular tion is unlikely to cause -them 
measures which, while giving importance to the French, who much inconvenience, 
tittle away, will enable the had demanded a freeze on MCAs The temporary change in MCA 
French Government to claim a on the grounds that the current calculation, since it applies to all 
small pre-election triumph for pressure on the franc Is due to EEC members, will have only 

its rural voters. 

After 12 hours of negotiation. 
Ministers decided at 3 a.m, to 
permit a 12 per cent devalua- 
tion of the Green franc and, for 
the three weeks preceding the 
French general election, to 
lengthen the period on which 
changes in monetary compensa- 
tor}’ amounts (MCAs) are based. 

The MCAs. which tax exporters 
and subsidise importers to com- 
pensate for the difference 
between the foreign exchange 

Britain will be ready to fix 
an exact date for direct elec- 
tions to the European Parlia- 
ment when EEC Heads of 
Government meet in Copen- 
hagen on April 7 and 8, Dr. 
David Owen, the British 
Foreign Secretary, said yester- 
day, writes Guy de Jonquieres 
In Brussels. 

minimal impact but should slow 
tiie drop in French farmers' in- 
comes at least until after the 

The French were also demand- 
ing Increased protection for pig 
farmers. But Mr. Pierre 
Mebaignerie. the French Agricul- 
ture Minister, appears to have 
been satisfied by a promise from 
Mr. Finn Olav Gundelach. the 
Agriculture Commissioner, to re- 
activate proposals which would 
reduce the MCAS on pigmeat 

Hr. Gundelach also pointed out 

Possible successor to Honecker killed in air crash 


BERLIN, March ’ll 


HERR 'WERNER LAMBERZ, an the 19-man Politburo, -whose important role ea a roving one of the few East Germans in opposition to the condusin- 
East German Politburo member average age is 62. He was the ambassador in Africa and’ the a position of power who was able the Four Power agreement 
considered to be among the most Central Committee secretary for Middle East, with the exgreds to -talk with relaxed.. selfconfitf- Berlin.- 1 

likely successors to Communist “agitation" and was playing an approval of the Soviet Union. Be eace to Western newsmen. Some Herr Lambcre's scat in 
Party leader Erich Honecker, has increasingly prominent role as was Is Libya for talks with CoL East German functionaries, how- Politburo will be filled by w 
died in a helicopter crash in Herr Honeckeris. confidant and Gaddafy. ' ever, regarded him as being too the ten candidates for tiie 

Libya. Another prominent East special ambassador abroad. Like Herr Honecker, Herr aloof in fck approach to party German party's highest hod 

German party official, Heir Paul Herr Lambere was recently in Lamberz came up through the affairs: this was also said about whom two are women, j 
Markowaki,. was among the 11 Addis Ababa for talks with the ranks of the East German-youth Herr Honecker before the Soviet now, no woman has haft* 
killed. leadership there on East German organisation, winch Is known as Union designated him in- 1971 to in the East German PoBn 

Hen- Lamberz, who was 48, was assistance for Ethiopia in its war the "personnel forge of - tkt succeed the lath Hear Walter lust as there axe no woqm 
one of the youngest members of with Somalia. He was playing an East German leadership. Biswas' Uibricht - who. wax then offering the Soviet Politburo. " 



German print 
called off 

value of the franc and the over- political factors, and that 
valued Green franc used to trans- agricultural producers ought to that in resisting the EEC Corn- 
late EEC common farm prices be protected. mission’s MCA changes art- 

into national currency, are norm- Though the French did not nounced last Friday, the French 
ally fixed each week on the basis immediately accept the com- were in fact acting quite legally, 
of the preceding week's foreign promise, reserving their judg- Due to a printer's strike which 
exchange movements. . ment for several hours, it is delayed publication. . ' of ' the 

For the next three weeks they generally felt that they have changes. Italy and the UJC, 
will continue to be adjusted scored a few small points. Since which had implemented their 
weekly, but on the basis of the they were already hoping to changes, were technically viola- 
preceding three weeks' move- devalue the Green franc by a ting the rules. 

No agreement on nuclear issue 


BRUSSELS, March 7, 

IN THE FACE of strong reserva- point of view is that it seeks Failure by the EEC to meet the 
tions by France. EEC Foreign tighter safeguards over the use U.S. demand could mean that 
Ministers in nuclear discussions of nuclear fuels exported by the enriched uranium supplies from 
'failed to-day to agree on how to U.S., notably in its provisions the U.S. would run out within a 
. respond to U.S. demands that for consultation' in advance of matter of weeks, 

they commit themselves to open- reprocessing by EEC countries The French Government con- 
ing negotiations on a revision of of U.S.-enriched uranium. tended, however, that the U.S. 

the U.S.-Euratom Treaty. EEC Foreign Ministers were was violating agreements reached 

The U.S. nuclear Non- urged to-day to comply with the between the major Western 
■Proliferation Act. which was sent U.S. demands by Dr. Guido economic powers and Japan iast 
.to the White House by Congress Brunner, the EEC Energy Com- year that nuclear fuel supply 
last month, calls on the Com- missloner- He pointed out that, ararngements would remain im- 
munity to signal its willingness by accepting the principle of changed until after the Inter- 
Jo negotiate within 30 days after negotiations, the EEC would not national Nuclear Fuel Cycle 
the Bill is signed by President be committing itself to any firm Evaluation study-— set. up by 
Carter or ' to face automatic date for opening or completing President Carter last autumn— 
.suspension of U.S. licences for the talks. had been completed, in about 18 

the- export of enriched and He said that the U.S. law months time, 

highly enriched uranium. allowed two years for the negotia- Mpst other EEC Governments 

Mr. Carter is due to sign the tions to take place but that this appear ready to comply with the 
Bill this week. Its most signifl- deadline could be extended in- U.S. demands, albeit without any 
cant feature from the EEC's definitely on a year-by-year basis- great enthusiasm, though. .. Dr. 

■ David Owen, the British Foreign 

Catalan actors sent to prison 



Secretary suggested that it could 
be useful for the EEC to take 
legal advice on the compatibility 
of the U.S. legislation with inter- 
national law. 

The prevailing view here is 
the Confrontation between riot that France has deliberately 
Els police and protesters calling for hardened- its attitude in advance 
for freedom of expression continued of this month's elections.' How> 
insult to the armed forces, have to-day following the hospitatisa- ever, it is hoped that, once thk 
each been jailed for two years, tion of . two demonstrators election 'is oyer, tbisc absence \ftj: 
The sentences have still to be yesterday when police entered any strong support from its EE&! 
ratified by the military authori- Barcelona’s university for the partners will lead it to drop its 
ties of the Catalan region. first time in three years. opposition. 

THE four members of 
Catalan theatre group. 
Joglars. court martialled 

By Adrian Dicks 

BONN, March 7. 

MANY West German news- 
papers were expected to-day to 
resume normal publication on 
Wednesday, for the first time 
in a week, after the national 
employees’ federations called 
off the limited lock-outs Im- 
posed as a countermeasure to 
widespread printers’ stoppages. 

The resumption was, how- 
ever, seen as a pause in the 
dispute over the Introduction 
of new printing technology, 
rather than a move in the dir- 
ection of peace. 

The printera* union, IG- 
Drnck und Papier, announced 
that it would maintain strikes 
called ten days ago in Munich, 
Duesseldorf, Kassel and Wup- 
pertal, and said that It would 
hold farther ballots In other 
printing plants. Implying that 
more strikes might he called. 
A ballot was being held to-day 
at the Hamburg plant produc- 
ing North German editions of 
several of Herr' Axel Springer’s 

At a meeting of striking 
printers In Stuttgart, Herr 
Detief Henscfce, a member of 
the IG-Druck national execu- 
tive, cast doubt on the union's 
willingness to accept the medi- 
ation of Herr. -Josef Sttiigi, the 
head of the Federal Labour 
Office. He objected that Herr 
Stingfls name had been men- 
tioned as “a deliberate indis- 
cretion”' by the employers’ 
organisations, with the real in- 
tention of making peace talks 

Meanwhile in the engineer- 
ing ' and metal fabricating 
industries, strike ballots were 
getting under way today in 
North Rhlne-Westphalia. the 
largest of the wage-bargaining 
regions, and In North Wnert- 
temberg-North Baden,- ; the 
second most important. It was 
widely, - assumed- here to-day 
that the union, Ig-Metall, 
wonld^ jecnre the ithree- 
JTOIrtttsL*. majority-, it , ne<eds 
from the rank and file member- 
ship in order to be able to call 
strikes. , - 

Swiss Bank to consider 
new exchange rules 



ZURICH, March 7 f 

THE INTRODUCTION of further such moves as: lowe ring .the 
measures affecting foreign ex- minimum sum (currently 
change trading in being con- 
sidered by the Swiss National JgSJ? ££: « 

Bank. Any new steps of this of banks’ foreign currency poin- 
kind would be aimed primarily at tions, instead of weekly, 
providing a dearer view of The National Bank?* own 
market activity and allowing, the P° w ? r interventioir on. " the 
Central Bank to act more quickly foreign exchange market was in- 
and effectively in the case of 

marked fluctuations in exchange 
rates and particularly hectic trad- 
ing conditions- - 

On Sunday evening. Dr, Fritz 
Leutwiler. National Bank presi- 
dent, had said the monetary 
authority had not 14 shot its bolt” 
in the battle against excessively 
high Swiss-franc parities. He 
stressed that there would -and 
could be no splitting of the 
exchange rate but indicated there 

Swiss stock prices stumped 
across the board yesterday as 
sellers dominated trailing; 
forcing the highest' level ' of 
activity and cot to prices since 
the Swiss authorities barred 
non-resident foreigners 
this and other 

was still room for action in the creased at the same time' as the 
currency market itself. ' recent re in traduction of a ban 

Although Dr. Leutwiler had on salea to non-resident 
criticised wb at he said were some- foreigners of Swiss domestic 
times astronomic turnover securities. It was then permitted 
volumes in 'foreign .exchange to enter inlD forward contracts 
trading, a' National Bank spokes- of up to 24 months, instead of the 
man to-day said that, it was not former period of three months, 
intended to introduce a ceiling on thus enabling longer-term inter- 
turnover. WhiJe ho was unable to vention activity. In X977 the 
specify what other measures Swiss National Bank had carried 
Slight be looked at, other sources out total foreign currency inter- 
indicate that these could include ventions of Sw-Frs.15.55bn. 

U.K. talks on NZ lamb 


MR.' JAMES CALLAGHAN, the per cent of NZ lamb production 
British Prime ■ Minister, has is sold in Britain, 
agreed to meet Mr. Brian The. Minister, who has special 
v au , responsibilities for '.overseas 

Tal boys, the New Zealand Deputy was expec ted in London 

Prime Minister at Downing f rom Brussels last night 
Street on Thursday. Mr. Talhoys ; Earlier this week he saw Mr. 
is in Europe seeking assurances Finn Gundelach. the EEC Agri- 
- at the highest level” that New culture Commissioner, who could 
Zealand's lamb export trade will offer nothing more heartening 
not be damaged by new Common than a promise that it was not 
Market regulations. the intention of the Commission 

Last year. New Zealand sent to hamper New Zealand's -trade. 
£270m. worth of mutton and Me stressed that the final -form 
lamb to Britain with supplies of the Community's lamb market- 
covering 53 per cent of U.K. con- tog regime would be settled by 
sumption- gf- -lamb . Almost 70 the Council of Ministers. .*'• 

Andreotti ends 



By Paul Betts . 

ROME. March 7. 

ON THE eve ol the political 
party summit meeting evpected 
to give the formal go-ahead for 
the formation of a new Christian 
Democrat minority’ Government 
supported in Parliament by the 
Communist Party, the Premier- 
designate, Slg Giulia Andreotti, 
concluded his ' consultations 
to-day on his economic pro- 
gramme with the national em- 
ployers organisation, Confln- 
du stria. 

Sig. Guido Carii, the Confln- 
du stria chairman and former 
Governor of the Bank of Italy, 
said after his talks with Slg. 
Andreotti that the employers had 
urged the Premier-designate to 
consider measures to . reduce 
Italian labour costs, encourage 
labour mobility and combat 
youth unemployment. 

He said that his organisation 
strongly favoured the adoption of 
social contract along British 
lines, with a temporary freeze on 

The Italian union movement 
has indicated its willingness to 
moderate wage claims in 
exchange for new investments, 
particularly in the depressed 
South. However, after talks with 
Sig. Andreotti last night it re- 
served judgment on the new 
Government's programme until 
.was formally approved to 

The employers to-day advo- 
cated the highest possible growth 
rate to sustain the economy with- 
out endangering the country's 
balance of. payments^ To this 
effect, Sig. Carli suggested that 
investments in the industrial 
north of the country should be 
directed towards increasing pro- 
ductivity in existing plants, while 
in the south the -policy should 
aim at promotng new job-cieat- 
ing investments. 

Sig. Carli expressed concern 
over a possible drop in domestic 
capital expansion and a conse- 
quent reduction to overall credit 
to private industry. . 

Holland parfj 
admits tax 
moves by MP 

By Charles Batchelor 

. ,.~is 

fFIVE DUTCH politicians 6 m 
bers of their families took 
insurance policies involving j 
tax benefits during the prat 
Government’s .’period Of o 
The politicians were all-mem 
of - the Christian Democ 
Party, the party said in. a-s 
ment to-day. The ChrU 
Democrats are -the senior, 
ner in the present Govern] 
and were the junior membe 
the previous administration. 

An independent thrae-mer 
commission is : now investigs 
a claim by senior tax inspet 
that MPs and members of 
previous Government toot 
single premium" policies- 
before Parliament moved 'tc 
dace the tax advantage -in j 
The tax inspectors say tfre 
chase of the policies was 
proper although not illegal ' 
commission is expected 'to 
port is findings in the next 

. . .Ui 

New Defence 
Minister named 

By Our Own Correspondent 

HOLLAND to-day named 
Willem Scbolten, a mcmbetS*"^ 
the privy council, as Defc 
Minister. He takes over 1 
Dr. Roelof Kruisinga wbo 
signed on Saturday because t 
disagreement with Goremxr 
policy on the. Neutron bomb. 

Mr. Scbolten, aged 50, fc 
former state secretary at 
Finance Ministry 

Budget deficit 

HOLLAND now expects to b 
a 1977 Budget deficit of FM.7.E 
(£I.79bn.), Fls.0.2bn. lower t 
its estimate last September . 
only half of the record F1S.14C 
forecast in its Budget -me 
rand urn. 

Fni AjiciAi. Tara. poMhfccd dolly new 
ubKdMIan SX 

day* and holiday*. U.S. 

(air (tntht) S360-00 (air numi par m 
S econd dunpoitaflc mid at Now York. I 

. • ; 
- a '■ .. 

V V-' 

..-4 A | 

- S 

• ft 

Neva York 


Flying any other airline to Houston 

is a waste of time. 

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

With a daily 707 service from London 

From Houston you can connect quickly 
and easily with business centres like Dallas/ 
Ft Worth, San Antonio or New Orleans. 

And miss out on all the havoc at the over- 
crowded airports ofNewYbrk, Washington 
and Miami Your travel agent or British 
Caledonian Office has all the flight times. 

In fact, where v er yo u’re going in South 

orWfest USA the non-stop Houston route 
is dearly the most logical 

Yet we’re the only airline flying it 
So this time, unless you’re prepared to 
pay over the odds to fly supersonic and make 
a connection, yauieafiy have no choice. -, t 
H owever we promise to behave as 
though you had. 


‘ *““T-uimiui|i*i i un «ii(.ii 

£'’ New tssue 
Z' r March 8, 1378 

This advart isw Twa i t appears 
as a matter of rocOHi only 



.• provisionally seated In 


DM 250,000,000.— 

5!4% Deutsche Mark-Bearer Bonds of 1978/1990 


'Ticss crossroads 

Offering Prfeae 


5W6 pA. payableannuaJly on Man* L 

on March lofthe^ 
by drawing of series by lot at par 
Frankfurt am Main, Baffin, Dusseidorf, Hamburg and Munich 

Deutsche Bank 






-. .3^:' 

... Westdeutnche.Landssbank .5$ : 

: -/ Girozentrale yi 

Amsterdam -Rotterdam BankNAt 

Credit Suisse White WWd 


- B«nca Commarcwta Jtaliana . ” '. . 
Kradwtbank S A Lux.embourpaotM 

Union Bank of Switzerland (Securities] 

Banqua Poptfiarra SubM &A Luxembourg 

'S.G.WMxHg AOB,Uit. 

Algemene Bank Naderiand N.V. 
Banca Narionale del Lavwo 
The Bank of Tokyo (KkHIandl NY. 

Aligemeirw Deutsche Crodh-Anstalt 

Allied Irish fciweetmain — nlc- 

■ LhikM ■ •" 

* BankfOr Gom et n wlrtscfm ft 
AkrwigraflMMn • 

Banqua G6o6nde du Luxambouig &A. 
Banqua National* de Paris 

Banqua Arab* at Internationale 
dTnvestwsement (BAM.) 

Banqua da (Indochina et da Suez 
Banque da Pans at da* Paya-Sa* 


Banqua Intsmnttonate'httonaib^ 

v rivpsti 


1 i. ul ill 

^ S-Ol 

Bafcteye Banklrrtamational 

- .*!•: V' ■* 

^ring Brothers i Co. 
Bayeriaehe Varelnsbarde 

BayerischaHypothakan-undVWchsal-Banic BayariariMLandeabanic- 

Glrozantiahs -T '. . 

S Bariiner Handle- trod Frankfurter Bank 

Jbh. Beienbarg, Gosaler BOA, 
Central* Rabotienk 

Cra dita n stalt -ganltvaretn 
Credito Hallano 

D*n Banska Bank 
•f te71AWwWiab 

Credit Cominercwd da Franc® 
Dafwa Europe N.VC 

Dautach* Gir oz entrale 
- Deutsche Kammttnalfaank- 

Bamnac Baric 

' ' • ^ —r~M ■ -• £ b? 

Credit Lyonmrie ■: 


Dauteche Unkte b arit Sjabit- 

. -'-Fr : 

DO Bank 

Robert Rarning &Co. 


;Fhst Boston {Europe) 

LhiuukI . . ■- 

CkoupemamdesBenquianPfiviiiBeiNruels Hardy^omanBankGmUL 

Georg Hanck B Sohn 

Hdl Samuel i Co. 

ladder. PMbady International 

Bjobanhevna Hand* tabu nk 

The Industrial Bank nf Iipan." 

(Luxembourg] s>_ 

KTainWort, Benson 

Kidatoeb Lehman Brothe ia k r tomstiutial 
Kuwait Imrastmant Company (SAX) . 
LazafriFrftrasACo. . 




Kuwrit hatonwtionri Invaatttrant Cn. «»V~ 
iesard T^ r aae tCto ' , J . : -V t 

B. Matriar seek. Sohn ACo. . 




.Mens Lynch bite matkirudAC^, 

Nomtmt Europe 


S*LOppanh*ira JtaiCte. 
Itenanh p i ftOB, 

AHwrjrflf lairilM WaguACo, 

Un te iu m Ifl ii r b m a j e ^ HangatftCfc 


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gariefeHala ifi o wU BBapft- 


JRStakt _ '* 



Firiaiacial Times -Wednesday March 8 1978 


’*•1' .... 
•i.-s . 


!5T TOTS time nest year France 
uifl nave,, or be on its- way to 
iving, .one of the biggest public 
etors in the nob-Qominunist 
ilinJ ^ Although, the Communists 
„ j ,‘li j.*« Socialists have quarrel leg"iu 
r»ectacular fashion .about * the 

' a£ r their . nation# Ration 
I U . , . the treatment of minority 

' ■ * C\ hi teres * s and, to a lessor . extent, 

f . . 'll e systera of compensation, they 
^ each: committed to : a -signific- 
, J t extension oiE. state ownership 


notably Credit Commercial de 
France, Credit Industrie! et Com- 
mereiaJ- the Suez and -Paribas 
groups would make the bulk of 
industrial investment .dependent 
on the state for its finance (apart 
■from what can be found, by way 
of cashflow and the tiny amounts 
from raising -new .capital). 

It .would also drop into. the 
state’s, lap a number of com- 
panies which are effectively con- 
trolled by the banks-tcompanles 



A. C 

:r ; : Turtiove9* bf .T^^5'5bn-' iri •19I7^' - erfiployratg 

. ; ? *0,000. Profitability patchy, ! orry sector, ’disastrous, 

■ -*./■« role as locoinoU^^of industry aU'-ilnportant ■■ 

' leetricite de FraiieK''fti7i?oYer^ 

- cnpioying lOOjOOO^^ Prs^Obn, to -spend on *.huclear 
■\. Dwer iri ;six years;^;- ■ ■ * ” - . 

de Fi^c^Turnover:ef‘Fr§.^3bn. in 1976, 'employing 
- -T,000. Gas:nti]it£lkik«3 with EBF. - :. ..yT, 

- f : If- Aquitaine- Turnover d^ Frs.37bn. in .1976, employing 

■ .'.8,000. Leading exploration oil company' stronger" in 
r v than oil. .Frs.ibn. refining. losses in 1977; •-. - 

1’ fcarbonnages -de France: Turnover of Frs.ii Jbn. in 
-■ -'...976, employing 50^900.‘ COal minings' enterprise -^ith 

irge chemicals, plastics ‘ and fertiliser subsidiaries.- 

.erospatiale: Turnover of Frsi) 1976, employing 
.. 1,000. - Helicopters and missiles healthy, air craft sector 
ery sick. . . • • v- . 

‘ NCF: Turnover of Frs.27bn. iii 1976; employing 270^)00. 
he national railway system which absorbs half of the 
t Jtal public sector direct subsidy. Cut-prlce road freight 
1 : wnn ubsidiary. 

W? n 3r5? Jr France:- Turnover of Frs.8bn. in 1976, Employing 
... r LOGO. Frs.8bn. tp. invest in three years. . ChtOnic 
Government interference. 

‘ost Office (PTT) : Budget of Frs.5£.4bn. in 1977, employ- 
ig 420,000. Biggest investor in France: Frs57btL in 
977. • .: 


' f finance and industry should 
ley win next weekts. . general 

On the nationalisation. of tiank- 
' ig. insurance and -the credit 
ldustry there , is little 
ivergence. The state already 
(lifh’^ntrols banking interest repfe- 
enting 40 per cent, of deposits 
□d if the trustee and popular 
ivings basks are- added to this, 
hich in. practice they -must be, 
ontrol extends to. 80 : per cent,- . ■ 
More than a third of insurance 
rem iums are collected already 
• y. state-owned companies.- and, 
nee again, addition -of -the' 
o perative sector pushes the 
tale's control . towards 60 per 

• •• - ■ ?nt - - • 

. /' The takeover of the remaining 
- r ivate sector. institutions,. 

whpse' names do not 'oSEcjaby 
appear on the nationalisation 
list. Thus, the public tyorks. con- 
tractor Bouygues, the-. Lafarge 
cement and-'Earope's 
-biggest publishing '..rehouse, 
Hachette. would, become, effec- 
tively subservient to tbe state. 

' . But, as the table .'shows, the 
left also had its disputei-Bst of 
nine - industrial -groups - for 
nationalisation! . Depending .on 
how Car . it goes in buyipg out 

minorityiqterests,tbe-mimber of 
companies affected ranges from 
the Comimmist estimate-^of fust 
over 700 to the Socialist- tally- of 
'some 227. ' • /\ •- 

A -.number of . analysts have 
fried to. .calculate ..the impacted 
additional'nationalisation. .Thlpee 
serfloy^!iganeejMinistiy ; officii 

! i-“l 

- \ 

>*. . - 





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writing Tinder pseudonym 
Christian names Stoffaes and 
•Jacques Victorri. claim that the 
addition of the credit sector and 
the industrial groups would 
make the state responsible for 
25 per .cen). of industrial employ- 
ment against -11 her cent, sow, 
for 40 per cent of French indus- 
trial exports and 50 per cent of 
investment - 

A different ' analysis which 
focusses on those companfes in- 
cidentally drawn into the state's 
orbit as a result of the nationally 
■sation - of credit - institutions 
argues that the proportion of 
industrial production owned by 
the state would rise from the 
present quarter to around 45 per 
cent. -The state would also end 
up owning on -average around 52 
per cent: of the -capital of the 
-country's leading-500 concerns. 

Te - round-off- the statistical 
skirmishing a study assesses the 
state sector in terms of propor- 
tion of -added value. 'This puts 
the size of the French existing 
public, sector .at. 11 per cent 
compared with 14 per cent, in' 
Austria, 12. per cent in Italy and 
Sweden, 10 per cent in Holland 
and Britain and 7 per cent, in 
Germany. The new nationalisa- 
tions would raise the French 
figure to 18 per cent This 
would bring almost a third of 
the workers in industry on -to 
-the state payroll,-. 

Before examining the quarrel 
within the left over nationalisa- 
tion the- whole debate must be 
put ‘in to perspective. In fighting 
the left's proposals the majority 
face one big psychoiogical handi- 
cap: the biggest nationaliser in 
French history was the late 
General de Gaulle. He .gathered 
essential services and . functions 
into the state’s hands im- 
mediately after the war to act 
as locomotives for France’s 
industrial recovery. Thus, the 
three big . state-owned .'banks, 
Bauque Nationafe tie Paris, 
Credit Lyonnais and Societe 
Generale, owe their, status tp 
de Gaulle. The main utilities 
were also • taken over - and,- • in 
retaliation for his alleged war- 
time collaboration. Louis Renault 
was deprived of his motor 


A second important point is 
that nationalisation has* crept 
forward throughout the Fifth 
Republic. This has not been by 
outright take-over authorised by 
parliament, but by the -use of 
state-owned . companies as pivots 
for industrial regrouping and- as 
instruments to rescue private 
concerns which might otherwise 
fall into foreign hands: 

Renault's absorption of the 
Sfichelin tyre/Citroen' car heavy 
vehicle subsidiary Beriiet, the 
expansion in . the field of fer- 
tilisers of the state-dwned fco'al 
industry, subsidiary CDF-Chimie 
the introduction of ELF-Aqui 
taine, the state-owned oil group. 
Into the capital of the protein 
manufacture^ Rousselot to keep 
hut . British \ Petroleum, are 
examples of-, such creeping 

Even M. Raymond Barfe. the 
Prime Minister;, an impeccable 
free enterprise man, last year 
announced the government’s 
intention to take a blocking 
minority stake in the capital of 
the- country’s main defence con- 
tractor Dassault-Bregnet, the 
manufacturer of the Mirage air- 
craft- - 

Government in France has 
jilways intervened directly in 
industry, in . tbe interests of 
creating sectors of international 
dimensions. The re-organisation 
of the telecoramunTcations sector 
around ■ Thoms on-CSF, CTT- 

Alcatel and ITT was done , at 
the behest of . the industry 
ministry, as was the complex 
redistribution of assets in tbe 
nuclear Industry' ‘ to make 
Creusot-Loire the technological 
master-company for France's 
nuclear construction programme. 
The state’s interests here are 
directly represented by the CEA, 
the equivalent of Britain's 
Atomic Energy Authority which 
has an important stake in the 
capital of strategic joint ven- 
tures, including Framatome and 

Thus, the baltle is not between 
private enterprise and public 
control. It is between a form of 
compromised capitalism operat- 
ing alongside a 1 strong .stale 
sector and between an economic 
system formally controlled in' 
essentials by the .state. 

- Inevitably, the prospect -of 
further nationalisations has led 
to attempts to compare the 
profitability of tbe existing 
private and . public sectors. In 
practice it is almost impossible 
to establish an acceptable basis 
of comparison. * 

It is difficult to make clear 
distinctions between private and 
public sectors. After all, it was 
the state which pushed Citroen 
into Peugeofs arms (and 
provided the dowry) as well as 
consigning Beriiet to Renault To 
take another example, the state- 
owned aerospace company Aero- 
spatiale could hardly survive 
without' the subcontracting it 
does for the private enterprise 
Dassault. ’ 

For the record the direct sub- 
sidy to state Industry in 1977 was 
around FrsJIObn. Of this around 
half was to the state railways, not 
least for a pension fund which 
pays . out to 420,000 pensioners 
although present work-force is 
only 264.000.. Charbonnages de 
France, Aferospatiale and Air 
France are other recipients. How- 
ever, to balance the picture the 
private sector benefits from heavy 
official funding, particularly in 
the defence area, and the two 
giants of the public sector, the 
post office (which invested 
FrsJ28.7bn. last year) and 
Electricite de France ( which wilt 
invest Fra.l20bn. on nuclear 
power up to 1985) are the life- 
blood of many a private com- 
pany. Where exactly does the 
left stand on nationalisation? 
There are three basic issues: 

• Tbe length of tbe list. .The 
Commanists would like to add 
steel, Peugeot-Citroen and the 
oil industry (the state already has 
70 per cent of Elf and 35 per 

the industrial candidates for takeover 

Saint-Oobain: Turnover of Frs^2bn. in 1977, employing 
160,000- Flat glass, packaging. Half of sales but almost 
all. profit; earned overseas. Black spot: paper. 
Thomson-Brandt: . Turnover of Frs.16.8bn. in- 1976, 
employing 105,000. Electrical engineering, defence, 
aerospace, household electricals, medical equipment.- A 
nucleus of the government-organised telecommunications 

Compagnie Generale dTSlectrieite: Turnover of 
Frs_27£bn. in 1976, employing 171,000. Heavy electrical 
engineering, shipbuilding, public works contracting and 
telecommunication cables. Another key telecommunica- 
tions company. Central position in power station 
engineering. Substantial financial holdings. 
Rdnssel-UCLAF: Turnover of. Frs.3.27bn. in 1976, 
employing 15,500- Fine chemicals, 'pharmaceuticals, 
animal products, cosmetics. Majority-owned by Hoechst 
of West Germany. 

Rhone-Poulenc: Turnover of Frs.21.7bn. in 1976, employ- 
ing 113,500. Heavy chemicals, pharmaceuticals, textiles, 

fertilisers. Recent expansion in fertilisers. Emergency 
surgery in textiles. 

Peehiney Ugine Kuhlmann: Turnover of Frs.22.3bn. in 
1977 r .employing 96,000. . Metals, special steel, chemicals. 
Fragile recuperation. Emphasising overseas expansion 
and non-mining activities. World’s fourth-1 argest 
aluminium producer. 

DassaiiU-Breguet: Turnover of Frs.5.7bn. in 1977, 
employing 15,000. Aircraft manufacture. State to take 
over one-third stake. Frs.l2;8ba.. orders in 1977, 87 per 

cent, for export. ■ ■ • 

ITT: Turnover of Frs.39bn. iri 1976, employing 22,000. 
Telecommunications, industrial and household electricals 
and components. The remaining telecommunications 
nucleus, otherwise self-governing empire of medium- 
sized concerns. 

CII-Honeywell-Bull: Turnover of Frs.3.Sbn. in 1977, 
employing 19,000. Computers, peripherals. France’s 
latest attempt at a computer industry based on U.S. 
partnership. Frs.l.2bn. four-year .state subsidy. 


Ghiers-ChatiUon: Turnover of Frs.3.46bn. in 1976, 
employing 14,000. The smallest of the steel groups. 
Consolidated 1976 loss of Frs.263m. ' 

Denain Nord-Est Longwy: Turnover of Frs.19.6bn. in 
1976^ employing 82,000. Controls Usinor, Vallourec and 
half-stake in Fos Centre. Usinor lost Frs.4bn. in three 
years and workforce cut by 3,000. 

Marine^ Wcndel: Turnover of Frs.l3bn. in 1976, employ- 
ing. 56,000. Main Lorraine steelmaker. About 8,000 
jobs Shed. Complex restructuring in process. Losses 
similar to Usinor. 

Schneider S.A.: Turnover of Frs.15.3bn. in 1976, employ- 
ing 130,000. Steel, electrical, public building and, above 
all, nudear group crucial to French energy development. 

Peugeot-Citroenr Turnover of Frs.35bn. in 1976, employ- 
ing 151,000. Leading car manufacturer. Frs.l.37bn. 
of consolidated profit in 1976. Government loans to take 
over Citroen repaid. . 

CFP-Total: Turnover of Frs.47bn. in 1976, employing 
44,000. Thirty-five per cent, state-owned energy group. 
Refining losses said to threaten exploration programme. 

cent, at .CFP-Total) to the list. 
Tbe Socialists have refused but 
there .is room for manoeuvre in 
that the original common - pro- 
gramme - specifically gives a 
government of the left the option 
of taking financial stakes M which 
may go as far as majority hold- 
ings ” in- steel, oil, air and sea 
transport, motorway concessions, 
water .treatment and distribution 
and the ftoan ring of telecommuni- 

- « -The width of the list. The 
communists claim that the 
minority, shareholders should 
be bought out in all sub- 
sidiaries - of the nine parent 
companiie where the parent 
company ■ stake exceeds 50 per 
cent The Socialists will allow 
buying- out of minorities only 
where these are left with a tiny 
percentage of shares and are 
prepared to buy oat minorities 
in .certain '* strategic ” sub- 

The argument might seem 
academic: after all, ownership 

of the parent brings control of 
its stakes in subsidiaries. Tbe 
issue,. . however, touches an 
essential difference in ideology 
between tbe two parties: the 
socialists are interested in con- 
trol, the Communists in owner- 
ship.' Beyond this the socialists 
see the conflict between tbe 
mixed and the directed 

• The same question of con- 
trol . or -ownership bedevils 
arguments over compensation. 
The Communists want the re- 
placement of shares by bonds 
which will be redeemed over 
20 years, leading, to eventual 
complete ownership. The 
Socialists envisage replacing 
voting by non-voting stock per- 
mitting the shares to continue 
to be traded, continue to re- 
ceive - dividends, and avoid- 
ing the financial burden of pur- 
chase. Both sides accept the 
principle of expropriation of 
big capitalist holdings, but 
their take-over of the financial 

Fivestargaests stay 
at the Athenaeum Hotel 
because Die service is 
traditional... and the 
services are modem. 

The Athenaedm.Hotdi is extremely 
'proud of its calm, intimate atmosphere. 

It offers the five-star guest a unique blend 
of modem service facilities, handled in the 
best English tradition of practised care and 
; ease. 

All the bedrooms and suites are 
■’ Sumptuously furnished in a classic English 
style but witii modem facilities such as 
air-conditioning, double glazed windows 
and colour television. 

More English traditionalism is found 
in the bar and tiie restaurant, the latter 
having a very good ceDarto accompany 
. its fine ^gfish ^d international 

' Situatedon RccadUh^it makes a 
welcome retreat for many five-star 
guests who tum off occasionally 
from the hustieaud bustieof the 
'West End. • 

To become a^five-stair guest ring 
the hotel or ^ Reservations 
Office:- tM*2fi£2893. f 

Athenaeum Hotel 

. 116 MccadflUy, LondbnWlVOBJ . 

Tet 0JM99 J.464;Ietext261589 

-the hotels for five-star guests. 

sector will, in many cases, al- 
ready bring control of some of 
these stakes. 

At the moment the two sides 
are sticking to these positions. 
The socialist-leaning union the 
CFDT has proposed a> compro- 
mise which would lead to the 
buying out of minorities where 
the holding company stake was 
66 per cent, or more and would 
also legislate to remove the 
powers invested in the present 
‘‘blocking” minority, thus re- 
moving the Communist fear 
that minority shareholders 
could effectively frustrate the 
state's plans far a concern. 

There is a fourth dispute: 
the original common pro-* 
gramme says that the Govern- 
ment may decide to take a com- 
pany into public ownership if 
its workers request iL The 
Socialists see .this as opening 
the way to nationalisation a in 
carte (and at the prompting of 
the CGT communist-led union). 
The Communists, claiming that 

the provision was inserted by 
tbe Socialists in any case, say 
that it is only an option, not u 

The tables spell out what the 
Left would get for its money or 
its paper if the nationalisations 
go ahead. Briefly it would get 
virtually the whole telecommuni- 
cations sector (Thomson-Brandt/ 
CSF. CGE and ITT) with sub- 
stantia) defence interests and a 
strong position in the household 
electrical goods; heavy engineer- 
ing and public works contracting 
market; the defence establish- 
ment (together with the most 
un-strategic Dassault-owned 
glossy weekly Jours de France 
whose main preoccupation is 
royal weddings): a signficant 
addition to the State's strength 
in the chemical and fertiliser 
field (Rbone-Poulenc included) 
France's main metals and mining 
concern — Pechiney-Ugine-Kubl- 
mann — and one of its chief 
pharmaceutical and fine chemi- 
cals operations (Roussel-UCLAF), 

for skilled workers 

Seme skied staff aren’t always easy to find. 

And this is -just one of the problems we set out to 
deal with when we introduced Jobcentres. . 

Jobcentres are the most visible result of a new 
attitude that is changing the entire employment service, 
its management, its staff and its organisation. 

Today there are nearly 400 Jobcentres up and down 
the country And the remaining 600 Employment Offices 
now offera much improved service. 

The Jobcentres are prominently located offer a 
self-selection display where your vacancy can be pre- 
sented within minutes of notification, and they attract a 
wide range of jobsgekers of various qualifications and 

Of course we can’t promise to find applicants for 
every skied vacancy in every part of the country but 
don’t forget ,our countrywide network enables us to 
circulate your. ^ vacancies over a wide area. 

Your local Jobcentre of Employment Office has 
skied, semi-skled and unskilled workers calling in daily 

You have a vacancy? Give it; to your local Jobcentre 
or Employment Office. Our local manager is ready to help 
you in every way possible. Ifs well worth your while to 
find out about the full range of services we can offer: 



Services Comnnission 

Service Agency 


Japan bank 
rate cut 
likely as 
yen rises 

; By Charles Smith 

TOKYO. March 7 
.. THE SHARP RISE In the yes's 
’■ -exchange rale against the 
dollar which occurred on Mod- 
i' day (wheu the yen appreciated 
nearly two points on the Tokyo 
foreign exchange market) has 
. r ‘ greatly increased the chances 
ol an early cut In Japan's hank 
' rate. 

This was made clear to-day 
: when Mr. Takeo Fukuda, the 
. Prime Minister, told the Diet 
, -that the bank rate- might be 
lowered at “ an opportune 
time " to cope with farther yen 
appreciation. The cut, from the 
. current rate or 4.25 per cent 
could be by 0.5 per cent, .or 
even 0.75 per cent. It. would be 
. designed both to reduce the 
incentive for foreign Investors 
to shift hot money Into Japan 
and to counteract some of the 
unsettling effects of the yen 
appreciation on domestic 
business confidence. 

The Government Is showing 
extreme concern on this latter 
point, all the more so in that 
the economy bad appeared to 
be gradually picking np daring 
the two months or so of 
exchange rale stability which 
preceded the latest bout or yen 



in new China constitution 

■ • PEKING, March 7. 

CHINA TO-DAY published a new reform their own customs and describing the Congress as the 
constitution strengthening the ways." highest organ of state power, 

rights of its citizens to speak out Presenting the draft constitu* This deleted the 1975 words 
and increasing the powers of tion last Wednesday, the Party '‘under the leadership of the 
Parliament in relation to the Vice-Chairman Mr. Yeh Chien- Communist Party of China." 
Communist Party. The con- Ying said that with the removal The role of the NPC was 
stitution, approved by the fifth of the extremist “ gang of four” Spelled out, including its restored 
National People’s Congress on China must “ energetically revive abihiy to declare war, sUopg 
Sunday, replaces a document and carry forward our democratic with the functions of its chair- 
approved three years ago. tradition and fight against any man. Mr. Yeh was elected to this 

A striking feature of the encroachments on the ^ple s on Sun^making him 

latest document is that it is based democratiejifeor violations of 

As In the 1975 document citi- 

largely on the 1954 constitution, tbe rights Of citizens. the rieht to free- 

China's first as a Communist “If we are to bring out great ““ ^ JggJ raSroondSe. 
state, and gives hack to citizens order across the land, we must J 0 e m P ^ P ||^^r r< ^ i SSl 
many rights since dropped. have the rules for running it, proc6ssio _ demonstSon and 
Several complete articles from Mr. Yeh said in his speech, also _ freedom, to strike But now 
the original constitution have published to-day. The new con- ^ ba Ve ^ 
been revived in the latest one, stitution stresses that *11 power ^ their 1 views fully, 

while a number of references m China belongs to thepeople. hold Abates and write big- 

have been dropped from the However it deletes a reference character posters." 

1975 document. For instance, the in the 1975 document that constitution restores the 

right to defence in a trial is now workers, peasants and soldiers qw-o of procurator— the man 
restored and any person can are the mam body of this power. wbo decides if there Is sufficient 
lodge complaints against Govern- The new constitution also evidence for a prosecution— and 
ment Workers. The country’s appeared to strengthen the g a y g 0 nly he or a court can sanc- 

ethnic minorities are also given National People’s Congress tion an arrest, which must be 

back tbeir rights to "preserve or (NPC), the nation’s parliament made by a public security organ. 

— ~ These organs were themselves 

allowed to sanction arrests under 
the 1975 coustitntion. 

The rights and interests of 
overseas Chinese continue to be 
protected, but the new document 
says this protection also now ex- 

Poll debacle splits Janata 


NEW DELHI, March 7. — 

THE RULING Janata Party has (about Mm.) to the public YehsJfdttrZoStitatiraSS 
been jolted by its failures In sector to the next five years to ^ demands on State person- 
elections in the south of India rural development ne i mos t essential being 

and is now deeply split with He also challenged the basis t h at they maintain contact with 

; factions within it blaming each for calcnlatlng the amount ^ people. 

| other for the reverses. The main allotted to rural development and •» All well-meant criticism from 
Monday's flurry .on -.the . targets are Mr. Morarji Desai, the agriculture, since part of the the grass roots and masses should 

foreign exchange marker has J Prime Minister, and Mr. Chandra investments in power, edneation jjg W2 rmly encouraged," Mr. Yeh- 

also produced hints from {Shekhar the Janata Party Presi- and health are claimed to be part added- “The people's right to 

officials that a new round of ' dent. of these programmes. expose evfl-doers and bad deeds 

foreign exchange controls • The attack on the Prime Mini- The attack on Mr. Chandra j n state organs should be fully 
designed to restrict hot money *tcr is based on the view that Shekhar is mainly aimed at the guaranteed." 

morements is being ** studied." ' the people are dillusioned by the choice of Janata candidates for 6 on th e other hand, he noted, 

w. — ■- . Government’s poor performance the elections, most of whom are constitution now had an 

since it took office nearly a year said to have been discredited ar tide requiring citizens to take 
a so, especially. its failure to give Congress Party members belong- care 0 f atM j respect publie 
primacy to rural development. ing to the landlord class or those property observe labour disci- 
-•Mr. DesaiVrnain critic is Mr. chosen by them. piine, public order, respect 

Charan Singh, the Home Minister. The allegation is that Mr. social ethics and safeguard State 

who used the . opportunity of the Chandra Shekhar wanted to pack fiecre ts. 

■Cabinet s. discussion oh tbe new the party with Congressmen (he •* Acts of smashing and 
? rolling plan " for., development is also a former Congress mem- grabbing are strictly forbidden 
in tbe next- five years for a bitter ber. although always a bitter Detention and arrests must 
attack on the Eci'me Minister in opponent of Mrs. Gandhi) to follow legal procedures- and tire 
his capacity as Chairman of the counter the influence of other system of checking and approval 
Planning Commission. components of fhe Janata Party, must be strictly observed m 

When the* plan: which .is to. be ?*eanwhHe. tbe first “good- this regard." .- jv:'; . 

riiscusred by the National will ’• delegation from China The role, playgftvby the late 

Development Council on March since fhe 1952. border war Chairman--- Mao Tse-Tang in 

:IS and 19. 'was presented to the arrived here 1 e-day for a fort- modern China was noted in the 

Cabinet over The; .Weekend. Mr. nightis visit. It comes shortly preamble to .the ’ constitution 

Cb.sran Singh is understood- to after the ylnit of- a Chinese trade and Mr. Yeh said it should, give 

hare demanded reasons for the team which set the basis for a “ comprehensive. ..and accurate 

failure tn allocate the bulk- of tbe steady increase in trade between expression." to Man’s theories.' 

proposed outlay of Rupees 700hn. the two countries, Reuter ... 

It seems unlikely, however, 
that Japan will Invoke such 
controls as anything other than 
a last resort Before doing so 
the Government will appar- 
ently appeal to the U.S. to 
show greater “responsibility*' 
in its management -of the 
dollar exchange rate. * ■*: . 

The appeal will be made to’ 

Mr. Charles Schultze, the chair- 
man of President. Carter’s 
Council of Economic Advisers, 
who is due in Tokyo slmjtlv 
for consultations with' .; his 
Japanese opposite number; Mr.' 

Kilchi Miyazawa. the Director 
General of the Economic Plan- 
ning Agency. 

A third effect of the ven 
appreciation has been to " re- 
new the urgency behind 
government efforts to correct 
Japan’s balance payments sur- 
plus, probably by means of nn 
additional series of emergenev 
import measures. Mr. Fukuda 

hopes to have a list of such [ BY DOUGLAS RAMSEY 
ST’&rf ' S.i'i.ft’SShJ' ■iTO* J«W“ Wopn.ratB.nk vriUrirtf.barply 

with President Carter in May! P red,cts In a recent study that cent). 

The measures could include {equipment investment in the Electric utilities, in particular, monthly report, “ The oply alter- 
stepped-up imports of air- • coun try’s manufacturing industry plan a major .expansion in their native is to reduce supply by. 
craft from tbe U.S. and (for {will drop by nearly 7 per cent, in facilities with considerable finan- scrapping equipment" } 

ih» firai »imn in . — *- dal help fro Bribe Government’s - _ sectors where over- 

Financial' Timbs' 1978 

Jn his third article about 
Cuba, . B ugh ' O’&ie u&iness y. 
recently in Bavaria, examines 
the relationship between Cuba 
and Ethiopia. 

is the 

Japanese investment shift likely 

TOKYO, March . 7. 

(up 19 per supply. To dose the -gip, Mr. 

Tsuji writes in the Bank’s recent 

the Tokyo foreign exchange 
market to-day dosing at SI 
equals Y2U3.80, down 0.65 
points from the previous day’s 
close. Turnover on the spot 
market totalled 8395m. com- 
pared with Monday's excep- 
tionally heavy S825m 

‘ M3S.SS zv&zrw ®5tr:; ~j* 

The^yen had a quiet day on survey of capital spending, the The investment intentions of hay§ already launched capacity 

bank polled a total of 1,323 com- manufacturing companies largely cutbacks or are planning such 
parties in ail sectors of the coincide with the findings of moves. 

j economy. Overall, Japanese busi- another survey published this According to Mr. Tsuji, -pro- 
ness looks like inerting its week by the Fuji Bank. Accord-, ductfon capacity increased by 20 
capital expenditure by 7.3 per ing to Fujfs research director, per. cent, in the perlotf-between 
cent, according to the survey, Mr. Shin ji Tsuji, Jajianese Indus- 1973 and early 1977.' In the 
because planned investment by try as a whole is operating 'at 10 - past year, however, rapacity in 
non-manufacturing companies per cent less demand than creased by only 3 per cent 


Protecting an Achilles heel 


IF NOTHING else, the Shah of launched just after the Egyptian to build up an emergency of which, however, was re- 
irans bint that he would, under leader’s visit to Tehran where reserve for at least one year’s exported. For its own direct 
certain circumstances, be pre- it was presumably discussed. requirements. sales, especially to East Europe, 

pared to deny oil supplies to Speaking in an interview The target may have already NIOC has also used the pipeline 
Israel could ue seen as ufiic;nl published last November 6 the have been met, not least through to Ashkeloo. However, its 
confirmation that Iran is provid- shah praised Mr. Sadat for the large volume extracted from throughput this year is said to 
ing essential crude to the bo- having "fewer complexes" about Abu Rudeis field (as well as be much less than last year, when 
Policy hitherto j )eaC e than the Israelis and say- three smaller ones) on the Red market demand was stronger 

lcagurcd Stale, 
has been to maim am "a discreet 

ing that they should take a Sea coast of Sioai from tbe and hidden "discounts" were 

■r lssl,e ,n gamble on peace— which would winter of 1967-8 until the being offered by using this 

’’V ; mean fulfillment of UN Security autumn or 1975. Then in route. As it is. tbe facility can 

i 5 Council resolution 242 including November of that year it was seldom have run at more than 

rhmVnrf nn nnh in evacuation of the occupied returned to Egypt as part of the 50 per cent of capacity. 

Jerusalem were said yesterday * iHp ™ Lh? P3 w« to th«> TrmptI diversify sources of supply and 

not to be attaching much impor- Li^^Ki P A £! f««. t£ found one last year in Mexico 

tnnee to what appeared tn he an nSohLr Jf with which it was reported to 

oblique warning — adding again ^ 5- i, hprlmo «™Srf®nt I fhnu» | f . have concluded a purchase agree- 

that the Israeli Government had Inrtla1 !* i, > became e^dent about totalled 224m. barrels, the ment for lm tons a year. At the 

received nn intimations of such . . . — — ... same time, it decided to use coal 

Kuwait’s Oil Minister called for a substantial Increase In hig^lv/power stationat Had era! 

the price of oil, Tuesday, to compensate petroleum exporting north of Tel Aviv, which is 
countries for losses suffered by the declining value of the U.S. scheduled to start generating in 
dollar. A meeting of the Organisation of Petroleum Exporting 
Countries (OPEC) ’'most be held quickly to agree on a 
common pricing policy for the future," the Minister, All 
Khalifa al-Sabah, said. 

a threat. Yet following a spate 
of rumours and speculation that 
Iran might he prepared to use 
its crude as a moans of diplo- 
matic ’'leverage " to bring about 
a Middle East peace settlement it 
would be strange if the Israeli 
Government were not a little 


Tbe Shah was asked in an in- 
terview with the Washington Post 

1980 reaching its full capacity of 
1,400 MW in 1983 and consuming 
3.54m. tons of coal annually. 
Last month. South . Africa 
•announced an import deal 
whereby St would start supplying 
500,000-800,000 tons a. jeer of 

if he would he prepared to re- the time of the 1975 summit of equivalent of some.. 75,-000 b/d -q-I fmm'l9$0 for the Hadera 
duce deliveries to make Israel the Organisation of Petroleum over the 8-year' period. -Subse- station: oossiblv risine to lm. 
less “ intransigent " In the cur- Exporting Countries (OPEC) quently, Mr- • Izzedin Hillal, +nmr later ' 
rent exchanges with Egypt and had something to do with Egyptian Oil Minister; calculated « 'j _*• , - 

initiated by President Sadat’s solidarity with fellow oil pro- the volume at 400m. barrels, A® .P*J~°5“ on J 1 ?® 

initiative last autumn. He re- ducers and the Third .World, compared with proven reserves 0V 2- tomgenous fielas to roe 

plied: " That depends. If there OF more immediate importance, of the Add of only 300m. barrels, swrtmwest of Ashkelon Bave ae- 

is a general decision by all. for however, is the Shah's concern If this is true, then it seems that cto* 6 ® t0 oegugible proporoons, 
instance America, to stop your about stability in Saudi Arabia the Israelis were probably pe -®Barcn has been mensmea 
delivery of arms — that kind of and Egypt and the continuance grossly overlifting - with tbe v.®5i. IieW '- 4 5 yaroca ™ MJ . ie *° 
embargo— then everything is in power of conservative regimes future life of the field, jn min d. lts own .' aad en.b«xupiea 

posrible." tbere. He is not alone, of course. Nearly all .of Israel's imports A. - ^, ann 

He added that another hypo- in fearing the consequences of would have come from Iran last « 

thesis might be embargoes on the radical upheaval in the Arab year— although hitherto the 

everjthing such as has been world and a strengthening of official position of Tehran has if 18 * 

decided against Rhodesia and Soviet influence in it. Hence his been that it does not supply oil l 5 ^?” h £ S i. a l^o« 

J.S. and the ujv. martial behaviour of the Jewish dustry sources, the main so- - ^ v. ? 7 

On the face of It the qnalifica- State Whatever the Shah meant betvreena are Freegate Forward- SLJjJ' ^iSdal 

tions about collective action, and in his most recent Interview ing and Pool, neither of which ™ ai s MJIUScer 

particularly U.S. participation in Western diplomats in Tehran islisted in standard oil reference 01 •~ ergT ' 

it, would seem enough to allay have been saying for the first books. .- Ofl in commercial quantities is 

any Israeli fears. Clearly, Wash- time ever that the possibility of The crude Itself Is -delivered reported to have been struck off- 

ington would defy any embargo an oil embargo Is not dismissed by a jointly owned Israeli- shore at ■ El Arish in Sinai, 
and use its veto in the UN ontrigbt in private talks with Iranian tanker company to the near which Israel is building Its 
Security Council to thwart any Iranian officials. Gulf of ‘Aqaba to Eilat from new lown of Yaxnit Equally con- 

attempt at Imposing mandatory According to the Israeli where it is pumped through- the troversial In political terms has 
sanctions on Israel. Moreover at Ministry of Energy, "foreign 42-inch line to Ashkelon which been the strike in the southern 
the time of the second Sinai dis- consumption" of oil last year has a capacity -of lm. b/d (or part of Gulf of Suez controlled 

engagement agreement the U.S. was 7-8ra. tons or a rate of 140- about 50m. tonnes a year). by Israel off El Tor where one^ 

gave a “guarantee" about Israel's 160.000 barrels a day. The figure The older and. smaller one well is expected to bcLon streain 

future oil supplies. given may or may not be a ecu- dates from pre-independence this month. According to reports 

However, from the beginning, rate. Actual domestic consump- days and can still feed the Haifa in specialist Norwegian petrp- 
the Shah has made clear his Mon would now be about 150.000 refineries which had to - be leum journals. It could make 
support for Mr. Sadat’s initiative b/d or.more and Israel is known adapted to take Abu Rudeis Israel self-sufficient in oil with 
which, aa it happens, was. to have been heavily stockpiling crude— a significant proportion a yield of 9m. tons annually. 

WHAT are the Cubans doing in 

Why should Fidel Castro’s 
regime be so deeply committed 
to a part of the world with 
which Cuba has had few historic 
ties and with a government 
which it hardly knows? 

However unlikely the commit- 
ment to the Ethiopian govern- 
ment of Colonel Mengistu Haile 
Mariam may seem to outsiders it 
is tbe result of a sequence of 
logical thought If events go the 
way the Cubans hope they will 
go, tbe Castro government stands 
to gain a great deal from its 
enthusiastic backing of the 

The cornerstone of Cuban 
involvement in that area of the 
world has for almost a decade 
been Havana’s relationship with 
Sooth Yemen. The government 
in Aden has declared itself 
Ma rrtet-Len inist, an uncommon 
phenomenon for an Islamic 
country and has maintained close 
relations with Moscow. It has 
also had a close rapport with 
Havana, and used Cuban advl 
sers to help train its army 

From their base in Aden. 
Cuban military personnel have 
helped the guerilla forces of the 
Popular From for the Liberation 
of Oman (PFLO) to make war 
on the conservative regime next 
door in the sultanate of Mascot 
and Oman. From Aden too, long 
before the overthrow of Ethi 
opian Emperor Haile Selassie in 
1975, the Cubans- were sending 
assistance to the Left-wine gueril- 
las in Eritrea, the Eritrean 
Popular Liberation. Front 
(EPLF), who were fighting the 
central government' in Addis 

South across the Gulf of Aden 
In Somalia, the Cubans gained in- 
fluential positions in the admini- 
stration. of General Muhammad 
Siad Barre, not just training the 
Somali forces, but also in civilian 
political posts. 

The Cubans’ drive to win 
friends and influence people in 
the area was complicated by the 
emergence of an increasingly 
radical military administration in 
Addis Ababa. 

!*• The Cubans and their Soviet 
allies, increasingly drawn 
towards the radical policies of 
the Dergue and to the person of 
Colonel Mengistu, soon realised 
that it would be difficult to 
maintain good relations with 
Eritreans and Somalis while 
cultivating relations with the 
authorities in Addis Ababa. 

The Cubans in particular did 
their best not to break with 
either side. Since well before 
tbe summit conference of tbe 
non-aligned countries in Colombo 
in 1976, Cuban officials were at 
work trying to get all sides to 
agree on a ' confederation of 
Left-wing states in the Horn of 
Africa. Negotiations continued 
at the Colombo summit and 
came to a climax in Aden in 
March last year when President 
Castro visited Addis Ababa. 
Mogadishu and Aden, saw the 
local leaders and made one final 
effort io square the circle. 

It seems that Castro’s meet- 
ings in Aden, Addis Ababa and 
Mogadishu proved a turning 
point to Cuban policy. The 
Cuban leader made the acquain- 
tance of Colonel Mengistu who 
had just taken over power in 
the Ethiopian capital and seems 
to have been very impressed 
with him and the drive towards 
Marxism-Leninism that he was 

President Castro, never one to 
hesitate at making an audacious 
gesture, seems to have put his 
money on the Dergue, risking 
the reproaches of the Somalis 
and the EPLF. 

As the months have gone by, 
the Cuban commitment to the 
Dergue has become increasingly 
strong. The Cubans have given 
aid to Mengistu and sent military 
specialists as requested. 

Nonetheless, there is consider- 
able apposition in some African 
countries to Cuban and Russian 
involvement in the Horn of 
Africa. Algeria, Cuba's long 
standing ally, has repeatedly said 
that the troubles of the region 
should be 6orted out within the 
Organisation of African Unity 
(OAU). Tbe Cubans make the 
point that they are helping 
Colonel Mengistu to repel a 
foreign invasion. In doing so, 
they say, they are defending the 
OAU policy of defending colonial 

Cuban officials repeat Colonel 
Mengistu^ undertaking that 
Ethiopian troops will not cross 
the border into Somalia. They 
add that Colonel Mengistn is not 
at liberty to use bis Cuban 
specialists in the fight against the 
Eritreans. The Eritrean problem, 
they say. should be solved 
through bilateral talks. 

The benefits that Havana will 
harvest if Its armed support of 
Colonel Mengistu consolidates 
him in power are manifold. 
There will be a fair chance that 
one of the most populous states 
in Africa, occupying an important 
strategic position, will move 
rapidly towards Marxism-Lenin- 

Though it is obvious that the 
operations of the Cubans in the 
Horn of Africa have been closely 
co-ordinated with the Soviet 
Union, Cuban officials maintain 
that the relationship between the 
two Communist countries is no 
more than one of co-ordination: 
and that Cuban policy is not 
dictated from Moscow. The 
Somalis too accept there Is a 
distinction between Cuba and 
the Soviet Union in that they 
have broken relations with Cuba 
while maintaining them with 

President Tito of Yugoslavia, the first Communist bead of state, to vMtt President Carter I 
the White House, with the UJS. leader yesterday hi a welcoming ceremony. The two leadei 

are to hold three days of talks. 

Carter said to fear Israel 
backdown on UN call - 



PRESIDENT CARTER is "con- of its application is seen here as tling between Jerusalem . 
earned About the possibility" an understatement of potentially Cairo. _ 
that Israel will renounce UN deep division between the U.S, In his talks it Is thought 1 
Resolution 242, the heart of and .Israel. • , *, . . Mr. Weizman will ; be .ipbbj 

Middle East peace negotiations Both Mr. Dayan and Mr. Mena- hard against the U.S. intentioi 
in so far as it affects Israeli with- hem Begin, the Prime Minister, sell aircraft to both Egypt • 
drawal from the West Bank of are due to confer here with Saudi- Arabia. But the 
the Jordan, ; ■ President Carter next week, ruination to proceed with the j 

This - message was conveyed While the UJS. . -might have is likely to be reinforced by 
this" molding by members of expected to discuss the issue prer settlements issue. .. 
Congress who had breakfast with liminarily with Mr. Ezer Weis- Moreover, in .the contlnu 
the President and represents man, tbe Israeli Defence Minis- battle for American public ; 
confirmation of the scarcely- ter, on his present visit, the .Congressional opinion, wb 
veiled discontent in Washington disclosure that Mr. Weizman has proved susceptible to Presid 
with Israeli policies towards threatened to resign over the Sadat’s persuasive powers ear. 
settlements in the occupied tern- settlements issue ia not helping this year, Mr. Weizman may f 
lories. the consultative process, 7 it hard to square those v 

Although Mr. Moshe Dayan, the The U.S. has been disturbed might be inclined to oppose ai 
Foreign Minister, told, the -that the current shuttle diplo- sales to the Arabas but who h. 
Knesset yesterday that there was macy being practised by Mr. been equally disappointed by 
no truth to the suggestion that- Alfred Atherton, the assistant toss of momentum tn the pe 
Israel bad withdrawn its support. Secretary of State, has made talks. Mr. ■ - Weizman s t 
for Resolution 242, his simut scant progress, largely because becomes harder because israe 
taneous comment that there of the dispute over Resolution considered the prime contri 
were a number of interpretations 242. Mr. Atherton bas-been shut- tor to the loss of momentum. 

Court rules on tanker access 

• y ■■■ • . ? • • , 

BY JOHN WYLES r. ' — ' . " - » ! * ’« J - ■' ' * NEW YORK* March 7’ 

THE U.S. SUPREME Court has moving into and out of the six fewer that 16 states had fi 
r ule d that individual states oil refineries around Puget amicus, curiae (friend of ' 
cannot impose restrictions on the Sound, off Seatiie. . court) briefs urging the court 

size of oil tankers using their These refineries are ■ now ^ Warfungton slatfl 1 

ports—a decision welcomed by waling oil brought down from ratine a 

the oil and shipping industries. «j B trans-Alaska pipeline ter- ^ « ® ^ C0 ? r 5 S c« ! 

Tbe Court partially upheld a minal at Valdez. But since the maintain ° Washington stat 
lower court ruling that tanker Washington state law was passed 3JS to reaSre SS tenkS 
size should be regulated by in 1975. access has been limited SpuSSi 

Federal authorities and that to small- and medium-sized “ “east until^ederS^uthoritj 
states cannot introduce tougher tankers. issue guidance on tog- esca 

111111 The .Supreme Court judgment requirements. 

The case stemmed from a could . have implications for in addition, all nine : Judg 
challenge by tbe Atlantic Rich- other ports along the US. west said the state could insist < 
field and Seatrain lines to a coast East coast ports 'are too local pilots for vessels, engagi 
Washington state law which pre- shallow, to handle large vessels, in foreign trade but not-on shh 
vented tankers larger than Tankers are a favourite target involved in domestic coast — 
125,000 tons deadweight from for environmental groups apd no trade. -, ; SS v - - 

Fowler suggests $ mop-up sale 




"’"^BRUSSELS, March 7. 

THE U.S. SHOULD sell special receives . from the flow back of borrow . foreign currencies fo 
Treasury notes to the central oil payments into the Euro- exchange- market interyentiot 
banks of its major trading p3rt- banking systems, reflecting the from u|e private markets, hav 
ners, in order to mop up some outflow of new dollars from the been frowned on by the Ui 
of the dollar glut caused by the U-S. to pay for its. oil imports." authorities. European banker 
U.S. trade deficit Mr- Fowler’s suggestion was jFeel that this is partly becaus 

The former U.S. Treasury that West Gennan, Japanese, , of the loss of face which tin 
Secretary, and present chairman British. Saudi Arabian and U.S. . Administration fears i 
of Goldman Sachs, Mr. Henry possibly Swiss central banks would suffer in going to tin 
Fowler, told a meeting of tbe agree to buy for dollars five or private markets for help. 
Conference Board in Brussels on' ten-year; n on-transferable U.S. Mr. Fqyrier claimed that bk 
the future of the dollar that Treasury Notes, denominated in plan was only designed, to sup 
something very similar had been dollars; . The amount would be plement, and not displace, the 
tried in the 1960s with the issue fixed to some percentage of the agreement in January between 
of the so-called Roosa bonds, and U.S. current account deficit, the U.S- Treasury and the Wesl 
that, if tried again, it would Which last year totalled $18bn. ' Gennan Bundesbank on a greater 
remove a ** significant part of Other recent ideas, including activation of the swap network 
the periodic pounding the dollar proposals that the U.S. Treasury, for short term borrowings. 

Senate schedules early 
vote on Panama treaty 


. WASHINGTON, March 7, 
THE UJS. Senate has scheduled Tbe neutrality treaty concerns 
a vote on the first on the two 'Panama’s pledges to keep the 
Panama Canal treaties for March Canal open after it has assumed 
16, much earlier than expected, control in the year 20000. It will 
Although supporters in the he amended in the course of the 
Senate of the treaty have recently next Jjidays, m accordance with 
stepped up pressure for an the wishes of baricers of the 

acceleration of the debate ^ ? Ire P* 

(already over three weeks old), prtociry passage to U.S. ships In. 
agreement on an early vote would *to* e of U S - 

not have been achieved without “«ence rights to the. next cen- 
a shift is tactics by tbe “g- . All _ ’ ■ 

onnocition Senator James Allen, the 

opposition. Democrat from Alabama; who is 

Some opponents claim that 

defeat the Panama neutrality xnenta he was -planning to offer, 
treaty m tea days’ tune. Others to vS 

by the rather small 

cede the first and concentrate on margin of the defeat suffered 

£ e ^ich covers 

the transfer of power to Panama ment - 

over the next 22 years. This is . ..... ‘ 

due to come up in April after n_L„« oc 
the Easter recess. J>anaXHaS gamouBg 

At the moment neither side is The two “ casinos in Bahamas 
confidently predicting that they showed gross winnings of 

have the support to either pass *B47J42390 (at par with. U&$) 
or deny ratification, which re- fa 1976 » R? which ©8,954,622 were 
quires a two- thir ds majority in Paid to the government in casino 
the Senate It is eeneraiT^ taxes - 111084 recent report of 
a^eed: however that ^ Gaffitog Board- shows, NicM 

aa^sa® jsb. % 
asfSsSS® Ajssz-st 

[-brave speech on their behalf two The report states that, of the 
weeks ago by Senator Thomas 1.4m. visitors to the Bahamas in 
Macintyre, the New Hharapshlre 3976. 628 per cent visited the 

Blumenthal calls 
for pension fund 
aid to NYC 

Tbe- U4>. -Treasury Secretary, 
Mr. Michael Blumenthal, said tint 
investments from New York city 
and state -employee pension funds 
are seeded to keep the city f w® 
going into bankruptcy. Renter 
reports from Washington. “One 
simply cannot escape the conclu- 
sion that failure of the pensftn 
funds to make substantial pur- 
chases could make It impossflfie 
for the city to obtain'- the financing 
it seeds," he told a ' Senate sub- 
committee on pension funds. 

Guatemala poll chaos 

Two rival politicians stormed into 
the electoral tribunal- in Guate- 
mala City with armed bands of 
supporters during chaotic vote 
counting after the general elec* 
tion, .and final results were stiff 
not known yesterday, Reuter 
reports. The confused scenes 
the election - a dminis trating head- 
quarters came - amid mounting 
tension la the capital, following 
charges of fraud, suspension of 

the count, and rival victory 
claims. Dr. Francesco Vfliagfth 
Kramer, a vice-presid ential cartel- 
date; said he was present whan 
-Vlce^resldent Mario Sandow 
Alarcon and a presidential can®' 
date, Gen, Ricardo Peralta 
Mendez, burst tn with their 

respective armed followers '» 
complain about, the.. way tbs 
counting was going. The aathoep- 
tie* have ordered ., a aw** 

financial 3-ixnes . We^iesday- March' S . 1978 


to lease out 

t* trt %is.; j. . 

W cctrrsirtr., 


»r Isra 
J cal] 

iW:.:jgwLjE5 smith , : - ‘ 

ffPSuferrog .setting' the .cunsent- ' trade-negotiations 
my betwegirJapan and the EEC that 
300 'centre bn Japatfs- big risible 
trade .surplus, wlik. Europe and 
Md lease the European demand for urgent 
£5g*-^j South-East ' Asian air- measures .io-tcdnceMt. 

'THe first round of, Japan-EEC 
,fMidistry of International talks w«s- J h'eld last month when 
Industry •{!tfrnj--toJd a ■ auddleJevel- EEC *7. official - 
Fin aneial es -to-day that visited-: .Tokyo/, and ;.pbt. certain 

reasftffHj* talks .wfir&Lgoins on doniEds; m^the Japauese amho- 
j*?WP$S*L it and the $&J c .trjes of rftiOs’ foT promlfiag EEC imports, 
finance-, and - Transport.- . The -Thre-’jaisjft f :;aud‘ posribSy decisive 
Japan- iE&pOit-Impitft' Jfouk *1so.'t*aSe'*f:.ialfes starts, .on Wed- 
cQw^efl. '^that. teen ®gsday ,.p^rt. wee* . with the 

Q9. finagle - Cor' air- arrival i fr Tokyo • of : Sir Roy 
crait -to-; .off- - imported by. the Denman, r - the 1 - Commission's 

]Oismn,.Cptnpaj 0 y^~, , • _. . . • -.. Cotmiussion'fi EdrectoivGeneral 

^e^’&)Bih-Ea&-/Asiaii'aiF-:f^ ■ 

inea^ SCclnaing" companies in the '*% Roy's uegotiations, with the 
PhilipjjfepSi-.and 'Inffotiesia, ire minlatnes . olf oreignfaffairs and 
known to have espress^d Ll interestr /lrSl3fr wiG -last for four, days, 
in ^oiritagrtheV loariig' arrange - alter - :v*fc& ; ' the. -Comnassion ’s 
mehC‘al!hc(Hgh contacts are rtjJl V^^Presiderit.yy'' Mr. -- With elm 
at ;a rpreHihinary stage. Korean. Haferkfimp:'.maft. yisat^Tokyo nn 
AirUney 'hasVgjT A30O? ind Thai March 22 and '-2S:\ I r , " 
Iflternasronatf Alnra^amee^wdax - The E!EC"intendsiaii neg oti a- 
a qri&^hdex fbr-.mdM±i^d^thre'e:,.tions to -end. mth.5jhe v issue of 
onSE$«B/ . wmnmnjque otFertisSdramau' c 
■ Tte^idea- belflnd- sf®*-'- leasing solutions for the trad^SwalaDce, 
proposal tJto-~R.^Sfla^£acua»le.. among which "nUghnl^Bd. seme 
JapanTto mffie- aL-jra j iSifi g ^ tegfcui t^uadieTthtomg . by Jajwd^tD’ buy 
lo tbe;- ; EEC£'iCandiita^t^&”0.S.7r'ifT t.Tip Airbus. - •■ - . 

A^riem : ’a^r^£.we.^;inTOlye'd5 ; ' \ The proposal. vtb£«&tahl&h a 
wifmaa* : waiting' f<n«?p3^ian'esev leasing *' . company? T/riiich. 
commerijral-arlinefi to. go through' apparently originafed-rvitb ItfITI 
iabonons 1 ’ Sun- time-consuming seems to have ‘been’ ‘"received 
deliberations on whether or not critically by . the-:, -.powerful 
to place_ aircraft import -orders. Ministry of Transport (which is 

Japaifs smaller domestic air- also suspected, -of harbouring 
line. TOA Domestic Airways, is reservations' a bo id Ifw Airbus 
known- to be interested in the itself). "The' Flnanifiie. -. Ministry 
A300 but is not expected to make fMOF). however is. thought to be 
a firm decision on 1 ' the aircraft generally in favour o? thescheme 
until, towards the -end Of this on the ‘ground .tral.-il- offers 
year at the earl lest. almost the only available .means 

That would be far too late for. of convincingly demonstrating 

T ourist trade fair grows 
with power of the mark 

Japan’s- willingness to reduce its 
trade surplus with the EEC. 

The risks of leasing aircraft to 
South-East Asian airlines, which 
presumably lack the resources to 
buy the aircraft outright, are 
acknowledged to be great but 
MOP is apparently taking the line 
that this can be tolerated if the 
leasing operation is regarded as 
a form of aid io 4he countries 

Airbus Industrie (the European 
consortium that makes the A3 00 
has appointed a vice-president 
with full-time responsibility for 
sales to Japan. . The' man con- 
cerned, Mr. John B. Co guard, 
arrived in Tokyo early -this week 
for a four-week stay. 

The cost of one Airbus to 
Japan is estimated at S28m. to 
S30nt. (phis an additional SlOm. 
or so for spares). An order for- 
15 aircraft might therefore be 

TOKYO, March 7. 

worth as much as S600m., a sum 
that would make an appreciable 
dent in the 35bn. surplus Japan 
earned on its trade with the EEC 
in 1977. 

The U.N. Is a participant in the 
Airbus project, through the 
Hawker Siddeley division of 
British Aerospace., which makes 
the aircraft’s wing. Total British 
earnings from a sale of 15 air- 
craft are estimated at not more 
than £30 m. to £35m., however. 

That is substantially less than 
Britain might expect to earn 
from Japan if TOA Domestic 
Airways were to place an order 
for the all-British BAC One- 
Eleven. another aircraft being 
strongly promoted in the 
Japanese market TOA's 
potential requirement is for 
about 20 BAC One-Elevens, 
estimated to be worth £120m. to 

Smelters promised help 


' w TOKYO, March 7. 

THE JOINT TJrazflian-Japanese MTTI that because of business 
aluminium project should be difficulties facing Japanese 
pushed ahead according . to the aluminium smelters there were 
initial schedule as a big long- doubts as tn whether the project 
range- national project, Mr. would keep to schedule. 

Toshio Komoto, Minister for The plan is to establish a 
International Trade and Industry 320,000-ton capacity aluminium 
(MITT) said to-day. smelter and an SOO.QOO-ton capa- 

The Government's promise to city aJuminia plant in Belem, 
provide aid if needed was given north of the Amazon by 1981 at 
to Mr. Toshio Doko, President of an estimated cost of Y400m. 
the Federaticm of Economic Mr. Komoto to-day avoided 
Organizations ( Keidanreni and committing his department to the 
the representative of alaminium project but pledged that if 
smelters in reply to their appeal difficulties arise in its impleracn- 
for government help for the tation, the Government will give 
projects. Mr. Doko had informed any necessary aid. 




By Robert Lindley 


Minister, Mr. Jose Martinez de 
Hoz, has ^signed a “general 
agreement " here with a Japanese 
group under which the group will. 

fish experimentally 0 ff ^e Argen- 
tine ' coast south of the 40th 
parallel for a year. 

The Japanese group, compris- 
ing Nipon Suisan Kabushiki 
Kaisha. Taiyo Gyogyo Kabushiki 
Kaisha. Kabushiki Kaisha Kyo- 
kuyo, - Hoko Suisan Kabushiki 
Kaisha and Nichiro Ryoryo Kabu- 
shiki Kaisba. and a West German 

group, won the competition for 
international bids offered by the 
Argentine Government in July. 
The. Argentine Government and 
the West German group are In | 
the process of reaching a general j 

As a result of the agreements | 
Argentina is expected to expand | 
its yearly fishing catch by three-: 
fifths. Last year's catch was 
340.000 tons, a record. 

The agreement with the West 
German, group, like that with the 
Japanese group, will provide for 
an annual catch of up to .100.000 
tons. In the agreement with the 
Japanese, Argentina will receive 
half the profits, and tbree- 
• quarters of the catch must be 
hake. In exchange, the Japanese 
group will investigate Argentina's; 
fishing reserve and grant Argen- 
tina S6m. credit for an oceano- 
graphic vessel from Japan. 

The agreement with the West 
German.. group likewise will pro- 
vide for building an oceano- 
graphic vessel for Argentina. 

Indian materials pay 
for Soviet technology 

Sao Paulo 


NEW DELHI, March 7. By Sm Br3nf8rd 
ECONOMIC DEALS worth Port in Andhra State to produce 

around Rs.lObn. (£600m.'j are lm. tonnes of pig iron. Co-opera- i ^AO PAULO. March 7. 

expected to materialise between tiun in slcel will mean also that! THE LARGEST loan ever 
Russia and India after the sign- India will be free to use new granted to Brazil fora sanitation 
ing of a protocol here covering lechnolngy lo he -supplied to the j programme will be signed to- 
many fields. particularly Bhilai plant in other steel mills ■ morrow. The loan from the 
steel, non-ferrous metals, oil in the public and private sectors. {World Bank is for SI 10m.. with 
exploration and science and so that, overall, production will i a three-year grace period and 
technology. get a significant boost. Ian interest rate or 7.45 percent. 

The most important is steel. The biggest deal other than in per annum. 

Russia has agreed lo supply sl ?d. is in alumina, for which ll will be used by Sabesp, the 
modem technology to the Bhilai Russia has agreed i 0 set up a Sao Paulo stale Government 
plant, raising its capacity from 600-000-lonne plant based on the sanitation company, to help 
4m. tonnes to 5ra. with nominal bauxite deposits in the eastern j finance Sanegram. an enormous 
additional investment. eoast t where Iran is also helping 1 sewerage project, with a total 

VnrB einntfiminfiv Pn«i, tn set up an0,her similar plant) . i planned investment of 8L5bn. As 
JSiu.SR'.STS: hEn^ This will be based on the “com-! the first stage of this project. 
^,^!h ed M nfnr/v Iff Pensation " principle, which will i Sabesj will lay down 3.287 knis. of 

-J? .IS! ? n k i» raean Russia will provide tech- 1 sewage piping and build three 
SSI/ ° m 1 ‘ <m ' 1 nnes 1 4m ‘ nologv. equipment, construction j sewage treatment plants in 

Tonnes. materials and other items Tor the greater San Paulo. Baruert. the 

Russia also agreed to set up a plant in return for the alumina largest of the plants, will 

blast furnace at Vishakapatnam produced. 

Fraser hits at EEC again 

eventually be treating 53 cubic 
metres fo sewage per second, 
which will make it the largest 
plant in the world. 

International Lenders will be 
held shortly for pumps and 
scvdfte treatment equipment for 

CANBERRA. March 7. (sewafte treatment equipment for 
AUSTRALIA'S Prime Minister trade barriers erected by the jibe plants. 

Malcolm Fraser to-day mounted PEC. Japan and Noah America, | Reinnaldo tie Barr os. president 
a fresh attack on the EEC’s trade declared : “What we do seek ... nr Sabesp, commented: “We are 
barriers and warned the de- IfJ' ‘?. eal in lreatnje n t of ! really very backward in sanila- 

veloped world that restrictionism ° „ P . | ll0n <,u f sl, ° ns - because only 35 

could spell economic and social He accused the West’s major per cent, or greater Sao Paulo s 
disaster. industrial nations of manipulat- 'sewage is collccied and. nf ibis, 

p,.!..* mg or ignoring international ‘only 5 per cent, is i rented " This 

ton nft n int ] ^r^ d rf ru,es for lr3(le bv building i means that nearly all of the city’s 
special trade barriers In protect ' sewage is dcjtosiicd. untreated, 
T h e ,heir hi?h cost agricultural sec- into the heavily- polluted rivers. 
hL n J i a 6 , ?h* n «h ,ors - Australia’s agricultural : The president added: “Ulu-n the 

of „ r^.v , } ^ exports were subject lo rest rit- 1 first si age of the programme is 

t° f , l i»i! nleina ’ tions such as variable levies, icompleicd in 19S3. we should be 

uon rress institute urn. quantitative restrictions and [colleciing 55 per cent, of the 

Mr. Fraser. increasingly Slate trading practices, be said. 1 sewage and treating 45 per ccnL 
critical in the last few months of Reuter iof this." 



AS BEFITS a country whose' 
inhabitants spend JUhre on travel 
than those of any offier- country. 
West Germany, is Bdldixig the 
world's largest tourism trade- fair 
at the West Berlin ^exhibition 
grounds. " -- 

The Internationai .Tourism' 
Exchange was a modest affair 
when it was begun as an experi- 
ment 12 years, ago. But- along 
with the spending power hf the. has .burgeoned 
into an important influence on 
the travel market.. . V.' , . 

The British Tourist Authority 
and many regional United King- 
dom tourist boards are repre-' 
.sen ted. at the fatr, which ends 
this Sunday, also such prominent . 
British names as Trust Houses 
Forte . hotels,: which is showing 
tn the trade its. worldwide string 
of top-category hotels. ' 

The fall ■ in . the .value of .the : 

BERLIN* March 7. 
dollar to mark- is-Vsaid to be 
attracting an ever' greater num- 
ber of Germans'to placis such as 
the- Caribbean, until- raw- virtu- 
ally : a -domestic American sea 
The. arrival of /Germiab. holiday- 
makers able to afford accommo- 
dation such as that; offered by 
Trust Houses Forte has.the effect 
of replacing “ cheaper groups of 
business’ with upmarket busi- 
ness, "In the words of -one com- 
pany representative; - r 
Italy, as the second mdst- popu- 
lar goal of German tourists after 
Austria is massively represented 
bv its regional tourist ' boards. 
The Americans are also here 
full - force and Mr. Mar.Dliendorf. 
head of the United States Travel 
Service In' Frankfurt 'say? the 
depleted dollar is - encouraging 
more Germans than evfer- before 
to “ spend their vacations Hr the 
U.S. and not just -to visit Uncle 
Harry .and Aunt Emma,.** .... £ f 

“y fi mmm - m .jv " *' ' l 

v. Italian shoe exports fall 

TTALLAN. SHOE exports dropped 
1.5 per cent., or. 4m'r, pairs, to 
260m. pairs in '1977 from the 
previous year, the president of 
the Italian Shoemakers' Associa- 
tion told the annual assembly, 
here. ' - ‘ ./ 

But . ;1977 -.-exporr- .-..-income' 
amounted to Ll,80pbn^ still 
higher than the previews year’s 
total, as a result of increased 
prices. . . - • ■ 

Ottorino Bossi.'-the president, 
blamed the' decline ' : 'ofr Italiap 

• BOLOGNA,- March 7. 

exports on growing" .competition 
from developing countries and 
fixed -quotas on. shoe imports by 
sotne-' industrialised countries. 
Italyis one of the'world’s largest 
exporters of shjoes. 

■ - Bossi noted that the European 
■Community's-. Imports in 2977 
climbed 30 per cent to 300m. 
pairs from the previous year. He 
urged bilateral negotiations with 
some countries “to avoid their 
uncontrolled expansion on the 
EEC markets." 



p-lip S3 

Tanzania’s bottleneck 


Jf s 

:<i t** 

u IP 


LANDLOCKED. Zambia faces her 
most serious transport difficulties 
since, the Rhodesian border 
' closure in 1673, according to 
shipping' agents here.' -A mount- 
ing backlog of cargo' at the 
Tanzanian port of Dar es Salaam, 
which now handles nine tenths of 
Zambia’s trade, is caused by a 
; shortage' of wagons and loco- 
' motives on the Tanxania-Zanxbia 
’Railway iTaznra) as well as 
•shortage of vehicles on the road 
between the two countries and 
■handling inadequacies at the 

' port. 

Goods' held up include wheat, 
fertilisers ' and coke -for the 
Zambian copperbelL 

Representatives of the. East 
-Africa and European .Conference 
lines visited the port ' last .week 

• and described the congestion 4is 
“ appalling.’’ The rbqckkw' of 
; Zambian imports has risen from 
70,000 tonnes in mid-November 
to 90.000 tonnes to-day despite 
efforts by the two governments to 
. -shift iL -' 

Hie lines imposed a 10 per 
vent, surcharge, in November but 
a further increase is rulfed out, at 
least in H»e short term. . • - 
" The position further com- 
plicated by delays, in. payments 
to port' operators' .and agents 
because of . Zambia’s acute 
. foreign exchange shortage; One 
source estimates that about £7m. 
is outstanding, - • '• ■ ■ 

Freight officials believe that 
more than ' half Tazara's 1.200- 
Jv400 wagons axe under “repair. 
Efforts, to supplement .the stock 
from .Zambia Hallways face 
difficulties '.since: more; than. 15 
ner cent. 'of Its locomotives are' 
h a standstill because of a short- 
age of . heavy lubricating. olL 

- • Tumround in Zambia of 
serviceable- wagons is at least -30 
da vs, compared to the 15 days an 
Which the line’s ‘ capacity was 
originally assessed. 

in adflition to t hc backlog in- 
imports there are delays in off- 
loading. Zambian copper. Publie 
Works Minister Hasweil Mwala 
Mid last week that of 115 wagons 
despatched to Dar only 11 -.had . 
,bcnn unloaded. , • _ 

- Efforts- to shift some of the. 
cargo on ’ the road link are 
making liltle impact- Tn antieipa- 
tlon that Taxaia could carry- Ihfr 
bulk of the -trade, the truck fleet 

has run down and operators are 
short of spares. 

. The number of 1 private con- 
tra crors working on the run has 
-been reduced because Kenya- 
based Somalis, who in the past 
dominated the private transport 
sector, are affected by the Tan- 
zani a-Keny a border closure. 

There is no alternative to the 
Dar route. Other east coast out; 
lets, the Mozambique ports of 
Nacala and Beira, have limited 
capacity, and the road froxrr 
Beira to the Zambian railhead 
Of Moatize is impassable in the 
rainy season. 

The gravel road to the south 
through Botswana carried only 
1.200 tonnes in December, com- 
pared. to a 1977 peak of 9,800 hr 
August, because of weather and 
repercussions from the 
Rhodesian war.- - 
- The Kazungula ferry has been 
out of action several times and 
last week the stretch between 
Franeistown and Nats was tem- 
porarily closed after the 
Rhodesian attack on Botswana 

Tlie 'West Coast rail route 
through Angola to-Lobito. which 
once carried nearly half 
Zambia's trade, remains closed: 
Although -limited Internal traffic 
is reported, shipping agents 
believe that any attempt to open 
the line to Zairean and Zambian 
traffic would be disrupted by 
anti-MPLA forces. 

No further- details are avail- 
able here of- last week's collision 
between two Tazara -goods trains which six workers died— Uie 
fourth -big accident ,on the line 
•since July 1976— but any holdup 
adds to Zambia's . difficulties.- * 

In those circumstances Presi- 
dent Kaunda’s refusal to reopen - 
the Rhodesian border is likely 
to come under increasing pres- - 

Last month "Mr. Frederick 
Chiluba, president of the ; 
Zambia Congress of Trade 
Unions, urged the government 
to use “as many common borders 
as possible" and not close routes 
for “ideological reasons." Biit 
given Dr. Kaunda’s repeated 
commitment " to ' the ' guerilla^ 
Hacked Patriotic' Front, such a 
change' in policy remains . 

s. \ 

.'■ i . ■■ '.•* \y.\\ -a.".' , 

, . «. 

wv-y ■*//. ' 
5 t; / ' ** ■ ■ 

" V :/; 1 

■■■■■■ . 


1978 Morris Marina: £3077.10 

our sense of values. 

You still have until March 31st to join the Moms Centennial Celebration at your local Morris showroom. 

Call in and you’ll discover 3 very rewarding facts. 

1. Morris means value. 

Inl913, the first production Morris (above) cost just £175. The 1978 equivalent of that £175 is now £3022? 

Yet the 1978 13-car range of Morris Marina saloons, coupes and estatesstartsatonIy£2537.73. 

Plainly, the Morris tradition ot offering economical, reliable, uncomplicated, successful cars at very affordable 
' prices is very much alive. 

A fact worth celebrating .. . 

2. Win your new Marina for just £175. 

Every week from now until March 31st in this Centennial Year, a new Mari na buyer can win his new car at the 
1913 Bullnose price of £175, plus a handsonie pair of hand- engraved Nuffield Centenary glass goblets. 

A new Marina, every week, for £175 . 

If you re thinking of ordering your new Marina, call at your Morris showroom before March 31st: your dealer 
will give you an entry form for our simple Morris Centennial Competition. 

3. Win a vintage Morris or £3022 cash. 

Not everyone is about to buy a new Marina. But even if youVe not, call at your Morris showroom before March 
31st and pick up an entry form- You can enter the Competition; but tor a different prize. 

You could win a real, roadworthy vintage Morris car or the current price equivalent of a 1913 Bullnose — 
£3022 in cash. 

There are over 2000 Morris showrooms throughout the country. 

Call atyour nearest before March 31st. Its the only place in town which will be improving on the Morris sense 
of value. .. .... >« .s 


^ d Morris Marina. ^ We havetA lost our sense of^ vali 

svm ria niai m ra. vve iiavciiL iusl uui sense QT Values.^ 

^'MiJ-Scptcmbcr 197" cquivjuicntoftl 75, calculated from varioiiijrf:ries4.»f retail price indices. * 

Marina prices from £253 7. 73. Prices include' car tax, VAT and front seatbelts. N umber plates and delivery extra, 




Financial Timefr Wednesday Marci 8 197S 




report may 
go to U.S. 


THE GOVERNMENT is likely to This is in sharp contradiction 

emphasise the implications for with Che Flowers report of the 

foreign policy of Mr. Justice Royal Commission on eaviron- 
Parker’s report on the Windscale mental pollution 18 months ago. 
inquiry when MPs debate the which raised sufficient doubts 
report this month. about the worldwide environ* 

It is understood the report mental consequences of repro- 
eould become part of the Govern- cessing— especially proliferation 
inept's contribution to the inter- — for opponents at the Windscale 
national nuclear fuel cycle inquiry - to focus heavily on these 
evaluation. This is the inter- risks, 
national exercise set up last 
autumn by President Carter to _ 
search for routes lo nuclear jpare capacity 
energy which hold less risk of _. r J 

leading to nuclear explosives. ‘he r lowers report adopted 
The Windscale inquiry was set the phrase “plutonium eco-j 
up by the Government to' examine nomy " to describe how Britain 
the planning application of wou id be re-using 
British Nuclear Fuels for a 

400 jobs 
to cut 



Call for more involvement 


THE British Institute at Manage- 
ment yesterday' called on the 
Government to involve managers 
actively in agreeing a set of 
economic objectives. 

Nearly 1.800 managers attend- 
ing the Institute’s second national 
convention at the Wembley con- 
ference centre also called for 
urgent action to co-ordinate edu- 
cation and management and to 
minimise legislation in commerce 
and industry. 

Mr. Terry Beckett chairman 
and managing director of Ford, 
told delegates : “The respon- 
sibility for getting this country 
economically and industrially 
effective rests to an almost 


£600 m. reprocessing plant. 

separated by reprocessing as fuel 

ptovs about 5.500. would he car- 
ried out on “ a purely voluntary 

Goodyear is discussing various 
cost-savins programmes with 
union officials. “ Apart from 

Judge Parker’s report, pub- ^ or a generation of nuclear 
lulled on Monday, is strongly in reactors, 
favour of building a reprocessing Judge Parker rejects the use 
plant for spent nuclear- fuel at of the phrase as “ emotive and 
Windscale and of Britain's under- inaccurate." He concludes that 
taking reprocessing contracts for the amounts of spent fuel arising 

foreign customers. from nuclear stations make it i 

These customers will need the necessary for someone to provide waste reduction and product 
permission of the U.S. Govern- adequate and reliable reprocess- [ Pfovement schemes which aave 
ment to send their spent fuel to ing facilities with spare capacity l alr 1 ? ady lr star ^ e n d ; )l M® P mSu5^r 
Britain for reprocessing because “ and that the obvious locations 1 '*■ ‘ „° mclude manpower 

or the rerms under which the for such facilities are in one or i sann S s - 
UA originally supplied the fuel, more or the present nuclear 1 
The report argues— for the first weapon States.” 1 4 Body blow* 

GOODYEAR Tyre and Rubber 
will cut the workforce at its 
Wolverhampton plant by as, 
much as 400. | exclusive extent on its managers. 

The U.S.-owned company has That is us. Only to a limited 
reported a post-tax loss of; extent does it really depend on 
£462.000 during 1977 on sales of i government.” 

£187.6m. In 1976 it achieved! Most speeches took up this 
post-tax profits of £273.000 on i theme of the managers' role in 
sales of £159m. the economy: . 

Like its competitors, the com- Unless Britain produced " a 
pany has been experiencing diffi- 1 better mousetrap than our over- 
cult market conditions. It said! seas competitors, no amount of 
yesterday it hoped the cuts in * J ' 

Wolverhampton, where it em- 

Wytch<31 t 
£30m. I •** 
a year ; ? - 



near Carte .Castle, Dorset, is .ex- 
pected ' to produce crude .oil 
worth at least £30m. annuity for 
the next 20 years. The outpm 
could be substantially higher if 
te$ts to be carried oat by Brftisjj 
‘Gas. prove successful. 

The importance of tfieZ-ttia 
i covery was emphasised yester 
[day by D.r. John Custtinghun. 
■ Parliamentary " Under-Seeretarj 
'for Energy, during a ' visit’ tc 

AsWrt Aatunoti. 

lame duckery. protectionism, em- 
ployment generation plans and . 

so on will stop this country from Delegates to the British Institute of Management conference at Wembley. North Lennon, on 
WAm in* an inHiia-riai m „ e p,,T« ^eir way t0 special train from Maxyiebone. Left to right are : Mr. Peter Farter. 

British Rail chairman; Mr. Roy Close, institute director general; Sir Derek Ezra, chairman of 
the institute; Mr. Trevor Holdsworth, deputy chairman and managing director of the GKN 
Group; Mr. Bernard Cotton, chairman of the institute's convention committee; and Mr. Terry 

Beckett, chairman of Ford U.K. ... 

time and cogently— that re- The U.S. Government declared 

processing of spent nuclear fuel a moratorium last spring on all 
is -necessary for environmental commercial reprocessing of spent 
reasons, and dismisses allegations fuel. Only the French Govern- 
that the proposed plant Mill in- ment has approved the signing 
crease the dangers of nuclear of new reprocessing contracts for 
proliferation. overseas customers. 

William Press shares to 
be re-quoted to-day 


It is expected that the sayings, 
which will affect a minimum 
of 300 jobs, wall principally in- 
volve employees reaching retire- 
ment and same short-semce 

Union officials representing 
workers at the plant said 
they expected to have talks with 
the management • in an effort to 
persuade them against the em- 
nTorment reductions. Mr. Brian 
Mathers, regional secretary for 
the Transport and General Wor- 
kers Union, described the com- 
oany’s decision as a “ body 
blow " for an area where unera- 
plo'-ment was already high. 

Tyre makers have been hit by 
the stagnation of the U.K. cari 
Production in the last 

SHARES of William Press, which " We have been informed by 

were suspended on Monday at the Inland Revenue that all., _ . .. , . 

17p at the company's request documentation necessary - to the- Production in tne last 

following a search of the group's company's day-to-day business I thTPe years has been running at 
offices by 140 Inland Revenue requirements will be released as v “'* ’ ° ’ 

officials, are to be rc-quoted soon as possible, 
to-day on the Stock Exchange. •* We have guaranteed that if 
Press us making the move tq documents are returned to us 
ensure that no further damage they can be further inspected by 
is done to the goodwill and the Revenue." 
reputation of the company, and The Inland Revenue said 
to maintain “ the long-standing yesterday that “ it will be months 
confidence of employees, clients rather than days before we can 
an “ s “P pl,ers - make a statement regarding our 

Although the Inland Revenue investigations or rake further 
took away van- loads of docu- action. The whole process is 
ments on Monday, the group said going to take some time to sift." 

yesterday: “So far as we are - 

presently aware, there is nothing 

becoming an industrial museum, 
with our only income derived 
from admission fees from people 
abroad who want to see how not 
to do it,” Mr. Beckett said. Only 
managers could improve the 
effectiveness and competitive 
edge of industry. 

tute's Cardiff branch, spoke of chairman, called for an urgent -on matters directly affeeting in- 

„ Wytcta . Farm. The reserves 
: ■■v'j-r might be capable of produdnf 
- jts much - .oil . as some Of tfcf 
medium-sized fields in the Marti 
Sea. be said, though j&dostri 
estimates suggest that R mlgh; 
be equated more accurately' ti 
the smaller commercial field 
like ArgyH and Auk. 

The field, discovered by BrUIa) 
Gas working in partnership wM 
British Petroleum, should star 
producing, oil commercially u 
the summer of 1979. Expldratioi 
drilling indicated a peak prodac 
tion rate of about 4.000 barrel 
a day. but in December s new 

Managers insisted ©n their conMuTaborit school anTcollege step" “to set out "the relevant dnstry and commerce fear a I well found a sepanrte. - lewe 
ngbt to be “ actively involved leavers having insufficient know- priorities of co-ordination sufficient period to allow the ; structure which should snbsrio 

leavers baring insufficient know- priorities 

in determining a set of nation- ledge’ V “the* three Rs. "“They between industry and education, plethora’ of recent legislation to j tia I ly boost output. 

get inadequate career guidance, “One is the problem of the be absorbed.” ] Dr. Dickson Mahon. Minis’te 

ally agreed economic measures. 


quantity- of -..the Most managers agreed that 

of State for Energy, told -mem 

get inadequate 

and are ill-prepared for the quality and _ . 

world of work" .. . 1 entrants, and the other is.. the ^g.. fe j t swamped by legislation, ! hers of the Oil Industries CIul 

Mr. Anthony Capper, from the Patrero and quality of studies., but Mr . Richard stokes. | London yesterday that ; 

several delegates called for institnte ., Bristol section told nt scems 10 me tha LS?^ 1S criticised the motion on three 
full consultation with Govern- insmute s ensioi ^secuon, torn it has a responsibility— 

ment and the motion was passed convention that tours round j ai j ee( j we claim it and welcome _ 

with only one vote against. factories did not help students it— for the prosperity of Britain, 

Delegates were divided in a understand industry, and manage- and that means we have a respond 3nd it is negative, ne ioiu ae 
lengthy debate on education and ment. " sibility to concern ourselves wilth?.B ate *- . 

industrial needs. The motion “ We must make schools realise the supply of future managers." , By a large majority, the con- 
called on the British Institute of that they have to turn out more The convention voted vention agreed to ask the 
Management to restate its educa- students in disciplines that will unanimously for the motion with. Government to. recognise man- 
tion and the training policies create wealth, because Lf they do the addition of Mr. Parker's -calL agers' concern at the mass o£ 
and to improve management not, there may not be any future for co-ordination between, man- legislation and called on it to 
skills. generations -of : students .to tany agement and education. - -. consult managers more fully 

Proposing the motion. Mr. out their fine traditions." . The third motion called on the.: before enacting laws - which 

Harold Hughes, from the fnsti- Mr. Peter Parker, British Rail Government to “cease legislating affected them. 

ZJttt^SSFSnS’Mi. Cranes on move 

cess in the normal way." THE BRITISH Transport 

The group added that full Docks Board has approved a 
year's results will be announced £240.000 scheme to provide in 

about 1 3m. oacc« nj j Pr cars a 
vear. about 500.000 b**lnw the 
ne?V output of nearly 2m. units 
in 1972. 

Th*» original 'equipment fvre 
markpt has also been averted hy 
the success or imported cars, 
wbir-h acc<">nt for 45-50 per cent 
of UJC. sales. 

trolley thieves 

given tax 

financial Times Reporter 

behalf of some charities could 
be liable to extra taxation unless 
it is clear how much the charity 
will gain. v 

The Inland Revenue 

A SUPERMARKET introduced i to have adrised lhe Tate 

a £1 deposit for shopping i GaHery. which plans to- run a 

trolleys yesterday in a bid to 
stop them disappearing on busy 
l-ate-nigbt shopping days. Over 

lottery organised by Cashcade. 
part of the Ladbroke Group, that 
tickets should include- . the 
amount going to the charity. 

at the usual time towards the creased crane facilities a t : 2<W vanished in one evening from , otherwise the charity might be 

id last Swansea Docks. Three cranes i outside the Sainsbury store at ■ liable to have the lottery income 

end of May. Press confirmed 

night that the atidfl for the year are to be moved from Garston l Bretton. near Peterborough. i taxed as company profit Instant 
ending December 31 had not Dock. Merseyside, to King’s j where the annual maintenance ; lotteries Involve buying a 
been held up by the seizure of Dock,' Swansea, to provide bill for their fleet of 600 trolleys,. number and being given an on- 
company document and fifes. greater lifting capacity 'has been put at £12.000. T £he-$pqt result. 

Cheaper mortgages could 
push up price of homes 


THE GOVERNMENT'S efforts to there will be a continuous, Auctioneers, who said tile Gbv- 

reduce lending hy building socie- demand for their new houses* eminent s action could have a 

ti« wmi Id increase the rate of ^ present policy will dis-; catastrophic effect ’ on - -the 

ties would crease the rate of redupe in relation to housing market. 

house price inflation rather than reduce juppiy in relation T o . . Mr. Markham said the move 
reduce it, Mr. Hugh Rossi, the demand.” . . • p; :■ would cause a further dramatic 

Conservative spokesman on ho us- The building societies aremietncrease; in house, prices. ' The 

ing. claimed yesterday. to decide on Friday whether, th^y imarket, he said, should riot be 

Mr; Rossi said that in trying will heed the GovermneritV interfered with and -the Govern- 
to restrict the suddIv of mart- request, and it seems certain that inent^ action would simply store 
eaze finance the Government the J wiM 8° some way towards up problems for the future. 
S* ' Join* * keeping Ministers satisfied. The : - A reduction now in mortgage 

was actino in an ^incredibly Government originally wanted a supply may have a short-term 

short-sighted manner. He said ^ 0 f up to flOOm. a month in effect on reducing house prices 

that there was now a large back- the societies' monthly lending which in any case will not be 

log .of unsatisfied demand for total of £720m. The societies, seen for some -months and holds 

private housing and rationing^ however, hope to implement a dangers of a further na - ' *- 

loans would only' make the situa- much smaller reduction. to buy now, thus pusnii 

further £5.5bn. needed to In 
spent on completing the develop 
ment of the first 17 oil and sever 
pas fields in the North Sea. Abou 
£7bn. bad been spent on.tbesi 
fields between 1965 and the em 
of last year. 

O ‘‘For aJ] our preien 
healthy supplies .of '.ml aqi 
natural gas, the time hr- not s> 
far away when production 1 o 
these fuels will decline;” saic 
Mr. Alex Eadie; Parham en tar; 
Under Secretary of State ■ foi 
Energj’, yesterday. He argu« 
during a visit to the Snowdow 
Colliery in Kent that Britain wil 
need a strong, efficient anr, 
modern coal industry; “tor a., 
far ahead as the eye can see.' 


EatonAxles' P ri> H' 
£1 ,7m. plan 

Plans for investments’' o 
£1.75m. in the North-East b 
the U.S.-bwned company, Eato 
Axles, shelved during a prt 
longed industrial ' dispute Ik* 
year, have been revived. Wor’ 
has begun on two projects. 

A flral pladt to build compc 
ponents will be completed bj* thi 
DUtnmn at Cramllngton, north O 
Newcastle-upon-Tyne. • The pro 
ject will provide between 40-?nc 


Equal Opportunity 

is not a matter of opinion- 


Most people would agree that it is only fair that men 
and women of equal ability should have equal opportunities 
for promotion. 

The Sex Discrimination Act makes it law. 

In matters of employment rt is unlawful under the 
Sex Discrimination Act to discriminate against a woman or a 
man on the grounds of either sex or marriage 

You must remember this when considering 
candidates for promotion. 

We realise the law is complex. So to help you, we've 
written two booklets: 

you have particular problems we’ll be pleased to give you 
all the assistance we can. All you have f 
to do is ring or write. 


TC. Oewnmert Cl Equal Opportunities * 

Commission. Overseas House. QuayStrteL 
Manchester M3 3HM. Tdenhone; 061-833 9344 

Equal Qp poifr initaes-A Guide fop Emp loyers 
The employment provisions of the Act explained in 
straightforward language. 

Equai Opp ortunity 
Policies and Practices inEm plo?v inent 
Practical advice on implementing the Act in your 

Send for and read these booklets and you'll have 
the best general advice available on the Act Of course if 

Please send me tne toUowng publications 
m the quantities indicated: 

. copies Of 'A Guide tor Employers' 

. copies ot tqual Opportunity Prices and 

Fractiees m Emptoyment' 


Company . 










FT2 I 

onb' make the situa- muen smaller reduction. to Buy now, mus pnsmng pnees 

tion, worse. Mr. Rossi’s criticisms were up further. Viewed long-term. 

He added: “The key is to echoed yesterday by Mr. John it will only create more pent-up 

increase the supply of houses echoed yesterday by Mr. Julian demands and set off another 

and make 'money available >0 Markham, president of the Incor- bouse price explosion w'hen 

that house builders wil! know porated Society of Valuers and resp-aints are lifted. 

anic rush j 50 j° b s initially, and ;this tota 
could be increased later,- ■ - ■ 
At the Ayeliffe, Co. Durham 
heavy duty axle plant vheri 
some of the Cramllngton com 
pon A nts will be used, a S7KMWC 
extension should be completed 
by September. ...... 

Laker’s right to sell 

vouchers upheld 


LAKER AIRWAYS' right to sell 
anywhere in tbe world vouchers 
which are exchangeable for 
tickets on its London-New York 
cbeap-farc Skytrain service has 
been upheld by Mr. Edmund Dell. 
Secretary for Trade. 

Mr. Dell yesterday rejected an 
appeal by British Airways seek- 
ing to eliminate this right. The 
scheduled airlines. Including 
British Airways, already havathe 
right to sell vouchers for their 
own Stand-By fares world-wide. 

The Civil Aviation Authority 
confirmed in London yesterday 
that the public bearing of Laker 
Airways' application for rights to 
run a cheap-fare Skytrain service 

between London and Los 
Angeles, and between London 
and Cbicago and on to Los 
Angeles, will take place on March 
16 and 17 at Space House, Kings- 
way, London- . 

Laker wants to be designated as 
tbe second British airline on the 
London-Los Angeles route, in 
addition to British Airways, 
under the Bermuda Two Anglo- 
U.S. bilateral air agreement. 

British Caledonian intends to 
oppose the Laker bid vigorously. 

The future of cheap fares 
across the North Atlantic 
depends on the outcome of the 
Anglo-UB. ' 'discussions which 
Started in Washington on Mon- 

Little Chef 

te open more 


VauxfaaU order 

restaurants, part of Trust Houses 
Forte, is to open 10 new branches 
this year- and at least as many 

• next- year. The expansion pro- 
gramme starts with the opening 
j of two restaurants at Rlvenhali 

End; near Chelmsford in May. 

J Tbe group which began In 195S 
fas an 11 sealer snack bar in 
[Reading, has ISO branches. 

J Mr. Alan Hearn, the group's 
(managing director, said that. the 
i combined effect * of . - improve- 
•ment plans and advertising bad 

• been to : boost sales by more 
Ithan 40 per cent. 

■ Last year. Little Chef restau- 
i rants served 20m. customers and 
l employed 2,000 staff. • 

Vauxhall has landed its btggesl 
order from the Godfrey. Paris 
car hire business with a deal tc 
supply the London-based com- 
■ pany with Chevettes and .Cava- 
| tiers wortb £4m. by the and of 
May. i , • . . . . 

Advertising lobby 

The Advertising Association ia to 
mount .a. " determined lobby 
! against the EEC's proposed direc- 
I tive - requiring memberStates i to 
.'adopt ‘‘adequate and effective 
laws" against misleading - and un- 
fair advertising. Tbe U.K.’s own 
system of self-regulation — backed 
by 60 statutes— is far more effec* 
tive, tbe association says. 

Jobs for Wales 

THE RuraL-Wales DeyeJqpmenf 
Board yesterday announced as 
outline programme for. creating^ 
5.000-6,000 --. new jobs, in raid] 

Wales over the next five yeas, f 1 - - 





Jobs: A chill wind from the North 

THERE ARE signs of deepening 
concern in tbe North of England 
over job prospects as a result 
of the continued recession, and 
a new round of pressure on the 
Government for further aid 
measures Is likely in the nm-up 
to the Budget. 

Earlier this week a deputation 
from Cleveland county council 
was in London to see Ministers 
at the Department of Industry to 
express concern at the worsening 
employment situation and other 
warnings of a crisis have come 
over the past week from parts 
of tbe North which traditionally 
hare fared better during times of 

The deputation from Cleveland 
has been saying that although 
the county is currently bene- 
fiting from major capital invest- 
ment programmes along the 
River Tees by a number of major 
oil and chemical groups, includ- 
ing 1C1 and Monsanto, unemploy- 
ment has now risen above the 
Northern Regional average. 
Furthermore in Hartlepool, 
where the British Steel Corpora- 
tion Is closing one of its works, 
malp unemployment has reached 
16.7 per cenL and could, when 
the closure is completed, be more 
than 20 per cent. 

Cleveland's appeal for further 
aid follows a warning last week 
from the mamly rural county of 

North Yorskhire that the loss of 
development area status from 
April l wil! affect employment. 
The county claims that a number 
of companies, have already 
decided to abandon plans for 
expansion because of tbe down- 
grading of the area to inter- 
mediate status, and that at least 
420 jobs are already known to 
be Involved. - 

The county is urging the 
reversal of tbe decision — mode 
last year to compensate for the 
granting of full development area 
status to parts of Humberside — 
and is asking for needy rural 
areas, to be added to the existing 
north Yorkshire development 
area. Failing this, tbe county 
wants to see tbe deadline before 
withdrawal of fuH development 
area status extended to 1981. 

Concern is also being expressed 
in Sheffield, which has tradition- 
ally had a much lower rate of 
unemployment than other major 
cities in the north, over the threat 
r© jobs caused by the continuing 
world steel recession. 

The city council met the York- 
shire and Humberside economic 
planning council last week to 
point out that more than 1. 000 
jobs had been lost in the area 
since December 1. 

Both bodies are worried that 
rationalisation of the Industry as 
a result of tbe decline in world 

demand for steel could lead to 
further redundancies on top of 
those already announced and 
they are urging further develop- 
ment of the city’s service indus- 
try base to reduce its dependence 
on manufacturing. 

Although unmpioyment in 
Sheffield is only about -4-3 per 
cent., in some parts of the inner 
urban area the figure, according 
tu a recent survey: -could be 
high as 19 per cent. - 

Unemployment in the north 'of 
England as a whole is highest in 
the northern region, which in- 
cludes Tyneside, Teesside and 
Cumbria, where it is about - S.4 

per cent— an increase of nearly 
1 per cent on a year ago- In tbe 
north west, centred .. around 
Manchester arid Liverpool, it now 
stands at 7.1 per cent and in 
Yorkshire and Humberside it is 
5.6 per cent 

A further problem, however, is 
the very large pockets of youth 
unemployment in some parts of 
the. region. Figures issued by the 
government last week— when;. it 
announced its new programme of 
youth unemployment measures— 
show that in Liverpool in January 
there were 16,500 people between 
i he ages 'of. 16 and 17 who had 
been unemployed for more than 
six weeks and a further 12,600 -in 
th«? 19-34 age group had been 
without work for more than six 

months. - 

Figures for unemployment in - 
tbese two age groups- are alaff 
very high in Manchester, despite 
the much -wider .range of 
opponunities traditionally avail- 
able in the area. 


A Renaissance ofi ; 
iousness - " 

A luxury in the 
Eoropcan tradltion. Elejant; quie^ j 
■ unruffled— iuarer a. convention. : -7 . 

I i">. 


4 < 


Cfrrttl -Mints - 

1 5ih fc M suma N>r,a'«Wn5UXi;&C.2O0tf ,n 

. ■ ' Iritx 64245' v - . - 

er see vbur travel agent -r® 

ni-irjfcoU 8. Coyne. Propntfi/r 






U.S. sales 

Medical Clothing industry set 
college £tbn. exports target 


>ONS HAS started -a series of 
nor management changes in 
u.K. and overseas operations 
t .. ™ y io strengthen its- falter- 
■; us - activities and set the 
benefit dr further develop- 
. • nts ‘of. its leading- ;drus dis- 

.•■/ery, intal, before the primary 
, ,:ent expires in 1982. . . 

• Hr.... Tony Allen, managing 
ector of - . Fisons’ pharma- 
iticals division, is to become 
■ main Board director for the 
npany's business in North 

--..fisons*.. sales in the "U.S. .are 
, s than 4 per cent of group 
.■noyer, a disappointing per- 
1 : Toance as the UJ>. hag been 
! “PS’ biggest single rarea of 
■oital expenditure in recent' 
ars„ totalling some -S20m. •' 
■'-North American sales last. year 
-• re ■ some $20m., with perhaps 
o- thirds coming from the U.S. 
is vias -from group- turnover- 
tridwide of £293 .am. .with pre- 
:~-,j proftis of .£21'.2m f . 

. The appointment of Mr. Allen 
an- Important, -though belated, 

'• -„jye by Fisons, for the U.S. is 




Mr.- Tony Alien v Bid. for 
recovery of UJS. sales. 

■ ' !,liXmarket iS8eSt ' «» °‘ agreement with 

’ * -ru^* 18 m ^I Kp r * ~ . tt c- Syntex for S5m. in compensation, 

president of Fison s U.S. so u.S. drug marketing is now 
d Canadian-- companies, Mr. entirely under Fisons; control. 
- ian King, is leaving the group. ; . . . 

had. been running ihT U.S. Vtonu to* avoided ;thq. route 
erations from his base in t ?^ en . . j raos V‘ • "European 
- »roato. Canada, while Mr. Paul <*en»cal and. phannaceun ail 
.,.>dgkins, who continues as 5? TO T?o es w bi®b have miteed 
... "airman of the North American th * l V-5- b Y 

mpahies, has. heeii based in antl 1135 suffered .the con- 
p. U.K. sequences of slow,, .-.idifficult 

Mr. Allen f41).is a Rhodesian- , , 
.no joined the company in 1965' In pharmaceuticals it ehose to; 
id became managing -director buy - a- range of other products; 

the pharmaceuticals 'division to support the sales of-Jntal and 
• 1975. ; His priority will be to its derivatives, rather than to 
id a successful way of-promot- move for company acquisition. 

' g Intal. Fisons’ anti-asthmatic -But perhaps most- fmportkntfy 
■ug. Sales in the UJS. have for future development it 
"■ -sen a long-standing cause of acquired a - 400 acze r :dte at 
^satisfaction for the .company,. Muskegan, on the shores-bf Lake 
hicb has in the past blamed its Michigan. So- far. only > -small 
' arketing partner, Syntex, the parcel of laqd has been, used 
‘ .S. pharmaceutical group. . . -here for building a- pesticide 
Last year- it agreed to - -buy its plant ^ c:> - 

This unit produces- -Fleam, a! 
public health insecticide -for use! 
against cockroaches and ‘ other 1 
era wjing insects, and the com- 
pany is trying to develop it for 
agricultural applications. 

' The other market to he 
developed in' the U.S. is for 
Ncirtron, a sugar beet herbicide, 
for which- Fisons expects to 
receive final- clearance from the 
U.S. Enriromhehtal' Protection 
Agency next month. A formula- 
tion plant 'for this agrochemical 
could also be -built at Muskegon. 

. Mr. Ron JBounds. chief execu- 
tive .of Fisons,. 'said yesterday, 
that’ the company was looking 
first to 'multiply several times 
over, its -U.S. turnover. “It will 
be - a big, ' slow build-up, but 
profits will come," be said. ■ 

. In other moves,- Mr. Joe Valen- 
tine. chairman of the -scientific 
equipment division, is to become 
chainnan of the pharmaceutical 
division,, and will be replaced by 
Mr. Jack Heath Mr. H. Black- 
boro. currently - bead of Fisons’ 
Australian subsidiary, will be- 
come managing director of 
the pharmaceuticals division. 

In the U.K. Fisons has stopped 
moves by Gallenkamp, the 
scientific equipment company 
acquired last. year, to centralise 
its operations at Northampton. 
Its main factories are now in! 

Appointments Page 33 

By David Fishlock, Science Editor 

A PUBLIC appeal to raise 
£759.000— -the . balance of £2m. 
required to. establish a new 
- postgraduate medical ' college 
at Oxford— was launched yes* 
terday ,hy Sir Richard Doll, . 
Regius .Professor of Medicine 

at Oxford University. 

Sir ’Richard, lhe ■ scientist 
whose research, established the 
linkbetween cigarette smoking 
and lung disease,, is -to be the 
first warden- of the new college. 

Dr. Cecil HL Green,, the 
British-born electrical engineer 
who founded and subsequently 
became chairman of Texas In- , 
struments, has -donated £lm. 
towards the' college, named 
Green College. 

. The Cephalespiairui Trust, 
whose funds derive' from re- 
search into antibiotics, at Ox- 
ford, has provided a farther 
£ 100 , 000 . 

Building began on the col- 
lege two months ago, on a 3i 
acre site 

The. college will open in the 
autumn of 1979, and has been 
planned Tor about 300 students 
and 25 post-graduate research- 
ers. It will also offer 50 fellow- 
ships, for limited periods, to 
the nominees of industrial 

Sir Richard said the alms of 
the college were to Improve 
Oxford's clinical education, to 
foster research, and to help 
the liaison between doctors 
and industry. - 

BRITAIN’S clothing industry has 
been set a target of increasing 
its exports by 150 per cent, 
between 1975 and 1980 to a new 
total oE £>bn.. as its contribution 
to the Government's industrial' 
strategy exercise. 

The Clothing Economic 

Development Committee, in a 
report published yesterday, is 
also urging the industry to work 
towards holding present levels of 
import ■ penetration at no more 
than- the 25 per cent, share of the 
home market taken in 1976. 

If these two objectives can be 
achieved, the committee claims, 
it wlil imply an acceleration in 
the rate of. growth of output from 
3 per cent., a year to 4 per cent, 
an acceleration in the growth of 
productivity by about one half 
per cent, per year, and the pros- 
pect of -about '8.000 more jobs 
than- might have occurred on 
past trends. 


The report says that the in- 
dustry is now in a position, 
because -of 4ls low labour costs 
hy European -standards, to 
become- the leading European 
clothing -manufacturing industry. 
It is also able to operate against 
a background of greater stability 
following the recent negotiation 
of the second round of the Multi- 
Fibre Arrangeineent which will 
place hew- controls on imports 
into the EEC of textile and 
clothing products. 

The industry, which bad a 
turnover in IB75 of about fl.Sbn. 
still has a number or important 
problems to sort out. In 
particular its very low average 
level of productivity relative to 
potential, low wage levels and 
declining employment, low levels 
of investment, a shortage of in- 
depth management and profes- 
sionalism in production, design, 
marketing and exporting. 

Nevertheless, the industry 
says' the committee, has been 
making substantial progress with 
exports by the end of 1977 
already 90 per cent, higher than 
in 1975, and as a result well on 
target to reach the 1980 objective. 

The Industry Act aid scheme, 
under which the Government set 
aside £15 m. to help toward 
restructuring the sector, was also 
fully subscribed by the time of 
its -closure at ibe end of last 
year In spite of a very slow 
initial response. Further help 
for the industry towards sorting 
out its problems is also likely 
to come through the newly 
created Clothing Industry Pro- 
ductivity Resources Agency set 
up by the Government with a 
grant of £450,000 and due to 
become fully actire by the 
middle of this year. 

The committee warns, however, 
that although the industry has 
been making progress there re- 
mains the need for a long-term 
commitment to exporting. A 
sharp reflation of the home 

market, leading manufacturers to 

divert away from export markets By David Churchill 

is seen as a danger, as too is 

the possibility of an unstable a wpw cafotv insnecrinn o.n-iM 
appreciating exchange rate. The ***"* inspection service . 

fundamental requirement now is for nu ^ ,ear reactors was launched 
to ensure that the underlying yesterday by the British Steel 
changes necessary to consolidate Corporation and the U.K. Atomic «. 
progress already made do in Energy Authority, 
fact occur. The w ill concentrate 

In a separate report yesterday mainly on light water nuclear 
the committee published details ., nA , h _ 

of a study by manayemont con- £■"?” “ ^“ ro| * J “ a ,1 ! e 

sultants into ways in which a Middle East, although the tech- 

group of companies in the n °l°sy and expertise involved 
industry have managed to could be used in other nuclear 
increase sales and profits at a plants, such as the proposed 
much faster rate than the average Windscale reprocessing project 
for the sector as a whole. Britlsh Slt , c! osli:n . tles thal lhe ' 

Design European market for reactor 

” S u inspection is worth aU»u- Hum. '■ 

The study indicates the a year because of now stringent 
importance of greater attention safety demandN. But.;.u>e of 
by manufacturers to design and nationalism among European - 
creativity greater innovation in reactor users it expects to gam ■ 
specialised areas, and main- only a fifth of this market 
tenance or agreed delivery dates. , u 
. , * , „ , . A subsidiary of British Steel. 

Implementation of these three ifhe Unit inspection Company. Is 
recommndations say the commit- to handle the new service. It _ 
tee could, when combined with will operate under licence from ' 
the natural advantage of a home the Atomic Energy Authority and 
location, enable U.K. manu- will adopt equipment * and 
facturers to offer superior value techniques developed by the 
to lhe retail industry and enable authority's reactor plant inspec- 
it to turn away from imports, tion sendee. Although the UJ\. 

, has no light water nuclear 

pr °O rei i s reactors, the authority has built 

iP7«. increasing your sales *» the up considerable knowledge in 
inar ^ et - checking their safety and it was 

Books, Steel House, 11, Tothill ; to take advantage of this that the - 
Street. W.J. £f-25. | new joint venture was formed. 

LSI Oil 

Lankro and BP 
5 Ai in foam project 


. - - ' . v- . •' v 

il ■ V ■ •* 


:P CHEMICALS' afld liamkro foundry -and • fibrous., insulation 
i heraicals have agreed a- joint uses. Last year BP CImncals 
| ni’.'irograinihe .for ‘developing, completed the flLOm. acquisition 
* r iH i«inuf acturing and v - marketing of the thermosetting . plastics 
leciality insulating foams, division .of Rakelite Xylonite, 
. ctin Done .writes. which included its . phenol^' 

•The j^jert stems from aeyeraL.]"Sj!£ JEPfSL 

iars of research ra the lLK. by phenolic resiiis 

inkro .Chemicals, . which was businesses. ^ . 

. .ken over last year by Diamond j- Under . the latest agreement 
lararodw the UjS. chemicals. BP Chemicals’, resms for the 
I and gas conglomerate, and, phenolic foam- market, will be 
, .jw forms the major part of the marketed by. Lankro wi,Qi tbeir 
. ;.oup’s subsidiary Diamond systems.. .• .' 

- lam rock Europe.-' - Meanwhile, Albright and 

.. - Work has centred on the -use ‘Wi^otr has reached 'agreement 
■ resins and systems for phenol with Chisso Corporation of Japan 
rmaldehyde foams; . Lankro - .marketing . products an 
-ys the f rams are stronger than . -Europe. .. 

•cviotfsly ' available - -materials.'* The deal allows Albright to 
id have' stgniflcantlyiiuprovieTl self.sbrbic acid and potassium 
*e-retardanl qualities compared sOrbat e in the U.K, Denmark, 
ilh foamed polyurethane and; ‘Norway and Finland. These 
ilvstvrene. . Wo organic chemicals are used 

Interest in phenol -fbnaalde- ^Preservatives in many food- 

••de foams has been stimulated sl “" s - . 

demand for' insdiating Recently Albnght signed a 
aterials with better .flame- marketing agreement with the 
‘tardant properties. 1 Japanese company Showa Denko 

me Sa u -i° "foS 

lev rt^mn^ y 'lS°flr? P 3 m?'thpr additive— throughout Europe. In 
II « ^ y 1376 entered an agreement 
^ n P «- off : burning with Nissan Chemical Industries 
rens when exposed to flame. for the sale of sulphamic acid 
The two companies will hold in Western Europe, 
onut a quarter of • the West Bemuse of the growing im- 

' P ew portaHce of additives for food 

They hope the venture ^ nd . drinT5 production, the 

*' 1 °* l . cora Fk te Chemical Industries Association 

ol ^ r has formed a Food Sector Group. 
“* e About 25 member companies 
vuss company Ciba Getgy. have joined the group, which will 
BP Chemicals is the- U.K.’s ajm to discourage the unethical 
irgest producer of phenolic and unnecessary use of additives 
?srns. . hut has previously con-. in' food, to promote high stan- 
?nt rated ori friction material — dards of quality and to monitor 
ich as brake pads— laminates, new legislation world-wide. 

Estimates show 3|% fall 
in cigarette smoking 

•;# Wrk, 

=51947 TG 06 i 

^ r.. _ . ■ i J*4 / m 

s-v.-r* > ■ »* ’; J 

-V - .7 


, * 

K)l ( II DOW N 

v'f; : tviJ AKIvOlvr* 


■R1TONS smoked v 125Abn. 
igarettes last year, 3§ per cent 
?wor than in 1976, according to 
otiacco Advisory Committee 

=timates. 1 

The estimates, based on figures 
repared by the tobacco industry, 
Iso showed -that there was .a net 
n duction'iast year in the level 
f distributors’ -'' stocks of 
'igarettes, compared with an 
i crease in 1976. 

"Thus, while it. is estimated 
hat public ' consumption of 

cigarettes fell by" 34 per cent in 
1977. domestic manufacturers’ 
supplies to the wholesale and 
retail trade were down by almost 
6 percent ” says the committee^ 

■Last year, there- was a further 
slight switch to filter cigarettes, 
at H3.4b7i. now accounting for 
00 per cent ’of cigarette smoking. 

Consumption of. tobaccos for 
pipes "and hand-rolling ' declined 
by 1 per cent, and 3 per cent 

Ogar smoking fell by i per 
cent, to 1.57m. 

Church’s investment 
funds rise by £30m. 

■up VALUE Of Church of aWe from commercial banks^ on 
i _ j hv the sums of £10,000 and under dur- 

ae vear tu-Novcmber. 1977, says ■■■■■■ . ■ — 

• ' report by .the Central ;Board 

' Three main 'factor in the Reports award 

Slim, increase were: the w , . 

^ ecOTery in -the U;K. securities WOD DV BOOt$ 
v larkets the formation or a new ^ 

,undsp«iaWsing ; in gilt-edged BOOTC. THE CHEMIST, has won 
s. ; nd debenture stocks, and a, sub- the second airouai award for 
• "iarilial expansion in the use employee reports, presented by 
k lade by Chureh trustees of . the Accountancy -Age and the 

• enosit fund. . InduKttial;JSodets-.. . . 

The office's deposit fund’s total Th«r year fl competition. 

Homrih ^averaged about organised by. the- magazine for- 
«Tdu?fm?£ reports produced lad year 

lm«t £5 m “If this .sum had attracted a record entry of just 
ccn invested at 53 per. cent, per under 300 from U.K. cpmpames,. 
nnum~the average rate avail- both public and private; 

. Off the 'plane and straight behind the wheel of a 
clean, thoroughly serviced Ford-a Fiesta, Cortina, 

. powerful Granada or another fine car. 

It’s taken you a lot less time and trouble to get 
therefrom touch down. 

That’s our No. 1 priority. 

Because we know ifs yours. 

Once you Ve sampled Hertz No. 1 treatment you’ll 
want to join the No. 1 Club? Its free...and it saves time. 

. As a Hertz No. 1 Club member you just ? phone 
your travel agent or Hertz before you leave. You’ll 

arrive at your destination anywhere in Europe to a car 
ready and waiting, your forms filled in ready to sign. 
No penpushing. Just show your driver’s licence, 
sign and go. 

If you want to, you can pay by any well-known 
charge card Or get a Hertz charge card (you pay no 
interest). Whatever method you choose, you won't be 
kept hanging about. 

That’s your No. 1 priority. 

That’s our No. 1 
priority, too. 

"In Germany, the Hertz VIP Club. 


Hertz No.l Chib. 


TSnand&I* Times Wfedh^sday Marcfi 8 1978 


Fishing PM expects improved 

safety . 

ru i es economic growth 


over bus 

call two-day strike 


j 1 BY ,V0R PARLIAMENTARY STAFF -r fr'.m.’.Z.'.T DELEGATES representing 1.2m. those Jras who are paying less jikb one mat me uopanment * «. 

^ITTPWAfl r engineering, mabuaj workers than the. proposed- new minima. Employment will have to resqi vr .. ■ 

C7U V/i3k5VlJl BRITAIN^ success in combating But he conceded that the vehicles to the UK- io 1978. MP$ WERE reduced to discus- yesterday endorsed- the decisjoa- They want- the new rates- to be . Mr. Hugh Scanlon, leading tfo 

inflation should now be followed efforts to overcome inflation Commenting on the opportunity sing the building of bus shelters of all unions in the industry to applied. generally .“.“tweM unions for the last time in $ 

SCOTTISH MPs yesterday a r2 ed by an improvement in economic combined with.the problems aris- which would be provided by the and queue barriers when the call a general tiro-day strike dates irfalarcn l and August year .as president of th 

the Scottish fishing industry to growth, the Prime M mister Ins From the oil-producing Japanese agreeing to take a Welsh devolution legislation unless deadlock on pay negotfa- Tne Engineer-rag- _ Employers engineering workers, introduce 

reconsider its attitude to the re- suggested in the Commons countries had created a situation lower market share this year, the started the third day of hs com- dons is broken. Federation says trial a common a neW n <jte yesterday when h 

porting of boats’ positions follow- yesterday wbfll? the Govern- in which It had not been possible Prime Minisrer said: “Ifour own mittee stage in the Commons last The national committee of the w ° u ldput many firms under aaid that unions could alw ay r . 

ing the loss of the MV Enter- menfs industrial strategy- was for the economy to grow. - production, can increase, we can night engineering . section of the ha ™ recourse to the fair wage-/’- 

Prise off Lerwick at the begin- scathingly condemned by Mrs. Now ^at inflation had been 'fill that gap very easily;* Onlv a sprinkling of members jffigamated Union of Engin- ?£* dul . e °. f B“Ploymw 

„„„ M U “‘ ° PP0S1 ' “^adlv, overcome Hwas p6s- Mr: Nl^el Fotnuu (C. Carahal- were Id tte Hanal W hear Mr. ww^.ftl-DDr'eretetuS *?. * 

m Sin 2 % r ?£ 0rte 5 n Slb,c to look forward to an im- ton) pressed Mm to resist any John Smith. Minister in charge three, with one abstention. The ^rowSd on thrCTounda Workers,™ Arms paying l®, 

a I^ 0Ugh Amid Tory eheers - sbe provement in the position. calls for a return to protec- of the Wales Bill, explain that policy-making r body, had been J: moreshould be- done on tha ^ tbe proposed new minim - 

r ^ °J? eMaSe u W ? s °" described it as “pie in tbe sky Replying to interjections from tionism. This would" not be in the Government would retain the specially convened in London to, -holidays as well - as could SO _tO the Central Arbitrr.-V 

ft firaiLh?' otTat-, “ ftJMSJ to-morrow and appalling per- the Tory benches, the Prime the interests of British con- right to arbitrate in disputes back Friday's threat of a *t»PP- fhVfederation's aSimeot about Uon Committee to claim th- 
SS n i,i Liiif n Vr d 7. fornianee to-day. Minister emphasised the sumers and if attempted through between local authorities and ^ on Mareh 30 and a. ^ - : new « going rate —and the con 

Sothfn° was fn, S S d • af Mrs. Thatcher recalled with “broadly” and added that he the EEC might well lead to nationalised undertakings over A Left-wing move to toughen- — . -mutee’s .awards- are not boon 
Mr. Stanlev Clinton Davis heavy irony that in 1976. which hoped that the Chancellor (Mr. retaliatory action by the U S. the building of bus shelters. th e negotiators* stance on the accuses Sti, the 10 ptT CWlL eanUa » 

Trade Under^S“-*retarv n said in tbe Government had claimed H^ley) would be able to 1 provide with damaging consequences for lQ order to draw attention to pay talks was defeated by 27-24, limit- . 

a Com mons statement ’.■p^L ™ would be the year of the more information about the pros- Britain s prospects for an eco- ^ parochial level of the dis- a vote which could be a pointer The rates proposed are £S7 a He accused the federation c 
that there had been a reluctance “ economic miracle." the growth pects for. growth in next month’s nomic recovery. cussion. Mr NeU Kinnock {Lab. to the political division te week from -March for stalled men hiding .behind the guidelines. an 

on the parr of fishermen to d/s- rate for manufacturing industry Bl i d S er - - . • . . . • rr : , J 11 ® p rime Minister acknow- Bedwelity) a prominent nnti» emerge at the committees and £43 for .unskilled, risinMo ^aid they .should sign first an 

close their fishing whereabouts had been set at an annual Mrs. Thatcher claimed that -the ledged_thc dangers. Since ttte Revolutionist, made a tohgue-in- annual conference in the first £60 and &S from- August L The tgckie the- problem 
Mr. Clinton Dans said the Scot- average rate over four years of trouble was not with the gang war. Britain had followed the protest. week in May. ' last BRtiQpaT agreemfent ial975, Em pi 03ml out Department .^ter 

tish Fishermen ,> s Federation had 8 per cent or four ** mentioned by Mr. Cal- path of attempting to lower trade «. th e Ministry saying that The dispute, which . . tujs set rates, of .£42 and £33.60. In order for the u fair wages 

review^ wortfnISStSSmente “What ievnur P ,™+ ™ f«r ^ghambirt the “gang of one” barriers. Now it seemed that the not tie devolving powers attracted theintervention oftbe Average earaingir fer a- 40-hour idea to work, however, theagre 

fast Jun e rS a n d th e^ co^teu ards next^earliJM ^ wt at , l ^ e T i?W* - w might be setting in the other VSS ZfiSr Advisor?. ConciUation and Arbi-" wtek. excluding over Gme, are meat would have 4 un 

had tried to enforce it volun- SSWa 1 She called for a new approach way because of the growth of Sf 5 mock inSmattom^Tf tration Service, is about the £66 and nearly £45. firs V A recent High Cou 

tartly. He described® the filher- b " “ d v ‘ sbe demanded - to industrial strategy based on industrial unemployment ££ appUcation of the incomes' policy Yesterday’i events mean that decision -aga mat the comtnitti 

men's reluctance as unwise A Mr ' CaJlfl ^ ha 5 « Jd be dld not incentives, instead of high tasa- throughout .the Western world. SfiSfaSStS himSSSta to proposed new minimum rates.’ negotiators still h'ave some room established that ^he naUon 

modified system had been intro- remember the S per cent' figure, tion and no incentives for the If this were T to happen it would ^ not tbe^S:. Under the de- According to the Confederation when “ they: front the federa- « in -™ a . 

duced whenever a boat waTin »• W Tory MPs who criticised individual. bea u veiy serious and significant ' ™ il^Ttion iSaSirial of Shipbiulding and Engineering, .tion -again on Monday-. But the ®e ind“st^.. not actoal ear 

difficultv or danger. him for this that he could not Replying to Mr. Andrew Welsh reversal.” ■ funedons lisSS in^ ttie Local Gov- Unions, ttie argument centres on 'argument i«- looking. increasingly mgs .which m most cases a- 

Mr. Douglas Henderson fSNP be expected to attend the House fSNP, South Angus), the Prime .But Mr. Callaghan again under- -JSSiwitwnpnus nrovi- ; ! - 

Aberdeen E.) who had askelfof chafed with every figure which Minister stated: “I think there lined -the justification- for “ selec- I ■ 1 “ ~ 

the statemenL said the Govern- eaog of four"— the group of is a period of expansion ahead rive action ”10 appropriate cases. new WeLsh Assembly • WW r T ' " “ ' ' Cfnrilwirifi 

ment should invite the industry To ^ 5 ack ^° c r h era "Ported to for British agriculture at the He. aihnltted to. some sympathy ^ nAHin^F5)PV OlGGlDlCll 

to reconsider the system so that ■»*« Mrs- Thatcher in her prep- present time.” with the complaints made by the in g W “iL ^ «« Jf Government TT UliVVl ' UvlllUCl WVT ... J r. 

lnlSe P roas^ards W Sew k where questioTtime-^ anc^ BivLJby^e Jap^^.on:^ relatiOT to^^uStuUl JSSSV^m^of - a 'V : ' 1 ' J ' SGGk " 

fesfi. ‘dead atLeyland liriono 

TVaiiW from both sides of the House that 

1 /OUOl OVGr BS^s^mifing 10 ^?] 6 debite BY ARTHUR SMITH. MIDLANDS CORRESPONDENT CLAIMS for redundancy parof 

of important clause! - . - of up to. £20,000 for lona^ereii 

P4rCarn * n *^ DELEGATES representing 'lJhh'.'thosc .fims who are paying less like one that the Department o \ 
vorrepAnocm engineering, manuaj ■ workers than the. proposed- flew .minima. Employment will have to resqiy,^. - 

\ * 

Mr. Douglas Henderson fSNP be expected to attend the House fSNP, South Angus), the Prime But Mr. Callaghan again under- * “zzlr .tmlZ** n * tipous nrovi- 
Aberdeen E.) who had askelfof chained with every figure which Minister stated: “I think there lined the justification for “ selec- woi^bf SwaSSS 

boats were at ail times. 

Mr. Teddy Taylor. Shadow 
Scottish Secretary, said there 
should be a new resolve to use 
every possible step to minimise 
the dangers. There should be 
discussions with the industry and 
the Post Office about an accep- 
table form of position reporting. 

Mr. Clinton Davis said it could 
not be applied only in Scotland. 
There was an essential need to 
use the fishing industry safety 
rules the Government had intro- 
duced. Regrettably they had met 
with considerable opposition. 
He hoped tbe fishing industry 
safety group would consider the 
matter at its meeting in May. 

Mr. Norman Buchan fLab.. W. 
Renfrewshire) said safety must 
be the first priority of the 

Mr. Clinton Davis said the 
anxieties raised by such tragedies 
seemed unhappily to be dis- 
pelled by time. He hoped the 
lessons would be learned. 

Mr. Hantish Watt iSNP. Banff- 
shire) said there was an undue 
length of time before tbe search 
started. Fishing boats should 
have to report their position at 
least once every 24 hours. 

Mr. Clinton Davis said he did 
not accept the criticism of the 
rescue services. The owners or 
the vessel had not reported any 
anxiety for a considerable time. 

If the Department of Trade's 
recommendations had been 
applied it would have been 
reported .to the coastguards very 
much earlier. 

Benefits loss 
totals £8m. 

TOTAL loss through fraud and 
mistakes in Supplementary 
Benefits -in the last financial year 
was about £Sm., Mr. Stan Ormc, 
Social Security Minister, said 
in the Commons yesterday. 

“Although this sum is small 
in comparison to the total of 
£l.8bn. supplementary benefit 
paid In that year, wc take our 
prevention responsibilities very 
seriously," he said. 

Mrs. Jill Knight fC.. 
Edgbaston) pointed out that the 
biggest increase in losses was 
due to official error. She added: 

fed to her. 

Doubt over M 

Bui wai 

companies 3 

By Margaret Reid “Jg*' “ 

UNCERTAINTY surrounds the changes 

sions) Act, would he transferred . , . . _ , ^ . . - 

3i”I e SSSis Worker • democracy : Steelmen 

amendments .making exceptions . ..... • ' - COOlf - 

to "this and retaining some of ^ ■_ . -m' ^ J Z9CC-JV " " 

SSKspEs ‘dead’ at feyland £ 2 o,ooo 

Bill G wL er Setenu'n'' L!0 fun e debate BY ARTHUR SMITH. MIDLANDS CORRESPONDENT CLAIMS for redundancy payof 

of important clauses. - ....... of up to. £20,000 for iongwii 

Sir Raymond Gower (C.. Barrj ) WORKER PARTICIPATION. b'ne“ management to sort but their steelmen at the threatened 
complained that the House bad 0 f the main Government hopes relaOonships. Moors plant. Cardiff, will b« su 

not reached the clause which for reviving Leyland Cars v in- The pressure must be mount nutted to-do)- . n 

enables the Assembly to review dustr i a t performance, ia in a lag on Mr. -Edwardes to .take an .M°» 

the structure of local Govern- state of collapse, according to initiative in reviving the partlcl- .their joh» »f the Brmsh Ste 

rererinWalre. SS?«VinU. P * nuchU.epv_ (forem- CorMr'.ioi. .b«4 


He said: “ Constitutional J? wsrpTn in dead Mr Derek »«flt plaeed emphasis in its closing of the plant this yea 

UNCERTAINTY surrounds the ™«*ges of this kind Should not i^on 'swk«- °2g n *i ffiS^oSw^Sar^SS Sirin ’ 

prospects for the new Companies be de alt ** Q}? man - and a leading advocate of ne * d . t0 enlist the ration p nt . ay pe p 

Bill- which ■ has-, been- expected £ faconslatpat-.with worker democracy, said a^d m volvem epLof the workers, gjst . 0 S? «e. 

since' the -indication' in the discussion and is stifling debate . hL - - -> - Sections of semoY Uyland inquiry into tne «e 

a. ^ u.., rvn n mnef Imnnrtnnt nnint - 2- . - _ - .u .. mtni«Mnenf hiv» ItMOnlfi enn- UUluSln. • - - - 

Queen's Speech in October that w * most Important point-' 

legislation would be brought 

forward to afn end' company law. ' j-w . 

In October, the position was Me Cpp 

that at least a limited Bill was XTJLJL ijV'V’ 
expected, to deal with two . 
matters. One was the need for n nvtn«Avio 
Britain to hring its legislation I|HriSil|Ilij 
into line with EEC requirements Mr 
by the end of 1878, particularly . 1 . 

in distinguishing between the QTlOTYlSl I V- - 
names of private and public CMX VB 11 

con><uaies . and stipulating a . 

minimum capital- for the latter. THE PARLIAMENTARY 

union side of the' reu* management have heeome con- industry- - 

The union side or me. ^ lue ^ part i C j. But the corporation has sai 

SSLn^bod^^SpOT^meS pSSfl and are conceroed P about M would. tike to bring forwar 

nroblems. . I the closing of some obsolet 

inaifBwuu ■ fw- nr p«nt nroblems I the closing Of some oosoiet 

mMts° af T closure of Se fiS ^A meitirie of LeyTand stewards ! works because of world recessio 
SSSblv nlant - review progress toward indus-l in the stee industry. ■ . 

Stewa?ds throughout the com-;trial democracy is imminent. Steel unions have agreed i 
oauv STtK stellar ■ deS-' There are likely to-be calls to principle o- the. works dosun 

SSIV*? SaSJJ-fiL J2!S?^-"»«a EaS'£L22282 t -7 r “ 

machinery hasldmoa ceased to system of participation, and factory rowpeosaUon. - - 

function sai? Mr Bill Roche, iflsieud extend existing nego- TTie plant is the largest lisle 
secretary of the union side of tiatlng machinery. for early closure and the pay-ofi 

The ca-? council •- 1 - Mr. Roche said that informa- details are expected to-set th 

The stewards complamed, that., tion should, be made available.) pare for .other works. 

iting machinery. I for early closure and the pay-ofi 

Mr. Roche said’ that informa- 1 details are expected to set th 

The other subject concerned ihe party -Pensions - Group . has the Speke decision was the third to shop stewards under tbe pro- -Members of the TUG stei 
Registry of Business Names. criticised what is sees as an un- important one taken by- Mr. visions -of. the Employment "committee^ led by Mr; Bill Sir 

. Mr. Edmund DelL Trade Secre- /air anomaly in the Government’s Michael Edwardes the new Protection Act. ' ' general secretary or the Iron an 

tapy. had hoped that more major new pensions scheme which British Leyland chairman. Vancl • Merseyside Chamber of Com-. Steel. Trades. Confederation, her 
legislation might he- grafted on to - starts next month. - - - ~ presented to the work force as a merce is not likely to support final talks last night over th 

. the.intended Bilito cover.tbe out- This anomaly rotate® to people fait accompli » ... - , /attempts . .to . keep . the TR7 pay-off claim with members c 

lawing of- frisfdej trading and who retire after Aprii rtus year --hj.. Eric Varley, ' Industry Triumph plant -at ppeke ' front the works council. •- 

. curbs, on loans to dtreejors, as but before April 1979^ Under the. secretary, is likely to .*efua* a being doped-, because, ; it says, '-; The- committee will iheet .- 

' proposed'- in the " Government new State" scheme, theywiti psy request from the stewards for a •dver-manrung and Similar Issues' grit fsh Steel team to-day led b 

White Papers published * m the. increased National Insurance meeting. He takes the line that are not conducive to economic |. Dr. David Grieves, managin 

'.December.' * " j contributions, if tiiey are not ft u a matter for tbe unions and production. 

Bflt .it *>y. seems •ylytUkUy. cnntraeted-ouL "ibut- wUL not 

A smiting Mr. Vivian Bendail and his wife, Ann, pictured at certain that no legislation on receive any additional State -L — ' . 4 ... V 

the Commons, where the new Tory MP took his seat after insider trading and loans to pension. The new scheme is 

capturing Ilford North from Labour in last Thursday’s directors, will be possible .this geared to make increases on an IM iT +l*i _ L '/ ■+ 

by-election. But the victor's progress was not entirely session, urview of the compering annual basis', up to - the end of |%/l P k ««P k WlCFll 1 ll 

smooth. The roll book, signed by all new MPs, could not ^tax y.ear - - . ■ IVlill I 1 IC CllgiUI 

be found and Mr. Bendal) was introduced to the Speaker ^ ofrapSiies Sl ^ The 15 ■ ■ .......... 

'‘■ ia,oot soLisr* at 1111 ■». •» *, a,. chs«h«nMh) 

recovered . . . and Mr. Bendail signed in. 

Liberals will try again 
for PR Euro-voting 


refunding the additional contri- 
butions or tiy exempting people] 
due to retire during the coming | 
tax year. .. : 

Mr. Arthur Latham (Lab., j 

for shipbuilder! 


director of personnel and socit 
policy, and Mr. Peter Allen, hea. 
of -the corporation’s Welsh- div 
■_ sion.- ■ •; ' 

- Hardship cash. 

. .East ■ Moors workers ar< 
expected to demand severann 
payments equivalent to the.earn 
jpgs between actual closing, dati 
_ ; and - January 1. 1981 — a- real 
beypnd. the earliest closure date 
under the Beswick plan. - - ' 

In . addition, the men are 

- believed to be seeking a further 

"It is the impossible complexity THE LIBERALS will attempt to serious blemish. It meant that Baroness- Elies said that if tbe vojved. In some cases they could J 1 *? 1 ®? 
of the benefit system which is bring back proportional repre- the Liberal Party might poll election were to take place in he paying up to £1.76 a week in lurara. 

. uie group, saia it was never pe . tast have fouad ^ candidate builders* industrial - relations hardship payment as compenn 

intention of Parliament to im- f0 ^ ^ post of industrial rela- team. Mr. Fare Ingham recently .tion for the lack of alternative 

pose bigber cp.nQrpuuons for no Sector acceptable to its came. - P' . the corporation; as job opportunities. In TSo pie case? 

extra benefit ana it was tnesaa ^jde unions executive ..director of Industrial compensation . money claimed 

story of' a computer dictating s acecied that Mr Richard relations, a non-Boaxd post, from would top £20.000-. - 

poljnes. whiu^nSSa^a director ^ GoraiJ ^ ; Shlpburidei*. ’ . The payments will be substan- 

in^Ui e° motion eSimated^Rt Sheffield divistinTof Sulzer. the There 'has been' considerable tially' higher than those apeed 
about 300.000 people weuW be in- mariaMogine buUOer. .will be dflnltf- to todre* a. ruUMj Mt , 

DUI nc aumwpu mai :ne error ns nds a|V4Miii; un uir wvuuu utie wr uw auiumci u. uiv a/iaiuLc uuuo la — i^ eome manamaz director in- ZZl t a Ilr 5 

due to staff amounted to slightly reading debate on the BlU, which next year, was likely to be the possible." contrast to the statement made „„ l2Ke! Af sri hS' 3 ^ cootender for tte If TU0 said 

more than £3m. is now starting its passage new target date for the elections. ^ onlv wav t ensure - by Mr. Stanley- Orme,; Mm.uter gSffiW * 5T 1 ‘JffL of Bnt>sh Post • The TUCsta el committee 

Mr. David S tod dart (Lab., through the Upper House. The The Government, he told peers, was t0 le ] we if subsSrially as for Social Security, at a recent Shipbuilders m May. Mr.-Wballey will-bruig to the lwt m ght al Berthe Cardiff m»st 

Swindon » criticised the Tories Commons has come out believed that the regional list , * wa - “The method of votin° Government pensions .teach-in. -A foraer mdu^ial coiTespon- 30b >vlde ^expenence of manage- “>8 toat * ^^rts4ieine 

who, he said, only raided decisively in favour of tbe tradi- system was the simplest and is of 'less impStahJe thanthe ^en admitted this anomaly dent of the D mb - MaiL Mr. mwt injenodi of industrial ^ s .j° 

questions about social security tional first-past-the-post system most effective form of propor- time [actor.” did exist but felt pat this rough change; o< t which ^ his recent Mr. 

fraud. ■« if for direct elections to the tional representation under the , . .. . tal ,„ r justice, was the pnee to he paid Department for over four years, expenence with Sulzer- was the Industry Secretary, to - cope with 

European Parliamenr. ri rcu ms ta ores, but that view had Lady Elies said it was vital for f or bringing in a scheme that tla»t he was at the most dramatic. - the senous losses being made 

_ w Lord Banks told peers that his hecn rejected in the Commons. the good name of the UJC. that was administratively workable. Northern Ireland Office, the He-began his industrial career by. the British Steel Corporation. 

Pqv HA flC parlv wanted to give the “The nature of the rejection we should be ready on the next The Department of Health and g 0 ®® Office, Department of the with Vulcan Foundry in 1952 and - 

*■ “v Commons an opportunity for suggests that there is no realistic chosen date, “it would be Social- Security- said- refunds environment. Board of Trade-cantinu^dto workforthe organl- 

THE Health Department is mak- second thoughts. The election prospect of persuading the House disastrous if. .once again, the- could be made by the refunds ' JJ* Dcoartment o£ ration after it became part. oT U nnD AQrlv 

ins good progress in phasing out svstem in the Bill could lead to of Commons to change their citizens of the other member section at Newcastie. This tconomic Attairs. English Electric in 1962. From UI CdllJ 

pay- a beds from the National a" gross distortion oF the -repre- minds in this issue. We must States were held baefc from department dealt with many Mr. WhaJ ley’s name is not well 1989 io 1971 he was a Board 

Health Services. Mr. Das id rentation of the Labour and Con- now accept the simple majority voting. It would mean further refunds, of contribution each known In tbe shipbuilding in- member of Glacier Metals, and 

Enuals, Social Service; Secre- sc rva five parties in the assembly, system and proceed on that loss of respect and consequent year in respect of persons who dustxy. despite his connection was responsible for setting up a 

larv. said in the Commons He considered the first-past- bapis.” he said. - bargaining power in the Com- had paid too much -in National with Sulzer. The Sheffield factory at Ilmiiister. Somerset, 

vesierdav. the-post system a major and very For the Conservative's, munity." ' Insurance contributions. division of the Swiss company For 15 years Mr. Whalley was 

has been principally involved in a panel chairman for the Central 
___ « " manufacture of machinery . for Conference of the Engineering 

Tories press Ennals Dublin anger mounts over 

«« DAtirtnni4 nloimc formerly known as Miltspaugh, He serves on the mechanical 

On X enCOUri CIaIIIIS a '• -I tb ® !oss of 50 °. Jobs - enBiti^ring; Little Neddy, is 

Hope of early 
end to school 

parties in the assembly, system and proeped on that loss of respect and consequent year in respect of persons who dustzy, despite his connection was responsible for setting up a v . uu 1 ,u ovuvv* 

isidercd th^ first-past- b''asis.•' he said. - bargaining power in the Com- had paid too much -in National with Suizer. The Sheffield factory at Tim iuster. Somerset. j- • 

ystem a major and very For the Conservative's, munHj:" . .. ju sura Dce contributions. division of the Swiss company For IS years Mr, Whalley was QlSFUDlIOn 

has been principally involved in a panel chairman for the Central ”, " , 

. . _ - manufacture of machinery . for Conference of the Eugiheering HOPE .of. an early end to scpooi 

0 lev IlnkfliM AMSTAW VMAilfirr AI7AF the paper industry- . Industry,- then the. final court of disruption grew yesterday _>s 

3,1S B #11 ll I 111 afflyGl - IllllliniS llVCi He has almost completed- the appeal -for disputes - in - the more local . education authority 

t winding-up of this- operation, industry. - leaders indicated support for the 

mm formerly known as Miltspaugh, He serves on the mechanical reopening of -negotiations on *tbe 

[IIS __ _« - m ■ 1 ' ■ ■’ wl 111 the loss of about 500 jobs, engineering- Little Neddy, is April pay increases for. 454.000 

. . , rAWAVirvtfi /lhQ1*fTUC He r ®tains the chairmanship of chairman of the NEDC construe- teathers in England and "Wales. 

*y need in order to per- VB MSI III It^lllIFlNIIl Llldl Hl/Sl another Sulzer company in tion equqsment worKne party, Th.e ...negotiations -became 

r Ministerial functions. -LTXCftiJVU A Vi AUiU A Sheffield, C. A. Hamden, which and is a member of the commer- deadlocked last week when the 

ilson evidently thought . makes plastic-bag machinery. cial and economic committee af authorities refused to offer more 

iry to inform himself GILES MERRITT IN DUBLIN When appointed Mr. Whalley, the Engineering Employers* ® .P?? ®® n t. for the April 

5 case as he has since h wlb mmiii 56, will join Mr. Ian Farningham. Fedefalion. . nse. holding" back the further 1 

tr to the Press. - * ’. ... . " per cent.; allowed by the pay 

1 Lawrence (C Burton! ALLEGATIONS by Mr. Roy that they could prompt 7 Loyalist to support Mr. Masons claims. 7-r : r . . guidelines to cover upward 

hat justification, what Masun. Northern Ireland Secre- attacks from the North. Our Belfast Correspondent . « - - drift in teachers’ incremental pay 

si 'iraimsinnces, were 1 ary. that Provisional IRA It is also understood that roe writes : Tbe Official Unionist \\QrIfpn OlJmPn fllAlfprf" jlirTIArf scales.. 

u«ifv the disclosure of terrorists are using the Republic Irish Government yesterday Party, encouraged by Mr. Mason’s odviVCU UUUIClI ttUyUli, The National Union of 

Dublin anger mounts over 
Mason terrorism charges 

MR. DAVID ENNALS, Social advice they need in order to per- vIMSIlll I c*|i I lll.'SII I IJl/H VlT.% 

Services Secretary. was form their Ministerial functions. iVli VllUlU %/***•■* 

questioned by MPs in the Com- “Mr. Wilson evidently thought 

mons yesterday after his denial it necessary to inform himself #-iice uebditt im nmu iM 

on Monday of allegations made about this case as he has since BY G,LES in ducun 

against him in tbe book “The made clear to the Press." . ... 

Pcncourt File.'* Mr Ivan Lawrence (C. Burton). ALLEGATIONS by Mr. Roy that they could prompr Loyalist to support Mr. Masons claims. 

Mr. Cm n ley Onslow tC.. ~ What justification, what Masun. Northern Ireland Secre- attacks from the North. Our Belfast Correspondent 

Woking) asked Mr. Ennals to say e v C ep tional <ircumsl,inces were larv. that Provisional IRA - It is also understood that the writes: Tbe Official Unionist, 

what inquiries ho had made into there to justify the disclosure of terrorists are using the Republic Irish Government yesterday Party, encouraged by Mr. Mason’s l 

what inquiries ho had made into thereto justify tho disclosure of terrorists are using the Republic Irish Government yesterday Party, encouraged by Mr. Mason’s uavfttu uuutcu piLav 

statements in the book, by the Blps of ' xrirman Scott to the as a base for their activities .in .requested an answer U) earlier o« in 1 the MORE THAN 50 electricians who About:. - ww.-w,*™. . 1WI 

journalists Mr. Barrie Penrose then Prnne Minister and bis Ulster were yesterday discussed representations it had made on Inch Republic. have irged him to claini th ey have been ttcked employed- by Mather ; and Platt S au Hl 0rlti * 
and Mr. Roger Courtiour. about „ oUtical secretary - . 1 by the Irish Cabinet. cross-border co-operation. seek a meeting with Mr. Lynch. theiriobs on North Sea oil Alarms on the Brent A Brent B sympathy with un 

flies relating to Mr. Norman p “I . - t - 1, . t The n»hlin Gorernment had The Irish- initiative follows an The party said that the “ta? Sed a pickSt proSX li 5Sn i Sd f6r a ^er Apri 

Scott, the former male model ,^ 39 » l m oni^ to ! ? Jf e J“ S eschanse iast month between Mr. Gowmment should apply ainort ' yStertaY W ^-lor .resumed 1 

whose name has been linked with statutory* or wetiare_ require- Mason and Mr. Lynch over the actions against the RehubUc l SSM 

SSS SSwIsr s Si : Slar s Si SKSiSS SSfaSSS. ASSESS 

rnST- '&SSSH& •» alt SSSS Sy«„ ta ^ B 5SS?5 £ 55 £SS3f 

* electricians Teachers claimed that six or the 
»rSpiS W5 local “authorities had shown 
sympathy .with union demands 
f6r a Wgher April offer as a 
?*L 2 W.S»»: basiMor -resumed talks.. . . 

inquiries he had made on tbe with a prosecution?” fleveiop into a aamagmg AQ giu- me0t j s iDceased tbai jjr. Mason’s the European p£li^enMn u 06 Q0U,g ° a I0Ur pWl ' ’ 

allegation that “certain files Mr. Ennals said the question Insfa dkpule- Commons allegations on Monday attempt to bring extra pressure forsls * . . . Se* rot&ttlicnon industry, 

relating to Mr. Norman Scott or what information a Prime Mr. Jack. Lynch, Irish Prime. should have been made -without ©n Mr.-inrnch. — = — L - ... ■ 

were removed from his depart- Minister of the day needed to see Minister, did not attend yester- reference to its formal offer. They want the Dublin Govern- ^ ~ = ' 

meat by a political aide, whom and what information he' asked day's Cabinet meeting because The Republic's security iorces njent to allow terrorists to be SwilTI HllTlfPr WnrlrATC YPfllm - 

we now know to be Mr. Jack of a responsible Secretary of he was away in Cork on personal are particularly bitter over Mr. extradited to answer charges in kyrv«x* aiupivi vTViJkvJk^. A.V'L.IUU 

Straw, were then taken to No. State, was for him to decide. business, in his absence there Mason’s suggestion that some of Ulster. ' BY PHILIP BASSETT ’ 

10 Downing Street and seen by As to any impropriety. Mr. could be no further reaction, the IRA Are bombers .-respon- 0 Mr. Callaghan. . yesterday 

the then Prime Minister (Sir Ennals said this was precisely officials said. sible for the deaths of lS.peopie rejected a demand in the Com- THE 9,00fl Swan Hunter workers given 24 hour*’ noti« of-lhe lay- 

Harold Wilson), and he, in turn, why he had made a statement in However, Mr. Lynch is under- at the La Mon Hotel are at’ large moris-from Mr. Tom Litten'ck- laid- off on Monday because of off. 

took copies of lie files and kept a written answer on Monday. stood to view Mr. Mason's in the Republic. .In. the wake of fLab. Sftlly Oak), to consider a a pay dispute involving. SO After ta'lw- between-"- -Swan 

ihetu.” He said: M l assured the House remarks as the gravest deteriora- tbe La Mon attack senior police British withdrawal from Ulster, security guards, win be back at Hunter ^ "management anff guards' 

Mr. Ennals replied: "It is for I had made a thorough investiga- tion in Anglo-Irish relations to officers tn the Republic, have “Any suggestion that we work to-day, although the dis- tmanandnac 

The union plans to extend its 
1 action to- 110 - areas' by the end 
of the week. 

Brewery men 
discuss strike 

Mr. Ennals replied: "It is for 1 had made a thorough investiga- tion in Anglo-Irish relations to officers in the. Republic have “Any suggestion that we work to-day, although the dis- rebresentatiVW suspensions ■ brewery in Manchester wllf hold 
Ministers to decided Tor them- tion when I came to office and l date, and if repeated would been in close touch with the should withdraw from 'Northern puts has not been settled. placoff on 'guards after sanctions a mass mcetin ' 1 on Friday to 

selves, bearing in mind the need assured myself and the House necessiate a formal protest to Mr. Royal ulster Constabulary as Ireland would do nothing but Tbe men turned up for work - m support of Iheir 10 per cent, discuss their strike over an over- 

to respect confidentiality of per- that there had been in no sense CalJaghan, part of the investigation- Increase the violence to a savage yesterday, tint were sent home nay cf&lm were tilted -The time dispute which has-^topped 

sond] information, what papers any impropriety on the behalf Irish' reaction to Mr. Mason’s ’ The Dublin Governments oxten l," he said, during question again. " They are to be paid for "uard-iwili carrv on vrith the beer leavine the hrewerv for a 

they need to consult and what of the department," charges is also based on fears view is that there is no evidence time, the day because they were not sanctiois • • week. * * 



IT"- * 

'Financial Times Wednesday. 



1 ’ll -JV,. 

To: St. Han. Edmund Deli JAP* Secretary cf Stale, for Trait. 

Mn DeIl,we are representatives of fannly Datsun garage businesses all over the 
country, in which we have invested everything we own and which employ 
around 18,000 British people. . 

We are speaking out now, Mn Dell, because our livelihood, the jobs of onr 

components and spare parts for us are threatened by the long and persistent 
campaign against car imports from Japan. 


i seek 
j £20,(l(l|) 

.. “facts 1 ” and assumptions that make the Japanese appear respon- 
). sible for ali the troubles of the British motor mdustry and, 

: indeed, of our economy. ” 

T - We wonder in fact whether thiscatnpaign against 
Japan really has the interests of the British eConomy or British 
Leyiand at heart, or is of help in furthering British exports 
to Japan. — 

ft We understand the ccmcemaboiit thehuge investment 

of public money in BritishX^yiand,butv?eoannot see how their 
problems, which started long before the first Japanese car was 
[j imported, will be helped more byatiacking Japanese car 
imports than oth^r cat. imports, which acinose than three 
: times greater. 

Whether the Japaneseshareis 10% of the UK. market 
forwhich you are fighting or remains at 10.6% or even 11% 
will have as much effect in curing Leylands problems as an 
aspirin in curing pneumonia. _ V : 

A look at the facts 

Because of repeated TV. interviews and statements 
reported in newspapers over a long period, together with 
inaccurate information which is circulating about the import 
of Japanese cars to the UK., we, as Datsunpealers, with our 
livelihood at stake, felt it necessary to investigate the facts and 
the importance of this problem for Britain. We have come to 
the puzzling conclusion that; 

cameras, everything—accoinit for onfy3% of our total 
import bill...yetthere appears to be more concern about 
them than the other 97% . '• 

The cost of o/? Japanese cars brought info JBfcftam is only 

responsible f or our trade problems. ' 

Chriy23% of afl imported cars come from Japan... yet it 
^ is never suggested that th^other 77%’ of imported cars are 
^threatening 75 the British Car industry. 

You wili be aware that in the past two years the 
market share of Japanese cars inJBritain has increased by only 
1.57% and yet total imparts have gone up by 12.15% .Is it fair to 
suggest that growth by j *57% is a“soariiig” increase, while 
10.58% extra fromFrance. Germany, Italy, not? Can it be 
overlooked thatkast year Fiat of Italy alone increased its car 
sales to Britain by 17,420, almost as much as all five Japanese 
car importers £ut together: 

We have read and heard many times that a“flood” or 
“blizzartT of Japanese cars into Britain is threatening to destroy 
the British Cat industry, but such statements have no baas in 
fact. The official statistics are: 

• Registrations in the UK in 1977 

Total Imports 

EE.C.& Others 





f 10.61% } 
<34.77% ) . 

* . » 'ii 

Could anyone suggest that our level of mathematics 
is such that we see 34^77*0 as a trickle and not worth mentioning, 
and 10.61% as a“flood"'V 

It has been suggested that because Japanese cars 
. aecottn ted lor 1 3*n of the U.K. market in J anuaiy that this 
indicat es a trend of great concern: Even a superficial-study of 
the car market shows that one cannot judge a year's Statistics 
on one month alone, or even two, because of fluctuations in 
- demand.availability, price changes, seasonal factors*hnd so on. 

‘ The level can be 6% in one month and 14% in anoiherJt is the " 

. average for the year that is because such elementary 
facts are circumvented that misleading conclusions are 
regularlyif not intentionatfyfora^ 

Would Leyiand benefit? E 

We wonder too if Leyiand would benefitby car 
imports from Japan being reduced. . ' . 

Importers from Europe are not running charity 
organisations for the benefit of Leyiand as they have.shown so 
often in the past. Each time in the last three years that Datsun ■ 
Dealers have voltmtarily restricted sales, European importers • 
have leapt into the vacuum. 

In December last year, when Datsun voluntarily 
■ restricted sales to 2% of the market,and angered many 
customers, the Japanese share of the market fell by total . 

imports stayed Hie same at around 45 % . Leyiand spnedpotbing 
from our gesture, their marketshare in fact dropping half a per 
cent, while other importers were happy to take advantage of - 

market share substantially. On both occasions, British Leylands 
share dropped instead of improving. 

We would not like the examples we have given to be 
interpreted in any way as a suggestion that we would like other 
importers to face restrictions, even accepting that Fiat has 
announced that it plans to increase its sales to 90,000 next year, 
an increase of 36% . 

To reduce Japanese car sales in this way protects the 
jobs of Frenchjtalian and German workers, but not those of 
. British LeyJand workers. 

Would it not be more helpful if the 134,286 cars built 
-■ abroad last year and sold here as “British” Allegros, Escorts, 

■ Capris, Granadas, Vauxhall Cavaliers etc. (a total almost the 

• same as all Japanese imports) had beenbuilt in Britain? The 
Times reports that only 67% of Vauxhalls sold in Britain are 
really British and 75% of Fords. Latest statistics for January and 
February show that even these figures are dropping to 62% of 

• Vauxhalls and 72% of Fords. / 

Selling cars to Japan 

In your remarks on television on Thursday February 
23rd, when you were asked about 500 Leyiand cars forwhich 
Leyiand Japan have been waiting for some months you replied: 

u Dont let anyone imagine that it is easy to sett motor 
cars in Japan . If you look at the figures , hot just of our exports of 
motor cars to Japan Jmt the exports by Germany and other 
motor car manufacturers to Japan, you will see that it is very 
difficult to sett motor cars hi Japan ? 

, We have looked at the exports by Germany to Japan, 

and we see that in 1976 alone they sold 21. 176 V.W's. Audi’s. . 
Mercedes, BMW's and the like to Japan at an estimated value 
of over £100 million.Thar number of cars was higher than 
Britain's exports to the“easy 'markets of carproducmg countries - 
such as Germany, France and Italy in either 1976 or 1977 as you 
will see from the statistics below: So perhaps the low number of 
British cars exported to Japan has something also to do with 
the British side? 

Japan has deliberately been malting it easier for 
countries with which she has a trade surplus to export their 
goods to Japan. This year, while Britain retains 11% Import 
Duty on all Japanese cars sold here, Japan is lifting this“barrier” 
and will impose no duty at all on British care exported there. 

She has also already given Britain's car exporters two extra 
years to meet exhaust emission regulations which are strictly 
imposed on Japanese manufacturers in their own country. They 
have even satisfied the complaint that their regulations were 
difficult to follow, by producing them in English for the benefit 
of companies like British Leyiand .Are British regulations 
translated into Japanese? No. . 

On many occasions, Nissan has offered shipping 
facilities to British Leyiand and the use of Datsun dealerships 
in Japan to service Leyiand cars, but the offers have not been 

Department of Trade statistics show that in other car . 
producing countries. British cars are not selling very well and 
that surely is not the fault of the Japanese. We wonder why 
Japan is singled outwith accusations about the difficulties of 
selling, if our car sales to other car-producing countries are not 
much better. 

U.K. Imporls/Exports Passenger Cars by Quantity 


W Germany 




Total EEC. 




Total EEC. 
E Europe 


Exports Imports Deficit Exports Imports Deficit 
14.392 108.123 - 93.731 13.809 174.747 -160.938 

12,815 131,336 -118,521 
6.175 64,083 - 57.908 
17,071 44,713 - 27.642 

14.989 148.290 -133.301 
9.787 88,442 - 78.655 
10,863 59,917 - 49,054 

129,006 361.710 —232.704 131.376 483,364 -351,988 

A 00*1 0/1 C , fC onnfi ((Ur n-m <r ron 

4,283 24,645 - 20362 
2,638 20392 - 17,654 
896 129,788 -128392 

4.941 21.574 - 16,633 
1.831 26,886 - 25355 
2.172 166,694 -164.522 

-—-■I ■ w AW»U-rT AVT.JU# 

UKIiiqKMts/Expoits Passengef Cars by VaIue(£D00) 

£ £ £ £ ■ £ £ 
30319 249,841 -219,022 38.216 434,641 -396,425 
25352 207325 -181.673 34.259 265,648 -231,389 
9,077 88.807 - 79,730 17271 144.799 -127,528 

23.179 74,799 -5L620 23355 115.905 - 92,550 

171287 643313 -472,026 232.561 981,793 -749232 
• 6,175 68330 - 62355 8.862 65.481 - 56.619 

2,891 14266- 11375 2/723 23,118 - -20395 

4.179 159.533 -155354 8.804 .248.495 -239,691 

IJiv" 1 

■s »• occurred durmg'August and September— when Datsun cut 
jr.« back on sales.Fiat Renault.-V.W. and others increasedtheir 

TradBngwfrh the World 

We accept that Japanese imports toBritain are 
• growing— but so are British exports to Japan of many products. 
In fact, it is one of our fastest growing export markets and must 
be cultivated. It is true that our visible trade deficit with Japan 

is £5% nullion,but, as the Parliamentary Under Secretary for 
Trade,Mr. Michael Meacher,has said, our surplus on invisibles 
cuts that to around half that figure. 

Our visible deficit with the Common Market was 
around £2,000 million, and would have been £550 million 
higher but for our export of crude oil. Our deficit with West 
Germany alone on visible trade was £1 073 million, with Italy it 
was £553 million and with France £512 million. We also have 
deficits of £580 million-with America,£520 million with Saudi 
Arabia,£510 million with Canada,£430 million with Russia 
( apart from their interest-free loan) £300 million with South • 
Africa, and so on. 

There is undoubtedly scope for improvement to 
increase our exports to Japan . . . but so there is in many other 

The media coverage given to the deficit with Japan, 
totally ignoring similar or higher deficits with other countries, 
suggests a striking bias. 

The role of the S.M.M.T. 

It has been suggested many times that the Japanese 
have“broken” a voluntary agreement about the level of their 
car sales in Britain in 1976 and 1977. 

The S.M.M.T.,who have conducted the negotiations 
and are best qualified to know, have never accused the Japanese 
in this way and have stated through their President that the 
Japanese, in contrast, have “shown sense during the British 
industry's period of reconstruction'. 1 

We consider it incorrect that the S.M.M.T., which is 
a private organisation to support the interests of the motor 
■ industry as a whole, including manufacturers, importers and 
their dealers, should be instructed to obtain discriminatory 
restrictions from Japan against the policy and interests of their 
members. Including all importers and the major companies 
such as Ford, Vauxhall and Chrysler, who have stated that they 
are against import restrictions. The recent conversion of 
British Leyiand and Mr. Michael Edwardes is easy to understand 
. and not so significant. 

We would recall the comment of New Statesman on 
February 17th 1978: 

“Not only are import controls an insular— almost at 
times chauvinist — policy, they also involve a real danger of 
masking the actual problem and suggesting a false solution!’ 

No unilateral discrimination 

We are not asking for special treatment.Mr.Dell, 

. just for fair play and for our right as ordinary British people to 
be protected from unilateral discrimination. We have to defend 
our employees and our livelihood 

We are also anxious to see the British motor industry 
improve its situation for the good of the country and to provide 
a healthy UK. car market, but we see only that this present 
campaign against the Japanese in isolation makes them a 
scapegoat in a way that threatens our livelihood and the jobs 
of our employees, without creating any benefit at all for British 
Leyiand or the country. Ignoring the facts doesn't make them 

We do not Intend to take advantage of the present 
Leyiand difficulties, but neither can we accept to be accused 
and pilloried, if our market share varies by decimal points. 

In fact, we are amazed at the level of approach to the car 
import/export situation, where a small decimal increase by 
Japanese cars in the U.K. is given more prominence than a 
major earthquake, becomes a pet subject for some people and 
is pursued as an obsession with different undertones. 

Such an increase matters not a ha'penny to Leyiand 
or the British economy— what matters is the value of cure 
imported and the employment they represent. 

In the same way that you cannot compare the material 
and labour content of a Mini with that of a Jaguar. neither can 
you compare a small Datsun with a Mercedes or BMW. So a 
judgement based on numbers alone may appeal to emotion, 
but not to reason , for it does not bear relation to economic 
reality, either for the U.K. economy or for Leyiand. 

We would not feel it fair for an accusing finger to be 
pointed at us if sales increase by decimal points because we 
have to cover the soaring costs of inflation to avoid bank- 
ruptcy for some of us, or putting workers-on the dole. What is 
fair for one is fair for another. 

For these reasons we ask you to look again at the . 
situation in depth, so that the Press and public can see the 
problem in its true light and in proportion to its significance. 

Issued by the 

Datsun Dealers’Association 
with the 

support of Datsun UK. Limited 

Mr. P. Fletcher. Fletcher Motors Ltd., Leeds (Chairman) 
MnJ.Bradbum.BradbumBros.Ltd.. Wolverhampton 
MnH.CoIe, Ancaster Garages. Croydon 
Mr.K. Knowlson. North W'ales Car Centre. Abergele 

Mr. C.Sang,Datsun Baker Street Ltd.,London 
MnW. Weir. Bill Weir Ltd.. Glasgow 

Statistics from: L Overseas Trade Statistics of the United Kingdom 1977 . 

2 Society of Motor Manufacturers & Traders publications 1 977/78. 

.nr. B 
■v Ma 
Ti , b nr 
:b iC 
jna -■ 
■vie 1 ' 
• : r!. fe e 


Financial Times Wednesday March' 8 1978 .. 



Underground store 
for liquefied gas 


For Indus try 



Cass Electronics Limited- 
PHm Mm S26S for ioforiation 

large mun-nuni? caverns deep plant on the surface, 
underground and Lloyd’s is in The inside surfac 
help in development work to cavern are coated wi 
(his end. layer foaru plastic 

VVp-S> stem AB nr Stockholm applied in situ Wirt 
has .sought the aid of Lloyd’s ‘ a * v l r , an , £ l3l,,om ' 
Register' Industrial Services ca £ h ' ay?r , - m ’, v 
which will nri.vlde idvisnrv mrl COmpietKm; 


nd store Resistor 

j plant grows 


- being -made, at the Glenrothes j « 

-w rniant ‘of Beckman Instruments /\ ■*%!%¥« A,VCI I AT 

SWEDEN' is 10 experiment with vertical shafts to house the piper - lQ ^mit local large-scale pro- jCjL |J-xJjL If » ill vIJL 
ihe storage of liquid natural gas work that will connect : the "a uC ,\^, n . D f SIP ■ (single in-line . . “I- ' A .. -wt. , 
ai very low temperature* in cavern with the jsos-uaridlijng .^e > thin- flint resistor net- ' ^ rf 1 1 Cl fl£*llYI£kfl 

plant on the surface. works For markets in Europe. £%. 111191 I1&11U.C1 

The inside surfaces «»f tne Th - j|, cre . a te hew. jobs for fh( , 

cavern arc coated with a multi- « n g 0 eers and operators. A I RSTRE AM. tne 

layer foam plastic insulation ° Fo the nast three .years such.. I** 1 !"® 1 /*' a 

Profit and Loss Account 

Income nnie-esl oa o daduciec- 
Front Investment F nun and 
Development Fund "o decrecv 
F.*- valuation oi real S;ia!0 
Vv^des an - ct per ■$-?-. 
Ceweciai'C-. ■“cIuot a -:•••• h - ; i 


D'-'der : 

total Ti t-rjc 


O the r I mportant Figures 


Balance Sheet 

t&r*i 1.»:r i^n-a-iq^ 

•/.II Vr Mid Vr Mill V -. 
iic.o i - ;: -i 


an.j ace.: - 5 
l* .'i' evin: »-.i:.-. r: 

*1*. pAr.l r.t ?».;• .- it: 

‘Mifi r* riir.r, j 

: 1 1 1 c :->5 - ?z : . 


Oslo branchi.5 e~- 1 c' 
T.jial Ob'CfiS 

Earn-*, abroad ir ••■. r.--; f- ~r u 
V. r.oiiy owned bani-s ab - o«2 
Fepres^nhitivc .?t:.c : 
Enamor. sPi-p reitf r:j; 
Er-are h oldr’" 

Industry/ Mi rung 
Kr 2 778 mill. 
(22.7 SI 

/ ,r*‘-.o .-?r 4 -i 

1 i 

5 S 
2 P79 2 00" - 

Kr. t.658 mill. 
<I3.5‘ j 

Kr 1 7-19 mill. 
|14.» ■» 

Den norske Creditbank 
Kirkegaten 21 
OSLO 1. 

Tel.: (02) 4810 50 
Telex: 18175 


Kr. 2.866 mill. J2J.6'.) '■ ^ 

■•Olho-;.. ; >,np- ^ c-.». d ■ t an j 

.‘:u. :mn 

r»u.n-.ipai'lms and mi.nK-p.ii 

enuaes se*.i>:cofganiraui?<-.» a -1 ; 

comcaniei ag-icuitj.-e a nc to-*v 

Personal Borrowers. 

Kr. 3.166 mill (Ji g'.) 

0 ‘r. *-ei-.? r. fl »<oe;t 

. ■ opu-iirc 

Kr. 2 055 milt. (16.8M 

Den norske Creditbank 



yC-JiS-- . 

In five years Highlands 
Fabricators have successfully 
fabricated, erected and floated 
our four major offsiiore 
srmcrures to the North Sea. 

Thar is an enviable record 
and one makes ns pimieers 
in the field -?t lica\y steel 

7 Terc at Nigg Bay v. c can 
produce a wide varicre of 
heaw wail tubulars. 
cviindnc.iis and other steel 
fabrications all to the sam.? 
stringent sped fication s 
demanded for * .iff shore 

We welcome your 
enquiries for modules, heat 
exchangers, pressure vessels, 
mud and sream drums, hi^h 
pressure steam pipe and other 
tubulars up to nuclear standard. 

Please contact our 

Now we are broadening Please contact our 

our horizons. The North Sea i" V'ummerdal Manager, 
no longer big on. .,wl, for us. ^ -g ^ HEGHL 
We want M iimkc die expetti’-e EACDif i 

and extendve fabrication flpn 

facilities amassed in * -ur 'o 
I I Ci rare vaid available "■' 

engineers acr«.-s tile v. Ii>.‘le T ' J’ T s ' *J .Uf ” 

spectrum of mdiv.-ny. iLL2.:< i iiLA.'-Lni.U' 

-i- >• - l.'.l '. 

y >ri_i vOOTL.’.: ; 

Tl‘. • s i D VS 1 - - 5 ’ i-jv. 

ILL i.\ i i i L. 1 . .’ - Ln I .U' ' • 

>•>' “«™ ‘f «l.h nurSber of pin o.«lets in .ddHMn "own htoktofiSTnd 

, 3 c,l,.y « Bdtel, Udd in Sweden. 'S'^vlde |,' t S! S iXK 1" a d ® riash Stf - 0 ' Corpprat.on 

v xsaf‘..s??r,iifpR w , i2i sa .. ^ ^ 

1 ho technical information on meats of the specifiration. .. cuirentlv being reo rg anise d 

which the Swedish group pro- The fij la ] storage will be id under a’ resistor network depart- P li ’' 1 

p f°« es -inn nnrf th K provlslon °{ several rock chambers it -is tnent and an area-’ has ..been rh^S! t 

some >00.000 cubic metres of understood, and the jnsulant is prepared to take The new equip- exlcatte the ustof thi. product 

” vcrns ff,r 1, l u,d a polyurethane foam while the menu This includes screen »" 

ndtural gas. waling layer. 2 in 3 min thick, printing machines, firing kilns, its approval l» the Health and 

The prototype facility us a is another form of polyurethane, laser trimmers, moulding presses Safety Lxeeutive is mandatory. 

rock chamber some 15 metres Lloyd’s- Recislc 
below ground level with the Street. London 
necessary access tunnels and dl-709 9166. 

Lloyd’s Recislcr. 71 Fcnchurch and automatic testers. 
reeL London EC3M 4BS. ■ *-»*■** i«ki 

-709 9166. « TELEVISION 

Burns coal efficiently 

Canada has 

COMPACT, roal-fired fluidised the beds. Fuel feed intn the -£ 1irv 
ned furnaces which can he used furnace is automatic and is suit- 1 I1 M Yt illl I«U- 

as uniform heat sources for a ably controlled to maintain the. ‘ 

variety of industrial drying pro- desired thermal output. Furnace.:^. _ T irrhfirm nn# l 

cesses are offered by G. P. operation, both in cold starting M {fill I jIHlIll lMV 

Worsley and Co. and for continuous running, can “ _ ^ ™ 

Suitable for operation at pre- be hy remote control if required. CANADA'S Federal Department _ 

selected release temperatures up The standard furnace design is of' Communications has art- 1 1 1 V ||| ^|| i I 8 Ml 
io 900°C. these Thermo-Flow fur- based on experience gained in nounced that it is to set techiu- 
naces have claimed combustion ihe actual operation of fluidised cal standards for home Tv games. ^ M 

eRiciencies of S6 to 99 per cent., bed furnaces for industrial dry- These devices, reported tn VLrfl III 1 iff Ilf % 
depending on the characteristics ing applications. This experience have a market in the -order of *■* 

of the fuel used. followed an eviensive research 500.000 units a year in 'Canada FIRST SPECIFIC international 

Fluidised beds facilitate and develnnmcnt prng ram me car- alone, have, enjoyed a rapid agreement in a highly complex 
**flicipnr combustion of the ried nut hy ihr Haydnck com- growth in popularity during the field is a Guide for Determining 
cheaper, low quality solid fueTs panv in cn-opcraiinn with the past . two years. They generate the Effects of Ionising Radiation 
which ore difficult to burn in Goal Research Establishment oE -mini TV signals of their own. on Insulating Materials — Radia- 
rnnvcntional furnaces. The Wor- th” Xa»innnl Goal Board. -which., are f**d to the antenna tion Interaction, published as 

'ley units lake ordinary indus- Rated heat release outputs on terminals of TV receivers through Part One of Publication 544 
trial qrade coal and burn it as the four srandnrd models range a. transfer switch that attows the issued by the Tnternatioiyil Elec- 
standard fuel irrespective of ash from 7m. to 2Sm. British ther- TV game player to select either tro technical Commission. 1 rue 
and sulphur content. Fluidised nial units per hour ( 1,750.0(10- regular TV programming- from de Varentbe, 1211 Geneva 20. 
combustion produces a soft ash. 7 000.000 kCal/hrl. with gas dfs- his antenna or the game, and Switzerland. It Is Intended lu 
which is retained in a drop-out charge volumes at 9no c C ranging. -cahie TV where available. provide world-wide standards 

rone at the heat discharge end Trnm 27.000 to IOS.000 cubic - The problem is that improper for manufacturers, particularly 
of the furnace. metres per hour. - .design or connection' nf these in thenuclear.medicalandcom- 

The The rmn-Flnw furnaces are G. P. "Worslev and Co.. Hay- switches, and other character- munication fields, and covers the 
available as single-bed or twin- dock Lane. Hnvrfnrk. S*. Helens.. istfes nf some models, can cause effect of high energy electromae- 
nnij ’designs, with fuel charema Mnrei?y$idc WA11 0UU. 0744 fnierference to other TV sets or netic. _ neutron and electron 
hoppers mounted directly abOTC 24S91. radio services in the vicinity of radiation. 

the game. Signals from this can An industry standard for the 
O POWER leak into cable systems or home Construction and Performance of 

_ receiving antennas, he rarried Battery-Operated Emergency 

Smoothing out demand w; r a s. i !! f . b ' rat ‘ ia,c,i 

^ ranadian CaQvprnm^nt ^tan- Lhc Ul^ntin^ Industry Fpq - 

RECTI PHASE ts making a new electric motors and other heavy da . wiM sPt f„ r no'rmai oration. The bodies have 

typo of low voltage capacitor power drain units in their plants. OI!fpllt signal levels from games- aiso established a joint Industry 
which embodies a number of offering them a simple means or.’ jc^iatinn * requirements f o p Committee for Emergency Light- 
technical improvements and a .smoothing out power demand 1runt .r Pr c ..-itrhpv ma-rimum ner- i n S- Copies of the industry start* 
major ecological one since it and reducing the weight of niissibl* radiated* «ienal strength dard t £5. A4. 62pp> are available 
avoids the it* of PCB. or poly- cahling needed. : frem rhV dcv'ces t^mselves and *1 *** on 01437 0678 

chlorinated biphenyl, a dielectric Further front Rectiphasc .at maximum radin voltaaes to he or 01-636 0< 66. 
fluid of high performance but Heysham Road. Bootle, Mersey-.. an "'mm* n«u»r .■ • ~ “ 

evil reputation so far as environ- side L30 6UZ. 051 521 1SB1. . *£■ '■ 1,1 \ 

. n l c "L“J ® METALWORKING f : 1 

The British approval nf Air- 
«t.ream follows closely acceptance 
l>y tiie Health and Safety 
authorities in Scandinavia. .The 
product is currently being sold 
into over 20 countries. 

Racal Anipi i vox. Bcrcsford 
Avenue. Wembley, Middx. 1IA0 

Lighting and 



Smoothing out demand 



chlorinated biphenyl, a dielectric Further front Rectiphasc .at maximum radio voltages to be 1 
fluid of high performance but Heysham Road. Bootle, Mersey-. ^ud ve& on'ga me power cords. •' “ 
evil reputation so far as environ- side LSI) 6 UZ. 051 521 1SB1. . . • .t' - ry-.- 

SSSl p“,r in vT ...... . metalworking 

JSpSh .fw*ssu5! Safe fluids : Automatic 

Footle plant to a design which ■a.****’**^ iAUWUMUIW;.,^ , 

the company believes is much _ iri „ * . l':.' 

more economical than traditional TOr USG III' HiTTlPl a - ' A ' r . ¥t 

paper capacitors since it pro- r.v. . 

vides a saving of 15.000 kWh per *4. _ l j ' 1 j 

year on an installation of 1000 CapaCIlOfS bendef • 

Metallised polypropylene wind* SYNTHETIC esler fluids de- THE - SALVAGNINI - P-.4^ auto- 
ings are employed and these veloped as safe replacements for matic pane) bender wiH he 

confer a self-healing property polychlorinated biphenyl (peb) shown for the firsL time ih the 

since. iT an internal electrical based dielectrics are for use U.K. at Metalworking: 7B (?nEG^ 

fault should develop. Hie ntetal prioiar:*.- in capacitors and trans- Birrainghaju, April 20-28). . 

in Ihe surrounding area will formers localed in confined or It can produce up to 2fi bends 
vaporise and deposit over the critical areas. . on the four, sides of a- rectangu- . 

: puncture and restore continuity. MJDEL 7000 series fluids do lar panel, with a floor-to-flodr 

These windings are impreg- not break down to produce eco- time of 55 seconds. For’a'panei 

nated under vacuum during logical poisons, they are biode- with j|ight bends the" time is 34‘ ' 

manufacture with a non-toxic gradable and -they conform’ to seconds. ' . i , .. r .: , 

and bio-degradable vegetable oil. the extremely stringent condi- Panel size raiige. is 17Q to 
This has been used for some tions of dryness and purity re- 1000 - mm wide by - 410- to- 

time in lighting industry equip* quired by electrical equipment 2000 ram’ long. Its fast opera : 

ment and Che companv's research nianufacturers. tioo makes the machine suitable 

I Torce has extended its applies- MI DEL fluids are therefore for smaM to mediuin production ’ 
i non to the larger units required occepiable alternatives to the runs. 

for power factor correction. P ch based dielectric fluids meet- Marketing in the U.K. J* -by 
The new models are much ,n ? ,n addl1lt,n ,Q environmental Lnmir International, v Whit- 
,„ nrP cumoact than the uni ts rfnuiretnenis. those required for church. Ross-on-Wye, .Hereford- 

Z7 reX" anJX luld X orecautioV^ " hire ® J f0600S1 

m men I oil* 1 " - lht<se 1 ^omntended for 0 REFRIGERATION. 

» J . petmieum based fluids. . ... 

Industrj is hccomin* much These important aspects are - I- 

:nnfH . cc-nscinus hut cnmbincd wiIh excellent perfor- Wf|rlfp|*C. . 

potential users of power factor niancP characteristics including ACl.O- 

reciiflcatnin cquipiiient in the a hi^h fire point in excess ol ■..../ • ■■ 

fond and water industries have ^ dc; , c a high thermal con- |7|k|if POOl ' ' 

hoen extremely cautious about ducr , v ity value, a high specific IVCUi. LUU1. 


b. ; »->.v 

i -« 



has a higher Hash point than 
mineral oil- 

Industry is becoming much 
mure energy conscious, hut 
potential users of power factor 
rectification equipment in the 
food and water industries have 

shire HRS 6DJ f0600Sl 777), 


kept cool 

This is „f rnnside.aMe v-'onmg wiihin plant eunfined spaces with burtT an] 

iniponnnr-p Jr pwnJ More fre-. V^n^ and Insu- [, jpnt ^mp^raturc and humidity. 

* a -‘ l,3VC la, ’ p number* of .aiore on 0b) b.- 2431. The -boxed unit can he easily 

DDiuTiue carried hy two tuen. and requires 

9 PR1N I INIa 11OV-30HZ supply. It ;s -rated at 

1 # less than' * kW, at amhiem tenv 

Speeds up composing 

. , ,, fan coil unit ia taken into the 

ADDED Tu IBM s typencuiog The machine enables text held area at the end uf refrigeration 
machine ranee is ,i magnetic card i n memory, nr transferred into hose&. connected, to - the 'main 


Speeds up composing 

•■nm pos<?r which U buill up from mt . njl)PV f ron , magnetic cards, to compressor, 
a Typewriter layout keyboard an , . . , multiDle More froni the maker at ™ 

integral c-.non-ch a racier rb-c- p - l “ Box 11. .Holmer Road. Hereford 

ironic memory and a pack-feed c°iu m ns. or. for example, id- *0432’ 6SI51). 

magnetic card console which either ranged right or left. ^ — : 

provides final stora-te for correc- cmircri nr jiMifled Formats P" _ 1 

ten iinri accepted text after a few fcevstrokes. Run- . J , -- 

*■: test :s keyhoardrd n in nrounds can also ho handled ~~~ ’■ — . 7 ' i J 

h»lri leinpnrarilv in memory for jiisi as easily. ’^~— z \ }.'■ 3 / 

immediate crmr-cnirertinn or re. T?-.- eliminating manual “ cut-. — ago )■ 

1 Tnmattinc. and is then irarw- .inri-toirp “ corrections nrodue- t . y 

f.-rred for stnrege on th»<e nvttv ran h c increased in both ! I "s. 

cards, each capable nf holding professional print ^nd in-house 

■:r to S.nno characters. They make print operations. The contDose* 1 -Clins !i *i 
>« possible to retrieve stored also enables work I n be undated. ^ JB L&JtjiSo • i \ 

«e\r .it anv time for correction nr printed in a different tvne - l * . " 

•i i *1 rrvsjen v^a the k«-.-bn.ird face, measure or format without /. - 

■iH memory. The composer pan re-kevhoarding. ! - — — 

:Hen nlav ou’ ihe camera-ready ifm. Wiqmore Sr-e»t. London u 

text at high »peed. IVIH OAB. 01-935 6600. //.* 

:Hen nlav ou’ ihe camera-ready 
Irv-Ti at high speed. 


Terminal newcomer 

LATEST contender for the m*ujI -its of only 32 chips — which the, 
distd.iy unit terminal marker is company claims is a reduction of] 
new cum pa n > called Lime -.ome SO per cent, on the number 
Peripherals. *oi up h\ the vx- used in comparable machines on 
.•i. inag:ng -jirccliir of Coiniieiec. -yic ;<1 the mnnienf. 

Martin I’nderwond. TKi . «- r ,i- 

Tti .1 , hi. *it>H 5*n.i Ttl1 - ' "-H. i» (.'introlled by a 

,.n\,Srniv ?^*II ifc. Motorola 6SU2 micro driving a 
'' ii! uiti nuiti f i o -mtl 11 im. cej^ i'pt ■■■«*-> *-r.i „u: A n»i,_ 
l jirfin -,bi.-h -i.i-s, ihe i -dest ***' KT vuntrolier chip. The 
.i rr ; re-nil is full scrtillinc with a 

LSI pr.wew.r.- and uticii con- jeon ,.h, r -.,i nr 

Cwmbran tieveloprnenfc 
Corporation Iws wived mr-rtof 
.the problems encountered hy 
Industry dui ing e;id after 
relocation. AlreaUv more than 
iTnVonipiiniCT- settled lirro. 

The Corporation s current 
building programme will provide 
a wide choice ot industrial 
premises in 1 978 - from small 
.'nursery units to lactones and 
-warehouses up to 20.000 square 
I eel leasehold serviced snesare 
available immediately. 
Government grants are available 
end - substantial rent concessions 
-nn»y apply. Housing will be 
provided lor all: and ihe key men 
who come with new industry can 
bo housed ffrmysdi at el y. 

Modern docks are i-io^r- nr h.tnd, 

and laeCTiehv mororwars and 

trunk rnatW- link. Pwriibiwn':-! 
modennTair r-orles with evrrv 
pair ifSricajii- In 
90 minutes fc- Maim London 
in lintlonHiretlBin nvobuui -■ 
by M4. or Ou tniiuite3 by the new 
■ELUrti SpfiedTcatas. 

Get the facts about Cwmbran, 
where -15.000 people vnjoy rvery 
fiiclllty for work aiid leisure. 
PlPasHj use the coupon, or write 
qr teiepjione today. 

.Tn 'ft. IV. H-yicuxi. 
SittunUAlinaixr, Cumbrai 
nenetopmeia Corporation. 


nLh '. ■ ,0O ° character page or which 
^!!r r r l '«° character/ are v,ew a h|£ 

." r m'd i/f' < \p.?rtwd fnr ihe privr More from 2. Avenue Court, 
•if i’K4.i Gn«t-- have hern mint- Karni Avenue. London. NA\'2) 
:bc logn. unit con- 2PT i 01-452 0W0». 


•:ne world j liara&t manuraciurci 

3- it*- e -t- Fdimj^d' 1 Srf'dkKWWB.' 

. ■ ewiwinu liurporanon. 

■ tivutnr H tone. Totcit Centre. 

" Cirnibrna. c: treat NP43XJ. Wale*. 
i 1. Crrmbron S7777. 


■ Post tion 

■ Com panv 

* Audreys. 

. Financial, Times Wednesday March S 1978 



non-stoD from 


London to Atlanta, 




— — ^ 



» - 

»■•** t *~ m < — ^ '" ri 


j: ids * * 


Si 'MR 

** -7223 


fct# I 

M "** 

Starting Ma^l, Delta 
Air Lines introduces 
the ffrstdaily non-stop service between , 
London^ convenient, uncrowded Gatwick 
' ; 7.# 5 Airport and Atlanta, Georgia, the “capital” of : 

v ?;. E^mca’s Southeast, best gateway to all the 
- • it % .South. And Delta inaugurates the first through 
>7-yrK jet service between London and New Orleans, 
with no change of plane, 
t Delta's Flight 11 leaves London every day at 

1 '12d0praand arrives in Atlanta at 4^2 5pm. After a 
• . brief stop, it goes ontoNew Orleans, arriving at 

. 6:45pm. Coming back. Delta’s Flight 10 leaves 

^rr New Orleans at 2:45pm every day, departs from 
’ /: Atlanta at 6:30pm, and arrives in London at 
■ ; t : 7:20am. (Alltimes are localtbnes.) 

: V ' Check in at Victoria Station 
^ti may check in at Victoria Station and select 
your seat. Delta will take your luggage for you. 
Then board an express trainto Gatwick and go 
directly to Delta’s Flight 1L There are fast trains 
every 15 minutes from. Victoria to Gatwick and 
the fare is £170. 

Eiqoy DeitaMedallionService 

You fly the Atlantic on Delta r s Wide-Ride (TM) 
L-1011 TdStar with “living room” cabins 8 feet . . 
high and 19 feet wide, and all the luxury of £ 

Fly with the Delta professionals 
Your flight crew inthe cockpit and cabins are all 
Delta professionals with years of experience. 
They have logged millions of air miles, flown 
every jet in the Delta fleet. You can be sure 
they’ll go all-out to give you a memorable trip. 

Aw Oiirrms march ing 

Delta ranks among the world’s 
largest airlines 

Actuallj; Delta flies more passengers than all but 
one other U-S. airline - over 30 million 
passengers a year Delta has a fleet of 190 of the 
latest-model jets. They fly to 92 cities, and 
together their routes cover 37745 miles. 

And Delta is.anairline run by 30,000 
professionals, men and women who know their 
jobs and love their work. In addition to the U.S. 
and England, Delta serves Canada, the Bahamas, 
Bermuda, Puerto Rico and South America. 

Delta is honoured to be the first airline to 
provide non-stop service between London and 
Atlanta, through service between London and 
New Orleans. The Delta professionals look 
forward to serving you. For reservations, call 
Delta at 01-839 3156 or see your friendly 
Travel Agent^DELTA 

The .wine mo tr. snsfeswra^ 

pleasures of DeltaMedallion Service. Superb : 
international dining in First Class and Economy; 
to o. You watch a just-released film or listen to 
Delta’s" Words & Music” programme on your - 
private seven-channel stereo. (There’s a £L50 
charge for headsets in Economy) And you can 
shop as youfly at Delta’s duty-free, ; 

terfi^bt store. . 

You can’t purchase a lower scheduled 
fare to Atlanta or New Orleans 

You don’t pay a penny more for the convenience 
of flying Delta non-stop to Atlanta, direct to New 
Orleans. No other scheduled airline can take 
you from here to therefor less. For example. 
Delta’s Basic Season APEX (Advance Purchase 
Excursions) Fare to Atlanta and return is 
only £173, to New Orleans and return just 
£225 (subject to Government approval). 

Naturally there are special 
restrictionson each discount fare, which 
Jbu can get from Delta or your Travel 
Agent And the number of low-fare seats 
is limited, so we suggest youbookearly \ 

Excellent Delta connections 
in Atlanta 

■Deltafliesto 79 cities from Atlanta, with 
more than 260 daily flights around 
the dock. You-have easyDelta-to-Delta 
connections to all the U.S. Southeast, S 

Southwest andWest Coast Delta hasinore Wide- 
Ride superj ets from Atlanta than any other 
airline. And Delta has twice as many employees 
to serve you in Atlanta as any other airline. 

London-Atlanta, New Orleans Basic 
Season Return Fares 

(subject to Government approval) 

... ... , 1 Im Atlanta _ ToVew-nrlfan* 

Basic APEX (Advance 
Purchase Excursion) Ebre* 

5 173.00 


22-45 Day Basic Excursion Fan** 253.50 


Regular Basic Economy Fbret 



Regular First Clas&fiire- 



”E rfedive until June 30. Higher in sum nn*r. 
tEffective until June 14. Higher in suromec. 

Fares and schedules subject to change without notice. 

Mania, capital qf America's txxm^SdMuxz&L 

Financial Times Wednesday March S 197S 

The Management Page 


IN A little-noticed section of 
the White Paper on the conduct 
of company directors, published 
last November, the Government 
said that, under its proposed 
legislation, directors would " be 
required to send the annual 
report and accounts to all em- 
ployees as well as shareholders.” 
This extraordinary suggestion 
appears to negate the valuable 
work that many companies have 
put into the development of 
simplified reports for employees. 

It is not clear whether, under 
the proposed legislation, the full 
report and accounts would have 
to be sent to overseas employees 
or merely those in the U.K. IF 
the requirement extended to 
overseas employees, would an 
English language edition be 
sufficient? In either case, the 
additional cost of printing and 
distribution would be substan- 
tial. For instance. Imperial 
Group sent out some 200,000 
copies of its 48-page annual 
report last year. An additional 
90,000 copies would have been 
required if these had been sent 
to all U.K. employees, and a 
further 10.000 if overseas em- 
ployees had been included. 

It is doubtful w he tlier niany 
eropJoyees would benefit from 
the receipt of the full annual 
report — which is tending 
rapidly to become an informa- 
tion package designed for pro- 
fessionals. Successive Com- 
panies Acts have increased the 
disclosure requirements and 
this process has been reinforced 
by the activities of The Stock 
Exchange, which asks for addi- 
tional information for listed 
companies: and of the account- 
ing bodies, which have issued a 
stream of recommendations 
since 1971. 

The result is that, instead 
of a simple balance sheet 
and profit and loss account, 
most listed companies' 

a company s 

to shareholders and employees 

annual reports now contain two 
balance sheets (one for the 
parent and one far the group) 
and up to Four statements show- 
ing the results of the year's 
operations (an historic cost 
profit and loss account, a 
current cost profit and loss 
account, a sources and applica- 
tions of funds statement, and 
an added value statement) 
together with several pages of 
notes and other information. 
How many people could 
honestly say that they fully 
understand thp difference 
between these various state- 

And this U not all. In the 
Green (discussion) Paper on ihe 
future of company reports, pub- 
lished last July, the Government 
mentioned a number of addi- 
tional Features That it proposed 
larger companies should include 
in future annual reports. Apart 
from making added value state- 
ments and sources and applica- 
tions of funds statements com- 
pulsory. and requiring more 
detailed disaggregation of com- 
panies' activities by type of 
business and geographical area, 
the ' proposed rules would 
require the publication of 
additional information about 
such subjects as manpower, 
short-term borrowings, leasing, 
obligations to pension funds, 
transactions in foreign curren- 
cies. and international trade. In 
addition, consideration is being 
given to making it a require- 

ment to publish information 
about research and development 
expenditure, energy usage, and 
“ Future, prospects." 

Most, if not all,, of the new 
disclosure requirements are 
intended to apply tu larger 
companies only. It was tents- 

ing requirements for smaller 
companies is a welcome one. 
Nevertheless.' it seems that 
larger companies' reports are 
destined to become even more 
complicated than they are at 
present. The prospect that an 
increasing amount of EEC 

that simplified reports should be 
provided for employees. I be- 
lieve, however, that the import- 
ant distinction should not be be- 
tween the needs of investors and 
employees but between those of 
sophisticated and unsophisti- 
cated users of .company reports 

Martin Gibbs outlines the case for allowing 
directors to -send shareholders simplified 
reports, unless they request more detailed 

lively suggested that these 
would be defined as companies 
employing inure than 500 people 
nr with a turnover of more than 
15 m. 

Amplifying the proposals in a 
speech in October. Mr. Stanley 
Clinton Davis. Under Secretary 
of State at the Department of 
Trade, said that there might 
eventually' he a three-tier 
system of reporting in the U.K. 
This would involve a shorter 
form of report than at present 
for small companies, a some- 
what extended version of the 
present requirements for 
medium-sized companies, and 
" comprehensive reports and 
accounts for larger companies." 

The suggestion that there 
should be less stringent report- 

legislation will have t«* be 
incorporated in U.K. company 
law is likely to cnmplicaie com- 
pany reports still further. In 
particular, the Fourth Directive 
on company law will include 
detailed rules governing the 
format and conteat of company 

Because of the increasing 
complexity of the full reports, 
many companies have begun to 
produce simplified reports for 
employees. The extent to which 
this practice has developed is 
shown - by the fact that there 
were as many as 250 entries in 
Accountancy Age's recent com- 
petition for the best employee 
report. The principle is thus 
emerging that the full reports 
are for the shareholders and 

— whether shareholders, em- 
ployees or some other category. 

The great majority of em- 
ployees must clearly be 
regarded as unsophisticated 
users. If they differ from other 
users of company reports it is 
because they have an additional 
interest in information relating 
to their ■ particular place of 
work. In a survey of its 
employees, carried by Laportc, 
the items regarded as "very 
interesting" hr the largest 
number of respondents were 
future prospects (91 per cent.), 
site information (84 per cent.) 
and group profit/loss (S2 per 
cent.). Overall. 88 per cent, of 
the respondents found the 1976 
employee report “satisfactory." 

However, at the other end of 

the scale, trade unions can be 
very sophisticated users of the 
full report and accounts. The 
detailed study which the Trans- 
port and General Workers’ 
Union made of the last accounts 
published by the Ford Motor 
Company is an example of this. 

The same distinction applies 
in the investment world, fnsti-’ 
ttitional investors and analysts 
have an almost insatiable 
appetite for information to 
help them in their job of 
understanding what has hap- 
pened to companies in the past 
and. more importantly, how 
these companies arc likely to 
perform in the future. 

However, 'it appears that 
many private investors find 
modern repnrts ton compli- 
cated. A survey recently pub- 
lished by the Institute . nf 
Chartered Accountants in 
England and Wales (“The 
Private Investor and the Cor- 
porate Report," hy- Lee and 
Twcedie) found that-53 percent- 
er private investors would wel- 
come some form of simplifica- 
tion. A Swedish survey by 
Volvo showed that given a 
choice. 47 per cent of share- 
holders would opt for a sim- 
plified version of the annual 

I believe that they should be 
given such a choice. /This 
would mean changing the. law 
in tile opposite direction to 
that proposed by the Govern- 
ment Instead of requiring the 

full report and accounts to be 
sent to all employees, directors 
should be allowed to satisfy 
their existing obligation to 
report to shareholders (and 
any future obligation to report 
to employees) by sending 
simplified reports unless the 
more detailed repnrts were 
specifically requested. 

This is not such a revolu- 
tionary proposal as it may 
appear. A precedent already 
exists in the U.S.,. where much 
nf the detailed information 
required by the Securities and 
Exchange Commission (fur 
example, replacement rust 
data) can be shown m the 10-K 
statements which are filed with 
the SEC and sent only to 
people who specifically request 

.There would be legal and 
administrative problems in 
making the change. The law 
.would presumably have to 
specify the contents or each 
report. Both sets of accounts 
would probably have to be 
audited, to ensure that they 
gave a true and fair view, and 
companies would have to keep 
records of which type of report 
each shareholder wanted. 

it would also be necessary to 
ensure that those who opted 
for the full reports received all 
the information that the com- 
pany was prepared to publish. 
There have been examples in 
the past where significant 
information published to em- 

ployees did not appear In the 
report and accounts sent ( 0 
shareholders. One way w 
avoiding this problem, if there 
were any doubt, would he to 
send both reports to those who 
asked for the full package. 
Many companies do this 

Provided the simplified 
reports were clearly presented 
and avoided too much gim_ 
mickry, the advantages of in- 
creased understanding should 
outweigh the disadvantages . or 
producing two different reports 
each year and it is probable 
that increasing numbers of 
companies would decide to dn 

Time is. however, running 
out. The Government is com- 
mitted to introducing a Bill 
this session, po^ihly this 
month, to implement the EEC 
Second Directive. winch 
requires al! companies io hp 
designated as either public or 
private. The proposed legisla- 
tion on the conduct of directors, 
including the requirement to 
send the full report to ail 
employees, could be included 
in this Bill. Those who share 
my belief that simplified 
reports would he more appro- 
priate in many cases should 
therefore make their views 
known as soon as possible. 

Although the accounting 
bodies have expressed them 
selves as broadly sympatheti 
to the idea of simplified 
ports for shareholders, and ar 
conducting research into th 
question, my views as exp 
in this article are personal, an 
arc not necessarily shared b 
other members of the AMaolrt 
ing Standards Committee 

Marlin Gibbs is l fie 
research partner of stockbro 
Phillips and Drew, , trad. 
recently joined The Acftnti 
Xrnnc/nrds Commiffee 

MANAGERS who bemoin their was in the four months since 
financial lot mav be cheered by October “A. simple extrapola- 
the latest survey from Reward-, ^tinn of this figure shows 
Which produces four-monthl, S' U 

reports of executives pay and 197Sr My s the report, 
conditions. Things are getting The improvement in Ihe 
better, it says: so much so that standard of living of managers 
the middle and junior executive ran be amounted for mainly by 
may expect an increase in living railing costs and tax conces- 

Rewarding news 
for managers 


Job Category 








Genera! Manager 








Systems Analyst 



350 ' 

Personnel Manager 




Training Manager/ Officer 




Marketing Manager 




Sales Manager 

Production Manager 








Production Manager 

( Non-Engineering) 




Quality Controller 



450 ' 



Reward Suffer 

may expect an increase in living railing costs and tax conces- While pre-tax differentials eroded compared with average Training Manager /Officer 38 Vjoo 325 

standards of between 5 and 10 sions. but as the survey points belween managerial staff and earners " says Reward. Marketing Manager 37 5.600 700 

per cent, in the 12 months to out qualified and professional operativ continue io be The yawning .'gap between Salas Manager 40 5,200 500 

the end of 1978, assuming the staff benefit disproportionately ‘ . . salaries paid by large companies Production Manager 

much heralded tax cuts arrive the reduction of mortgage me pu*nr ot managing C(jmpared with those paj d hy (Engineering) 39 4,800 500 

in the April Budget. interesi. A middle . manager directors is even worse. Their small enterprises has closed con- Production Manager 

The Reward survey of 31,000 earnin S £7,500 only needs a 1.2 salaries, according to Reward. siderably.In 1975 Reward found . (Non-Engineering) 36 4.700 500 

professional and executive staff P er cenL increase in gross have risen by 6 per cent, in the that large companies were pay- Quality Controller 37 ^^5° 450 

shows an annual increase in **^*7 for the year to Febniary jgst eight months compared ing 20 per cent, more than the Sovran Reward Surrer, 

earnings to February this vear 10 ra *tbtain his standard of with 6.3 per cent, for the full national average but only 16 

of 8.4 per cent., a figure appre* Wring. index and 7 per cent, for the per cent, more in 1976. This P«ny cars and other benefits for past 21 years of pay restraint 

ciably lower than the 10.5 per The hypothetical manager on National Average Earnings trend has continued and major straight pay increases. it says, 

cent increase in the National 17.500 receiving the average in- index. “This of course means companies now only pay 8.5 per But it does appear that small Executive unemployment Das 
Average Earnings Index over crease of 8.4 per cent, in the that the after-tax take-home pay cent, more than average. There companies have increased execu- fallen since the last Reward 

the same period. But of that year will be £500 better off. of those carrying the greatest is one caveat: larger companies tive and professional salaries survey was published in. October 

8.4 per cent, increase 5 per cent, says the survey. responsibility is again seriously are tending to substitute com- faster than average over the last year from 75.000— a figure. 

- - - — — - — — - - • '* : — bolstered by the autumn gradu- 


■ ■ M m m ■■ ■ experienced executive and quali- 

fied .staff has remained static." 

says Reward. 

•On fringe .benefits Reward 
notes that executive overtime is 
becoming a serious Issue for 
many companies. It says that 
many shnpfloor workers whn 
work overtime arc significantly 
better off tban their staff col- 
leagues who put in additional 
hours for no extra money. 

: On another point, the much 
complained of differential 
between public and private 
sector pay levels would appear 

tn be on the wane. In. a . stir 
vey of its members theTnstiru 
tion of Electrlcar Engineer 
found that the median earning! 
for fellows and members in 
the public sector - were 
above their colleagues in pri 
vale industry. Last year til 
difference was £1,1 SO. 

*f?e»rnrrf 9 is published (nj .. 
Reward Rcaioital Surveys, . i, ' \ 
Mill Street, Stone, Staffs, STJ.i 
SBA. Annual subscription £54 fc . ? . 
(me. VAT) for three issues. 

Jason Crispy . 



I*' 1 * - \ 

' * 


1 - ■ 

► . . V * 



Deeding mthEoerydayProblems 
Mi-Blli April 197S 

-***’•• ■ ■ _ 




:.Vv ; :**■ 



The sands of time have run outfor old fashioned 
carbon paper. * 

In the name of cost efficiency, Modern business 
systemsand techniques demand Idem carbonless 
copying paper. 

Idem carbonless looks and feels like ordinary 
office paper. But when itcomesto making copies, 
the difference is extraordinary. 

Each sheet of Idem has been specially processed. 
So whatever is typed, written or printed on it is 
instantly transferred into' the sheets below. 

Unlike messy carbon, there are no intermediate 
sheets to be interleaved, and then separated 
and removed. 

So Idem is quicker and easier to use- thereby 
saving you time and money. 

In addition to being clean, Idem copies are clear, 
reliable and safe - in a choice of deep blue or black- 
image, both giving dear photocopies. 

All over the country, people are already banking 
on idem in offices, factories, hospitals, garages - 
wherever, in fact, copies are required for sales, 
invoicing, accounting, delivery, stock control, 

Ask your printer for Idem. Or complete and 
post the coupon for yourfree demonstration pack. 

Capital gains 
in gilts 

• This is a courseconcentratingupcm the handling of 
day-to-day employer difficulties arising from poor 
individual performance, bad timekeeping, misconduct 
and other disciplinary matters. 

• It is specially designed fovmanagers who might be 
uncertain of the immediate channels open io them in . 
dealing with employment problems in lodav's complex 
legal setting. Mistakes can prove to be very cosily, as 
some companies have discovered. 

I bought three tranches of £2,000 
of Treasury III P«r cent- 1991 In 
June. July and August last year, 
and last month another of £LO00. 
As the anniversaries come along, 
shall I be able to sell the appro- 
priate amounts on a first In, first 
out basis? I see by Seetion 59 
Finance (No. 2) Act. 1975. that 
special rules apply where a 
person who holds Government 
stock buys further holdings and 
then makes a disposal. Could 
you enlighten me on this? 

Apy sale within 12 months of 
your latest purchase will produce 
a chargeable gain (or potentially 
allowable loss).' Briefly, the rule 
in paragraph 7 of Schedule 10 to 
the Finance Act. 1971, may be 
described as first-in-first-out 
looking back only 12 months. 
For example, if you sold £3.000 
nominal on June 15. 1978, you 
would be deemed to. have sold 
the £2.000 which you bought on 
July 21. 3977, and half of the 
£2,000 which you bought on 
August 1, 19ii. 

Unless you realise a poten- 
tially allowable loss, you need 
not trouble about Section 59 of 
the Finance (No. 2) Act 1975. 
which merely extendecLthe loss- 
restriction rule in Paragraph 9 
of Schedule 10 to the Finance 
Act 1971. 

Participation and practicality arc llic twin keynotes: 
anyone responsible formanaging people or handling the 
Personnel Management function as an additional role 
will benefit considerably from this course. 

Attendance will be strictly limited to 30: ensuring full 
involvement by those attending, and the charge For the 
2 days, inclusive of lunch and all materials, is £120 per 
person plus VAT. The course will be held at our London 
Conference Suite; Baker Street. London Wl.. and Ihe 
programme will operate 09.30-17.30 on both days. 

Applications, accompanied by a cheque, will be dealt 
with m stria order of receipt. Cheques received after the 
course has been fully subscribed will be returned to the 
senders immediately. 


After acceptance, if non-attendance is subsequently 
notified in writing not less than 14 days before the event, 
there will be a full fee refund - less a £ 10 handling 
charge. fW ; of the lee will be refunded if notification of 
nori-attcndance is received in writing not less than 7 days 
before the event. Thereafter, no refunds will be cramed* 


Cheques should be made payable to Bcckwcil 
Consul liincy 'Services Ltd., and crossed "Account Payee 
Only". All applications please to: 

Charles Stewart B.Sc. (Eng). M 



T) 1 11 Considiam/ 

Deckwell SewicesUl 

Management & Selection Consultant*. 

Telephone 01-487 5761 (24 hr Answering Service j. 
Telex: 263526. 


‘ • .1: );» 

i j 

i ■ y* : IFv ■ ■« ■ ••i/a 



a;V-. ,-.S * •*. 

To: Wiggins Teape (Mill SaJeslLtd-, 

(OEM Division, Freepost, Basingstoke, 
Hampshire RG21 2EE*Td: (0256) 20262. 


Please s£nd me-freeand without obllgatlon- 
my ^in pjn demonstration pack. 

Name— ■ 

Position ■ ■ 

Company Name ■ 

Address. — — 

■ 'Vtl * 1 ■ ■ ■_ it ** 

,/dcm is made by Wiggins feope, Popermokers to the Worfrf. 

All the advantages of carbon, without the disadvantages 

With reference to your reply 
under uncollected goods f Jan. 

. 25). do you not agree lhar the 
Disposal of Uncollected Goods 
Act 1952 has been repealed by 
the Torts (Interference with 
Goods) Ad, 1977, the relevant 
provisions came Into effect on 
January l, 1978? Among other 
differing previsions, there is no 
longer a requirement to display 
notices in 'dtops and (he period 
after which goods may bo sold 
Is much reduced. 

We agree that the law as 
stated in Dur reply was as it 
stood under the former statute 
before l January 197S. The Torts 
(Interference with Goods) Act 
1977 now makes simpler pro- 
vision in respect of goods which 
are bailed but it. does not appiy 
ivbere the goods - were bailed 
before the commencement of that 
Act (Section 13(9;): hence our 
reply setting out the old law. 


No legal responsibility cm be 
accepted - by tfte Financial Tin-es 
for tbo answers given in these 
columns. All inquiries will be 
answered by post . as sa on es 


< H- ... . 

’ i- 0 \ . 

V • u 

Major The Earl of Ancastcr, 
KCVO, TIX, Midland Bank 
Limited, 60 West Smithfidd 

London EC1A9DX. 

British Limbless 
Men’s Association 

•firra TOUEDSEWHO SAVE — i bias? 

We come from both world wars. 
We come from Kenya, Malaya. 
Aden, Cyprus. .. and from Ulster, 
From keeping the peace no less 
than from war we limbless look to 
you for help. 

And you can help, by helping 
our Association. BLESMA (the _ 
British Limbless Ex-Service Men's 
Association) looks after the 
limbless from all the Services. 

It helps, with advice ana 
encouragement, to overcome the 
shock of losing arms, or legs or art 
eve. It sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And, for 
severely handicapped and the 
elderly, ii provides Residential 
Homes where they can live in 
peace and dignity. 

Help BLESMA, plcaseJWe 
need money desperately. And, wo 
promise you, not a penny of it vviu 
be was ted. 

. ''J.V-., 

“ ***% 

lh ?:r 

fu : » 1 




t T<S 
|! i *' 


A ’ ; --. . * .T f 

,^}V , 



irz 5&js ■£?,<£*• - 

t* * i«n wjt >" s' 1 


•*C*? ' S. >""'•" ' -., V A '..jy N&., rSj 
^ •• ■ _ 

' 'U 
•' ? ■ £ 

£•-. aL ryjM 

Bfc ft? <f ***_ *' *' 

»M*(Siv • •■ .'■ ••'R.' : ..', : ■ i':' v -> ■-• ; -. t 

!?&*&&•• ./.;4 ' - «'.'V'^^ ! , V'' : 

Map by Gauge Pftilfy and Sat LutC 1978. 

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For a prompt answer, contact 
George Bryen, tel: London 
606 9944. Ext 4057. Telex 
888401 or contact any of our 
branches throughout theU.K. 


i h hiii' I 1 1 n 

Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel : 01-4>06 9944. 


V ' *riS 



Financial limes Wednesday March' 8 1978 

Hogs, houses and 


SCHOOLBOYS are uo doubt still much as a social service these 
taught it as the pig cycle, the days that it is no looser decent 
Americans know it as the hog to say that the industry, is in 
cycle, but really the prime it for pr-oqt. Unfortunately the 
example in this country is the terms of; .the argument tend to 
housing cycle. The mechanism is reinforce the delusion in the 
one of the best-known in' Department of the Environment 
economic theory: pigs take time that an industry can be expected 
to breed and houses take time to to accommodate itself to large 
build, so there is a tendency swings in demand without any 
for breeders and builders to ge't message conveyed through the 
out of step with the market, pricing system. 

When there is a surplus, breed- What both sides reern to be 
rag and building come to a stop: forgetting is tbat the demand 
when demand recovers and for housing would fluctuate 
prices rise, it takes a year for widely even if an ideally stable 
the industry to catch up. Those source of finance could be 
out of step*make fortunes. devised, just as the demand for 

all durable purchases varies. 

Potfnnmn' The commitment to a mortgage 

IVdlRIUlilg requires confidence: hou e- 

is the simple background to the 
present row about whether the 
Government should or should not 

It is not only a chimera, but 
an undesirable one. The bouse- 

{SM* !SYS“ 

jhL the* supply s °f stable 5S "££• 
bouses catches up with the 
supply of funds to buy them. 

What Mr. Peter Shore and his 

which means that housing 
demand can usually be relied on 
to spark off an economic 

civil servants want to do is to recovery. At a stage in the 
dam up demand for a period, and *«?«' T**" «f tr ^ 
so get supply and demand in rtl11 . ?J uc K ta ™ 10 ,n < v “ t reTJ 
step. It sJOnds. on the face of it rauc *- 2? h S ,ldins so - ci * ly mov ^ 
an eminently sensible, idea: and ^ C S 1,° C 

if it is sensible at all. if would ti ’ and M hclp iJ° 

be even more sensible If it were stabilise the economy as a whole. 

taken out of politics.' -Building S« ond b ? us, I n « » * /ery 
societies are getting more and .] ah0UT intensive Industry. A rise 
more like banks, as the clearing ' n demand creates jobs_; over- 
banks are now complaining, and beating, which drives up interest 
the Bank, of England could rates and starves the building 
. readily devise a specially societies of funds, tends to re- 
‘ tailored corset or a suitable kind * eaSc labour when U- is getticr 
of special deposit to smooth cut s, ! a, [ cc - Treasury in its 

the flow oF funds wisdom used positively to wel- 

The dream of a housing market 2??£ 11 HSL 1 * , " W! ? s f. 
in which prices were stable and societies to general 

funds were always available to j ,n mte ,y est rates, 

•finance the sale of the available a - s Ia ^° ur 

houses is such an -.attractive oue'?£ e rt ' ea! * e “ this - way when 
.that people are reluctant to ask . are needed, and mobilised 
themselves if the aim itself is 111 . ^^P 5 - 
se risible. The builders', even rvn 1 .• \ 

while they object to the plaa for ‘ I 6CllDfC2J '• 

- rationing mortgage funds: argue . 

instead that Mr. Shore should - 0f course it is possible to have 
rather be taking steps to get more f°° much of a -good thing, and 
houses built (how?) and to free interest rates have risen and 
more building land, and' so pre- . fallen so spectacularly in the 
sumably enable the supply to present cycle that it is. not sur- 
respond effortlessly to the feast- prising that building societies* 
trad-famine cycle Df mortgage inflows have been even more 
funds. The proposal has only to feast-and-famine than is usual: 
be slated to appear absurd: unless the movement seems privately 
bullders have an undisclosed to agree that some sort of 
'genius for financial forecasting, smoothing operation may now be 
■prices would still rise and fall in in order, though not perhaps the 
response to the financial cycle, number that Mr. Shore first 
just as they do in countries where thnneht of. 
planning, restrictions ate far less What remains is a debatable 
•onerous. . technical rruestion about finance. 

• The admission the builders which could tv- settled by tech- 
.are trying so hard to evade is nicianis. It will certa'inlv hot he 
■that it is-the rise in prices which snlved as long as both sid** ♦alk 
follows a large rise in mortgage nonsense about prim stability, 
fupds. .which, gets.. the^industrji- which. is-bnth unattainable -and 
moving. Housing is regarded so unrterslrable. 

Disguising the ravages of elm disease 

I CANNOT be alone in wonder- roots will be ignored by the the walls of their houses. But it: It Is simply too strong where Barbier are ■ well known tc i yoii 

ins how best to conceal old tree- beetles (as some believei when if you give these ramblers their no .canopy of branches by now and I will only mt again surpn^eu^ ip i. tno^ 

they matuKL I intend, instead, head on an old tree -trtmk, fm to^p ppom; . -.TT ron want a that they throw out such a thtek T«undar.r, J c IF* 

the autumn eveninc And the to attack the shortened trunk* as have less to look after. They sraall-fiowered white one, buy the canopy of branches, so quickly lltickenm^ more onen. if ? 
elms Fade into dimness apace, if they were an architects eye- will have to be tied in with Garland instead. Still listed by maturing, that they can support " " ‘ h ?. Sjju 

Silent r Too true and the sorine sore and use them. dead, as a hoops of wire until they reach a Murrells of Shrewsbury, this their own weight when they and leave it tj i . Pnj*j i into 



ageing ones. 

it is most effective. 

• " the chalk garfl 
and hence j s w 
alkaline Hampsti 
: called Wedding r 

... was bred on Ster 

You*" can keep own ivedding-date. a day wh 

Silent” Too true, and the spring sore and use them, dead, 
is not likely 
to life. Over 
are now dead 
split trunks 

protected my w . . 

t am alarmed that' no less than We can smother them, instead, 
twenty-one will have to come by planting creepers or climbers, 
down. this week, alt of them toll. The elm’s decline must h- the 
none of. them thick. The tele- rambler 'rose's, .opportunity. I 
phone wires on one side are re- have hesitated in the past to imi- 
movable at no charge, thanks to tate ou'r famous gardens and 
the GPO. The electricity cable loose these rampant roses into 
on the other is still under heated old fruit trees and so' forth, be- 
debate, a fee being demanded cause the roses tend to kill the 

by the Electricity Board, though fruit trees if they take to their ... r — , — — — — --- -- . _. . 

if they have failed to pay you, task as smotherers. I hesitate, then, are the best cover for a of pinkish-white. the same sort multi-bunda RaspbeiTy Ripple 

too. any rent for their poles over too. to plant these verv strong line of old elm-trunks. They of colouring as you enjoy in the. varieties which change to not least me rampant _ 

the past few years, there is a varieties against a house wall, will have to go along my line, of .small shrub, rose now gold., as colours to match the traffic- 1. 1 emails, or 

strong case for the- cable being partly because' of ihe gutters twenty-nne. Little. White Pet Once. you have Uahts on mnnici pal roundabouts, wnicn dopes ireii anmir? 

legally transferable anyway. above, partly because the prun- Which should you choose? seen ‘old photographs of it in Wedding Day's open white- over dead stumps anu agt 

what thou eh to do with the big and training of rampant Rose Filipes Kiftssate is the Edwardian. small .- holders* yellow, fade to white, then pink- hedgw. opuhi- -arnei 

remains S' tle 'tAinks? ^vSg roses is the job which catches famous one, rome 40 feet high, gardens, down among, .the.- white as they age, never dashing *^ d lr ^™ EJ d *" p , 

relied on elms as a screen, I in- me at the least convenient white flowered and as heavy as chicken-coops and blackcurrant too severely. erory trace ot a nasi n 

fend now to cut teem off roroe seasons and which I would will- some hanging curtain, once it bushes, you will always place As a rose for banks shed®, dead and useless. M Jjj* 

or s i X f eH f above the eround inglv avoid.. • takes a hold. You should plant, itjts a pottage-garden plant But bunkers, neighbours and old dies as ^ua'ten 1 - maw 

There ' U HttlV hope ttaftthtty' How oftm gardeners move to it two or three yards away from it is a strong rose, weU up to kenneis. Wwiding Day is \ aroliflc as in ^ a a ^JJ n dl “ 

will throw up new growth at that smaller gardens rn order to save the base of your tree, such is a dead elm trunk. and reliable. It will increase t From ih* »■, 

height and personally, I doubt labour. thetT plant twice as much its vigour. For > dead trunl^ The pink Albertmq and . fte easily 1 from shoots « u 5 k . do .^" what ^ 

that the young shoots from the in a small space, especially on however. I would not recommend white, nearly-evergreen Albenc to half their length tn a shaded or wnat rcmaniM. 

'h* controU- However, . of Wedding I find, from the breeders; bo 
• Day perhaps not the most hand- to be nnne ton. That » r 
-■ some -if considered flower by however the reason why lt 
flower but exceptionally easy to flourished wherever 1 have 
plea-Te’ it Is abundant in its It and come up with a bouq 
sheets of white, pink-white and of barbed roses in late June 
vellow flowers. The latter have Is strong and dependable 3 
by the Electricity Board, though fruit trees if they take to th*»ir another. These rampant roses. The buds are that happy shade nothin? in common with uiose unere.. . 

ii- 1 uaii ... _ ■! • 1 mvmw ffi. M nUbleh w'hita rh« c*im« mp* T?ntnhArTt RlYiole Tl)CrP diP ninpr pnssiDHjt 

Funny Baby should land 



2.43— Funny Baby* 

3.15— Great Echo 

3.45- ^-AngeI Clare 

4.15 — Sun Lion _ . 

4.45 — I’m a Driver** 

2.00— Admetus*** 
2-30 — VI do 

3.00— Palace 

3.30 — Herm ini us 
4:00 — Happy Ranger 

4.30 — Bine Braes 

A FALL at the third from borne Angel Clare should be able 
robbed Funny Baby of victory 10 take advantage of the 2 lbs. 
in the Galloway Braes Novices' he receives from the in-forni 
Chase at Kempton last time out. course and distance winner, 
and barring a similar mishap. Trcgarron. in the Busby Chase, 
to-day's Newby Chase at Cat- I'm a Driver. twoMcngths con- 
terick should be. at the brown queror of the odds-on Flame Gun 
mare’s mercy. at Punchestowu ip December 

Funny Babv was going impres- before finishing a -respectable 
sively when she lost her balance, second on his first appearance 
Her jockey. Michael Dickinson, in this country, has nothing of 
-5ald later: " She would have qualitv to beat in the 34-runner 
trotted up. I gave her an "easy second division of the Hornby 
on the bend and f was taking Hurdle. He appeals as a worth- 
matters too ranch for srajited.” while bet. . 

If George Fairba'm’s mare The possibly - under-rated or -more, will receive an. addi- 
bas shaken off any ill-effects of Admetus goes for the opener at tional 50 per cent, of the guarau 

. -- •- - -Worcester, the -first- division- of- teed-oriao. money- -for-the- race 

the Ferry Novices’ Hurdle. The In Pattern races for Jwfcyear- 
1974 'Washington International oldfifliesonly. the -premium will 
winner has done- little in three ’he "divided to give the '■winner 
■ nutines -Over the : hurdles But 35 per cent., .the second 10 per 
Fred 'Winter has- faith in him, cent., and the third 5 per cent 

■ • and r hope to .see him realise The scheme is being financed by 

— ^ his potential here wtth a clear- a snecial Levy. Board grant of 

that tumble, she shou'd find little C nt vfclorv- over the likely £170.000. 

difficulty in heating the course, favourite. Hallodri. , 

specialist. Wy'am Boy. to whom An extension' tn the 1978 ' 
she concedes 3 lbs. FtMies' Premium- Scheme. 'to in- ' 

Two other possible winners for dude navments to owners of 
Dickinson are Ansel Clare arid British-bred two-year-old fillies WHYm 

I'm a Driver, hath trained -fly v.-hich win or are placed In T ^ 

his father, Tony. The former Pattern races open to colts and WORK WILL begin at Stone 
won -at Market Rasen and Don- flutes, has been: announced by hence on March 15 on the 
caster before an.uncharacteristic Sir. Desninnd Plnmmer. chairman montWon? job of removing the 

fall.- but has since returned to of the Horserace Betting. Levy riine-year-old gravel surface in 

oulejass - Soutra . in South Board.' . . and ground the circle and're- 

Shields_ Chase at Scrlgcfleld ' Under the orisinal scheme, turfing the area.. Visitors will 
before aiding Mr. Snowman a owue^of -.RHti^-brM. .winners not be able to go. within the 
stone and a'21-lnnbfhs beating in 'of all two-vear-oR fiMies races, bank and ditch around the 
FrWays— Forbra-Gpld-eup, -at - except semng bY'cTkrfnTng races cfrclc, fhe TEnVfronmenf Depart- 
Ludlow. ■ with an a^verffsed value nf H.000 ment said. 



f Indicates programme in 
black and white. 

BBC 1 

55>3 Nationwide (London and &-20 Wales To-day. 6.3G Heddiw. 1.00 News, plus FT index. L20 i*ow wimimiws pratramsiei. sas 

South East only). 7.10 Young Musician of the Year. Help! 1.30 CroWn Court. 2.00 crossroads, to# Granada Reports. *jb 

6.20 Nationwide. 7.40-8^0 The Rockford Files. 8.30- Afier Noom 2JZS Hadleigh. 3^0 Hwns Shpw ' 8188 Balferty - 

Film: 9.00 The Liver Birds. 1L43 News- Paint Along with Nancy. ' 150 

6-50 The Wednesday 

6-40 ajn. Open University. 9.15 
For Schools, Colleges. 10.45 You 
and Me. 11.00 For Schools, 
Colleges. 12.45 p.m. News. 1-00 
Pebble Mill. MS Mister Men. 
2.01 For Schools. Colleges. 3.53 

“Five Man Array.” 
8.30 The Liver Birds. 

and Weather For Wales^ Couples. 4JS0 How ; : ■ 4.45 Pop 

am . . - .. . Scotland — 11.00-11.20 a.m. and Quest. 5.15 Emmerdale Fann. 

9M News. Including report on 2.T84!^8 pjn. For Schools. . 5.55- 5.45 News, 

o « ThI d HA«« Sr l^ S n« L u«. rlnS ' 8J ®' Reporting Scotland. 11.45 fl-00 Thami 

i Ho . n T . ® eat - News and Weather for Scotland. 

1L05 TB5Sl 8l,t ' - _ik*orthcra Ireland— 3.3MA5 p.nv. 

Regional News for England (ex- 11.43 The Sk>- at Night. N TC« 

cept London). 3J5 Play School. 12 j 05 a.m. Wcather/Regional 

4.20 Touch# Turtle. 4 25 .fackanory. News. 1, ? ht on NorthP"’ ^land affairs: 

4.40 Screen Test. 5.00 John .Ml regions as BBC 1 except at 
Craven's Newsround. 5.05 Grange the following times: 

Hill. 555 Ludwig. Wale* — 2.IS-2JS8 p.m. For 

5.40 -News. Schools. 5.05-5^5 Bilidowcar. 5.55- 


6.00 Thames at 6. 

6AT Crossroads: — 

7.00- This Is Your Life.-- 
7.30 Coronation Street. 



1 Trip in autumn concluded 
(4. 41 

5 Wood household god takes. for 

masonry <6l 

G Composition test Pete made a 
mess of (8) 

7 Flies cat concoction with most 
foliage (S) 

8 Manace to hinder chase f3. 5) 

9 Refusal* for example to enter 13 Unimportant part for a knight 
country (S> for instance (5, 5> 

10 Odds on shower causing injury 15 Suitable gains oo the sands 

(6) (S) 

11 Bit of Lear made up by Tree 16 V£itb<?ut omitting, anything 

before 10 (S) ' eventually i2. 6) . 

12 Speak falsely of French leader When a university student 

concerning religion (61 lives on borrowed time (4, 4) 

14 Apparent reminder to visitor 19 Let beginner relieved from 

looking round Salisbury paid... (6) . . 

(5,2,3) 29 7.. "allay suspicions of Danish 

15 Only drinking water being — leader over one - southern 

carried by lorry (2, 3, 5) member (6) 

22 Ted out to disturb Italian 21 Signal stream to tontinue (6) 
twosome (61 

23 Desire to make father return 
femininely dainty <S) 

24 Painter seen in Reading 
restaurant (6) 

25 Reporter with intelligence .to. 

peddle goods fS) ' • : * 

25 Esme shattered about church 
plan (6) 

•27 A neat keeper on the farm (S) 

1 Sbow-stopping number (61 

2 The French stick to key plant-. _ 

< 6) » 

3 Protest from appealing 

crieketer (6> 

4 Suable anchorage for an old 
school tie (4, 6) 

Solution to Puzzle No. 3,611 


U0 p.m. Report West Headlines. US 
Report Wales Headlines. .240 Help Yoar- 
kK. • 5.15 -Dodo the Spue KkL £20 
Crossroads.. SJ» Report WesU.U5 Report 
Wales. . 6-33 Havoc. UO Rafferty. XUS 
Bless' This House. 

_ HTV Cymru/W=les— A* HTV General 

8.00 The Streets ,Of Sarr Fran- Service except! 22B-US p.m. Peoaardair 
cisco. • Nmrjrddlan i Drdd. 420 Kin Mawr. 

f ' S ' -- exeeM: X.2Mrt-p;m. Repon Wes Head- 

10—0 LawTence Olmer Presents line*, mmjd Report wm. 

The Best Piay of the Year _______ 

. . . 1960: “The CoUection." bCOl 1ISH 

IL45 World Snooker. U5 »-m. News and Rood Report. 2.00 

13.15 a.m. Close- Leonard WomCT Onl\ SJ5 Plpei and Friends. 
P<1 '■ A V 5J3 Crossroads; 'MB- Scotland Today. 

PeareCy reads a .poem by Report. «.n .IUJterjr xuo Late 
LOUIS MacNeice.' Call. lLOS Love American Sryle. 

All IB A regions.-, as London 

except at the following times: • _ _ . _ „ 

. 1.20 p.m. Southern Mews. 2jp9 House- 

4»i/-r i i -• parti". S.X5 Betiy Boop. -S20 cf«*roads 

AIMlUA, • • . tJJO Day bs Dv Suwm'or Sah 

X.25 O.m. Anglia Nrws- '2J» Houwpartp. Francisco. 1L40 SouLfero News Extra- 
515 sir ..and Mrs 6.K About Anglia. Police Sorgeon. 
a 00 RMTeny. U-« Bryan. Taylor— The ~_ rr , 

First Time. 12.15 a.m. The BJE Ouesilon. TYNE TEES 

. 520 a.ra. The Good Word, followed by 

"l” North East News Headlines. 120 pan. 

120 p.m. a TV N-wsdes*. "SUB Mr. and North East News and Lookarowtd. 2J» 
■Mnr. -4.00 ATV Today. M0 QtUPcy. 11.00 Wotneo Only- 525 Happy Days. M0 

Dnre-Io. Northern Ufa. "M0 RaUerty. 1LC Drive 

" ■ - In Ilia a.m. - Police Surgeon. 1240 

BORDER Epiiowe. 

«20 p.m. Rnrdtr Now*. 200 Hooiw- TTT CTTR 

parry SJS Oui nl Twn M0 Look a round v " _ 

Wvin^sdjy. too Rnfierty. 1U» The LB a -nr. Lunchtime. «28 Ulster News 
Burlin'? nrnnd Matters Darts Champion- Headlines. SJS Djrnamutt the Dee 
Ship. +12J0 a.m. Border News Summary. Wonder. 4.00 Ulster Television News. 6J5 


11.45 News arid* Weather for 
Northern Ireland. 

England — 5^5 3-5.20 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 

Midlands To-day (Birmingham); 

Points West (Bristol): .South 
To-day (Southampton l: Spotlight 
South West i Plymouth}. ' C 

BBC 2 

6. 40 a.m. Open University." 

10- 20 Gharbar. 

10.45 Farosi. 

11.00 Play School. 

11 .M Open University. 

4.55 p.m. Open University. 

7.00 .News on 2 Headlines. 

7.05 Making Union Democracy 


7.30 Newsday. 

9.10 Brass Tacks. 

8.00 It's Patently Obvious. 

9^50 A Most Public Affair. - Crossroads. 6J0 Reports. M0 Raffem. 

11.00 Arena: Cinema: "Close En- CH ANIVFF n.«a world Oiampianahtp Dsns. 12.10n.1n. 

counters or the Third , X , ir . Make Ii Const, fallowed by News at 

1.18 p.m. Ciannet Lunchtime New? and Bedtime 

* xlncL V.Ua'.'i On Where 4.00 CSaoncJ News. _ 

11- 15 l.ate News on 2. *■}'' cmwu-t. s.m .**"£*. J 0 * ‘ WhST^WAR X) 

11.45 Closedown: Stephen Thorne gJSSS »%*?!!£ to FrS , «»£"- «"» Birthday 

roads ** I had a duck ‘Luffed U0 wPsi u*3 rci iYPkVf 

PlS-pu.J- t,ad 1I y'‘“ C paS GRAMPIAN . • KISS SST^ 

Barrington. ?.2S «.m. Vira Tirnis. 120 Grammaa Lite. ' - • 

News H-adlfnc-s. 6.m Grampian Today. vADi/cmnr 

T 6 -31 Police .Newsroom. M3 Raflerty. YORKbliLKE 

Lv/ivLIUiv LL« Beflecnons. UJ3 DownbgL 120 p.m; Calendar News, 525 Mr. and 

9 JO Schools Programmes. GRANADA ”^onr^*irmnslf* Vo^Ra^eny^ iSb 

12.00 Clop pa Castle. 12.10 pan. uo p.m. This Is Vour WshL 5-1B “Ruud." starring Edward. Woodward 
Rainbow. LUO Sounds of Britain. This U Your Right (second, chance tn see and Jane Ritchie. 

IB 28 
Fanh far 

DATilO 1 247m Music for St. Dnvid iots rs>. 1B2S- Lieder Mather. 3JB News. ' WS- Afternoon 

KAL/IU l Rec-Hal 'Si. 11.15 M idday Concert, parr Theatre <S>. 528 Choral EretBona. 425 

<S) Stertnohonlc broadcast , lSl . u.b p . m , |„ sn-, <ta ni izis story Ttrae. pan 8. SJM PM Repons. 

MO *JH- As Radio 2. 720 NoH Midday Concert, part 2 iS>. 120 News. 5.00 Serendlpry. J525 Weather, pro- 

Edmonds. 8.00 Simon Bales. 1121 Paul x.05 Concert Hall <S< 22B The Erotic gramme newa. VHP Reslimal News. M0 

Harnett mcludlnx 1220 P.m. NrwsbeaL smny] of the stiver Barrel Oman News. U0 My Music i6>. 720 Nrw- 
2 00 Tony Blackburn 4J1 Dave Lee on rerord >Si. 220 m Repertory: "Ido- 7 0S The Archen. 72B File on A 820 
Travis inetahns 520 Newsbest. 7.00 nwneo Idummion with records 'S' Thomas Arne— The Profltoate Melodist tS» 
Sing Something Simn'e iS> i joins Radio jjg violin and Plano Sonatas recital. 5.DD Science Now. -5 JO Kaletdoseope 92* 
Si. 10.02 John Peel is>. I22»il226 sum. Nrt j <si. 323 inn-rvai Reading. 325 Weather, wjm The World Torriaht 1020 
■An Radio ’• VioHq and Piano Sonatas, pan 2. «■» The HHch-HUters - Guide tn the Galaxy 

VHP Radios 2 and 2— MO «.tn. R'jrtt {tiilldlne a X-iltraty or rerords (Si. J*« <S>. HM A Booh at Redd irw 1125 The 
Radio 2. Including 125 pjb. Good LWeo- Romrirard Boond. tU5 News. 1»20 Financial WorW TontjrhL U-30 Today In 
log. U-00 rtlft Radio i. 1220-12.08 us. Homeward Bound fcemtfnwd)., »-» Life- Parliament. ILC New. 

With Radio' S. lines: Lsnauaae and Commntdriition. 72C. For Schuls (VHF Mb}— US 

n . p-.n n i_3IMhn and VHF GhvDln olarm recital 'SI. *28 All R° 12-00 and 2-OM20 run. 

RADIO 2 Ijwm and VUK BarJc from the Dream, tor Peter nnp Hsulin TxinHem 

ft 20 a.m. News Summary 6JB Crlcfcet: Porter. Autobinsraphiral poem (S'. *-55 DDL* itaUlO LiOnatfll 
Ttdrd Test tNew Zealand v. England BBC Symphony ftrdtestra. I»Tt l: 206m and 94 J VHF 

roporM ■ ft.23 R-'V Moore 'Si with The Janacrk fSl. 420 The Arts- Woridunne. _ xj, w-m,, « f j* Rn i, Rn ~ 

Early Show. .Induding U5 Pause for 9.50 BBC SO. pert 2: Haydn. Moran <S1. , M Ho1tda7 

Th ought. 722 Cricket: Third Test <□«« lfl.« Srlendflcally SnraldnB. U-S Natrs. jjjj j„ 12. OS p.m. Call In. 223 

of play report 1. 723 Terry wopan iSt 11JO-IUS And Tonight's ScbobeR Song ^w. showcase. AJB Rome Rim. 423 Loot 
Including *Z7 Racing Ballerin and 825 on rerord. Stop. Listen. 720 In Town (as u.BS «jb )! 

Pause for Thought. 1022 Jlmnrv Voodr Radio 3 VHF only— 420-T.0Q Wit. and . BJ0 j n Concert. - 10.03 Laie Ntelit London. 
1 Si.- 1225 p-m. BTaggODcra’ VTalk.-' X2J0 5 25-720 mm. Open University. . 1220— Close: As Radio 2. 

P«o Murray's ripen -House 'Si Indudlns n , nm A _ _ - _ . _ 

ue Sports Desk. 220 David llamll'tra KAI3IO 4 LOQQOn BroadCaStinff 

tg'i iocludlns' 225 and 325 Scwts -Desk. 434m, 330m,-2S3m and VHF - *»STm and97 5 VUTT 

S27 \irt"pj C S l Inctodln^S 5 Snows Js“ JSTrI h rk ‘S TvhfI ** “■ Morolmi ' Misfe. 6JJ0 jlm. 
Drolf. 6.AJ Snorts Desk. 7.02 fUna Som- SfL JS J L. TTn.T«i« travel, sport, reviews. 

U8412.6ft a.m. News and Crtdret -Third , n ' ^ 

Tror ircMrl). 

js-TTU'e. no AS Horning Siorv. SU.W 

194m and 95.8 VHF 

n (TMn -a 4R4m St ere a VHF 1x325 .Yon. The jjtrr 12.M . ft.09 A.m- Graham Dene's Breakfast 

RAUIU 1222 P.m. Yon and Yrors, UZt The Stow 5.M Michael Awl / S'. 12.B 

t Medium Wave only F.nchanung World nt Hinge and Br4ri<«. Dare Cash is- 3.00 p.m. Rpce-r Sro»i 

j*lS 5 ajn. tt'eadnT. 720 News. 7.05 Tour tUJS W«ather. nnwramnie df*"- tS>.. T20 London Today <5 >. 7 JO Adrian 

Midweek atovrr. part 1 »Si, 8.00 (etcent London and SE> Redonal News. Loves Opro Line. 5.03 Your Mother 
323 Your MMw* Choke, part ! 'Si. 120 The world At Oh*. 1 3B The Arohers. B'nuldn’t Like it w® ' _ ietr Horne fS.. 

A.M ?ie»s. 02® litis Week'* Composers' 1*0 woman's Knur 170ml !W>. ipchwt. 1120 Timy Mraf« Late Show (Si. 

SnutanowaU and LuLOuliwsW t&>. 920 tog 223^22 News. £225 Usun With 2.00 a.m. Night FUghl, 

Carnation Wightman sponsor$ 

THERE WILL be a new sponsor Cup on the next two times the United. Stales train. - Then 
for the 50tt Vfiptoitt-Cup mo.^, -vm^beli m Britain 

match— the annual team £6vn- rpj^ be the first' time the an- American citiien. might 
petition' between, the women, .of mntwent has been staged at chosen, i 

Britain and ' America — to.' “be 
played at -the' Royal Albert*Eall 
from November 2 to A 
Carnation Foods,- the Los 
Angeles-based canned milk to pet 
food group, will provide prize 
money of. §50,000 to be divided . 



Last year in San F.repciscr 
average of.’ 11.000 spectator 
day saw the- Americaris'-tei 
a' 70 victory against -Virg 
WadeV team, scoring their < 
win in the series which -stai 
in 19*23. British teams- hive, 
ceded only nine tuneyi-tbe- 

f two- thirds to the winners and the Albert HalL Two. years ago beins a 5-2 victory Ut-^Cle?el 
nnp^hird tn the io*er«! at the Crystal Palace record in 1975. ....... . 

i.fJ .Sr crowds witnessed a 5 42 U.S. The. Fact that' there #11 

Mr. Bob Laird of Carnation international womehy .tqir 

said that the company would.; <p(j ere j s every- "prospect that ments tn Brighton ari^'Lon 
gauge the value of this venture the 4.300-seat Albert Hall will in the two weeks '^before" 
carefully before exercislqg the be filled if. as' expected, Chris Wightman Cup matched . g 
options it had been granted by Evert, Billle-Jcan King and Rose- every hope that botk'teafla - 
the LTA to stage the Wightman mary Casals are included In the be at full strength.:: ; ...r,- 

Spanish coin fetches £10, 

. sale -.of English, foreign -and lian silver featured in an- Tt.ty a collecdon^jj. Cla 
ancient caihii totalled £66,019! at auction which totalled . £16,405. Brazilian stamps i 'goywina.. 
Christie's 'v'esterday. . .The 'dijfs An Australian -collector gave period lS434H>.and acgmrea;c 
top price of £10.50Q (five times £800 for an Australian centre- the past 14 years by a renew 
the estimate) was* for a Regency piece, c.-lSSO. A silver mounted millionaire coHector.' 

5 peseta coin% dated 1869, -from emu egg fetched £200 and a The collection' should Iniifr 
Madrid,' of which 100 ;'wfcre similar pair £480. A George IV £350.000.- ItTtf so -vWfcpiMIen 
minted-. • tohacco pipe sold for £1S0.- tha tils owner: has tittle -tercen 

-It was bought by fiords, the " Stanley Gibbons’ auctiim of to carry On addii>g :tp at*and 
London dealer, against strong paper money realised ' £18J200. has now ‘swritshed— to :bvt) 

Spanish competition. A' similar 
lot. . dated 1S68-70. went to 
Dnran, a Spanish dealer, at 
£7.200. " ■ 

In HaMan coins. : a- -gold Osella 
dated 17R2 went to Bord for 
£2^00. . The Osella was tradition- 
ally given out the Doges pf 



-Finnish 'stamps... 

It is particularly .inlcr«5ti0' 
that -Brazil.- was. .We“.jsec 
enuniry' (after theTLly-) to jf 
adhesive postage - stamps- 
1843. . 

Brazil’s very rare eartjf W 

ally given out the Doges of - ' have been aopreriktme rapid? 

Venice, as. a New-* ear present Top- pnee was £1.200. against an thw orewth’bf-'etfl 1 

CayotL the 'RpanUfi- d ealctliiaid .estiinaterof SS&., trr _| ) i - T » T - T i* - T^-Tri , *r — 

10 ’ wu,nB ^'SETSBff SSTSSS. 1 “J 

dated 284-247 BC from Egypt dated May. 1902. _ tained C | 0Se v,ith Br: 

a w& u ari52 wgh pricc,ai 

aaa-rs&fMV-a; Sttsar* Cora 'B£ 

At Bonham’s, items of Austra- collections: asembled. 

make £4,000. 

Question time for radio 

-THE PRIME MINISTER'S twice- Some full debates. Government 
weekly question time in the Com- statements and other reports of 
mons will be broadcast live on question time will also be carried 
BBC Radio 4 medium wave every on Radio 4 VHF from time to 
Tuesday and Thursday at time, according to their public 
3.15 p.m. after the Easter recess, interest 

said the BBC yesterday. The BBC says that regular 

On the day Parliament recon- reports, including recorded ex- 
venes regular broadcasting of it tracts of proceedings, will be 
will include the whole of ques- included in BBC radio and {ela- 
tion time from 2.30 p.m. to 3.30 . vision news and current affairs 
p.m.. also on Radio 4. programmes every day by BBC 

"To-day in Parliament” will local radio and regions. - 
be broadcast at 11.30 pjn. .on • BBC Radio London will broad- 
the same waveband. “ Yesterday" cast ~ a 'nightly q'uest ion-time 
in Parliament” will run from report The first live broadcast 
8.35 a.m. to. 9.00 ajn. on Radio 4, of a Budget speech bv the Chan- 
with alternative broadcasting 6n cellor will he on Radio 4 on 
VllF-frora. the summer. ' Tuesday April 1L 

New factoty 
for Drilltu 

Drillturn Engineer 
moved Into an 5.000 
advance factory built 
Industrial Estates < , . 
for the Department ofi Indus 
at Victoria Road, Hebborn, T) 
and Wear. : j 

The company is epgaged 
precision and general;. engine 
ing and needs tlje lari 
premises to expand products 
It expects to employ ban ad 
tional 15 people in the 1 (text yc 
qr tjUFO/t* - U 

A spokesman said: “ffhis ad^ 
tional space more thapj doub - 
our .capacity., and will Enable 
to expand- once again:* In t 
past Wb years we havemot be;- 
able tirmeet the demana for a. _ 

services:'' ij 




Following the DIVIDEND DECLARATION by the Company 
on 12th January 1978 NOTICE is now given that the following 
DISTRIBUTION wilt become payable to Authorised 
Depositaries on or after 13th March 1978 against presentation 
to the Depositary (as below) of Claim Forms (obtainable 
from the Depositary) listing Bearer Depositary Receipts. 
Gross Distribution per Unit .4.00 cents 
Less 15% U.S. Withholding Tax 0.60 cents 

Converted at S1J5 

: .3.40 cents per Urrji 

= £0.617438 per Unit 


National Westminster Bank Limited 
Stock' Office Services 
5th Floor 

P.O. Box 297. Drapers Gardena 
12 Throgmorton Avenue- 
London EC2P2ES. 

8th March 1978' ' . . 

ENSO-GUTZEH osakeyhtio 

9J% Guaranteed BcmdS^f 1976 due 1984 

Notice )« hereby given to Bondholders tbat. during the 
. iwd rcfnon th_aeri od. end i n ? Fp hma ry 10^. 1978 ,. do ^onds have.., 
~ been purctraseih - • • ~ * 

Amount ouutaoding: UA 24.075.000 


March 7. 197R 

- 'Lean of USSSO.OOOJ 
V -O 1975/19^ 
Unconditionally guara^ieed bjr' 1 - 
l- - *he- French Srat^j 
H6RCT EXTERIEUR ku undahak^fl K 
•rop»>> Oft 1ft th March 19781-* namin*- -„ 
imoum of, 53^500,000.— of 'bonds ol 
eh» inuntariofui loan which ;U‘ isnK - 
n 1575. 

FoUow+ng a draw by lot which took,., 
place' on 24th February. >» she.. ■ 
gmenei of. Madame Jeanne .HOUSSE. • 
hulxiier. the 3.509 bonds with a 
nominal value of USSI.OOf. — each . 
md . munheMdr ' 

13.037. to. 1ft JU faKtwshe 
are called ‘ For redemp t ion in re- 
cprat of the amortisation of tin . 

500.000. — instalment which * ’ 
maftW on March U, lf7R 
Tneio bond* are redeomable at p> r > 
coupon at March 2ft, 1979 and »b-, 
raqwairt' eoiiseinc attached/ -m tram\% 
March ,2ft,, 1978 when tbejr'will caan . >- 
fe bear 'interest . 

The fsHowing banks will carry oat the . 
redemption of the aid btyidi ana 
pa/nuat flf interest due on Zfttfa March . , - 
I97B: ' ’ 


JXTERlfUR — Paris. 

CREDIT 'LYONNAIS. Luxemhoura. . 
BANOUE ' Rationale de Paris. - 

Paris. . " 

*' firh. “■ " •"> 



Bruxelles'.- „ '» 

Bruxelles. « * 

CREOU SUISSE. Zurich. . 
DIUTSf2HE-BANK A.G.. Fftahtort- 
Aoiowi i. rerBalni'w in «.-reuIitiw» after x 
tlin tfisd-Arnortintion; _ 

U5S42.5M.0MdX , 


I2J43/I2J57. I2.SSQ/I2.551, 

12.408/1 10. 

The fnnl 


February 28. 1979. 

m ' '■ ■•■'■■■■■ 

Tinauclal' Tlmes Wednesday MarcH s 1978 







Wednesday March 8 1978 

1 i 
t- v. • 

’■ ■ - 1 . 


Relatively sluggish demand from industry has not prevented the West German 
.hanks from enjoying another good year. Much of this successful performance 
C; can be attributed to their increasing initiative in foreign operations. 




£ 10,506 

V GLANCE at the West-German 
conomy at the end of 1977'GouId 
ell have led the casual observer 

0 the . toiidu^oav^tnat ..the 

federal Republic's banks were 
; saving; a bad time.' -In fact 
- he reverse was true— 1977 was 
; jet another year in which the' 
3anks outperform ed industry as 

1 whole by a very long way. 

... Last year tiie Grofcs National 
; . .Product grew by a disappointing 
2.5 per .cent, or thei^bouts. 
.. ..Banking profits, however, went 
••_-'ap far more steeply; Although 
• most banks have still tri- unveil 
. : their final profit figures, at the 
end of -the first teto months of - 
" 1977 West Germkny^s big. thiiSe 
—Deutsche Bank, . Dresdher 
Bank and Commerzbank..— all 
".Indicated that earmugswereup 
;‘by at least 10 percent.- 
' Naturally enough, some banks 
have done far better than others, 
ut from the returns, that are 
• ^emerging it seems, that earnings 
jfor the -year as a whole will, 

. dustrywide, tend to Anlrtpr 
those of the commerifl&liha5di& 
Moreover, bank shareholders— 
Oven foreign holders who have 
-been, badly hit ". by West . 
■Germany’s, corporation - tax 
reform — are likely to- have good 
reason for satisfaction. • 
Corporation tax refon& which 
involved = increasing the SB per 
cent, tax levied on disrri bated 
profits to equal the 52 per cent 
on retained earaihfia, means 
that shareholders* cast^. payout 
has on average been sohstanti- 
ally decreased throughout 

However, the new system for 
the first time allows. share- 
holders to offset to? corporation . 

■ tax paid - on their— -dividend 
against personal taxation. . The 
.effect of this -has bees to boost 
real dividend \earmBgS for 
investors who pay tax in the 
Federal Republic. : Holders who 
have no West Gerinah- taxes 
against which - to offset their 
corporation - tax - have in '.the 
main seen, a bea»y decline in 
earnings.- - 

The message . tie' big 
banks, however,^ vjseems to 
indicate, that the declines in 
dividend fo be expected 'for 1977 
will be minimal. ..-Ttiis'.tueaav 
that although the foreign share- 
holder stiff remains' a /second- 
class .citizen in. that' itoirtext, ,at 
least the decline in earnings 
will either be very small . op mil. 

One of the main factor®' intbe 
banks’ ability to majhi tafa, -an 
increasing rate : of profit; at a 
time of -fiat industrial credit 
demand has been growth-fa the 
foreign .sector. ' The German 
banks did not start btdfc&ng op 
their overseas opera 'team 
relatively late in the- postwar 
period. . . . - i:! 

comparatively - recently that 
foreign business has played a 
major role ■ in ^banking profits. 
Hie universal banks’ -wide- 
ranging links with West Ger- 
many's industry meant that for 
long the . level of . demand for 
industrial credit was a major 
factor in determining the 
growth rate of bank earnings. 

cake, the car industry has been 
doing very well indeed. 

Car baying has not been the 
only reason for high .credit 
demand from private customers. 
Calls for money for holidays 
abroad have remained high, 
although this is not always 
reflected in the travel com- 
panies* figures. There has also 

Landes banks are also relying on 
their turnover abroad to 
generate , a growing proportion 
of earnings. Indeed the largest 
of them, Westdeutsche Landes- 
bank, obtains about 30 per cent 
of its earnings from foreign 

The Euro-market, a very 
important area for the German 

duced a high turnover and this 
has naturally been reflected in 
the banks* commission figures. 

Paradoxically, perhaps, not all 
bankers are happy about the 
foreign exchange markets. The 
profit is of course welcome but 
it is the destructive nature of 
the movements that are causing 
concerto ” It is a negative busi- 

Flourishing despite 

economic chills 

By Guy Hawtin, Frankfort Correspondent 


V. -' 

:-rv» ; 

Untfl the early .-1986ft even 
after' th.ereturtLOf die Deutsche- 
mark.toconvertibilityVthey had 
been greatly preoccupied with 
the., .reconstruction -^of ' the 
country’s .devastated industry. 
Even then it would' not -'be 
entire^ -unfair to , $rgue that 
they' ;%isie' pushed by their 
customers into flexing , their 
muscles overseas rather than 
by~tHetr owu ambition. ~ 

However, it 


Last year, as in 1976, that 
demand was extremely weak as 
companies "channelled their 
resources into rationalisation 
and. reorganisation programmes 
rather than emba rking on pro- 
jects aimed at providing new 
production capacity. This was 
reflected in the balance sheets 
of all the banks thfit have m far 

But this was more than offset 
by a lively, demand for funds 
from the public authorities and 
a powerful surge in the con- 
sumer credit sector. While the 
savings rate -here is still very 
high and the retail trade as a 
Whole -has been as fiat as a pan- 

been an increase, it appears, in 
advances to private* customers 
for investment ■ overseas. 
Although the size of the outflow 
should not be exaggerated, 
there have been reports of an 
increasing number of German 
citizens investing in the North 
American ’ properly market, 
where the D-mark buys an awful 
lot more than it does at home. 

Even so, foreign business has 
remained the king-pin on the 
profits front. The country’s 
major' commercial banks all 
derive SO per cent and more of 
their - profits from the foreign 
side» while the . publicly-owned 

hanks, remained very lively and 
Deutsdie -Bank, the country’s 
largest alone managed . or 
co-managed 104 issues in the 
first nine months of the year. In 
the first nine months its overall 
Euro-currency loan volume 
amounted to $lfl.3bn. — not far 
short of the $l?.7bn. total for 
the whole of the previous year. 

The foreign exchange markets 
were another important profit 
centre, although the enthusiasm 
for trading on own account 
appears to have long since 
evaporated. Currently fluctua- 
tions of the past, year and the 
early months of -1978 have pro- 

ness,” a leading banker said re- 
cently, ** one mail’s profit is 
another man’s loss. There is no 
alternative to it. but I would 
be much happier to see the 
market much quieter despite the 
healthy commission earnings we 
are making.” 

Still there are few hopes of 
an early end to the world's 
currency problems, and foreign 
exchange commission can be ex- 
pected to flow in during the 
current year. The stock market 
also seems set to provide the 
banks with growing earnings. 

West German’s universal bank- 
ing system enables the banks to 

be by far the most influential 
operators on the country's stock 
exchanges. Not only do they act 
as stockbrokers and investment 
advisors; they also hold substan- 
tial portfolios on their own 
account as well as managing 
them for others. 

The feeling here is that share 
values in the West German stock 
market -will continue upwards 
during the course of 1978. But 
growth, as Herr F. Wilhelm 
Christians, joint chief executive 
of the Deutsche Bank, has 
pointed out is likely to be 
neither uniform or steady. Fore- 
casts are based partly on the 
moderate increase predicted for 
GNP and take into account the 
pressure industry is feeling on 
the wages front 

While allowances have been 
made for the steady apprecia- 
tion in the D-Mark’s value, it 
is still hard to assess the affect 
of tire massive fall in the value 
of the dollar. However, many 
bankers here feel that the 
ability to export is more a ques- 
tion of "export-mindedness” 
than of low exchange rates. It 
is therefore open to question 
whether U.S. industry will be- 
come an even stronger com- 
petitor in international maricets 
than in the past The key factor 
for Germany will be whether its 
industry will be able tn main- 
tain its position vis-a-vis its main 
European competitors for world 

Prospects for German shares 
are certainly enhanced by low 
interest rates, although the re- 
form of the West German 

corporation tax system is still 
a mixed blessing. While West 
German shareholders have un- 
doubtedly seen great benefits, 
the foreign shareholders has 
often taken heavy cuts in earn- 
ings. Bankers are still appealing 
to the Federal Government to 
put foreign holders on an equal 
footing with their German 
counterparts, but the chances of 
any change in the situation seem 
extremely thin. 


The W est German bond mar- 
ket, which saw a record volume 
of about DM78bn. last year, is 
also expected to continue 
buoyant. It is thought it will be 
easily able to finance new 
borrowing of at least DMSObn. 
this year. Investors who have 
been flocking to the bond mar- 
ket at (he Stock market's 
expense are not expected to 
desert it just yet despite 
declining yields — if only because 
there is a shortage of other 
investment opportunities. 

On the interest rates front, 
there seems to be slim pros- 
pects of increased margins. But 
although all bankers agree that 
margins have been under 
severe pressure, it seems 
unlikely . that they can be 
squeezed much further. The 
strength of the D-mark, 
coupled with weak demand 
from industry, means, that 
interest rates will show little 
improvement But they are 
lying at such a low level that a 
further decline seems highly 

• ••i 
-ti = 

..-■ «_ -■ . 

Vn t.iiV 

for ! IriihiK 

• \vs- •• • • • ••••-. 

■ ■ ' Vtf- ■ ■•/ 

... . • •• _V V- 

Thinkof BVasa 
German - International 


.47 ■> 

“Die BV Lion goes inter- 

BV’s 380 branches are con- 
centrated in Southern Germany 
and Bavaria, where our bank 
has. a tradition dating back to 
1780. One of our specialities 
is longterm financing. In this 
field our group has a leading 
position in West Germany. 

With total assets of DM 64 b i 1 1 ion 
we^afe one of Germany’s major 

Our International network is 
formed by branches under the 
in New York, Chicago, Los 

This year BV opened a branch 
in Tokyo. Representative offices 
and participations in banks and 
financing institutions at home 
and abroad complete our inter- 
national presence. 

Our wholly-owned subsidiary 



Luxembourg (total assets DM 
3.1 7 billion) is a flexible partner 
for intemationalTinancing and 
the Euromarket. 

Bayerische Vereinsbank - 
Representative Office for the United Kingdom 
40, Moorgate 

Telephone; (01 ) 6289066, Telex: 887876 bvig 

Societe Anonyme 
17, rue des Bains . 


Telephone: 42861 1 , Telex: 2 652 bvi lu 

For further information please contact 

Bayerische Vereinsbank 
Head Office Munich International Division 
Kardinal-Faulhaber-Strasse 1 
D-8000 M0NCHEN 2 

Telephone: (089) 21 32-1 .Telex:- 523321 bvmd 


Financial Tunes Wednesday March 8 1978 


Bundesbank blues 


FOR THE Bundesbank, 
statutory guardian of the value 
of the West German currency, 
197S has been marked so far 
by a certain sense of powerless- 
ness, as it has watched the 
Deutsche mark climb ever 
higher on the world's foreign 
exchange markets. Zn the 14 
months up to the end of last 
month the D-mark gained 16 
per cent, against tye dollar and 
10.5 per cent against the cur- 
rencies of West Germany's 22 
most Important trading part- 
ners. Since the end of 1972 it 
has risen 58 per cent, against 
the dollar and 47 per cent, 
against the currencies of the 22. 

In the West German view, the 
problem is not — as the British 
Treasury, for one, has been 
wont to el aim — one of the in- 
herently greater worth of the 
D-mark or of other hard cur- 
rencies such os the yen or the 
Swiss franc. Instead, in the 
view of the Bundesbank and of 
the Federal Government in 
Bonn, it is the dollar that has 
been judged by the world to 
be weak, because of the funda- 

mental doubts, that exist about 
the Carter Administration's de- 
termination to defend it. Jet 
alone to achieve the significant 
cuts in imported energy con- 
sumption that might improve 
the U.S. payments deficit. 

At the political level the 
rest of the world has been 
created repeatedly over the past 
year or so to the spectacle of 
public wrangling between Bonn 
and Washington over whether 
West Germany ought to “do 
more ” as the current phrase 
has it. act as a “ locomotive " 
for the rest of the world 
economy. Although both 
Governments have apparently 
agreed to difFer for the time 
being, or at any rate until the 
July summit meeting in Bonn 
of the major economic powers, 
there is little sign that basic 
ideas on either side have been 

At the more technical level 
on which central banks operate, 
co-operation is officially des- 
cribed as good. In January, 
when the Federal Reserve 
announced its intention to make 

active use of its $20bn. network 
of swap agreements with other 
central banks, the Bundesbank 
readily concluded an. agree- 
ment with the Americans on 
a substantial new bilateral swap 
line. Since then, it has been 
willing, when pressed, to hail 
the U.S. authorities' more 
co-operative attitude towards 
intervening markets in order 
to smooth out ‘the dollars down- 
ward trajectory and avoid 
unruly conditions. Such opera- 
tions have cost the Bundesbank 
itself well over DMlobn. since 
the present bear market for 
tiie dollar gathered force late 
last September. 

Privately, Bundesbank officials 
seem a good deal less than 
happy at the present state of 
relations with the Americans, 
and not only because of ’their 
distress (in common with most 
foreign central bankers) at the 
departure of Dr. Arthur Burns 
from the Fed. As in 1971 and 
thereafter, the Germans- -tend 
to feel both that the U.S. expects 
others to solve its problems for 
it. and also that it takes its 

partners' own difficulties insuffi- 
ciently seriously. 

Not surprisingly, the Bundes- 
bank has found ’ itself under 
considerable pressure to try 
to contain a situation that has 
by now become a very serious 
element of uncertainty in the 
West German domestic eco- 
nomic picture. At the end of 
last month, when the dollar for 
the first time dropped below 
DM2 on the exchanges, there 
was much speculation- over 
whether the German central 
bank would attempt to follow 
the example of draconian con- 
trols that had just been put 
into effect by the Swiss authori- 

their sense of bafflement at 
what can be done by anyone, 
except perhaps the Americans, 
for the dollar at this stage. 

True, there remains a certain 
confidence that, given a calm 
spell in the markets, funds will 
.be moved back across the 
Atlantic in response to the 
increasingly wide interest differ- 
ential between Frankfurt and 
New* York, as happened last 
year. But many Bundesbank 
officials appear now to feel that 
there is little more that they, 
-as only one central bank in a 
complex and multi-faceted 
system. can do to achieve this 


In the event the Central Bank 
Council (the Bundesbank’s 
highest assembly) took no action 
at all — a decision that seems 
simultaneously to have reflected 
the Germans' philosophical 
distaste for “ dirigiste '* controls, 
their scepticism about what 
such steps can achieve, and 

The phrase that "monetary 
policy has done all that can be 
expected of it "has indeed been 
a familiar refrain at the Bundes- 
bank’s periodic Press confer- 
ence, and has been repeated by 
no less a person than Dr. Otmar 
Enuninger, the president. He 
has used it on numerous occa- 
sions not only to convince inter- 
national opinion of the German 
authorities' awareness of their 

duty to accentuate the trans- 
Atlantic interest differential but, 
no less important, to remind the 
domestic audience too of the 
limitations that exist on West 
Germany’s freedom of man- 
oeuvre as it seeks ways , to 
underpin a still faltering econ-. 

For well over a year the 
authorities have been woiim* to 
set the sails in such a way akto 
catch' any breath of wind that 
might blow in the direction of 
mare rapid economic growth. 
For the Bonn Government, 
which now sees its forecast of a 
3.5 per cent, rise in real Gross 
National Product in 1978 - as 
"ambitious, yet feasible," this 
has meant a package of tax cuts 
expected to be worth DMli.5bn. 
or more this year, accelerated 
public sector investments worth 
another DM&5bn. and a total 
public sector deficit of some 
DM52bn. that pushes against the 
limits of what is constitutionally 

In terms of monetary policy, 
Dr. : Emminger and his col-: 
leagues can point out that 
interest rates are at their lowest 

Dr. Otmar Emminger, president oj the Bundesbank, l 

levels since the mid-1960s.while ^ opturn in ^ch indicators figures for 1977 are not. jfli 

•*«. the industrial orders figures available, It seems clear .that, 
p^tfey months tavern,* l£ ^ md al 1S77 . M m0It ot ^ „„„ 

clear that no resumption of 

growth in West Germany is weiSTon the exceeded ^ 6 t0 8«r.ce*.- 

going to be allowe tldtofaefor SSS? Se target range set for it, reflectiar 

going to browed to fititerfor ^™ a 0 n the external once more the central ban*# 
want of credit. Indeed, in its ^ dollar’s concerp not to endanger the 

most recent monthly report Jhe and the continued weak- Vrocess of recovery by clamping' 

Bundesbank, sounded a warning n JJJ' of demand in German down on credit- 
ttat if any^i^ the present Qrt markets, and on the This policy has brought dptfir 
high level of hqwdity is ex ces-.. domestiCi tbe consequent reluc- upon the Bundesbank the wrath- 
,sive, even given the recovery in tance 0 f business to make major of monetary purists, who wauld 
demand for bank loans recorded ne ^ investments, coupled with have preferred to :see.-' a : 
in recent months. ' concern at what may turn out tightened rein on the' creation 

Should economic activity pi<* tQ be a lur bulent year for the of fresh liquidity, and - whf- 
up substan^lly faster than ex- counlry * s normally placid claim that the targets have fe? 
pweted. the Bundesbank warned, industrial relations. • any' case had relatively ' tittle- 

there could even be a measure * influence on wage and - price- 

of inflationary pressure in this {l]iji]p]jnpc developments, for which the 

liquidity “overhang —though UU1UU1UC5 money supply guideline > it: 

the Governments forecasts show With all these problems, at iriten ded to be a yardstick; To ' 
that prices may well slow down centre-stage, the Bundesbank ^ Dr Helmut Scblesmeer a" 
to an increase of under 3 per has received few kind words this membe ^ of the Bundesbank's’ 
cent, this year, thanks in part year for its continuing executive Board, retorted to 
to the drop in dollar “ experiment, * now in m fourth sp€ech last October that It wafi 
denominated oil and other, raw year, of setting guidelines for ** ea ei er t0 preach monetary 1 
material prices when paid in the growth o{ the money supply, purism than to pactice it ” and : 
D-marks. - For 1978. it is once again f eft no doubt that the 1 

So far there is little sign that publicly aiming at an 8 per Bun desbank continues to see its ' 
the breath of wind -is going to cent, average increase in the main task aK c UDaort ihff *tahta 
be felt, although the Bundes- central bank money stock (cash ^ ve £? i? S 2 £ i 
bank’s economists have been In circulation plus adjusted come s about r ..* 

among those commentators' minimum reserves of the » y * 

apparently most Impressed by banking system). While final Adrian LMCKS 

It comes naturally 
when you do business withWestLB 

Before choosing your international banking _ In addition to its active domestic and international 

partnerthere are some very serious questions you have banking business, WestLB is the Central Bank of more 
to ask yourself. One concerns trust. "Can I have com- than 200 regional universal banks (Sparkassen) with 
plete confidence in the reliability, security and solidity their own combined balance sheet total exceeding 
of my international bank?' DM 100 billion. These banks account for a vital 

WestLB can give an unusually reassuring answer part of the savings deposits in North Rhine Westphalia- ■■ 
to that one. First and foremost in times of general WestLB alsoacts as trustee for the State and the 
unease, it’s good to know that WestLB has full govern- Federal Government. 

ment backing. It’s the State of North Rhine Westphalia WestLB is empowered to issue its own bearer 

where the Bank is incorporated under public law. bonds and these, together with substantial deposits 

With Germany’s most heavily populated state (in which from corporations, institutional investors. Sparkassen 

the Ruhr and surrounding areas provide up to 30 per 
cent of total German industrial production) as guaran- 
tor. basic trust comes naturally. 

This Region provides the backdrop forWestLB's 
own impressive development. Ithas helped the Bank to 
become one of the largest in Europe. And to rank among 
the top twenty in the world. 

WestLB's balance sheet total of close on 
OM 68.000 million and when administered and trust 
funds and contingent liabilities are added, the grand 
total reaches about DM 73.000 million. 

But figures tell only half the story. As a universal 
and international bank offering the full range of 
commercial and investment banking services. WestLB 
has a solid foundation upon which the risks of doing 
business in a volatile world economic situation are 
broadly spread. 

and others, ensure wellba lanced sources of funds to 
allow a broad spectrum of credit business, ranging 
from the long-term financing of vast public and private 
projects to short-term bridging loans. 

However, sheer size and state-backed stability are 
only two aspects of WestLB's inherent suitability to be 
your banking partner. There are other important 
questions you must ask yourself before making a final 
choice. 'Has the bank the depth of experience I'll 
need? 1 * 'Can it meet my standards of efficiency?" Ts 
the bank as international as my business?" 

To get the complete answers to these questions 
and to find out about the many specialized services ■ 
available, contact us directly or ask your local bankers 
to put you in touch with us. ■ 


Westdeutsche Landesbank Girozentrale 

a growing force in international banking 

* Dusseldorf P. O. Box1128 

London Branch: 21. Austin Friars. London EC 2N 2HB, Telephone 01-6386141. Telex 887984 

Sour year for 

the Landesbanks 

THE 1970s hate seen a rapid 
expansion of the Landesbanks' 
business and ’ influence botb at 
home and abroad. But this exer- 
cise of formerly dormant power 
of the current decade has been 
marred by a series of scandals 
that has tarnished the image 
even of banks untainted by 
trouble. . 

However, until December last 
year things had been quiet for 
more ’than two years. The 
troubles of the past seemed to 
have been ! forgotten and the 
Landesbanks appeared to be 
getting used to growth without 
growing pains. This tranquillity 
was shattered by the Telex mes- 
sage which clattered into offices 
of the country’s leading news- 
papers just after mid-day on 
December 23 last year. 

Westphalia, to the core and private competitors. Hd 
prompted the resignation of its as many leading Land 
Finance M inister. But apart have pointed out, ihe/bgtei&teK 
from ruining two careers, .in- that they do fox the stat ~ “ 
eluding that of one of the. most not loss-making, is sea 
powerful banking chieftains in profitable. ' Furthermore;? 
the Federal Republic, it -served will admit that they are?' 
to reojpen many of the Jandes- constant pressure at To 
bank's old wounds. hold in check the 

The private commercial bank- charge for their servicaf^)^ -s 
ing sector has never had much -v mV* 'i 

regard, for the public sector T fkccnt ■ 

Landesbanks. whose main dob 

f-.X- ? 

It announced the resignation 
of Herr Ludwig Poullain, chief 
executive of the largest Landes 
bank, the Westdeutsche, better 
known as the WestLB. The 
message was short but cryptic. 
Herr Poullain, it said, was 
resigning because of serious 
aspertions cast on his character. 
Though he had done nothing of 
which he should feel . ashamed, 
he felt it- was best to stand 

is to collect and redeploy that Arguments that 
portion -of the liquidity, of the parti^ar^S 

mumopally-owned saripgs seas biI5illess are usual# 
banks that fc m excess of local backe< j by examples .. of.: 
requirements Some also act as heaTy l6sses reported- 
central banks to their State of ^ jailing Landesbanks 1 - Jos 
Governments and. some are also 1974 aad 197 5. i* im.rihd 
Girocentral. - WestLB registered losses! 

By. any standards, the Landes- about DM300 m. on the' foreign 
banks are very big. . The exchanges; while In -.-iWfr/the . 
WestLB’s' total assets are well Hessische 7 La n desb auk’s short' 
in excess of DM75 bn., and those holders — the SavingsNBafck 
of the Bayeriscbe Landesbank Association- and the 'State /of 
are more than DH55bu. Even at Hessem — were forced toin*ak< 
the lower end of -the scale they . provision for •; losses^-— 
are .still powerful. One of the' potential losses .to the-timeio 
smallest, the Badische Kora- DM2^bn. ■ -■ 

V; . 

* r ' 

~ im 77 £ 

. . ' • 
'• :v 

1 fl'* : 

m unale Landesbank Girozen- 

There is no 


Unusually in a country where 
even the most brutal sackings 
are well orchestrated with a 
saccharine chorus' of regrets, it 
took the WestLB’s supervisory 
Board some hours to react 
When it did so. its blunt state- 
ment was merely one of accept- 
ance. • • 

These were the skirmishing 
volleys in a Boardroom battle 
which by the time much of the 

t0tal these losses, ft 

of well over DM15bn. - me asu re> were huge. Ewttrt5u\. 

The main criticism from the the WestLB's foreign e&di&n^eS 
private commercial sector is loss took place* in . highly 1 
that the Landesbanks — because usual circumstances, w&ife 
of the access to longterm funds Hessische Landesbank^ 4 enor4 
and their links with local and mens write-offs stemmed 
State Government— -offer unfair from soured business-*-- 
competition in the commercial. domestic.^ market — paititSilarii’j 
sector. They also claim that be- the property sector, - 'wijere'ritg 
cause the Landesbanks entered could claim. ' to have": spina? 
the international market much experience.-' It did imt'^dp-par-j 
later than their commercial ticuiarly hadiy In, 
competitors, they do not have exchange. arena.-' T-: :V" » 

sufficient experience in over^- - tV ^ ene- 

^ bankers argue that 

hflSIn^to^atisfv ° f pI * C ® at * t “ IIe Wixen -BbU^i 

havmg to satisfy private share- ^aim a deep experience* 

holders by operating at a profit 0 f the radically altered forebpii 

It is true that the Landes- exchange that followed-rhe flo?!-* 

banks have much easier access ing of the dollar. - At the-thn^: 

dust had settled — and it still 
seems far from over — shook the to long-term funds .than their everybody in the business wa; 
Government of North-Rhine 


Unter Sadisenhausen 4 

D-5000 Cplbgna i 
Telephone 0221/20911 
Tel 6X08882 547, 08882679 

Affiliates in Iran, Luxembourg and Switzerland 

BockenheimerLandstrasse 20" 
D-6000 Frankfurt/Main 1 7 
Telephone 0611/7 1341 . 

^ Telex 0411 016 

^ t- 




Power • ■ 

> It is the concet^^m of 
.business, .volume toriteatlvjely 
few hands, combined wade 
scope of bperaiionS,; t^^ gives 
the commercial sector, ^,p6sitipn 
of power greater thah Sat, indi- 
cated |>y its business yoiatee. Of 
the 3,477 banks reporttdgtothe 
Bundesbank in November ^last 
year, 273 were in'' the; , jrivate 
commercial', sector, 
pare&witte;tite-12 c^fitral ; Giro 
institjutiqna) the 62^ -saving's 
banks, and the 11 central co- 
operative institutions and; 'die 
2,352 individual cooperative 
banks. , - ' . X'-''*- 


Financial Times Wednesday March- 8 1978 


BU£K'of;West Germany's. 
^• to th^-hands of the* 
iti. aiithorities vpr the cb- 
4.m<wfciDent yThe com- 
unea balance^ shget . 

.... * titef-ptfyfctesed.., 

\;d udes * Feaeta ^ 

• --■ i aj 8^St"PUbiicIv. qiurted ^b anlcg/ ‘ 

' ! ‘i' Despite this the influence. d£- 

''the Private sector is- ehoriuQus. 

!* i, fc ’ Ihe-^connnercial banks- domih- 
r . _ vate the country’s overseas bank- 
: -“2 business! and take a decisive 
• lead in' the industrial lending 

■ field as well. ■ 

. ' "■ ; The reason for this is the 
Federal - Republic’s -~awe-in$pir- 
- ing -universal banking system, 

■ 'i. ; ..which allows Jhe banks, a free- 
dom.of movement aHd- a -scope 
•of. ©iterations-. .unknown in 
• ; Britain add the United States. 

• ... .. West- Germany, unlike' the 

• Anglo-Saxons, . has Xnot. , legally. 

: *. enforced the separation of in-, 

; vestment and deposit banking 
'. : ‘"functions. .. . . ! .; 

. As a result, the West German 
- I,.',' banks .are able -to offer a cem- 
> -Vplete range of banking services 
: i* $ 1 ; under .one -root They bet; as a- 
• . . J repository for savings; as stock- 
•••+.' brokers, as investment. 'divisors 
; . . ; and- they ' provide - industrial 
. ; finance, as well', as - owning-: -a 
handsome slice of the coustQr's 
. industry on their own account- 
_X West Germany’s system is an 
ideal one for a private, or com-. 

1 mereda] -banker,' unfettered By 
the restraints and restrictions 
Adr-aii! imposed on the public . sector, 
and it te one of which . they have 
taken full advantage. The banks 
have not heed without critics— 
particularly their industrial in- 
volvement and their- domination 
of the securities market— how- 
ever, the government ?invies liga- 
tion ante this aspect ol 'thpir 
activities is reviewed' eTSfewhere 
in this ; Survey. 

According to; . iNoveinber’s. 
provisional figures published tiy 

the. : - Bun^Stenflti- . theL- federal 
JRbpubli c‘s j j&ritxal '.b^dk, ~;the 

' aggregate xdiuidfi". 0 

all. the. courifiyfti •jjrnnps 

' Share' 

parison -the. combined' r&Usiiiess 
volume of the savingsTbanks 
central ' Giro institutions 
amounted to DM677.2£bs^:wb£le 
that of the cooperative •sector 
totalled DM244. 52bn.; J '£■' ., 

- The ; commercial^ Sector - is 
dominated by six big banks. The 
Deutsche Bank, -the ; Dfesdner 
Bank- . and , Commerzbank and 
their Berlin subsidiaries. These 
three banking groups St the end 
of - November - had:: combined 
business volume of-BW17352bn„ 
which is dose on.42jper.-cent. 
of the' 'sector's total burin ess 
volume. The aggregate- business 
volume of the 112. regional, and 
.other cotemCrciaL:.’ . banks 
amounted to i>S4i34.Ubn, 
while the SL/Ibrfiii^es^. of 
.foreign hanks operating.. 
Federal . Republic .hepOTted- a 
■combined business; vtfhhhe', of 
DM33bn., rather moftf thau the 
■DM30J5bn. reported- byibe.i04 
private bankers. ’ 

This ;power has led to com- 
plaints, particularly from 
foreign bankers, that the market 
is in reality heavily controlled 
.and. that the dominance of the 
big banks stifles' competition. 
-All is not however, as it, seems 
: and competition for business is 
tough. .. ; 

One of. -the factors that 
greatly increases competition is 
the diversity and relative 
strengths of the various banking 
sectors. - The Landesbanks, 
whicb- act as centrals for the 
savings-banks, have been carving 
out a heavy slice of the coun- 
try’s foreign business, at the 
-same time as drawing os a far 
more extensive branch network 
than that of the 'private banks. 

The co-operative sector, which 
has an even : greater number of 
branches than the savings 
banks, has also been fighting 
hard to push up Its 9 per cent, 
share of the German -banking 
marked; And it has ' to - be 
admitted that the cooperatives 
and the savings .banks, for whom 
profit is not a primary objec- 
tive, sometimes have a competi- 
tive edge. ; - 

commercial banks have rapidly, 
built up - their system, from 
1957’s total of 1,917 brandies. 
The target was- not just the 
saver, but " the small -and 
medium-sized companies that 
bad formerly been the natural 
customers of . the co-operatives 
and the savings banks. 

Their market penetration was 
substantial in a country where 
a small man was swiftly waking ■ 
up to the profits to be earned 
from export. This,. in turn, pro- 
voked the savings banks and 
co-operatives to build up their 
expertise in overseas business 
in order to maintain their share 
of the market - ■ 

The people that have,* per- 
haps, suffered most from -this 
stiffening- of competition have 
been the • private bankers, the- 

, numlter. bf which reporting to 
the -Bundesbank has ‘slipped 
from 245 it the end- of 1057- to 
104 , at: the end of 1977. "Ft* 
qnently,- lading West.. Go rina h 
bankers have been ’heard. to say 
that there is ho room for .the 
-private banker in to-day's comt 
petitive 1 world. 

This, ^however, ■ would seem 
far from the truth. Tfie-rprflrate 
banker is. still very much aUve 
in. West-; Gehhany. and . many 
have prospects i of contJnuing 
prosperity -for many years to 
come. It -t& trde'that many stekll 
banks have gone to the wall, 
closed their doors to business 
or. been taken over by the 
majors; ... - . 

M anyth at ' have shut up shop 
were scarecdy more, than pie- 
man bands that dosed with’ the 

death of their founder, ~ Oteers 
were banks -in name cmly that, 
under German -law, are better 
run as investment portfolios. 
The private banks' that .suffered 
most were the ones that failed 
to change with the' times — for 
instance those that tried to com- 
pete- with : the big- banks for the 
bread and -butter, business. An 
example: although a number of 
private banks are still offering 
briutehing facilities to the 
general public, 'their numbers 
are steadily- declining. 

■ Thu most successful of the 
private bankers concentrate on 
providing specialist -services to 
large private and prime cor- 
porate clients. This is the area 
in- which the private banker is 
frequently better placed te 
operate than the large commer- 
cial bank, ' whose - services of 
necessity have to be more 

. West Germany’s stock markets 
are important areas of operation 
for the private bankers. Some 
bankers trade 'on their own 
aCcbunt, but the majority act as 
stockbrokers, investment advi- 
sers and portfolio managers. 
TTie. larger private banks are 
also very active in the bond 
market, not only as advisers and 
traders, but in introducing 
Issues and as members of 
underwriting syndicates. Other 
areas of Interest include invest- 
ment advisory .services — both 
domestic and foreign— merger 
apd acquisition ..advice and the 
foreign exchange * market 

Of the .country*s i04 private 
bankers, some 73 had- a- 1076 
business volume of less than 
DM 100m. and hone of more 
than DMobn. But it would be 
wrong to evaluate a private ban- 
ker's influence by this figure 
alone. Much of the -private 
banker's business does not show 
up in, business volume and the 
leading ones in. the field exer- 
cise a considerable degree of 

No matter what West Ger- 
many’s big bankers have been 
saying about the private ban- 
kers in public, they have been 
showing' a very healthy interest 
in taking them over. This, 
surely, is as strong a vote of 
confidence in the private ban- 
ker's future as anything else. 
After all, nobody is prepared to 
pay, for what can got 
for free. 

In the case of most of these 
acquisitions, the private banks 
have continued to run as rela- 
tively independent operations. 
Indeed, the new parent banks 
have little choice in this as the 
Operation of their subridlaires 
within the corporate framework 
would tend to defeat th£> object 
Of the acquisition. Probably 
the most effective way the com- 
mercial majors can compete 
with the private bankers is to 
set up or acquire a private 
banker of their own. In com- 
petition, as in everything else, 
imitation is the sincerest form 
of flattery. 

Guy Hawtin 


Where the savings banks and 
cooperative banks have' been 
winning hands down is the 
savings 'sector. The commercial 
banks' network amounts to 6,103 
branches—far- fewer than the 
savings banks’ 16.875 and .the 
co-operatives’ 1.9,279. -The 
muscle of the savings banks is 
primarily in the cities ' and 
towns, while the co-operatives, 
which were established to supply 
a demand for agricultural 
finance, draw strength from the 
country. In spite of the greater 
number of branches* the co- 
operative banks control some 
25 per cent, of the nation’s 
savings compared with .the 
50 per cent in the hands of the 
savings banks. 

In the 20 years to 1976, the 

effectively finding his way over' departments than- -their laiger 
new ground. ' . privke commercial rivals, the 

Even so, the magnitude of -Deutsche Bank, tfie Dre&lrier 
their WestLB’s loss Was the. Bank, • and the ' Commerzb ank 
result of a senior and trusted As -a . natural cbrollaty j this 
employee's attempt to recoup jteplife that the LandhsbahkS’ 
one loss by speculation in the specialists have broader areas 
market — a situation -not with-' -responsibility than their 
out considerable historical pre- counterparts in the “Big; 
cedent Furthermore, the^rce" ^kt the advantages of 
WestLB was not alone in report- .oh® system over the other are 
ing foreign exchange losses iq debatable, ; 

1974. Many banks in the com-' The' fact remains that the 
mercial sector -were also Landesbanks -have • in recent 
affected, including Herrstatt. years recruited many good men 
the Cologne-based private hank, from the commercial-sector. One 
which collapsed directly, as a- leading banker said ' rectently: 
result of its foreign exchange “Many young men think. they 
dealings. _ .- offer a faster road to the top." 

It is probably fair to argue Furthermore, Dr. 'Walter Sefpp, 
the larger Landesbanks • have deputy chief of the WestLB 
fewer staff in their foreign.. and head of Its foreign opera- 

tions, said: “ Both as far as top 
and middle . management are 
concerned, we have a -large 
pool of highly- experienced 
people in our foreign depart- 
ment Indeed;- we are perhaps 
getting to a stage of having 
too many up-and-coming young 
teen for the jobs available.” ±>r. 
was himself recruited 
im the Deutsche Bank. - 


•These arguments tend to be- 
come academic when one 
examines why. the' Landesbanks 
came into the overseas business 
in the first place. Most senior 
bankers point, out that it was 
a natural process, partly stem- 
ming from their work in grant- 
ing loans to exporters and 

partly- a result of a desire of 
the savings banks to compete 
with an ever-expandin g oom- 
merbial branch banking system. 

As West. Germany recovered 
from -the devastation of the 
sdcond world war, its export 
bUslhess started - to pick up, 
generating a need for export 
finance; Originally loans, were 
given to the exporter who 
passed them on to bis overseas 
customer, but, with convert- 
ability of the D-Mark, the role 
of financing the foreign buyer 
fell increasingly to the banks, 
and this formed an obvious 
basis for expansion. 

On the Other side of the coin, 
the Federal Repubiic's 622 sav- 
ings banks, 'with their 16.875 
branches, dominated the savings 
market, but their industrial and 

commercial business remained 
relatively small As an increas- 
ing number of small and 
medium sized companies — for- 
merly natural customers for the 
savings banks — took an . in- 
creased interest in exports, they 
turned to The private banks for 

It became obvious that, un- 
less the savings, banks were able 
to offer the same facilities, fpr 
overseas business as their pri- 
vate competitors, they would 
face the prospects of losing a 
large share of their 'industrial 
business. Most sayings banks 
are far too small to contemplate 
developing overseas networks 

and, therefore, the Landesbanks 
had to lay on the service. 

The departure of Mr. Poull&in 
— in many ways the architect 
of tbe Landesbank's expansion 
overseas — from the WestLB 
has been seen by some 
observers as- a sign of change 
in direction for the Landes- 
banks. It is argued that his 
resignation was a result of -a 
general desire among State 
politicians for a radical switch 
in Landesbank policy, away 
from profits overseas and 
towards economic development 
of the Slate itself. 

This, however, seems unreal; 
Jstic. Although a major row over 
the WestLB’s policy preceded 
Mr. Poullain’s departure, in- 
formed sources state that his 
disagreement with the politi- 
cians of North Rhine — West- 
phalia was the result of a clash 
of personalities rather than a 
clash of policies. 

It also seems clear that the 
Hessische Landesbank's diffi- 
culties. now coupled with the 
results of the Poullain affair, 
have served only to strengthen 
the hands of those on the 
Landesbanks 1 boards who advo- 
cate a strictly commercial 
approach to their business 
policy. The public sector, it 
would seem, is subject as much 
to market forces as the private 

While the directions of the 
Landesbanks is unlikely to 
change; it is fair to expect a 
slowdown in the rate of expan- 
sion of the larger banks’ over- 
seas business. But this is be- 
cause the foreign business of 
banks such as the WestLB has 
reached such a level that pre- 
vious growth rates are neither 
feasible nor desirable. Some 30 
per cent, of the WestLB’s profits 
are generated by its overseas 
turnover, and it would surely 
take a saint-like sense of self 
sacrifice for it to turn its back 
on that. 

Deut&cteBank, a century of universal banking 

Attraction is. not always 
a matter of strength. 

^tn^osition in the 
w6rld of banking is more 
thhnjiiht a question of 
y@ittme.Bomathome and 
abrbadour accumulated 
ey^srience in universal 
b|itiMiig I backed by serv- 
ice; and a tradition dating 
frbin i870, has made us 
vdiat .we are today. 

“ we 

are familiar with the ins 

a^d outs of -all-aspects of 
international financing; 

■vifepffertailonnade solu- 
tigns to your problems, 
ah your partner both at 
hbme and abroad. Our , 

worldwide staff is trained 
to respond flexibly, even 
to the most demanding 
requests, and to make 
decisions quickly. . 

Our detailed know- 
ledge of what’s happen- 
ing in world markets, Our. 
long banking tradition 
and excellent contacts 
have created our inter- 
contacts can be passed 
along to the benefit of 
your business. 

Deutsche Bank 

Central Offico; Frankfort (MainJ/Dusseldoxf 

-Deutsche Bank AG, London Branch 
10, Moorgate, P. O. Box 441 
London EC2P SAT, Telefax 606-44 82 

Sparkassen and Landesbanken 
in the Federal Republic of Germany 

The Savings Basics Or^canizatlonriii the. Federal 

combined balance sheet total reached JDM 637.7 
billion at year-end 1977. This is the approximate 
equivalent of. 40% of the total -balance, sheet of 
all credit institutions in the Federal Republic of 
Germany. The Savings Banks Organization is 
thus the largest grouping of credit - institutions 
in West Germany. The importance of this, 
organisation within the West German economic 
structure for the individual dtizen.can be- illus- 
trated by the following figures: inGermairy the 
Savings Banks Organization’ bis.. 62 . mfllioh 
savings accounts, 1 million more than the -total 
population of the Federal Republic and account 
for a total of DM 232. billion in deposits, which 
is approximately 53% of total- savings deposits 
in Germany. DM 39 billion are held in the.form 
of savings certificates- which represent 72% of 
all savings issued by German credit institutes. 
Total turnover of the “ Giro ” network exceeded 
DM 6,000 billion during 1977 which is five times 
the turnover of the postal chequirg service, and 
the construction loans of the Savings Banks 
Organization financed more than half of all new 
dwellings in tha last year. Around 200,000 staff 
members are employed by the Savings Banks 
Organization and work in more than 16,950 
offices located throughout the country ranging 
from big cities to small rural districts. They can 
be found wherever money is invested, credits 
are made available or money transfers are 

The institutions of the Savings Banks Organiza- 
tion are in public ownership, which in turn fully 
guarantees the very existence of these .financial 
institutions. These guarantees are provided for ' 
Savings Banks by local authorities and as far as 
the Landesbanken are concerned by the respec- 
tive state authorities and Sparkassen within this 
region. The business of these Sparkassen, 
Landesbanken and Public Building Societies is 
conducted on the same principle as the entire 
free market economy in Germany. A prime 
objective of the Savings Banks Organization is to 
provide competitive service to all other credit 
institutions, i.e. the private commercial banks 
and co-operative banks which encompass all 
sectors of finance. This is of benefit to private 
individuals, enterprises and the public -sector 
which, have at their service^— anywhere in 
Germany — banking facilities at competitive 

The specific character of -the Sparkassen and 
Landesbanken . is to be found' in their legal 
framework established by the German states, 
whereby the banks must fulfil specific tasks. 

These laws specify that Sparkassen have to 
concentrate on certain sectors of the economy 
which are of importance to the respective city 
or region. This assures that the necessary 
services' — credits, investments and money 
transfers— are available. Sparkassen cannot 
seek .mOre lucrative business in other parts of 
the country; hence 'they serve as a counter- 
weight fo possible market concentrations and 
•thus guarantee even and broadly-based banking 
facilities in all areas and regions of the country. 
This . was' a' primary reason for the economic 
lip-swing in the Federal Republic of Germany, 
following World War' IL The main activities 
of . the Savings Banks Organization are, for 
example,, home financing, the financing of muni- 
cipal, the trades and up-f opiate 
credit facilities for private households. These 
services contributed substantially to a constant 
development i -of . the- German infrastructure 
which includes home building, roads, schools, 
hospitals, 7 as well as business and retail stores. 

At the same time, 1 the credit institutes of the 
Savings Banks Organization have established a 
worldwide network with major business centres. 
Clients of the .Sparkassen in the Federal 
Republic have business contacts all over the 
globe and m turn businessmen in all parts of the 
world seek German partners. The German 
Savings Banks network makes it possible for 
these contacts to be established with efficiency 
and speed anywhere in the Federal Republic. In 
this context, the Sparkassen work closely 
together with the Landesbanken. The Landes- 
banken are, in fact, the Central Banks for the 
Sparkassen and act as clearing houses for cash- 
less payments by Sparkassen on a national level. 
Above all, they maintain close international 
links through a great number of their own 
branches and offices abroad as well as an exten- 
sive network of - correspondent banks around 
the globe. 

Finally, Public Building Societies CBausparkas- 
sen) are specialised credit institutions that 
finance housing in the Federal Republic. Client 
members of these home loan associations 
become contractual savers who generate their 
own. capital and who together with a loan 
granted under special conditions then have the 
necessary funds for home building after com- 
pletion of their contract 


4-18, Simrocfcstrasse 

•JeWeVAWeV.%%%%%Ve%W#V.VeWeVeW/eWeVe%VeVeVe%V;V < 


•••• •••••• 

•••• ••••• 

•••• •••• 





Head Office: 16, Boulevard desHafiens 75009 PARIS 
Tel 2444546 Telex: 280605 

Banque Nationafe de Paris, France's leading 
commercial bank, Hasan international network 
extending over sixty-eight countries. 

rJF&ancial- Tuaes.Wednesday March 8 }sst^ 


Table 1: . 

( 976). 
-Total loans 

(excluding mortgages) 380 

Manufacturing 119 

Utilities and mines 28 . 
Building 19 

DxStriZiatioil €5 

Agriculture and Fisheries 27 
Transport and Telecoms. 51 
Financial Institutions 7 

Other “6* 

Mortgages - . . . ■ ' 47 

Grand Total • 427 

Source: Deutsche Bundesbank 

Table 2: 

LOANS to manufacturing industry: 
(Dm. bn. end-1976) 

Plastics, Knbber, Asbestos production » 44 

Stone extraction. Pottery, Class kl 

Basic metal production, — -- *5-8 

Steel construction. Mechanical eng, and Vehicles ...... 25.1 

Electrical Eng^ Other Eng, and metal goods — • — 

Wood, paper, printing tl-7 

. Leather, 'textiles, clothing — — MKS 

Food, drink, tobacco — J„„: - *3.6 

Source: Deutsche Bundesbank 

which . suplied capital, granted . . same reason the big banket end rights for the-porticinajK^e 5 

credit, nursed hew branches into Th ® Monopoly commission to gain a competitive advantage per cent, 
existence — in .short: .-provided "*1** gI ™5*L overthfi : ^maHer. ' Had ' 

that universal service which has pro Y l r m . g CTe<ut *° Tbe dminissira looked at the b een in 

marked its activity .ever since. top 100 German: companies -in it would have meant,-' for: ex- 

The. banking - system was t0 . f °Howmg turnover :terms in 1975 and dis* ample, that Deutsche' B&nk 

described, at the time- as “a conclus ? ons - covere^. that banka held; stakbs dould still theoretically have 

kind of leader _of 'the: entre- The credit- .banking sector in 32 eases. (28 of which -were taken its .29 per cent/ Stake in 
preneurlal spirit'of the nation." (the commercial banks lndud- of between 25 and 50 per cent. ). D^mler/Benz -from.'^her l'Tick 
In many ways it' remains so— tag Jl« ; . “big banks "-rrthe Tru^'Jhp banks did - not -com- -group— but it wouldhot have 
and what, bankers may be heard Deutsche Dresdner and Com- prise .-.tbe: "group 'figuring most been able to ■ - exer cise • vo ting 
asking somewhat; jbltterjy, Is men: and their West Berlin ofterr^: the pst as a stake- rights on 24 per cent of. it 
wrong with that? affiliates) provides between a holder^- She. leading position — (Deutsche Bank has re* 

They have a point The half and. two thirds of the credit continued ON. NEXT PAGE 

Total Short-term Med.-tenu Loqw-jT 
119 59 13 47* 

DO WEST GERMAN banks universal ' bank ' offeri; -i ' hig^iirrirtually all sector?. There believ e it orng— is hrid : hy 
have too- much influence over range of' services corivienlejstiy is no special point-of emphasis, companies which themselves 
business and 'industry — if under 6ne-_roof and allows r ljie although a fir rule .of thumb are members . of the top. 100“ 
so, what- might be done about bank to "spread "its risks. That is close connection with heavy (and hi which, of course, banks 
it? These questions are- being looks good- \f or the customer- industry. . regularly hold Interests)/;, 

faced by a committee set- up (especially the industrial. client The savings bank sector (the In no case did a bank have 
by- the former Finance Minister, 1 with a wide range of heeds), central giro institutions and the a holding of more than 50 per 
Herr Hans Apel, as long ago good for the bank— and good ‘Savings banks) provide between cent, in the “top 100 ”-^ con- 
es- November, -1974.- Its report for the "shareholders of both. ; a /quarter and a third of the trast to. private Individuals or 
should be ready this year and Against that is the suggestituT Credit in all sectors. Within, this families 1 13 cases) and foreign 
is awaited with widespread 1hBt the universal bank .grins : generai classification, the giro enterprises. (19 cases). "But at 
interest— and some trepidation, tod much • power and ".is bound institutions made a speciality the other .end of the ‘Scale; the 
The committee, grouping to run into conflicts of interest, -of credit to the chemicals and commissi on did find "that the 
representatives of the Finance How can it be otherwise, it Is :menal' production sectors. The “ universal bank" helped .ex- 
and Justice Ministries, trade asked, when the same institution savings banks concentrate their pand its business by tiiklhg. over 
unions, universities and the 0 ot only grants credit" , '^d credit operations on mediian smallish concerns In Adds dose 
banks, has as its task the con- advises on shares but also helps -and smaller sized enterprises in to its own (which, by definition, 
sideration. - of .“fundamental steer the polices of companies branches including stone, glass, is wide). Between ‘IflTJT and 
problems in the credit sector” to whicb It has lent fuids apd ceramics, wood and papen—as 1975 It noted 82 mergers be- 
Behind that dead-pan title ' lie shout Which potential investors ‘ well as in trade. tween banks, and ndn-banfe, 

some, highly sensitive issues, may ask it for^ advice? " . ;• -The co-operative institutions uiost of them in service fields 

They include: ; *J" " vr ' specialise in virtually the same JUw land administration, leasing 

• Should the famed West Ger- Pnnfillpntial -*■ -fields as the savings banks. and consultancy 
man “universal banking sys- LUiUlUCmwi V./..-- toal p^t ajone gives What then of banHhg repw 
tem” stay as it is— or should a The committee's woifc. is w one inttication of the com- sentatl0n on company super- 
division be mad& between credit highly -confidential. But .the'petitidn between the different risory boards-^which oversee 
business on the one hand and Monopoly Commission, an lnde- fanlting sectors. ; But of course 1116 activities of the managing 
equity dealing on the other? pendent advisory body, covered tij ere j s ■ fierce cwnpetition 1,042111 and have the pow^r "to 
Should, the taking of stakes by similar, ground in .its; report within sectors too. True there w re and fire members 
banks in industrial enterprises made public in 1976 on cam- - a reduction in the' number Insofar as it. gained -replies 
be forbidden or at least res- petition throughout the GermaH of German banks between 1960 t0 its Questionnaire, the, com- 
tricted? "Wlttt Jufiuence-dQ: the economy. Its findings are worth an a 1974 by about a half, but “issiou found that banking 
banks exert through their mem- recalling even though, as the * ha i left 5 350 battling for resentatives had a total ot?299 

bership of company supervisory commission makes clear, Urdid business 299 credit banks, 718 supervisory board posts/sGflpIy- 

boards and through the “Depot- not receive sufficient ep^pera* ^ swings bank sector and in E the chairmanship for joint 
stimreehr— under which they tion. from banks on som6 issues 5^33 co-operatives. - That does companies in 226 cases 
can exercise voting rights on for. It to accomplish its tasks g 0t ou t dependence by an and for. limited liability com» 
shares left on deposit with them fully. ". .. .':/.; industrial concern on a “house panies "tn another 72 cases, 

by the- original owners? dearly the banks, 'amply by -Ti antr-j ? but it does surest tori Espwially strongly r epresen ted 

This- topic is touchy at toe providing- r credit; ; gain 'somertbfiit/aepefiaehMt^as / Zndfwrie the hig^banks^-They haia 
best of times. It is doubly so, degree of influence; ' How btgi emerged for want of alternative total of 483 posts, supplying the 
with iepriomic growth proving therefore, is' German bank -fend- sources of crediL . chairmanship for joint stock 

slow, around lm. unemployed i^S to domestic enterprises— What other consequences coni panies In 9tl cases and for 
and strident calls from the Left Uli which industrial seotors are ^ provision of limited liability companies in 24 

to “direct investment” and biggest borrowers? . s credit? The commission notes cases. ■■■■■-'- 

create new job opportuinties. Table! shows that at the rijd that not only do' banks natup. . 

Even, moderate trade, unionists of 1976 manufactimng industry ally seek all available informa-. HaiDDfired i 
are sometimes-given to suggest- ' was debt to the banks to the tion about toe o^di^vwthlnessr 

ing that if this is the best the tune of DMllSbu.— out of a of flieir clients. Thor are also As for the Depotshnmredit, 
“ social "market economy ” can total baflk v credit. to air enter- bound fo do so under paragraph toe commission- was hampered 
do then perhaps it is, time to PriSes (excluding mortgage X8 of the German credit law. 'Imre an inconpqi^ re*- 
change it And. if change did loans V of DM380bm _Table 2 \As toe bank increaaa con* ponse. Ifat it estimated- thAi a 
come then, for better or worse, shows toe breakdown of borrow- business clients, to*® 1 number of 2,IW8 jeint 
it would certainly involve toe “S mduririal sectors and SQ ita inf onnation and possibili- ^ock companies ■ at thCrthd of 
banks and their special relation- toe _ proportions in short ties to influence grow too. The' 197 "^ * siiigle crodir^|tute 
ship with nidustry. which dates and long-term loans, c^janission suggests that be- hrid 50 per cent ortwBSi of 

back to the start of the German Jbe main borrower, accounting banks have finance cam- toe - voting "rights at •7mg$*eent 
State itself. • ?•: " for ^ more, toan oue^fifto or all with wide-ran ging and of the animal meettngs^n^ 

detaifed information, they gain The Monopoly - Comm^iou 
Go-ooeration a Competitive advantage over drew one ltey/cMK^^^om 

" ^ UU “ ln .f non-banks. There is tons a long- its analysis.. It pr^wfed;that 

It Is hard to imagine the take- JjJf ter ® tendency, the commissipn banks. Should not nortdaa^boW 


.* * 






S" •'* 

I V • -S.7. 

er toEitoalZer. Had this reconhneiriatiop 

The rimimlssipn looked at toe been in eff«^ four y/epji ago 


France’s main trading partner 


Bahnhof s trqsse 36 
Tel: 30721 
Tel: 3072 J 

Saarforucker Stress© 13 
Tel: 2082 


, Grosser 70 . 

Tel: 3042 


Bockenheimer Lansdsfrasse 22 
Tel: 720 231 

.and now*. - 

34-36 Berliner Ailee 

: • r 
. i 



r lbsdf-S"Mb 


5B ™<I. 


' $ L 



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th^ , nf K ^2L b ? ani r S0 ? e '^ ^ foreign bankrf penetratron o{ comply . with the Federal years of dose contact, strong to be ? *ith the private banks 
ban w 0 i* .«!!5i ♦ 0 i«i,? rels !i Rawest Germanmdustrial Republic's exacting banking loyalties Have been built up. which specialise in offering 
eariv ia«L . IwHte and lending market i$ not a patch legislation. This can cause diffi- “They looked after me in thin tailor-made serrioes for their 

FranbenW ** i fley __ oea ®“' to on. that say, of the U.S. banks culties. times and it would be wrong to customers. Here the foreign 

' Ml i j 12' a lesser the British inariwt ■•'. For a start it -11157515 that the torn my back on them in good banker, with his intimate 

- Pf tiie .4$ branches of foreign person in charge of a foreign times if they can still give me knowledge of his own hoxn.e 
a ^. me ^ CEma P Mnks a thing banks reporting to the Bundes- bank branch in the Federal the service I want," seems to be market, is more on even terms. 

fxJZ 0 , 51,5 a . “ of ^ bank a t the end of 1876, only Republic must speak adequate the attitude. However, it should be pointed 

forth!! 1 ! economic miracle one had a- business volume in German. There have been cases No doubt these bonds ere out that those private banks that 

“emseives. excess of DMShl. while nine 0 f very well-qualified foreign strengthened by the fact that have survived and prospered in 

This, of course, is an overly reported volumes imtbe .DMitm. bankers being refused per- bankers sit on : the supervisory the climate of the extremely 
cynical view, . and, jadeed. the *° DMSbn. range: ■ Eleven mission to titke over control of Boards of- many companies hard competition of the past 20 
British and American: banking branches' ■ volumes' were their branches because their whether their banks own equity years have done so on merit and 
majors have long been estab- between DM50Qm. and- PMlbn., command of the language was m them -or not While it is hard an intimate knowledge of their 
lished over here. But the atti- aHd the- remai«der 4 Wfira. spread considered; inadequate. Ameri- produce evidence for the customers and markets. They are 
tude seems to - have been preva- between DM 10m. ana DM5 00m. ^ among others,’ have assertion, it seems highly un- not to be easily beaten, 

lent among many of the smaller 131 ,iew of the nanaes- of the ueen affected by this as’ inter- likely that the domestic banks’ . 

foreign banks that moved here banks established here, mese national banking qualifications considerable say in the way coni- V CfltUrC 
before the start of the xeces- figures not .particularly do not> ttat co untr y pa nies are run is not reflected in 

sion. ... impressive. . . . necessarily man* band-in-band ^ corporation's banking poll- Perhaps one of the best 

In 1957, according tb Bundes- ‘ leading banks content ^rh linguistic ability. examples of imagination that 

bank statistics, some 15 foreien themselves Wth -representative ^ TCrfa __. it i}t !rfcRnm ,> Foreign banks from countries pays is the joint venture set up 

banks had^SblSSibr^SSr .““fT*? 8 fo?™^F3£k*r m X th * **** ? by Sbmdanaviska Enskilda 

operations in the Federal land Banfc anKKietbe ^ ’ back to the classroom, it has We8t Genrmn industry are prob- Bank, the Nordic countries 

Republic. By 1975 thishadin undoirbted4y > sme repieaenta- »biy better placed than most in largest private commercial bank, 

creased to 49 buthZ<n^' ^ tiye offi<^ can confident^ edaun stiff fcompetrtion for cor- and the Bayeriscbe Landesbank. 

to more business than Porate business. The American While the Skandanaviska En- 

stalled wSf 1 o??bn> : <* the -brandies, -it seems J® 311 “°* ^ banks with their lists of multi- skflda can hardly be described 

to 51 ** to* < large prppor- *£?* , atonal have a better as asmali bank, it was relatively 

of gII CS ttoa <*-«■»** *** ««n many. The British late in establishing itself 

German, banking busing they produce is sub- this has given, the banks do not do badly in this West Germany. 

P ^ ' ■ - stantkdJy lower , .• * • oTfSf g ° Tesp ^ ct rttber * Instead of setting up a branch 

There is a considerable argu- «uj ““a get business. The smaHer foreign banks operation in order to carve itself 
greater : - . ment over here as. to 'Whether u^uy peop^ as the tend to get the left overs, which a slice of German-Scandinavian 

. «■ - • - . ■ , it is better forra foreign bank ~°S“” >axon ® “ flippantly though good enough in times trade, it opted for partnership. 

foreiw V Skba th tt, 9 + Iim ? ber ® f to: operate out ef..*..jto»neh or speak fluent English or of plenty, can leave them on It was a marriage of convenience 

^a representative office. ./ ^ One short commons during down- between its client list— there are 

5J2L r ^?!f. S ?f lta V Ve r* afflceS . m leading advocate of the repre- Having learnt Jus German, turns. Ihe past few years have 440 Swedish-owned companies 

grea . ter ' sentative office cause said ^“ a ^ 1 " : *. tbe . b us^»e^ prospects been particularly tough in this in the federal republic— and its 

recently: “ Branches. -are more fj* *® reject with prime corporate partners’ cash. It offered asolu- 

Tbe v ^ I> ^ sentatlvfi trouble than' tiieyvai^ wortb. ^ fry are not clients slashing back capital in- tion to - the Swedes refinancing 

nS 68 « VC Bt> hjte** 1011 to ]& There is a considerable amount Particularly good, according to vestment programmes and problems and gave the 
- a 5 d of wort: involved ut.XBporting °° e leadi^ American channelling resources into much Bavarians easy access to the rich 

cn.™ ^ an ^ no doubt this ta Bundesbank. ; ' You are ba ^ k ® r S3il ^ S03Iie time ago: “I lesfr cash-hungry rationalisation Scandinavian market. 

°i*£* suWect to.,. Gtthum^equi^/ %± do £ mu Z. oi Programmes. After just under two years of 

auantiVv^thT 611 ! ^° Ut * the credit ratios and there. is always SL d °A? Respite the gloomy tone ef operation, the joint subsidiary 

q anttty of their business-... ^ Berlin aipen^sary office 1 h ' ave 501,1 tberr Boards this article, there is still apron- —the Deutsche-Skandanavishe 

as a smafl bank, it was relatively 
late in establishing itself in 

At the end ,otf~ ^November, breathing -down, yrnff'-aiedt. mck nome a very gooa line." perous future here for smaller Bank— which has - a nominal 
according to the. ceptrahbank’s ■“ As a representative you do 1 : • • • foreign banks that show flair and capital of- DM40m., appears well 

provisional figures,-.- the aggro- imt miss, very much-— -q certain MTi Tl Ilfl.SIS -• imagin ation. It . is, after all,' on the way to goal of being the 

gate business voltnnn. of. the 51 .amount of foreign^ exchange _ . pointiess to offer exactly the West German specialist in the 

branches of foreign banks 'business perttaps^ janB the to-aay, of courae, there is a same services as the large Nordic countries. It is already 

reporting monthly -to- the 'theoretical right .to deal on the T®^. Qeavy , emphasis on the domestic banks and the major returning very satisfactory 

Bundesbank totalled a shade stock exchange. Beyond. -that I forel fl n exchange markets and foreign competitors. profits, and its total assets have 

under <DM3Sbn. This indicates do not believe that j^resenta- “ e . mtera j£ 0I “J underwriting The natural area of competi- passed the DMlbn. mark, 
a marked drop in vohime .com- rises are any the wrstbff and, °uaness. Frankfurt and Dussel- tion for the smaller foreign _ 

pared with November 1976, in 'view, of the feet they 313 316 very tiuportant. Euro- bankK in West Germany seems u.n. 

when 49 foreign h«nk.branches have fewer bureiuicratic . head- “ arket centres. At the same — - ~ ; . ; . . 

reported a combined business aches, ■ they probable-come off timemany oftiie banks have 
volume of DM344)lhn. .bettor." , • sought . to build up business 

These pickings are very thin -'. Indeed, the Berim-based jjjjjy t0 pnme corpora£ ^ . 
indeed When compared with the bureau which oversees West ” Jc ' m V | 

total West German business Germany’s banks, has. a dear th /A Lj/\«VT ^ 

volume of HMl^Bbn.-less .duty to - ensure - that ;*be • M Ifll llW 1 

then U pw tent-Ma the .bM», ot ftreip. gg h, ”, ,^th^ /j§ A. AVf W* J 

^ . 1 ^ 1 "' ] °wn , homh _ market is' no easy f£pl 

1 ‘‘ , business. Although this is not . /jagM , 1^. m 

V to 'imply unfair competition f/g$ ' v Vl/ffl' 

TV 1 from the-.West German domestic //£m ■ ft, Ifll 

ril l VO - / majors, file market is a far ' /'/fml : * 

'• y harder ones for a foreign bank ///Km 

.*■ to crack than, say, Britain or ///&&[ * 

V3Cn6rdtl01& . ft 5jie Ili SS* ta mi’ket plays a // gB M Ilf 

— < ' • mudi smaller role in funding the /'/ fSKJ bp*% 

V f | fti- l lt T ~ ' Federal Republic's industry M k£j g/ ; *jk’ ffl J di "1 1 

OgG I in lU ? . than in the UJL or North M KJg «, M ^ 

.'• 1 ~ America. The banks themselves TMr/jSr 

have a heavy equity interest in jffjjzjEj a^Enjn ' ' ^ , 

industry, and many businesses ftfcmMy / mnm/sk » C" . n . 

would rather turn to tiie banks /IfflV • / - SlTU 

for finance than to the equity SKHmt / ' - 

V OUT bank mu 

• Consequently, in few other J 

countries are businessmen so ^ . ODCTate at maXlT 
closely bound to their bankers. d-L illd AU 

Not only do they have a direct 5inH tin 

commercial incentive in keep- /7k flUU 

- xng on. good terms with their *"M 

“house . bank,”- but, through 

back home a very good line." 


; ClUUnli. 1 J^AUIIWkW, . Uis 

volume of DM344)lhn . ; better.". * . s .: j/.-. 

These pickings- are : very thin’-’. Indeed, the Beriiq-hased 
indeed when compared with the bureau which oversees West 
total West German business Germany’s banks, has _a dear 
volume of DM1, 746 Bbn.— less -duty to ensure - that 'the 
than, L9. per , cent— mid the .branches of foreign banks. h^re 

You might ask: Aren't all banks tha 
.same? Looking at banks' performances, 
one fact becomes obvious: Most have ex- 
panded over the years. ■ 

Take a second look, and you will see: 
Ever since its establishment twenty years 
ago, BfG Bank fur.Gemeinwirtschaft has 
grown faster. 

Why is that so. you ask yourself. 

Is it the wide range of services of a true 
“universal bank’ that BfG offers, from 
simple savings accounts to large-scaleex- 
port financing transactions? Is it the fact 
that BfG generally offers favourable con- 
ditions? Is it the result of the efforts of 
BfG’s international experts, who travelled 
more than 300,000 miles in 1977 alone? Is 
It the presenceof BfG in so many important 
centres of trade and finance, either 
through affiliates or branches of its own? 
Or, is it the fact that BfG is more flexible? 

Success usually has more than one 
source: It is important to us that our custom- 
ers benefit from it 

For example, take our newHeadOffice. 
Obviously, the building attheTheaterplatz, 
in the centre of Frankfurt, is a typical ex- 

pression of our achievements. More 
importantly, however, it serves our cus- 
tomers more efficiently and effectively. 
It is instrumental In handling transactions 
muchfaster. Moreover, itwas not planned 
to serve only as an office block. The BfG 
Tower is a multipurpose building to work 
in. or to doyourshopping.orto just simply 
relax in. 

Now, who says all banks are alike? 

| This is-the real picture of BfG Bank 1 

iTTJc l- .J il-iircin”. iTD 1 ^-:-l*lilfTFira 

Ij.'.U 1 VA-[n\lA 

welled (In billion DM) 1976 1977*) 

une? Is Total Assets: 26.21 29.95 

jortant Total Deposits: 24.60 27.60 

either Loans Outstanding: 21.54 24£9 

!°b!e? Capital and Reserves: 3 6 1.31 

•) pwM mh w ry uneoniolKlitad Bganmaf 
in one Ommbv 31,1977 


, BfG Bank fur Gemeinwirtschaft 
Office. Theaterplatz 2. 6000 Frankfurt (Main) 

jrplatz, London Branch, 83 Cannon Street 
cal ex- London EC4N 8HE. Tel.: 01-2486731 

BIG Bank flir Gemeinwirtschaft 


Before you answer, read this: 


Since^ ^conditions of itxtemational trade^ ^are changing constantly^ 
your bank must be able to provide the expertise and capacity you need to 
operate at maximum efficiency. Eroven experience, international know-how 
and the flexibility to meet your specific requirements are essential. 

Jipv 's -in century. V 
temple TidU the 
to the ament with 
the solemn b«uty. 

Social.welfareis a subject of serious 
consideration in most modem societies. Man 
in the twentieth century accepts his 
responsibility to bequeath to the next 
: generation a society better than his own. 

- Daiwa Bank is not unique'in accepting this 

: responsibility; but Daiwa is unique in making 
; acceptance of this role in society an integral 
‘ part of their banking service. . 

Daiwa is the only Japanese city bank to 
combine banking and trust business.. Daiwa is 

- thus a fully integrated banking institution* 

• comprising banking, international financing, 
trust, pe n si on tru st, an d real estate business. 

; This integration is part-ot our effort to fulfil our 
; social responsibility consistent with society's 
■ -needs in a contemporary environment. 

j a fully integrated banki ng service 


K Head Office: Osaka, japan . : . ... „ , . 1 

London Branch: Winchester House, 77 London Wail, London 

frankturt Branch: Fschersheimer landslrasse 14, 6000 Frankfurt 
am Main 1, Fit. Germany • - 

. New York and tos Angeles Asencies 

_ Singapore. Sydney, Sao Paulo, Hong Kong and Houston 
Representative Offices 

r Suhsidiarv: Daiwa Bank Trust Company, New York • 

- Joint Venture Banks: P.T. Bank Mania, Jakarta, , 
Iwrgm gtt Qnal CrediC'Alliance, ttd ? Hong Kong- • • 



distributed the holding— which 
-it -took to prevent the block of 
shares from passing into foreign 
hands. This in itself is a fair 
. example of banking power.) 

' Tn its co mmentar y last June 
an the Monopoly Commission 
report, the federal Government 
not only agreed that such a res- 
triction of voting rights in 
future was worth considering. 
It also felt examination must 
be given to restricting voting 
rights on existing holdings. 

The banks point to a series 
of factors which they feel are 
often misinterpreted. Because 
they hold stakes in industrial 
enterprises they can frequently 
bring . about constructive 
mergers which would otherwise 
have been almost impossible to 
achieve. They have, of course, 
the DepotstimmTecht, but be- 
cause the banks have the right 
to represent them, many share- 
holders gain a voice at annual 
meetings which they would not 
be able to attend in person. 

■’ Without that right the meet- 
ings might indeed be delivered 
into the hands of one or two big 
shareholders with special in- 
terests. As for supervisory 
board membership — bankers ask 
who better is available to sit 
on it. They hold the positions 
not just because of personal 
skills but because they have be- 
hind them the whole analytical 
and technical expertise of their 

Tiffs amounts to a defence not 
that the banks have no power—, 
but that they use it responsibly 
and for the best. It will be 
interesting to see what the com- 
mitted set up by Herr Apel 
thinks of those arguments when 
it reports bat*. • _ : 

Jonathan Gan- 

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Financial Times Wednesday March' S 1978 

THE BANKS ARE jealous of 
their position in the domestic 
capital market. Evidence of 
their determination not to yield 
their role as underwriters and 
managers came in January of 
this year when the big hanks 
torpedned an experiment by the 
Federal Finance Ministry to 
offer “borrowers notes” 
(Scltuldstrheinej by tender. 

Torpedo is perhaps a bit 
harsh, bur the standoffish ness of 
the banks certainly made the 
experiment less than a resound- 
ing success. The Finance 
Ministry was trying for the 
first time to offer the long-term 
paper without going through 
the standing Federal Loan Con- 
sortium, which normally sei.s 
the terms for borrowers' notes 
and the bond issues for the Fed- 
eral Government and agencies. 

The paper is primarily of 
interest to institutional inves- 
tor k ^minimum investment is 
DMIOm.). The Finance Ministry 
was offering 6 per cent, annual 
interest on a ten-year maturity, 
and expected to raise about 
DM1. abn. through the tender. 
The final haul was just 
DM980m., aad that at a price of 
99.40 per cent, or about O.M 
per cent, below what most 
people had considered an abso- 
lute bottom price. 

The Finance Ministry down- 
played the decidely modest sue- 
cess of the tryout, and the 

banks denied that anything so 
mean as just preserving prero- 
gatives was at stake. In Tact, 
though, when the Finance Minis- 
try the next month went to the 
consortium in the normal way. 
it had no trouble raising 
DMU.lhn. with the borrowers’ 

In fairness, objective ' com- 
mentators noted that the price 
risk in a tender would have 
made investors cautious. The 
yield on the paper tendered 
was 6.US per cent., or exactly 
corresponding to the current 
market condtions. Still, the 
banks certainly had not reason 
to encourage this independence 
on the part of the Finance 
Ministry, even less so as various 
"lender” governments were 
watching the experiment with 


The Federal Government is 
the major borrower on the 
domestic capita] market. Bonn 
had a net borrowing require- 
ment last year of DM21bn. and 
this year's federal budget fore- 
.-ee- net borrowing or a record 
DM31 1- o. Net burrowing of all 
government enritic-s this year is 
expected to snar to DM55l>n. 
from PM 32b n. last year. 

In fact, public sector paper is 
practically the sole investment 

in the German fixed-interevt 
securities market aside fr"ni 
mortgage obligations and enm- 
munaj hoods. The latter arc- 
issned by banks to re-finan-.-c 
construction and local govern- 
ment spending. In 1977, total net 
borrowing in the capital market 
was I>M50.474bn. Of 'hat. 
DM29.699bn. consisted of bank 
obligations, including the bank*.' 
own paper as well as mortgage 
and communal debentures. 
Public sector paper accounted 
for DM21.191bn. (with only a 
few new issues, redemption of 
mature industry obligations re- 
sulted in a negative balance of 
DM417m. in that sector's bor- 

Industry borrowing is insigni- 
ficant The department store 
chain Kaufhof broke a dry spell 
of more than three years wirh 
a bond issue late in 1976. This 
was closely followed early in 
1977 by new issues from Thyssen 
and the electrical utility VEW. 
and there was some hope that 
industry would return to the 
capital market. 

The hope was short-lived, how- 
ever. The economy grew stag- 
nant and industry avoided the 
bond market despite a precipi- 
tous decline in interest rate.?. 

This decline has been the 
most prominent feature of the 
German capital market, in rhe 
past year. The Bundesbank's 

computation of avera?’’ yields 
on hoods in circulation showed 
it fall in public sector bonds 
fr«*m 7,3 per cent, at the end of 
1976 to 5.5 per cent, in January 
of rh:s year. Yields on o tlier 
capital market p?per paralleled 
thi* development. 

February provided further 
indication of a downward trend, 
and most analysts don’t think 
the bottom has been reached 
yet. The Federal Government 
came out with a two-tranche 
issue- in the first half or 
February- An ei&lit-year bond 
carried a coupon of 5.5 per cent, 
while a 15-year bond ’.las offered 
with a 6 per cent, coupon. Born 
tranches were given an issue 
price of H9.75 per cent, but 
were trading above par even 
before their official listing. An 
offering from the- Fedcral- 
owned Bank for Compensation 
Settlements later in the month 
extended the maturity on the 
5.5 per cent, coupon to 10 years 
and came out at par. 

Yield on ten-year mongape 
obligations meanwhile slipped 
to 5.8U to 5.S5 per cent, by the 
end of February from 6.10 per 
cent, at the end of January and 
7.25 to 7.30 per cent. ?. year ago. 

Bond prices suffered a severe 
drop at the end of February’ 
following Lhe Swiss move to 
block sales of domestic securi- 
ties to foreigners. Fears that 

Germany might impose similar 
restrictions led to panic selling. 
But the losses were quickly 
recouped and when the Bundes- 
bank Council failed on March 2 
to take any pew action, dealers 
reckoned the price rise would 

The most recent impulse for 
the fixed-interest market has 
been the cut in savings account 
rates to post-war lows. The 
round of cuts in the past few 
months was a result of the cut 
in the Central Bank Discount 
rate in mid-December (to 3 per 
cent, from 3.5 per cent.), which 
in turn resulted from the 
pressure of declining capital 
market rates. 

The rate on passbook savings 
accounts is now 2.5 per cent., 
which appears too low even for 
the savings-conscious Germans. 
The shift of savings funds into 
bonds that has been taking 
place over rhe past two years 
has accelerated in past months. 

January, in fact, was a record 
month for new issues, as 
DMllJfbn. of new paper came 
into the market. Investment 
fund certificates also posted 
record sales of DM1.3bn.. of 
which DMlJbn. went for bond- 
based funds. 

Added impulse is provided by 

purchases from abroad- While 
mosr of the orders for German 
paper arc directed through 
Switzerland. dealers here 
presume that funds being 
shifted out of France, prior to 
the parliamentary elections in 
March account for a good part 
of the foreign demand. Some 
worry that flight capital now 
blocked out of Switzerland will 
spill over into Germany and 
bring some official intervention 
after ail. 

Domestic investors prefer 
fixed-interest securities to shares 
following the traumatic experi- 
ence of the 1974-75 recession, 
when dividends were cut and 
such blue chips as Volkswagen 
and AEG-Telefunken passed the 
dividend. The double-digit 
coupons on bonds Issued at the 
time converted those willing to 
invest at all. 

Bankers are hoping that the 
drop in bond yields combined 
with the improvement in divi- 

dend yields due to the corporate 
tax reform will divert more 
funds into the stock market. 
Stock prices did in fact receive 
an impulse in February from 
rumours that the chemical giant 
Bayer would pay a cash dividend 
of DM6.50, which with the tax 
credit would yield 721 per cent 
on the blue chip. 

The optically high yield is an 
attraction for the German 
investor. This yield sensitivity 
explains the strong domestic 
interest in high-coupon Euro- 
mark bonds. While top-ranked 
addresses generally are snapped 
up by foreign investors, German 
investors go for lower quality 
borrowers with high coupons, 
like Latin American countries. 

Of course, rates on the Euro- 
niark bonds hare declined in 
step with those on the domestic 
market The Mexi can Electricity 
Commission (CFE), for instance, 
announced at the beginning of 
March a ten-year issue with a 
provisional coupon of 6.75 per 

cent This is significantly lower 
than the 8 per cent coupon on a 
seven-year bond offered less than 
a year ago, but of course higher 
than the 5-5 per cent, yield on. 
new government bonds. 

But private investors in par- 
ticular shy away from longer 
maturities. The combination of 
higher yields and shorter 
maturity has made Federal 
Treasury bills (Bundess- 
chatzbriefe) attractive. The 
interest is higher than on sav- 
ings accounts and the bills can 
be sold back after one year. 

So now there is talk among - 
the savings .and cooperative 
banks of offering savings certi- 
ficates (Sparbriefe) with life 
spans shorter than the current 
four-year minimum. The idea 
here is to make some competi- 
tion for the government and 
divert some of the funds flowing 
into Treasury bills back into the 
banking system. 

Darrell Delamaide 

eep into share 

% ■ •'*: 

* ■■ < 

V' ": 



. #•_ >. 

; s V. 




Tiie 'nank: DG SANK Deutsche Genossen- 
schaftsbank with headquarters in Frankfurt am 
Main, the centra! bank and liquidity manager for 
ten regional banks and some 5,000 locai "Volks- 
banken" and “Fteiffeisenbanken" with 19,500 
offices throughout the Federal Republic. One of 
our addresses in the Euromarket: 2, Throgmorton 
Avenue. London. Here, right in the heart of the 
City, DG BANK is represented by LCE London 
& Continental E ankers Ltd, in which we are the 
major shareholder. In another Euromarket center, 

Luxembourg, v/e are affiliated win DG BA' 
INTERNA! IQiJAL, and in Zurich cur add-ess is 
BEG Bank EuropaischerGenosssnschahstanken. 

and v 

management of lean syndicates, private zizz- 

:’.s, and bond issues. W’th consolidated total 
;.s in excess of DM 43.5 billion - equivalent 
>:-= than U5 S 20.7 billion - we sre one of 
■ Germany’s large banks. Our cooperative 
:.-q system commands consolidated total 
:s "approaching DM 240 billion (US 5 114 

'G BANK Deutsche Genossens charts bank, 
3:,< 2623.^ ^aunustcr 2, D-5CQQ Franl.furi 
’B‘f. 1, West Germany, 

nr> £0 a 

£r?5 ’-mw 

The Broab-Bases Bm *& 

UBIQUITOUS might be a better venience of simply walking into turnover in the autumn months 
word than universal to describe his local bank branch, filling of September, October and 
the role of German banks in the out (or just signing) a form November. Discouraging eenn- 
country's stock exchanges, to buy some shares. The money omic forecasts, currency unrest 
Perhaps no better clue to the is automatically debited from and the prospect of tough wage 
power of the universal banks in his account and the shares auto- negotiations sent investors 
German economic life can be matieally registered in his own scurrying back into fixed- 
found than in the comprehensive, deposit, for which he pays a interest securities (bond turn- 
role they play in the benchmark modest fee. He will be duly over for the year was DM35 5bn. 
institution of the market notified of dividends, annual against DM27 fibn for Aaresl 
economy. meetings, and any special . . . ’ 

It is not only that the banks business that arises. ^ ^ J^} er 

underwrite new listings and Banks were instrumental In il~ DC L p 
share issues, or just that they gaining passage for the 

serve as floor brokers and public German corporate tax reform f , he] ^ ful 50081 and. bankers 
order officials, or even just that that became effective last year. “** J ev !f ry oPPortanity to 
they trade large blocs of stock The law provides that share- ^ enund **** public of its beoe- 
on their own account or for their holders receive a credit oh their fits; lbey are ' 3160 oakling 
trusts or for the affiliated public income tax equal to 56 per cent efforts to *eep *be idea of 
inresment funds. of the cash dividend for the tax *1**.- ■ 

Nor is tiie influence of the on the dividend. Even 'though "A rather curious form of this 
banks limited to the fact that most companies are- expectedtoT>romotion are the • “Bourse 
most industry and corporate cut their cash dividends to Games" sponsored by German 
analyses are prepared by their compensate for the higher taxes business- publications. The 
economic departments or by the law imposes to 'pay far the monthly * periodical Capital is 
the investment institutions tax credit, the domestic share- launching one this month in 
related to them, nor that invest- bolder is expected to realise an collaboration with Commew- 
raent advice for institutional as effective dividend increase of bank. The reader 'gets an 
wefl as private investors comes 3040 per cent, in most cases, account of DM30,000 “pfay 

™id “rem aJI this, the banks FflCflllrnffP S It 

own a hefty chunk of the listed fintUliragc Whoever 

nLShr Sn tLJL y 1 ^ 3 would rise to compare DM20,000 real money. The 
e xeTttJes ^t o^he Boards ^ fevourabl * bo " d weekly Wirtscfiaftsw^e, work- 

S55? ?”^ ra£ * 0,6 German ipg ^ -Deutsche Genossen. 

major mnusmai companies, noi l0 veslor to overcome his tradi- sohaftebanik vnonsnrpd a ( ™i 
infrequently as chairmen Also tional reluctance to buy shares. 

important Is that practically aU ^ , aw , which appliB t0 ^ . 

German shares, being bearer yeais ending after January L lbe h 411 * 55 1150 *»ve lobbied, 
shares, are kept on deposit with jgyy, a3d s0 to dividends ihst beaviJ y som^ alteration in 
the banks and the banks have being announced, has been a taxation accords t.o. 

tiie right— they say. the ohliga- lit i e 5 j ow in breaking in on the reUevB "penalty" impoaed r 
tion— to vote these shares by consciousness of German in- ou for eiga investors, who do - 
proxy unless they receive in- vestors. Because the tax credit no * benefit of tiie new 

structions to the contrary from applies to 1978 income, it will tax . credit but see tie cash 
the shareholders. In this no t be reported until 1979, so ^i^idend cut Special targets 
manner the banks control a that the impact is likely to be k ere ^h® tax agreements 
further DM36bn. nominal value, delayed. . ;with Switzerland and the U-S.. 

Altogether, the banks control sau, the banks have been the .two sources of most foreign 

moTe than half the DMS2bn. of assiduous in their efforts to interest in German shares, 

shares in carculauon. - educate the private investor to The lawmakers specifically ' 

In short, Germany s universal the benefits of the new law. mentioned that soantT arrange- 

Kite pr.ncipT“ 5 « —W" ^ hTi^rS- 

^ cricn philo“phy on taS hut •*** 

involvement in the stock Ii 0DS ta¥e foundored - Wliile 

exchange. The depth of their “L5. e _ J mmSTfr ^, ere f0T over- 
involvement controversy in S turnover - foreignera pur- 

Germany. At these times, Lhe < ? i ^ e aboiit O n ®^«l of new 

banks highlight the advantages ; on the German : 

of universal banking, soft-pedal f ? r investors sblfl uAo exchanges. 

ss^cS’aSs . -s sss^rssxix- 

^anS^s ssi sir srsssis £3™ js 1 ? ■ 

as other countries, the natural ot 60 leading stocks rose to 5 

evolution seems to be in the Si2.7 on February iO. compared 

direction of universal banking, with the, 1977 high of 813^ on ®°^ e 

The arsumeut seems eternal November 17. M-eanwhUe, con^e-^ 

and certainly will not be settled Bundesbank statistics during'-??^ r^&Uy the. time 

soon. Meanwhile the private December showed , turnover hi ■ ■ y •^ 43 ?^ acan . 

investor at least has the con- shares actually exceeding bond . D.IV1 







p. o. itaxTitaab boob luueuMiti 

TMnw: sifauA • 

A I 

KnancisI Times: Wednesday March - 8 1978 



I Mermaid 

mind up time for Melvyn 

Whose life is it anyway ? 


i^naE? nJ*?kf ^. ra fig . urt eniew rag ~ “Ifjbnty Items, usually on film which fill went back on tbe road with joyous proselytising zeal; a 

’rags. desire for ail of us to' share In 

Thai the concentration on such bis latest discovery or craze — i 

o make un his mind rhl ^ a . a- nems - usually on film which fill went 

rne hSd he can Z the SmS? fiH™ 1 , Bergman , *?* second half of the pro- Wings. 

irp.wntM- nf » «olnai«. _ Crisp for example) and often gramme — " after tbe ads ” as That 

irenc— far and 
on any) 

n 4 " ' ' . — -7 : r-. . , “ * VU ■* v v n i* : -n— — — r- — -a uic passion of the fanatic or 

Head AU About it wtuett has seemingly rather quirky choice, roe content of other series, at’ any rate the single minded, 
ittract the adulation ^ shi * ET. always sought the opinions of Ken Dodd, was long ago made Ironically it was another London television series about movies ' 

??W players., actives. ..pop respectable* not to say nearly Weekend, series. Th e London ^ ^ Gavin MilSr’s , 

'thg culturaV^rfahHih^2^ iK^ S? 1 *?. 1 ”* so on as weD as those institutionalised by ' serious Programme, which brought to rj^a would "ever get itself 

Of wnters and cntics.-.On The essays from people such as Ken my attention a man named Ian Seemingly arcane hut 

iwn words- used in a remarkably SBS we have been 

aled with Tynan. 

“ r — wmo we nave wen jegaieu wuo 

’^hhWrv^ c CuJ ! Ur - the views of actor Alfred Burke i n this second half the n rD - rather tedious McCartney inter- "Zr 

•SSSSSl^JK. 1“"** ***** fir^meltirseems to be pitched view on TfteSSS. ’ ££££ 

cam eramen. 

Nor .dp. the subjects of such 
_ enthusiasm have to be erudite. 

before. - ' ' " * ' T ' 

S5LW, " J!S fiditZS 


Bragg came to. public promi- Gerald 

>• ipnce an The BwrtntT c.f gn.j uy a nitn wmen looKea use 

' ■(» Ate ft Km ?e! L “^ 2 ?“ 3 lonR Dubll ™« commercial and portent point 

^cammVshfrn* tSfaJSL 1 ‘SSi^ 91 -U - 3US ^ enjoyed watchrag managed to convey the idea that little film th 
1 ? a Tandy vicar, and that’s It'’ Loussier’s music was sin aeneris was vibrant 

-And - we’ have beard riveted in last week's second other movements in his idiosyn- Last week s Arena: Theatre in- 
Scarfe •: “previewing • half bv a film which looked like era tic performances. The ira- vestigatyig three new English 
1 ‘ - - — i — "---'nt however is that the musicals, ahterspersed with dips 

that portrayed him from -fStyi Street and shots of 

«! now hrirarr 'rrZrrt* J • : r.; r — — r .^ — Loussier’s music was sid generis was vibrant and original and leaves falling from calendars. 

' surnrioino This sort of thing is-hardly de- rather than being a natural ex- imaginatively shot amid tbe was Car from highbrow. More- 

■Hanvniur Vw-Vu™*'* signefl-'to entice anyone doming tension of Django Reinhardt’s London markets where Dury over repbrter Glyn Worsnip has 

" r '“ * - home. The pictures had an unfortunate tendency to camp 

bearing on the con- thin gs up too high, yet there 
music, in contrast to could be no doubt here of Ms 

... rhf* half wnn*~Tnirtw»'^woi 2 .i^*"“ w * ViJU " *. ““.‘T 1 «c«wii componnon. uieLoussier schmaltz. real affection for the world of 

. A nod-- ?S dStfr OTCTM? f£§S As Louissier— presenta- , The DnTy film gave a powerful the nwscal. Again the enthu- 

• "IT be the r 2uTf £f eiS?» Presumably it ^supposed, to nn- tion of many of The SBSTa other Impression of having been made sUsm' showed through. 

' iiudv n r r?r ^u-x ni Ji ,v close - a pregs Aunt ^ e Ethd who has -no subjects would have been much by people who felt a real Nnn .^ ^ JraL-v- ^ 

in DrRMMHn programme dreire to watch Match Of The more brave and interesting a few enthusiasm for tbe subject- Not ply . 11131 

n LondS? J - I ?*“ SBC > or M. 4 .SJT. on ye. re .?o ttS wl frSh in the seven editions of 

* '* ri -stl DpL rmh!';. „.A,v 1w ■ ■ . T.BG 2 but may delay cocoa and and original: Quentin Crisp's The SBS that I have seen has let 

’^realise ^ ear,y batb -«bugh. chat monologue when he was deliver- there yet been evidence of such * 1 ?"® • 

to ^ Pbow celebnties Are paraded be- i ng it in lunchtime theatres (now enthusiasm on any subject ^ ^ van ‘ 

Al1 rore her on ITV. In pother words be is established in tbe West The SBS lacks that passion ably ove , r intrusive 

i “®. J0,ne ^_™ e BBC as jthe aim of Tfie SB5 appears to End); Victorian p aintin g when which underlies all really com- «nd paternal in bis role of anter- 

L^ 1 ne ™ -trainee steaight down ratings. ...v it was being rediscovered (now pelting' arts programmes: in lDci*or;*nd guide) and thepro- 

™ umvers'pr and stayed to This assumption .-is reinforced you can’t get away from it); and Monitor it was - Whel don's grammes are rarely less than 

oeiome a producer, working on by most - of the longer single Paul McCartney when he first eclectic enthusiasm allied to a quite nice. 


arts programmes including Omni/ 
bus before leaving to concentrate 
on writing novels and film 
scripts. ' j' y -> 7 

Most important 6 f" ■■al£''./per- 
haps. fs the fact that' ia'tLts'early 
days with the corporation he 
worked on Monitor, tht arts 
series which in retrospect . has 
become almost a legend and 
which was presented— not.' solely 
but most memorably — by Hnw 
tVheldon. It would, be 1 odd’ if 
that celebrated series. Mid Wh.el- 
don’s often admired (Sometimes 
ridiculed) presenting Ifad had no 
eiTect on Bragg. 

This is not to sa f that his new 
. arts programm^uearS muclr of 
a resemblance J Monitor, but it 
may have som^hing to- do with 
Bragg's petulance following the' 
• reception of iis new series^ 
Unexcltinay titled The South 
Bciilc Shota Thereafter SBS) pre- 
sumably; because that is where 
the offices of London Weekend 
Television stand, it has so far 
: broadcast eight editions and the 
general format and attitude are 
now clear. . , ■ 

The first half of each pro- 
gramme is devoted to; fairly brief 
•"‘magazine” items: sometimes 

Sadler’s Wells Theatre 

by C L E M E N X. ; C R I S P / 

As Dame Marie . Rambert music; ; it Jias injured. Tetley to 
entered the auditorium at tbe create a < : work which' seems to 
Wells on Monday the audience. argue. the- consolatory quality of 
rose and cheered her -to. the a woman (Lucy Burge) who is 
echo: a 90th birthday greeting its focal point We see her - with 
of necessity a fortnight late, and three, young men. to whom she is 
a salute to a dear and wonder something like a mother-figure as 
ful lady. We owe her so much well as an abstraction of 
that it is best not to- catalogue- femininity, an image they will 
the extent oF the. debt, but ene also seek in the three girls who 
can at least say that this . open- become - their partners. Then 
ing programme of her company’s Christopher Bruce appears. His 
spring season, is op., to., the relationship with Lucy Burge is 
standards she has .taught us to by; turns anguished and posses-- 
expect across the- yean* it is S ive: certain poses seemed to me 
fitting, too, that Christopher uk e those in icons — but. as. 
Bruce, one of the most gifted always with Tetley, we are free 
■ of her recent artistic oif -spring. interpret as we will, and the 

should produce “two" _of‘ the interest ties in movement rather 
ballets, and also jnake a. most - t ha n jij possibilities of character, 
welcome return as perfouner. . Itisa touching ballet, suggest 

Bruce’s Promenade opened the ing the discovery of some final 
evening, with, its pretty Watteau- calm at its close, and it is admir- 
esque manner, . its sprightly, ably danced by Lucy Burge, 
buoyant dances, 'and dreadful Christopher Bruce and tbetr com 
costumes for four Girls. , its f&te p anions. Also very well per- 
pukmte encounters sit qeatly on formed was the remaining piece 
iwo Badi flute sooatas, and the ^ ^h e programme: Sara Sugl ; 
dances now on .with unimpeded jj ara > s w’mdnio. Iieigh Warren is 
charm. Brace also closed the now ^h e prisoner who reacts to 
evening with a fine -revival of the opening of a window— the 
Wings. • ;••• . . role was previously danced by 

The evening’s novelty, was the Lucy Burge: does this make it 
first Tondon showing of Glen the. first.. unisex solo? The piece 
Tetley's PraeUuiium, -which is acquires far greater force from 
dedicated to Dame Marie, and the stronger dynamics .of a male 
which uses the early (1805).. dancer, and Warren was excellent 
Webern string quartet and a in conveying the alternations of 
quartet movement both ante 1 . ra pod. and the physical range or 
bating his Opus L Late romantic the, solo., . . 

Ian Durjr.Xright) in ‘The London Programme 1 (London Weekend) 

Wig more Hall 

Niel Immelman 


It was good - to hear again thing serenly nocturnaL As in the 
Brahms' Variations on an Original Ballade, Immelman gave no sign 
Theme, op. 21 no 1. on Monday of recognising that Chopin's 
night. It is a fine, unfairly ornaments are intended to have 
neglected work, perhaps too an expressive value: they 
sobeTly coloured and stately of sounded like mere kinks in the 
tread to serve as virtuoso-fodder; melodic line. The climax of- the 

suggest that Faurc may have stormed by force, 
remembered this music when he Mozart’s last D 

The. .trouble can be traced 
through one paragraph in his 
Observer article: “it is often 
true that tbe art which a century 
or so later is accepted and 
orderly, and tidily arranged Is 
often in .its time subversive or 
disorderly or uncouth or* scruffy 
or apparently marginal. Or — 
even more confusing — -popular 
and obvious.” 

For some reason The SBS has 
stuctr entirely to tbe popular and 
obvious, treated, what’s more, in 
a way that makes clear that it 
is not intended for those who 
(for instance) read or write 
this page and don’t need intro- 
ducing to Loussier. Alan Howard 
and the Royal Shakespeare Com- 
pany. or Mizogncbi’s Vgetsu 
McmoQatari all of which they 
discovered years ago. 

It is -just possible that if 
Bragg were to keep some of tbe 
popular and obvious and extend 
his programme to include — say — 
Ian Dury, Bet Werkeater at tbe 
ICA, ;and Derek Jarman's Jubilee 
(thus fulfilling his own pro- 
nouncement that “you have to 
take the risk of looking at what 
is happening now ”) he _ 
start gaining more critical 
spect. But he would almost ... 
tainly lose Auntie Ethel and the 
ratings, and Auntie Ethel and 
the ratings are what televirion 
as a mass medium is really all 

He win just have to make up 
his mind which it’s to he. 

jane Asher and Tom Conti 

Leonora Bert 

The “ life-support system ” that limbs to hang helplessly when around the bed. Miss Asher 
keeps Ken Harrison alive after a be is being washed or changed ready with oxygen if needed, 
motor-accident has left him para- is a notable part of his playing. Miss Asher is not asked to do 
lysed from the neck down is The performance is a very re- much more than keep cool and 
nothing you can switch off: it is markable one. Mr. Clark has sympathetic, though she is given 
the staff of a hospital. Nor is given him all the cards— he is an unnecessary scene after dining 
there any question of deciding an artist, he is a wit. be has witb Mr. I re son. so that we can 
when his brain activity is ended, great clarity of expression. Mr. see her free from her hospital 
His brain is completely active, Conti, with his restricted tools, gear. The other doctors, Richard 
his mind is .clear. He simply presents a whole man. and pre- Leech as the consultant bound 
wishes to die rather. than survive sent s him sharply. rigidly io his Hippocratic Oath, 

helpless. On either side of his ward jn and a couple of rival psychia- 

Brian Clark has made a Alan Tagg’s set are the con-‘ trisis. are the best kind ,qf 
fascinating play out of this all sultants office and the sister’s medicos you have many times 
too topical dilemma. He has, I room, and characters come and seen on your small screens, 
think deliberately, cast it in a go between them with less than Nu harm in this. Many inoi;e 
popular mould. The beautiful perfect consistency, entering or people will come to hear the 
house-surgeon Dr. Scott— Jane leaving where convenient rather play and cudgel their minds 
Asher, no less; the stern sister than where we have learnt to which side to take if they know 
(Jennie Goossens) keeping her expect The company is a strong that they are going to extract 
feelings rigorously under control; one. Richard Ireson is interest- some ” entertainment ” from it 1 
the pretty probationer' nurse ing as Harrison's lawyer, a rather found myself a bit disapproving 
( Phoebe Nicholls) and the jokey seedy chap who is reluctant to at first; the second act caught me 
black orderly (Trevor Thomas)— look anyone in the eye until he up in a welter of excitment The 
these are characters out of tele- has the case tied up in his mind, play shoifld attract multitudes, 
vision soap-opera. There is even Sebastian Shaw bears the case and it deserves to- 
a trial scene to conclude ' witb. in the ward, the lawyers sitting B. A. YOUNG 

But the characters are used witb . 

notable skill to ensure that tbe '_ , _ T . . 

S? £r S Micheal MacLiammoir dies 

mlstakably. • - Micheal ■ . MacLiammoir, • the The list of his perfmtinances, 

Ken Harrison makes a clever doyen of the Irish stage, died both in classic and modern parts, 
approach to the problem of on Monday at the age of 78. w and varied- he "e-ven 

StiSon tAt ll hiJS5 r h?!liI h 0 * TK b °i? iD Cork * ^Played® a resorted Adolf 
Tl^e? in Sii l eg *i D „ hlS ^ ge C ? reer „ 1D Hitler in London in 1964. He will 

a lawyer to force tie hospital to England as a boy actor under he re-dilv remembered for 

m S fhaS ns. C s; ta h"v ft? of Alfred Wiltaore. rLTmp^e 7/ JSST&JE 

in charge of his case reacts by Then he briefly became a a one-man show that he devised 

Health 5 i^t tn a? D lMan? e a^d D i a e pa ? t ?5’ ^' in \ at , the himself in 1960. ^nd which he 

SSI! *.5L as 1D f a ott tl> e and travelling abroad. At 27. toure<J aJJ over the world for 

some five years. He wrote an- 
other one-man piece, I Must Be 
aw Av-« Talking to Mu Friends, another 

detalL leeai and m«u£l 35?* £,®,. beg ^ J b,S J assoeia L tion ^ lth celebration of Irish wit, and a 

detail, legal ana medical alike. Hilton Edwards when they dozen other plays and adaptar 

Tom Conti plays Harrison with opened the Galway Gaelic tions. besides several books of 
no resources but bis face and Theatre and in the same year autobiography and poems both 
his voice. He can move his bead the Dublin Gate Theatre, which in English and Irish. He was 
but nothing else; indeed the has remained under their man- also an adept designer for the 
’■ “ **■* ‘ J theatre. Bj&.Y. 

Variations. Niel Immelman faceless, 
allowed it to breathe steadily, minor. Ic 
and he was in command of its principal 
full-keyboard sonorities. The accompan 

interest lay in 

Lucy Burge and Christopher Bruce 

scale of the writing admirably, a brutal ostinato- AsforBa 
One of the variations shared Suite Out of Doors, with 
with a passage or two of the Immelman opened bis 
Chopin Bailade in G minor the gramme, the energy he ga 
distinction of being played at a dance-movements was instill 
more or. less genuine piano — or compensation for bis man 
at any rate a not too insistent ting of its most striking 
mezzo-piano. The rest of the ponents. The essential ft 

yieldingly loud. Chopin’s early “Nigh' 
B-flat minor Nocturne was drive ( 
bumpily loud, the left hand wildly 
suggesting something more like Bartok 
a -burly peasant dance than any-. tunes. 

Pindar of Wakefield 

inaccurate right 



A' new lunchtime production the area for private gain 
company Shirk, has launched a once that Is established, 
season of playlets on " Modern couple go off to seal 
Sins’"'' witb a tepid and under- collaboration iii the bedroon 
written half-hour piece by Clive this point the trainp rolls 
Walker set in a derelict slum, ward to moan about his de 
Rubbish all over the floor, a . from a comfortable home 1 
tramp huddled in the corner, two Albans to alcoholic degeneracy 
•boys, rolling up joints: to say in an attempt, to “ reach people-" 

ment. is hard 'to see how each episode 

Why. the lads are on tbe run relates to the othe -- ' 
from the police is not clear, so dramatic context 
we must assume they have been An. aura of d 
busted. After dreaming of the leQtious mediocrity is not dis- 
day when all social security pelled by a glance at the pro- 
benefits for the sick and the gramme, where we learn that Mr. 

ESP- w “ k * r * ° f — 

selves, they make way for a 

a ire stock and indifferent to 

suited bureaucrat and his -Beethoven, dubious credentials, 
acquiescent secretary. I would have thought. For a play- 

■The ■bureaucrat is- carving up writing career. 

English Music Theatre 
announces 1 978 plans 

The English Music Theatre _ On June 8 and 10, Death in 
Company has arranged a full Venice is reviv ed far the Aide- 
programme of activities from Festival. This event is 

this month, in spite of the ** the mo ? Prestigious 

T~|- 3 ^ . . visit the company has yet been 

reduction in Arts Council sub- ^ted to undertake. From June 
sidy announced last summer. 26-30 tbe English Music Theatre 
They will start by providing the will take part in the Maggie 
ensemble and small parts for the Mnsicale, Florence, with four 
Royal . Opera House revival of performances each of Purcell’s 
Death in Venice, Benjamin The Fmrp Queen and Britten’s 
Britten's last opera, in March/ Paul Bwauan. which is receiving 
April. The company .will then its first performance in Italy, 
revive is production of Britten’s On their return from Florence 
first stage work Paul Burtyan for the company has been asked to 
the Schwetzingen Festival This take part in the City of Loudon 
will ’be rollowed immediately by Festival with performances of 
the Scottish, premiere of this Britten's church parables The 
work, at the MacRobert Centre, Prodigal Son and Curlew Biver 
Stirling, at the end of May. In Southwark Cathedral 



■**••■*«*- inept certain cratft 
earns by tdepbofM or at the rox ottce. 


COLISEUM. CitjK Canls. 01-240 525*. 
Reservations 01-855- 3161. 


Si n i?_ t 'i oe,rt 7 * 30 Don 

Tomor. 7.30 Tosca.- Sat & 
"“1 V.00 Fnrta of Damn. 104. 
taJconv seats alwrys available day of 

V COVENT GARDEN. .CC 240 1066 
gg-^cgrds^BSS 690 3 ; 

Tomor, 7-00 pjn H 

d a»— ■ 

l S 3 - /Or ^ sra srtZi 

* _ from 10 a-m. on day of part. 

Are.. E-Cl. 8*7_ 1672. Until March 18 

™i«di«». wings. Tomor.- Frl. 6 Sat. 
S Ljofoop. Nuthouse Stemp, Andot v™ 

3 We^!£Sn5 U mM^SSfcJ , * ,S 5- 

h T - 

? theatres 

- 01-836 7611. 

tvgs. , .30- Mats. Thurs. 3 . 0 . Sat « 0 




BOOKINGS ON-. 01 -836 7611. 

ALBERT. 036 3878. Credit card bkes 

m. 7.«5 Thur jnq Sat. 4.30 and 
8 . Extra Easier mat. Wed 22 - March at 


vuVKR . 



ADLWYCH. 636 6404. Into. 836 5232. 

-.week final perf«- cr OTesvH London 
■g" 0 ".- Tp d«r 7J0 Last 2 Berts. 

feQld out 1 . with 
OirCiTrs Trtf DavS of- tbt ConvflOM (last 

REHOUSE' ' < uae *uod'er^ Wr. "and St 

'^earuRaa -'* 1 ^ * tcrraji ' 

AMBASSADORS. 01-836-1171 


«-,«> and ^jsoT*. Blast of 
. fcnntt. TMs Is wKbotrt tfoirbt tnt most 

' ‘ mm WWtWm ? ni In LoDtfon." 
bvcfifng News. • Ends Mtrch IE, 

APOLLO. 01-437 2607. Era*, a, DO 
.Mats. Tnurv^o^Sats^.oo and 8 . 00 ! 

5 tTnk Yd ^i^a^ p 


ARTS THEATRE. »l« 2132. 



Hilarious . • *®*_l*.*“ Sunday Times. 

Monday to Thursday a_30. > riday and 
. Saturday *« 7.JTO and 9 . IS 

ASTORIA THEATRE, Charms Croat Road. 
0 U 734 4291. N 6 MM TraeitMlenSm 
Coun Road. ^'■-Tburt, 5.00 p.m. 
Fnday and S^^jhOO and 8.45. 

Tittao El .50-65.90. ■ -instant Cnfdfi Caro 
Reter rations. Eat In our. fully Mean ted 
Restaurant °; 8 altet 84 ^ lunoitime and 
bgore or atter show — bookaWe In 
advance. ..- 


CAMBRIDGE. CC. 01-836 6056. Mon. Io 
Thuradty 8.Q0-, p FHda»^^Sat 5.45. BJSO. 


Seat prices E2.00 and - £5.00. 

Dinner and tOP-Price seat. £8.25 .Inc 

COMEDY. • '01-970 2S7S. 

Evenings B.O. Mar Thar*, j.q. sat. 5.3Q 
. B JO . 

Margaret COURTENAY. Dennst WALSH 

A New COrterfy ThrHIer C 


CRITERION. CC. • 01-930 52f6. 

8 ' ThurA-3.0. 

“ Impeccable . ^ -_a mailer.-* 5 , Times. 

** HILARIOUSLY TUNNY." N. ef World. 

DRURY LANE. 01-836 8108 ErarV Night - 
8 . 00 . Mating WML awd^ ^.t. 3 . do. d 

"A rare. d^v»»*at'n»- ley on*, attsnlahlng 
ytunner- Sunday Time*. 

DUCHESS. 836, BM 1 Mon. to Thur* 

£ *~ 8oo «i rfd&iWi and 9 -°° 

T "- ; 

DUKE OF YORjra. X 01-836 5122- 

8 ‘ M s - 

A National Thekl^e Production . “. Betl- 
llantfv witty . . one should ml** It." 

Herald Hoosm 'vrxmaJ. intrant credit 
rarif mervatiadS. uli#lu end top price 
Mat £7-00. 

— ■ — — — — ■.— ^.VD. O. . 

S L S.oq and 8 . no. 

rlow as MISS MARPLE in 
.. Third .Groat Year 

Evb*. 8.0. Wod. Mat. 3.0. sat. S.tS. 8 
• __ m ttie 
_ ENTERTAINMENT." People -• 

".GO TWICE." S. Mortet. Punch. 

“ GO THREE TIMES." C- Barnes. NVT. 

Wed. at 3.0. 

"SIMON GRAY'S hue play: rarely . 

1 seen i show as perfectly cast-" Th 
-Directed bv HAROLD PINTER. 


Preview TtxiiBht “ 

Subs. 7.30. Mat. 

fat. Sats. 
omedv bv 


GODFREY ^ LS - ***** 



" Inert d Bern man makes the- st 
radiate— unassailable charisma.” D. M 
" Wendv Hiller is superb.” S, Min 
Easter Perfs. Good Frl.. Easier Mon. 

HER MAJESTY'S. CC. 01-930 66 
Ouentne March ZB 

In Leslie Bricusse and Anthony Newlt 
Directed bv BURT SHEVELOVE. 
Prev leers from March It; 

Mon. 10 Thur 9.0. Frl.. Sat. 7.30. 9J 
' ..^K E . RO £F 1r HORROR SHOW 

_ Mrss 
and. Special Guest Star 

BOOK NOW— seats £2-£6. 


FROM MAY is to ATJG. 19: 

Mats. Thors 3J3. Sats. S.O 'and 


ay Eduardo de FIUddO 


.. . .. TRIUMPH. Ev. News.' 

- treasure ■■ o.-.Mirrcp. 


MAY FAIR. CC. ' B29 3036 

Mon. to Frl. 8 . 0 . Sm, S.3D and 


_ . Ur Sieve J. spears ■ 

.* tunny-Berreiv eloauent 

?$ n - ^Hilarious." E.5t "Wickedly 
amirsl^na . E. News; "Speflb'ntflnB." oS», 

MERMAID. 248 7656. Rest. 248 
Tom CONTI, jape ASHER In 

it.". Gdn. 

! v8 ?. y 5- - ^ 4.1 S 

-Stall octets It 25 IP C3S0. 
.Combined Dinner- T h e atre Ticket £5.95. 

NAL THEATRE. 928 »><? 

Olivier 'own itase- Ton't 7 .m Tomor 
j» » . Chekfiw trans .by M.chael Frayn. . 
LYTTELTON . oroccenlum sueeu Tgn’t 
l -*5 THE GUARDSMAN bv Molnat 
final Ish -versten bv Frank Marcus, Tomor 
&&n«U 8 r Cron, MawImTL l T me 
COl i tSLOC (small auditorium,- Ton't 
Jrnnm - a love letters ON BLUE 

PAPER bv Arnold Wesker. 

Many excellent Oman seeo all 3 theatres 
5J* d Ort Cee Paris. Re*t*uront 92B 
20SS. Credit Cart bkox 928 3052. 

«C- 528 7S1«; 

Spritm season to March 23 
In rep.- ANTONY & CLEOPATRA today, 
tnurs- Frl.. 7.30. SAINT JOAN Sac. 
£.30 A 7.W. ALL FOP . LOVE returns 
Man 23. 

Sunday M»reh 26 at 7.30 

with Barbara Jeffort and John Turner 

SPACE. -01-387 6969. Era* 8.0. 
. iat.-s.0 until Sat. 'PENT A Dutch 
surreal Theatre d! m o vement From 

March- 14. 7.0 Subs. Ttiea.-Sun. B.O 
Beaumont Beriaaova. Gielgud. Kelly 
Louther. Sleep. 

_ --E. 1 01-437 6834. 

Mon -Thurs. 11 . 00 . Fit.. Sat. 6 00 6 8 40 

PHOENIX. 01-836 6611. 

as. a. Mac wed. 3Ji. Sets 5.0 s, ILO. 
Tbe Leslie Bticucse Mudcal 
Directed by MH Shaefra . 
oeeaasfuL Slide. Enturtainlno," D.M. 

3. PICCADILLY. 437 4506. Credit card-bkg*. 
836 1071. Evg*. B-.Sar. 4.45 and At 5. 
Wed. Mat. 3.0. 

Evening Sid. Award and SWET Award 
— Royal Shakespeare Comoaiv In 


10 bv Peter Nicnol* 

(Perhaps Not Suitable for Children) 


PRINCE OF WALES. CC 01-930 8881 
_ Monday io Friday al 8 o.m 

T Sat 5.30 and 8-45. Mat. Thurs. 3 00. 


“ Dally TrlegraDh. 




OF LAUGHS." New* of the world- 
± BOOKINGS ON 01-930 0846 

_ QUEEN'S THEATRE. 01-734 1166. 

5l Evg*. .8.0. Sats. 8.30. Mat. Wed. 3.0. 



Variety Club of GB Award in 

3. A New Play bv ALAN BENNETT 

). Directed. by CLIFFORD WILUAMS 

. Plavs and Pipvera London trines award 

RAYMOND REVUEBAR..CC. 01-734 1593. 
At 7 p.m.. 9 o.m-. 11 'pim- lOoen* Sumj 
PAUL RAYMONo presents 


■ Fully Air Conditioned. You mar 
>- Drink and smoke In the auditorium. 

>• ROUND HOUSE. 287 2S64. [n 8. 


x with James AUBREY & Don WARRING- 
TON in *' A red hot ' production.'' Gdn- 
ov David Rabe 

_ *■ One of the three bent play* in London 

. . . nmomt itrength." • ba 

' ROYAL COURT. 730 1745. Lau weeV. 
Ev* 8. Sat. S and 8.30. Pauline 

David 5u(het. Lethe Sarony [n THE BEAR 
bv Chekhov. . THE KREUTZER SONATA : 

. bv. Tolstoy. From 14 Marti, Hull Truck 1 
In A BED OF ROSES. "Made me feel 
glad to be alive." D. Exprem. See *l“> 
Theatre Uostair*. j 

ROYALTY. CC. 01-405 8004. j 

Monday- Thursday Evening* B.O. Friday 

S 30 and. 8.45. Saturday* j.o and 8.0. 

. London * critic* vote 



Be« Musical of 1977 

Bkg* acceded. Major credit cards. 
Easier Perfs. Good Friday- 8.45- 
■ Bank Holiday Monday 8.0. 

SAVOY 01-836 8BBB 

Nightly at 8. Mat. Wed. 2-30 . Sat- 5.00 
' ' and O-OOl • • 





. The world Famous Thriller 

• by Anthony Shatter 




Limited Season Only c 


Open* March 21 

John R Barton Dlener in 

Thai learadarr musical Pravlevii from 0 
IS March 8 9.m. Sat 3.00 and 8 00 

SHAW. < 01-388 1394. _ 

EVgs. 7.30. Mat. Thnr. 2 JO. LAST WEEK _ 
by J. B Pnestley 
. "Highly entertaining '■ o. Tel. 

Low Price*. Easy Parking. 

STRAND. 01-636 2660. Evening:; 8-00. s< 
Mat. Thar. .3.00. Sm* 5.30 and 8-30. 


•• ... WE'RE BRIHSH 


ST. MARTI in. CC. 836; 1443/ -En. 8.00. 
Mai. Tue* 2.45. Sal A Good Frl. 5 6 6. 


Zotn TEAK. 

"TALK OF The TOWN. CC 734 5051. ■ 
8-00 OlRMHLPgM. pftZO^upgr Rprae Q 

and al 11 o.m. 


THEATRE- UPSTAIRS. ' ' . 730 25S4. 

Prev. Ton t ji 7.30. . Ouenj tomor at 7. 

Sut». era. 7.30 r 


by Nigel -WllUaihs 

VAUDEVILLE. B36 - B98B. Eve*, at 8. 
Mats. Turn. 7.45. Sat*. 5 and 0- 
.. Dinah SHERIDAN. Dukte GRAY I, 

Eleanor SUMMERFiEld. Jamte grout f 

WE J2i E '*rwT™ , !! ,H 2P UNN,T H *T 


Re-emcr Agatha with another who- — 
duniilt hiL Agatha Christie Is naik'na M 
15“ . En<a ,. JNt abate with another i 

■uvnerte*. Felh. Barker, Evg. News, 

WARmou^ AMimap Theatre. Coven. « 
Garden 636 6 BOB. ROYAL SHAKE- 
i p EA R E COMPANy. Tonight Anal oetf. 


«" ,ot «i 

W>,, TEHA l -L 01-930 BG92-77G5. 

Evos. a jo. Sat. 6A5 and 9.00 — 

Paul Rjrms^d mww the Senaational SL 
Seu ■ Revue of the Century 


Now -live on Stag*. • Llmlm season. 
12-week season prior . L 0 World Tudi*. 

Trace Nightly 8.00 and 10.00. 
OPEN SUNDAYS 6.00 and 8.00. 
PAUL RAYMOND presents 


Takes to unprecedented limit* what Ip 
permissible on our stages. 1 ' Evb. News. 
You mav drink and smoke In tne 

WYNDHAM’S. B36 302 5. Credit Card 
booking 836 3692 m Sat.) Mon.- 
Thurs. B. Frl. and Sat. 5.15 and 8.30. 

VERY FUNNY.” Evening New*. 
Mary O'Malley's smash-nlt Comedr 

once a Catholic 

" Sure Are cemedv on sex and reUglon,** 
Daily Telegraph. 

LAUGHTER." Guardian. 

YOUNG VIC 'near Old Via- 928 6363. 
Ton't 7 45 R05EHCRANTZ 6 GUILDEN- 


8861. seo. Pertt. ALL SEATS BKBLE. 
1: SILVER BEARS (At. Wk. A Sun. IAS. 
5.00. 6.BO- 

3S BOYS IN COMPANY ” C *' iXI. Wlc. 
A Sun. ;,00. 5.15 8.15. 

: AM DEN PLAZA (opo. Camden Town 
Tube). 485 244 3 Robert Bressoo^ 
masterpiece THE DEVIL. PROBABLY 
-XI. Sun.: 4.45. 6.50. 9.00. 

:LA55IC 1. 2. 3. 4, Oxford St. iObo. 
Tottenham Court Rd. Tulwi. 636 0310. 
a ABBA THE MOVIE «U». Stereophonic 
Sound. Progs. 1.30. 3.50. 6.10. 8.30. 
Zi THE HIDING PLACE tA>. Set,. Porta. 
2.00. 5.00. 8.00. 


Progs. 2.30. 5 05. 7.50. 

4 HOLOCAUST 2000 iXI. ProO*. 1—0. 

3.40. 6.D5. 5 35. 

sun-titles). “ A sparkling New Freneh 
Comedy. D' reeled with . hneSSe by Ynes 
Robert.” Sunday Express. PrPOS. at 1.50. 
mot Sun.,. 3.35. 6.10. 8.30. . 

SATE TWO CINEMA. 837 1177-8402. 
(Formerly EM. I International.) RumwII 
Square Tube. DEREK JARMAN'S 
JUBILEE (X). Sep Peris. 1.00. 3.00. 

5.00. 7.00. 9.10. BONNIE AND CLYDE 
iX) 11.15. 

'Oliver Reed. Susan George ami many 
(X). Sea. prog*. Mon._S*t. 1 3S 4.S0. 
0., 0. Sun. 3.45. 7.45 Late show Frl. and 
Sat. 11.45. Seats bkbte.. tor 8.10 Prog. 
Mon.- Frl. and all Dregs. Sat and Sun. 
caceot late show*. 

_ .. 1930 2738-2771.1 

Jane Fonda. Vanesu Reaonwg In a 
Fred Zinneimnn him. JllUA lAl. Sep. 
irons- DIy-_ 2.30^ 5.^45 ■_ ^1^4^ Feature 



2.45. 6.00. 94)0. All 


J. Le«*«er Square. |930 6111.) 

THE DEEP uV. 5tg. pfoot. every tliy. 
Seats may be booked. Doors own at 
1.20. 4.30. 7 .45. 

Marble Areh. 1723 201 1 ?2.i 

STAR WARS tU). Dobra open OW. 1.30. 
4.35 7. SO. All teats bkble except 1.30 
uerf. Wka. • ' 

Must End Mar. 8.- SALON KITTY (XL 
SeP. Peris. Dir. 2.45. 6.15. 9.00. Seau 
Rkhle. LiCd Bar. From Mar, 9 SWEPT 
away (Xi. Box Office Now Open.' 

2. Lelc. Sq iWjrdour St.l. 
439 4470... THE P1HK PANTHER 

STRIKES AGAIN (Ul Sun. -Thur. 1.30. 
5. 35. 9.2S. Frl. and Sat. 12.40. 4.4S. 
fl.45 12.46. THE RETURN OF THE 

PINK PANTHER (Ul. Svn.-Thur. 3.25. 


A loin Exhibition of Works 
flANO RICCI in Britain In 

PRINK new and recent 
drawings, etching* 9th March. 
K Bohun Gallery, Station Road. 
Thames. Oran. Tel.: Hanley 

Eureoean Artiste 
Cork street. .-Lon- 
2626. Wcefcdavb 

at IBS. Clifford $*.. New' Bend 

*.l. 01-23S 6464. *■ TMP 

-3^'SSs" ibTTz. 

R |g^" B W?l“ E 0 M 1 M^S?f ^RRi^S 



Financial Times Wednesday March' s 157$, 


Telegrams: Etautfmo, London PS4. Telex: $86341/2, $83897 
Telephone: 91-248 8009 

Wednesday March 8 1978 



The authorities are likely to 
have been pleased by yester- 
day’s banking figures, and not 
only because the dearers report 
an increase in advances to 
manufacturing industry. The 
figure which the financial mar- 
kets were looking for was the 
eligible liabilities of the bank- 
ing system as a whole, which 
gives an advance indication- 
even if a rough and sometimes 
seriously misleading one — how 
the money supply has risen 
during the same period. In the 
previous banking month, a rise 
in eligible liabilities of nearly 
2 per cent turned out to give 
advance warning of a jump in 
sterling M3 of 2i per cent 

There were, almost certainly, 
special factors at work. The 
tax rebate, for example, was 
concentrated in the banking 
month to mid-January; there 
were unusual difficulties about 
seasonal adjustment; and sup- 
port of the dollar had its own 
contribution to make. Given the 
warnings so forcefully uttered 
recently by both Governor and 
Chancellor about the folly of 
bothering about a temporary 
divergence from trend, the 
markets might have relaxed. 
The awkward fact remained, 
however, that sterling MS had 
risen during the first nine 
months of the financial year at 
an annual rate of 14} per cent, 
against an official target of 9-13 
per cent It would not be easy 
to get back into line in time. 

Below 1\% 

Whether or not the Govern- 
ment chooses to get back into 
line at all costs remains to be 
seen. It was a question recently 
raised in public, but not 
answered, by the Permanent 
Secretary to the Treasury, who 
pointed out that one had to 
balance the relative disadvan- 
tages of alternative courses, 
which were likely to vary from 
one time to another. But at 
any rate, the February banking 
figures are an improvement , 
with the rise in eligible liabili- 
ties back below 1| per cent The 
gilt-edged market which had 
feared worse, gave a loud sigh 
of relief. 

Even if the figures had been 

worse, however, gilt-edged 
would not necessarily have fal- 
len: the expectation of a sharp 
rise in eligible liabilities was 
due to widespread reports of 
window-dressing by the banks. 
The object of this window- 
dressing. which may have dis- 
torted the figures for the pre- 
vious month to some extent 
would be to reshuffle the pat- 
tern of liabilities so that if the 
Government decided to re- 
impose restrictions on the 
growth of bank deposits as a 
means of curbing monetary 
growth, they would begin to 
operate from a larger base than 
otherwise. To the extent that 
window-dressing has taken 
place, the rise in eligible liabili- 
ties has moved ahead of the 
rise in the money supply. The 
Government statement, that the 
corset might be reimposed if 
necessary at an arbitrary base 
level, came too late to affect 
the latest month's figures. 

The markets were aware that 
the figures might, be artificially 
swollen in this way. The fact 
that the rise is markedly 
smaller than that of the pre- 
vious month is all the more im- 
pressive. Bat whether the 
reports of window-dressing were 
much exaggerated or whether 
the rise in sterling M3 for the 
February banking month turns 
out to be reassuringly small is 
something that will not be 
known for another ten days or 
so. This emphasises once again 
the folly of excessive trend- 
spotting in the monetary field, 
which may still persist after we 
have moved over to a system of 
rolling (targets. One useful 
reform could be made at once, 
if (the clearing banks were ready 
to cooperate. If all the bank- 
ing figures were published on 
the same day as the money 
supply figures, ten days of un- 
easiness each month would be 
avoided. It hardly needs say- 
ing. of course, that such a 
change of practice would be 
better made at a time when 
things are going better than ex- 
pected than when they are 
going worse. 



BY JUREK MARTIN in Washington 

The letter from 

MR. EDMUND DELL, the Trade 
Secretary, has won formal 
assurances from the Japanese 
Ministry oF International Trade 
and Industry (MITI) which 
should, at least temporarily, end 
the outcry about the level of 
Japanese car exports to this 
country. The MITI letter is a 
first in a number of ways. It is 
the first time that a pledge to 
limit exports to Britain has 
been backed by an arm of the 
Japanese Government rather 
than just the motor industry. It 
is the first time, too, that the 
pledge covers commercial 
vehicles as well as cars. Besides 
that, it is notable that the 
Japanese share of the British 
car market this year should go 
down, in percentage if not in 
volume terms. In 1977 it was 
10,6 per cent Last January it 
was 13 per cent. Mr. Dell now 
believes that if the assurances 
are kept, it will fall back to a 
little under 10 per cent, for the 
year as a whole. In return, the 
Trade Secretary has apparently 
told the Japanese that he does 
not now intend to go forward 
with plans for any more formal 
restrictions on the import of 
Japanese vehicles. 


The first reaction to all that 
is that it could have been worse. 
Voluntary restraints are prefer- 
able to import controls, though 
it is perfectly clear that the 
Japanese have been exercising 
some sort of restraint all along 
—otherwise their share of the 
British market could easily have 
been much higher. And yet 
even voluntary restraints are 
the thin end of the wedge. It 
is hard to see how once they 
have been introduced, they can 
be lightly cast off. Mr. Dell 
hopes that next year an agree- 
ment will be reached between 
the motor industry groupings of 
the two countries without the 
need for Government interven- 
tion. That might be so, but it 
would require a quite unexpec- 
ted recovery by the British 
industry for the British side to. 
abandon the case for restraints 
altogether. One suspects that 

the haggle over the Japanese 
share of the British car market 
is becoming an annual event. 

There -is also an ominous sign 
in the way commercial vehicles 
have been slipped into this 
year’s deal. The Japanese share 
of the British market for light 
commercial vehicles in 1976 was 
just over o per cent In 1977 it 
rose to just under S per cent. 
But what the agreement omits 
to note is that some of these 
vehicles are of a kind which no 
British manufacturer produces, 
yet for which there is obviously 
a demand. 


The case of heavy commercial 
vehicles is even odder. The 
MITI letter states: “Heavy com- 
mercial vehicles (over 3.5 tons) 
will not be shipped directly 
from Japan to the U.K.” The 
fact is. however, that such ship- 
ments have scarcely existed in 
the past. British imports of 
heavy Japanese vehicles last 
year amounted to 36, and they 
came from Ireland. It is difficult 
here not to see the entry of 
protectionism even before there 
is a call for it It may be called 
a preventive measure, but it 
does not fit well with Mr. Dell’s 
general preference for free-ish 

That said, it is now up to 
the British industry to take 
ad /outage of such restrictions 
as have been imposed. If the 
gap left by keeping the Japanese 
market share dawn to 10 per 
cent, is merely filled by more 
imports from Europe, it cannot 
expect much sympathy, and the 
Japanese complaints that they 
are being discriminated against 
will have been justified. Nor is 
it a matter only of supplying 
more of the British market; 
there is also the question of 
increasing exports. Britain’s car 
deficit with Europe last year 
was much greater than its 
deficit with Japan. The U.K. 
industry is said to be under- 
going a process of reconstruc- 
tion: hence the need for the 
restraints on imports. But it 
cannot plead that indefinitely. 

E VEN BIS most ardent sup- 
porters agree that Presi- 
dent Jimmy Carter could 
do with a victory. Ten days 
ago, after the White House had 
persuaded the coal operators 
and miners to reach a provi- 
sional settlement to the three- 
month strike, there seemed a 
chance that he had pulled one 
off. But as Edward Heath 
could have told him, miners can 
be troublesome. 

Therefore, with the national 
coal settlement in ashes, and 
with the likelihood that the 
majority of die members of the 
United Mine Workers will defy 
the law and stay off the job. 
President . Carter is suddenly 
faced with the toughest test of 
his leadership qualities so far 
in the domestic arena. While it 
is true to say, in defence of the 
President, that he has placed 
before the American public a 
whole series of hard issues that 
a more political or less brave 
leader might have ducked or 
finessed, it is also accurate to 
point out that the list of his 
achievements is not as long as 
it might he — and not as long as 
is considered necessary to 
satisfy a nation that, Vietnam 
and Watergate notwithstanding, 
still likes to watch a strong chief 
executive in action. 

No easy 

There is no doubt that, if he 
had had the choice. Mr. Carter 
would have preferred the 
miners not to become the litmus 
test of his leadership. As Mr. 
Jody Powell, his press secretary, 
recently noted in discussing the 
three courses of action open to 
the President— invocation of a 
“cooling off” period under the 
Taft-Hartley Act; seizure of the 
mines and compulsory arbi- 
tration — “there is in every 
decision paper I have seen a 
much longer list of cons than 
pros for each one of them.” 

For many months now, the 
President's chosen battle- 
grounds have been two issues — 
ratification of the Panama Canal 
treaties by the Senate and con- 
gressional passage of the Energy 
Bill. There seems to be a good 
chance that he is on the verge 
of a significant political 
triumph on the first, which, if 
realised, will be a notable testi- 
monial to patience, perseverance 
and persausion. It may not be 
the sort of victory which, out- 
side the western hemisphere, 
will attract the headlines, but 
domestically it counts for much, 
especially for a President who 
has been accused of political 

The progress of the Energy 
Bill has been much less happy, 
although the prospects of Mr. 
Carter getting perhaps half a 
symbolic loaf still exist The' 
President has tried the same 
subtle, almost deferential ap- 
proach which baffles foreigners 

but which seems to be working 
in the case of the Panama Canal. 
With energy 1 it has been less 
successful and appears to have 
encouraged, rather than les- 
sened, congressional delay and 
intransigence. However, it is 
increasingly probable that Mr. 
Carter will resort to uni- 
lateral executive action— In the 
form of levying additional 
duties on imported oil, for 
example— in the not too distant 

But it is his handling of the 
coal strike which is the key 
criterion. Some critics have 
charged that the Administration 
woke up too late to the sheer 
intractability of the miners’ dis- 
pute and that Mr. Ray Marshall, 
the Secretary of Labour, was too 
self-effacing to use the sort of 
influence his position gave him 
at an earlier stage of the nego- 
tiations. But this disregards a 
decision taken at the very 
highest levels of Government to 
give the collective bargaining 
mechanism its maximum chance 
— and to step in only when it 
had failed. 

Fleetingly, that intervention 
appeared to be successful. The 
pressure the Admini stration 
brought to bear on both the 
miners’ bar gaining council and 
the Coal operators in the last 
fortnight in February was an 
almost classic exercise in Presi- 
dential authority. The key 
manoeuvre of persuading the 
mine owners to accept a con- 
tract they were inclined, in 
their determination to break the 
union, to turn down, was pulled 
off by the one acknowledged 
traditional politician in Mr. 
Carter’s inner circle. 

It was Mr. Robert Strauss, the 
Special Trade Representative. 
He felt no compunction about 
bringing to the attention of the 
steel companies, with their 
large captive coal subsidiaries, 
that the Administration had put 
into effect, and was quite 
capable of amending, a system 
of reference prices for imported 
steel which is designed to afford 
them a measure of protection 
against foreign competition. 
Whether suggested by Mr. 
Strauss or not the threat, two 
Fridays ago, that the President 
would go on national television 
to announce, presumably, a 
temporary Government take- 
over of the mines, served to 
concentrate the minds of the 

But it soon became dear that 
the miners themselves, whose 
confidence in their union leader- 
ship was entirely dissolved, and 
whose sense of injustice was 
aggrieved by the anti-strike pro- 
visions and reduced social and 
medical benefits in tbe proposed 
contract, were in no inood to 
settle. Thus Mr. Carter found 
himself with his options cur- 
tailed. He might have coupled 
his invocation of the- back-to- 
work Taft-Hartley Act with 
seizure of the mines, and did. 
indeed sweeten Taft-Hartley tay 
offering tbe miners the new 

President Carter (left): his handling of the coal SeamJd cause a reaction of 

picture shows miners triumphantly carrying gifts of food received from farmers sympathising with them,. 

rather than the old contract 
rates of pay. But in the end he 
determined that it was the 
miners who were the principal 
obstacle, and therefore the 
miner's on whom the screws had 
to be tamed. 

It has emerged that Mr. 
Carter made up his mind quite 
early last week that his only 
recourse was to Taft-Hartley, 
the bane of the union move- 
ment but did not communicate 
his decision to his closest ad- 
visers before the week-end. The 
reason, it is said, is that if be 
had passed the word on. last 
minute attempts to persuade the 
miners to settle would have 
been weakened. In fact the inci- 
dent speaks volumes of Mr. 
Carter’s approach to the exer- 
oise of the presidency. 

The President likes to think 
of himself as a rational man, the 
sort who, after much thought 
and study of the minutiae of a 
case, comes to conclusions 
which, since he considers them 
reasonable, all reasonable men 
should accept Of late be has 
begun to modify some of his 
inclinations because of political 
considerations, but the visceral 
streak remains: thus “ three 
martini " business 'lunches are 
wrong and should not . be 
allowed as a tax deduction, re- 
gardless of the political storms 
that such a relatively small 
financial saving might provoke. 

Many of bis decisions are 
taken privately. While it is 
true that Mr. Carter has en- 

couraged a collegial form of. 
government in practice his 
cabinet has rarely asserted, it- 
self either collectively or initi- 
viduaHy. Most of Mr. Cartels 
senior appointees are tech- 
nicians and managers, that is 
what he wanted- when he cfcpsfr 
them to help make government 
more efficient and responsive^- 
'But it has also left much of the 
policy burden on himself, on 
Vice-President Walter Mohdafe, 
on his closest White House 
staff, and on individuals like 
Mr. Strauss. Mr. Carter's in- 
creasing reliance on the poMtib- 
ally wise Mr. Strauss is evidence 
of his at least partial recogni- 
tion that managers cannot , do 
everything, particularly in 
Washington. • 



The rational, non-imperial 
Carter remains, the -central 
force, supremely confident of 
faXs own intellectual abilities. As 
he has said on many occasions 
the one tiling he dislikes is 
“crisis management,” • because 
it is the antithesis of a reasoned 
approach. ■ The trouble is that 
presidents often thrive on 
crises. Even Mr. Gerald Ford, 
unassuming that he was, under- 
stood that a president some- 
times had “to do something.” 
His popularity was never higher 
than after he had sent marines 
to recapture the warship 

Mayaguez from the Cambodians 
in 1975. President Lyndon 
Johnson did not suffer in the 
polls because of the Gulf of 
Tonkin resolution which 
escalated the Vietnam war, any 
more than did John Kennedy 
in the immediate wake of the 
disastrous Bay of Pigs inva- 
sion. Yesterday, Mr. Carter in- 
voked the Taft-Hartley Act in 
an. almost perfunctory, even 
apologetic manner, accompanied 
by none of the drama that is 
normally associated with such 
a major step. 

The President is running the 
risk of being hoist on a his own 
petard. He wants to be jndged 
on the strength of competence. 
But, rightly or wrongly, the pub- 
lic, according to the polls, finds 
that he is not as competent 
.as he might be. His personal 
popularity is not in doubt, with 
even his sharpest critics prais- 
ing such disparate public per- 
formances as his conduct during 
the funeral ceremonies for 
Hubert' Humphrey and his 
charm and wit at a recently 
televised White House concert 
given by Vladimir Horowitz, tbe 
pianist . 

There are perfectly good 
logical reasons for not over- 
reacting to the coal strike and 
turning a serious issue into a 
frenzied one. Although the 
economic consequences of a 
prolonged strike are beginning 
to be felt, the country is far 
from being in a catastrophic 
state. Mr. Alan Greenspan, Mr. 
Ford’s economic adviser, has 

calculated, for example, that If 
only a third to half of the 
miners gov bade to work, the 
economy wrti muddle through 
without serious damage. 

There is a ^feager that. con- 
frontation with t^e miners wiH . 
provoke an an'i^-Gorormnent 
backlash, but it mpy be tem- 
pered by the conservative senti- 
ments of many members of 
other unions who few. that their 
own jobs may be rfut at risk. 
There seems to 
feeling in the countite that the 
miners are a special \case, . in 
that coal is an industry with 
unique managerial, ladxitur and 
social problems. This ma^ ex- 
plain why politicians, 
papers and other opiniagn^ 
makers have been to date 
loth to jump in with criticism \ 
of the way President Carter is 
handling matters. 

Nevertheless, Americans still 
like their President to give a 
lead. Harry Truman was the 
source of many a dictum, one 
of the best of which was quoted ; 
by Mr. Tom Wicker, the New 
York Times columnist ’today: 

41 The principal power that the 
President has is to bring people, 
in and to try to persuade them 
to do what they ought to do" : 
without persuasion. . . That's 
what the powers at the Presto 
dent amount to." In invoking ' 
Taft-Hartley, Mr. Carter has;:, 
called on the law to provide ' 
most of the' persuasion: he may * 
need to be seen to be doing ; 
more than that. ' - 


Rough water at 
the Palladium 

This must be the moment for 
Townsend Thoresen to adopt a 
new motto: “There is no busi- 
ness like ferry business.'’ After 
all, if you are carrying 600,000 
cars a year across the Channel, 
why go hiring the London Pal- 
ladium for a fortnight — especi- 
ally when all you may get for 
your trouble is a metaphorical 
custard-pie in the face? 

For readers who are not 
breathless fans of such enter- 
tainers as Perry Como, Diana 
Ross, and The Carpenters, I 
should explain that TT is spon- 
soring an all-star festival at the 
Palladium dn the first half of 
May. The total outlay, a good 
part of which the company 
hopes to recoup by ticket-sales, 
exceeds £Jm. The eyebrow- 
raising aspect is that, before 
yon can buy a ticket for any of 
the shows, you first have to pay 
for a return booking to the 
Continent for a car and at least 
two adults by Townsend Thore- 
sen. That will cost you at least 

The company's line is that it 
is doing its customers a good 
turn by giving them priority. 
But my inquiries show that they 
are enraging the public at large 
and the theatre ticket-agencies 
in particular. “It has been a 
bundle of aggravation from 
start to finish," said an execu- 
tive of the Mayfair agency, 
Lacon and OQier. “ It has pat 
the public’s back up.” 

Tbe manager of a leading 
Shaftesbury Avenue _ agency 
said: “The whole idea is amaz- 
ing.” He also had views on the 
prices of seats to- see the stars 
—some of whom are being paid 
nearly £50,000 a night “ £20 
for the front stalls for Perry 
Como! ” he cried in fitting 
hystrionic style. “And £12.50 
for Petula Clarke. She was only 
£6 last year “ 

So, who had given the ferry- 
men tbe idea? I tracked down 
Len Castle, who told me he was 
a theatrical entrepreneur. He 
said that people who complained 
were “looking at it back to 
front" The fans would get the 
tickets, without queuing. Castle 
assured me that this was the 
“first of many” sponsored enter- 
tainments he was planning. 

Townsend Thoresen have scat- 
tered leaflets far and wide about 
their promotion. They need to, 
with 50,000 seats to rail in such 
daunting conditions.- I asked 
how sales were going; “It is a 
bit soon to say,” a spokesman 
replied, then reiterated the 
argument that, but for TJT. spon- 
sorship, some of the stars would 
not be -visiting Britain at all 
this year. After March 31, T.T. 
would dispose of unsold tickets 
“at its sole discretion." Bren 
to those of us who don’t want to 
buy ferry tickets? My question 
was quickly deflected. 

The star on the first night at 
the Palladium will be Mike 
Yarwood. Perhaps he wiH give 
an impersonation of ' Townsend 

Thoresen managing director, 
Brian Thompson, giving an im- 
personation of Lord Grade. 

Ship shape 

British Shipbuilders are set for 
a paint job now that Keith Me- 
Dowall is .moving to head its 
information services. He is mov- 
ing from the Department of 
Employment, which oould be 
useful background given tbe 
yards’ problems. But be has had 
some other difficult jobs In fife 
past not least giving William 
Wbitelaw a spruce image in 
Northern Ireland. 

Whitelaw brought him back to 
London to he director of inform- 
ation at Employment White- 
law and the Tories of course 
soon went because of the miners 
but McDowell stayed on and 
has been a watchdog of the 
government’s pay policy. His 
salary for his increased duties? 
“A modest increase,” he told 

Unsettled sect 

The Middle East has seen its 
standards change since Sadat 
met Begin but I never thought 
I would hear of Jews asking 
that a part of Jerusalem should 
be declared- a Jordanian settle- 
ment The demand comes from 
the Neturei Karta, a sect of 
some 1,000 faithful who believe 
that the Kingdom of Israel can 
only be re-established by the 
Messiah himself and thus regard 
to-day's Israel as a blasphemous, 
secular creation. 

Their name means “guardians 
of the city” and they live in the 
Mea Shearim (Hundred Gates) 
quarter of Jerusalem. They spit 
and throw stones at women 
with bare arms. 

Israelis treat tbem as a joke 
though a few have just a sneak- 
ing suspicion that there might 
he some justice in their talk 

of blasphemy. During the fight- 
ing for Jerusalem in 1948 the 
Neturei Karta tried to sur- 
render to the Jordanian legion. 
Since the 1967 war they have 
been unable to visit the Waiting 
Wall as they have pledged never 
to visit the holy sites in the 
Old City as long as this is con- 
trolled by the “Zionists.* 1 
Bat now they have a “solu- 
tion.” Three members of. the 
sect are to travel on U-S. pass- 
ports to Jordan, hoping to visit 
King Hussein. If -he will declare 
their settlement a Jordanian 
settlement then they argue they 
can obtain bis permission to 
visit the Walk 

Tricky twins 

If yon happen to -be a long 
distance runner or a. laundry 
worker. Dynamo may be just 
tiie product for you. But make 
sore you buy what you want 
Colgate-Palmolive are now mar- 
keting a liquid detergent with 
this brabd name, even though 
Bee chains have had their own 
Dynamo, an energy booster, for 

There could be some mix ups 
ahead, with it Seeming better 
to be a washing machine than 
an athlete. 

Kindly thought 

From the staff "magazine .of a 
Leeds company: “Although J. 
Edgar Hoover was always pre- 
pared To take a calculated risk 
in his position as chief of the 
FBI, it is' said that he never ate 
any of .the many delicacies sent 
to him by. unknown admirers 
for fear that someone ' might 
thereby- try to poison him Be 
gave such food -to orphanages 
and similar institutions.” 


Staffordshire Potteries 
(Holdings) Limited 


Group Turnover 

Trading Profit of the Group 


Net Profit Before Tax ................. 


Net Profit After Tax ........... 

Minority interests ...... 

Profit attributable to Holding Company 
Dividend— Interim 

To Reserves 


Six months ended 

31 December, 













- 34 





, n> 











.' 5J0p 

Interim Dividend per share (net) 

Bask Earnings per share 

Fufjj^ diluted Earnings per share 

U Inercxt For tft» entrant ported tea boon reduced kf 
, reMaf grvnf focotnd. 

2. Taxation comprito* overman tax and advance corporat io n tor me 
tto Interim dividend. 

3, Minority intruti redacts tte acqvWUan hr tto haWJ nr e wfr tev 
an- lit Jot V. 1976 of 6.8S8 stem and an fit Jafr. 7977 at 7*5 
■term in 5teffonteUt* Factorial (Canada) Urn Rod tftai JpcroadOf 
the Group partktyatfoa in Ctot c o mpa n y to 91.04%. 

4.. UoUen of £42.710, of Loan Stock conwtsd Into 93,192 Ordinary 
- xtarci at Z5p each la December 1977 fearing £25,764 Loan 
Stock ctifl outstanding. Following on conversion of the La on Stock 
tte tuned than capital It now 4.443.60 2 Ordinary stares at 
2Sp each. 

External ales for the six months ended 31st December, 
1977 have Increased by 15% to £5,080.000, wkh export ales 
showing a 33% increase to £1,8)7.000. Corresponding pre- 
tax profits have increased by 19% to £376.000, 

The slackening in demand In -the U.K. due to the genera! 
recession a* retail level has been mitigated to' some extant 
by our healthy overseas order book. Although the Board 
anticipates a satisfactory full year’s results the currant 
rates of exchange for th* £ Starting may lead to some 
pressure on profit margins. 

Our capital investm e nt programme, the major pare of 
which h now complete, has greatly improved manufacturing 
efficiency and will enhance the company's abHIty to remaiii 
Competitive in principal overseas markets. 

The fuH benefit of increased sales from 
the .expanded dinner-ware production 
should be obtained in the autumn. 

The Intel?™ dividend will be Increased by 
10% to J265p per share and will be paid 
on 14th April. 1978 to shareholders, on the 
register at the dose' of business on 28th 
March, 1978.. 

. -"i 




•v: H 

-■ • V 

c. - . -• 


-.tiWff \i . 

> m 



Financial Times We&nesaay Mafrjfa 8 1978 


follow the world economic rut 



E U.K., as the leading maim- 
:urer of agricultural tractors 
Western Europe, could 
dly expect to escape the 
mturn in world demand from 
record levels of recent 
.rs. _ - * Unofficial • estimates 
in th$. industry :sugges? that 
‘ ' 16; per cent of . tractor 
jut ‘ in i?the • free woyld, 
tiding:- japan, is suppEed 

.xey^^oson ahd '?Ford, 
two; cbinjHtnies thatf^have 
-■«-«_ T - .tied ovet'^ part decade for 
*%•- 4^ crsW ^ ol -ae .yXitrttflcet, 

* i’e both announced ^extensive 

our lay-offs. Irrternatianal 
rv ester, which ha* thrust, its 
y into thircLpositiot^-has been 
ced to seek 316 radnidaiHcfei 
is not the hoin marfeet tbat 
pausing, the. problehi^^vg^y. , 
had expected ^a'^fovratifim.- 
■ least 5-percent' from the: 
3 _ tcfcitor Tegfstca ticwaar 
levea'IaSt. :vear-~ hqf--7:fhrt 
raational ^jr'ead.of.the^aij.- 
ictor prodtuKion, tocrigh;''it. 
" ranksi -d^^oiio' of Britain^ 
litionai-' Jpanstnes, - is truly 
rnational,. with each of . the 
- main U.K manufacturers 
sorting at least 75 per 1 cent, 
its output. ;> ■ - ■ 

)nly British Leyland, the 
attest, with-an output of some 
a year and .an. estimated 
tC. market share of -aroujjd 5 
r cent., is British ownedE -The’ 
three, plus David B^own 
[ith 10 per ceht: of theCrUjC 
rket) which is part; of *thfe 
!. Tenneco Group,- 
leri can-based muldnatiolflajs; - 
In 19 1 / alone U.K_ tractor ex-’ 
..k.^cts totalled £4®>m. -and the 
"''This on visible trade -was 
rth nearly £400m. All com- 
ities are allocating funds for 
: restment to increase their 
:K- operations.. The . only big 
-".iltinational not represented, 
the U_K. is John Deere., 
is U.S.-based company- tried 
- . establish production facilities 
-Ore then 20 years ago, but 

eventually Ideated its main UX tractors in 1978, with sales 
European operation 4n West of 19,413, Turkey took only 7.527 
Germany. units last year. The contract 

At present, manufacturers are won by International Harvester 
treating the fall .hx demand to supply 2J>00 tractors a year 
fairiy calmly, pointing out that in addition to 4,000 sets of com- 
tbe downturn is froxn ^n up- ponents ended .with the de- 
expeetedly bijto level; The past clsion by the Turkish Central 
boom can be. traced to 1972, Bank to restrict imports merely 
about, the time .of the inter- to “emergency and strategic.** 
veistion by the Soviet Union to goods. 

buy up the United. Stated grain. For Massey-Ferguson, the vir* 
surplus. Farm - commodity tual closure of the Turkish mar- 
shortages led to higher-prices, ket. to which It supplied more 
which attracted mote land -into than 8,000 . units a year, has 
cultivation and placed Mtf 'te- contributed to the 'planned lay- 
mands upon the' agricultural offs at the Banner Lane factory, 
equipment suppliers- In the Coventry. -Banner Lane, -claimed 
U-KL, profits from potatoes and .to be -the largest tractor plant in 
other crops gave farmers -the the western world, supplies 
funds and the confidence - to vehicles and components to 
press, ahead with new inyest- about 190 countries, and last 
meat -to push traetnr-sahfS .to year accounted for 275 per cent 
.< record 38,381 units, m j/976 of the Canadian-based multi- 
-iwell above the forecast : teend national’s 172300 world tractor 
foi" -the current &ec&3£?'ot sales. 

just over 30,000 vehicles . Though the scheduled lay-offs 

But, as- suppliers to a.- cyclical ^re extensive, toe possibility of 
-Industry, like agriculture,- the redundancies has not yet been 
tractor manufacturers- hav e raised. However, management 
learned to uve -wito-: sudden faa f toId unions that not 
swing&Jn demand! From a posx- p^ prospects poor for. an 
tion^fWing plants near -to improvement m demand, but 
full, capacity, overtiroe'wpridng, * 1 * 0 toat a number of markets 


(In Units to Selected Countries) 




West Germany 
Irish Rep. 














5,908 ■ 








1*468 ■ 







11,849 . 
















































New Zealand 



South Africa 













































Total exp. 

136,289 140370 126,077 

* Farm and trade laying tractors including used tractors. 

t Under investigation. 

Source; Agrfcutturaf fcflffnoen Asnciociea 

and leng delivery. delays* eoito need to pick up just to 
parties ue xow having -to' fight support present production pro- 
for orders and tp ait protection 

nmmmmcc finrirf harm»j}t*r to • Massey-FergUSOH 



is partico- 

1978. and amsequa* Uuse “LS? 

Stocks, particnad?:' in .Mdrt6 ^eernaa ve 

Ataeiica, Cave held. down world ta ' y 

Deere and International Har- 
vester, have a. strong home-base 
with the bulk .of their sales' 
going to the less volatile North 

in recent 

reduced ■farmers’ liquidity and 
eroded investment, cohfiaedce 
To the ' downturn of demand 

from the advanced :w^twn Massey-Fer- 

economies must be..added the n ^ looked to the^owth 
political and economic tracer- Sa, kets of Latin America and 
tamries which hamper .sales to WorId entries. Despite 
the developing nations. - ^ risks ^ pouticai and 

Massey- Ferguson,' Inter- financial instability, toe 
national Harvester, and. FOrd Canadian company has invested 
have' attributed part of 5 their in countries like Brazil and 
production cutbacks to the eco- pioneered joint venture sdiemes 
nomic crisis in Turkey. - From with states such as Iran and 
being the biggest market for Xibya. 

The world tractor market is 
fiercely competitive, with the 
multinationals often negotiating 
direct with governments for toe 
big contracts. Ihe very size of 
such projects is another factor 
contributing, to toe uneven flow 
of new work. 

The Japanese, with an annual 
output of around 250,000 units, 
have so far concentrated their 
attention upon the small horti- 
cultural-type tractors of up to 
30 hp. Leading multinationals 
have made arrangements to 
market these vehicles in the 
West. The Japanese are begin- 
ning to show an interest in mov- 
ing upmarket into the larger 
tractors, but are not regarded as 
an immediate threat 

However, incursions by the 
East European nations into the 
free world markets have caused 
ripples of concern. Complaints 
have been made about toe low- 
price of mass-production models 
offered by Belarus, of the 
Soviet Union; Ursus of Poland^ 
Zetor, Czechoslovakia; Univer-* 

sal, Romania; and Forschritt of 
East Germany. But the multi- 
nationals are confident that at 
a time when they can offer 
early supply* they can present 
a total package sufficient to bold 
off toe challenge of the Come- 
con countries. 

Given the competitive con- 
fines within which they must 
operate, the multinationals are 
constantly examining the merits 
of drawing components and 
units from one plant rather 
than another. The - point was 
underlined by Massey-Ferguson 
daring toe -damaging ll-week 
strike at the Coventry plant last 
year. Management pointed out 
that assembly operations in toe 
city were under threat, not only 
from domestic and foreign com- 
petition but also within the 
structure of Massey-Ferguson 
worldwide. Since the late 1950s 
the Canadian company has 
reduced its dependence upon 
the UJL by increasing tractor 
assembly and manufacturing 
facilities in France. Imports 

from tbe Beauvais plant helped 
to offset the damage inflicted 
upon the company by the 
Banner Lane strike. But Massey- 
Ferguson argues that the 
Coventry factory remains com- 
petitive. and has announced 
plans to improve and expand 
production facilities. 

The assembly operations of 
the Banner Lane plant, as a 
proportion of world activities, 
will undoubtedly decrease as 
the company pursues its policy 
of setting up local manufac- 
turing facilities to overcome 
the tariff, tax, and other bar- 
riers imposed by tbe developing 

Ford, which took advantage of 
the Banner Lane strike to claim 
a 31.4 per cent share of toe 
U.K. market last year, has an- 
nounced a £12m. plan to mod- 
ernise and increase the capacity 
of -its Basildon plant The U.K. 
operation, with an output last 
year of 47,825 units, accounted 
for more than one-third of 
Ford's world factor sales of 
125,075. The fact toat the 4,000- 

strong Basildon work-force sup- 
plies engines and hydraulic 
equipment for Ford tractors 
world-wide makes it vulnerable 
to any general downturn in 
trade. More significant Basil- 
don is geared to supply “rest 
of the world” markets, with the 
Antwerp factory serving toe 
more stable Common Market 
and the Michigan plant concen- 
trating upon the United States. 

International Harvester, partly 
because of its success in intro- 
ducing a new range of tractors 
to comply with noise regulations, 
has increased its claimed share 
of the U.K. market from 7 per 
cent, in 1973 to 16.5 per cent 
last year. An 18 per cent, re- 
duction in the 1,700-strong work- 
force at Bradford is planned, 
largely to overcome problems 
posed by die loss of the Tur- 
kish contract. But at Doncaster, 
where 4.700 are employed on 
manufacture of tractors and 
other agricultural equipment, 
there were no plans to reduce 
manpower. Some film, of new 
investment was announced only 
last year for the U.K. plant 

Tbe main question confront- 
ing all the manufacturers, 
though they are affected to 
varying extents, Ls how deep and 
how prolonged the current re- 
cession will be. In the impor- 
tant North American Market, 
the average annual volume of 
agriculture tractor sales in toe 
period 1966-1976 has declined at 
an average annual rate of 1 per 
cent. But within the total there 
was a move towards larger trac- 
tors: sales of vehicles of more 
than 80 h.p. increased at an 
annual rate of 1.7 per cent, re- 
flecting the move towards fewer 
bat bigger farms— a feature 
common to all tbe developed 
nations. Another factor increas- 
ing the value, if not volume, of 
sales is toe demand for greater 
sophistication in vehicles. Tech- 
nological advances have been 

made in areas such as 
hydraulics and transmission. - 

Reflecting the low farm cam- 
modi O' prices, unit tractor sales 
declined by around 9.7 per cent, 
in North America during 1977, 
and are expected to show a fur- 
ther 9 per cent, drop in the cur- 
rent year, in Western Europe, 
sales in 1976. at 340.000, were 
little different from the level 
ten years earlier, but fell last 
year and are likely to decline 
by a further S per cent, in 1B7S. 

in Latin America the average 
annual 10.9 per cent, growth 
in unit sales continued into 
1977. but is expected io fall by 
6 per cent, this year. Perform- 
ance depends largely upon 
Brazil and Argentine, both of 
which are currently suffering 
from rapid inflation, serious 
balance-of-payments problems, 
and credit restrictions. 

It is difficult to generalise 
about the developing nations of 
Africa and Asia, but *ales have 
tended to increase by around 
13.6 per cent, a year over toe 
past decade. Despite a 3 per 
cent, fall in 1977 and continuing 
economic problems, in import- 
ant markets, like Turkey and 
Pakistan, an overall 2 per cent 
growth is anticipated for the 
current year. 

Against such forecasts of mar- 
ket trends, the mood of manufac- 
turers at this stage is mnre 
one of uncertainty than con- 
cern. The present down-turn is 
seen merely as a temporary, if 
inevitable, cyclical set-back in 
an otherwise expanding pattern 
of world demand. In the devel- 
oping countries, there is a 
powerful political impetus to 
raise agricultural output. For 
the industrialised nations, with 
their high labour costs, the 
drive to improve efficiency, 
yields and profitability will in- 
evitably increase demand for 
expensive and more sophisti- 
cated tractors. 

Law and 

Letters to the Editor 

om the General Secretary, 
' e Labour Party. 

and start 

■ responded ce in your columns first half of 1977, it was Gbirau stances. It increases in value. As to compensation, to my 

aboud “ industrial democracy.” and Ndlweni who took much of There is thus no penalty on hold- mind the boot is on the other 

But I must ask one question of toe initiative; in the more recent, ing land out of use — in fact it is foot The annual value has 

' Mr. Peter Brooke, secretary- of semi-public, sessions ZUPO has profitable to do so— and this has largely fallen into private hands 

the Cambridge Workers Control played a full, and. sometimes enormous economic consequences, for hundreds of years probably 

Group, who took the trouble to vital, part. There may well be a large since the Enclosures Act That 

react to my letter through your r f ic FnrwJtm qe^rPtarv’-? amount of land unemployed was not justice. Let us let by 

„ \3ir, — Your corrospondent Mr. 31. . . , - hehef Sat it iTtoe iSSTof gg 

'\ ristopher Radmore, who writes May I ask Mr. Brooke whv his Rhodesia who should decide their J*°“- _ _ g r ^ 

: ilarch 4) on behalf of the “sovereign * beings” should own future, it is distasteful in T. H. Graves. 

> I born and St. Pan eras Con- bother to assemble in - their, toe extreme that he should seek «LSf £ .SpnBfl Terrace. Paradise Road. 

. :'*vative Association, seems to board room at all if they are not to exclude those who represent large amount of land that people Richmond .Surreii. 

- following out the Conser- going to worry about satisfying a sizeable section of toe popula- Jo J — 

stives’, present propaganda, their customers? If they do not tion. It is to be hoped, also, that of use pending a higher 

“ategy. “ ' '1 

There is now a! standard 

— •iMtern: (1) find something ’that . „ . . ... - _ . - . . . . 

frightening some people; (2) ° r Placating the various in- spondent could help. 

- .. .issly exaggerate; (3) blame it tere« groups witbin the factory” j_ McK. Gibbs, . 

.. the Labour Government; (4) i°F . there . wlU be .. n ° factory! The Old Sanatorium. 
r.jgest toat a Conservative J 1 “ * complicated, some- ctifton College, Bristol. 

/ vernment would eliminate the tlmtf tedious process of mutual 

The canal 


service, not : Mr. Brooke's . fairy- 
1 an d in which giants and dwarfs 
fight for secret hoards . of 

ir. ... . ■ - • 

drs. Thatcher’s race, scare set 
pattern. . She must have 
^wu that 96.7 per cent, of .the 

::idents of the U.K. are white Mr-: .Colin Dauris, who also 
3 only 3.3 per cent ’ are reacted to my letter, takes issue R Trendett. 

-oured (including Those of with me over the matter of the 



commodities. Commodities are 
not in fixed supply, and toe effect 
of speculation is to even out From Mr. AT. Lusby 
prices and adjurt otpp£ to de- - Sir.— I was veiy -pleased w 
maud.. Nothing like toe same fiee ^ Financial Times devote 
effect K had on land however, three articles (Ilarch 2) 

f<^2S?nn 0 Sc ^ situation— which has now 

forces up its pnee to ever higher been brought out into the open 
levels because supply cannot be — regarding the appalling treat- 

ment of British Waterways Board 
It is tnje that, with land value by ^ Department of the 

pnce °v^ nd Environment, 
would fall towards zero, being 

and which are 

xed descent), yet she talked party to whom the company owes S ?i totally extinguished wfien the 

' TV to an audience of millions its first duty. I think we are Rhodesia to a black democratic ^ took 100 per cent of the ^ e “ ent *5 

- ling them that people, were both saying the same thing. My cally elected government on rent Land value taxation is not .JEiJiSS?. 

. itimatelv worrying - about Potot is that toe company cannot J^thber 31. In doing this his a measure of land nationalisa- 

’ ng “swamped." As a result carry out its duties towards any hand has largely been forced by tiou. however, for “ownership" 1° maj ° r ; ; * 

" this u number ,of Ilford of those with a proper interest Messrs. Nkomo. Mugabe and profr and control would remain as now. a small and decliniag commer- 
ctors. street Interviewed onto it— including both share- aW y to a lesser extent a flagging n i s however, a measure of rent f 111 ^gmfican ce 
said “I switched to-votihe holders and employees — unless it economy. Mr. Smith has invited nationalisation, and that is as largely and 
1 aservative because thev ■ will- has first- made sure that Its Mr. Nkomo and Mr. Mugabe to it should be for the land be- recreational, 

n immigration ” Htmdreds customers are satisfied. Unless lay down their arms and take longs in right to tbe whole com- Responsibility for the canal 

$ our canvassers -toe -same It'bw done toat. there will be. Part in the democratic election. m unity. system being small and of declin- 

•ns Did Mrs. Thatcher really uothing with which to reward This election and the black There would not be any diffi- tog significance (if indeed i t is) 
nk" that 33 oer cent of the toose other parties. Profit, after government toat will follow it cutty of valuation, or assessment keg wholly with the Ministry. 
mlaSS SLj&Ski all. to a free market is the give Zimbab^everyttOng even under 100 per cent land I : w ■ toey who have refused to 
nc . r cent, and would she measure of the board’s success that the freedom fighters claim value taxation- Selling pnce assist and. in fact, placed 
Jlvnut a full stop toimmfcS- in toe. customer, toe t0 have heen fi ghting for. The would disappear, but rental value obstacles in the path -of progress. 

, a 'tiyputaniiiswpTOimzwgTa difference between the customer's one ^ totoe bKent is that remains, and that is what to There is nothing wrong with 

trt -Radiunro t charo assessment of value and the cost ^ Nkomo and Mr. Mugabe assessed. The assessment would the canals being largely and in- 
•'QH& of toe human effort used to Sw Sy too well that to an be based on rents actually pass- creasingly recreational - the 

■ . _ J iSians b if create . i%M « also the electionthey would be politically tog, and would be revised every increase, thankfully, may assist 

irsljfpu OHner s reward for. risk and in- massacred. But having done all ye ar - to some small way in keeping 

of ^otoncejttr ■ Radmore vest ment. toe woS^ toey quite naturally K C. Grinham. them alive and, incidentally 


mes of viDKoce. mr, naomwe vestment 
■ s, more . modestly than the _ . ‘ _ 

. .. aservative leadership, ' “ A H “° ret b- 

mge of Governmear - -=will 13S,- Pali Mall. S.WJ. 
riously not bring overnight 
mges but the attitude of toe 
ilic. many of whom are afraid 
open their doors ■ at -night or 
■- afraid of being attacked to 
•ad daylight, is now such that 
- more 'soft - politicians like 
. Rees ...” 

\rc people really afraid of 



From Mr. J. Gibbs. 

. ,, . - . . , . Sir,— The Foreign 

, Iking toe streets in broad day- ^ appears, gone 
-■ ’p I haven’t met any such. ^ t0 ignore ^ 

want to get the reward. Because Polperro. k 
of this, Mr. Nkomo and Mr. 12. Krmberley Way. 
Mugabe want no truck with any Chrnffford, E.4. 
democratic ' nonsense. All very 
simple and straightforward. 

Britain and America should 
give full support and recognition 
to the coming black democracy. 

It seems likely that the black 
Rh /*S anS oirrently fighting for Mr _ T Grtwes . 
a blade government in Rhodesia .. _ , 

Secretary will go back home when this Sir - — Surely Mr. 

Land price 

prove a source of Income. Also 
since when has sport or recrea 
tion been of so little Interest to 
Governments, large advertising 
concerns, tobacco companies, 

- breweries, car manufacturers, 
• etc.? After all. the Government 
appeared to think it significant 
enough to create the post of 
Minister for Sport. • 

It is not too well known toat 
Bradley’s to build a new canal costs less 

out of his becomes an ' established fact suggestion (February 20) of per mile than it does to build 

_ Zimbabwe Unless Britain and America restrictions on bank lending for a motorway (and. certainly does 

t this just standard Tory united People’s Organisation support toe new regime they toe purchase of land would be less to destroy toe environment), 
iggcration? How many people wbidj-j s led by Chief Jeremiah could easily find themselves impossible to enforce so as to Also, toat to close a canal is 
■ a FraidoE opening their doors cbirau. Lord Career, on his supporting a mixture of Cubans, significantly effect the prevail* even more costly than to build 
night? There may be .a smalL to' Salisbury, refused Russian advisers and general riff- tog price. In any case we hardly one and the lack of maintenance 

3ibcr. but .of course if the t0 meet Dr. Owen chose ra ff. This probably wouldtot need more restrictions. situation that BWB has been 

ies keep this up the number not deliver to them a copy of worry Dr. Kurt Waldheim or Mr. The practical and just answer forced into will, ultimately and 
frightened -people may grow. -toe revised, -post-Malta Anglo- Andy Toung. but it onght to is to apply an annual tax on inevitably, lead to this state in 

„ this not just another example ujg. proposals. He has now ex- worry Dr. David Owen. 

• . the politics of fear. eluded them from the invitation t, * w Tremlett 

' , a hour has devoted greater re- list to the United Nations head- j rLie F.c* 

-j :rccs to combating rising quarters in New York. AH this *’ ^ 

• me than the Tories ever did. despite the fact that it is toe ex- 
^ the life of this Government pressed wish of the Foreign 
1 \\ have spentl£250m. more in Secretary to involve all interested 
: ’ I terms on public expenditure parties in the discussion, and 

1 ering law and order and Tro- despite the fact that ZUPO has 

live services than was. being considerable following within 
r* nt when we took office. An Rhodesia, 
ra £50m. was pumped into toe 

Relit value 

From Mr. S. Grinham. 

land. The principal elements of some instances. - 
this tax is that it is based on Lusbv 

the annual value of tbe site- 1% m \i Fareham. 

how much is a user prepared to 
pay for access to that place to 
the exclusion of other users — 
and it thus returns to toe com- 
munity as a whole exactly toe' 
value which the community has 
created. It reduces the purchase 
price of land to zero, as Mr. 

Staffing at 
No. 10 

I hold no particular brief for 

. . Brady (March 3) lightly asserts. From Mr. A. Vnsworth 

- ", to the ZUPO. *-!«.- leaders, hot I do dilSS^T^^ '.“i 1 oKS 

Jfn-fi^fc'nSlf^onlhe street teow them personally, and know Rembrandt painting (Mr. M. 0 r in underuse pending profit- °£ o 

nnmbI?of sometoing of their qualities Brady, Marth 3). The latter was a bi e resale. It Sres toe n 

5SMnlJl! 1S hi^ at fi t tien since the and ' abiEties. Both Chirau and the product of human labour and question of urban sprawl and 1974 , 1 ?'7 

icemen has fallen smee toe Kayisa Ndi^n^-the vtce^resi- * therefore, a fit subject for SUES d? fiwS. Sd to ite 

•tent nf ZT IPO — are chiefs: thev nersAnai anmerchin 7m t the land further implications goes a long ^ zme °° , y 

-» - - - - - ° Dj per cchl 


way toward the croatfon of a juit ^“ e , d he 
people society in which enterprise is during the . P on. 

. , , . r onn mnrw m the “•* — - — — r - - ------ j stifled at alL rewarded bnt “ownership” is not. re Pjy 

tludmg by many decades the. advent of There is another difference. If Mr. Brady cannot distinguish Co^aons. toe Prme Minister 

the Smith Government; and the Land & absolutely essential to land from paintings, itwouMbe stated toat tig salary bill for his 
passed the- Mle chief cominuM to be human life and existence; no better to tax the latter than to in, 1974 ““ 

StWrthfm- 3 * ery important one m the hves man can do without it Paintings dismiss this torn of tax because ! 4 V ,( ??!L in 

need more, 
last year we 

were now 

toe law midthe of probab !? 5^ majority of Rho- are not essential to human life, of them. Of course land Is unique- n . X u S?^ e ^B^ y R ^5 0mpai ' ed 
'J* e desian subjects.. bnt think of the consequences if. it is free! Ntwne had to mete it ^ -u. 

d- - !rts against a larger number 
^ offences. Wc also increased the 

The average ■ salary of the 

Both Chirau and Ndiweni have every family was compelled (by its value is created by other *v. 

i.- « «nTT.h»tr of areas been it is true, members of legislation) to have an original people, the community which Pl ™2 0 ^ T m ^ e iL a 5 t ?~ 

cities in a number o ■ Government Bnt by no P^ting in . its house. Quite a surrounds it; at least toe bulk JJJJ SraS? 

means Is it true that they have different prospect altogether! of its value is in this category, was £8,— an jni crease of 78 ^r 
means is « «v _ l4md labour it should be noted that a tax on or 21 P“ cent P-a. over 

i Hayward. . = 
mspott House; 
iih Square. S.W-1. 

were re^msibie^ Eor^the and capital in. Its economic annual land value does* not* ££ that period, of tois 

abotiti^ofmS^al discrimi. labour does not work dude buildings. There is no * “ salary 

nation, as well as for consider- (until .the. advent of the welfare reason why a competitive market increases. . . 

able development in toe rural state) it starves. If capital goods in annual site values should not 

areas When they considered are not ■ dsed, an Income replace tbe present market in fter ? *r® comparative 

that the Smith Government was (interest) ix foregone and tbe inflated ownership values — toe ^creases in JJ* whole civil 
moving too slowly, toey resigned capital Itself depreciates. If land only difference being the bene- service and industry for the same 
their posts and formed their, own, is held out of nse, an income fieiary, who would now be toe P®* 10 ®- 
party In the preparations for (rent) la foregone, but the land community.- All taxes on pro- A. K. Unsworth- . .. 
i*V' ijl T* Ka invidious to too .“'internal selUement” which itself- does' not deteriorate. On dnetion and income could be X, Court Downs Road, ; 

wS; in the the contruy. in-amnri orcum- fartolly redikea. Be&evium. Kau. 



fiPHim the Director General 
- dituia of Directors 


U.K balance of payments 
(fourth quarter). 

TUC Economic Committee 

Dr. David Owen. Foreign 
Secretary, goes to Washington 
for talks on Rhodesia with Mr. 
Cyrus Vance. U.S. Secretary of 

Agricultural safety and health 
report published. 

House of Commons; Wales 
Bill, committee. 

House of Lords: Debates on 
parental choice in education; 
Crime prevention; and Cyprus. 

Select Committee: Expenditure 
(Trade and Industry sub-com- 

To-day’s Events 

mittee). Subject: Public Expen- 
diture White Paper I97S: sup- 
port for industry. Witnesses: De- 
partmenfof Industry and Trea- 
sury officials (10:15 ami.. Room 

Nationalised Industries (sub- 
committee B). Subject: National 
Coal Board report and accounts. 
Witnesses: NCR (10.45 
Room S>. Nationalised Industries 
(sub-committee C). Subject: In- 
dependent Broadcasting Author- 
ity. Witnesses: I BA (4 p.m„ 
Room 8). 

Expenditure (Social Services 
and Employment sub-committee). 

Subject: Employment and Train- 
ing Services. Witnesses: CBl and 
TUC (4.30 p.m.. Room 15). 
Construction output . (fourth 

BTR (full year). Sieetley (full 
year). F. W. Woolworlh (full 

Bakers Household Stores. 
Leeds. 12. Blundell Permoglaze. 
Connaught Rooms, W.CX, 12. 
Homfray. Halifax. 12. Lookers, 
Manchester. ■ 12. Marlev, Seven- 
oaks. Kent. 12. U.S. and General 
Trust. Bucklers bury House. E.C., 

‘ ■ ‘ * ’^/V' 'J ' •’%” / •/ I,',.) J , < ,* »• .. 

1 i*. • . .-. ,-‘x • - V. • • ■ •• . • 


Bank Limited 

helps you througiiout the wariri 

Head OfBcclOCtenaite Lane, London EC4N7AB. ABetdueeed£7A00miQica 



Blagden & Noakes 15% ahead at £4.36m. 

TURNOVER for the " year to 
January 2, 1978, «jf Blagden and 
Snakes (Holdings) came to 
£43.S4m.. against £37.27m. for the 
previous 53 weeks and pre-tax 
profits advanced by 15 per cent, 
from £3.7Sm. to £4.36m. after 
£2. 14m. (£1.6901.) for the first 

' The acquisition of VV. W. Bad 
and Sods, was effective from 
November IS and results include 
prfint «.-:<* In tiiat com- 

pany for the last part of the year. 
At the pre-tax level the net effect 
k £8S.0W hems profit of £104,500 
less interest on money borrowed 
for the acquisition of £16.500. 

" Most of the group's activities 
showed significant advances over 
ttie previous year say the directors 
and only in the chemical division 
Were the results disappointing. 
White chemical trading produced 
satisfactory results, chemical 
manuracturinv activities suffered 
severely from the general down- 
turn in demand. 

The directors are very pleased 
With the initial results from \V\ W. 
Rail and opportunities for co- 
operating to mutual advantage are 
greater than had been originally 

In line wilh the forecast in 
offer document for W. W. 
Rail and with Treasury approval 
a. second interim dividend of 
B:i7op per 25p share net (3.493p) 
Will he paid making a total 12p 
Earnings are 6hown at 
29.4p (27.-P) per share. 

m S3 

■ irvelrs wvuks 

IKT-TS 1376-77 

HKTO rono 

Turn Or er -11,835 37 372 

Tndtns profit .. 4.283 3.fil7 

IhUt'.-si pud 18 t70 

From associates pj <n 

Prom Her ore tax a .358 3.781 

Tax 2.191 1.999 

N> r profil 2.1B7 I.7B2 

Tri minorities S2I 379 

Atirthuoble i,T46 1.211 

Dividends 61S 269 


An analysis or turnover and 

trading profit (shows £000s 
omitted): manufactured and re- 
conditioned drums and casks 
£27.710 (£23.194) and £3,33B 

i £2.733): plastic engineering 
mouldings (including \V\ W. Bali ' 

and SnnO £2.540 (£1.317) and 

£341 (£82): chemicals £11.264 

• 10. 764) and £221 (£486): in- 

dustrial protective equipment and 
ekHTtrieal equipment £2.321 
(£1.997) and £399 i£34R«. Holding 
rrujipany expenses absorbed £13 
(£32 «. 


With a forecast of £4.2m. profit 
already on the table the actual 
figures from Blagden and Noakes. 
lak’ng in a small contribution 
from the Ball acquisition, are 
much in line with market expec- 
tations. The only area to dis- 
appoint. in an otherwise reason- 
able all-round performance, has 
been chemicals where manufac- 
turing has faced a setback. This - 
year Blagden is looking for some 
recovery from its chemicals divi- 
sion though at best it is unlikely 
to: show much improvement on 
the 1976-77 profit of £486/100. 
Meanwhile Ball could make Dm. 
profit, or £800.000 after financing 
coSts. and one of the Ball, sub- 
sidiaries, Toolchrome. a plating 


Lex looks at the results of Unilever, where pre-tax profits, 
down by 10 per cent, to £551m., are very much in line with 
market expectations which had discounted' a fiat performance 
in Europe. Lex also assesses the HSR results in the light 
of the weak demand trends in Europe and the currency move- 
ments which adversely affected the U.S. business in 1977. ' 
Comet has come back again for H. WIgfall with a revised 
offer and the implication of the latest banking figures are 
also discussed along with the likely outcome from next week's 
February money supply figures. Elsewhere Provident Finan- 
cial’s pre-tax profits have shown a sharp improvement in the 
second half, to take the full-year results up by a third. 

company, is thought to have a 
potential unrealised at the time 
of the acquisition. Blagden is 
spending £200.000 on that sub- 
sidiary alone this yeara out of a 
total spending plan of £2{na. 
Meantime the steel drum business 
remains the back-bone of the 
company. Demand for recondi- 
tioned drums is still good but 
given the slate of the chemical 
industry growth this year looks 
limited. Still group profits could 
be around £5im. pre-tax. Mean- 
time a p/e of 7 and yield of 8.9 
per cent looks (air value at 214p. 

sees £2m. 

Speaking at yesterday’s AGM 
of Record Ridgwa.v. Mr. A. B. 
Hampton the chairman, told 
shareholders that the directors 
are worried that sterling is being 
allowed to continue to appreciate 
against the major trading cur- 
rencies with the consequent con- 
tinuing erosion of the group's 
competitiveness in key export 
markets and the decline in the 
value of the dollar has made 
matters worse. 

Mr. Hampton said that some 
20 per cent, of the group's export 
trade is now invoiced in dollars 
and that on these sales the group 
is suffering a reduction in mar- 
gin.-} due to sterling appreciation 
and will continue to da so until 
celling prices can be adjusted. 
More seriously, he said, “in all 
other markets where we still in- 
voice in sterling, the changing 
currency relationships have an 
immediate impact on the final 
price our customers have to pay." 

For the current year, Mr. 
Hampton said that the U.K. 
economy remains depressed, there 
has been a significant reduction 
in the level of export orders, 
and the directors expect historic 
profits to be around the £2m. 

Mr. Mark Alexander, the chief 
executive, also announced that 
there is to be a major sales drive 
both in the U.K. and overseas. 

Advance by 



TURNOVER for the half year to 
end 1977 of Staffordshire Potteries 
(Holdings) expanded from £4. 41m. 
to £5- 08m. and pre-tax profits rose 
from £317,000 to £376,000. 

The directors say the slacken- 
ing In demand in the U.K. due 
to the general recession at retail 
level has been mitigated to some 
extent by a healthy overseas 
order book. Export sales for the 
first half were up by 33 per cenL 
to £lB2m. Although they antici- 
pated a satisfactory full year's 
result the current rates of 
exchange for sterling may lead 
to some pressure on profit 

The capita! investment pro- 
gramme, the major part of which 
is now. complete, has greatly 
improved manufacturing effici- 
ency and will enhance the com- 
pany's ability to remain competi- 
tive in principal overseas markets. 
The full benefit of increased sales 
from the expanded dinnerware 
production should be obtained in 
the autumn. 

First half earnings are shown 
lo be up from 6.07p to ,?.S5p basic, 
and from 5.9p 10 7.77p diluted. 
The interim dividend is raised 
from l.ISp to 1.265r> net. Last 
year's total was 3.527p and pre- 
tax profits came to a record 

Six nrniiK 
1977 nmi 
£fHHl EWW 

Croup turnover S.&wi a.4’4 

Trading nroflt WI 365 

Interest 37 

Profit berore tax 37B 917 

Tax 34 SI 

N<;r nroflt *42 165 

Minority lass - • • 6 t! 

Attributable MS 2S4 

interim dividend - 36 3fl 

To reserves 2« 114 

t Profil. 

The figures for minority 
interests reflect the acquisition 
on July 1. 1976, of 6,858 shares 
and on July 1, 1977, of 762 shares 
in Staffordshire Potteries 
(Canada) thus increasing partici- 
pation In that company to 
91.04 per cent 

Holders of £42.710 of Loan 

Stock converted into 93.182 

Ordinary shares In December 1977 
leaving £25,764 . stock still out- 
standing. The issued capital Is 
now 4,443.602 Ordinary shares. 

£9.54m. by 



WITH TURNOVER rising from 
£152.2401. to £1 74.8 m., pre-lax 
profits of Provident Financial 
Group advanced, from £7. 3m. to 
£9 54m. for 1977 after £3.09nx, 
against £2B1 dl, for the first half. 

Full year earnings are shown 
to be up from 856p to ll.lp per 
25p share and the dividend total 
is raised from 4.408p to 4jl733p 
net with a second interim of 
3.2608p. A farther dividend will 
be paid if the standard rate of 
income tax is reduced, say the 

7977 1976 

hmd . rom 

Turnover 174.9M 152223 

interest fl.354 7.136 

Pro-ttX Prom «UM0 7,295 

Tax ... 5.114 SJB5 

Extraordinary debits — 063 

Preference dividend ....... 34 ■ 37 

Ordhuor dividends 1.SW 1*711 

PreT cap redemption 74 63 

Retained 5J97 680 

• comment - 

After -a desultory 'first half, 
Provident - Financial’s pre-tax 
profit^ grew sharply in the second 
six months and 'for the full year 
profits are nearly a third better. 
Although average short-term 
money rates fell by nearly a third 
in 1977. Provident's interest 
charge dropped by. only a. tenth 
and the bulk of the improvement 
In profits has come from better 
collections and ' a 15 per cent, 
increase in new credit extended. 
For the first time- since 1973 the 
amounts due froni customers have 
increased but ar.£135m. the figure 
in real terms Is still a far cry 
from its peak of 18im However, 
'the group is ' pursuing a much 
ran re conservative course than it 
did tn the heady days of the 
early 1070's and its business is 
much more soundly based. This 
year new credit extended is likely 
to rise in line' with retail rales 
and pre-tax profits could touch 
film. At 89p the shares yield 8-3 
per centv arttf ' the " group is 
capitalised at £345m. 

Peter Black 
long term loan 

Peter Black Holdings has con- 
verted £2J25m.:6f existing secured 
short term borrowings Into a 
secured ten-year loan from 
County Bank, repayable tn eight 
equal instalments starting in 1981 
with interest linked to Interbank 

A further -Initial £3.75m. is 
being made avaSable by way of 
secured facilities; £Un. from 
N. M. Rothschild and Sons by way 
of acceptance credit facility for 
three years, . with : the balance 
from National ' Westminster Bank 
on overdraft • ■ 



Date Corre- 
of spending 
payment div. 

Anril IT 30AX3 

for ' 

- last -j 

J. Bibby 


May 23 



5B1 i 

Blagden & Noakes 2nd inL 


• April 3 


12 . 


BSR : 


April 28 




H. Goldman ................ 






Greenfield -Millets ......... 

fJJS . 

April 14 

.0.74- ’ 


1J ; 



• April 21 




.Malayan 77n Dredging... 


April 14 

- tril 

— ' - 

L30 i 

Provident FlncL ...2nd int 


April 21 



4.41 - 

RJLT. Textiles 


April 28 



■4^7 : 

Robert Kitchen Taylor ... 


- April 28 


1 ' 


Rosedlraoud Inv. find irrt. 


April 29 

4.18 - 

7S& " 

Sandhurst Mktg. inL 


- April 25 


■ — ■ 


Staffs Potteries int 


' April 14 

. LIS 



Troaofa Mines ...2nd int 


• April 17 






May 30 




Unilever N-V. 


. Slay 30 

5.16 ' 



Financial Times Wednesday MartK ,,‘j 


L_ — ‘ 7 -If ■ 

York Waterworks 
£0.5m. debenture I 

- . . ySS 

i - York Waterworks Company has issue 

arranged an issue of £4nt of U will te distributed , to 

per pent. Redeemable Debenture shareholders. . .... 

*»* 1956 at * ° f “ >■" 

The arrangements for the SSR per cent. , I1ie.'bafcj3J 
placing which took place on 420,407 shares has-been 
Monday were made through stock- the benefits of shafehofcfcjjff 

, H 

Dividends shown pence per share net except where otherwise stated. 'l„Sis Seymour Pierce. The ' 

* Equivalent after allowing for scrip issue, t On capital increased price is payable as to £25 rTJ Tni^licfnn^ 
by rights and/or acquisition issues, t Actual declaration' 12JUP ffXFX llffib IS with 0,6 inUUSlTiaB 

(11. S9p) making 39R3p (ID-Mp). -Balance of final dividend which, haia nc e on May 11. • • j 

together with deferred balance of prior dividends amounts to 25J2p, interest on the stock is payable MISII12 £U.4lffc? 
to be paid when circumstances permit, g Guilders. S Malaysian cents T»*if vearlv on January 2 and July * , ® 

throughout. Subject to 40 per cent. tax. . f wlththe tost payment of £L95 J^jSS K“ *$£8 

per cent due nest July- The . v pfliinurfnff^vUS 

Dlkkv f ftnc ff.S SSfitSHMsa 

Bibby tops torecast . 

• *1 _ • towards financing capital expendi- held 

WITH T /ill rKP ‘ \ ' tore. at 25p each. In ‘the maffi 

TTlIll dU All 1 1 • IliJV •comment shares held [steady at 31pe 

Priced at £98 per cent the issue Along with the rights 

ON SALES of £168 2m. compared received from Liquifin AG of by York Waterworks yields (1/22 jKjwL* ilSf mS* 

with £l46.6m, J. Bibby and Sons Liechtenstein in settlement for its oer cent. Hat and lt.37 percent- toenreshoods nd trira 

lifted 1977 pre-tax profits from purchase of the former subsidiary, to redemption. The last deben- 5 wwSSS 'S? 

£4.18xn. to £617m. At midway Cip Zoo SpA. These proceeds, to- ture stock Issued by a water 

when profits stood at £2.79 m. gether with high- tradhu; profits^ company was in June — a £2Jm. ^ ’ * ea5eQ -*■ Pj* 

against £1 the directors fore- enabled borrowings to be reduced issued by Newcastle and Gates- jvcwrc- ■ 

cam a full time result of about by £4.8m, leaving substantial un-. head. But as there has not been 
£5^m. used borrowing* fadli^te.. The any dealing in the N^vcast e 

Earnings for the year are shown level of borrowings, together stock since October comparison is 
to be ahead from 47.08p to 51.65p with lower interest rates, enabled perhaps unrealistic. Set against _ to amomit to 

per £1 share. Comparatives have total interest costs to be. reduced a corporation stock such as 

been restated in accordance with for the fourth successive -year. - Cardiff 11 per cent. Redeemable ’ma a* nm« to* « p 

SSAP6 and ED 19. The Board expects “further hn- stock 1986 which yields around 

The final dividend is 4J)373p net prwements in profits In ^978 in tiff Per cent, flat and 11.3 per ludin S ® eontribo! 

for a total of &3373p (5.9123p In- the farm products,- edible- oils, cent, to redemption the terms of . . 

eluding special interim 0.0583p on aZ)( i paper and converted producte the York issue look rather tightly . 

change of ACT). % hfXST hST SSfta rat. However it all depends upon tion of paying a fln^ i dirid ? « 

Bibby tops forecast 
with £2m. rise 

for a total or UI- the farm products. ' eaioia- OUS. cent, to n-uviup»“i* «« “■ _i„_ , .. • 

eluding special interim 0.0583p on aZ id paper and converted producte the York issue look rather tightly . 
dumge of ACT). . ' ^ . dwJJJT fit SSfSd-SdSS «t. However if all depend, upon a 

The proposed dividend is the unlikely to perform as well, as in the gilt market over the next iff^are The ne^vh^S's 
marimum pemutted but the 1977, especially during the first couple of days. last night it ^ ^ are - jne 
Board wiD recondder its recom- haIf . The group, however, should looked as if the medium to long ra S/ Lue 
mendatlons should there be any sl jow a further increase in pro- end of the gift market might go 
change in the situation which ^ for the year as a whole,, say' firmer which would be good news 2?BflSSES3K 
hteh^SSuL 16 p3yment of * 11.0 direct for York. , 

Mwks. saw** •comment XHfZnTS: RFSTTIT^ actively investigating a mnB 

1BT7 *OT J R Rn.1,- nresa* nrnfita ■» nn fiCaULl3 0 f potential acquisitions wh 

Sates uS 146OT imo‘*rt^ to pCT^L ai!d toe?roup AGB Researches rights issue has would complement Its erisf 

TtSna irodT"- “toss “IS afl its been taken up as to 95.48 per businesses and for which . 

share or associates J ' ss 'tar sio^ns^enJoved somp growth. The Mnt ' balance has been sold directors consider it deslrahlt 

Profit before tnt W» Ua SSwrt pwxeiSw profit ■ im* at a premium of 18.5p above rhe have additional funds avaifi 

Net profil" 3.S5 prove men t was seen in the paper T e • . at/w 

Extra -ord. erwuis 279 564 division (around 20 per. cent., of \/ /\n TlltlfTC o a XJLV/a 

Atnfiwtabie — 4^ trading profits) where demand X Cut illlUiJ al Oq /O 

t ihoie n ^ ductf^^ par^rular^^trong. The coupon rate on this week's City of Caitiff (£*m.). Wo 

4EI.ST deprecunoo n.san. . « d SJ a oils also experienced a batch of local authority 'loans i is spnng District Council (Hr 

The feeds and seeds -division sharp improvement, notably; on unchanged at S, per cenL but the City of York (£*m.). Hettft)’ 

chirnge of ACT). ' . divisions, but feeds 

The proposed dividend is the unlikely to perform 


Sates — : 1B&H0Q 

Trading profit 6. OSS 

Share of associates — SS 

Profit before text SOW 


Net profil LSI* 

Extra -ord. credits 279 

Artrlbatable 4SBS 

Dividends — - 935 

Retained . .. * 3.H8U 

provemenx was seen in cne paper _ . -am- . rv » />/ ' ' 

division (around 20 per. cenL. of Vf)Orlll1fTC OF XJLwU 

trading profits) where demand X Cfll illlffl 0.1 O « /(J , ... 

fnr sterilised hospital paper prb- _ . .. _.. w . _ .._ ... . 

ducts was particularly .strong. The coupon rate on this weeks City of Caitilff (£*m.>. Wo ,,a -t 7 1 ■ “ l I 
Fdible oils also experienced a batch of local authority loans is ^?«ng District Council ffli' ’i)|j » I J * 

sharp improvement notablv on unchanged at 8£ per cent but the City of York (£*Pi.). .Hertffi\s * * 

m _u . .ixl i»i~l fieioo ic rlmun f tvitti nor tft <niPO Pfilltlfv rAnnml .trim 

and hardening competition.' The edible oils last' year. A ' more This week s issues are: — city or two- year oonos carrying 
farm products division profits modest increase from fann pro- Leeds 

were comfortably in excess of the riurrs was largely thanks to a Council (Elm.). West Norfolk Pis- ^ 

record figures of 1975. first time contribution Trom new trrct Council (£jm.i, Oldham ‘Vest Lothian District Coot 

The edible oils division showed acquisition Broad -Acres (Turkeys) kTetropohtan Borough Conn HI (T-m. and G filing ham .Bom 

a substantial increase In trading However, the animal -• Fred and inm). West Dj^hPjhire DisWrt Connell fflm.). . . - 

surplus, with a better perform- seeds division (the largest single Council f£Jm.l. Worthing Borough Five year jariahlejfhte bn 
a nee in the refinery section The profit earner) had a generally Council fflTn.). Rennet DistrW dated March 2. I9g. Issuedatj 

paper and converted products flat time. After a 93 -per cent. Council fXVni.). Medina Borough Jove **1®" 

also Improved its profit, despite a profits increase in 1976— when an Council (£}m.). Barnsley Metro- Tvdfil Borou^i , Council (£4n 
loss by Henry Cooke Converters, exceptionally poor harvest- re- nohtan Borough Council (£4m.), Blackburn Bo rough 
The figures Include ten months’ suited in soaring prices for Borough ofBmmiemouth <«™.). (£lm.). and Borders Regioi 
results of Norfolk Newlay Egg animal feed — the division.- saw Braintree District Council fftm.). Council f£jm.>. 

Co. and N. Reich; sold- on N'ovetn- only a small profits increase last 
her 4, 1977 for some £2 hl, includ- year. At I95p (up 4p yesterday) 

iug loan repayments. Extra- the shares yield 5.2 per cenL oaIiaima • which the Board will ask sha 

ordinary items include £725.000 while the p/e is 3.7. 1 dlSJcl Silll~lTlc holders to vote against the Chi 

Target scheme 

for Second 

Dunford & Elliott 


Independent Steelmakers since 1862 

are pleased to announce that their 
specialised steels are now to be 
supplied in bulk to 

ing loan repayments. Extra- the shares yield 5.2 per cenL rp___ | n . which the Board will ask sha 

ordinary items include £725.000 while the p/e is 3.7. - 1 al&tl SCflcUlc holders to vote against the CM 

tain proposals. The meeting l 

Greenfield Milletts ^“" u d nt 

tinishps til ZUl flhfisd The directors of Second Broad- BlirtOll 

lUUoilviJ (WVaaalila ttilvtlU mount Trust recently under siege . .. - ^ * 

w r ..j n i l ., • . . from the unit trust - managers Witii a bright outlook • for-.® 

P TA S5 lS wholesalers of almost ^ per cent over the gSfeftain. have m ward orders, Mr. V. F_ Barton, J 

l? e ewup ***£»« the ground OD Which they propose chainnan of Newbold and Burt 

raem Crecnfieid kliperts reports bear the brunt of stort-up costo battle, to agreeing to the Holdings looks forward to B 

!^r r lr P ^ to ro f„ te oSlpi U S' ^Sif^nroS^ th^SSSS req^t from sharefaMders! for an with fce greatest confiden^;, 
for the year to October 31, first-half profits in the current extraordinary meeting to consider though he warns members hi. I 

.“tiJ 1 * recommended a year are expected to show an chiefrain's pJoposalJ tor unitisa- annual statement that the.i 

a final dividend which Increases increase over the strong trading tjon _> a _ iiQ U idatlnn nf the com- proved value of the potmd coo 
(hetotal payment by 50 per cenL period of a year ago while thj ^^®/Sr e XLSou?cJd totensIfytoWi coSS2>, 

Profits far the 12 months show secwid half (when the bulk «f agreen ient in principle with Target the year progresses. , . ' 

\f209.137 advance to »S4B(jO. P rafite a re^rned ) should srot he ^ Managers on a scheme of Mr. Burton reports that Hum* 

after fl £1 04,000 rise to £316-000 first real benefits coming through mutisation. out the year, strong order boo 

!! e iT=! KnSS 1 SZluSt a,ep/eis43 - . . .S-SSUfi. Slffif 4 S m 

cxeaaed’by* rtS'rfehts^hsue 'to / ' ' though details are not yet avail- ^0^955 to a record £468^46 fi 

TELE1 ™L lE GR0UP *“&i M. P. Ritchie, . director « ^ Th? 

3'ven For the cawed divj- Teleblre Group is proposing the Second Broadmount said yester- raised to 2.7951p (2.502^1) not 
» ■ ■ ‘ « - *'v *v repaymenf of the £368.900 day that details of the Target At the year end, bank balahff 

Expressing -optimism tnat tne ^ per cent. Debenture stock scheme would be sent out to share- and cash in hand had Increased^ 
current year will again reveal 1990-95 at £>2 per cent. Telehire is -holders as soon at possible, and £127.280 to £334^36,- compSfii 
good progress, the directors say wholly owned subsidiary of Elec- “most certainly ” in advance of with' an £8.000 advance to £207 JX>- — _ 

that the year under review was tronic Rentals Group. the extra-ordinary meeting at for 1976. ■ 

an extremely difficult one from ■- — ■ — — — ■ — ■ 

the economic point of view but >■ ■■■■ ■ i — — w 

rigid cost control and improved r. ... ■ 

efficiency enabled ’the company 

to show notable advancements | 

both in the retail and wholesale 

divisions. There is 1 ’‘tremendous t ... I 

scope" for. further expansion in • . • . I 

: Positive growth ■: ■ k 

UlSSS I in Office Stationery * 

(.he. company became public in 
1970. It Is planned to open 
several new branches this year 

and to increase the size of a ; fMa te 

number ^of existing, ^ones. “Own ' r ' >•? 

a]f° tbese° Factors Should provide ^ 

increasing benefits during the 

scheme is being introduced. This 

will enable holders, with a mini- w-apW* — ' 

mum of 100 shares, to obtain a ^ ^ ' r ' 

12) per cenL discount on all . r- . 

goods to the company’s shops. With an annual turnover continuing with the first 

card.- the **? ° f * me ™ P now exceeding £26 mUllon, quarter's figures up 20%. 

There was. a tax credit of . • __t“ sd , aleUl ? 1 ^^ I , cailb ® Tnhisrevitew'of the year 

in Office Stationery 



Volkswagenwerke A. G. 

Wolfsburg, W. Germany 

The initial order exceeds the 
weight of these metals in the total 1978 
Volkswagen and Audi 
imports into the United Kingdom. 

£20587 this time, compared with 
a charge of £414,784 for the cor- 
responding period, and tiis left 
stated earnings ahead Erom 3.4p 
to 9.59p per 10p s 6 "*- 

HIM? ieta-76 
I I 

Turnover 10JSM.0T1 T.nfi.Mi 

Profk before tax 9S4J80 MS.7Z3 

Tax credit =0,667 T4I4.784 

N0I bniflt 973.447 330.939 

Exm-ordraanf credits 497.64o 1.371 

Mlooriiy profits 

DtvidwdB 1B72M 

Retained 1^83,433 VOW 


• comment 

Greenfield Milletts pre-tax profits 
rose 2S per cenL last year after 
a 49 per cent increase at the 
Interim stage. The group has 
been a major beneficiary, of. the 
trend in recent years towards self- 
catering, camping and caravan 
holidays— as disposable incomes in 
the U-K. have come under 

S nessure. The wet summer in the 
.K. last year may have had some 
effect on -demand In' the second 
half but pre-tax profits still rose' 



52 CornMIl EQ 3 PD 
Gilt Ed*«l Portfolio Ma nog aamt 
- Service Index 7.3,78 
urtfotlo I Income Offer 87.63 

Bid 87.17 

ortfoRo II Capital Offer 136.5d 

• BW 135JV 

'With anamiuflltujmover continuing with the first 
now exceeding £26 million, quarter's figures up 20%. 
Lonsdale Universal can be Tt . . - ■ _ 

in^offiS^don^d feS^S ntSWMl 

In the tough conditions of Ramseyer says, “Record 
1977 It successfully secured a turnover . . . solid progress . 

larger sliceof the office closely related activities . . . 
supplies and services market, strong financial base for 
More than 70% of its sales future development . . . 
came from office stationery exports doubled... 
services and printing with, satisfactory integration of 
tdialmnjovw:up25%aijd stationery acquisitions .. . 
"total pre-tax profits up 36%. maximum permissible 
Thispoanvegrowthis dividend.” 

\ 1977 . 1976 r 

- Turnover, ,26.019m 20.79m 

Pre-tax profits 1.245m 0.914m 

Eamings/ord sha re (basic) 13.90p 8.19p 

Ord div(inctax credit) 7.01 88p 6.38Q8p 

CoptesofthcRefMHt and Atxounteara available from theSeorlarv. 

Lonsdale UnhwtadimlUKl, York Houst^GiWMt Rood, Brentlord, Middx TWS3AB 

■“ ban 

0 Lonsdale Universal 

r*-.- \ 

6 *^ 

Financial Times Wednesday March' 8 1978 



6 to £ 550 m. 


8 1 C "r 

m ffR'Qmwfep SSt inSte a own 
8 per-cent from" £tss.9m. to 
5.4m. left the Unfiever concent 
h £295 .Sm. end at the nine 
er at £55fc$m. for 1977 against 
. : O-Sm. for 3976.- At U^idway, 

vfits stood at f302nt compared 
h £295^m. an dat the ■ nine 
nths > stte ^^ ^^ £455.1fn. com- 

eJee for! the last quarter' rose 
';■> per ’ cent" to £2<46bn, for a 
. •- per centhlgher at £9 r 15bn. 
^.TSlnu). spot as to Limited 

- lnd„ 0 S: «&■>' •** * v 

; ^H^Uribu table profits for.the final 

M»1j» fii&ter Mjhy, -t2 per teht to 
^ ill'-Sm. The full year result, 10 
: >, ' ran t lb\?er at .£237.4m. 

■ S8.7m.ft Was split as to Limited 
' > ... fl*n. («43mj and NV.JEL06.6 bl 
' .. ' 4S.7ra.).. : . 

V’iuH year' earnings are^shown 
: 5®-2»P (.TTJSp): per 25p of capital 
Results . for*. 1977 have been 
• '- ciliated at ‘ closing exchange 
•■-. «s for 19?7 -and 1976 figures 
.r'v baBed-.on closing rates for 
l On a comparable basis sales 
1 uld have been up by 11 per. 

»L, on the. year pre-tax profits 
.. * yn by . 5- per- cent, end attri- 
‘ . iable profits.! -down .by .-5 per 

r ' r°tal results were influenced 
, ,-r ■oughout. the year by- the- effect 
1 ' fthe changeJn, the shareholding 
UAC of Nigeria. Based on a 
!>nparisbn with 1976 fibres 
\ wsted to -show the effect of 
& change- -and at eomparaSJe 
■ : --:nange rates, sales for the year 
, . i;. gld . have : risen in value by 

-per -centn- while operating 
: iflts for the year would have 

pyp P 3 *- 

1 . final, dividend of 12J9p is 
-• r- - >Posed on the 2Sp . limited 
ires for. a. declared total of 
• ; , ,..8?p.aD^5p). * "... 

- -.The flrg*' Inctnlmat^ of final 

- , 'idend amounting to 7,84pwiII 
. paid Jon Ufay 30 and the 

. . . ■oaindet,. - which together -with 

• ■ .. deferred . balance of earlier 

, ... 'idendi .will, total to. 

. paid' when . circumstances 

. _ ..' ttflr -final dividend is FL5.16 
, , f.FIfin of Ordinary, capital tor 
F1.S.5B (8.S8) total 
. , The directors say. that fourth 
'• arier sales were higher tat the 
Tense in volume was negligible, 
tperating profits were above 
>se of the corresponding 1976 
arter but non-recurring items 

board meetings 

Ola fonmrim campaniles have nottflefl 
el Board meetings go the Stock 
Sncft mMtiiBs ate w* w t 
W i tor the purpose nt.aalitiiifU'AM- 
aeods. Official indications -are not avaO- 
■Me whether dhidmls axe 

interims or floats -*mn -»n» 
shown below are based mano r on last 
years tone-uhle. ; • 

" ' . . . TtMWT . 

tauHiM — Barrett ~ - Dgre toyui egts. 
aunhew Clark, G. B. Downing, Hamnsoc 
indnstrtes^ London and Stnrtbdytte Tntst, 
SCOmsh aues Investment Tran. Strong 
and Fisher. 

_Ffaate-BTR. Barrow H*D&nu Ctty and 
Dommercfal investment Trot,' "Martin 
Foid. W. L. Paw too. jtemoidL Steatley. 
Tiger Oats and NJrttoaTMS&a! Unkm 
Corporaiton. r. w. WonJwottfi, '. 

! DOES . 


Cooper iFrededckj., 
MQn Marfltes 

— -Mar- 8 
Mat. Is 

ASK aid Wlbcrs Hair. U 

Davtea and MeteaBc Mar. a 

General Mining sod Finance fix. 14 

Hepworth Ceramic Mar. 20 

Lovell (G. K> ,■ ■ -• War. 15 

Mtibs -- — • - • Mar. M 

Marrison . «».)• Snpermarkets Mar. m 

Noble and Loud Hap 17 

KoHs-Rorce Motors , , ,- , Mar. 13 

Bu shy Portland Cement — — taf- 14 

Sate Tuner Mar. 30 

Small (John C.) and Tldnus ... Max; 10 

were substantial.' They tneinded 
provisions for the cq^ts W re- 
organisation in some companies, 
including the meat business' in 
the Netherlands. ~\'- 

External Sates 
Limited y — 


Operiflnr profit 

• , 1077 it8!» 
- hn — 

B4«7 SJSl 
-XB5S -3,772 

sjsa ifisa 

— . SOLD . 0314 

Non- recurring debit* M SJ 

Share of anodates su . 13-7 

Trade tnveannenw Income OS - XZ 

Loan interest paid ..... ,.43.8- fl-1 

Other hn crest received ZB' 1X3 

Proflt bafarc tax EU _OU 

Tax 3443. • 38X9 

Associates' tax. . 273' 4.7 

Sdcr years* tax fti : 14.8 

Prior associates', tax _1— 0.* ' . 0.4 

Outside arterasts - 1U 333 

Preference dividends 1 3.7 . 33 

AUrttwahte — -3S7A 38X7 

Undttd ml. 1433 

NV : Lm lCtS .143,7 

Ordinary dJvideala m.7'*- oca 

l i m it ed 3L8 ; ‘ 3 0A 

NV i .U-MU 

Retained 1... 163-7' V 18L3 

.- tCmdtL ■ 

In the depressed European 

markets there was a small, fall 

in volume. Is the . quarter the 
results in Europe of most nf- file 
consumer goods operation^ edible . 
fats and dairy, frozen products, 
detergents and toilet preparations 

were better than m 1976, but 
other groups fell short 

In North America profits -were 
at about thfr same level as • in 
the same quarter of 1976; those 
“1 other . countries outside 
Europe showed a good Improve- 

The first half year showed a 
satisfactory growth but economic 
conditions worsened in the second 
half, particularly in Europe. The 
cold and -wet summer also 
affected ' some businesses un- 
favourably. As a result, profits in 
Europe for nearly all product 
croups were below those of .1976 
and margins rejhained unsatisfac- 

In the U.S. Upton achieved 
good results but Lever Brothers 
had a difficult year. 

TJAC International continued to 
do well and total results of other 
overseas countries showed an 

Statement Page 26 

See Lex ... 

continues at 
H. Goldman 

Wholesalers of hardware, clocks 
and watches, foods, and allied 
goods, K Goldman Group achieved 
a pre-tax profit of £43,535 in the 
year to October 31, 1977 compared 
with a loss -of £176,740. on sales 
of £14L35m. against £lS.18m. First 
half profits 'were £9*1 compared 
with a loss of £122,357. . ; 

Fun year earnings are shown 
at 0.419p (loss 4.795p) - per lOp 
share and the final dividend.- is 
0-3 S8p net tor a fifip (nil) 'total 
• The directors say" the year's 
profit is attributable to reorgani- 
sation. This process is continuing 
and a further improvement is 
predicted tor the current year. 

A scrip issue from reserves is 
indicated for the near future. The 
financial year will in future end 
on March 31 for trading reasons. 

1376-77 197S-7B 

Sales 14.M7.4SS 1S.1T5JC 

Pre-tax trroflt — 43.635 *176.740 

T« . — . 10.408 t8M4B 

LO a» 35.000 — 

Extraordinary ertdit ...- _ 72.750 

■Loss, t Credit t Friundlscen boned 

BSR second half setback 


INCLUDING a £116,761 release 
from .the £800,000 provision 
against property stock made last 
year, Robert Kitchen Taylor and 
Co. reports a turnround from a 
loss of £533,911 to pre-tax profit 
of £800,050 tor the year to Septem- 
ber 30, 1977. The company has 
now recovered to wthdn £116,000 
of the record profits of 1972/73. 

At midway the recovery was 
from a deficit of £320,871 to a 
surplus of £116,846, and the 
directors said that further pro- 
gress was expected. They now 
report that <t3us progress bas con- 
tinued in the current year. The 
liquidity position has been 
“ substantially ” Improved, and 
funds have beery channelled to 
time companies trading wefl. 

Turnover for the 12 months 
finished £3.6Sm. ahead at £14. 33m. 
Tax took £227,973 (£171,302). tor 
stated earnings per lOp share of 
10£4p (loss 2*L51p), and the com- 
pany is re tonrin g to the dividend 
Bsc for the first time since 1974 
with a payment of lp net 
AGnonety -i nte i n ote amounted to 
£142352 . (£145346) and there 
were extraordinary - credits this 
time of £102,645, compared wath 
debits of £848378 a year a®o. 

For the year, the company's 
subsidiary _ RJE.T. Textiles 
achieved . a profit increase from 
£652,699 'to £960,485 on turnover 
up from £10.18 m. to £1237m- 
After higher sax of £408322, 
against £166360, e a nrings per tife 
share are shown to hove risen 
from 24.68p to I639p, The net 
final dindatd is Slip, Uftmg the 
total payment from 437j> to 4 .60p. 

' AH. operating sectore turned in 
increased profits, state the direc- 
tors, and they report that a satis- 
factory start has been made to 
the current year. 

A new company in the U3. bas 
made- a good start, they add. 



Revenue for the year to 

January 31. 1978 of Rosedimond 
Investment Trust was virtually 
unchanged at £410,752, a rise of 
only £570, subject to tax of 

£161,733, against £183,498. 

Earnings per 25p share are 

given as 4.16p (3.79p) and a 

second interim tttrideDd of 2J8p 
per Income fdiare undoes the 
total 4J8p (33p) net 
Net asset value at year end was 
UL5p (64.4p) per 25p Capital 

Trust Houses Forte 



Year to 31 st October 





Trading Receipts 

Trading Profit 

Profit before Taxation 38*0 

Profit after fax and 
, minority interest 24*5 

Earnings per share 24*40p ■ 
Dividend per share 8*2094p 
Dividend cover 














3-0 times 1*4 times 

Copies cf the Annual Report can be obtained from The Secretary, 
Trust Houses Forte Limited. 1 Jermyn Street, London SW1Y4UH. 

Trading profit before taxation was 
£38m — 60% more than the previous year 

Net value of shareholders’ investment 
£193m comparing with a loan capital figure 
Of £2 13m 

Net cash position was £43.7m 

Permission for the redevelopment of the 
Criterion site in Piccadilly Circus has been 

The industry provides Jobs for 1.3 million 
people in this country and is the fourth 
largest employer of labour 

The results for the first quarter of the 
current year show an increase over the 
same period for the previous year. 

THF have over 800 hotels and 3,000 
catering establishments worldwide 

Reservation Office 


Telex: 934946 


0619696111 023246717 0212363951 0312264346 (0532)31261 

Telex: 667178 Telex: 747394 DURHAM GLASGOW LIVERPOOL 

(0385)62561 0412216164 0512360841 


\\ ft ' 


\. s‘... 

'TER SHOWING a midway, fall A breakdown of divisioiial tarn- 
>m £13 .06m. to ft a %m, pre-tax over-.- and trading profit shows 
afits of BSR declined further £intm_ (£3 05.62m.) and.JWJ&n. 
the second half to finish the (£2631xn.) from sound reproduc- 
er to January 7, 1978, down tion, with £40.67m* (£SL64m.) 
>rn £2S.65m. to £2034m., on and £13&i>-. (£3.06m.) respectively 
tfrer external sales o£- £141.67m. from consumer products. ' •• l ■ ■ 
ainst £13728m. . -." In- the - sound reproduction 

Results were affected by a more : division, though sales in unit 
' less stagnant unit vohme, in- wlume for North America ware 
rased costs which could not be ov ?? -W per oent- ahead of- 1176. 
rovered in bigirer prices because ..hteBgM* w»s.-n«»e or Jew 
the seasonal natnie 0 f-the' ehxnhatedhy the atortfall ina® 
"Sup’s business anfftfae^appreci»- _ ? t *“ r ' area *- ‘ ^Despite volume 
u of sterling, particnlariy being the same' for tie two years, 
ainst the U.S. and Canadian there was a reduction In sales-of 
Uars. - , some 34,6m. and the effect of tbe 

sr, jssjaranst 

r r 2 o^Tgp"Ki: steritas 

11116 “ xcrease of some 

<8a9p) net, with a 3307p final. £ 9 ^ hi the Consumer products 
Jr. J. N. Ferguson, chairman, division was lareely due to -the 
ites that unit %ate£ . tor. the acquisition of -Judge International 
ind reproduction dlvinon for and E J*-S. Mouldirs in Aprfl 1B77. 
i:first two ‘ months of the an-- The.: sales, of BuIpitts^7(S«ran: 
u. year.; are: running slightly BrapdX . and. Goblin (B-Vte.) im- 
•aind those for tbe .comparable proved by ^m. but there was a 
rlod in 1077. but thsjjrdetbook reductioti ta* unit to&bm due to 
such that thffi shored; should the lack, of growth in consumer 
- more than recovered within, demand m the UJK_ ; 

‘ next two or three weeks:. " . • i*rr-n ltm-n 

rereas.: North and' South _ ; 1 • ; .- 

i erica are on par with last year '• S 

t shortfall is to thesame uartet — *gg mS 

IM- as 1977— namdy- UJC, Lom Interest is7.«n 

rope and Australia. However, Prent Wm i*x i — Stamm a«u« 

tes were increased to all mar- ®.R. a* — r~ ajHffXtn toms 

js-'at ihe beginntog of tta jwy-g liSJn iwSiSw 
1 a further review -will take Exun on umur s,«8J25 ti.«33.4& 

CO before the- middle of '1978. interim dMdend -w ' uxr.m « 

n.the consumer prodaeto dlvi- ^ ' i&ns? 

a, ihe current ' rrom Ki. 742 .sv 2 * 7 . 023,311 

re ar less the same as in 1977 srjmjBa 51 . 142^2 

there are encouraging signs t credit, 

new orders from export mar. In 1976, - sound r^roduction 
s fpr electrical products as weU benefited to- the extent of £7.78nu 
hollo ware. " . 1 . from the depreciation of ^erling. 

However, to 1B77 gams on 
exchange for the first six months, 
particularly from the forward 
sales of dollars, totalled £2A7m. 
..while, in the -second half, there 
was a loss of £ifi5m. as the 
"Pound appreciated against other 
currencies, particularly the US. 
and Canadian dollars. 

" Despite the action taken to 
reduce costs in Judge Inter-' 
national, lack of demand resulted 
jin the -consumer products divi- 
sion having to absorb a loss of 
Just over £450.000 for tbe period 
from' April IS. 1977, to the year 
etad. In addition, because of 
market conditions, the other 
companies in this division had to 
incur much higher promotional 
costs as well as offer more' conn 
petitive prices to maintain their 
market share .with the result that 
profit margins, were much 

There was a charge to profits 
for ■ extraordinary items of 
£3,638,025 for the year, of which 
£2,555.961 represented a reduction 
in the sterling -value of assets and 
retained earnings held overseas 
due to the appreciation of tbe 
pound. • transfers f ro m capital 
reserve principally for ' capital 
grants : relating -to 'acquisitions 
of £351,923 and the balance of I 
£7304.41 being goodwill written 
off. ■■■•■: •. 

In 1976 there 7 was an addition 
to profits of FT . 4 33 44 5. which- was 
made up of £1£9Q,674 being an 
increase In the sterling value of 
overseas-assetB and retained. earn- 
ings arising- from the depreciation 
of sterling- less goodwill written 
off by the -amount of £257£29. 

* See Lex • 




prelimjc^ystatementfor the year ended 31 Dec;tJ977 

Further expansion in profit fort977 


lr : i 


•,»- - 











Pre-tax profit . 
Advances " 
Gross assets 

2-68 3-11 2.29 4-27 6*7 

60-6 88-9 . 146-8 166-9 189-4 

440-0 452-2 470-3 494-6 531-9 

Merchant Bankers 

11 Old Broad Street, London, EC2N IBB 

and In Edinburgh^ Leeds arid Manchester 


Hie new diet 

The Capper-NeiU group’s contmuing growth 
in overseas earnings lately stems from our 
readiness to seek out new markets and new areas 
of technology. 

We are now becoming increasingly involved 
with tie processing of food and drinks - such as 
sugar, peas, hops mid cereals. This includes 
complete package deals for the supply of entire 
process plants wrtii all their mechanical and 
electrical equipment. 

It marks a significant expansion of our 

traditional activities as contractors to the oil, 
gas and petrochemical industries. 

The world wants what Capper-Neill makes. 

Capper-NeiU limited, Warrington, Cheshire 
WA1 4AU. Tel: (0925) 812525. Telex: 628382. 



Storage, pipework, materials handling 
and process plant for world industry. 



.rpu^eout waive’ '. 













if a 




' jKai 









The Directors of Unilever announce the Companies r provisional 
results for thefourth quarter and for the year 197Z 
and their ordinary dividend proposals.The results are subject to 
completion of the consolidated accounts and audit. 

Exchange Rates 

As has been our practice throughout the year the results for the 
fourth quarter and the comparative figures for 1 976 have been 
calculated at comparable rates of exchange being based on 
£1 FI. 4.1 8=US$ 1 .70, which'were the closing rates for 1 976. 
Profit attributable to ordinary capital for the fourth quarter 1 977 
has also been recalculated at the closing rates for 1 977 being 
based on £1 — FI. 4.36= US$ 1.91 which will be used for the 
Annual Accounts 1977. 

The results and earnings per share for the full year 1 977 
have been calculated at the closing rates for 1977. The 1976 
figures for the full year are based on the closing rates for 1 976. 
The trends are therefore influenced by the changes in exchange 
rates during the year. For comparison purposes the trends have 
also been shown based on comparable rates of exchange. 

Accounting Policies 

As we explained in our previous 1977 quarterly announcements 
we have, in our reporting prior to 1 977, made no distinction 
between associated companies, which are those in which 
Unilever has significant shareholdings and participates in 
commercial and financial policy decisions, aqd trade 
investments where it does not. The results of associated 

companies have in total been Immaterial and, therefore, such 1 
companies have been treated as trade investments with only 
income received taken up in the consolidated Profit and Loss 
Account. The sales and operating profits of associated 
companies and trade investments are not included in the 
Concern figures. 

With effect in the consolidated accounts from 1st January; 

1 977 our shareholding in U AC of Nigeria was reduced from 60 
per cent to 40 per cent and that company therefore ceased to bo . 
a subsidiary and became an associated company. 

Consequently, UAC of Nigeria sales and operating profit are no 
longer in the consolidated figures. After UAC of Nigeria became 
an associated company total results of associated companies 
became material and a change in accounting policy was 
required. As from 1 st Ja nuary, 1 977, therefore, whilst the sales 
of associated companies continue to be excluded our share in 
their results is shown separately after operating profit. 

The 1976 figures are restated on the new accounting 
basis ; sales and operating profit for that year are unaffected but 
profit before taxation and profit attributable are increased by 
some 1 per cent over the originally published figures, due to the 
inclusion of our share of results from associated companies 
which were previously treated as trade investments. 

Combined Result: «. r.iiiions) 

Fourth Quarter 

Full Year 

Increase) (Decrease) 



Increase j 





( Decrease ) 



2,460 • 











— Limited 




















Non-recurring items 

Concern share of associated companies' 





profit before taxation 





Income from trade investments 







(2 7.6) 



Interest on loan capital 





Other interest 










-(5%) . 

Taxation on profit of the year: 




Parent companies and their subsidieries 





Associated companies 

Taxation adjustments previous years: 





Parent companies and their subsidiaries 





Associated companies 





Outside interests and preference dividends 



i (3.4) 


Outside interests 

1 (16.6) 


| (i.o) 


Preference dividends 



Total concern profit attributable to ordinary capital 




— Fourth Quarter at comparable rates 

— (596) 


—Year at closing rates 

Difference on recalculation of Fourth Quarter 1977 




results at 1 977 closing rates 




















143.7 • 

Dividends on ordinary and deferred capita! 









Profit of die year retained 






Earnings per25p of capital 





Results— Fourth Quarter 

In thefourth quarter sales were 8 per cent higher than in the 
previous year but increase in volume was negligible. 

Operating profits were 2 per cent above those of the 
corresponding quarter of 1976 but non-recurring items 
included in this quarter were substantial and caused profit 
before taxation to be 6 per cent down. Amongst these 
non-recurring items are provisions for costs of re-organisation 
in some of our companies, including our meat business in the 

In the depressed European markets there was a small fall in 
volume. In the quarter the results in Europe of most of the 
consumer goods operations, edible fats and dairy, frozen 
products, detergents and toilet preparations were better than in 
1 976, but other groups fell short. 

.In North America profits were at about the same level as in 
the same quarter of 1 976 ; those in other countries outside 
Europe showed a good improvement. 

The Year 

For the year as a whole sales rose by 1 1 per cent at 
comparable rates entirely due to higher selling prices. The first 
half-year showed a satisfactory growth but economic 
conditions worsened in the second half-year, particularly in 
Europe. The cold and wet summer also affected some of our 
businesses unfavourably. As a result, profits in Europe for 
nearly all product groups were below those of 1 976 and 
margins remained unsatisfactory. 

In the United States, Upton Inc. achieved good results but 
Lever Brothers had a difficult year. 

UAC International continued to do well and total results of 
other overseas countries showed an improvement over last 

Interest earnings were down — mainly because of lower 
interest rates. 

Total results were influenced throughout the year by the 
effect of the change in the shareholding of UAC of Nigeria. 
Based on a comparison with 1 976 figures adjusted to show the 
effect of this change and at comparable exchange rates, sales 
for the year would have risen in value by 1 6 per cent, while 
operating profits for the year would have risen by 6 per cent. 


The Boards today resolved to recommend to the Annual 
General Meetings to be held on 17th May, 1978 the 

declaration of final dividends In respect of 1977 on the Ordinary 
capitals at the following rates, which are equivalent in value at 
today's rate of exchange in terms of the Equalisation Agreement 
between the two companies : 

LIMITED 1 2.19p per original 25p Ordinary share (1976: 

1 1 .89p), bringing the total of LIMITED's dividend 
declarations for 1 977 to 1 9.83p per share (1976: 

N .V. FI. 5.1 6 per FI. 20 Ordinary capital (1 976 : FI. 5.1 6), 
bringing the total of N.V.'s dividend for 1977 to 
FI. 8.56 per FI. 20 Ordinary capital (1976 : FI. 8,36)« 

The N.V. final dividend will be paid on 30th May, ’1978. 

N.V.'s final dividend Is equal to N.V.'s final dividend for 
1 976. It is the provisions of the Equalisation Agreement which 
require the small increase in LIMITED's final dividend shown 
above. LIMITED's total dividend declarations for 1 977 (19.83p 
per share) if paid in full would consequently exceed the 
dividend payments for 1 976 (which totalled 1 1 .30p) by more 
than the statutory limit of 1 0 per cent currently in force for 
United Kingdom companies. As before the Treasury have . 
agreed to such declarations by LIMITED, subject to the 
condition that the total amount paid to shareholders by way of 
dividends for 1 977 is kept within the statutory limit and 
payment of the balance of 1 977 dividends is postponed. 

It is therefore again proposed to make the final dividend cf 
LIMITED payable by instalments. The first instalment of 7.84p 
per share will be paid on 30th May'. 1978 to shareholders 
registered on 5th May, 1978. This payment will bring 
LIMITED’s dividend payments for 1977 up to 12.50p per share 
which after making the necessary adjustments for the change 
in the rate of Advance Corporation Tax in 1 977, is within the' 
statutory limit. The balance of LIMITED's 1977 final dividend’ 
which together with the deferred balance of earlier dividends 
will amount in total to 25.1 2p per share, will be paid when 
; circumstances permitto holders of Ordinary capital now in 
issue registered at the time of payment. ' 

• The dividend declarations of LI MITED for 1 976 shown 

] above include the further payment of 0.1 1 p per share in respect 
of the final dividend for 1976 made on 23rd December, 1977 as 
a consequence of the rate of United Kingdom Advance 
Corporation Tax having been changed from 35/65ths to 
34/66ths subsequent to the Annual General Meeting on 11th 
May, 1977. 

Shareholders are reminded that for the purpose of equalising dividends under the Equalisation Agreemonttho United Kingdom Advance Corporation Tax In respect of any 
dividend paid by LIMITED has to be treated as part of the dividend. If -.he rate of United Kingdom Advance Corporation Tax is changed from the current rate of 34/66ths 
before payment of the dividend now recommended has been completed, the figures new announced will be adjusted accordingly and a further announcement made. 

^Financial Times Wednesday MarcE 8 T97S 

FT now taking over 

Investors Chronicle 


Prolonged negotiations over -the 
sale to MorgatfGraupIan of 
Throgmorton Publications, pub- 
lishers of the weekly, aaagax m e 
Investors Chronicle, have broken- 

d *Ttae joint owners of Throgmorton 
Publicati ons The Financial Times 
and JPC Business Press, had 
planned to sell the company to 
Rforgan -Grampian - for £L25uv 
Now that the deal has fallen 
through, the Financial Times is 
to buy out IPG’s 50 per cent, 
stake in the company for 
£625,000. ' ' 

Mr. Alan Hare, chief executive 
and m a na g in g director, of the 
Financial Times, said yesterday 
that there had been four or five 
points at issue between the 
parties to the proposed deal, but 
that the breaking point bad-come 
over Morgan-Grampfan’s desire 
for a three-year warranty that file 
FT would not expand' into the 
field covered by Throgmorton’s 
publications — which, in-' addition 
to the Investors Chronicle, 
indude Money Management and 
the IC Newsletter. 

There was a problem, he said, 
in defining the area covered by 
these magazines. - whjjh could 
include the whole of yie City. 
While the FT had no spHdfic plan 
for such expansion, they could 
not predude such a development 
In the future. 

Mr. Hare said that the FT had 
been prepared to pay a fairly 
heavy price for the IPC share, 
and that it was now backing 
Throgmorton Publications “ 100 
per cent We’re going to make a 
go of it,” be said. Throgmorton 
Publications veil become part of 
the FT’S Business Enterprises 

Mr. Graham Sberren, chairman 
and chief executive of Morgan- 
Gram pian, said he was very sorry 
that the deal had fallen through. 
It was Morgan-Grampian's policy 
to run the best magazine in its 
BeQd. and there was nothing else 
quite as good as the Investors 

Chronicle. Mo rgan-G ramp ian had, 
he said, no immediate plans to 
launch a business magazine of 
fis own. 

However, Mr. Victor Matthews, 
deputy chairman and chief 
executive of Morgan-Grampian's 
parent company, Trafalgar House, 
said that the group probably 
would launch a new business 
magazine. Morgan-Grampian, he 

said, bad made the decision to 
go for the Investors Chronicle, 
although “ as fa ras I was coi> 
cemed there was a question over ■ 
whether it was- such a good idea 
in the first place: We'd have had 
to revamp it . . . though Morgan- 
Grampian did have ideas on ho>v 
they wanted to do that" He said 
that- lie did not blame the . FT 
for declining to agree to the 
warranties requested. 

The editor of the investors 
/Chronicle, Mr. Michael Brett, said 
‘that he was pleased that the - 
whole thing was settled, and that 
be thought single ownership 
would be of great advantage lo 
the company. The Investors 
Chronicle, which was once almost 
exclusively aimed at the private 
investor, has shifted .direction . 
recently, and the, decline in its 
circulation has been arrested. 


The attempt by Mr,. Victor 
Sandelson to take-over London 
Pavfflon for £3.50 a share has 
failed- The offer, announced in 
January and subsequently 
rejected "by .the London Pavilion 
Board as “ totally unacceptable,” 
has been accepted by holders of 
-only 51T shares, representing 0.39 
per cent of the capital, and has 
been allowed to lapse. 

A. - recent - letter from the 
London Pavilion Board to share- 
holders said that the bid from 
Mr. Sandelson u offers to holders 
nothing which they do not already 


In the formal offer document 
regarding the Trafalgar Boose 
agreed bid for Young, Austen and 
Young, the directors of YAY 
forecast pre-tax profits for the 
year to April 30, 1978, of about 
£550,000 compared with £483,000 
the previous year. 

Mr. A. D. Pinnington. chairman 
of YAY, comments that the offer 
is 31 per. cent above file share 
price prior to the offer “further- 
more' this Is after art increase 
from. 57p to 65p during January, 
1978. which was against the 
general trend of the stock mar- 

The directors intend to accept 
in respect of their 5 per cent, 

Wigfall turns down 
new Comet terms 

Improved terms from Comet its offers will not now be further 
Radlovidon valuing Hemy Wigfall increased. 

at around £UL2in.. were instantly HOI Samuel issued the usual 
rejected last night by the defend- holding statement last night, ad 
fng company and Its financial vising Wigfall shareholders to tak.. 
advisers. A spokesman for Ifill no action with regard to the offer. 
sainnrf , wftita expressing surprise Shareholders are promised de- 
chat Comet' had bothered to in- tailed reasons for a rejection of 
crease chi terms at all, said that tbe latest terms, 
the holders representing 45 per . n/ ,, nn 
cent, of the Wigfall equity who ANSTON BOARD 
rejected the original bid would SAYS ACCETT 
cominue to oppose the^new offer. ^ recommending the cash offer 
“The latest offer does not alter ^ 0^3 Acre (Hassocks) for 
the picture at an as far as we are Anstan addings, Mr. R. Pascoe, 

co i?£ ei ?$rv ,~ e - i_~t ' chairman of Anstorr, says that the 

Wigfall shareholders a re now Board an d its adv &e ra de Zoete 

^^S ff ^, seirell i. C 2?!v Shar * a Sevan have had regard to 
* j£*R : is ,*? 0 j“®£* “ the special circumstances" of 

*** m JfrK the offer. In particular Mr. Pascoe 

for every ten WIgfaH shares hrid. points to the fact- that it is be- 
raLSplacea a valne- onrach^hare made by & director (Mr. R. H. 
of 273p, compared with the Wig- Stoner) who has a substantial 

interest in Anston’s capital And 
^ 2 L, pr 2 r also commehts, “the balance 
- whuaL-offi- between the large shareholders 

yeste rday. ■ makes it less likely that an offer 
The level <>f*“epaiH*sto the ^ ^ £rom another 

first offer is expected to be dis- source.'' 

'* ' — rV ' 



. . , u . . ._ ... £2:Wn. or 8 L 8 p\ per .'share. . The 

had been “erwugh to eneowafie. latter figure incorporates a *ro- 
us to proceed. fessronal revaluation of proper- 

Mc. Mjehael Hofflngbery. chair- ties which produced a surplus of 
man of Comet, said that the com- £430,000 but is net of 

t V, , 

shareholders were bemg offered Appendix in of the offer docu- 
fiie Mghest price ftr thmr shares ment shows that Mr. Stoner 
fbr.itve years. He also called on bought 18,000 shares In Anston 
the trustees who make up a large at 76p the day before the offer 
part of the 45 pct cert, vote in was announced. This was with the 
opposition to consider M this very approval of the Takeover Panel 
°®*r. .. . . . . - and was designed to take the 

The wd, which is not to be re- bolding of Mr: Stoner’s company, 
ferred to the Monopolies Commis- Clerk's Acre, to over. 25 per cent, 
non, has now been extended until A tax- advantage -would be -ob- 
March 22. Comet .has' said that tamed by going over this level. ; 


i : 

3 . 




n «« 

Centreway offer raised 
to final’ 48p 

Centreway Holdings is to make 
a general ‘ offer for’, Blakey’s 
(Malleable Castings) at a price 
of 48p a. share. The offer, which 
'will not be farther increased 
by Centreway in any corcum- 
stances,” follows the purchase of 
a further 75,000 BfiOcey’s shares’ 
at 48p a share through tbe Stock 
Market This brings -Centreway’s 

Mr. Ronald M. Denny and Mr. 
Graham Bums. both of 
Redffiosion, join the Board. 

ft- -Vi- 

holding -to 41.05 per cent 

Centreway made its original 
offer of 41 p a share for the, com- 
pany in January, which was re- 
jected by file Blakey’s Board on 
the grounds that It was - * totally 
Inadequate.”^ document 'diving 
detailed reasons for rejection of 
fixe earlier offer said that, a pro 
perty revaluation - showed net 
assets per share at 58p. ’■ 


The . offer of shares .of Epicure 
Holdings to. existing .shareholders 
“f SPjcp 1 * and to employees- of 
Slea Holdings arid its subsidiaries 
(Dow wti oily -owned by Epicure) 
has been taken up as to 9423 
Jxmt- The balance, 23-W06 
Ordinary shares, has been sold at 
a premium of 4.75p per share 
and net proceeds will be dfstry' 
““ted to shareholders entitled 

» v.- 


Thomas Marshall (Loxley), 
whose shares were suspended in 
January following a take-over 
approach, have . issued a . state- 
ment saying that tails are still in 
progress “which" may. or’-may 
not; .lead to -an. offer being made 
Ifor th&- capital of the company.” 

The current - market value .of 
Thomas. Marshall (Loxley). a 
man ufacturer of -fireclay refrac- 
tories, is around £2m. Unicom 
Indnstries is known to be, a major 
shareholder In the- company.-with 
a holding last September of 13.75 
per cent, of Marshall equity. 


Redtffuskm limite d,.- 'a~ sub- 
sidiary of BE7F, has subscribed for 
5,000 £1 Ordinary-shares (40 per 
cent! .an Windsor Comnuwica- 
tions, a private - c o mp a n y built up 

by Ur. David Burns Windsor who 
retains a 5025 per cent of- Sts. 
capital. Windsor specia&aes - In 
obtaining film and toteyasiott pro- 
grammes, for use in secondary 

Sir.'- 'Darid Bams ■Windsor 
remains managing director 1 and 


Electronic privacy system — 
virtually tap-proof; replaces 
your existmg phone. 


■ Displays Hue voltage - 

• Toms no recorder whan phi 
Is hr use or bring tamps 
with . 

• Line seme feature tor ad 
• ttonal protection 

• Portable, -easy to operate 

Motfef/b-9 ' 


P-Q. Sox 1800 

JterYoriLw 10017 
.{212JJ4G-834& — .--Tetec 238331* 


he ) 
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■ ■->■ .-~?V • •-. 5.;*» ■ . '■ a .» ; '; ■ 

' •'-.■■■ ■ -'• • TWpor 8««pfcrtes 

"y W ‘ ? TfrP Rowland (right) , managing director and chief executive of Lonxfco, wftli 
air. Edward aix Gann, a director (centre), and DT-JOiaHl Osman Mahmoud, a former director, 
wI *° re PreseBts_the Kuwaiti shareholding, af yesterday’s annual meeting In London. 


: BE D1RECTOKS of. loniiw' jesr 
. .. ‘rday rallied to support the 
- • ™ u P’s . . chief . -executive,: ,JIr. 

• '■•- . Rowland, over .criticism 

-.1 his personal stake. -in the 

i . yascheje copper mine, -in’ 
. ho desia — -in which Lonrho has 
'■c.v’® 0 Per cent. interest 

r. Edward du Caxm. MP, a 
•. -"lrector . . of ■ the multi-national' 
> jading group, told shareholders' 
'•••.: t yesterday's AGM in . London 
'■ ! .i»t Mr. Rowland had pot received 

• • -penny .from bis investment in 
c.‘: vaschere. 

Mr. du Cann said- that he had 
?en chairman of- -af" small -sub- 
>m mit tee set up by.- Lonrho to I 
«[ ..ivestigate the criticisms of Mr. 

1 owiand and other directors con- 
.v- lined in" a Department of Trade' 
!^*port. an? suggestions of a con- 
'•»,lct of -interest - were" Illusory, 
v -rther than real. . “In fact," said. 

• r. du Cann, ** that rather- under* . 
. ates the issue— it was not real 
alL” • . 

Be claimed that tbe committee 
"■ - id been satisfied on all points 

raised by the DoT -investigation 
mid- , had . recommended -.that 
Lonrho should buy-out the r other 
interests In Nyascbere— but - Jthe 
. Board had decided apt to proceed 
-with- this until -a. more -stable 
political, situation had evolved In 
Rhodesia. L- .' • - 

He also referred toUhe' cunrent 
controversy- .surroundii^.-tbe 

group's purchase of Ihe -Dimford 
and Elliott engineering mtifcsteel 
group. Lonrho has «ugbt*3egal 
advice over profit forecasts -made 
by Dunford and supported bytbat 
group’s financial adviser* 1 at She 
time of the hid. Last yearDunfgrd 
; made profits of -SLIvl, compared 
with -a. forecast 43m: -J -_i ■ 

■■ Mr. 'du Cann said, it - wag, -tune 
the forecast was. misleading =and 
that Lonrho 'had relied".®* it xup- 
ported by the, merchant bank and 
'.the -auditors." It was appropriate, 
therefore, that Lonrho shPtBd.Wke 
Advice on this matter. V - 
. Mr. -du Cann; tvho-'JfieJajft most 
of the questions .'put. b£-Isfaare- 
holders, said, the strategy "of -com: 
bining Lonrho’s financial ' muscle 

-j v- ■ ; • . j. : "JZz:: -d» 

• M. ; . - 

: Marketing 

Su pp l i er s-- of stationery and 
a&fed prodoesrand nwjmfactureas 
"of chemical- ■ products, Sandhurst 
-Marketing Reports more 4haa 
doubled pre-tax profits of £103,000. 
against £50,000, for the half year 
to end 2977 on turnover of £.1.85m. 
compared with £l-55m. 

After tax of £53,500 (£26,000). 
earnings ore ' given os 1.99? 
(046p) per" J0p share; and the 
imertai drvWeod is stepped up 
< from 0-29ISp to DoSSp net Last 
year’s total was 0453Sp and pre- 
tax profits were £3.13,513 including 
a surplus of £22^31 .on the dis- 
posal of a motor vessel . -•' 

The directors say they look- 
k'jj forward to maintaining and 
& increasing the dividend m the 
future. Tbe -group produced 
a higher -trading profit for the 
half year than In tbe whole of tbe 
previous year and the directors 
ore confide at that results for 
-1077-78 wall be most encouraging. 

• T rem aumbries Sides are neflffjy 20 per cent up 
kief executive of Lonrho, -with Gn loot year; aH companies are 
n Mahmond, a former director, Stoding ^unftteMy; and they see 
mmal meeting in Ixmto, 


H nwlanilsar* ^ .• ^ 

XW Tf XCXXXX#-' on the mend with first half profits 

"more ‘ ^than doubled ana -the- 
. A . , . prospects of £4m.- for the full., 

and depth of experience whb.a year. Management changes have 
company like ptmford was proving resulted In a major weeding out i 
most effective, and had been pgr- operation that has seen a 40 perl 

ticularly successful m reorganising rpcnt cut in the sales force and 

the steel group so that it was now‘ a substantial reduction in the 
making profit* In the previous pf^ct range. Moreover, a small 
minuaj accounts Dunford had ro? metfeaiKeim toes coupled wWh 
, a £L6m. loss. ■•itighter ■ credit control has now 

. He also referred to tbe lack of totally eliminated the bank- over- 
interest sometimes displayed by draft (£285460 in' the last 
institutional investors in Lonrho accounts) at a time when demand 
shares. He said; ** J don’t see why/. for stationery- ■. remains . very 
we should always be expected to patchy. The reduction in finance 
be defensive about our record— charge leave second- 
it really is outstanding. -• - half profits comfortably ahead of 

Lord Duncan Sandys, chairman, the interim figure, .which suggests 
was reappointed a director of the earnings of- around 4-Sp which 
group, but he said he had in- would put the shares at 28p on 
formed the Board that it was his a p/e of 5.7 while the restoration 
intention at a time convenient to of the dividend to the 1974-73 
the company to make .way for -a level would give an attractive 
younger man. Eaw f e r; he to hf tne^yieia ar Wbef cdnC “ “ ”• ' ”* 
meeting that Lonrho’s decision to 
concentrate its investment in the n 
U.K. had given the group added rv Pf*OVPI*V 
strength and stability. AVCLU VC1 J 

A resolution to increase the . L v T /inrlnn 
capital of the company from— aMr 'JtA/UUUll 
£50,000 to £62406, was passed for" V : . . 

the shareholders. ' IflVftStinPnt 

by London 

Better fifest quart^0&>r THF 

^ Uir 

■ft :-*:?■ 

V 5 < '■ n 

OTEL, catering and- 'leisure 
- roup Trust- Houses Forte is well 
i. budget in-the current year tor. 
i advance oh tbe 1876/77. record, 
ir Charles Forte, chief' executive, 
lid yesterday. First quarter 
rofits were “quite a bit better " 
ian last time, he added, i. . t.‘ 
Sir Charles listed the’ order of 
riorities for the group's expan- 
on as first the U.fC followed by 
if U.S. and then Europe.; In the- 
.K. the Little Chef -chain is 
cing expanded and there 
Ians to increase th£ Post' House 
hain Trom 30 to 100 with current 
Ians to develop a site gt Haydock 
ark. In the U^. the directors 
•lend to . expand the Colony 
' Uchen chain . - now •. " being 

' ouirrdl ' 

Allied Breweries stiB ' holds a - 
..4 per cent,, stake in tbe com- 
: Any but Sir Charles said there 
■ i'i d been no discussions with 
lied over the future of its 
. ji? rest. - ■ ; 

He pointed out that the. shares' 
uld be disposed of easily as 
e market was ready. : to absorb. 

. .«m. but he would venture no 
' inion on what AHietfh inten- 
. ns might be. though he. doubted 
.it that group woul d .make 
■*nher assault on THF, .- 
^rospecls remain good fop 'tiie- 
wo’s international division 
lets as the hardening .marker 
I assisted the sales force- to- 
ain better average room rate* 

■ • - . - - , • ' j ; 

while remaining competitiveid the 
.world . market. ' . • . ... : 

'- With forecast sales of new'Jcan- 
tracts running well ahead -<tf .this 
time' last year' the outlook for 
catering in the current year is 
encouraging^ the directors 
~ :A r partial 'property rev^ation 
during the- year showed a more 
than £3Sm. surplus over booii; 
value and . Sjr Charles madC it 
dear -that the whole of theveaup's' 
properties were very much rngder- 

valued,- ” "^'7‘icj 

^0n average'-the book 
the company’s London 'hotel*; 
just £12,000 -per bedroom and; for 
the provinces; between £4,000 -%mJ 
£6400. At current pricer he Con- 
tended. that- the; London 
costs would foe at feasr330400'and 
in- th.* provinces - between ££SJ3S& 
and £20.0001 

. On' trading rw*ipts up. 18 -per 
cent • at £53 lm, -for the ye *# . to 
October ' 31, -I97f, taxgbler profit 
soared 80 pw cent, .to i^m.-rras 
reported- on February 2. TThe;oct; 
dividend is stepped up.xo S-2094p 

(745p) per 25 p share. 

- Ah. analysis of trading receipts 
and trading .profit of £344m. 
(£40.6m.), by activity shows, with 
lias omitted-’ U;K. hotels. £153.4 
£95.4). and £31. (£174); European 
hotels £284 (£24.4) and -£24. 
(£14); and US. -arid, othdr hotels’ 
£73A (£74.4) and . £84 (£74); : 
catering £2114 (£1854) and £84; 
(£84); leisure ;£2T4 (£184) . and 

■ . Announcing -a turpround from 

a loss of £62,732 to a 227JST iief 

: > lit ■ 1 1 1 profit for the six months to Sep- 

rBX I ■■ t ember SO. 1977, the directors of 

IF A -X X X X London Investment Trust say {hat 

- .recovery is proceeding in the 

£3.1 (E-.5V. manufacturing 1 

other activities HU (£S 3 . 4 ) and *“ dt 

C.ntr .1 costa absorbed “J™ ~ f - taproved 

Capital 'spending commitments ro°, 

at vpar ptm) totalled £9 lm. ®®Ont«S Of £8,100 (£li,i78) and 

(£54m.) of which £4.1m. (£1.6m.) “ 

"■“ ap 7™ d bu L™l c °ZZ1t, 

*J h 'S Earnings per op share are given 

as 0045 P < 01 *p Joss> **4 again no 
S nn 6 nt ipierim dividend is to be -paid— 

th^ h «,T' **“ Iast ^vidend payment was 
£ iS! 0.08375P net in respect of 1974-75. 
Srf oit,n^!f ♦ P?nnrl Tbe company changed its name 

ESS ,be ?h.i™.n; {S?7 Ca " 1 Trvst °" Deannba 

explains m his annual statement. 
r # - The 55 hotels acquired from 
Jr. Lyons Group in January last 
year, and Knott Hotels Corpora- 
tion (US.) acquired in the fol- — ; ~ ' 

lowing Alarch contributed over -- 

£7m. to group profit after deduct- 
ing Interest oh the purchase. Sales 

of tbe company’s interest in 
Joseph Terry « and Sons and 
Thomas Cook ‘.Group yielded... . .. 

£21.9m. -. ’ • ~ . ... r 

Room occupancies were at a 
record level in all divisions during 
1976-77 and the catering business 
in the hotels also made a satis* ?• 
factory advance. There was "- 
steady growth In results from the 
i K. mid Ireland division where 
the domestic market has con- « • 

tinued to be strong, particularly 
in the corporate business sector. 

Meeting, Grosvenor House, W., 

on April 3 at noon. — 

(W £3,OOOva <rv\ bear ^ 


- ******** 

S2>% of Kcrtvtes-aire. <jw^e\r' 

: ass*. “®±SS?“ 


speiAtovif ! pi _ \q 4 

: TjYlvji 55 K<fboustM<k 


' T>EOS* 

Government statistics: Facts from 
your figures - so let them help you as well. 

. . : The Government Statistical 
Service (GSS) provides the nation 
■with these and many more 
statistics. And most of them are 
: ptittogether from figures supplied 
to the GSS by private firms and 

"“They are all esserjtia'mds T fb 
national policy making. But many 
can .also be used by films for 
marketing and other business 
decisions, like the quarterly sales 
figures for over 4,000 commodity • 
headings published in .the GSS - - 
Business Monitors.- 

You have helped to compile all 
. these figures. So it makes good 
business sense to get some direct 
return from them,. 

Two free booklets to helpyou 
Someone in your firm provides 
..figures to the Government 
■ Statistical Service: someone else- ■ 
may be in another part of the firm- 
' is a potential user of government 

statistics. So there’s a two-way 
give-and-take relationship. 

Facts from your figures is a new 
booklet which explains to the — 
information provider just what 
happais to his figures and why they 
are so important to nation al policy . 

Government statistics — a brief 
guide to sources is produced 

annually to help firms make use of 
this inexpensive information in 
marketing, personnel work, con- 
tracts, operatingcostcomparisons, 
and so on. It includes nearly 140 
up-to-date telephone contacts in 
government, each covering a 
particular topic. 

Order either or both these fr 
booklets on the coupon below. 

Get the facts straight from the Government Statistical Service 

Postconpon to Free Publications (Government Statistics), 

P.O.Box 7(12, London SW20 8SZ 

Please send me a free copy of "Government Statistics - 

A brief guide U> sources’ (1978 edition) Q Tacts from your figures* f~l 

Name.... ' ■ — — . 

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Do you wish to receive future copies of 'Government Statistics', and ol her 
relevant ini carnation? (Please write yes or no ) GFT 

Small assistance 

tank of England Minimum 
■ ending Bate per 
(since January. €r UTS) 
lay-io-day credit was expected 
ie in pond supply in the LoOfion 
ney market yesterday.' 1 but con- 
nns moved Against the -market 
) ihe authorities gave a email 
ount of assistance by buying 
asury bills from tbe discount 


This' was probably sufficient to 
rake out tire full shortage, but 
money was. fairly, difficult to find 
fn late trading Discount houses 
paid between 5. per cent. aruLfi 
per cent -for secured edit loans, 
and closing balances were taken 
ini the region .of .51*51 per cent. , 
In the interbank market oven- 
night loans ' opened at 6-5$ per 
cent, and eased 70 '34-58 per cent, 
but rose to around 10 per cent 

at the dose.* 

Banks brought forward surplus' 
balances from Monday, but on the 
other hand the market was raced, 
with a fairly large net take-up of 
Treasury bills to finance, a very 
slight excess of revenue payments 
!’ to tbe Exchequer over Government 
_ disbursements, and a modest rise 
• in the note circulation, 
i Rates in tbe table below are 
; nominal |U some cases. 



run hi. 

I MWUIK 1 - ’ ' I 

j iVtMtate j InKrtaat -r 




n<got > »b »e 

Firuni-e . 

I C«mi«a> . 

marker - 

Bills t 

rtae lrm3, 

am* * 



as s- 


6U-6is . 




b ui-Uce...l — — - O J . ' — I “ j — j — “ 

"mvire. I . 6i«-6* - -Ola-OU " ' — V' 6l«-6i| 61# 0#H1 — — — 

nemth...:;; 6H-64 64^S* ' V* 5r»-6 - Sg-5?? tl+B* 7-71* 

uvcnUiH.,1 65«6ia_ . .. — • . OSt-6i •. . 7 ■ ■ “ ® - 

* n maths. 7- 67g 6«-7»t . JMIl' -7^5 7U-7.^ ;7 , a.' 6 71# 

'■■ 4]tbs...{ 75 s-7j« . 7Ia r 75* .. TV’S** . - : T , — . . — • W«« 7S« 

wmUi...J SiWtk - airBifc -. „ toa-2»a' fu : «i« . — — — - 

,'ifAr J.6A-.8. BH18U -.8U'8:-- Blfr^ . — — - — — — 

1 tuitr...... I. ) - ..-.l . Wr Jv • I I- ^:.I ~ 1 - I - I - { 

msI aethoriUn and finance hoosea Seve n ftW notJee, others ptyea days ifiaed- •' Lons-teng local utborlty moitgase rate 
njlh- tbr«H>'ivars lfriJi per wix.:"ftwr -years tBfctl per eecrr.: five years ltH|.per cwi.. *Bank bW rates in rutile are 
' u; rau-s tor pr ime paper.. Storms rates lor toat^tinaOi tans bEa KJjj-r pec tin!.: ftur-nwmh trade bills 71 per com. 
tpprosinmiir acEuqt rates tor -one^wmb TrownT wo* 5^’J2-53Tj£ per cen«.i tM^nina ^-5»52 per cent.; and Unve-monTh 
jwr wiii. Aiwrwiinxte.eriuug rate for -o»**rwrth haak.-bSs 6 per cents twp-aK«nh oSja per oont.: and three^mooih 
prr cent. One-nMntll trade WUs «rT pwcwu twv^nooth M-7 per cent.; and also three-mmnh 7 per cent, 
ippnce Hence Base Rates tpobUlbed by the Ftaance HotaM As90d4Uon> .7 per cent from March 1. ws. CfcaHns' 
Deposit Rates ,ifi» r small sums at seven days* notice ': 4 per cent. Oaartas Bank Rates for hading 84 per cent Traasary 
Ar-raKi’ lender; t«e* of fltsomBBAKW.per cent. - ‘ - 


Bruns, Notdetiwi, Rea&Co.are moving out 

" r _ - ii^iempca^ciScesm . v "■ 

l-2HMf6yEk W1R9WB 

. Td^)hoa2e:i)2cfi)8 Kll, j | ' 





jj I shouldliketaknowmone. 

^ : * Development Board for Rural Wales 

Financial incentives. J Freepost Newtown Powys SY 161 BR 

Housing. | 

ies on soecial terms. ! Name 

Advice technical, I Company 
; management, I — 

a»finof.arrm infinity I. . . 

Community and I 
Social Grants. I 

"■■■• / - 1 


J <H» s 

on the international scene 

7b strengthen, develop and facilitate relations 
between Korea and Europe 

■ oetup 

by the Korea Exchange Bank - 
and Banque Bruxelles Lambert 

H. Berger; Managing Directc* 

J. Kim, Executive Director 

Rue Joseph Stevens 7, 1000 Brussels r Belgium 
Telephone 5118852 and 51196 49. Telex 63448 . 

This annuunameitt appears dsamanerot record only 

Tri^Oeean Gamers Inc. 

A member of the - • • > 

.... -Y.C. Cheng Group ^Companies 

US. $16,000,000 
Medium Term Ship Mortgage. Loan. 

Arranged By 

First International (Pacific) Limited 

National-Bank of North America 

- Funds Provided By ;'y 

The Colonial Bank & Trust Co. (Cayman Islands Branch) 
First International Banc shares Limited 
National Bank of North' America (Nassau Branch) 
New England Merchants National Bank. 

WMS Capital Corporation Limited 


First International BaticsBares Limited. 


U.S.$I0, 000,000 
Medium Term Loan to . 
finance a Technical Assistance Contract with. 

Guaranteed by 

BanqueExterieure d’Algerie 

Manned. by 

First International Bancshares Limited - 
Lloyds Bank Internatio nal Limited - - 

FundsProvjdedbv .... .. ... - 

Lloyds Bank International Limited 
Canadian Imperial Bank of Commerce (International! SA. 
Bank of Tokyo and Detroit (International) Limited 

(Formerly Western American Bank (Hu rope) Limited) . 

Firstlntemarional Bancshares Limited • . . 


^ancM WeanesSajr 


De Beers income climbs 
to record levels 



BACKED BY record sales of 
diamonds. Be. Beers Consolidated 
.■'lines /yesterday announced un- 
surpassed annual profits and 
dividends excee din g most optimis- 
tic estimates. As information 
about tbe figures leaked out in 
the US. during the late afternoon, 
tbe share price advanced quickly. 

Net proGts for 1977 were 
R 633.48m. (£376.9m.) compared 
with RS3Tm. in 1976, At the pre- 
tax level, profits were some 
RlOOm. above market expecta- 
tions at R88SAm; against RolSilm. 
the' year before. - 

The final dividend is 35 cents 
(20.8p). making a total for the 
year of 52,5 cents. This is slightly 
more than had been expected and 
compares with payments of 35 
cents for 1970. . 

; In 'advance of the figures De 
Beers shares remained steady 
around their overnight level of 
Slip, but after hours, prompted 
by strong U.S. buying they moved 
np to 322 » just Ip underneath 
their 1877-78 high; 


1077 UTS 

Diamond account 751.U5 451.3*3 

Interna and ' dividends ... 169.079 93.634 
Otitfsr revenue .. . 23.470 13423 

SamlUS rg allmtin n ..... .. 67 *3 

Making W2-77I S38A97 

Prospecting and.- research 25454 30482 

General chvjtCs -- 184T9 37,310 

interest .parable 3.61S 4.755 

Wrticn off lovestsj- ...... .. 4.3J3 (11461 

Profli before las 8S8.10T SttfiiB 

Taxation and state’s share . 

O t profits 2S4.61S 182J13 

Net profit - 613 «9 537.M1 

Minorities 10.174 2S.4S3 

•Wtrihntable E3.315 Oftj.515 

•Deficit. .Credit fiJebfti. " “ •” 

The group pointed out. however, 
that the figures are not strictly 
comparable' with 1976 because 3 
per cent, of Diamond Purchasing 
and Trading has been sold. This 
means the company is no longer 
a subsidiary and its results have 
not been consolidated with those 
i of the group. Only dividends 
i received have been included. 

Group revenue has Increased in 
all sectors. The diamond account, 
reflecting the record sales already 
announced was nearly R300m. 
higher than Jn 1970 at R751.1m. 

Investment income daubed la 
RlSflm. from R8S.6m. 

- Demand remained strong across 
the whole range of diamonds, 
showing that the market was able 
to absorb a price rise of 35 per 
cent. last March without difficulty. 
And there is evidence that the 
latest rise of 17 per cent in 
December has also, been absorbed 
from the way that stones have 
been selling at A premium of up 
to 30 per cent over .the Central 
Selling Organisation price. 

But diamond sales have been 
achieved without a marked run- 
ning down of the cash value of 
stones held In stocks, white the 
cash balance has . increased 
sharply to ' R683Jm. from 
R470.27m. at the end of 1976. . 

It- was the large cash, reserves 
held by De Bern Which helped 
to prompt the re-arrangement in 
the Anglo American', group iast 
year, which ended up with De 
Beers increasing its stake in 

Anglo is still in an expansionist 
phase and the increase in De 
Beers cash holdings might lead 
to a further restructuring to 
make use of these reserves. Iffe 
balance-sheet shows that De 
Beers long-term loans at R72.4m. 
were actually down on the 1976 
level of R77.84m. - 

Profits slide 
at Ayer Hitam 

THE ;\IA LAYSIAS tin producer, 
Ayer Bitam. to-day announces a 
sharp arid predictable reduction 
in half yearly profits. Net earn- 
ings for the six months to Decem- 
ber wer JUS2.74ro. /£60iS36) 
against M$i2.9m. in the same 
period of 1976. 

Ayer Hitam is declaring a first 
interim dividend of 90 -cents 
(19B6p) net of Malaysian tax at: 
40 per cent. In -the year, to June , 
1977, two dividends worth 250 
cents net were paid. 

The downturn In Ayer Hitam’s : 
fortunes has been caused by a. 

drop in production, a contixraaiifin 
of a trend which Started' ttriy 
last year. This has been offset 
to some extent by higher pries 
received. The average net priee 
of concentrate per picut Jn- tbb 
half to December at 20*880 was 
31*200 more than in the corties- 
p ending period of the previous 
year. ’ . ....... ii 

There are similarities in. file pfo> i 
tore painted by the figures -pf 
Malayan Tin Dredging, which ate 

also released to-day. Net profits 
for the half year to December 
were M 63.76m. (£879,672) -against 
MS5.6m- in the same period <jf 

The interim dividend is 27 cents 
(6Bp) net of Malaysian tax, and 
follows payments for the -last 
financial- year of 17 cents net of 
UJC tax and 78 Cents net of 
Malaysian tax. -. - - 

• In tbe most recent- half 
Malayan had to gpeffd- mote An 
the deviation of the Klnta lOvdr, 
and a . larger part of fhi\ cosh- 
pared' with the December lfl?6 
half, was not availahie/for-tax re- 
lief. The company has Also had 
to cope with a higher incidence 
of Tin Profits Tax without gain- 
ing any- surplus on buffer stock 

In London yesterday, befoce the 
results were known.- the sharks 
of both companies traded quietly. 
Ayer Hitam closed at- 280p and 
Malayan at 293p. 

Meanwhile, output of tin con- 
centrates at the. Gopeng Consoli- 
dated mine’ in Malaysia last month- 
shows a modest improvement on 
the previous month’s figure which 
was affected by flooding and elec- 
trict power shortages. However, 
the five months running total of 
694£ tonnes is stiU well down on 
the same period In the previous 
year which came out- at S12 
tonnes. Gopeng’s production and 
those of the other mines in the 
group are compared - In the 

accompanying table: 

Feb. Ian. Dec. 

tonnes toatts tonnes 

Gopen s ........... 139 - 1231 1RU 

■ TanJoog 29. 1H IS 

Mrts - U4J 30) »|- 

PengJalen 3) 93 H 

Australian uranium shortage 

AUSTRALIA, is 3,000 tonnes of 
uranium oxide short of the 
supplies needed to meet Its exist- 
ing export: contracts and more 
uranium mines will have to be 
brought into-*production if the 
contracts are to he honoured,. Mr. 
Doug Anthony.- the Deputy Prime 
Minister, told Parliament in 
Canberra -yesterday. 

.He. warned.: that the position 
could become serious by 1981-82. 
The contracts involve about 11,700 
tonnes of uranium for delivery up 
•to 1986, but -the Government's 
stockpile contains only 2,000 
tonnes and reserves at Mary 
Kathleen Urtuiium, the only pro- 
ducing mine are only some 6.500 

Mr; Anthony recalled that both 
present and previous Australian 
Governments had made-commit- 
rtients. 'to -honour contracts signed 
before 1972. . • ■" 

The conclusion he drew' from 
this situation was that the impor- 
tance of developing the Ranger 
deposit in the Northern Territory 
had been heightened- The deposit 
is owned by PeXoJVVallsend. EZ 
Industries and - the Government 

. It is generally accepted that 
Ranger will be- the first ot the 
Northern Territory deposits to 
be developed, and when it does 
come on stream its initial pro- 

duction .will be 2.000 tonnes a 
year, rising to 10,000 tonnes. 

Development has been held np 
by agonised debate in Australia 
about whether uranium should - 
be mined .at alt A section of the 
trade unions movement remains 
vigorously opposed, but while 
policy at' the Australian Council 1 
of Trade Unions remains against 
new developments pending talks : 
on nuclear - safeguards and' 
Aboriginal rights, it has agreed 
that existing contracts should be 

By linking the development of 
Ranger to the problems of meet- 
ing the contracts. Mr. Anthony is 
in effect offering the unions a 
cbance of backing away from a 
position already made untenable 
by the . divisions within . their 

In London yesterday, the 
market greeted Mr. Anthony’s 
comments quietly. There had been 
little movement in Sydney prices 
overnight'. Peko-Wallsend shares 
were 440 d, those of EZ Industries 
were 135p and Pan continental 
were 800p_ 


Iron ore reserves of more fhan 
3 Dm. tonnes have been found in 
Baluchistan; ‘ Pakistani Govern- 
ment _ sources said in Quetta. 
Exploration work was carried out 

by the State-owned Industrial 
Development Corporation with 
Chinese^ assistance. The' Chinese 
have advised the establishment of 
-mini. steel mills in tfm-area and 
are apparently ready -to assist 
technically and financially. 

. * .★ • ’ 

The Eambian Government has 
reached agreement with Anglo 
American of South - Africa • and 
’jardin'e Matheson, the-' Far East 
trading company, for a joint 
venture to mine, cut and polish 
emeralds. The.. Government wit! - 
hold 70- per cent Of ifie equity, 
it was reported In Lusaka. 

- -rfr- W • 

Hunting Geology and Geo- 
phy&'ci of-Boreiiamwood has been 
awarded . a contract , By a state 
agency in the Malagasy Republic 
for -'airborne:, geophysical surveys 
as part if an assessment of. 
national resources. ;• 


GEEVOR TM— February output; 
19.205 -tonnes ore treated produced 9 
roimci. Black tin IBS per rent. Snl Includ- 
ing t tonnes tow grade concentrates. 
(Jamurr Output 94 tonnes, i 
PETALIHG TIH— February output Ji7 
tnrmw (January 124) tonnes*. 

sAJHT piraR— F ebruary produenon-or 
tin concentrates; U.t. (tonnes treated tonnes (TO per cent, tin me til' 
(January 205 Mimes). Malaysia M 
tonnes (January 20 tonnes'. Thailand 
88 tonnes (January S3 tonnes'. 

DEDUCTING £800.000 ’ for the 
•estimated effect a£ rite exceptional 
ffiH' in pulp prices durug 0S77, 
pre-tax profits of Iwertds Group 
fiShed the yeqr £602,000 ahead 
at £2*159.000. At midway when no 
teach debit was made the advance 
was from £291^000 do- £1*520,000. 

- . Sales for the: yeat rose from 
£5L7lm; to £70B2 ul and profit 
Was struck after depreciation, of 
£1,053,000 . (£847*000). . interest 
£880;000 (£693.006), rationalisation 
£149,000 (£276*000) . and included 
rental income. . of £331,000 
(£272,000). In 1076 profit on the 
sale of Georgia-Pacific Corpora- 
tion contributed £429,000. 

: Tax _took £525,000 (£390.000), for 
Stated net basic earnings per 5Qp 

share of SJSp. Ct3p). nfl basic of 
10£p (9flp) and fully diluted of 
7-Sfr (6Bp). Tim: net final divi- 
dend is 3.4153p for a 4.7005P 
<A355p) total COBthig £914,000 
(I618JIOO). Minority profits were 
£34.000 (£8,000) and £592.000 
(£438.000) was retained; 

Commenting on the results, Jhe 
directors say - that -they were 
achieved in - Spite of- difficult 
economic cSrcunKtances -and weak 
trading conditions in: the second 
half. The earlier- encouraging 
improvement was reversed rather 
suddenly and' the resultant lower 
level 6f demand'-perristed fOr. the 
remainder of the. year, reflecting 
the slight decline in' UJC 
economic activity. ' There . has 
been some reduction in customers’ 
inventories during the second half 
of tile year. Export sales showed 
a good increase from £2.4po. t o 
£3Bm. . ... 

A feature of the year, which 
particularly dominated the last 
Quarter, has been the considerable 
reduction in the market price, of 
wood pulp, the - principal . raw 
material which is sold in U.S. 
dollars. In addition, the strength- 
ening of the exchange value of 
the pound against tbe U.S. dollar 
further reduced the sterling cost 
of pulp. Thte enabled profit 
1 roargfns for some products to be 
i restored to more acceptable levels. 

Some stock. . losses, ‘ however, 
were incurred, and pressures on 
the selling prices of mbst grades 
of paper have been considerable. 
In some market- sectors this price 
weakness developed 'prior to' the 
reduction in pdlp prices. There 
has been an increase in Imports 
at low prices from France. West 
Germany and traditional Nordic 
producers. iff .spite of fhese 
difficult economic factors, - most 
group mills produced- encouraging 
results. ’■ .' 

Demand for converted packag- 
ing products continued to be firm 
during the first half but declined 
slightly during the second. There 
are now indications- of some 
revival in call-off by customers. . 

The demand for stationery, both 
manufactured and .distributed, 
began to Show some slight but 
steady signs, of revival during the 
second half. The stationery acti- 
vities together produced an 
encouraging contribution to profit 

Since tbe beginning of 1978 pulp 
prices have stabilised and there 
has been no significant variation 

in the exchange v rrioe-i&fo 
pound 8S*b*t 

There has been a alight' fryS 
ment in . the trend of oenaudj 
most of the group’s 

• comment; ; ^ 

Inveresk's ' promoting firtt 'B 
start -could not be sust^ned ditf 
the test six months. 
had. jumped 77 per-cent i«S 
first six. months were clipprifi 
to a J4 per cent rise to 2£gt' 
as demand fell' af^r 'a^ 
stocking spree by Customer^ 
the -first halt Lower deas» 
came . at a time- vten 
prices had already been- wtenS 
by falling pulp prices (denraffi 
$4X5 . to $320 per tonne 
quality pulp during 
financial year, a far of 
quarter). whBe sterling apts# 
lion added to' the Tahrmo m Si 
Profits fell- by neariy. haft 
£840.000 In the second Ha®? 

all- the. estimated 
prices. knocked off- IflOfcOooVff 
full, yror profits, .with- tWS 
beinsr.; sustained in 
quarter.- However; tradtegTa 
lems have .been- coropounaed: 
the over caAadty.. thst essti 
the— Western Europe marl 
which is encouraging TntoaB-i 
cutting. ' So the 'small adra.- 
in volume sales in tbe'«econdfi 
was mainly accounted for > 
axeadier demand for the grof> : 
xnerch anting,, and c oamgt ' 
activities.- ..- - - vR 

■ However with buying-. ^ 
working in Ihveresk’s favour th 
is le8s'stress on the balance d 
particularly with £ 2 . 1 m. trff 
anvay.from last' July’s rishts^ft 
At 66p (down lp) roe^ttaraSdifi 
on a p/e ol-8 and yield an. aft 
tiro 12 . 6 , covered one and nl 
times. ' : 

Whitecroft ; 
reorganises ; < 

The building anfftdvll e njS d j 
ing activities of the Whftto 
Croup is being reorganised 1 ' 
cause of the construction -re 
sion. ••••■.. 

Whitecroft announced yestet 
that its Geotge Longden -i 
sidiary In Sheffield wookii 
wound up and its activltieB 
ferred to *a new company. Geo 
Longden Construction^ wMctC 
come 'under the- -management 
Z. and W. Wade; hf-Wh* 
Bridge ShM^pprt, the* groi 
other oidlding and cSvil* engiia 
ing contractor.*. . _ . 

Tbe new. company vrtU.atela 
completing contracts in 
Yorkshire area and will- cent 
tratc on smaller sized build 
and civil engineering- contra" 
It will continue the oumufaa- 
of doors and other ' spam, 
hardwood timber products. •’ 

George. Longden. Estates;--, 
group's residential property-: 
veloper and builder, -wfil not' 
affected by the change* wb 
tbe management sayr wiff 'efla 
the -group to operate “in tile . m 
efficient manner to nttet the.J 
pected demand for building" c 


Notice is hereby given of the 
appointment of Lloyds Bank Limited as T ' : 
R^fetrar. ■ 

All documents for registration and' . 
correspondence should in future be sent to:-* 


->■ ‘ ui 

First International Bancshares Limited 




Notic^ of Annual GeneralMeetiag of Shareholders 

PIc^tatenoticcthatlhcAnnual General Holdereofre&steredsharesmayV^eby 
Meeting ofSharetioIilcrs ofFideEty _ proxy by mailing aforindfprosy obtained 

JntemutionalFimd Wcthe^Cofporatioa^ froin the Ctoporatiori^Htindpil Office in- • 
wiJJ uke p^jicc y 1 200pm at SchDltegalwqg Pembroke,Berrnuda T orfpQrathe Banks' 

Cost, Saiirija. Cura^o, Netherlands Antilles, listedbelow,lo the Coipomtionatlhe 
onMarch:16th.l97S. . following address: 

The following matters are ontlie agendaFor 
this Meeting: 

1. Report of theManagcmcnt. 

2. Eleciiohofse\enMiuTa|30gDirectors. 

The Cliaimian of the Management proposes 
the re-election ofthe following seven ' 

EJxumiC. Johnson 3if. WilliumL Byrnes, 
Lord James Crich fnu-Sruurt. 

GmrU'SA. Fraser. Histn/ifXurvkmnr, 

John \LS.Palton r James £. Tonner. ■ 

3. Approval ofthe Balance Sheet and Profitaad 
Lnss Stiitemenl for the lisc;il year ended 
>lro-cmbier 30th, 1977. 

4. RaiilicationoVactionstaJcenbyihe 

. i Direcior; .vince die -last Annual 

GeneralMeetiag of Shareholdere. 

5. Riiiifiailionofactioos taken byihc 
InvcstracnlManaecrsince the hist Annual 
GeaerulMcetiog ofShuleholdeis. 

6. Such oiherhusincssasiM) r propeLly com® 
before the Meeting. 

Bank JaEusBaerTafernatioiwIllinited. 
3 Lombard Street 

London EC3V5ER, England 

Bank Julius Bar ^Company Limited 
Zurich, Switzerland 


. proxy by mailing a forindf proxy obtained 
froin tbe Qrporatioff^Rrindpal Office in. 
Pembroke, Bermuda^ orfrom the Banks' 
listedbelow, to the Corporation aitbe 
following address: 


c/a Mad uro & CurielkTnat Compaci'NA r , 

PO Box 305, Curasao, 

Netheriands Antilles, 

Holders ofbearersharcsinay ^ votebyproxy 
hy mailing a form of proxy andefirtifi cate of 
deposit for their shares obtained and filed, 
in the manner described in thepreceding . 
sentence. Altemalively.holders of bearer 
shares wishing to exercise their rights 
personally at the Meeting may deposit their 
shares, or acertificute of deposit iherefor, 
with theCorponiiion atSchouegatweg Dost, 
Cura 9 ao. Netherlands Antilles, against 
receipt iherefor. which receipt will entitle' 
said bearer shareholder to exercise 
such rights. 

All proxies land certificates of deposit 
issued to bearer shareholdersjmustbe 
received by the Corporationnotlale'rthan 
5-00am bn March 16th, 1978, in order to be 
used atthc Meet ing. 

By order of the Management 
Charles T.iVL CoOts 

TheBauk ofBermada limited 
Hamilton, Bermuda 

43 Boulevard Rojal 

Lloyds-Bank Limited, 

. Registrar’s Department, 

’Worthing, West Sussex BN126DA* ' 
(SID Code 0903). . 

R. D cowm^oob, EGA 





: ■ ’ ' .'’'- r . 1977 ■ Itt* 


■ ■ . —OVERSEAS - ■ ■ 







earnings psi share-basic 


' TflECOhff>ANY 



COMPANY LMirS? - ;! 

TEL: Ofil 6431*33*?^; 
TaEX 667722 

7^ ; / V -t ./>=,... * Y ' NEW YORK, March 7. 

*'7-5 ;■ °/ * * l4 ^e« : ale reflection to the Manufacturers Withdrawal of the two Stevens 

— t*. - • '•: funds' from Hanom. Board because “I dont directors would brine immense 

— - »t /’ 4* .'.^^u^cturefs want to be where I .am not satisfaction to the union move* 

*- . r. ?^y Wanted.*’ Mr.- Finlay reportedly roejit, which recently scored a 

v depart added -that the bank had “put major court victory over the 

r - ; /• Jv'AifSifJffA Qf ““^Sh pressure on me not to company. A Supreme Court 
1 y> ^irectors^of J. P.Stevens: ; seek ref lection." v ; refusal to hear an appeal, on. a 

r ' > c ■ ' ' > Q» union movemeaf is-can- At the same time, Mr. Mitchell Lower Court decision means that 

' ,l . f .. 'T.l./Miftn h. u;.4 n - t . VU 91W wnnrtu l B. 1 •amBB' IITltnn 1.411 .V.^l.. l 

evens directors leave 
[anufacturers Hanover 

Puerto Rico Chris-Craft takes stake in Fox Film 

03 DK lip »y our "OWN CORRESPONDENT NEW YORK. Man* 7. 

TOI* IP MORE THAN 5 per cent of the bave the leverage to make a full weeks at an average price of just Columbia’s outside accountant, 

vMa V rlnniMMi efAAt n/ T... kirl /nr . nnntn.nv. i.tilll B mBrlral AVDB a cKiro Pftr’j. bmaa nltAninn HHMH... — r 

r 1 

• withdrawn -nearly $7m: 5™» 

v 1 * 5 " Manufacturers -Hanover in 

I. »C i'VlJ-' a. - . n - MB 

-V ■ • • =* ?&** sssftW 

*' redms'to’have tetSrtfoni At 

„ . Another tactic being employed 

rs Hwjover had against Stevens is a boycott of 
it week that it was the company's products- This 
into a- dispute over started last autumn and was 
no -control. How- aimed at hurting the company's 
K .was clearly' con- financial performance. At its 
identification with annual stockholders meeting in 
t the fact that the Greenville. South Carolina, to- 
Assoclation. - of day, the company reported a drop 
is due - to.' decide in its first quarter profits from 
i whether ftf drop $7.7m. last year or 66 cents a 
te manager for its share to $7Jm. or 61 cents a 

^Marshall Field holders 
Jjray take action on bids 

. 1 "■ >i.~ 7 

. -':T7 r ; rr?* — . -Mr. Finlay told the meeting 

.-. ' r ■‘ ,{ -P'l.vJ-'" ' -'T ' i "^ L ' -‘V- • ~ ■ V that although the company’s 

:: S 3 SKS 335 

#ay take action on bids 

• ;".- ! S^rb r . „ Tr .' r . „/■- - The Amalgamated Clothing and 

• • i ? i‘T? Ctr A jf ' trroT n ■ ‘ CHICAGO, March. 7. Textile Workers Union, which is 

• ... '. 1 BLD mas_bft..ti\e Marshall Field shareholders in spearheading th€ .organising 

: - • j proxy fight- to force the -suit, said he is considering drive, claims that one major 

Wtprs.tfi. hack down rm Ttbeir initiating- a proxy light,- but "be element of rising costs for the 

* Takeover attempt added: “to do a good proxy company is its legal fees. Un- 

mnimgua same analysts. fight, the time is very short.” official union estimates pat the 

\\ I 1 I 4 - 'i eld’s stock turned around last Field’s annual meeting is cost of the company’s resistance 

** *«"CCrfln ek> visios 2§ to 23} on 31000 scheduled for May 25.-' to .,,? ourt challenges at several 

ul Ures on Thursday and b airrfnv | - Mr. Panier said several broker- million dollars over the past year. 
fVlirnon,*, mos f active njauie age houses had contacted' him -tof — 

4,1 SE on Friday. ...... - . . . recent days and be hopei-some 

THE FEDERAL Deposit In- 
surance Corporation {FDIC) is 
looking for a buyer for the 
troubled Banco Credito y 
Shorro Ponceno, Puerto Rico's 
third largest bank. 

The agency has asked 35 
banks to consider taking over 
the Puerto Rican institution, 
which had year-end deposits of 
$650.2m. The FDIC would not 
say how many banks, if 'any, 
had submitted bids. 

According to FDIC records, 
922.9m. loss. In the prior year, 
the loss was $ 3 , 4 X 0 . 

The Bank, which had been 
“a pioneer in financing con- 
struction’* in Puerto Rico, was 
hart when the recession rocked 
the building industry, Bank 
chairman, Mr. Alberto Castro, 
said in an interview. 

“The recession hit os harder 
than anybody else,” he said. 
“Profits went haywire.” 

Although the names of the 
banks asked to look at Banco 
Credito were not disclosed, it 
is known that two. big New 
York institutions. Chemical 
Bank, a unit of Chemical New 
York Corporation, and manu- 
facturers Hanover Trust, a unit 
of Manufacturers Hanover 
Corporation, were among them. 
The two Banks declined com- 
ment, bat it is understood that 
Manufacturers decided against 
submitting a bid after review- 
ing information sent by the 
FDIC. and that Chemical Bank 
is not enthusiastic 

MORE THAN 5 per cent of the 
Common stock of Twentieth 
Century-Fox Film Corporation, 
whose financial position has been 
transformed by ihe success of 
the film Star Wars, has been 
purchased by Chris-Craft Indus- 
tries. - 

The purchase, described by 
Chris-Craft as an investment, has 
raised speculation that the film 
company may once again be an 
acquisition target. Chris-Craft’s 
action has been characterlsted as 
an “unfriendly move” by one 
source close to the company, 
partly because Chris-Craft’s 
chairman was involved In an 
unsuccessful effort in the 1960s 
to take control of Paramount 

However, with sales of S88Bm. 
last year and current assets of 
$82.6m n Chris-Craft may not 

bave the leverage to make a full 
bid for a company with a market 
valuation of more than SlSOm. 

A spokesman for the 1 company- 
said yesterday that it had no 
plans to make additional pur- 
chases of Fox’s stock nor to 
launch a bid for the film maker. 

Cb rise raffs purchase follows 
its long and ultimately unsuc- 
cessful court battle for control 
of Piper Aircraft Chris-Craft, 
which produces pleasure boats 
and owns independent television 
stations, recently sold its 43 per 
cent, stake in Piper to Bangor 
Punta .Corporation for nearly 
S50m. and its S9.4m. expenditure 
on 407.000 of Fox’s shares has 
been paid for out of the proceeds 
of this deal. 

In a disclosure to the Securi- 
ties and Exchange Commission, 
Chris-Craft said, the Fox stock 
had been bought over several 

weeks at an average price of just 
over 523 a share. Fox’s price 
closed on the New York Stock 
Exchange last night at $23.50, 

np $ 1 . 

With Star Wars already having 
earned S200m^ Fox recently re- 
ported fourth-quarter earnings 
of S10.7nu almost double the 
profits of the year earlier quarter. 
The film’s earnings are helping 
Fox launch its long-sougbt diver- 
sification and in the past six 
months the company has spent 
more than $5 1m. acquiring Aspen 
Skiing, the country’s biggest ski 
resort operator, and Coca Cola 
Bottling Midwest 
• AP-DJ writes from New York: 
Ms. Dorothy M. Wotin. identify- 
ing herself as a shareholder of 
Columbia Pictures Industries, 
brought a suit against Columbia, 
several of its oncers and direc- 
tors and Price ‘ Waterhouse, 

Columbia's outside accountant, 
alleging various violations of 
•Federal Securities Laws. None 
of the defendants had any 
immediate comment on the com- 
plaint, which was filed in Man- 
hattan Federal Court. 

The complaint accuses Colum- 
bia of improper accounting prac- 
tices, failure to disclose the 
extent of the relationship be- 
■ tween Columbia and film pro- 
ducer Mr. Ray Stark and failure 
to disclose that Mr. David 
Begelman. former president of 
tbe company's film and television 
units, was withdrawing funds 
improperly from the company. 

Columbia previously said it 
disclosed Its ownership of Stark's 
production company in public 
documents and that it investi- 
gated and disclosed Begelman's 
misdeeds as soon as it learned 
of them. 

PPG warns on effects of Corco move 

PPG INDUSTRIES will “moni- 
tor events closely ” at its opera- 
tions in Puerto Rico, according 
to the company, as a result of the 
announcement by Common- 
wealth Oil . Refining Company 
(Corco) that it had filed for 
protection under Chapter 11 of 
Federal Bankruptcy Law. 

PPG and Corco are partners in 
Puerto Rico Olefins Company. 
Commonwealth Oil said that 
while it is .endeavouring to work 
out a plan to resolve its financial 

difficulties, it expects to continue 
to operate its refinery and 
w b o 11 y-owned petrochemical 
plant and to supply its customers. 

PPG said that although it is 
not possible at present to assess 
the impact that Corco's bank- 
ruptcy proceeding could have on 
the Puerto Rico Olefins and 
PPG*s Guayanilla complex, their 
employees and the Common- 
wealth of Puerto Rico, tbe 
economics of operating those two 
facilities could be “adversely 

PPG said that its present plan 
remains to continue operations 
in Puerto Rico but tbe company 
pointed out that the develop- 
ments arising from the Corco 
bankruptcy proceedings or other 
events could require a reassess- 

Meanwhile, in Houston. Coastal 
States Gas Corporation said that 
a Federal Bankruptcy Judge in 
San Antonio had issued an order 
that effectively assures continued 
payment to a Coastal States 
nnit for delivery of feedstocks 


to Commonwealth Oil Refining 
Company's Puerto Rico refinery 

Coastal States said the Court 
affirmed previously announced 
contracts between the Coastal 
States unit and Commonwealth 
calling for Coastal to be paid one 
day in advance for delievrics of 
up to 160.000 barrels a day of 
crude oil. naphtha and conden- 
sate. The companies recently 
announced lhe deliveries under 
a six-month contract. 


L 'FWC ; stockholder class, action SK 10 Per <***- of 

>*_ ts have been filed ’seeking outstanding - coin- . 

• . r , ' ;K)m. damages - : from - Field Jnouzshares changed hands m:a 
ectors^for ~ their attempts "to re S? nt T^ ree ^?Z. P? rlo< V-, 1 _' : 

.- : . ck the* Carter Hawley h§t - ; Bar * e y Bundy, of William 

• -Vile T.ii ’ ■ T Blair, noted that a lot of the - 

- •sj*j»«gK d *“*'**>• 

. . . 551 . Bundy Mid Field Has lung been 

* - rathin^is a^DKwrv subject nf takeover rumours 

r_ ^tiling' is-a proxy chptienge.-, wm ^nt^e ftFsmne 

._ *® r - Irwin Panter. a "Chicago time, to affect the stock's price. 

- ; 9WF. :;.who represents. ^ -the Reuter 

ijants admit to ‘privileges’ 

* • ;"RY QUR.&Yf K CORRESPONDENT’ . NEW YORK. Mareb T.; . 

-T^nAL support for Mr. Bert, bodies -for banking— set . outto 

• : nee's contention |Hat . jt is establish the prevalence of such ‘ . 
- sjimon ; -practice for United practices. ■ 

' at es banks to grant spechti v T B ey{ ° u ^ d **»f of .the 131W3 
' M leges", jo “£dsiders* r ^Ti*e S? 11 * 8 ? hlch res P° n ded. about : 

Jon's 14,000 commercial banks SODO to “ ‘ 

— ■ Y- : 

^ . • ■ 102 hanks acknowledged that 

Ir. Lance took his stand on they had at least one “insider” ' 
is. tom and practice” during overdraft amounting to $100,000 
Senate .Banking Committees w^ch was. free of interest whift 
. \ r VF,es ligations of bis^ condimt' as JR3 hanks had similar overdrafts 

L t \ ; ’.f,'. ^ ‘‘ -y v*j 1 wnrtt, Vafuiann-' CMnnn r 


„imian .'oJt the Ca3hdan' Si Flrst- VQr ™- between:’ 
jonal Bank. Although- he-sub- fiOp.dOQ., .. . • 
uentiy resigned -aSr Budget : ye^erai of 

ector. Mr. Lance ^has* ^sain- largest hames ha\ 

uentiy resigned >as~ Bpdget ' Since ye^eral of the nation's 
ector. Mr. Lance ^has* fhain- largest caifts have asked for 
led that his use of overdraft “Me time in which to respond to 
titles for himself and. hi* T* s ^ rTey ’ tbe results are incom- 
lily has not been out of the P* et e and are unlikely to be 
inary in tbe banking world. E ew « a “ exclusive proof of 
, , . Mr. Lance’s allegations. Neverthe- 

•* less they could- cause some dis- 

atc committee, ttie Federal- quiet- in the Congress and may 
erve Boyd, the Federal, strengthen support for moves to 
. »osit Insurance Corporation add to the _ regulations under 
the Controller of the Cur- which . United States banks 
cy— the Federal . regujatpfy-operate. - 

V T & T outlook bright 

E RICAN TELEPHONE and, cent of It* capital spending 

.•graph (AT and T) whlcB said. against around. 45 per cent a few 

xpects “another good yqar? .years ago. 


uously reported of SLffixpK or _ ■ 

7 a share, .agencies, report JSeatnce Foods 
J n N Sr Y « Id’T- BEATRICE FOODS said direfc- 
ntt^Li^AT 1 tors had .voted to increase tbe 

M i?n h#™ 3 quarterly divided to 27 cents a 

vepn s 2 hn ‘share - , from’ 24 cents, payable 

veen sjdh and 92J3c>n*. to A 

ice AT and Ts ?12Bbn. con- reports Renters from 

ction programme lor 1973. - , 

r Tie** »,wn« maa). The company estimated that 
T and T is geartag up people sales were sR2bn. in the vear 
” to defend itself in. the - 

rnmlnf. ^ ended February 2S and repeated 

rnments suit,. Mr. „„ earil6r f oreciSt of 

utts said . adding that 


■ Joweswdli bftinvdlved in the ^ l* 7 * 

, efforts which will cost soai tor fiscal 1979 

> m. in the first year. -• as y«in. 

C3hswer to a question -Nr.‘ - 

SS-JS8Z «s T 

ic group's total cap? W sstep^ievMiue ''843.0m. 730.1m. 
programme is SO^nu lS^lm. 

? bn.. up «00m. share... 2^1 1.40 

>bn. estimate given a mgqtb ' -vtar 

. .Revenue"..!:*... 3^ba. 2.8bn, 

le Bell system -\ises Het- profits : .7£. .- 86B3 itl 8LS3in . 

■nal funds for some yfi^per. Net perahare,.. - .. 6R2 . - 4.7S 

Megotiable Flotoag Rate U.S, Dollar 

Series BMamrity date 

fioffee is herebv given thatiorthe^ 

' v '^Mt^th^nfiacstperiod-ft^^ ^&i^arch:1973 . 

*? 19/8 the C emficatES will carry an 

.’ feKtSt Rat«pf-8yift% pef annum, i- 

y *i7*r" " ' " " ‘^sedc - - - 

pi Chase Manhattan Bank, j&A** 




You tell m'e. He should be, because the 
new top-ot-the-line combine harvesters from 
Speny New Holland harvest up to 175 tons 
per hour.Thats fast Work it out They’re total 
efficiency like all the Sperry products. 

Their computer equipment and business 
systems at Sperry Univac. Their guidance and 
control systems at Sperry and Sperry Flight 
Systems. Theirtluid-power productsat Sperry 
Vickers. And all their consumer products at 
Speny Remington. They're all pretty good 
and the odds are they can give your company 
that little bit of logical assistance to help you 
see the wood/ 

It really is worth knowing more about 
Speny Rand Corporation and all the things 

they make, so tick a box or two, cut off the 
bottom part of the ad and send it to the 
address below. 

Please send me information on die following: 

[_J Computer Equipment and Business Systems 

jZj Guidance and Control Systems 

LJ Agricultural Equipment 

L Hydraulicsand Pneumatics 

[I Consumer Products H Annual Report 

Sperry Rand Limited,?*} Portsmouth Road, Cobham, 
Surrey KT11 1IZ. 

Position — 
Address — 

Making machines do more, so man can do more. 


international financial and company news 

Financial Times Wednesday March S j ‘ 

r t!,,! 

is,. . 

?•? ' % a jJS-V- 

IS •-* 




inflows dominate markets «* Fer <>do 

but payment 

Sales upsurge fails to 


stem KemaNobel setbac 


UP P ,u 

THE TASK of mopping up excess years — stands currently at a in support of the dollar. year maturity for the January 

liquidity continues to dominate premium of over 1J points, and at A snap poll yesterday of bond issue. The terms surprised many 
domestic bond markets in the “us stage there is no suggestion dealers suggested, however, that dealers and are noticeably 
major European centres against thatthe market is about to slip any package of measures from generous. As a result demand 
a background — in Germany — of backwards. the Bundesbank aimed at stem- should comfortably match the 

as raised 



By Din'd White 

- PARIS. March 7. 

i PRE-TAX eanrings of L Kema- the concern’s continuing expan- Alfred Nobel, tee invent 
i Nobel, the Swedish chemicals sion abroad offers grounds for founder of the NooeLpra 

— - — Tt 4 _ ..... . . — - — - — r: — t— “ — r - rAKu, marca i. i company, fell by U per cent forecasting some improvement bought a^worityhald 

.speculation that the authorities it is clear that the intense cur- ming the inflow of foreign Fls^OOm, put up. for the authori- mr™ p— L-#*- nar^i from Kt.135.4iil to Kr-120J7m. in earnings In 197S. Bofors in 1894 and who 1 

Surice nusciiivu. h'nkf.. marlCPil tOTO W liJ!. ,L. previous ¥ ue - ... . . _ I I (S26.Mm. > "li. 18T7 _ despite a ’“i^nlaNobel is being sned bj Karlskoga. where Boton 

o • — w a^vcuu w coniDanv F>mrin ««, its snwth in aoi i oespne a KemaNobel is being suea oy *var ustww 

Swiss measures and tighten their marked 1978 has turned Frank- less stringent than the recent In Switzerland the long 2 27 per cent growth In turnover armammfe steel and headquarters. On the oth- 

control over the inflow of foreign fun into something of a sellers Swiss measures. The major awaited offering by the City o? *** ttwbStoJBSft fiSwT«3ttS« SSedTO^fSaS g i* 83* An* company, 

capital. market In massive trading betting was for controls on Zurich finally emerges as a 3 per 2E?^5? 1 ,S n) 5 to the preliminary figures. - xSnmuiriSn it Glycerin, was the forerui 

In Frankfurt markets are hold voluxn ® interest rate differentials foreign borrowing by German cent issue with a maturity of 13 ft 5 *”*!® - J? . .. v_ f^S e ov «r the outstanding stock Nitre Nobel, now itfeor 

ineveSrteadvdMmte Swelter - hav * he “ hugely ignored as industry coupled with a modest years. This represents a quarter ggjj'trf JL a ^L £°£,2L *wSSi £ n KemaNobel. 

4^ s ^ r ‘ currency aMete^asainst ^ ^Mk- 

\ m “ s ”'. e DMt.Tbi. tender -round of J£JSh?*^5SS. tSf'LSK SSt diridend » taWN Lb murker throughout Europe, under the name . Bofo ? Nohel tratoon “L .*• 



vernmnnl is nlen — . — _ “*»> “*“**“»"* ut uro ui lu« iwiucc iu ausam 1 buuheuuk lu uikcoi 7 . . — ;7„T“ ~ — . * , 

to attract heaw 1:3 te *° r 008 month down to 3 Kassenobligatlonen where mini- the latest central bank measures, cent, spimt m 1876. The trend 

10 attract neavy per cent, from the 3.2 per cent, mum yields 4.4 per cent and 4.6 financial markets in Zurich were at Ferodo, whose main lines The Hoard proposes tDWi an 

_. _ of January. But the sharp up- per cent respectively were further unsettled late yesterday electrical accessories and j unchanged dividend of Kr.10 an 

PKbank second half ris 

a^7jr*sra;-Si>a. ffiuTQiv; jg sssotSs^ts 

before, while the lorry sector value of some power stations and 1977 as a whole. _Mr BertU depwjtt me 

O und K 
on prospects 

up at Ballast-Nedam 

has been in the doldrums 
Although the French car and 
heavy vehicles companies are 
Ferodo’s main market, the com' 

irZlS pffiS PM&s ten “5 Danielson, 5T managing direc «tg» 

tench car and ^ Kr-70m^ improving die com- tor. complains nevertheless that 

SmpaniS «e Paly’s equity to debt ratio to the profit is too low to cover the mg- mark^ Some 

.Ttrtemm. « percent. dividend, tax and the inroads of ofito JoaM want-to bun 


AMSTERDAM, March 7. 

mSEtto com- « Per cent. dividend, tax andthe inroads of 

pany said its direct exports con- The preliminary report indi- inflation on capital. ®“ a ® l 

tinued to grow last year and cates a drop of Kr.»-5m. in second The state-owned PKbank ta Thu-w* factor*; eive PK 

SftinSlftekK per half earn&s to.MMm.- .The Sweden's largert commercial 

SUgntiy increased tneir m per USUI esnuugs iu iue ■* —O— J *iT« <*nnA hnsis fnr imnrnwns 

BALLAST-NEDAM. Holland’s charge. Order books rose to FlaSm. of new capital with cent, share of parent company theoretical earnings per Aue bank. “m-JJJ?? abilin\ areording to Mr. 1 

third largest construction com- Fls^^bn. from FbOJJbn. largely Minefa Holdiiies. Minefa was turnover. »-5®n- (^0-9bn.) mark in 1977. a q iStes a en 

By Jonathan Carr largest construction com- F]s£5 bn. from FlsX3bn. largely Minefa Holdings. Minefa was turnover. | for 1977 come _ out at about KrJ5 ^^Obn. (Sia^on. > marx in xsi i . ^’ho anticipates a gn 

pany, reported a 40 per cent due to a Fls.4.7bn. order from originally thought to represent New fixed investments by the! compared with Kk-^1 for the At the same tim® ^ It p earn incs this vear. Butfc 

BONN, ilareb 7. rise in net profit In 1977 on .Saudi Arabia to build several Arab interests but was in fact parent company, which tt began Jf: ^ A n« Jidif^arket^th^ lLS^r issue S witb Riksbank i 

A STRONG rise in export marginally lower sales. townships. operating- for Mr. Heerema’s to build up last year after shown Tor iS77 com- credit market witn mi ] ux ] credit licj , ^ 

business last year carried turn- News of the sharp rise in Mr. Heerema announced his Antillian boldine company, depressed period, showed a : fiSf vrow£ ) in lendim: the interest spread is pre* 5 ‘ s 
over of the parent company of profits comes only a fortnight sizeable stake In Ballast -Nedam’s Antillian Holding made its pur- sharp 36 per cent, increase reduction- of Kr^Sm. 1S.6 per cent J - t ^ - th bank obtainSg 

Orenstein uod KoppelfO und K) after^the announcement that Mr, capital on February 24 shortly chases on the stock exchange Frs.l04.7m. cash flow, including i^^o^mentStS market re tarpon’ i&teS. 11 

past the DMlbn. mark (S2bn.) Pieter Heerema. a Dutch after the private placement of over a long period. substantially increased deprecia- Nitto Nobel fa .expldswes that Iwt yea? parhament lifted mayei reraro on 

for the first time. But the Dort- businessman, had acquired about «on of Frs.75.7nL, rose to subsidiary winch has tea the «S^ atl ° Q The bank’s income " 

mund-based engineering and 50 per cent of the company’s x w A tv m -m Frs.156.6m. from FrsJl38.4m- swjjtly increasing its inter- effect Interest grew by ‘KhlO 

shipbuilding concern is circum- share capital. I <S) VA-TTC of TVof Tni/'lfC equivalent to 94 per cent, of national’ trading, reimrted an SSi^^/hSik'scau i tal Hr ll2bn. whUe carnine 

£*« «- Net profit in 1977 was -L/4J dl LJUl 1 lUCKS tuniover. S &SV& ?47ta?le^g^ V^SS 

ris* of the Deutsche Mark. the®' SJPhrfn™ 'SS BY OUR OWN CORRESPONDENT AMSTERDAM. March 7. a F £we^SS5 This means that earniags by the profit “^^5*7 S. lch fl £ 

past the DMlbn. mark (S2bu.) Pieter Heerema. a Dutch after the private placement of over a long period, 
for the first time. But the Dort- businessman, had acquired about 
mund-based engineering and 50 per cent, of the company’s a r«-i -w 

shipbuilding concern is circum- share capital. I .QVATTC Qi I VQT I Mlf'I/C 1 

spect about prospects for this Net profit in 1977 was AJlIJ VUo <U JL 1 UUVa 

year, in view of the continuing fIk.17 6 iti enmnarori with „ 

ri~ of the Deutsche Mark. ^ JSS the yew before ^ OUR OWN CORRESPONDENT AMSTERDAM 

totalled P DM1.01biL^L t ^Sse ^FlJie^sSes lSbS of truck£- St u Cfai at Kring 116 ?^ 1 ^ 8 fSto. The BoSd believes that Sanged dividend of. 

SSSns-lSL-S no be oui?; — 

Piahtc kcup from Moevenmcl 
Kignts issue irom ivioeveupiu 

M." 'lluir.ta. -f the week if the strike, which SmUTBUE mTC 

The conmanv is a maior mum. »-asn-now teti to Fls.47.7m. r* — 7““ ment funds. eiemroiucs acuviues. xuis in- BY wrcKS 

fa‘ctSe? of StiSS ^ F^-Sul, dne to the deci- 8 wek ago, continues OeveJ is DaTs only foreign ^ n»Ajonp.fftake BY jOHN wicks 

machinery and this sector 51011 toset « large part of its much longer, a company spokes- production plant The company ™ J, 4 ® senu-conductor subsuliary MOEVENPICK Holding, 
registered the biggest sales Mid J 1 ? 11354 Investments against man said. expanded over the Belgian v°*“- ■ catering group, aims to in 

growth last year-followed by work in hand ft,<nn January 1977. The factory at. Oevel in Bel- border in the early 1960s to tap 
the fork-lift trucks division. led to a lower depredation glum makes cabins and axles for the labour market there. 


0 und K group turnover (indud- - 

ing foreign affiliates) rose only 
modestly to just over DM1 Jbn. # 

pe? se Greek ship repairer forced to close 

of. it from abroad. Orders in at at 

of ^? e year were BY OUR OWN CORRKPONDENT 
worth DM770ra. The company 

makes clear that proceeds from NEORION Shipj-ard, the ship ties in Greece ; 
some of the orders gained in the repair yard on the Aegean island full capacity, 
shipbuilding sector will not cover of SynN! controlled by the N J. h »s slack 
costs — a reflection of the bitter , . ' rrn ,,_ months, 

competition from foreign yards. yO ulandn s Group, is closing commenting 
often state subsidised, for slim down because of financial diffi- 0 f tbe ghfp rej 
business. The decision was taken ping source hi 

The company gives no profit at a reeent general assembly of due to the co 
figure yet It simply says it shareholders. crisis, even 1 

should be able to produce a Given the present state of the before are stil 
result going far to satisfy the world economy and its effect on owners of th 

s cuai ™ electronics activities. This in- RY inHN • ZURICH, Man 

" rj-r- nniv forwitm eluded selling the majority stake by john w . . ■ 

plsmt Tim company ™ J, 4 ® semi-conductor subsidiary M OEVENPICK Holding, the Germany, and E^lJ r^e by K4 from the American undo 
over the BelSln P 0 ^®.. • catering group, aims to increase per cent in 1977 to Sw.FrsJSSOm. AmuI Co. 

fop earlv 1960s nitau Sshare 4pitai from Sw Jrs.llm. (Sw.Frs^90m.), with cash-flow Hoffmann-La Roche 

moHret^niew tn Sw.Frs.15 4m via a rights improving by as much as €1.9 expressed its readme: 

market there. IntGrCOIll tSDS i^ue. Terms "would be a onelor- per cent to Sw.Frs.24.4m. acquire the remaining sto 

Ail Id UI1U lap» of bearer shares (Sw.Frs.17An.). The satisfactory stated it would rather no 

Shareholders ^ S iSLl SjfjS? « Good year for BS 

close Tim- w tFssfjrt&sirii s iv Mas ^ ™ „ 

ATHEN'! m h 7 IN ITS second rights issue in just Lme aie. a fuSSr 1,333 bearer fast food concept, accord^ to Eg?, _ S v .|?,™ J uliana I 
ATHENS. March 7. over n monthT Intercom, the shares and 667 registered shares company chairman Ueh Prager. really ® aU ®g® d 
Otiier pia^rifipsHnns largest producer and distributor would be issued without share- 1 f 

suit that shipyards are j® ^JiaSdon^rthe mSiV^iM HoffimaiUl-La Roche institute to a universal 

sk bottom prices, most J* J® J“K. S ^ ^ c °mpany’s staff W0RRING its Aus- working on a national and 

, at JL C ,°^±2 blC ^ ^Proceeds' from the share issue ^^subsjdmir^Roche _Pn, pational scale BS1 expect 

Financial Times Reporter 

chemicals manufacturer Lane, despite 


New powers for Bank of Spain 


MADRID, March 7. 

expectations of its shareholders, shipping the^ ^i^Wrep^^ufred *23EU b?its ijoo woitoT o£ Moevenplcfc Switeeriand, shares of Lane ior ^i.ui eacn SrSigh level 

Deutsche Marathon : JafSitSS ~ . . . c ■".„ S£SRS*vS?m£i 

Petroleum sale EUROBONDS ?S i o™nS y b S.cS1n b ipri! NeW P° wers for BSnli ° 4 ^P 3111 ’sw^S), 10 m 

DEUTSCHE Marathon Petroleum g^i-m 1 I* • . 10. but the maximum price will BY OUR OWN CORRESPONDENT MADRID, March 7. distribution of unchangei 

GMBH, a subsidiary of Marathon flDPllTIP 111 VhlOTCC ItlOl'k'aT be set at BJTsJ^OO per share. . . . dends of SwJTs.eO p« 

OU of the U.S., has sold its 40 Ulldl U UCkUlIC 111 O TfloKj 111 til IvUl New dues will be eligible for THE BANK OF SPAIN was among otiier banks, to come to share and per - partur 

g er cent, interest in Erdoel- dividend from May 1, 187S. and given powers under a new law tb e a 1 ® aiUng banks. The new certificate and Sw.Prs.l 

affinerie Mannheim GMBH to BY MARY CAMPBHi. the offer period runs from May to-day to take over the adminis- JjJ* haj ' toscck ° the resisteret4 share. 

Eitioel-Raffinerie. which owns THE main development in the to conttol inflows, of capital Gundy. It is confirmed that the 36,(S) nw sbarS^b?^ Offered autiiority of the Finance Ministry * nnrrhsise 

and operates a 5.6m. tonne per international bond market yes- The falls m Swiss bond prices issue will consist of three $250m. to company employees. liquidate their assets if neces- to intervene. ASuag pUTt-Hase 

DEUTSCHE Marathro Petroleum 
GMBH, a subsidiary of Marathon 
Oil of the U.S., has sold its 40 

g er cent, interest in Erdoel- 
affinerie Mannheim GMBH to 
WTntershall AG. 

Sharp decline in Swiss market 

the high level of the Swiss 
exchange rate. The bank, 
balance-sheet total expand 
5.S per cent to SvJts 
(Sw.Frs^2^7bn.), . recoin 
distribution of unebanget 
dends of Sw.Frs.60 per 


and operates a 5.6m. tonne per international bond market yes- 

Asuag purchase 

year refinery in Mannheim, was terday was the sharp weakening apparently occurred in thin tranches, one for five years. At the close of last vear, the sary. Tbe law also authorises the SWITZERLAND’S leading 

formed in 1961 as a joint ven- of Swiss franc foreign bonds, trading conditions. Activity in one for 7i years and one for 20 company reported— via the pros- The decree law. approved by central banks to suspend . tem- maker, AUgemeine Sch* 

ture between Wintersball and Conversely, dollar bonds con- the dollar sector was apparently years. The issue is Hkely to be pectus for its bond issue — that the. urgent legislation committee poranly those banks which com- j^che Uhrenindustrie 
Marathon, with Wintersball own- tinned to improve. good by recent standards. filed with the U.S. Securities and the results for 1977 would enable of the Cortes (parliament) last mit irregularities, in matters of (ASUAG), is to take ov< 

bag 60 percent. Swiss franc foreign bond It has now been decided that Exchange Commission either payment of an at least main- night, Is In line with the Govern- tax for example. In the event outstanding 37 per cent. 

Marathon Oil reports that the prices are down perhaps three the lead manager for Canada’s to-day or to-morrow. tained dividend. ment’s declared aim of giving the of this happening the central watch component a 

sale will increase its first-quarter points since last Friday— which S750m. New York issue will be Costa Rica is to launch a * * ★ central bank greater autonomy, bank would nominate delegates Ebauches SA. The deal v 

earnings by about SlOm., or 33c. pats them perhaps six points Morgan Stanley. The other S20m. floating rate note via Banco di Roma, one of Italy’s Tbe Bank of Spain took over to look after the bank under subject of an ASUAG 
a shore. down on the period before the managers will be Salomon Banque Nationals de Paris over main state-controlled commercial the small commercial Banco de inspection, u tney decided to ordinary general m 


Swiss announced their measures Brothers, A. E. Ames and Wood next week-end. 

This annomceimni appaa* as a matter of record only. 

February 1978 

banks, is to increase its capital Navarra in January and since suspend the operations of the Minority shareholders woi 
from L40bn. to LTObtL. through then a “ hospital bank ” has been bank xmder review permanently offered 3* ASUAG shar 
a LlObn. rights issue and a formed, 50 per cent, subscribed - then they would automatically swJFrsJIOO" nominal valut 
L20bu. no consideration issue. by the central bank and the rest become tbe liquidators. for each sw.Fre.50Q Ebr 

— — . — — — ■ . " » share. 

Ebauches is, together 


most important divisio 


exceeded SwJ'rs.lbn. in 

STRAIGHT'S Finance for IfflL 19pc 1SS8 W °» r Reynolds Metals 5pc 188S 7V4. Srt ^ 

linn Aiintnlla Mnn 1000 K flgf PHums ' 1»ue -1887 1M1 im» SandvflC flipc I98S • 1#W 10SJ ber of subsid lanes in S 




Alcan Australia 8*pc 1989 96 

ABIEV Spc 1337 96 

Australia Sine 1992 Mi 

Australian tt. & S. 9*pc V2 981 
Barclays : BanK Mpc 1992. _ 961 

Bows ter 91pc 1992 97 

Can. N. Railway Mpc 19S* 97i 
Credit National 8*pc 1386 971 

Denmark 8!pc 1984 1B0 

ECS Spc 1996 834 

ECS 81 pc 1997 954 

EtB SSpc 1992 971 

EMI Bipc 1999 — 99 

Ericsson 8* pc 1989 954 

964 Flsons 'lffiEpe-1987 1M1 lmi SandvOt «ipc 1983 -.... 1K4 10SJ 

96J IKA UpC 1988 971 994 SpetiT RMKl 41 pc 1987 S3 84 

954 ROWDtree nape 1888 971 984 Saptt* 4*pc 1987 784 7S4 

99 Sears lMpc 1998 — 971 - 994 Texaco 4ipc 1988 754 774 

972 Total 0D 94PC 1384 — _ 974 



W BFCE 5apc 1988 1904 

BITOE Mpc 1388 .... 934 

«t Denmark »pc 1894 1904 

«* EIB 54PC 1990 964 

“2 Enratom 5(pc W87 IDO 

S? Euroflma Kpc 1988 100 

S8£ TOsUba fllpc 19K 1032 104] 

Union Carbide 4tpc 1982 ... 90 92 

Warner Lambert 4lpc 1397 78 SO 

, a <i Warner Lambert 44pc 1988 73 75 

M 1 Xerox 5pc 1988 74- 78 

-mf - Source: Kidtjcr, Peabody SeoxrlOea. 

land and also owns compai 
Germany, France- -and tht 
It Is at presehf the' subjs^ 
large-scale investment and V 
D expenditure in connectia 
ASUAG’s efforts dn .the 
tranic -products market. '' v 

Esso SPC 1986 N tn. 1DU 

Finland Sine 1986 — 

Medium Term Loan 

GL Lakes Paper 82pc 1384 994 

Hamers ley 93 pc 1992 1004 

Hydro-Quebec 9pc 1995 _ 96 

ICT Sine 1987 963 

ISE Canada 93 PC 1S8S 103 

Macmillan Bloedel Bpc 1992 962 

Massey Ferguson 94pc 1991 96 

Mlchelin 93 pc 1968 1014 

Midland Im. Fin. Slpc 1992 974 

National Coal Bd. Spc 1987 944 

Famuriai Slpc 1990 ..._ 
New Zealand Slpc 19M ... 
Norcem 54pc .199 9 ..... 

Norway 4toc 1383 .......... 

Spain Slpc 1384 . — 

Sweden 6pc 1B88 

074 TVO Power Co. Spc 1988 

World Bank Slpc 1990 100 ■ 


^ Ja Panoth*i 


Guaranteed by 

.YatnL Wstmnstr. 9 pc 1988 MI* 1024 iS?L. 0 , ,^ : Sj flS4 7 B “P C 

The Federative Republic of Brazil 

NewlmmaiaiKl 9pc 1389 ... 
Norges Knm. Bb. Spc 1992 

Norptpe BJpc 1989 

Norsk Hydro 8Jpc 1993 - 
OAo 9PC 1988 

Ports Anrnnomra 9pc 1991 884 

Managed by 

Merrill Lynch International Bank Limited 

Prov. Quebec 9 pc 1988 Mi 
Prov. Saskarcb. Slpc 1988 100 
Reed international Spc 1387 89 

RHM 9pc 1993 - - 98 

Selection Tat. Stax 1989... 904 

Stood. Euskllda Ope 1991 984 

SKF Spc 1987 «... Sit 

Sweden fKMom) S4 pc 1987 9SJ 
United BlSctKtS 9w 1389 ... . 9S| 

BFCE 1384 7pc — 

BNP 1383 8 1 16 DC 

CCF 1383 Spc — 

CGMF 1984 7tnc 

Creditanstalt 1384 7lpc _ 
Credit Lyonnais 1982 8pc._ 
UQ Bank 1982 715 w PC L 

1S0( GZB 1381 ?jpc 

Libra Bank Limited 

Video Spc 1357 March 

ImL Wntnmstr. *84 7l9upc 

Lloyds 1883 7toc 

LTCB 1983 Bnc 

Midland 1982 Spc 

Midland 1087 7 Uupc 

OKB 1983 7|pc 

ENCF 1383 Slpc ..... 

Sid. and Chtrd. *84 7U U pc 
Wins, and Clyns *84 SLkpc 

Co-Managed by - 

Banqne Canadienne Nationale (Bahamas) Limited Dow Banking Corporation 

KleinworL Benson limited 


Australia 74 pc 1984 

Beg Canada TJpc 1387 
Br. Colombia Syd. 73 pc ’SS 
Can. Pac. Sine ism — 
Dow Chemical Spc 1988 _. 
ECS 7 } pc 1982 — 

ECS' Sine 1989 

EEC 7 Jpc \m 

EEC fine 1984 - 

Enso C octal t Stoc 1384 _. 

Gotaverken 75 dc 1982 

Kcdtnnu Spc 1983 — ... 

MlcbeJm Sioc 19 S 3 - 

Scarce: white Weld Securities Londna. 

I Montreal Urban Slpc 1981 10Q1 

Provided bj 

New Brunswick 8pC 1664 

New Bnms. Prov. Sipc *33 1004 

Banca March SA 

Bangne NptVM” 10 (Bahamaw) T jmffad 

Tbe Colonial Bank and Trust Oanpany 

Cayman binds Branch 

Dahva Bank Tnot Company 

Dow Banking Corporation 

Kleinwort, Beoson limited 

Libra Bank Limited Merrill Lynch International Bank Limited MMland Bank Trust Corporation (Jetsey)Tifliital 

New Zealand Slpc 1985.. 
Nordic inv. BR. Tipe 1984 
Norsk -Hydro 7jpc 1983 _ 
Norway 7Jpc 1983 
Ontario Hydro Spc 1967 _ 

Singer Sipc 1982 — 

S. Of Scot. Elec. Slpc 1981 
Sweden rK'donn 7*pc 1382 
Swedish State Co. 7jpc TC 

Telmcs Slpc 1«4 

Termeco Tlpc 1987 May ._ 
Volksvaaen tipe 1987 

Tbe Riggs National Bank of Washington DC RqyWest Bankiiig Corporation limited United Virginia Bank 

Affled Brew. lOipc 1394 

ConrtanJds Slpc 1989 

ECS 8tpc 1989 — 


. American Exprett «pe W-’-B 

,2* Ashland Spc 1988 .86 

™ Bibcock & Wilcox Mpc ■*97 82J 
■74 Beatrice Foods +ipc 1999 904 
Beatrice Foods 4|pc 1992 180 

*5 Bwdtazn flipe 1992 924 

Borden Spc 2892 974 

Broadway Hale 4ipc 1987 75* 

*2 Carnation 4pc 1987. 73 

Cherron Spc 1933 ngt 

W! Dart 4tpc 1997 78 

IWi Easanan Kodak 4ipc 1988 77 
1014 Economic Labs. 4}pc 1997 78 

® Flreaona 5oe 1988 79 

18U Ford Spc S88 on 

General Electric. 4}pc 1997" 79 

K, GUlene Mpc 1987 751 

W* Gould 6 dc 1837 KjS 

J? Golf and Western Sue 1888 781 

,*« Harris Spc 1992 ■ m 

jw* Hmerwen toe 18S6 84 

ICI t3 tK 1991 864 

INA 6pC 1997 M 

974 Inches pe Gipc U93 1944 

tOM ITT 44PC »87 754 

9M Jobco 606 WS . 10«a 

»«i Komatsu 7Jpc J899 fm 

J. Ray McDermott 4!pe *87 12s 
Matsushita fiipc 1990 ...» jj> 

9S . Mitral 74 pc 1990 197 

981 j. p. Morgan 44 DO us? ... 93 

994 Nabisco Sioc IflSS - 974 


Our non-stop {limits to Tehran run 
right through the week*. 

Leaving Heathrow at a highly 
convenient 09.55. Arriving in Tehran 
in time for dinner. 

And all with the comfort of a 747. 

For faH details of all our flights 
to Tehran, or. to make reservatioais, 
contact your 
Travel T^ent. 

’’ A . 

W' V !U 

EIB 9lpc 1988 .... — ......... 100 109C Owens nunols 44pc 1987 _ leg 

K® $Hpe 1993 

gaumca for ad. stpc 1987 n 

98# J. C Pe n ne y 4*nc 1987 ... 
9» Rev Ion «pc 1997 

, | ts* 


propose new 


SYDNEY, March- 7. 

profit and 


Better terms for OPEC borrowers 

.gaedto improve theexisting 3Qld •W ,lw * acceptance -conditions SYDNEY*. March 7. 

: . s ; governing company takl ourcI !2® e Gf " tbe c Wdder .had bought, more. WORMALD Internationa], the 

. 1 v. VS. The suggestions followed 22? in £L 1D a tarsfit G0topan I fta P. 5 P« r Mnt - of the capital international security and 
':nttng criticisms of flaws in I ? G ? etai 2 lera,sand WI J5 xn th « .preceding six months, safety equipment group, plans 

■■■■■-.- mcmt •••i&Sta^.SS£g^ r .SL!fi5 «•,!"* JL ?* biMK-dwtdi*.*, « 2& AS** 

- present • leHslatinn «„>» ^ uner were nor it me o dder, despatched an 

'.*Srw£r on * r ' ^en bought oTttie mark™ 
A enahi« imM* the purchafiing of optiori$_-over and subsemienilv withdrew ns 

higher dividend payout follow- 

• ■ A enable unfair treatment *2? subsequently withdrew ns >g a solid. growth In eamhigs 

. ome shareholders. all tiie terma offer. ttie ; bidder would be bound for the December hair year. 

3 C AASE annaum-erf- tact ?*! s - we 5? axed ana t 0 accept all- shares offered up Group sales more than 

' Member that they were work-' tv,?^ t0 M he * ma t - te | L ’«* to. the time that the withdrawal doubled from SA92,4 itl, and 
, on Drann^rt .J h M* oulti . effectively prevent was announced. ■ earnings .jumped 83 per cent. 

, on proposed chances and , X- il - announew. earnings , jurapeu w per cent. 

thev wanted back-uD lerisla ai, i 5e ?S -J^ich . The offer would- also have to from SA3-6 SA6.6m- The 

iVii ttfraJj the State mnmnb «S L V ne * al ,f 11 .<?% be *« on conditions no less favour, dlreriore point out thatthe' 
fe U.matt» cri5cfam 8 SJ^fl» S ‘here was an intention able than applied to any pur- ***** are not strictly com- 

ial and “exeeninp” /vJ?** e t a ra A ro,al ® ffer chase during the preceding three parable because Mather and 

• tTand^ollow^TnUe^ ****.»&* the UJL, .became a 

where control of flouri%ed^ a4S ^ “ tp sland ln market.' for a 5“ b l d,a 5' ^ i annap Y'. 

tuniM . _ _ ~z.' ■ four -.vppb wrind amt rmn>hasb 19<». However. the directors 

. by FRANCIS . GHILjES.. . 

THREE borrowers from OPEC, 
the Organisation of Petroleum 
Exporting Countries, have either 
completed or are in the process 
I of completing loans on much 
j better terms than they could 
, previously expect to get in the 
' market. - : •• 

I The fndonestnn state airline, 
fiaruda is - raising 8112.5m. for 
j S4 ypars on a spread nf 1 per 
| cenl. throughout. This loan 
| carries no guarantee. Lead 
manager is Chase Manhattan 
: Asia. 

i These 1 • terms arr markedly 

"better than thnso obtained hy.ihe 
state of Indonesia on the two 
tranche S575m. loan recently 
signed. Of this tout, 8500m. was 
arranged by a group of hanks led 
by Morgan Guaranty Trust and 
the remaining ST5m. by a.nroup 
of Japanese banks led by the 
Bank of Tokyo. On both tranches 
rtf this loan," which carries -a 
sovereign guarantee. the 
borrower is paying a spread of 
12 per cent, for seven years. 

" Two Gulf borrowers ‘am 
raising money on much finer 
terms than they were able to get 
a few months ago. On the eight- 
year SlflOm loan for which it 

has ju?i awarded Ahu Dhabi 
•investment Company and tile 
National Bank of Abu Dbabi a 
join! mandate, the Emirates 
Telecommunications Corporation 
lEmrrtel) is paying \ per cent, 
for the first two yean, rising t'o 
:■ per cent, for the remainder. 

Apart* Iroirr .better- terms, this 
new loan carries no. guarantee, 
whereas the loan contracted 
last year wa> guaranteed by Abu 
Dhabi .Investment Company. 

Qatari* currently negotiating 
for a loan understood to amount 
to S130h». for ten years on a 
spread of \md<*T \ per cent.- Last 
year. "Qatar hnrrnwerj S3 50 m. for 

seven years on a spread rtf-X 
per cent. % . 

Meanwhile, the United Arab 
Shipping Company is nrcatiatifig 
for its first ever loan: Slflflm. "fbr 
eight years on a spread a Ian ex- 
pected to bp below t per cent.. 

The SSOQin. loan for the 
Foreign Trade Rank of the 
USSR. VneshlnrEliunk. ha> been 

increased Lev $4Qum. with terms 
(n spread of J per cent, .'for 
seven >ear> with a iwo-yeyr erhee 
period) otherwise unchanged. 
Join! IpaH managers *re I.iqyds 
Rank inirrnatmnal and Deuustia 
Rank. -■■■ 

• Pf forward- by AcSoW^eement of rs'^telS- l2- - to >W 7“ i^rito^ es ^ h? coi° 

AASE. borrow from both -the utantiaJ shareholding would: have J e J d ^d no bid wa^ ^niade. the. mdv on prates. 

. - ion City Code Md the rules to be made to the company and holder- prohibited from ^ he eon^Udaiioo of Mather 
JWg in the UA: if adopted the stock exchange hy.10 sjtl obtain in? -any more. shares.- for-,. #nd Wormald 

'•-will substantially curtail the following- day which would tbe ne:c1 six months.- Over the international is proceeding 

ability of iq tending bidders also apply when shares .were D e * r S1 * oion tbs .only, a further satlsfactorilv and according to' 

• build 1 up large advance boueht which lifted tbr stake to cent." could be -purchased. p j 8ngL <n, e ' pxnansion of the 

' -teglc stakes ip a targetcom- 15. 20. 26 and 30 per cent Then a further six months period -eomoanv’s activities. nar- 
y. They will also prohibit A person or company would of grace wnutd apply before the - ticolarlv in the Middle ^*i 

- Ration clausfe* 1 uflder be prohibited from- obtain ins cycle could he repeated; This and Enrobe had been nf par- 

. :h sales are made on the con- more than 30 per cent.-of a listed would effectively Hrait the in- tlcular noie The directors 
.sn-that the. seller will receive company unless » iakeqyer.offer crease- in such shareholdings to experied ibai the eaming rate 
higher prices which may was made to purchase .the same 5 per cent, a year. of the company, which came 

. ... . out ai 49 cents a share per 

i " --w * » ' TM JW a' annum in the latest six months 

strong adyance at Blue Metals 3^rEL£°%~2i 

' :>Y OUR OWN CORRESPONDENT ; [ SYDSUS.Y. M.rph 7. ^ ; 2??S JT5 -.’^SSwSl 

■ _ , - " • ■ ' '■ - ' . ... ;'•■ 1 In the budding industry. The 

- IE METAL Industries,-.. the tmprorved productivity.- resulting succcsnfuHv - contained -t" levels -order Intake however eon- 
. -or buildhig prodneta group, from recently planned approximating, those of the pre- .tinued to b«- saHsfaetory. The. 

Dividendno .116 ontheDeferred Shares 


SYDNEY. March 7. 

The following; $re unaudited abridged versions nf the consolidated financial statements fur the vnsr ended 31st December 1977. together 
with comparative figures for the year ended 3 Ul -December 1B76, which should be read in. can junction with the subjoined note. " 

Consolidated income statement Consolidated. balance sheet 

amber half year, easily out- all" contributed to the improve- relaled companies had shown 

a share* which will- b"c paid 
on capital increased, by the 

- rim dividend is raised from ip New Smith Wales, the eenlri-. income, increased^ by .26.7 per 
..cents to 3.7S cents a share, button from group operations cent., reflecting .a higher plateau 

..cents to 3.7a cents a share. outLon tram group operations cent., reflecting .a higher plateau 
- : year the group paid a final rose by 47 per cent. " . of construction -activity through- - ■ 

1.5 cents. The directors added that ovei^ out Australia "during the six r — 

'be directors said that heads and imprest, costsuwerfc months.. - • • [. 

paid last" year. on. .pre4s$ne 
capital.^ . . ."I , 

ill n “xT" • V^W - '- j' "‘l- • l >’ • . j. South African 'Marttre^Corpora- 

Jder Smith Qantas back in profit *.r^%rr ~ 

ittle changed CANBERRA,-. March 7. . Sonfh°AMra and^v'erilish 

" ADELAIDE. Mari* ^ THE siaieowned Australian : a^- " report that the xeturn to profit'- 
IPW Cml.h fftirf -hmiitth Mn* ^" e - tjanfas" "Airii-ays. reported. a ability was. assisted by higher » dftcI 5* m p T 

- SmiU»Ciold>bnmgh Mort n6t ■ pra jj t 0 f SAlff.Stth, revenue, cost reductions, and the . ,ax for f *!* m " T ? ,hs 

wool-broking and. pastoral (guJS.Il.6Sm. I in. ibe :yed r. economies brought about by the ® l2ra " 

pany, reports unaudited con- ended March 37.1977, against replacement of Boeing 707 arr- Klo-ffta. a year 

iated operating profit, of a SA7Jlm. loss in the previous craft with the larger and more JJJJJ ^;SS«i [ 52S ir “" - 

L47m. fSUS5.09nU for -the *** " - '• - 7476 i uwM & j£Z o? 7Sn!?«’£S£ 

p -.vear eiided December 31. (sU^«363mffrom SA47158^' : ' 5 b0W ® V J r, . thal reVfi? !f i* deferred, earning per share 
t'Lf??-* 3 ?- inCOme ^ are dowo from 31 cents to 

n.36m. (SA725lm.). -- carried tolaljefi I.SBui. against sfcriousiy eroded towards-, the . 23 cents. - 

te profit. is Mriirt : tftor twt «j»i ; a,“w Wgfii'K.'efSLIT^ -"iftfU' •%•':.• Jt. • • 

i A4S40... -vc a o ium i - ^ The revemie load. laotor rose counting again 'spread- -through’ Dim nn A L.II 

CANBERRA. March 7. . 

SAF Marine setback 

South African • Mart w e ~ C orpo ra- 
tion (SAF Marine) which is 
con trolied by the industrial 
Development Corporation or 
Sontb Africa and by British 
and Comma a wealth Shipping, 

Diamond 'account 

Interest, and. dividend income w— 

Other j revenue ■ 

■Surplus on realisation of fixed .assets 

-l}ed uct: r yw. • •" ‘ 

'Prospecting, and research 

General charges- 7,. 

iTrterest-.payioie ... \ 

Amount/r - : »tTi(ten off irn’estnients less! 
surplus on realisation of in vestments- 


• 1977 

75! 135 
22 470 
• • 67 

451 543 
• 13503 

est ofbAi.sum. csAio.iam.i The airlini said -in its Vmni,A Renter - 

provisions for doubtful debts • ” v a abouf 

' fli.clu.tion* i. feratawn./ - - •SS^-*SSlS B -1SfiS 

\229 tfsA3.75m.>. hut before T)np]jnA AAnfmnhc of Ahin.-Ti'lirkr •- Treih WJOAd. '.'tib .WkOm. 1 
tor dinary profit of $*14,000 l^n. F lUlg , (SU^ , James /..Forth 

:4S.OOO) and minorities of BY -DANIEL -NELSON HONG.KQNG.-.Marcb 7. writer rrora Aj^ncy, ; The 

• 54000 (SAmOOOl. T „ ■ " - - directors- «ud rhat.'harf: the 

, ",.| j*. j , - V - NAN FUNG TEXTILES . Cnn- dr varn-approxiTOating..ia-.cos.i;.. vj, .po>er Mtrike. not oemried the 
xe interim aiviaena is -un- solidated- 'cpntintied; jTn profits .".Coiipof prrees Tell shirplj tiii r- ; result would have been ■ -very 1 
ged at- 4. cents, payable on decline ‘with a"".CQnSQlidated^nei ihg- the first half of "the current'] dose to 5A10m.. The setback. 
S to shareholders registered profit of HT^S2.08m; for the sul financlaT year and -fhe" stock -of] cUme despite a 3.4 perccni. iii- 
larch 31." months to September 30. .down, cotton and -finished. products had. " .crease in sales, from'.$.-\2g0ni. 

Group profit before lax SiHS 'lOf 


Taxation " and G-ncm merit's share *»f 
. .profits /under mining leases 234 SIR 

Group profil.aftrr lax ....u. 633 4»9 


Outside interests in^suhsidiary 'companies .30.174 

Group profft". '.after, tax atrriliutable tu 
De ^rs;.€6risoli«#ted Mines UraUed .623315 

Appropriation*: " -. : " 

.942 771. 5 a* 997 

25R54 ! -20262 1 

J8 879 L ‘ " 172W f 

. 3 618 ; l/\-.. 4 755; '. 

• ’ - 1 ,- • ■* ;- 

J_6jn3-| 4 -(3-H&H 
54 664 -1 39 0S1 

8'JH5"107 519916 

234 SIR " lS'2ft\5 ■ 
633 489 3117 001 

• . - - . n imu 

" Issued share capital: 

Tre f ereuce aha res : 3 97R 

Second preference shares 2X67 

Deferred shares 17 9S9 

• l • - . 24 K« 

Non-dtslnhutable. reserves . „ r 176 47X 

Distributable, reserves i 1233 039 

; • " 1434 351 

Lc-ts:- Excess nt cost, of shares in suhsidiarv 
cnmpahles 1 over hnnk value i>f net assets 
ai dates of acquisition 27 572 

Lons-tenrt liabUities ■ 

Current liabilities 

• Fixed assets: 

Claims, mininc imerefcls and prnpetiv 
Plant, permanent works and huildinq's 
unlisted trade investments 

-r Stores and materials ] 

. Diauiontb. on hand : 

!■> AOS.0I6 - Listed inves:raenis 

• . (Market value R 612 446 000 
^ .,v_ .1976 R341* 308 000) ■ ' 

Decline continues at Nan Fung - 

«Y -DANIEL NELSON .- - HONG. KONG,-. March 7. 

■; ■ -w .1976 R342 308 000)- 

Transfers' 'to reserves 311 635 J 163S23 I Unlisted investments 

Preference dividends ■..■“.7TT ."'..r.— 7TT” 1*821* 1 T " TS2rT "^reemr** valuation R 177 094 000 

npFpppp/1 C rontt no r- * . » iflifii ft 1 OTK) l 

Deferred dividends— 52.5 cents per share 
(1976: 35 cents) : 

Earnings per equity share 173.7 cents 83.2 cents 

;N"w«. : ■ j • -. -. • . - 1 . -• ■. ■ ■ 

As iifentibned in the interim -report,- as a . result of a Further rc- 
.arran'gem'ehi of shareholdings m the .diamond trading contpanies, : 
;the_ Gi Dup di»pose4--0f three per -cent -of- the share capital of ■ 
Tbc Diamond Purchasing and Trading. Gompanj-- tPropnerarv') : 
Elipited.f“ Purtra ”1. which consequently ceased, to be-a suhsidiar>' ' 
company". The fesnl ts for - the .vea r - a re. therefore not directly 
compirrahlc with" lf(76 because Purtra’s results have noj. h#>rn - 
consolidated, and only dividends received from that company -are 
ipcJuded;. ... 

Directorate 7 

Mr. N. F. Oppenheimer was appointed a director of the . 
Company" on 7th March 1978. 

JDeeTaration of divfdend No. 116 on the deferred shares 

Dividend No US of 35 cenls per share (1976 - 22.5 cenlsjOetus 
the final dividend for the year ended 31st December 1977; has ' 
hern declared p-iyahle tn the holders of deferred shares registered 
m the books of lh*» Company a: the close of business on 23rd March 
J 978; and to persons presenting coupon No. 60 detached from’.' 
deferred sharp warrants tn hearer. This dividend, together with> 
the interim dividend of 17.5 cents per share declared nn 23fft' 
August 19n. makes a total or 52.5 cents per share for the year;-.-- 
(1976: 35 cenish A notice regarding payment of dividends : W 
coupon No. bO detaehea share warrants to hearer, will be 
I published in the press by the London Secretaries of the Company . 
!nn."or about I'^th March. 1 97?-. 

.The deferred thare transfer registers and registers of member^ 
["will be closed frorti 24th March "T97S" to Tth'.April 197S. both days 
rmciusive, and wacrants wiif- be- posted -from the- Johannesburg 

IRS 869 | 
51)2 345~ 
J2D 970 

125 926 
291 570 

^vut waut talned st 12 teats. 

eciatioD^llpwing total profit fell This 'Stocky still being' usetL. ■. last December when plans'were- 

'and a subsiantSjjTSwer. HKSP.04m. lo HKS3i27m. after- a ; - _V ' " * . ’ ; * * . . * . . ' . announced Tor a SA23m. return’, 

ne of w'ool availableTor^ale, secouckhalf tfrbp to HK57.80m. $311, MlgUfil Bfewpiy . of rapitaL . 

rselv affected profit- . -The company- forecasts that Arnr/ - j 

lh nmflt heiMfltMl the rest of the year" will be better **VVQ DS^ -land SCTJp . AdplaiHp SfPnmtihin • 

[ -£* than the. first half; because -of HELPED _BY" last year’s excep* A ?® ,a,ae MeamSIlip 

“5 w sne ? p lower raw material costs, but tio nail y "boL- dry summer San. Adelaide .Steamship, one. or fhe . 
Jw higher real estate-.a*enc/- fin< j a -ft” difficult to, predict Miguel' BreWtry increased", its"] ptosr aggressive corporate take- 
merchandising revenue, juid w -h e ther -the industry's -future profit fiy 40 per .cent. to4 ® < ’ er specialists. In Australia, I 
oveil international trading 0Bt i 0D k « optimistic. . . HKS3S£3ra.-,tUSS7.6m.'). . A one- boosted earoings 60 per. cents ! 

tt- - . The statement said that the for-one scrip" Issue, and 'a! from. SA1.74m. to SA2Jhn. 

Jers said that the very"' dry “drastic decrease*' in the first quarterly- dividend. a flnaf divi-'- (tLSfi3Jni.i In the December 
her over much of Southern half profit is. as forecast, in the dend and a cash bonus each of | hai.f year^ writes James Forih 
ml ia, a lower volume of ^ol last annual report. The group's 20 cents, ^have.- been- announced, • frOm.Sydney. Excluding profits 
ale. plus further salary and spinning mills did not resume writes -Daniel -Nelson. ; from the sale of assets, the 

- increases -adding to costs, full production until September- Tbe -bonus Will cost HKS26.53rb. , operating result rose 19 per 
continue to affect profit- 3977. From mid-October, profit and the total. distribution will be i rent. The Interim dividend is 
*y "adversely in -the second margins -from- production im- 90 cents.; A 32. per cent, increase! raised Iroro 3^ cents a- share 
••••-■•. proved hut . declined again in after adpistaiem for the previous i to -4fi cents;: . 
o.r January, with the selling price bonus issue. I! - Adelaide Steamship: has 

r .t mode seven- -takeorer bids In 

*;? • the past two years.- The' latest 

. 7- . * ■ wasforhhpt»r1er.aptf.merclituti'. 

' “ J - C-- w - Lemon, which is how 97- 

4? £%¥ iiSli' : P* r rent, owned and expected • 
w L t «^- a worthwhile enn- 

. . . trihurton to the. full year'* 

ifrantheJopanetheriands. ^ ft|n 

. 1 ■ • - • General Tire, wboSe main ' 

shareholders are the L . t ? .S^ 
group or the same name an<T 
' tire local company Mllttams ; 
Bant has" reported a" rise m ■ 

: P r< ^ ta * profils.-: to. .Rfifini, 

> fSlLlm.L- from R7jm., Writes 
- Richard Rolfe .from Johannes: 
burg. Turnover rose .from 
,, - W3m. to R50m. <557ln4.. With 

■ (be 'tax rate, little changed,. 

. "- earnings per share rose from 

• 366c to 212c.. The conserva- - 
■five dividend' policy which 
characterises the group ' has' 

■* . ' heen .eootinned, the total- pay- 
. .. inent for the year being up 

■ from 30c 10 35c,. 

Aberdare Gables down 

Like other cable' companies 
' ” operating In Sonth Africa, 
Aherdarc Cables, owned 67 per 

: cent by! NKF Groep "and 

r . eurocurrency finance 1 iSIwsjs- 

f radef mance ,, • : ss 

* ,s I #«r>r ? ■ from R8fim.. to ..R4.7xn. 

' T6|l K 1 lOanS CS&Am.). viTites Richard Rolfe' 

v . ... * .... . from Johannesburg. Aberilare’s ■ 

/ “J— -earhingsashare feDfrom- fi^c'- 

' - — » ^ '. C. ; tn- 1976 10 36c iaist.. year, T>ul 

1 unaerwrmna v. : * ■ ■the dhid«id washeid ^tzoc. 

' • r'-'f " New S. Korean bank j 


A whoHv owned siibsidia'iy ■ ' The Tdkai Bank Ltd. hsad-Office; „ ' The Saadi Arabian company, 

mhvo Tni»i Rank Ltd “Ja&fttt Naoova. Japan. -.■ s .-. .Triad Holding ..Corporation. 

- Wm SSreeas offices; London, F«nkfurt: Paris, ; -headed by Adnah Xbashoggi,. 

({ AmstB^VHoiland New York. Los Angefes. Saofaolo.'Mevicti Crty,.;. ;owifii 30 Per rant, of fte^hat^ 

II phonsoao/isssaSwsos ^ . <S^SSfS£8yg|2g-' 

% " • - • " ‘ ~ - ' ‘ Korea, 

against profits for the half-year, confirming the. indication given" 

“ - a nd 7 subsiantialiylbwfef. HK332^7m. after- a : .. V"' 

• ne of wool availableTor aale, secbuiWiaif drop- to HK37.80m. San. MlgUfil Btewpiy . 
rselv affected profit- ‘ . -The company - forecasts that Ann/- y_ j- - ■ ■ . 

Ih nmflt hemiflTMl ^ re - >i,: of the year wUl be better **VVv -find SCTlp . 

. ‘Weyr. the profif oet^flteo tji ao the; first half; because -of HELPED _BY" last year’s excep- 


'iiL-.^: -'. 5 *. 

i ^ -i V. r 

z K .-3. “A 

*".t j-'.j 

I mi 

" , SL. 

t & 




R'lMfl'* ; 

3 9TR 
17 9X9 

97S- -■ 
17 9S9 

• 34 834 
176 47X 

1 2.>3 039 ' 

24 83-5. 

922 949^ 

1 454 351 

2 121 667 : 

. y. 

27 572 


1 42b* 779 
- 72 070 
4« KXH 
527 099 

1 092 734 
107 300 •" 
41 443 
346 9Si : ; 

2 066 834 

1 5SS4o^. 

72 2115 
42 127 
56 195 

>- ' 

60 325 ; 
35 241' 
38 258 

170 527 

133 82*:. 

26 XXX 
220 743 
395 439 

22 723 
267 088;; 

77 540 

. I'*" 

116 993. 

72 423 

73 915 
6X3 147 
346 15X 

77 84R*: 
219 64*2; 

2 066 X34 


1976; tt 153 21X000) . 

Lnng-icrm loans . 7-» 41 ■; 

Loan poruon of tax jij 

SJ2* 1 . • ; . — 683 147 

Other current assets; ; ; igg 

'Diamond Market.. " 

The .deuund- for rough diamonds is at an exceptinnallv lugh 'level- 
mil nevertheless ihere are oapneta of the markei .situation which 
«t' c cause for concern. Consumer demand continues to be 
addition tlierp lias developed in recent months 
a high level nf speculative iradina which has earned the price 
■ fffi 1 ®? 1 dmntondjj in the open market to levels which are HOT 
justified in relation lo prices al consumer level. Stocks .at 
tnitated prices have accumulated in the cutting centres and are 
largely financed, by hank credit which is now at a levnl substanr 
natty higher than that .needed lo financp the normal workina of 
the industrj*. • The market should ou alert to the dangers inherent 
in this situation. 

and United Kingdom transfer offices nn or about 27:h April 1979 
Kepisterert «hi'Phr»lder* paid from the United Kingdom Hfjii 
■ *■’ * p ** iVe: ttW ■United "Kingdom currenc>- equivalent on iSth Apnl 
lfl«s ni the rand value r f their dividends iless appropriate taxes). 
Any such shareholders mav. however, elect to he paid in Sn u^h 

- African currenev. provined that tho request is received at the 

pom pony's transfer ofFees in Jnliannesburg or the Unitjjd 
'Kinadnm on **r before 23rd March I97S. \'Z 

- Th.p effective rat* of pan-resioent shareholders" tax is 15 per rajah. 
■/The dividend is payable snbjec m conditions which can hp ,-fii- 
•."^^cred a! the hrad off-m an-r T,noHon nfiice of the rompany ajih 
' ilsco at the Company's transfer offices in Johannesburg and the 

United Kingdom. ; i 

. .... ... . For and nn hehalf of the Bo^rd 


"7th March 1978 * X WILSON » Director* 

■nm 1 

L'nc/it diamond on -packet K 

■.■■■w i uimiiui *" f*": TT IW j T 

m*n*ff ?J*. ■ «#■ V" ■ ■ 

euro currency finance 
fradefinance : 

term loans 
■ • + 
underwriting / / 

'—.VV .- C-. ' ' s J f 

JrW®.. ...... v 

' vS - .; 

rojj-.'i; y. . ■ 


^i.C. -Andd Aincnw'C^iotahon cifSciaK Afiica hloSwin'l^adict;'!- LX;i P fAJ . - 

'./ : -; .“AV i'/.-C/:’-- . / *.» i -;*--'" j ^ jroin 9 idro‘^pGp^adEfe&^' " ' .v-/. 

: , > . " "" y:\v/ . .... .. . 

:• A whtrfly owned subsidiary 

c* me Totei Bank Ltd.. Japm 
- Office; Ksirarsgracbt 431 
a\ Arnstertiarn/Holland 

0 0 phone: 020/23 96 25 - telex T2806 

•r+i* — r - 

The Tdkai Bank Ltd. head-office; 

Nagoya. Japan. • 

Overseas offices: London, Frankfurt. Pans, 

New York- Los Angeles; Sao r Paolo.‘Me*)co Crty l V . 
Svdney.Hongkcwig, ^tarta,;Singyapore, Ifenei^a. 

AN - - 

A cars recovery 




1977 ' 1976 

CAR manu fart it rent thmushnut 
the world had a very good year 
in 19n. This is the message to 
he gleaned from the registration 
figures which arc now cominz 
through frnm the major 
markets. Sales reached record 
'levels in West Germany and 
France, were only 150.00ft short 
of the U.S. record of 1873. and 
are now back to the levels beins 
achieved in the early I97fts. in 

Total world registration 
figures for last year are not yet 
available, but it is clear that 
production also returned to the 
growth trend whtrh was 
interrupted so dramatically four 
years ago by the nil crisis. Total 
motor vehicle output, including, 
both cars and commercial 
vehicles, rose to 41m. units m 
1977. This compares with 29m. 
in 1970. and corresponds to an 
average growth rate of 4.9 per 
cent, in the last seven years, 
against 8.6 per cent, during the 

The biggest expansion in 
vehicle production in this 
seven-year period has been 
achieved by Japan, which has 
increased output by 60 per cent., 
(from 5.3m. to S.5m.i followed 
by North America, where it has 
gone up by 50 per rent, ffrotn 
P.5ra. to 14.5m.) and the Eastern 
bloc. where it is up by 1 14 per 
cent, ffrnm 1.4m. to 3.0m. ». 

The large Japanese growth has 
been chiefly directed at ihe 
North American market. But 
Japanese cars are also making 
inroads into Western 'Enropp. 
where they rnsp by almost 
another 1 per cent, last year to 
6.5 per rent. 

Tile Western Europe figures 
show hnw most of the indigenous 
manufacturing groups rely, 
heavily on their hnme market. 
This is particularly true of Fiat., 
Volkswagen, Renault and British 

‘in the other nani. all of 
these groups, exrept British 
Leyland, have been ahle to 
attain significant sales, in then- 
competitors' home markets. This 
is where British Leyl.uul is so 
patently weak The 'company's 
position in the U.K.. while much 
worse to-day tnap'it was a few 
years ago. is srill respectable 
judged on a general European 
basis. But It simply cii*o« not 
have sufficient overseas sales to 
cushion its decline in Britain. 

Ford, with its dual manufac- 
turing base in the l r K. and 
Germany, has prohahiv managed 
this spread of ac»ivii; the most 
effectively of all European 

But other European manu- 
facturers are also following the 
same course of trying to expand 
their sales in the rest ot the 
Community: Fiat, for example, 
recently announced a target 
market share within the EEC 
outside Italy of 6 per cent. 

Sales this year, according In 
forecasts made at the Geneva 
Motor Show last week, should 
he ahnut the same or slightly 
more than in 1B7S. They are 
expected to slacken off m both 
Western Germany and France, 
hut elsewhere should he firm, 
and luxury manufacturers like 
BMW and Merceries expert their 
resources to be stretched to the ' 





Volkswagen /Audi 
















‘ 220.485 














Total domestic 

























Other imports 


7.4 • 



Total imported 





Total domestic 


and imported 











General Motors 















American Motors 





Total domestic 








Units . % 

Toyo Kogyo 

Fuji Heavy Jnd, 










Total domestic 

Volkswagen /Audi 

Chevrolet (CM) 
Other im ports 
Total import s 
Total domestic 
and imported 

2.4 59*71 

'. 6.012 




Units % 

: 898,658 36J 

741.644 30.2 

784375 73 

16X213 63 

166,960 6.8 

104.629 43 

67334 18 

51,496 2.1 

29.19 6 • 7 3 

15.440 0.6 

6.065 03 

5,312 0.2 

2,730 0.1 

11.67 7 0.6 

41.224 1J 





Ot her imp o rts 
T otal imports 
Total domestic 
and imported 







T 300.130 

11303 .96 7 100 JO 



.10,106,703 100-0 


British Leyland 


C hrysier 

tota l domestic 



Other imports 

Total imports 
Total domestic 
and Imported 

2300,632 100.0 



Units % 

340319 25.7 

322,067 243 

120.600 9.1 

79,730 6.0 

722, 947 54.6 

82.133 6.2 

66,015 5.0 

55.862 4.2 

2.449.429 100,0 



324,659 253 

350.60 9 263 
*600377 45.4" 

352.679 27.4 

114,494 8,9 

82.905 6.5 

_797,683 62.1 

68353 5.4 

48395 33 

43.897 3.4 

26930 0 2 1 J 

*487,900 38 J) 

1323324 100.0 


1,285383 10Q.0 















" 33j6 





Fiat group 










Alfa Romeo 















Total domestic 





Total domestic 



































General Motors 










Other imports 

157,954 - 




Other imports 





Total imports 





Total imports 







100 J) 



Total ■ ' 




100 Jo 



When Viking ian.ted on Mars 
obeyed commands received 
with the help ot an NEC 
device . So today we know 
much more about that 
mysterious planet Not quite 
so romantic yet also of great 

tance has 

NEC's major 

contributions to scientific satellites 
expanding the boundaries of man's 

But finding out is only the first step. Sending out is 
given equal priority by NEC. Satellites in the INTELSAT 
IV- A series, for example, use NEC- made transponders. 
These transponders are critical for transmission and 
reception in global satellite communications. 

Getting down to earth, NEC has helped build more earth stations than anyone else. That's not 
surprising because NEC is one of the very few with wide-ranging integration of electronics, 
i. \ * : n : r i u n i ca t i o ms a n d co n i p u t e rs . 

You might rightly consider such achievements impn. ssivo. But NEC's dedicated 60,000 
►employees aren't proud of merely technological feats. They're dedicated to discovering what's new 

and making knowledge available to everyone who wants to know. So the 
ascending spiral of new discoveries for mankind will continue endlessly. 


Spreading the word to the world. 

Nippon Electric Co Ltii 

Main Fields: , olecorwn 

Financial Times Wednesday March S 1971 

[Banking figures 


table 9 tn Bank of England Quarterly Bulletin) 


1 - Banks Feb. is, Ch. 



| Eligible liabilities 
U.K. banks 

London clearing banks - 

Scottish clearing banks -W«J6 

Northern Ireland banks 

Accepting houses 

Other 5 !* b I‘ _ 

Overseas hanks t 

American banks r-? 

Japanese banks 

OlriPr overseas banks 2.6X9 

Consoribim hanks 210 

Total eligible liabilities* 42324 

Reserve assets 
U.K. banks 

London clearing hanks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 


Overseas hanks 

American banks ... 

Japanese banks 

Other overseas banks .. 
Consortium banks 

Total reserve assets 

Constitution or total reserve assets 

Balances with Bank of England 

Money at rail: 

Pisrount market 


Ta\ reserve rertifieatps : 

U K . Northern Ireland Treasury Bills ... 
Olher hills - 

Local authority 


British Government storks with one year 

or less in final maturity 

Other - 

Total reserve assets 

Batins % 

ILK- hanks 

London clearing hanks 

Scottish clearing banks 

Northern Ireland banks 

Aereptlna houses 


Overseas hanks 

American hanks 

Japanese hanks 

Other overseas hanks 

Consortium banks 

Combined ratio 

J n.B — Government stock holdings with more 
than one year hut less than IS months to 
final maturity amounted tn 

2— Finance houses 

Eligible liabilities. 

Reserve assets 

Ratio ( ) 

Sport a 1 deposit' at February 15 were £1.21 9m. (up £25r 
hank' and flflm. {unchanged) for finance houses. *lu 
hearing eligible liabilities were £2S.617m. fup £675m.). 


No2.Big Game Hunting 

In life’s jungle, beastly luck follows many 
a long shot ... but you can always play itsafe 
where your money is concerned. 

In Northern Rock it earns good interest 
■with security— and is always there when you 
need il. 

We haw schemes for small savers as 
w?Q as For big investors. Northern Flock is 
everybody's Building Society. 

siATE of s 

^ 000.000 M 

Save safe with 


Authorized for Investment by Trustees 
A member of the Building Societies Association 
Assets exceed £400 million. 

HE A Coiwfcrymde Building Society 

Qncf Office. Northern Rock House. P.Q Bn\ Na 3. Gos forth, 
NewcaHlIe upon Tyne NE3 4 FT. Telephone 0832 BS7IBt 
London Regional Office: 17 Conduit Street. London. WlR OBX, 
_ . Telephone 01 490 33M. 

Scottish Office: 27 Cnsfie Street. Edinburgh. EH2 3 DM. 
Telephone 03 1 328 3401. 


This Advertisement is issued in compliance with the 
requirements of the Council of The Stock Exchange. 



Placing of £500,000 

11 pop coni Redeemable Debenture Stock, 1986 
al £98 per cent 

Application has boon made to the Council of The Stoc 
Exchange for the above Slock to be admitted to the Offlcle 
List. The Stock will rank for interest part passu with th 
existing Debenture Stocks of the Company. 

Particulars of the Stock have been circulated in the Exte 
Statistical Services Ltd., and copies may be obtained durin* 
usual business hours on any weekday (Saturdays excepted 
from and Including 8th March, 1878, from:— 

Seymour, Pierce & Co., 

10 Old Jewry, 

London EC2R SEA 

'fiiir-vi. , 


Financial Tiines Wednesday March 8 1978 

* V'\.i i 

■' k »n 

ondon Clearing Banks’ balances 

at February 15, 1978 



*'• k 



*TABLE&, below provide the fin* 
bly Indication of the trends of bank 
ns and posits, ahead of the more 
irehensive-',' banking and money 
ly figures published later by the 
. or England. Tables i, 2 and 3 
prepared; .fty the London clearing 
s. Tables 'Jr and 2 cover the business 

■V.'thWr offices and their gnltfdjaries 
(excluding Scottish and Northern Ir eland 
banks) m England and Wales, the 
Channel Islands and the Isle of - Man 
which are listed by the Bank of ifcnftBwd 
as falling within the banking sector. 
Table 3 covers s flie parent banks only. 
In this,, it js comparable with the figures 

produced by the Bank of England, which 
show the reserve positions of all the 
banking sectors subject to credit control 
Minor differences here arise from the 
exclusion from the Hearing-bank figures 
of Contts. a subsidiary of National 
Westminster but a clearing bank in its 
own right . ' 

. Jv 1. 


fLITlES ; 
tag deposits: 

£- banking, sector 

i. private sector 1 

t- public sector 

■crscas residents 

itificales of . deposit 



i f which: Sight 

Time fine. CD's) 

! !ffn currency deposits: 

^ - banhid^-scctor 

■ ter UJv. residents 

srseas residents 

tificates of deposit 


- -. 



+ 80 




- 93 


- 56 


34524 ^ 

.+ 1 

.. 968- 
■ 1.0S7 

‘ deposits 



i*. rrs . 

W , 

n sh and balances with Bank 

»f England. ......... f.i. . .. 

~ trket loans: 

77* Xscoimt market 


— . Scrtifi eaten of deposit 

.-ocal authorities 

Ither ........ 

. 962 
. 522 









dims* •»- 


- 18 


- 97 
+ 27 

- 20 

-.+ 36 
- 4* 


+ '4 

.+ u 



Qiuk i 


Other bl 


s ...... 

Special - deposits with Bank of 



British Govern idem stocks ... 
.Other ■ 


VJL private' sector ....'. 

ILK. public.' sector 

Overseas residents 

Other sterling assets* 

Foreign currencies 
Market loans: 

UJv. banks and discount 



£m. - 



1 077 

- 29 

I.V. m 





- 10 
+ .10 






+ 2d4 
+ 32 
+ 13* 

market ; 

Certificates of deposit - 





+ J*. 
- 28 
+ 93 


' 47 


. 1A88 

+ 14 

U.K. pnbJJe sector 

Overseas residents 

“ 16 
+ 42 

Other foreign currency assets* 







+ » 

- 1 



+ IOO 
- 3 

+ 18 
+ 7 . 


+ 2 

*fpeludeo items in suspense end in transit. 


BIlinES • r: 

” to! deposits 


i<h and balances with Bank of 


. iarket loans: •" 

UJv. banks' and discount market 

* V i 

icclal deports with Bank of 

England '* 

■Wish Government stocks 

ivances ’• . a :. .. . ; .\. . . -. r._.. i.f.Ji 


Chaasi _■ Omk 

Datstawtlaa on QatatandiRt m. -. 
. 'month , ntMBfh 

£m. - . fm. ■ -■ 2m- • fre. 
50414 -114 13472 ' “ 99 



damuadhta an 


m Oumtaadhm an Omsuailiaa m 

‘ LOW + * 

332 • » 

£m. fm. 
9466 -119 

199 + 19 





+ 67 

+ I 




+ 15 




+ 1 

292 +4 

*7 — 

10A8T +263 " 2,616 + 52 

9416 -140 2426 - 93 

1425 - —473 200* - 61 

812 • + 18 
2,099 - 10 

26,466 : +'424 . 

253 + 8 
490 - 34 

7447 : +1^9 







- 24 
+ 3 

+ 2 
+ 22 
+ 27 

1.744 +306 

1442 - 28 

417 -346 

178 — 

344 + 27 

6437 +126 




- 1 

- 19 

- 37 




+ 13 
+ 24 
- 31 

236 +6 

653 - 13 

7.121 +124 

178 - 12 

S93 + 13 



’arent hanks only) 

blc liabilities' .23446 . +40? .7447 + 33 

l 3ve ^110 . r:JS$ - 4* 

ne ratio £%)... ..,...,..^... ,. ^24: .-0-7 |L9 - 0.7 




+ 74 
- 1.1 




+ 143 

- 36 

— 04 




+ 157 

— 15 




- 51 

- 3 

- 04 

'• . • \ -■ ' t 1 * 

f .. ' ■ ■ ..-tfL 

: ■ of 

This announcement appears as a matter of record only. 


# " 

»■>***• • ' 

• • v s . 


U S. $30,000,000 MEDIUM TERM LOAN 

Guaranteed by the ' 

: V Federative Republic of Brazil 

c with 

heri 1 



\ v Euro 

' . • i/: '/i s’*’ 

arranged by 



FINANCIAL times reporter 

MR. JOHN ; Michael GebdseU, 
former managing clerk of Chap- 
man and Howe, the stockbrskiiig 
firm which was hatomereej in 
1974.. was questioned on the 
firm's accounts when bis trial 
candnuad at ; the 0!d Bailey 
yesterday. ' 

He is accused with three 
former partner* , Sir. Alan Har- 
and Mr. Ralph . Clarke. 50 of con* 
spiring to defraud clients and 
furnishing false information to 
the Stock Exchange about the 
firm's liquidity margin in late 

The Crown alleges that the 
firm erroneously informed the 
Stock Exchange in January 1974 
that it had a liquidity margin of 
f 175.721. and fiiat this was based 
on its balance sheet drawn up 
with its auditors for September 
14. 1973. 

But later; the firm got into 
difficulties when it was unable 
to meet clients’ bargains. It was 
found to a deficiency of 
more than £2m. when it wao 
hammered in April 1974. 

Ail the aecused denv the 
charges- ^ • 

Mr. GoodsefL 35, of Sharp- 
thome. Sussex, who joined the 
firm _in 1072 after working with 
its auditors. Keens. Shay. Keens 
and Company., said he was 
unaware is ..late 1973 .that 
“tickets -receivable” under 
partners’ share transactions 
totalling £428400 had been 
included in its current assets 
when they should have been set 
out seoarttelyl and that there- 
fore the balance sheet figures 
were mixleading in some respects 
qnder Stock Exchange rules. 

I did not personally examine 
all the tickets as I had instruc- 
ted another, member of the staff 
to dn so. The auditors seemed 
to have missed tickets that were 
both receivable and payable in 
attribution to partners transac- 
tions. but 1 did not exert any 
pressure to bring this state of 
aff««rs about.** - ■ 

He was equally unaware at Ihe 
time that a substantial seta for 
oartners “tickets payable** had 
been included in the halanee 
sheet when they too should have 
been separately listed. 

Mr. Goodseil said instructions 
to lodge clients* securities with 
various banks bad been given 
te him hv Mr. Harman, and 
occasionally some other Partner*. 
Re- assumed thi« was done with 
clients' oermfottfori as the S»oek 
Exchange motto was “ My Word 
is Wv Bond.*' • ■ 

“ Tf I was given an instruction 
T acted u T*oh it. and I denv that 
! ever disnturaetd ;mv fellow 

emntaveex fmm apnroanhing the 
partners if thev wanted.” 

Crnss-egemined hv Mr. Richard 
du Caen. OH. fpr Mr. Harman. 
Mr. Goods*!) said- h* never 
wgvered in his belief that clients 
bed given permission for secu- 
rities to bp Indeed with hanks. 
MV. du Gann said: “I suggest von 
were hondwtakintt pai -tnen 

am* oti , *'re a* well." 

Wr Gondsell denied this, and 
said he had tried to 0T»>rnsi« 

•▼tsied wh*n he An»erod 

th* cgS6 continues 


? i’.i 


■ ■ managed by 

^aneo do Esfcado de Sao Paulo S. A. London Branch 
. . (^moombank Aktiengesdlschaft 

Euro-Latmamcrican Bank Limited 

- ■ -EUtABANK- 



; a j^opem‘‘|^i3iiah Bank Limited-EXJEOBRAZ 
, Nation^. Westoxr^ Lti 

■ Union Bank of Switzerland London Branch 


m - f -L 
. - m /r 

. provided by - 

V.V - - Banco do £stado deSao Paulo S^Land&i Branch 

(^xnmerkiank-^dcng^ll^b^ - Chic^o Brancb ' County Bank Limited 

CrkiiWR&Co. . . .7 - ^ Euro-Latmamerican Bank Limited 

VAJUUd a.. wv. - -EULABANK- 

-a- ' .* ^ r . 

European Brazilian Bank limited - EUBOBRAZ Handelsbank NW (Overseas) Limited 
International Wesbninkcr Bank Limited Union Bank of Switzerland Branch 



Mr. Leslie Berry «nd Dr. Harry 
Matson have been appointed to 
the Board of HAWKER 
Js managing director of MJrrlees 
BUtckstone I Stamford) and Dr. 
Watson is managing director or 
DDrrJees. Blackstone (Stockport). 

Mr. H. P. P. Hodgkins, who | 
becomes -the senior deputy chair- 
man of the F1SONS GROUP when 
Mr. A. Robinson retires from the 
company in May this year, will 
relinquish chairmanship of the 
pharmaceutical division. .He will i 
act as adviser to the chief -execu- 
tive on international pharma- 
ceutical matters- and continue as i 
chairman of Fl 60 rts North 
American companies. He will also 
have regional responsibility for. 
South. America and Japan. Mr. J. 
Valentine, at present chairman 0 / j 
the scientific equipment and 
horticulture division, is now a 
vice-chairman of the group and 
the new cbnfrman of the pharma- 
jceutical division. Mr. H. J. Black- 
boro. who heads Fisona Pty 
Australia, will be moving to the 
pharmaceutical division as 
managing director on May 1. 

Mr. F. J. Heath, a deputy chair- 
man. has been appointed chair- 1 
man of the scientific division and 
retains regional responsibility for 
Australasia and SE Asia. Mr. J. S. 
Kerridge takes over the chair- 
manship of the horticulture divi- 
sion in addition to his positions 
as chairman of the fertiliser divi- 
sion and responsibility Tor 
merch&nirng and fish farming, Mr. 
A. C Allen, who Is managing 
director of the pharmaceutical 
division, becomes the executive 
main Board director responsible 
for Fteona* business in- North j 
America. He will be resident in 
tho’UJS. from April l. Mr. B. 3L 
King, president of Flsons U-S. 
and Canadian companies, will be 
leaving to take up an appoint- 
ment outside the group.- Mr, D. G. 
King, now group secretary, will 
become managing director of 
Fisons Pty Australia and.-ltte. E. 
Cameron will be groQp secretary, 
both appointments from May 24. 

Mr. Laurence Don. managing 
director of the BEJAM GROUP, 
has become deputy ahairman and 
joint managing ■ director. Mr! A. 
WDiiam Perry has been made 1 
joint managing. director and Hr.l 
John M. Edwanis joins the Board ; 
as finance director. 





f Incorporated in the Republic of South Africa } 




The following are unaudited abridged versions of the consolidated financial statements 
for the year ended 31st December 1977, together with the comparative figures for the year 
ended 31st December 1976. 




r m 


Divifienji. interest and sundry revenue 

13 842 


10 OSS 


Profit before lax 

Tax % 

13 716 


9 662 

Profit after tax 


9 40S 

Add: Provision against loans written back 



13 488 

9 411 


Transfer to general reserve 


1 200 


On preference shares : 

On ordinary shares — 75 cents per share (1976: 

2 337 

1 10 

65 ceots) : 

10313 13550 

k 044 

9 354 



Unappropriated profit 31st December 1976 

1 359 

1 302 

Unappropriated profit 31st December 1977 



gamings per share 

83.9 cents 

74.4 cent* 

The calculation of earnings per share on' 13 750 000 ordinary shares in issue is ba«ed 
nn earnings of Rll 541000 (1976: RS 694 000), arrived at after deducting preference divi- 
dends and a Slowing -for second preference dividends of R1 S37 000 (R6D4 000 for the period 
3rd September to 3i$t December 1976). Earnings per share for 1976 are based on the 
weighted average of 11 6S7 500 ordinary shares in issue during that year. 






issued share capital: 

Preference shares 


17 000 

Ordinary shares ; 

27 500 



44 500 

Non-distributahle reserve* 


IS 520 

Distributable reserves 

20 99? 

20 059 

Current liabilities 

5 841 

4 942 





Market vilue R5&431S96 (1976: TWO 561 000) 

20 792 

16 470 

Unlisted ....... 

Directors' valuation R79 638 000 (1976: 

29099 ■ 

33 421 

R76 137 000) 


37 052 

37 330 

Loan portion of tax 



Current assets 

2 680 


89 858 




Dividend No. 53 on the Ordinary Shares 

Dividend No. 55 of 40 cents per share (1976: 32.5 cents) heing the final dividend 
for ihe year ended 31st December 1977. has been declared payable to the holders of 
ordinary shares registered in the books of the Corporation at the close of business on 
23rd March 1978. This dividend, together with the interim dividend of 35 cents per share 
declared on 23rd August 1977. makes a total of 75 cents per share for the year (1976: 
65 cents). 

Dividend No. 68 on the 5.5 per cent Preference Shares 

Dividend No. 68 of 2.75 per cash, equivalent to 5-5 cents per share in respect r.f 
the six months ending 3lst March 1978, has been declared payable to the holders of 
5.5 per cent, preference shares registered in the books of the Corporation at tae close 
of business on 23rd March 1978. 

Dividend No. 3 on the 12-25 per cent Cumulative Redeemable Preference Shares 

Dividend No. 3 at the rate of 12J25 per cent per annum, equivalent to 6.125 cents 
per share in respect of the six months ending 30th April 1978. has been declared payable 
to the holders of cumulative redeemable preference shares registered in the books of 
the Corporation at the close of business on 23rd March 1978. 

For the porposes of these dividends the share transfer registers and registers of 
m errors will h* c’osed from 34th March 1978 to 7th April 197S. both days inclusive. 

Warrants will be posted from the Johannesburg and United Kingdom transfer offices 
cm or about 27th April 1978. Registered shareholders paid Train Ihe United Kingdom will 
receive the Untied Kingdom currency equivalent on lSth April 197S of the rand value 
of their dividends (less appropriate taxes). Any such shareholders may. however, eleci 
to be paid in South African currency, provided that the request is received at the 
Corporation's transfer offices in Johannesburg or the United Kingdom on or before 
23rd March 1978. 

The effective rate of non-resident shareholders’ tax is 15 per cent. 

The dividends are payable subject to conditions which can be inspected at the head 
office and London office of the Corporation and also at the Corporation's transfer offices 
in Johannesburg and the United Kingdom. 

For and on behalf of the Board 
. H. F. Oppcnheiiucr t 

,■ Directors 

7th March 197$ 

Head Office: 

38. Stockdale Street. 

Kimberley. South Afnca 

London Secretaries: 

Anglo American Corporation ol 
South Africa Limited, 

40. Holborn Viaduct, 


A S. Hall 

Transfer Secretaries: 
Consolidated Share Registrars Limited. 
62, Marshall Street. Johannesburg 
(P.O. Box 61051. Marshalltown 2107 1 

Charter Consolidated Limited 
P.O. Box 102. Charter House, 
Park Street. Ashford. 
Kent TN24 8EQ. 



James Capel & Co, 

Japanese Department 

We have a vacancy for a young executive to join 
the small team servicing U-K. and Continental 
institutions on the Japanese market. ^ 

No current knowledge of Japan is necessary, and 
the job offers excellent career prospects for some- 
one prepared for a challenge. 

Salary will be fully commensurate with ability and 

Applicants should send a brief curriculum vitae to: 

P. F. J. Rendel! 
James Capel & Co. 
Winchester House 
100 Old Broad Street 
London EC2N 1BQ 

I Qian eery DU hum 'JonwHMt-s Court Id 
| ibe Hatters of 
| .NO. U0b3> Of UTS 

! NO. 00160 Of 19ih 

i No. 00065 Of IttN 

NO. 00670 of 197* 


; «*.1 in ih? Maw of Tiv cmuum** 
.VI. 19H 


; p?nilnnv Inr lb? WhMibk-L’p ni rhr abov?- 
’11*1111*4 companies hr inn Hum Conti of 
, Jnvlcr H'-re. on ihe 27ifc.Ua}- of February* 
IPTf. preseniod lit tfi» eaid Court hr 
'AND EXCISE Of Kmu' Beam Hotiix*. 
3MI, Mart Lanr. London EC3R TJTE, 

' and Thai the <a<d Petitions are directed 
io br- lK-ard before the court smuts at 
;th. Royal Conn-; of .tuantf. Strand. 

; London WCSA ILL. on the ittth day ot 
1 Aorll 1015- and any <irditor or eontrfbu- 
i tori of any of ifce said Corapantrs desirous 
to wppun or opposr the making of an 
Order on any of ilk* aald Petitions TTtaJr 
appear at the time of heanns in person 
j or hr Bis Cotnurl far ibar purpose: 
and a copy of the PeUUon will fc? 
Furnished by Ibe anderslsncd ta am- 
creditor or contributory of any of the 
said Companies rcqnlrlni! such copy an 
payment tit the refiDlated ctuiae lor 
Uu same. 


King's Ream Rook. 

:»+L Mark Lane. 

London ECSR THE. 

Solicitor for ifca Petitioners. 
NOTF.— Any perMB who Inmndy 
appear on the in-arias ol any or the and 
Petition* most servo on. or send br post 
-■a toe atwve-nanwd. notice In wnrtng of 
bt* inrenrten so to do. The notice most 
mate I he name and address of the person 
or. if a firm: ittf name and address of 
the firm, and must be slated by the 
person or firm, or hb or ibetr SoUator 
'If any', and musi be served or. if named 
mm* be hi; by pom In satnaem itm* 
to reach the abave-ttamwj not taxer than 
w?T • «•«* « afternoon or 
7th day of April IW*. 





, ;Finaaci5tl -Times- Wednesday March S 19' 

Marginally firmer at mid-session 


over the order may be defied.* 

Toronto Composite Index improv- with some good sains. 

Golds Volkswagen were heavug 
while and advanced DM2.40. while and 

and a IBM rallied 2| to »43i after l ng . l ? to 1,617.0 at noon. Golds Volkswagen were heavily, traded- tens*, were 150 harder at 



the coal strike situation _ . 

weaker dollar In New York, stocfes previous three-day faH of S10J. retrieved S.7 at 1.337J). while and advanced DM2.40. while sna SPAIN— Shares were ^ 

on Wail Street made a steadier Gamble-Skogmo advanced 1} to Metals arid Minerals put on 2.8 to Zncker added DM4 and KWC easier where c h a ng ed, the General 
showing this morning in a reason- $2S| on news that a private in- 782.6 and Papers 0.41 to 64.82. DM2. Index ending 0.67 down at & new 

»w» — — « — i — v __ — i — i - e ■> ' +.... Ticirtiae i n an iA wbub Conunmbaiik led Banks up to j^v/for the year of 90.33. 

Gobi Pull Lin. 

A One ounce) . 

Gold rose - *2 to- , 5186H871 , 515370-1^80. a rise of 5 points 'lltK-iwSSi 

yesterday. . the ‘ highest closing, on the da* Momin K 6* , *isiafl^0' |« 

level sinee .Dcceznberi .28, 19T4."'. The Canadian dollar was very ^ess.osoi- ■-!,« 

’ ■ • . iTradlng was described^ nod^-'Vesk. falling to 8S2EI cents. ,\nsn*n nvg is 186-23 isi 

Pirelli 39. to IZW ^fel^adSi. the Io«ST%el since before the '^ 6 - 228 ' l<« 

NEW- YORK, Mardv'l.'-H 

able business after yesterday’s vestor has acquired a 3J3 per cent.' but Utilities shed 0-40. to 16359 

stake hi the company. 

and Banks 053 to 24750. 

DM550 lower, and MAN lost DM2 
- Sefaering 

JOHANNESBURG— Gold shares 

The Dow Jones Industrial Gold Mining stocksTaided by re- PARIS— Stocks gave further driftS^easier after an early wide- 

Average was M* firmer at i43Ai newed dollar weakness, moved ground on investor fears ahead of ^ t dnme^?shareholders wiU spread advance to finish vnth 

41 1 pj n - " hl| e We ^ SE AI1 sharply, higher, Rosario Resoorees the first round in the French elec- raM t V e 1977 dividend irregular movement. Higher 

Raining 2* at J20i Dome Mines lions. „ though a S It net reSn? Bullion in di radons failed to stem 

14 at (68. and Homestake Mining However. Ferodo. which earlier were hesitant selling on local and Overseas 

U at 534|.- announced a higher ProP*^ ahead of ’the D results of the latest account, which followed reports 

American Telephone, the vol- di™3end on lower 1977 profits, FeHemi of a Rhodesian raid into Zambia. 

Closing prices and market 
reports were not available 
for this edition. 

Gold firmer 


Mur. ? 

Common Index picked up S cents 
to $48.43 and gains out numbered 
losses fay a small margin. Trading 
volume expanded to- 13.13m. 
shares from yesterday's 1 p.m. 
figure of ll.Stah 

Analysts said investors are 
staying on the sidelines awaiting 
further developments in the coal 
•.trike. President Carter ordered 
miners hack ro work yesterdai. 
but early indications arc that 

time leader, rose * to $601 on the 
chairman stating that 1975 will 
be a year of strong growth. 

dividend on lower 1977 profits, 7" d “ "o r^medTunLterin Federal Of a __ . _ _ 

made headway, while Redoutef note* due inter In the day. Losses Elsewhere. _De Beers shed 10 

downtrend, t0 35 pfennigs were recorded and centsto R353 -on sporadic selling 

n 1 <■ ** . _ La ... a orioon rtf tnP rPRllITJL 

also resisting the 

advanced 21 -T" 4jU .a* ReCTlati^ U ^utb*oritres ,i '*bou , ght ahead of the results. 

^ Dnrnez receded 225 to Frs.4400, 0Ml2m. nominal of paper, com- HONG KONG— Stocks closed 

jump of $10{ yester- 5"®“"“* _, B Fr ^‘ ,£7 s “^ pared with DM55m. purchases on- mixed after a quiet day or con- 

planned metier into t0 Frs5l9L0, and Peugeot- Monday.' Mark Foreign Loans solidadon in thin two-way trading. 

Tropicana pat on j more to S43. 
Following a jum 



Sr Ol^ 
541 aoo 

.. .. 183.500 
Elec. 1T4JSM. 


General Molars 
Huh- Power .. 
w^sn ns house 

Kenne.-on Cower 139.1M 
(m. Tel. * Tel. .. IM.gJM 
Amer. Tel. t TeL 122.800 

Cooper Labs 120.600 

Marshall Held .. .. 114.100 













— 1 

day on the . _ 

Beatrice Foods, which were steady 
at S22&. 

THE AMERICAN SE .Market Value 
Index recovered 059 to 15253 at 
l pjn. in increased activity. 
Volume 1.76m. shares n.32m.). 

Houston Oil and Minerals, 
leading active, regained 1 2 
531j after the recent sharp fall 
on news of a drop In its estimated 

Citroen 55 to Frs-277.5. 

BRUSSELS — Continuing irregu- 
lar in tbin trading. 

Arbed. BJF*rs5520. and Hoboken. 
B.Frs5550. were each 50 lower, 
but Sodete Generate Banqne im- 
the proved 35 to B.Frs5.805 and 
to Solvay 20 to B.Frs5.470. 

AMSTERDAM — Mixed move- 
ments were again recorded. 

case d slight ly. Hong Kong Bank were steady 

SWITZERLAND —•Sharply and at SHK1750. Jardme Matheson 
broadly lower on heavy selling, shed 10 rants to SFTKI250. but 
still undermined by the ban on Wheel ock put on 3 cents to 
foreign . purchases of Swiss. $HK250. 

securities and also affected by TOKYO— Market mainly picked 
details or the National Bank* up, helped by rerlved interest in 
ruling on non-resident subsenp- export-orientated Electricals and 
tions. Bearer stocks were particu- vehicles folfnwinp the slight dollar 
la riy und er pressure. recovery. The Kikkel-Dow Joes 

Swissair fell SO more to A vprat , p improved 1157 to 

nn volume of 300m. 




Canada harder 

Stocks on Canadian 
tended to harden in moderate 
early trading yesterday. . tbe 


Unilever declined FIs. 1.50 as the „ jeii Average 

market anticipated lower profits.. v hfle Nestle wea ke ried s20Di24 , lfl % 

Among other Internationals. 180 to Sw.Frsjj.200 and Clha Gelgy s j 13res (240m.) 

Hoogovens Shjtfd F1.050, but Royal So 7° SwJre5JOO. _ Alps Electric rose Y93 to YS73 

Dutch were that much higher. i™L£ orelsn Bonds on •‘chean” buyin*:. while Sony 

Banks continued to improve, continued .depressed. added Y20 at Y1500 TDK Elcc- 

witb ABN rising another Fls5. In MILAN— After Mondays good *«„,•»« vffl at YI 610, and Tovota 

Insurances. Nationalc Nederlan- showing, prices mainly lost ground Wntor yq. at vonn 

Markets den added FIs. 250. in slack trading. AUSTRALIA industrials re- 

Germany-Small fairly wide- Sola VlscosT retreated 29 to n^ned tren^Bss. while aiUxiiS 
spread losses were interspersed L635, Montedison 8 to L157.73, and SS on loJer^wtal pricra.^^ 

BHP recouped 4 cents to $A53R 


and Fails 


I Mar- I Mar. 1 M*r. 

[ 6 A i 2 

Mar. I Frt.. 
1 I 23 

Feb. i- 

19ir «-7d idia.e ■ompitar'o 

| ! 


2 J 


1 l 1 

197 i/to 


High | Low 

43 .WT 4S.B7] 

1 1 




; 6/.07 j 48X7 
rtiliTJ) | C8/5/7B) 

■ ssaea tnuJoH. 



27 j Hifih | Low | Htigli j U>» 

Mar. 6 ! 

Mar. 3 ' 

Mar. 2 

1.858 ! 

1.820 i 


- 405 , 



942 ! 



489 ; 

> 534 


_ 1 


' ‘19 

. — 1 

51 1 

1 • 77 

ioluunal...' 742.72 747.B1, 746.46 74356! 742.12 7465S) sf».7fi j 742.12 ! 1061.(0 <IJ! 

i i I (3)1/71) •iSansi7o» fllrU?Ji- &|7<U| 

H'meH'n.1**, KM\ 88.50 8S.46 88.48, 83.48 83.62 rf.h7 ! M.3i ;-J- 

I ! ■ I <7 A '126.1 

Tran* port..- 188.75 201.68 28I.84 WJ.ll' 201.40; 2COL8W 246.64 1 l».M J 27iS8 ! 1556 

- > Ollitn \ (2S.10) > iTiZiSBI (8/742) 

I'riUUe* i 103.72. 105.66' 103.46- 103.68 103.26. 102J41 118.67 1. 102.64 I 164.32 ! 1058 

Trwline roi 
0J0’» t ! 

17530 20.120' 2058(7 21.010 18.760 18,9 


. • 












High ( . Low 











l«L4/ (17,51 i 150X2 (2o/10j 
JH7.rt fW-l-lft] 185.90 (3»I0I 

10B0HT0 Oomporiu 


100 EX 

1007.4 1 W IX 188/10) 












216*7 a/3>roi ! 145.4 04(0) 
914.4 (4/ 1/7(1) 1 1M.1 il art) 

and Danlop Rubber put on 3 
cents more to SA1.32. but News 
came back 5 rants tn $A250. 
Among Sugars. CSR relinquished 
6 cents at 3A2:64 and Bnndahm; 
lost 10 rants to 3A350- whfle BNS 
Wales 'siloped a further 6 cenrs 
to SA5.06 in otherwise slightly 
firmer B ank s. 

Among Mining issues. CRA 

acted 6 cents to $.Yl.S8 after 

1 ot mus ctuuM rmm Auatmt <+ 

Ind. die. viekl % 

Mar. 3 Km. 24 

FefL 17 

Tear ago < wprox.1 : Mw. 1 Pres, jji /. zwbrt <■ Id 

6.22 6.14 


^43 1 7 i ioos ; High : Low 


l ‘ {3/D7BMW/2/77 

BaUrlum «•' 03-16“' KX0 1 90.12 uO M 
* 1 r ■< 107 1/77i(12/l //b 

: Mar. 1 Mar. Mar. 1 Mar. > Fra,. ! Feb. 

, rt ■ 3 2S- 1 2 I 22 : 27 

I97i-id jbroceCompUar'n n- WMF ) r «*il 97^5 97.46 i 107X2 1 9*X0 

-— r~ 1— 1 ! 16(2/7(0 

HlSh ] Low • Hlftn j Lror Fnattt r m 61.3 : 52X ' 6E4 43X 

; lit 35.59 96.16 86.02 rtXSj 05.74 5S.4& 

iGomptaite 1 66.90 87.45’ 87X2 >7.10 >7.1)4 87.72 


1 lul 1 9GX2 | I44.d4 t4-aa ABnnsnviik EOO.l 1 797X 1 U2X 1U.r 
tiiKTTi •rftf3,'7S)'i'll.l//4- (WbdBi ‘(17/11) l( 10/3(77 

IV--? ’ JHL i • , 4 * 4 ? Holland rt»t 73X1 79J . 93X : 7ba> 

in«L dir. tuM % 

Mar. 1 | Feb. 22 

Feb. la 

Hour KOIW *21.20 1 420X8 1 42&J7 ■ ici-M 


5.67 ! 6.47 

j 623 

4.15 " ■ 1(5/1/771 (22(12) 

- - Japan '-»l 39L68 1 300. L2 j -«» » 

In L P.U Ratio 

8.40 j 8.45 

i 8X7 

10H3 ■: ;(43/H0l(ii*(lI) 

4hinpint ' 270X0 270X4 : 271 Xk • 242J9S 

l>'os tiostk tion.i yieut 

8^3 i BJ27 


7.76 (8) •nSftffB'- «5Vi 



Spain id) 


— ilOOOi! -0X5 
j (50/12) (7 3 lo] 

Sweden Vfl 


S6L56 i SloXo : 6 ooj> 



; (z Hi) iiw,ii) 
296x1*25.7 : an.- 

Ita/S/ft* 1 V.«ft7 

_ dales util base vaJueu 
100 except NYSE AH Common — 50 
Sundarts and Foon — 10 and Toronto 
MO-I.M0. the last named based on 1975) 
♦ Excluding bands- : 4«o Indnstmis. 
9 400 Inds. 40 UtillHpa. to Finance alW 
30 Transport. - (?) Sydney AD Ord 
42) Belgian SB S1/12/CL i**i Copectageo 
SE 141/78. m) Pans Boone 1KL 
(tz> Comatenbank Dec- 1952. *H> Amster- 
dam. industrial 1970 ■ W* Kang Sens 

Bank a/7/84 iBffiUUan 2T J73. ro> Tokyo 
New SE 4/1/88. <bi Straits Ttaneo 1988. 
«c) dose, id' Madrid SK J0/12m— Ugh 
and low for 1978 only. (c) Stockholra 
Vndttsrrlal vrt/W. (HSwwb Bask Com 
'ki Unavailable. 


Iut. S $2.G0 io £-854% 484*%) 
Effective rate (at 15375 38% <37J%) 







A-ldiwwKrapb ... 
Aetna LtraACaw 

Air Pu>lilMa • 

Aiw i 

A jean Aluminium 

Ak,« - 

A.i^heny LiMi..: 
A iietrhwiy H.urpr 
Allied t-bemioal... 

Allied titnrea : 

Atli* t’halnuKw.. 


Amends Heaa...; 
Amer. Airiitw_... 
Aniei. brandi 
Amer. Draadvastn 

Amer. fan. • 

Amer. t yanamM. 
Amer. Eire. Pow.. 
Amer. Kxptm... 
Amer. Home Fmd- 
Amer. Medtcai... 
Amer. Mrtoie... • 
Amer. >at. (<«*.. 
Amer. Mandaid..' 

Amer. sunee 

Amer. TeL A lei. 





Arielinr Hocking. 


A«mna (.*11 



Al-.Uk'liheid . . 
Vu:» 1>*U Ftv.. 


A v ... . 

Aval FiwJiM-.... 
■Ian iia* bie>->.. 

)tank(.-ia Ir.N.Y. 


Keatn d Fo,l_ 
Brct.-U Ok-AcnwHi 

Beni H.iweii.... 


Kenguei Lem* ‘B. 
Hertnebenr Si or l . 
Jtia-L A UeeLer .. 

Hn,l*< tlMSdl.. .. 

K-'-ten ..... 

JV-rK Warner 

hinlll Ini 

}lx>uUi -A - 

HnMi-i Mrerr- . 

M-il. IX. AU1S . 
Hr^jV way G la»»..' 


K'li-vrui Krie .. .. 

Bn-l-i - 

Jtiiiora Waieb . 
MurnngtiHi >lhn 

Bur-iiugb* , 

I aml/Hrlr Houp... 

• anadnin Pheifiu 
i anal Kan-lolpb^; 

i arnalion - ., 

i arneri Genera, 
i suer H»*lev._ 
i ■lerplliai' Tract* 

i tM> 

i eiaiwaetorwi.. - 
femrai i 5. W 

i attainted! 

i (wn» Altmtt 
\ liaaeUaxUsuian .. 
> hem a* i Uh.NY. 
tJieMmrpli Fond_ 
I mmlv Svilum... 
\ in nxm Bridge.. ; 



l i nor*. mu .;. — 

( in*. Ulls-rra 

I iti.frop.. 

l itle* ter\M 

firy Im.-earinc.... 


l jyfgt HHip 

i oun* AILman... 
fviumlua Gw..... 
inliimftui 1*e 

• Vm.l 
I -imluitnin Kny. 
l.nllllUMMI lh|. 

4"m'e‘in hkliMiu 
( !.(!!■«« ‘m *.*n l«e> 
i.'iiiim. >alelliie. 
i fiiijmlerb’-ieiM e 

• '•Mir* ... 

i mi. Imimi N.l 
I nil—- F'-i' •• . . 

• .«|>-> \*l. Irt*. 

I I'l.rtfM- 

(.■■nlitiFfifa l«iy* 
r^afii in*-nija >fTi. 

I nnlincRi*. I *1*. 
ilaie.. .. 

tmpr I nnii*. ....• 

SZa* > 
8b U 


3D | 

36 'a ' 

19ap < 
1437, : 
Z« j 
UU < 
443 t 
343* . 
gZSa - 
«'a . 
29 W 


toi? . 
Ills ■ 





44 id 
44 W 


28.- a 
20 W 
13 W 

13 W 
2Si % 







32 W * 

ZZU ■ 
ii»8 ; 





13 >3 . 

32 : 


37 W , 
a la* 
32 L, 
16W . 

10** i 



4&I4 . 
19 w : 




la 1* 



34 ^ 



22* s 
23 W 
37 W 






357 8 

33 W 
237 3 





225 B 
32 W 
188 * 



b97 8 
29 lg 

24 W 
21 U 
40 ; B 
24. W 

16 -g 



21 .W 

3n I? 

3 -a* 

22 W 


21 U 

15 W 


23t S 

















27 W 
la - 
19 W 








10T S 














Zi a 








AOnUIll; Q(kw.._. 

UPC I nt'a'bntMi 


Cracker .Nat 

CrownZe* lertocb , 

Cuui min .Engine 

OurvWtigln .... , 


Dart Induatne*.. 

Dane j 

IW Monte. f 

UelUwa : 

Dentepiy Inter...’ 
Itoumb Ed Won.. ' 
Diamond Sba mrk ! 

UUlaptnxM ..' 

Digital Equip — 1 
Utmiy (TValtj — ! 

Uorer Corpn 

Uo«r Chemical.-. 

Dr* vo — 

D ra aaer— 



Eagie Picber 

East Airlines. 

Bauman Kodak... 

Eaton- ! 

K. G. A U 

Ki Paso Nat- tim* 


b'mericn Blow. 

Emban.. — 



Karnark — ■ 


bxson— - 

Faiti.-biul Uamen' 

Fm. Dev*. Mima 
*■'11*01*1 w tire. .. 

I 1 *!. 3*1. biMlmi. 

hew 1 an 


Florida Power. .. 

Fluor... - : 


Fimi Motor, 

KlHMllM Mck.. 


Franklin Mint.... 
F re e por t M bier* : 


Fsqua Inda 

O.A.F. — - 


i*eu- Amer. Im... 


Gen. Uahie 

Gen. Dynamic*...' 
lien. Kltu* rW-—- | 
Cieneraf Food*.. 

Genera* Mm*.... 

General M«*m .. 

Uvo. Pub. Uni... 


iieitl Ter. Eieci 

Cron. Tyt® 1 

Genesoo 1 

GeorftH Pteuw. 1 

Getty Olt I 138W 

Giliene • 2n 

Goodrich F.F-.„. 19 W 

uoodyearTirc. — 

Gould - ...— 

linun 17.K 

GL Allan PScTea. 
UruJSorth l mo.. . 
UieybwiKi — .... 

Galt'A Wntm.. . 

Uuit Oil. 


Hanna Mtninc... 

Hama Cmpn 

Heina B-l 

lleubteui - 

4b>8 . 
44U I 

26 w ! 
24 /b , 
29 1j 

17» i 
357a ; 
2» | 
2334 | 
534 I 
l/w ! 




26>4 ■ 
06 w ■ 
99 | 

15lg . 
6 j 4 ; 

411* ; 

33 W ■ 
19* : 
14 W ; 
27i a : 
29aa 1 
oclg I 
29W ; 

2. a : 

24 » 

2a I* 
183* ' 
441* 1 
24<>b ; 

34 W : 
la;a 1 

«■* i 
17 W 
203« ' 

31 i 

*03* '. 
43W j 
17 W 1 

39 ’ 
7*s i 

lbi 3 J 

2ew • 

9W * 

10 W 
3S3a ■ 
aw i 

40 W ! 
44t a 

27 Jj . 
Mi* . 
2&W . 

24*e . 

5>W , 

24 1 8 : 







20 Sa 
3b W 
24 W 



25 14 


40 l a 
226 b 


99 W 


89 i b 
187 b 
44 W 
137 8 
17 W 

«J 7* 
31 w 

29 15 

■ii 8 

18 7 B 
xoS a 

9i 3 



- a ' ,l 



19 W 
84 W 


24 W 

15i b 


823s 1 

I|5 t 
0570 ■ 

36W | 
14J* I 
Zo * 

19 ' 8 

Hetiien Pbrkani 1 

Hid May Inns 


Hmievneii— . 

H«m«r ; 

Hi«p Gorp Anw ., 
Housum Nat.Gmi 
HunUPh-Ai Chm 

Hiittmt ifc-F.'. 

l.i;. Irnlir* trial... 


Ingmol Kami.....' 

Inland Steel 

lost kv>._ 

£< * 












I litteiqidlt knerm 


. I nil. Flserair*. . . 
J I11U. HiUrWri 
1 lull. Mill A t.liHiu 
I lull.. Mllll 

1 tll«J 

' lull. IVitv-r. 

' IK. 

: hit Kellner. 

, Ini. fil. A lei. 

, ln»-etil . 

. |ina Hr*-* . 

I 14- l pi pi national, 
i.llm - IVaiier 



a27 # 


IX . 


23 k, 
561 E 

33 w 

34 U 








23 W 


a »G 


aa* s 

e't ■ • 

1 >. 

29 a,. 

* . le- 


/> 4 







a - / 


4 />S 








o - 

John* Jlaovllle-.' 
Johnson Jobdaoni 
Jonn-on Contro... 
(CMart corp. — 
Kaiser A mm inTm 
fuUeer induririe*) 
Kaiser Meet ...... 

Kav > 

Kimneeois.-. .... 
Kerr McGee...-..; 
Kldde Waiter„._ 
Klmbeny GiarV-i 

Kraqer Co 1 

Leri dtraura— .) 





247 b 












20 1* 

27 is 
24 W 
6 U 
427 S 

Ltggeet Group-..' 

Lilly <h<D 

Ltltou litdurt — i' 
Lockheed Atrcr’ ft; 

L/rae (star loti: 

I/O, I • land LuiJ 
Gaiblan* Land — | 

Luhrt^oi 1 

Lucky Store* . — j 


Many B. H.... 

Mir- Hanurei*.....; 

Maucu '. 

Mira lb on (Ml.. - 
Marine Mldtand.' 
Marshal. FteW .... 

273* | 
38*4 I 
Id 1 
14t« ! 
17lj ' 
18l S , 
hOW 1 
361, j 
loss I 
53 b i 
lG*S ! 
36W ' 

4l*e ! 
12 : 
saw I 

39 10 
33 U 




I Mar. 
' 3 


teynoW* Metals.; 
Keynouts K. J-._ 
fcck«*ll Inter— | 
Kohm A Haas ' 

26 U 
65 W 
30 W 
2960 i 







Koyai Dutch— .! B7W 
iua 13*8 

Ki»s Lojjs j HW 

Kyder System.. J 14 
(Safeway sftbrea...| 36*8 
St. Joe MlaeraM 
it. Hegls Paper— 

Santa F» lada — . 

deni Imrcet- 

bexon inds—— . 
dchlfts Mreadn* 
Sefalnmherger. — I 

duxt Paper 

Scoril Mtr........ 

Bvudr* Uuor Veei 






12 1* 




67 W 






267 S 

34 U 





127 8 



Sea Coatainera-.; 
tSeapam ......... — 

Sean Uoebuck—. 

6KDCO : 

Shell Oil ! 

Shell Tram. port... I 



blmpltcliv Pat.... 
Biuper — 

May Dept.^tore*! 

MCA- | 


UcDuniwi' Umiei 

M<<ica«r HUi 

Mcniures- -J 

Mein. - — 

Munii lAnctu.. 
Mena I’Btrowiuri 

MOM— — 

Uohu Corp....—.. 


Morgan J. P-...._j 

M-aophib — .! 

Murphr Oil 


Valeo Chemical. - 
Nation! Can . 










X67 t 





361 0 
327 S 
t *7o0 

21 W 








21 ** . 
216s ; 
1158 | 
24 *b 1 
29 7g j 
30*0 , 

28 i 
5170 i 
11 i 
lrl 8 

Smith Klrae — — r 49W 

SbHttnn ...- 

bouthdown .; 

Southern Cal. fcrt.; 
Southern Co— 
Stfan. Nat. 
Southern KudlicJ 
6on them Hallway' 


24»* ; . 
25*4 ; 
i6 *« ■ 
316b ■! 
4668 1 


211 * 











„ 17 8 







.Soutblanu...- 1 

d’w'i Banabarea.; 
Sperry Hutch.— 

Spein- Kan>1_ 


I dtaraiani Braun*. 
1 aMLOliUaluornia 

23 'e 





22 W 



33 1 g 

40*4 I Std. OU Itvllasa-J 44 W i 44 U 






.Vat. urdtllern... . 
Nat. tiervu-e lad.. 
Nation*' 3te«.... 


NCR. .' 

Neptune Imp..... 
New hnzuiKl Ki. 
New kniil*ii‘i , lvi'. 
ViajpiFB Mohauk 
Niagara Sihaie ... 
.N. L. I iMiwrler - 
North Nat. baa..., 
Nthu itaie* r 

.Mtiwest Airline*. 

N'tbftAsl BMQivrpI 

Norton Wmon — 
•>.-eldetna. Pern*. 
G*H«3- Mather...: 
Ubw KdlBon 1 

Olio...- 1 

2130 ; 
126a i 
29*0 1 
40*0 : 
1**4 ; 
21*4 | 

(»41* . 
1450 1 

9 W : 
15-8 ; 

ko*, • 

3b W i 
231 S i 

«2 1 

16*4 i 
XX l 
40*4 : 


14W I 


40 «* 
13 1, 
536 b 






t h c rae*» Strip- . ■ 
Ow Cure I na . - . 
uwetu luinota — . 

Pavlik- Clb. I 

tScitie Uriulnjt-I 
Pkc.Pwr.* U...- 
Pan Am Wuehi Air: Hauitl&n.. 
FbaPOilV Ini 

l , eii.l*w.S L( 

I’onnyJ.C ; 

Penn*0ll : 

I'eoiJes Dios , 

Meotdea Uaa— 

Fcibktw— , 

2070 | 
584* I 
BO70 I 
ZhSb ! 
195e ; 

BvT a , 

5 ! 

21 U : 

a .«0 ■ 

*1*0 : 

33W I 

25*0 : 

vu : 

33 U , 
Mia I 

• 21 U 
• 47 0 









Std.Oit (Him. 

MauR Cheniraal-i 
9(4iiliis Urua— . ; 


B iut Co. 1 
Siradst mhd 
dyotesl—.. ...J 

lechntcuior | 


Eelertyob. ' 

reie* -—1 


48 1, 
22 ** 














747 a 



Tesoro PetTwetmi 

Cmutf-c — . 


Pexaa loacni-.. — 
Fesa» Oil JLGaa . 
Xesas Lcilitlea .... 
rime IniwAw* 
Times Mirror.—.! 

rtmken >-• 

Inuw.. i 

Imnamertm J 

Tnmwo- — . 

ttnni L'nlui-— J 
lauany Int'rnii 
lrani> R'oriu Abj 


Tn CouthnnUl.J 

9. ’ 

2b7 B 



»7 8 


















B3 *b 
18 1* 


ii T ® 

29 Sa 

CJI.W— — 

AJth Century Fasj 

UA1 — J- 


Mil ! 

1 COP, 

i Can ever I 

| Unlievee ,\ V—....; 
j Unkei uaiKur^*. j 

| LtiMn Carbide ! 

I l-bH-n (innioen.-e 
j wiitaMi Ch cam—; 
Cuiun hdik—J 



Perkin £imet- 

Pet— — 


Hhe.|ta lXftlije.-..; . 17*« 
Hhitadeiphia hie.. lbW 
Philip Murnr.— ., 

Hinlpt I'etift-'n’ 

Ptifburv- • 

Pitney Bowes... . 

P'cssev Ltd AUk 

36*0 I 
80*0 . 
3b*« , 
21** : 

577 8 
26 1, 








321* i 
2860 ; 
Bits i 
«»*» \ 
20 1 
- 6 f“ I 

13 I 
38*8 ! 
6W ; 








• W 
42 W 

| r.Hsnii!i 

• Pali.iRIV- Kiw •... 

1 Pits in-mvirir.. 

' I'm let bsiui-ie.. 

1 p,|i. ftMivw hie. -I 

! Pu-im*n 

1 fme* 

' Ijnnk.'l I <•!«.. . 
j Kv[>i • tineri'wn. 
;i;*\ihom .... rZ-0 

. nc.v . :241a 

' Republii- etael 32W 

2, '4 

161* ■ 

7b W 
24 »s 


United Brands..-, 
tb liuk-orp— — : 

L 3. Gypsum— -i 

L'b.bhue. -J 


L'. Teohnohmiea-! 
I I'V industries... , 
| Vtijpnfei Bl»<_ ■ j 

W4.«tee»- - 

1 W truer J-omnm-. 

, W 1 ni4ftl*n/ert. 
j W .sie-Maii'iiimt 
; tVa.i^FMryt'.w .. 

' ll-wtern Bsn **rj- 
I U'ewtem N. Ansi 
: W..*4erti Lsu'n. . 

■ W'enInifliseJKlwi 

'• W : 

x 2 1 a I 
k4*0 : 
L6 , 
I860 7 
18 >4 1 
321* : 
.61, , 

17Sr ; 












J! 1 * 






Wool worth———! 

TVylT ■ 

Xerox -—I 

Zapata — i 

JSeniib RfubO-i-J 
U«tea***S7Wftl 181 r a 
ITJ6.90 Day Wlta^ 6JI4 


< »r 










tei7 a 


rm^ded 7 

cents to 
cents to 

The co tti G ariy's drilling report 
ad little impact on Woods! de. 

NOTES : Overseas cnees sboum oeunr 
exclude 0 poexoitna. petp ian (UtUegdi 
are after vrttbhofaltas lax. 

9 DM90 daram. unless otherwise stared. 

PjosjOO denoro. unless otherwise sated. 

KrdBO denom. unless otherwise stAted. 
m Fra300 dettom. and Bearer shares 
mtess otherwise stated. T Yen 36 denom. 
on] oss otherwise stated. 2 Price at One 
of suspension, a Florins, b Schflflrxx. 
r Cents, d Dividend after pendha rights 
and/or acrtp’iasue. e^Per share. I Franca. 
0 Gross, dlv. % h Assumed dirideotf after 
scrip amL'or nnhra tssue. k After local 
taxes, m V. tax free, a Francs- mdudlns 
Unflac die. p Xom 0 Share relit. a-Dtv 
and yfrid ricinde special paxnieat rlndi- 
cated dlv. s Unofficial trading 0 Minority 
holders only, u Merger pendns- * « ted. 
8 Bid. 4 Traded. X Seller. ; Assumed 
xr Bx rights- xd Br dividend. ■ xc Ex 
■crip issue.- xaEx all. a Interim since 


general xehictanra to. sall tS» : Seeond- World War. 
metal in the present aRcertain 

. The foreign exchann? market 
vsias fairly busy, but not hectic. 

The U^. dollar was quite firm 
In the morning, but lost ground 
as New York began trading' and 
finished in London fairly -dose 
to its lowest levels of the day. 

No intervention 'by European 
central banks was detected by the ~ 
market, apart from a nominal 
'smoothing operation by - '• the 
■German authorities. The dollar 
was at a best level or DM2JJ370 
against the D-mark during the 
morning, but closed at DM2.QI32$. 
compared with DM2.Q28Q on 
Monday. It touched a high, point 
of SwFrs.L9040 in .terms of the 
Swiss' franc, before Calling ' to 
Sw\Frs.I.Sfteo. .and . closfhg at 
SwJYs.1.S745. compared with-.Sw. CURRENCY RATES 

Frs.U8775 previously. ^ ; 

The dollar's,, trade-weighted 
depreciation, as calculated- by 
Mortcan Guaranty, widened to 
i47 per cent, from j.41 rieft Cent.. 
while, its index, on Bank of 
England figures, fell to 90.1 from 

GcW Gun..... I 1 

duuieaikuHy j 

Krouemmd- S 1921,- IB41, 1st 
1 (CSBM-lOOi, W 
KowSor'gua. ‘358 60 ‘$3 

'(£30 oil i.G 
Ord boi'mtc SoB*i 60*4 IsfE 
’(£301,-31141 ;•£. 

tiukl CutUB... ’ 

Knieerretui.. ,S 192 U- 191 141S 1 
|£9B1* -lOOl, ,i£ 
N'wSNWnEiu S58 60 i^C 

(£30 31. ji£ 

Old aoir'coi '358H-&0** bS 

-i£30U 3im .111 
SWKneie* .. S297-300 |S£ 



Mar. 7 llhlfr' 

Ik) ■» I 

Ora win if 

Ri -n-a 

New Trek. ' 

Bareli B 

X el llllg.. .. . ; 
1,9, I la 1.411 ..... 


Sterlinc'.s trade-weighted index, •'“«'« " h - -i 
according to the Bank or Ehigland. J3K? J3ti 
fell to fia.1 from 6ajZ, after 
stan dins at 65^ at noon and in 
early -trading. 

Tbe pound opened at SL9365- 

Ihitt-h ifuiideif 

French mmc. 
ItAIL&G lira ! 

,l ^4? a f«V h ? d ?I? ar * and .* n iSSTi^SI 

to S1J9323-1 J)33a in tbe moming. autin praew...- 
It recovered to $1.9575-1,9385 in Swedrati krom: 
the- afternoon, and 'closed ' at Sww * tram-....; 





38.8217 ' 


2.49745 ' 










Uuu 0 

A -«w h ._ Lremiui^-fii 
~ ‘ Knutkfiirt . 

















Mutrid 1 

Milan . . . 

U>hi ; 

Plan*..-. '. .! 

Turto | 

-Vienna i 

7,uiirii I 

bl-j 1.9iW 1.8386' 
(IsZIMj i.l/M: 
4i?' 4.17pr-4JllA 
Us He.M-ttl.40 
x 1D.tO-n.04 '• 

A 3-89 V-5.84 i 

U : /S.lJ-ftiJO : 
» M65-K-16MD 

llljl 1.B4M.6M ' 
6 I Itf.J* 10.33 ' 
atn 8.223.28 
& i B.bitt.i4 
4 1*. 456-465 . 

hi-' 2B.n-20.46 . 
t ) 3.613:80 f 

7 Rates Riven are tor concert 
FinactcUI franc ai. 


Kir. 7 irnm.iiiili.lra l.u*- 

Kraukiurt . — 

New lew**' <9 60 66 

raris— 23525-75 

iiniftnt— IK5&6S 


2.0240 S6 t 42^540 F.412JZ! 5.912-822 83.85 03 i 107^5 M 

■— ffiiLB9.3103 ! 3.lr00^ ITitfl.OUM Oh! IGJZUJa >.63.iueO 

4.786-798 j . - ,15.122-166 ,9itt6-2F66i - ttU 32 82 ■ 25 SjO 80 

3L&S4& l tt.60-62 ; - 61X7-29 1 14X8 >o i 16X2-1* 

Loodun ' 3.B9? :Oi J 1.8370-80 ' ' W.WS) 1 — ! 4. IS 19 i' 

Aro-t'/toin-. 1 VJ6.H«te.\'il2:m7'.«h^29bi6>5-‘9e^8a&A.l!0\i>^C^ - aMJ3pJ» aaETaii \\»^- 

85.037-a30f 1^840 » 138^73^66 ’5.8754-i«ro3.64<8«0P87.ia2-OT8 1 oinwore... j.M.rwa.i 


‘ Nrt 

Argentina.) 1335-1637 Ar^eau 
AiwFralta..!t.B52a 1.7099, Auiu-la. 

Brazil -.. 61.oO-62.GB {Belei'un 

Finland .... 8 03-8.(6 UraMl... 
fliwrs ... 18 .6/1-71.387'Cauaita. 
Hon*;K'<.in>y 8.8 4 '-tt. 2- t Deiimar 

Iran 13k- 138 iFranre.. 

Kuwait . — ! 8.653-0^43 tii-rnnn 
Uixciirli'rc ED 70-ED.B8 lUreere- 

Mabirata... ; 4.4 .25-4.47£oliaJy 

_ N.£aUantl.i|.B7BI-1.8-69']iipan— 

eiauHl .And- b.bfl-S-I* ;XciUerl' 

L'.s. h ta Toronto IT.& 3 = 1UJ5-16 Lanadian reals. . 
Canadian S in New York=8S.19-t8 rente. I'.ti. S ln.3Utan 855.1040. 
Sterling in MDre 1648.75-1S60.75. ‘Kates for Mar. & 


F. Africa.. il.'cfi9/-].BhMFretUKai 

U.3 |)|«in... 

Lanada .-....; ^>witE*lai 


L : .fs. cenu.i 88. 87-89 JK1. ;Vui(<rda' 
’ Rate Riven for ATHeniiM u 1 

Alar. 7 1 aientiu 

4 aUra.HS.1. 

U.3.Do- lai 



on tan 

W. (.reiuiall 

ttihorr. locm ...j 6U-8*t 

1 dan n«W 6Sg-6Tg 

Mooch 1 _ /.?4t 

Chrt+ nionttik.! 7**-8(g 
9'ix rnouth*. ...[ B-61, 

line vear 1 8404*3* 

610-714 . 
' 7*f-V »8 


6T B -7t a 





6 >*-6*4 



1*.*4 . 

’ri* • 

6,1-ata ■ 




3 ta-3 M 


Npw ynri/'OAS C-|ini-.06«-Utr J.1C 
Mnurreal .; •^pm-Jlhc<li*'0.15 
Anist’ibnit *4 poi-1* c.dla 25a- 
BrtiMria.. . 1 10 1- pm-fcr ' 15 S 
lifp‘uhKn. , 73t -9*4 ore-'Ua , IU -S 

KranRfurr ilSd-kg pr. pm -47,-. 

Euro-French depostrrMBa:. twodar 18-183 per cent.: seveo-day 12M3 per cent.: Kl»u>u i7U-iadriMlra 

"OnsViftiUh i Tht 

one-month 14;-1« per ceoL: Usee-momh 13>>i»-13i-'n per cenu als-mutuh 1^10-13*10 31»ind._. 5u-lB0i-. >iu 

per cent.: ooc-year I2 ,j ifr-Ul w per cent. Milan 8-14 lire ilia 

Loop- term Eurodollar deposits: two years Si u -&3i6 per cenL: three rears Osh) 4-6<tre>lis 

93-M per cent-t four yeiis'' 85jfc-S7)f> per rent.: five years a/ts'-S^it per oetu. rtrta a ki- 61; ilia 
The foliotdna nominal rates, were quoted for London dollar certificates of SteklKv'im' 1-3 ore ill* 
deposit: one-momh 8*18-7.00 pec cent.; lliree-ioonih 7.18-7.13 per cent.; six-month Vienna... itur-lO arn <lu 

7^48-7.45 per craL: on e-year. 7.79-7.73 per cent. r. pm 

• Rales are nominal calling rates. 

‘ * Short-term rates are' call for sterling. U5. dollars and Canadian dollars two Six-month forward dollar 8.37- 
dajV notice for gollders nod Swiss francs. - - I?-manti! fl.D3-fl.S3c pm. 

i 190 
22 3 
‘4i 3 -l 


Bar. 7 

■ 1 Pram }+ or 
I Dm. 1. — 

Drr. tTkL 


Aiian Vet*ieb w | 


Barer Hypo 1 

Bayer Verelnsbk; 
L'iha lot. Ned. writ' 


AMtIM Paper. — j 
Agnleu Swa....! 

Aiauma bt»— -J 
Artmio*. 1 

Hankrt Moucrmo 
Bank Nava rooual 
Baric KreoureeaJ 
ben leieptaioa-.^ 
Bow Valley litdr4 
dH Canada — 

UlUM j 

Bnojy, .1 

Miyary Power -J 
Uamflo Mine- — I 
Leoaoa Cement J 
Uaruuia .VWXj-oo| 
Can impBneCosij 
Lanai u Induri ... 







101 * 
tiBift j 

. b 
I 0 I 4 

Con. ItartlV iut .| 
Cbo. super Oil _.i 
Canlnj. O’Kflhte. 

*670.1 tlSI« 
tk ’ l.u 




9 - 


021 , 






Com mm . 

cum tkuborfs — hofla ( 
ConBumer Cm — 1 . -lb*t • 
Coaeka Haa utg rei M . b*i : 
Uoataui Wcb4 — f 

Derrlskirt llfriea-- 1 ^8*4 { 
Buna Min w . .'<'411 1 

Draw? Parrowumi tBta 
Urantntoq Uddgri 86 U 

Dora tar L,._i M*0 

Dupimi — 

Fawon’K»ftRk<^ ’^ 7 a 

Foro Motor Chou 













i® 5 * 

71 ia 




Giant Yhcwloiite; 

Gun O11 Camria-1 Bbta 
Hawker bid. Can-! 5 <8 
~i 1301* 

Home Oil -A' — -J 38 
Uudaun Hay .Mop 
HuiIhoo Uay.._r-- ; 175, 
Uislmn Oil AOa»' 4g*4 

l-CC. 1 . 1788 

tnthreo .....y..— 1 
imperial. UU— 

Iiico. — 

61 1, 

Id >4 









lnda-... .-....-.~^. | 
Inland NatJGaa-t 
ins’ pr'.v Pipe Line: 
Kaiaer Krepuram-{ 

Uurm't KtaJJarti 
1-^ -- 








10i a 


1 0/g 


16i a 
• I 614 

LabiawCour. ---- 
3to'mili!n broadly lei* 

SStffe Iju! 

N'otcao Ena^A-J 1J6 
.VthiuTertecm— ■] 16J»- 
N umac Uli 4t Gat *914 • 

liuwini nu'ril - ** 
fteifioU|00tlU'. : hOT 

riu-tHcFrirofriumf **• ' 

Fha. Wrv-PetfmJ *3 — 

Fhtiuu_ 1 1»H _ - - 

Fo>pie. Dec*. a_! t-*.0 1 | tfl.00 
ran! da 1 Ot ' * ‘ 
FwerC. >tyti 

Frl 1 - 

tjuriec- fttueahou 
Kaaf-er Ol 
Um i bhaw 
Ulo AijjoiO^.^-^- 

ftuvaiUk. at Cen-i 

KvT*' Lrort-.- ^J 




J .1 ;• .^4 

20 Vi 201a 

*«. !«. I IUI4 
111* J Hi, 







“I 18 

X6 ■ 

. 8 
I4i* [ 
.4 90 

a 's 

B4l a 


Wi 8 

1 \tn.|a>>> it 

i I* etc iiam-ei... 
' B it- . c«».. .. 
-32>* -- White t-<n,-ln.i.. 
24..'.: .. AV-.>;am - 

36 j "iKitiHn Eie<-i 

k l'i- 
KID . 
.167s - 
2 b"'* : 





17. s 


*'«0WttH , «wre», 

1-— ! 

■-ho- Canada 1 

t5harnuG. Ulufc) 

Sh-Wma u. G.—V - 30 - [ 
-9tmeniU-„.,.^.~‘ ■ ! 

Mre Canada..- itita 1 

4«c Ku -a 1 ro* 1 . a40. !. 

IfMif urH.m.!’’ 
luniiitu Uonr-IB* • -I‘*38 -! 

1 raii<4.n n J'lfwLn _ 1*< >0 • 

I ran- ll'uHi di »• ® 7 a 

ln«- J ; tjnp ....:.. , 

iVa ker Hmn<— 
lira i.ijlj J ra- 
Weal- 01 Urai. ...- 

I 204; 



. J 










/ 1 a 

“ A wanted. 

6 Traded- 

T'ftld Aaksdr 
INew aunJi. 

ComlUummi — _! 

Daintier Benz...'... 


Dentae X08 Jt 

Daiuebelianh — ; 307 |— Q.5 

DreHJuer Uank_.l 248.5—1 


137 A +0.3 

137.5 -*-W.B 

285.5 -lo 
519 -0.5 


828.8 -2^0 18 

79 - .7 I 
307 —2 
274 :+* 

159 !-l J 

% ! % 





I 62 

3 J3, 


Dyckaritoir Zemuj 

0 □ teboffmin*; , 

8* pax Ln>yd.^...J 

Harpener. , 

Hcechtt 1 



203*i* i 

I 18 

Kaliund 5atz 

Kar rfadt ' 

Kaothof J 

KiodUHrDm UXLj 



112 . 

269 f-1 


lzOJJi + O.3 
157 -0.5 

292.5 ! 20 

205 —1 20 
s»3 i— t — 
176 J6 I 12 

— 4 

- 6.5 — 0 J | - 
245 |—1 j 15. 

1. 50 1 */ 

108.5,-0.5 1 7 
193.61-8 [ 12 . 
167 1—1.3 I 14 
223 l + 0J>l lu 


X A 












Lowenbiau 10U_ 

l aif t ha nm 


Manna, roann 

UecaUze- , . . 

MuiH-tiener HuckJ 518 1—12 l 18 -1.7 

Neickunnann ] 109.3 j - u — 

111 +O.81 — 

205 ri +2 I *6 3-9 
847.5 — .*-5 IHu kO 
296 +0 4! 16 ; 8T7 
254 j +4 : 17 : 3^ 
124.5' — 0.2 .’ 11 ! 4.4 
178 2 1 14 ; 3.9 

115.7 +0.X 1 12 I 5.2 

305 1 — 18 1 3.0, 

215J:+2.9' 10 I 2^5] 

Freuraau DM I00.| 
KhranM era. K fed. 


ftcbmn*; I 

pfenwne — : J 

-.ud Zncker 

rhyseen A.G_ 



Veremifc Stat Bk! 


Mar. 1 

I- yia. 

bir., Tic 



.... ; 

- . 



. Mar. 7 




Arafat Glass.'™™. 





US - 







Uai Mpfmn Print! . 823 

- 1 




+ i 



Honda Motors — 


+ 3 



Bouse Food™.™. 






+ 1 




+ 10 




I 667 









Kami Elect. Ptr-1.070 
Komatsu 1 319 











Kyuto-Cenurur ... 

N ran 

+ 27D 



Matsushita Ind... 





Mitanfawhi Bantu. 




HttsoblBhi Heavy 


+ 2 



Mitsubishi Ourp..! 





Mitsui * Co. 







Nippon Detwo..... 




Nippon Ehinisui.d 


+ 14 



Ntaun Motor* 


+ 2 





+ 20 



Sanyo Ktactrie.™ 
Bekwol Prefab™. 





+ 14 




**l y-+-- 





Caiaho Marine 

+oi . 

+ 1 : 


2 2 


3» ; 








loklo Manne..,™ 





fokta Elect PbwVLlSO 




losyo erinjv ™_. 





Tokyo Sbtba urn. _ 




jftywa Motor.. — 



10- 1 


900 1*8 



Source Ntkkq Sirourmpa. Tokyo. 


A 5 t * 


Mar. 7 






4 - 

A tbed 


r— 50 



o'/- nrju'IXmU™. 

L4 8 


6d 7 


.kbold *Fl.fch...-..Vl- 

BnMjTi. UaJj 


Amnbank iTt20)' 

vStjenkort 1 

BoaalVeat'ra ( F . 10i 


blearier ( Ft ^Oi—. I 

Konta N.V.Bearerl 

Boro Oom IarPL I0| 

Grit BrochrtmiP IW 

Booisovena ( PL20»l 

Hunter D.iFi.lOtt; 

l^uC. Holland.....' 

KJ*.M. fFi.UWl.J 

tnvMuliertlkOi.... i 

NatNed lna/FI.]Df 


.Ned MjdBkiFt^O); 

Ore 1PI20I . 

Van- Orameren_. 1 
WJtlwed 'FlJal.... 
Philip* (Fi.lQ).. . I 
Kobreo 1 FLSOL... 

Boll nco fFl jCi 1 

KunentofF'^th.. .i 







100.0 .u.i.... <2t I 3.5 
xx 6 —0.1 1 - ! - 
O40.6 +8.0 A26^{ 6.9 

79.7; +0.9 A^*4| 5.6 
73.1 *0.7 • 83.5; 6 2 
8L.Q * O J 1 ao 
1x3.5 +0.2 I 70 
oto.T. 1 29 

277.0 + 1.6 1121 
137.0) *U JZ 32^1 4JS 

b3 !} 0.9 

*7.1 — 0.7 I 23 

li3A- ! 14 

24.3 — 0^ 1 I. 1 JU 0.4 
al 2-0.6 32 6.7 
15J — 0.1 1 lo i /.a 
126.5 +0.3 I — ' - 
98.3 +0.6 I 18 , 9.4 
35.7- Jt IO 4.8 1 
U5.S +2.2 I 462 4.4 
k 4.I>u3 j Ai \ / 41 
lb5 +1 I 22 6.0 i 

1.4.0 *0.5 I A34i . 

Ii5 >1- 18 , 6S 

3&2 +2 {51 .11^: 

a .o- 21 : 6.5 

71.5—0.5 lb I - 
loo^— 0.2 i.AZbfal 8.0 
115^) — 0.3 I — ; - 
ld-8+OJ! 14 

. . 



Ausfc. S | — 


A crow Australia™™ 

Allied Mnt-Ttdjj. in>Jua SI 

AmpM hspkxnLVw.- 

Ampoi Petroieum 

Vram. Minerals. 

Assoc. Pulp Paper SL™.. . 

AwuCoa. Industnra. 

Auki. Fuuratation Invest.. 

_• tO. 65 i— 04R 

10X5 | 

12 08 U.i4 I 

1U-70 +0.01 
ta.76 1+0.01 

11.11 1 


;L08 1-0.02 
1L30 1 

5 -MiS 

-CJULCetncm — ,1,124 —16 • dU 

Coe«crtl..r 355 — 

BUKStilU- 12.365 -6 177 

Httctralwv 6.060-420 440 

VabrUjoe-Sai 2^75 l-., 170 

.T. B. I nftft-H rn 1860 

iienert ;i.25B 

Hobuken 2.260 

Interoon — J1JB45 

Kredieuwtb 6.440 

>2 ' tSU 
p- 90 170 
1+5 142 

f 4 

La ihwale BafK0~‘ 5,290 
Pan H.>kJ 

tiding 13.3b > 

Petrortna 15.835 

are Gen banaue~;2.805 
toe Bra Belgique, 2. B40 

rofim ■5.060 

-x-rar-r. 2.470 

rracrhKi Biret—.j 2.600 

I'CH 938 

On itln- ili U-n_..J 700 
Vietlie Moaagoe 1 1,376 



(—10 1490 
[-20 |3U6> 

!»2.2S 3.4 

1—15 il/4 4.0 
i+ 35 189 S.8 
j— 10 ;14G 7.8 

L <»o6 6.7 

+•20 .A8U0 b.i 
■ — 86 164 6.5 

i-2 ; 60 

'+12 ;100 



BoyaxUutchi F.^w 1.2S.8 tO.9 | A 90 1 
SIumiIkiiu 1 UA4 3 xflj 1 fa : 


Vlki nifties. InKfili 
WmUan'du, Bsnci 

B44.4 +0.4 

97.8!+ 3 
X19J1— 1.6 











Mar. 7 

L- We * ;+ or 'i- 

(Kroaer j — I 


il*r. 7 

Price : +«w I 
Fra. I — I 


^ S 

Alum In mm 1 1,175 

BBC -A'-. IL675 

Clha GrigyrFr.lOOjl.: 

1-23 | 
!— 80 



i— 35 

6 ■ 2.6 
1U I 32 
42 J 2U3 
22 ; 2.8 
4J5 3.4 

16 | 3.4 
1U ; 32 
6 3.7 
£60 0.7 


Burm'sir W. *s_, 

Dmuw Bank 

Beat Atnat I Co._J 

Hsndeishanii ! 

D.> lli'nH.'KrttO'; 

1441, • 

+s0 -a 
» 6 .+ U j 
£52 ,-2 
.o9 l-lfi' ! 
SShij’ + i, ; 

Nrail Katiri 


Print (bank.. ....... 

Pn.Kin.hwtk. ‘ 

vrpb. Berendeen.i 
super! os 



870*4—11 1 



378 -1 
1551* -1** 







li . 

! (.6 

lo 1 


12 | 


12 ! 


13 1 

! 9.4 

12 | 

a.o > 

0 1 

l. 7) 


l-d-7 ( 


4.1 1 


■ 4 A j 


773 i 

11 ; 


12 1 5.2 




Du. PuCert«...| 800 

Do. Beg. 66B 

Credit r-irisse — ;&273 
lllectrantt. M ..Jl,SO0 
fWher (Gojrge)- 6 /0 
Hour mac PtCeru.i 79. 5 00; -1.2601 

Du. idmaii) 18.025 ;-SO > 55 i 0.7 

Interrood B (3.500 256| 20 3JJ 

■Irlmoli fPrJ00)_.'i.57O [—50 ! 20 i 1.5 

Nestle (Ft. 1001-j 3200 I— 190 art J I 2.7 

Du. Keg 12260 

Ueriiknn BJP^SC!2,120 
Pirelli Si P(P.100v 255 

(-30 taiU 
1—1301 tie : 

1-20 I 16 

Do. Part Certa.) 
5u*ccr CM fP.IOOi! 
winalr tF JtOi. .[ 
Swire Bank I 

tFJfOl. .[ • 
nk (F.lOOt . 










l— 30 






2 . 8 . 






Zurich, likb. _;8.800 ^-780, 40 


2 & 





Mar. 7 

iVtc* i+or ltilc. Jldl 
Lire ! ■— . Ure! " 



Anal. On & Qxa.. — ; 

Blue Metal I nd — 

Bougatnrille Copper— 

Broken HUI Propnetanr....: 

BH South —j 

Carlton United Brew err — I 

Oms. Goldfiekl Aua | 

Container (81) — J 

UonzlnciUotiBkP— — 1 

Costain Australia.. — 

Dunlop HubbertSl) — ... 


Skier Smith— — 

&Z. Industries — 

G41L Property Trust— , 


Honker. ; 

LCJ .-Australia™. 4+ 

inter- Copper. ^ «.! 

JemUngs LnduKriev 

loom ( DarW),.™.... 
Iriunard OH.....™... - . 

T5 36 
10 77 
♦2 64 

Tl 88 

11. kU 

. tl.cB 
IB. 08 









1-0. 6 





Metals Exploration. 

XIM HoWh^s. ! 

Myer Krepenum ^ . 

^Irhotaa LntmfMtk9tral...™i-7 

Ninth Broken H ‘dings iSu^ 

Oakbridge— j:™ ..l 

DUtseanch — 

Otter iUpk+srioh-^: 

Etodfeer CWnierts..™™!-™, 

Acesita j 

Bailee tirxstl PP:.: 
Banco Itau PN... ' 
Uehro MineiraOP 
LcJ*» Amer. OP.^ 

Peirohras PP 1 

PlrrillOP -...I 

SoumCmx OP....I 

Unlp PK 

Vale Rio Dmr PH 

3.64 1+0.21 

2.65 1+0X1 


6.20 +0.7. 

VoL Cr.Ul.3m. Shares S 
Source: Rio do Janeiro 


-Mar. 7 

Pn*v I + nr 
Kroner — 

Bergen Bank 90.0—0.5 

HwroKaard 56.25 — 1.2! 

end fthenk 1 104.0 ri.-0.o 

amnios. — I 290 ,— 5 

K red Uk* -own- 102.3 -0.5 

Norsk H.vdrokrXO 179.0'- 0.9 
dtorehnnd ... t 80.0: +2.5 



Man* T - . 

Au»lo American Corpn. . 
Charier Consolidated .. 
Host DriefotRcio 


Kinross' .. 


Rnstenbunt Platinum 


Scrum. Vaal ... 
GdRf’Ffelds S.\ 

£L c. ofetRh 

southland Mining j 

Iboth (511™ 

I7*l\rjui. — —™.. L 

We+tdm Mining wOutnu).: 


- - “ 

' Price. 


Mac. 7 




Ben re 45. 





Air Lit) uW 






— 1 




318.5 —6.4 < B4 











B3.X- Oervsi*.... 









Oj0.H. — 


— Lo. 



ULT. AlcateL .... 





Cm ttomsirr...... 

252.0 —3.5 

18 4.8 

Club Medlter.. — 





Credit Com Vr’vr 




CcBtwot Loire 

54.3 1 +0.6 




440.0!— 2L9 



Fr. Pewvileu. 


14. If 


Geo. Oerideatale 


+ 1 



Imoa — 





Jsequra Bortl 


— 1 





1B./7 11.0 




lLtt/i 2.9 





Mate ns PnesUX.. 




Mleheitn “B"™.. 


t— 39 



Moat HeruHosy...™ 











18.66 12.9 j 

Peril laev :™... 





PranoH-Rlrard . .. 


— 6 

7.51 3.7 



— 5X 





Iridio Teohntqne. 



Uedoote — 


+ 81 


bbooe Pootaoc- 

34.8: — 1.1 

9 (16.4 

riu Gofaaftu.. 

128X— 2.4 


3U» Koea*(Twt 





— — 



'BstfapQamtque— . 



32.76) 4X 

rbout+ro BraadU 

142-0 — 2.4 

16. 1610.7 


19.0— OX 




’ 1 


+ «’! 



Mar. 7 





12X13-. ^>3X1 
tlUs; ; . — , 

11.11 IMLrt. 
i\L»S i-*Xt 

tD^s. : 

M.15 j 

1 1.05 J-0X4 
11.66 i- 
12.20 ,-flXB 
iOjsu. j ..b,' 

11.112 r- ™™.l u >VgU: ■Corpora Uou 

. *1.68 \ I Dp'J^ots Deferred 


East -Rand Pry 

FnSf Scate Geduld 

Pwmttent- Brand 

President Stem — . 


Wt^kom _.... 

WW DrWontcin 

Wesem Roldings -i-..-- 
Wetaern Deop : 



-55xe, ...... 

10.73 t-0.01 











p™» +• 

Ann- 138 -2 

Ikwinin 620 .—15 

Fist 1.981 -14 

IX/. Prir... 1,62 • —10 

Flneirier 845 - — 3.25 — 

A»8A (Kr.WI-.. 
AtU> Oopco(Kt2a 


Botori. I 

Carilo — 1 

™ . _ 1 Ulb+'ui* tB'iKrt* 
_ _ ; Bricsswi ■B'iKioOi 

150 7.5 I iWile.-B" 

laO 92 Fauer-ta 

irraonea dree* .... 

83^1 — 0^ 












. 8 * 5 , 


1 • — 

(.TC<1il«ii4ait .... 




~ tWni +r... 
1 eit Usi>ne«ii . . 

. ll-x. 

1 imam 

Oiv. Vra, i ltok»mrt« i 1 1 .210 + 20 2aa,* 1-8 .EmmMmM- 

7- % • iMleldei ... .-. • U&3 .tLS: - - (Msrahnu .- 

38.900 + 15a i2K 3.6 1 V.i O li LTRwnsm., .' 

157.75 -8.0 • - -widvlk ,\.B 

550 ,-19 . , ft.K.F. -IV-Kra... 

2.270 —39 130 5.8 - 'kun' knsklMa. 

1.044-5 — act 7^iT)wd!aik rU’K+vP - 

635 —29- : t:-WehnhB..;.;.:.V-“ 

Vritf (Xr. 

*9w lu | c.t ’ Uunte'liic'.ai .™. 

263 A- 3.4 jOhtetu Prir... 

666 J 8 8.5 I I *i relll A (.'<). 

— - 1 Pli-ili Spa. .. 

1 1 - * 8 -raui* Vlee-frai ' 

14 6.0 > • 

115 +2 
80 1+2 
125 : +l 

an , .. .™ 

131 i+1 

l«u 1 


96 -4 
40.8 AS 

29 L. 

130' ... 

” 55 %T 1 6.s il.B 
22>) .. a.05 Z • 

i 6.0 * l.S - 4.0 
130 . . 6 

79.-1 5. 

-«75 '- J.O 
67 : 6 

a6ci . -. n-.v.-. 


AngW-ftmer. IndnafrlaL 1 . 


Barlow Rand 


OJA Investmems . . 


Cnrrtt’ Finance 


Dc Beers Industrial 


Edgars Consolidated Inr. 


Edgars Stores 


Ever Ready SA 


"Federate VoDrebek-tslnss . 


Creatmnans Stores 


Guardian Assurance <SAt 

1.: . 





McCarthy Rodwar 



2 ■ 

OK Baaaarx 


Premier MUfanp ™ 


Prnona Cement 


Protea HotdtoKs 


Rand Mloes Piwrti-s . . 


Rembrandt Chous . 


Ret co 


Saee HoUiuss ■ ■ 




C. C. Smith Sugar 




SA Breweries ... . 


T liter Oats and Nai, 3fillR. 




Securities Hand $U-5 
(Discount of 27.09 


March T rer rent 

Asland 1U 

Banco Bilbao 251 

Banco Allan tl co U.OW* 200 

Banco Central 300 

Banco Exterior ..... 27a 

Banco General - 2D2 

Banco Granada il.oooi 152 

Banco Rlspano 203 

Baneo Ind. CM. (l.flMI 1H 
B. Ind, Medllcrraneo ... 132 

Banco Potmlor 204 

Banco Urqoiin (l.OWi... 226 

Banco -Vlacapa 

Bartamion ... ...!! 

BamKi 'Andolucia 
Babcock Wilcox 



E. I. Arasoncsas 
Kspanola zinc .... 
Eipl. Rio Thilo . 
Fecsa >L600i ... 
Fcnosa i'uWOI . 

: 202 


.1U I 4.7 1 CJaL Predados 
5.5 j 4.2 * firmw Velazquez 

5 ! 4.5] HMrola '. 

8 ' 3.4 • Hk'rtnero 


_ _• j Olarra . . .. 

In . 5.5 1 

d &2 ‘ F»-I jutipc r ... .nt.i 
■ PelrirtiK * , 
sjrriu PaoaK-rj 
_ _ Snlacf 

| “ | SthieQfte 

?■; , ’Tyii'fomca 
0-“. Tort-IK.- H* 









73 JO 



VO J v 



120 * 
M •‘•Va 

i t i I Ti-li4onil-a fli,. ... 86. ■ > 

.*■. ^■®.vTnzia*LH(Meo«b-— — 

- " _ . Tuharwc « » J 


Duon Elec. 




financial Times Wednesday March 8 1978 


\ -_J _ " ; ^ ,>.■ * •( 

Wednesday March 8 1978 

lobert Graham. 

Portugal faces serious political and economic problems. But international 
. pressure is forcing the Government to take drastic: economic measures demanded 
by. the country’s creditors. The political structure, however, remains fragile. 

Exports to tl.K. 

Esc.TOhn. - 

■ BIRTHMARKS of the coraensu^ Is extremely fragne: with 14 CDS in Parliament This military*-or In more extreme 
revolution graffiti - still j* ln TuvolpnttrXr-. gives the Socallst-CDS alliance f Qrm a direct military gavera- 

the watts jand numtnirents political ®J otal of seats - which P rt >\menL Although the prospect of 

' -on But thpv hav« Wn “ e i fl Cteasingly precarious vides an adequate majority fn “ “ *T.! " 

'• elaborated and are now natuxe of 016 economy and grbw 7 the 263-seat Parliament. The such eventualities are probably 
worn &nd fade* Fmm ^ foternational impatience ai inclusion of the CDS marks a more remote than many Port u- 
ns crude noUtaeal a w«r*. .*« Politicians* Inability lo put significant shift since the 1975 guese suspect, rhe threat that 
thev have been trank. ^ national interest ahead of leftwards direction of Portu- they might happen tends for the 
into a curious reminder' perspnal 3X1(1 pailty nvalry. ■ . guese politics. The CDS enjoys time fieing lo shore up the 

! * instant the immediate For almost six months before' ^^PP 01 ^ of * sizeable portion Government, 
has become. If the the fall .of Sr. Soares’s GoyeW By the same token the’ other 
Shoe of graffiti in 1974. in a.vole of eonfidepcel^^| two main political parties— the 

..- barometer of the peiu-tip December. tie had appears t0 ^w-T 'heifer £*. S 0 " 81 Democrats fPSD) and 
. tions and hopes df the over-estimate his abihiy to * JJJL to LtiIp this the Communists— have no real 

lasar era; their less fre: !>® ndle ; 5 Pmt!«aJ»jr, desire to see the situation de- 
'»«•*** now reflects a general “*■"■**■£* creditoiMhe J ff aet Cy Sr ^rM i^ a W stabilised. It is to neither* 

ess and suspicion of the u - s -* the. IMF ; and;Wca Ger-..^ jj y h ‘ _ * advantage to have presidential 

■ ' » that welcomed army many. Hieargimient conaSttn^y ^ 1 of and or mimary abd ** PSD 

• . ; .ntion f decried fascism and “ ??“ professionals iSSSUton has *«**“» Seated that it 

for varying ■ degrees of as a minority and If. this ■c 0C j-i[ Sta - ,. h - will provide -“Selective sup* 

;'anandprolLria?wol tt :.S li no r ity Coverament feU, then ^ ^ T « mV*®** for th * Government. 

- democracy, would bb once This is '-seen by 'the ; more 

7 ' 'T seriously. • endangered: ■ TJtis 3 “i?* 1 ?? cynical as meaning that oppo- 

; Portuguese have good worked well until ahout mid- ^^®° mu/SSum had Stion will be- confined to 
to be suffering - from 1977. but from then on -the U.S . ' previously r °been 11 Sid "Ts words. The Commits .for 


remedies as proposed by the 
IMF has been more muted. For 
instance, the .Communists say 
they have no -objection to Por- 
tugal negotiating 1 with the IMF. 
and then they complain about 
the stiff terms of cutting credit, 
pushing up unfemplojineni and 
lowering tlie exchange rate. Yet 
they know that the IMF wiJI 
inevitably propose conservative 
measures.' - 

The existence of these con- 
straints has led;. 10 a mild and 
prudent optimism arnom* some 
that Portugal "has now entered 
upon a necessary period of more 
pragmatic -consolidation when 
proper attention, can be given to 
restoring the economy 10 health 
and preparing fiSr entry into the 
Common Market. With the . ? ? 
for Portuguese membership 
ready perhaps by April and the 
possibility .of negotiations begin- 
ning by the end of tbe year. EEC 
membership is slowly ceasing 10 
be a distant statement of intent 
but' ai'definife target- tor stable 
development Europe and the 
U.S. do not want to see Portugal 
become an isolated 1 Cuba: and 
politicians - par ;hlT~siiles of ' tfis' 
spectrum.- accept' this Western 
■posture asrar definite stabilising.' 
element— regardless of whether 
jt is Weed:'/ . •' • 

The more optimistic envisage 
that Portugal now has The 
chance to continue, through 10 
the 1980 elections with the same 
Government However. the priib*. 
■Jems ' ahead should not be 
mlnTmisetl, Within the Govern- 
ment" there are -going 'o be 
formidable tensions. 

For instance* the CDS fn' 
publie would like to see rhe 

, .. clock piit hack oil a number. of 

ational consensus. This three CPS Ministers out ‘of 14. again for authority upon the.tiqn to classic “ capitalist " the foils occbmpfis of the revo- 

tion. Since' April, 197£ in particular; adopted an in- their part are saying they; 

ave witnessed army inter- creasingly hard-nosed- attitude.:^? 8 adopt a policy of “selectve 

. 1 , near military dictator insisting that he tacHe Pori* munf i and the Com ' opposition.” In other words 

1 lurch, towards Marxist gal’s mounting payments deficit', ■ tt,ky - they will keep ail their options 

non, then a swingback and inflation with deeds, mitwj. Disregarding potential differ- open, but tactically it suits 

.. famentirry democracy with words. . ences. this gives on paper a them .to keep a Idwer profile 

■ope minority Government Til ji j .• ^comparatively broad appeal to -f or uj e time being, 

nance by the socialist K I6.dfi[6u ... -tbe Government with aspects to - 

defeat of theTSovern^ goi^ Si^rveJ MdS ^i^Sc^aJbSiw 0 ^ 0 ^^ ' Is 

.an uneasy interregnum exchanee reserves fwith pnld at ?^! JCS ‘ is h . T® expected to act in the Govera- 

iost two months which- official IMF "prices) covered fif^r With . t ^ £ _? xce P Do “ rt rmeiit’s favour is the deteriqrat- 
med a i—d-m-SSf.: : fmS’ : lSgSd» W Sf 8 ' r 0 ^ P ° T ' 

iment or a return to mtiii Whether or not Porteual'*; Inter- IS ^» rliaiHen ^ tugal s economic problems -are 

ule. Dut this time from ^onaTSm^ so serious Hat. there are .few 

ghL This bewildering edri- duly tough in imposing condir P e ^ sonal,Ues t*»a- ideologies. practical ajtematives. 

1 of events has lefr itt tions in the granting" of fin&ndai-VT Thus differences can easily ■ The leftist . Inspired measures 
and the squabbling: and. assistance, is still- too early magnified • and .“ exploited, of tbe early days ; of the revolu- 
king that preceded the ielL- ' - ■' ..Above all else the Government’s tion' — nationalisation, ' hefty 

Hon of the ’ new Certainly, a principal element, stability rests on the uncomfnrt- wage rises. State subsidies and 
iment, composed fnr _tim in settling' -the Gbvemmenf able knowledge that, if it fails, workers’ control— have proved 
me of both -the Socialists crisis, and so unblocking credits ah alternative form of govern- to be a luxury which Pottueal 

lution— 4n particular, it would 
like to see a policy of 
denationalisation, of greater 
redistribution to former land- 
lords uf land taken over by the 
peasants in the south. Dr. 
Soares has preferred on the 
land issue u> opt more fur a 
policy of self-management *ir 
” autogestion.” with rhe mote 
glaring . cases of injustice 

The CDS and the Sociai!a‘>s 
also ..differ strongly m their 
altitude towards the former 
colonies. Portugal can prub-'tbly 
cash in on its former close ties 
_with Angola and 33uzjm!f><fue, 
but this will be possible only if 
,the sensitive issue of nation-di- 
safioh is brushed aside. -Yet 
; those people with nationalised 
interests who bave returned 
from the colonies are. a large 
ahd vocal group. They have so 
far inhibited .any open gesture 
to the colonies, _ especially 
Angola, where they still cherish 
the hope that the Uni la rebels 
might win through. • ■ ■ - 

Outside- the Government, the 
-strengthrofthe PSD and; "more' 
important, that of. -the. .Com- 
munists with their dominant 
position within the. trade, union 
movement, cannot be- ignored.- 
Here there are likely to be . two 
sensitive issues: the Government 
attitude towards “lame duric” 
industries that have been taken 
over by workers and the future 
of. agrarian .reform. One of rhe 
planks of the new Government 
programme, and an important 
element in the IMF granting its 
SSftm: loan upon which the mud) 
larger inlernatinnal aid parkacc 
is dependent, is that tighter 
budgetary discipline he ’iritrii* 
dueed This includes withdrawal 

of financial assistance to those 
concerns which are considered 
no longer to be viable in econo- 
mic and social terms. With 
Communists : control nf the 
unions ahd unemployment at 16 
percent., the political and social 
implications- nT ' rigorously ob- 
serving . such -a policy are 


The Communists cannot 
countenance such a policy m 
public, nor do they want to 
because this threatens to erode 
one Ilf their vital areas of 
support. The same applies to 
'■ agrarian reform in the south, 
where occupation of land hy 
'landless peasants organised by 
the Communist - Parly- is con- 
sidered hy the. Party, to be one 
of the main achievements nf the 
Portuguese revolution. Some 
argue that Communist strength 
in Portugal, under its orthodox 
leader Sr, * Alvaro Cunhal. is 
. exaggerated.. Yet this is usually 
stated by people who have a 
built-in interest in seeing its 
influence decline. It -is safer for 
jhe_ moment . to regard it as a 
powerful influence, but at the 
sanle time if is worth" under- 
lining that, it is different from 
its French. Italian or Spanish 
'counterparts not simply because 
. of its " rejdbtfon'" of Euro- 
communism. It "remains essen- 
tially a proletarian party with- 
out attracting bourgeois iniel- 
lcctuals to its ranks. This lends 
to make its . approach, to the 
present situation more defen- 
sive and pedestrian. . 

Perhaps the greatest, con- 
straint on the Communists is 
their fear nf provoking a further 
shift in the military towards the 

Currency 1 Escudo 


Right. The re-emergence of the. 
influence of thu Right in the - 
military is a significant develop- 
ment. Yet President Eanes's 
frequently repeated insistence 
on his— -and the military's — act- 
ing within the framework of the. 
constitution has allowed the 
politicians to remain in th&/ 
centre nf the stage. Indeed, the 
influence nf the military nroh- 
,ahly exists more in ihe ‘‘arm of 
thpir potential ability to Hirer-, 
vene rather than their willing-- 
tieSS nr real ability to dn sn*’ 
Nevertheless Portugal is the one 
European country where const 1 -' 
tudunally the military have the- 
most power. 

With a new economic package- 
expected in mul-March and 
agreement finalised about .he 
same time on the terms that 
will; raise international cred;^ 
for Portugal, the main indicator ' 
-to watch will be the behaviour- 
of the. trades unions. The con- 
tinued state nf social tension 
can he gauged by the majority 
belief that there is as yet no- 
possibility of establishing a , 
three-cornered dialogue between 
Government, trades unions and 
■management. . Despite the , 
absence of such a formal, 
dialogue, the harsh facts of 
.economic life have already, 
resulted in lower than antici-_ 
pared wage demands and an - 
improvement at the plant level 
in management-labour relations.. 
'Management was severely 
chastened by the revolution, and ." 
if a new realism can now- - 
pervade the shop floor, then 
these tensions could subside. 

The task ahead is awesome. 
But unless everyone begins to 
bury their differences in the ' 
national interest, Portugal wilf' 
condemned to backwardness 
the poorest member of Europe 
and be obliged In surrender - 
more of its national sovereignty, ' 
lo'the demands uf its interna- - 
-tional creditors. 




.. .- s- . ~C.. 



Head office- Rua Aurea *28 - Lisbon - Portugal 


in the drydocks and alongside 
:: the piers — - 


tUSNAVE- South' Ywd 

2 LlSNAVE- North Yard 

.Tankcteaning. Station 

Smiaurt In the Teiju* astuary. wfttch provide the mem advantageous condition*. <or decasa. &hohw, 
anchorage *nd oh*a>Oi USNAVE Ship flepair Centre at thrm or lour sadmg day* from Northern . 

. Europe port* eoww* the whole Hold a t wahlancfl nsothd for ? or vicing end. largo repura on all 
kinds of shim of any sue (acSttnif or to uxnal up to 1000 OQO l A* . USNAVE Ship Repair Canoe 
consist s pf USNAVE -North Yard tot ships up to 21000 1 <t*.- LtSNAVE-SeuUi Yirt tor 
uup« tv to 1000000 l dw. bub- product, budding ol hvtto W >0 400 DM 1 -dwJ. ENi. idoctncity. 
ekctionics ond control r lnKi unMnt& -GASLWPO. UnkclMiunp. eoDocliDp and Qd Hptrrtng Jtom 
•Rtwants of tank* wa *f“lS.'REPflOPEl. repairing end roconHUoniig pi propaflerp. 
ELECTRO-ARCO. weldhig spadallsta and slartroda maktr* • USNICO. rapehs on vessols during 
••Bog.- PftflSA. air c«*dH toning. vmiUriwn and coding. Tog dost. . 




Financial Ttmes' Wedn esSay Maftfr* S' 19 





1-3 Abchurch Yard 
LONDON, EC43j 76H 
• Tel. 01-2838555 
Telex 80 7605 

KS-.V ' J 0RK 

277 Park Aver. 
■ N-V.-10Q18 
Tel. 688:3990 
!8isx 665724 


Av. .Vliranca • 
.Eoificio Gsncalvsz'Zarcc 

ezzanma - Loca- o 

nua AuT=a,So •.Calf{cfni 2 j\crtfl 

Tel 38 9421 - 3569 54- 

Telex 12 255. . Cele.v 25 131 

From the sea 
to Europe 
Sines is the port 

The deep water port installations 
designed for the time and the space 
of the most daring routes. 

Oil and ore Terminals, for the largest 
ships yet built, supported by modern 
equipment and growing storage facilities. 


has in the past two years 
acquired the dubious distinction 
of being the most precarious in 
Europe. Like no other- West 
European government in the 
post-war period. Portugal has 
been obliged to resort to selling 
and mortgaging gold reserves 
as a line of last defence to pay 
its way. Only half its gold re- 
serves are tabw free, and total 
gold and foreign exchange re- 
serves cover 3} months’ Imports 
with the gold valued at official 
IMF prices. Portugal's interna- 
tional friends argue that re- 
medies have been sought more 
through words than deeds while 
among the Portuguese there is 
a widespread feeling that the 
interna tioual community has 
given too little attention to the 
complexities of politics and the 
inherited structural deficiencies 
of the Salazar era. 

This conceptual gap, princip- 
ally evidenced by the IMF and 
American view that the Portu- 
guese can help themselves more 
than they wished to believe and 
that the Soares Government has 
cast itself in the role oF hapless 
victim of circumstance, has 
taken a long time to bridge. 
Given the urgency of the situa- 
tion some would say unneces- 
sarily long. Now at last it looks 
like being bridged.- By mid- 
March a new economic package 
should have been formulated 
based upon IMF tough dictates. 
This in turn will pave the way 
for activation of a $50m- IMF 
loan, and more important, the 
opening up of credit lines pro- 
vided by 14 western countries 

worth 8747.5m. 

The precarious nature of the 
economy largely relates to the 
problems thrown up in the wake 
of the 1974 revolution, where 
first Marxist principles were 
attempted and then sub- 
sequently interrupted as the 
Socialist Party' sought to impose 
more democratic and market 
orientated solutions. As a re- 
sult of the revolution, the State 
acquired 70 per cent of indus- 
try but lost a major slice of the 
nation's slim managerial cadres. 
The State acquired control of 
banking and insurance, but lost 
the confidence of 'the private 
sector, which still accounted for 
90 per cent, of exports. Wor- 
kers took over control of many 
industries in the name of social 
equality not economic viability, 
and the large landholdings in 
southern Portugal were occu- 
pied by landless peasants. 

Wages rose but production de- 
clined. Apart from absorbing 
tire impact of the revolution, 
the economy had to re-adjust 
very suddenly to the dissppear- 
ence of its colonies and the in- 
creased cost of energy imports. 

AH this is consigned to his- 
tory now. But its impact is still 
felt in a number of important 
ways. Higher wages and the 
suddent return of some 400,000 
persons from the colonies — 
equivalent to 4 per cent, of the 
total population — stimulated 
demand. This has been respon- 
sible for the seemingly contra- 
dictory characterist of Portugal 
experiencing a much higher 
growth rate than its economic 
circumstances would appear to 
permit In 1977 growth was 
almost 6 per cent. In turn this 
has made it more difficult to im- 
pose austerity measures, particu- 
larly as the Government has 
felt obliged to offset the social 
and political consequences of 
large numbers of “ retornados ” 
lying unemployed by seeking to 
avoid too many dampening 

pre-revolution days. The situa- 
tion would have been worse 
last year had not emigrant 
remittances almost doubled to 
$i„lbn. and net -tourist receipts 
improved. In the first ten 
months net tourist receipts were 
up 150 per cent on 1976 to 
Esc.9bn. With capital inflows 
the overall balance of payments 
for 1977 closed provisionally 
with a deficit of 5L2bn. 


The price of this relatively 
high growth rate has been un- 
avoidably harsh. The balance of 
trade has declined sharply— the 
terms of trade have deteriorated 
30 per cent since 1974, Portugal 
has become a significant net im- 
porter of foodstuffs, a factor 
aggravated by declining agricul- 
tural production which has 
resulted from poor productivity 
and compounded by a disastrous 
1977 harvest Wheat a staple 
product suffered a 70 per cent 
drop In production last year. 
Foodstuffs now make up 18 per 
cent of Portugal's import hill. 
Moreover the foodstuffs bill rose 
46 per cent, in value terms last 
year/- Parallel with this trend, 
oil imports have added a heavy 
additional burden, accounting 
for 17 per cent if imports. Over- 
s’ 1 the trade deficit has widened. 
Eleven month figures for 1977 
show imports at Esc.l70bn. and 
exports at Esc.TObn. Provisional 
trade estimates by the Bank of 
Portugal forecast a trade deficit 
of SZJabn. 

The trade imbalance has 
been reflected in a worsening 
payments position. The cur- 
rent account deficit ds now 24 
per cent of GNP. or Sl.abn. 
This compares with $1.2bn. in 
1976 and the surplus of the 

To cover the deficit Portugal 
has been obliged to increase 
sharply its level of external 
debt and to draw down on Its 
gold and foreign exchange 
reserves. From 1975 through 
to the end of last year the Bank 
of Portugal borrowed Sl.Sbn. 
abroad- At the end of Feb- 
ruary 1978 outstanding foreign 
debt was $4Utt>n. If interest 
is included the amount would 
total $5bn. Of this 39 per cent, 
represents indebtedness by the 
Bank of Portugal, 5 per cent 
the ' Government, 17 per cent, 
public enterprises guaranteed 
by the Government and the 
remainder public and private 
enterprise with or without 
Government guarantee. In addi- 
tion to this mounting foreign 
debt Portugal’s gold has been 
diminished. Between March 31. 
1977, and February 28. 1978, 
gold reserves fell from 857 tons 
to 741 tons — and of this only 
51.4 per cent, is now “free" 
gold. During the same period 
foreign currency reserves fell 
from 6260m. to $lllm. 

In a blunt warning on Portu- 
gal plight, the new Finance 
Minister, Sr. Victor Constancio, 
said three weeks ago that the 
country had readied a point 
where it was being strangled 
by balance of payments prob- 
lems, creating an alarming 
dependence upon external finan- 
cial support The. margins of 

manoeuvre were becoming- .in- 
creasingly limited, . be said. 
Accordingly the measures being 
proposed by the IMF are little 
short of -Draconian — - a stern 
tightening of budgetary discip- 
line. a major squeeze otLcredit, 
raising of interest rates, further 
devaluation, and afi .end to 
State support for uneconomic 

There have been -serious 
differences with the IMF over 
the scope and scale of these 
measures. The Portuguese 
authorities maintained that the 
IMF package ignored the 
political and social realities of 
seeking to introduce . such 
measures. However, now the 
broad principles have been 
established and it has become 
more a question of last minute 
haggling. Tighter control of 
money supply will be one of (he 
prime instruments. The Bank 
of Portugal hopes to persuade 
the IMF that an average of 15 
per cent increase .in credit 
gauged on a month per month 
basis is acceptable. Within this 
margin there will be a high 
degree of selectivity both in the 
sectors t priority will be given 
to exports, labour ..intensive 
Industries and agriculture) and 
towards individual hanks. At 
present for the first quarter of 
1978 the Bank of Portugal is 
permitting an average of 4 per 
cent, increase over the credit 
level of July, August, September 
and October — the four slackest 
months in 1977. 

Tighter credit will be barked 
up by higher interest rates and 
discount rate. Here again 
selectivity will apply, with the 
emphasis on Special premium 
deductions on credit devoted to 
exports, import substitution and 
labour intensive activities. (The 
Bank of Portugal hopes to con- 
vince the IMF to include con- 
struction in this category.) The 
Bank also hopes to mop up ex- 

cess liquidity by offering more 
attractive Treasury bills that 
will be index linked. On the 
exchange rate side the Portu- 
guese have accepted the prin- 
ciple of further downward ad- 
justments In the escudo. This 
will be done, the Bank of Portu- 
gal hopes, less on the current 1 
per cent per month basis but 
on a longer average which 
would still achieve a devalua- 
tion of approximately 12 per 
cent a year. 

On Government expenditure, 
the IMF has insisted that cur- 
rent outlays be balanced while 
allowing capital spending to 
have a small Esel2bn. deficit. 
This is to be backed up by 
tighter control of wages and 
prices. The net effect of these 
measures will, it is hoped, re- 
duce growth to 3 per cent, cut 
inflation to below 20 per cent, 
and reduce the payments deficit 
of 3800m. 


* rl.t 


However, success depends on 
a series of complex and inter- 
relating elements. On the Gov- 
ernment spending side, a great 
deal will depend upon the ex- 
tent to which Sr. Soares and his 
ministers are able to carry out 
an aggressive attitude towards 
“lame ducks." The Government 
is pledged to close down those 
industrial units which cannot 
justify continuing losses. 
According to one banker’s esti- 
mate 90 per cent of the indus- 
trial companies taken over by 
workers are running at a loss. 
Their survival until now has 
depended upon Government 
guaranteeing outstanding loans. 
The political problems inherent 
in a tough market approach to 
this issue are all too evident 
Unemployment is already run- 
ning at some 16 per cent and 
there are political limits to put- 
ting workers out of jobs. 

Much hinges in this respect 
on the behaviour of the banks, 
which though nationalised, still 
contain the bulk of their 
original management It is they 
who it seems will be given 
greater authority to decide who 
should and should not be sup- 
ported. On the wages side, the 
general impression so far this 
year is that workers have pre- 
ferred to press for very limited 
increases, hilly realising that 
hefty demands could endanger 
jobs. The dampening of import 

demand however, is it 
IematicaL Roughly 50 
of Imports are made u 
stuffs, oil and capit 
merit. Small saving 
made in energy, virtu 
on capital goods, w| 
stuffs arc dependent 
agricultural sector 
stabilised, a long-term 
ation— and upon goot 
which so far this yeai 
unfortunately absent. 

The 5800m. in leap 
from the U.S. and $29 
West Germany) is lik« 
vide only temporary 
its debt service thi 
expected In be Sl.Tbn 
lion to. this the Bank q 
has u little publicis. 
roll-over short-tern 
arrangement with the 
a small country like 
which lias no majo 
resources and which 
over 30 per cent, of ■ 
lion employed in a 
these are formidable < 
to shake off. They a 
more so. when the mi 
ally sensitive area of 
agriculture. And, a 
none of this takes am 
theoretical obtigatior 
by nationalisation 

Until, now the ; 
have been less than g 
the real plight of th 
Data has been disj 
statistical acrobatics 
good old-fashioned 
of information. The .- 
for instance, has been 
in mystery and no 
taken the trouble 
the country on the c 
manner in which thi. 
last resort lias beer 

Often the problem 
that the technocr. 
lacked political auth 
the politicians hav 
technical knowledge, 
hope that the new Gt 
has remedied this, a 
part, by the appoic 
the former deputy cei 
Deputy Governor Sr. C 
as Finance Minister, 
first figure in such ; 
to enjoy intematic 
domestic confidence 
revolution. In the 1. 
confidence is what Pm 
lacked most io the ■? 
years, and it is a c 
-which it cannot have t 

Robert C 


with work 
Sines industry 

The basic industries (Refining, 
Petrochemical and Steel) are the 
framework for the development of other 
sectors of industry. 

The port and urban infra-structures 
plus the existing facilities reinforce 
the winnings of initiative and labour in 
heavy and light industry. 

Sines Development Area 

Portugal - Gabinete da Area de Sines 
Gabinete de Relacoes Publicas 
Rua-Artilharia Um, n.° 33 - Lisboa 1 
Please send information covering: 

□ The Harbour □ Industry □ Investment 

I □ Infrastructures □ Environment protection 


Address — 
Country _ 

IN A military academy near in recent months. 

Lisbon, where young officers Increasingly they have been 
aspire to become generals, one openly ’’criticised in public by 
may notice how those attending politicians. They are accused, 
classes on Portugal’s Nato of trying to m aintai n the 
commitments have clipped hair military in politics, and . of"f| 
and crisp uniforms. plotting behind the scenes 

Less -than four years ago against the more detached 
officers such as these, with their position adopted by President J 
fatigues and beads brought from Eanes. (As yet only one 
Africa, talked of revolution important politician has dared 
and, in some cases, tried to to criticise the President in 
make it public, and his attitude cost him. | 

While civilians in Government *f derShip ot 1 
stress that the country's priori- paxi * m ' 

ties lie less in socialism than Di a sense the campaign] 
in a solution to the crippling was®* 1 dte Press and 
balance of payments deficit, deputies in the Assembly against 
Portugal's high command is the M Melo-Antunistas,” reflects 
taking firm steps to re-establish ihc frustration of a civilian 
the sense of discipline and population which has to live, 
hierarchy that was temporarily* with a f ragile democracy. The 
destroyed during the political mainstream of Portuguese 
turmoil that followed April 25, politic during the past four 
ig74. years -has been directed not by. 

, the political parties but by im- 
Significantly a leading article tuous officers . 
in last month s issue of Nacion 

y Defen sa,” the military journal. ^ > .**• , 

argues that the armed forces MSIllllCdDl 
should no longer feel an obliga- Jz . ^ 

tion to guarantee the conditions Th . e points have 

for the country's transition to- not been , the elections bat fbe 
wards socialism, as specified in coaps . and counter-coups that 
article 273 of the present con- have mvonA P° btical direc- 
stitution. tions overnight: a military coup 

~ ... , on April' 25, 1974 toppled the 

The man most responsible for 2l)th century's oldest fascist 
putting the Portuguese armed regime; an attempted right-wing 
forces back on the way to jhe MU p led by General Antonio 
barracks is General Ramalno spinola, on March II. 1975, led 
Ontonio dos Santos Eanes, Presi- t0 a radical ' backlash and an 
dent of the Portuguese. Republic attempted left-wing take-over of 
and commander jn Chief of tbs power which included army 
Armed Forces. officers: and this, in turn. led to 

General Eanes emerged- as the yet another- coup on November 
main strategist behind the 25. 197B. which, some win argue, 
defeat of the extreme left-wing has ultimately led to the con- 
military and civilian groups that servative alliance in Govem- 
tried to seize power on Novem- meat which will be negotiating 
ber 25. 1975. To-day the loser with the International Monetary 
In that particular battle is Major Fund later this month. 

Otelo Saraiva De Carvalho, cur- trough it would appear that 
rently awaiting trial for his in- ^ Portugal to-day the apolitical 
vo .men t . J? events, nature of the armed forces is 

Stripped of his rank, ana pre- interdependent with more stable 
vented from granting formal civilian government, the fear 
interviews and making public 0 f military intervention has not 
political statements, " Otelo - been totally erased, 
emerges only now and again _ . ,, ..... 

attend the meetings of a Ironl ““ y ; ’£ h " e „ the 

recently formed left-wins as a whole has been getting 
movement led by a Marxist im P° orer . the armed forces have 
tellectuai and former Minister , rlel, « r - 

of Agriculture. Antonio Lopes de£en ' e bud ® M ' orera « 

Cardoso present year shows that total 

expenditure will be in the 
The shifting political balance region of S475ra. f an approxi- 
within the armed forces is mate increase of 10 per cent 
dearly reflected within the compared t ft last year A con- 
Council of the Revolution, where siderable part of this money Will 
a commission composed of undoubtedly be used to bolster 
military officers and civilian Portugal's membership of Nato. 
jurists Is constitutionally em- Under President Eanes’ leader- 
powered lo veto Government ship, the Portuguese armed, 
legislation. Although the forces have regained the cgn- 
nominal head of the commission fidence of the alliance whit*, in 
is still Major Ernesto Mcto the heady days of the revnlu- 
Antunes. a theoretical Marxist tion, was wary of letting 
who passionately believes m Europe's potential "Cuba” into 
democratic socialism, the effoc- too many secrets, 
live power of the " Mein 
Antunistas” has been checked 

Jimmy Burns 

rvrraj.-rr-Kc r • ■ ... 



?*?.: 't-- : 




tetjtt. i 12191- ARIEB P . „ R 

lJLUUk. i 13370 -ARIEB P “ * TEL - 36 


TELEX: 886930 -ARIEB G — TEL: PBX 60f V. 

■ /T* 

-. ■ > ? -V .. 



TELEX: 230379 - ARIEB F — TEL: 26174>.?«y 



r Jlaandai . Times : -Wednesday Marsh- 8- 1975 




1 'tMdVfiS? inter toe^Euro! ■ P^wer. Jftapwhile- good geographical position and -from ; the .days • . of Salazar. 

- ”* .^dunow* the advent of, the big tankers. Differences have arisen 

ntiy.’s second constitudonal-- : thtir * nd ' S?, k To ^ a y- Hsnave has . the largest between foreign and Portuguese 

ennnjent- is taking stens in S eras J lves and - t^eir... skills shiprepairing facilities in the interests at the yard concern- 
ive • and vtxeneihe*, a0 £^ ad ' : ‘ world.- . ing future strategy. There is 

‘ tuguese- industry *t£f th » ^ . T 5 r e e later, ftepditioal- In 1975. at the height ol the considerable concern, for 
ikest in Eurone Far thp P sni ? u ^ m 15 gradually swing-. Communist . push f«ir power, maniple, that the Arab Ship 
' 'ernraent r'Mo^LdS i»V mgba ^ Wward&fteeentre * and ^ nave - suffered two major Repair Yard (ASB.Y) " which 
gramme passed hv-' ™rik a ncw sense ~ of bailee » in tte strikes in an . attempt by Portuguese expertise helped 

' j,tarv majority last- month Process .of being, established in -workers to destroy the private complete in Bahrain, last year, 

tugal's industrial ' £S - Portu 2 nese industry: ■ management of the yard. ' Pro- raa y in the lon S run prove more 

tains insufficiently financed - summer, two anportMt duetivity slumped. . ? f a cu ? e *» « bIesain 2 in 

: • poorly structured. ' Though je e«lating. • Yet, despite its political prob- te ™ s ° £ ““Pfd 111 * 11 - 

- country’s transform^" Tehhoris were passed, iff Parlwt- l eras and the general world ■ Tbe bu £ fe industrial complex 

‘- ustries (which contribute 33 8Tlfle in the shipping industry.' ^ nes 0n 4 . the border of the 

.cent to the gross national k, " d u f _ Industrial. anarchy Umwe has .managed sur*’ Southern Alentejo has like 

duct engages ne^ymuer whlch had ' lfid 10 4 9lnap ' m P^inglv welL Since 1A74 over ^ sa ? lve b - een ea ™* rk ? d for 

• t. of the population and con^- P^uctivity m lOVa - * 1,730 stops from all over the government attention in the 

Alihnusrh- wnH««rs wniilri.con- m...u t _ . months ahead. Its deen-water 

- ^ experienced a 7.6 per cent ' verted.- The minimum profit ' ' If 

- rease in produrtion during^^ «<*»*«* from decisions. achieved last -year was due not ! 

t, compared to the - previous P^® -cor^ro- to lack of productivity but to D w owned tor CNP the State- 
.r. this did ' not affect mg . investment- The right io the wanes and benefits bin p ®* owned by CNP, the State* 

. tugal’s overridtog: depend' wouHJ remain but nut the' which is among the highest in “hSSttl JSSS^Si akesStow 
ice on imported materials. ' demand Strike Wages. - the country.- Tn more than one 00^^ indu? 

Portuguese ' ••• sense lisnave presents a test JpS "Lk *£ 

Frontiers- ••• *““ : { Z Port ^ gaese indusU ^ the rest Of the world.' As one 

tnnwwSh PVL pollhcal 1 : ~ Workers' at the yard , remain industrial has remarked “Sines 

: ‘-dlthrntmto>S^r the col l ntI ^ ?* Further., legislation, passed by. dominated by the Coinmumst- has trained a lot of people in 

- -1874 C0U! ^ °? ; ".v n parliamentary mi*Jority'.;deflned .« ,rrtJ 'olled Confederation of thinking big.” and that, in a 

' imiraii'th;,* - * l the' frontiers between 'fhe public : Portuguese Workers (Inter- country - like -Portugal. 

.Tie a SmtoHr - sectors^ sfrdteing a] I ' renowned ’ for : its industrial 


nopolies, ^ 

‘ dium, or regional 
‘ nt. and. .allowed 
■ -ome .utterly dependent 

within Fdrttigak^ luttllffii' bostal*i aniT^^l eohmifr Christian ' Demotrats (CDS) in existence. .-Petrogal, the State- 
i I!!- 6 , 0f the y, bJ P u l^ ,red services"' ■ - :V°^.the new Government; whom the owned oil company which is in 

ly S ^Sst P ?rth^ U ^ShSS'^ Thy jitest -goverameahpii vorkers defirt ' e " : « 1^-overs change, of it. hones to make the 

:hin the limits defined by the grarr ^ ,e ■ ^ ~ 

-porate state: ind US trial pro^ f^ misa ^- fur ^ r “ 

•a would invariably lead to- ^ ^«e :? ctor v 


■estment (in the focm.of tight exMrtI) Ye^ ~AesS£^ihv 

themall (^W,r- in g #(# the pre™is imhdiiuKS. 

|™“P » , ,es u ?“ rse »oth m structure and’ financing 
,.Port i« , l «. moa^polinnlafon-'jn blfth thd private, and ^hita 
nuted to an appearance of sectors, if. recognises thit'given 
inomic stability. An appear- the deflationary nature, of its 
.ce that evaporated-, once ecpnpmtc programme, ’the^ rndus- 
nditions in. Portuguese -Africa trial prospects in the short term 
■t. out of hand, and- the : world ■ are severely restricted.' . . . 
ergy crisis hit Portugal... - One of the great “:surrivdrsi " 

In a sense, it was inevitable of .Portuguese rnduslry. remains 
at the- political- -pendulum ijisnave.the^ imrgesf}ip : repairiiig 

iuid swing the way: yarii - on* thej Tagus Esttuiy- 
hen the dictatorship -fell, it whiclraccbunts for 5 per: pent. . . . 
ts the. turn of private. eater- 0 f the country’s^ total -export 
ise and foreign investment to eiri*mgs; r and. wife a work force^ - 
i|be victims. Nationalisations of- nearly'^, 000,- is among the 
lined the private seotop: take- most important- employers in 
ers without compensation th^'rijuntiy. - 
ared off foreign capital: and : ; Since its bffieial Inauguration' ; 

? unions; ' adopted' by th'e"m'T9B7; the yard'fias gradually 
jaaipaigt-dgarttv. y.eot. ail.Qut-expaudgd, ,jaogtiflg ^xcom .. -i ts 

best out of a slightly embarrass* EEC negotiator, against the 
ing job by. selling petrol by- attitude of some countries in 
products to the United States the Community which want to 
and reopening links with some see increased quotas on the 
of its former African colonies, import of Portuguese textiles. 
It nevertheless admits that to The industry is already con-, 
cut costs the refinery may be siderably affected by .the high 
restricted to only 60 per cent, costs represented by the 
production. Earlier this month imports of machinery, dyes, and 
Sines received a psychological raw materials. Clearly, while 
blow whMT one of the concrete enterprises like Lisnave and 
structures Built to protect the Sines are expected to. ride the 
port ■ was shattered by rough storm which will follow the 
seas. But - . ‘despite accusations' Government's next austerity 
that Sines may. be Portugal’s package, many small companies 
“white ' elephant.” it is arc going to feel left out of the 
generally accepted that the coni- "selective" credit. promised by 
plex is there to stay and - could the Government through the 
be made- to work to Portugal’s banks, . and will face bank- 
advantage with some careful ruptcj-. 

planning: - Because of it industrial rela- 

tions will be severely tested, 
rinfino/l ■ The Confederation of Portu- 

JL/CUUCU. guese Industry (CIPj, which 

The -construction of new represents over 35,000 small and 
petrochemical units at Sines medium-sized private com pames. 
have been*deflned as among the sU t cla *», s Jb®* lbe P”' 3 '® 
“ priorities”: for future invest-- sec l or ttl11 be 31 

ment in the new Government agaiDst . as *dng as all. the banks 
programme., • are nationalised. 

- The textile industry, which The Confederation of Portu- 
represents 20 per cent of the guese Workers (Intersindical), 
total value of Portugal's trans- Communist dominated and 
forming industries, and which claiming to control around 80 
is the country’s major exports cent of Portuguese labour, 
source, Is. also in line for -a complains that the . private 
boost from 'the Government, sector. far from being 
Until now. the industry has felt victimised, is being given a 
undercapitalised: large firms privileged position in the 
have been' trying to fend off Government's plans. National- 
labour .troubles: small firms isations, which intersindical 
have been ' struggling to keep sees as its legitimate revolution- 
up production. The importance ary conquest, are threatened by 
of the industry to Portugal was the return of big capital, par- 
reflected': lit the recent com- Uculariy foreign. (The Goverrv- 
plaint lodged! in Brussels by Dr. ment. hopes to attract foreign 
Victor Con5tancio, the country’s investment by indemnifying the- 
Minister of Finance and Chief firms which were taken over 


A MA ) tx]^^ ESTREMOZ^V^.'- 

si^LiSBON* 1 « 1 • J • 

ESTOfttt - lihnr Up ' 

without compensation.) 

While CIP still feels appre- 
hensive about sitting at the 
same table. as the Communists, 
Intersindical has shown that it 
can adopt moderation. At its 
general congress in January it 
voted against a nalinnal strike 
before March 15, the day the 
budget is announced — a fact 
explained by some observers as 

a sign that the Cumuiumst&may 
□ot-have the rutal nmtrijl uf 
labour lhai they claim. ' j 
The strengthening <»f 
Portugal's indiioi rv depends «>n 
the ability of unions ..and 
management to fully rraii>4 the 
gravity of the country’s Jivh* 
noroir crisis, and tn tenipururiiy 
bury their differences. 

Jimmv Biirns 



Slack Horse Square in- Lisbon. 

~ -vy* 

Because SETENAVE Is located 
in the centre of. the main wiling routes. 

And its dfyidocks 
-among the biggest in Europe- 
allow the building and.the-repairing -works 
on ship's up to tOO'OOOdwt. 

; - Because the workers ’froro . SETENAVE > 
combine a tradition of centuries 
with the most. advanced world-wide technology. 
Because SETENAVE offers its clients 
the guaranty of s highly recognized skill 

— and a top7Spediatized"labdur.“ 

Because SETENAVE makes a point of keeping 
the agreed time contract terms. 

I-$ta!e]FO$7 Navas de Setubal . 

- Tel. “065 20101 , 065 2Dt 51; ' ' ' 

Telex 1 3 1 43 - P. O. Box 135 -. Setubal - Portugal 

P-O RTU GAL’S* TDUHIST Moreover, a sure sign of Portu- 
(juthorltiea. -could afford to-be- gal’s. new attractions for entre- 
jubilant in 1977:- Travellers and preneurs,.the tourist authorities 
travel, agencies , alike recovered. _ have confirmed that Arab 
from .theix/. tWo-year- bout of- interests have bought up a 
suspicion-: of.- the: country's luxury jiotel in- Sesimbra, a 
interBab-. politics and.: flocked fishing town and resort south of 
asa« to _the:. beaches of -the Usbon. _ 

Algarve and the Costa ffel 5ol ■ Unquestionably the Algarve, 
on. .J^jbonls. outskirts. where year-round temperatures 

” Th^ more adventurous pene- are a few degrees higher than 
tratefl 'th6 highlands, plains temperate Lisbon and con-i 
and ‘valleys; of,, the interior, siderably higher than the chilly 
maryellubji. at. the rural north northern countries from which 
with its tiny farms and vine- the bulk of non-Spanish tourists 
yards,; or.: the boulder-strewn come; is Portugal’s tourist i 
mountain-sides of the north- magnet . 
east;:-' * . • • ' " . . - 

: The ’ State-owned pousadas — TaplUfioc ' " " 
waysfdh- jnqs ’ comparable " to “tlllllca 

? irodoT l S-rtur ^ e f — 8y The authorities have always! 
thousands of car-driving been care fui -m prevept the' 
traveHers, since most of them ^ of ... counuVsixie - and 

The Portuguese Petrochemical Industry 
is being born in Sines We, CNP, are 
building there a 300.G00 metric tons per 
year ethylene plant Through our : 
affiliates we also are building a : 

Petrochemical Complex comprising 
the following units • 

LD- Polyethylene • H D- Polyethylene ' 

• Polypropylene Vinylchloride Monomer, 

• PVC • Acrylonitrile • Benzene • * 

Butadiene • Styrene ■ Polystyrene • SBR 
Polymer plants shall be operated and 
explored in. joint-ventures with ’ . I 
international partners. Naphtha 
feedstock for the ethylene plant will be ' 
available from the 1 0 million metric ; 
tons per year ref i nery now u nder * . 

commissioning in Sines. Supporting ' 
facilities for the industrial operations 

are available. Sines is the location of I 
the new. deep water port, most 
strategically placed on the doorstep 
of Europe.^ . ' . 

only have" 12 to 20 rooms. 

t s-i— r* * • , ■ ■_ r- atmospherfe that took . place in 
isbpp s^ streets, hotels Spain’s coastal areas by control- 
|.r,n«KME bscane cosmopot- m ^ the ' J a „„ siw 

EEC- -travellers or grappling sea - ]S g^u visible and 


torate-generel of tounsra, 1.5m. tive architecture. - towards the 

general- -entries and 47.1 - per -T“ e needs more 

cent in tourist entries. Nights J^tauraats and evening enter- 
speht-in hotels increased by 62.2 fac ^^ es> , but 

per ceift'-to- 6ifi: In 1977 com- auI}wnties 10(1 lo ^ business- 
pared with 3.7m. -in 1976. ' me ?. see® - to * have finally 

Gross tourism revenue- realmed-this and learned that 
needed s& desperately to beaches and walks or 

counteract- the ?I.3bn. balance d nves^ along the coast are not 
of jiayments deficit— rose by 60 e P°ugh for. holiday makers, 
per cent- *om 3256m. in 1976- ^ ™ was packed out 

taS*Itoi:in 1977. Net tourism during the February carnival 
revenue totalled 3279m.— a 94.1 'f eekend “d « h»ily booked for 
per. cent increase over 1975. th LfP nng L and summer seasons. 

. . After a. period of confusion : ^ auihonttes- came under 
Government ind private" enter- .heavy- international fire last 
prise jure now working to. boost yaar for not controlhng gross 
Portugal's . tourist infra-stmc- oyerbooking-^vhich tost, the 
tore. "Hotel capacity is now Algarve- many potential clients 
100.000 beds. Plans have been M package tour flights had to 
approved for additions of 12,000 be diverted to. other destina-, 
beds ih itht near.. future.- and tio 2?S; ’ • 

plans' tor another 5,000 are in Th is year, Portugal s national 
the pipeline. The 100.000 places ^.nie,. TAP— a .company with 
available in. Portugal’s 70 offici- 1 sound safety’ retard,- has 
ally *rc> cognised camping .sites started its first advertising cam- 
are d*ie " to' be increased by Psifln. . in Several years. -Despite 
66.000: . this Js- of particular Us chronic unpunctuallty. the 
interest to Spanish and French airline cannot be faulted for 
tourists, who prefer to come by- friendliness, serious attempts to 
W.'. WJh their families . and avoid the plastic-type food often 

comp out. 

. served in * the air and — a 

After the nsar-eollapse of the bonus to oenophiles — generous 
tourist building. industry, three supplies of free. wine., 
years' ago. seven new hotels are n . . 

being built in the Algarve. . Diana Smith 


Rut Artilharia Um, 7fi, 7.° Usboa- Portugal Tel. 67 6071 Telex 16557 PETROS P 


f'OR DAYS now it has been 
raining in Portugal. A fierce 
Atlantic storm has moved in 
from the coastline, bringing 
floods 10 towns, villages and 
fields. A grim reminder of the 
incessant rainfall last summer 
wh'ich wrecked crops and caused 
the. wnrst harvest in over 4fl 

fVgricullurc's dependence on 
weather is reflected in last 
■year's production figures which, 
in the key areas such as wheat 
and olives, fell disastrously, 

putting further pressure on the 
country’s fuod bill. They say 
here that before meeting the 
International Monetary Fund, 
th'c Government should first 
negotiate with the rain god. 

Wheat production in 1977 fell 
bj"72 per cent., olives by S3 per 
cent., and grapes by 47 per cent, 
compared to the previous year. 
Portugal's trade deficit was seri- 
ously affected by the country's 
inability to feed itself and by 
its consequent increased depen- 
dence on imports of foodstuff*. 

By the* end of last December. 
Portugal had been forced to 
import ucarly 550m. of wheat; a 
60 per cent, increase from the 
previous year. . . 

Under the U.S. AID pro- 
gramme, , Portugal received 
.550m. in credit tn buy agri- 
cultural produce from abroad, 
an indication that the country 
could not only not feed itself 
but could not afford to pay for 
others to feed it. 

The housewife, in particular, 
has suffered from the poor 
performance in agriculture. 
Food costs officially rose by 
about 52 per cent, in 1977 com- 
pared with 1976, though a 
recent breakdown of essential 
commodities revealed that the 
price of particular items like 
chick peas, beef and dairy pro- 
ducts 'increased by nearly 70 
per cent. 

The rain gods cannot he held 
solely to blame for the 
desperate state or Portugal’s 
agricultural sector. Agrarian 
reform remains unresolved and 

this is ‘the biggest single issue 
affecting the ' direction nf 
Portugal's agriculture. Not 
only has the issue complicated 
the technical aspects of increas- 
ing production, but it is still 
potentially the most explosive 
factor in Portuguese politics. 
Until agrarian reform is 
successfully resolved there- can 
be no real change in the per- 
formance of the agricultural 

The problem dates back to 
the Communist push for power 
in the summer of 1975, when 
land-hungry peasants, frustrated 
by the insecurity of. seasonal 
labour and the absenteeism nf 
the big landowners who 
directed th^ir property from 
their beach houses in Estoril, 
were encouraged to take over 
indiscriminately land in the 
Alenlcjo region of southern 
Portugal. Though the Com- 
munists insisted that the ex- 
propriation of over 2m. acres 
of land was a legitimate “ revo- 
lutionary conquest." the 

tv Banco de Fomento Nacional 


We are a Development Bank, established in 1959, with 
the main purpose of financing medium and long-term 
projects, particulary of an industrial nature. 

We are- specially geared to provide financial support to 
enterprises located in Portugal in accordance with the 
guidelines and rules laid down in the Code of Foreign 
Investment, keeping in mind the country's economic 
development interests. Apart from specific banking 
services, we perform a wide range of tasks aiming at 
fostering the economic growth of the country. 

In addition, we offer our experience and services to 
foreign entrepreneurs interested in entering into joint- 
venture arrangements with Portuguese'lndustrialists with 
a view to setting up new factories in Portugal or 
expanding or modernizing existing plants. 

Towards this end we are in a position: 

— to supply information on the economic and financial 
aspects of investments in Portugal; 

— to establish and effeextive liaison with Public 
Administration bodies and other entities intervening 
in the joint-venture process; 

— to establish contacts, in the capacity of 
* intermediary, with Portuguese entrepreneurs and 


If you decide to invest in the Portuguese Industry, 
namely in the form of joint-venture, do not fail to contact 

Rua Mouzinho da Silveira, 26 

Electricidade de Portugal 
EDP/Empresa POblica 


SlalB-iwinpdcnncarr.’or^ra'i’wi Hie public uhlilv-wmoii 
lorgcnw.tricin. |rMVjm%s'o<l .v.3dr!nbutioiio!<Hi. , cJrii-v-I 
'enar^y manter ;o memoir ami n? mwi ihedcm.-ind.oiuio 
social and economic il^-oioptneni pi Itw population al 
CommonM Portugal. 

- 12.800 workm: 

. Nearly 95"« u> i> ilal Hod noal m miuv gcmwaimn in Pnrti rgal, 
eo-respond-ng lo mare Ihjn J2 50ii i. nUron kWh vair. 

- 11 hydi nptocli ic pownr and 1 jl uov.e» plants under 

i-'Penjlwn con espondmg w about 3 . KjO. 000 k VA of otsinlicd upac'ly; 

S hyd/nelncine pcivjcr ond 2 diiimuT jmv.ui plant* under onjctinn. 
i .nK ndntbng lr-.)boui 1.800 000 MW o! •ncfaikKl earnoV 
— 131 kub-si.mwiT. with 8 8'jO.OOfU V* ni iinnsiuninnn cucaotY tvoti 
<mi cnnsirurtiii'i o! iiruv laci'ihc ■ anil^ .lensmns i- not-/ m progress, ivhidl 
%iill incnj.v-“ lhcli.msIcrTTMngcjTi[' l 'bv.ibcui4 <3nO.OOO^VA: 

- tljic iti.w 1.400 km o[ ISO .in>J ?20lv t>>}ni>nahaii>4 about 
bOO km lm« under rmectjr«i in.ii i-iing 340 k in lor I he transmission 

D' .mL-u lien ni nlectncaliMi, rg vjjipvk-Wk- country mot ettuin 

political fervour left unresolved 
the complex, tangle of owner- 
ship rights. . 

Last summer the Government 
showed for the first time that it 
was prepared to set right (he 
Communist excesses, regardless 
of the political consequences, 

The minority Socialist Govern- 
ment's Land .Reform Review Bill, 
conceived by the (then) Minister 
nf Agriculture, Sr. Antonin 
Barreto, was passed safely 
through Parliament, having de- 
fined the amount of land that a 
private farmer could legally re- 
tain in the southern and central 
grain belt 

Under the Barreto law’, land 
was to be assessed on a com- 
plex points system that would 
take into account quality as well 
as quantity. Farmers would be 
able legally to reclaim land up 
tn a total of 70.000 points. If 
the productive capacity of the 
land was low this would mean 
as much as 1.250 acres. If it was 
high it would mean as little as 
. 603 acres. 

In.effect the Government had. 
| given its seal of approval to 
the break up of some of the col- 
lectives. and the restoration of 
estates to some nf their original 

In a sense, the Barreto law 
represented a conscious poli- 
tical move by a Government 
; determined to cut into a Tegion 
| of asserted Communist power. 
But behind it la?' a consider- 
able dose of economic common- 
> sense. 

At best,, the -Barreln law. 
which since its propagation by 
the. President. General Ramalhq 
Banes, has led to the handing 
back of hundreds of acres of 
expropriated land, is the first 
Government-inspired effort to 
present a coherent project 
directed towards technical im- 
provements. At worst it has 
created considerable political 
tension. The peasants fear that 
a return to private farming will 
result in a cut back of Govern-’ 
meat credits to the collectives 
and increased unemployment. 

When the first effects of the 
Barreto law began to be felt 
at the end of September last 
year, angry peasants clashed 
with the Republican Guard that 
had come to the esrates to 
enforce government orders. 

Bombs - wrecked six Govern- 
ment farm policy offices in 
Lisbon in -the worst expression 
of political frustration since 
before the revolution. Sr. 
Barreto himself received daily 
death threats. Government 
hesitance to-day over proceed- 
ing further with the Barreto 
law (severely criticised by the 
Right) is influenced by this 
background, which in one criti- 
cal month threatened to upset 
Portugal’s hitherto surprisingly 
peaceful transition from dicta- 
torship to democracy. 

There is political tension, too. 
in the agricultural sector north 
nf the Tagus, which in stark 
contrast to the south is 
characterised by thousands of 
smalt farms, which are in 

urgent need nf restructuring; 
Politically the - region’ , -is 
characterised by -the overriding 
influence of the Right, and. -the 
Church, • 1 . • . . . 

Representatives’ of" the 
thousands of smallholders .(arid, 
also a handful of . race, power- 
ful Latifundist as) Is . Con- 
federation of - Portuguese 
Farmers fCAP). -CAP. would 
like to see the majority of the 
small farms turned into -private 
collectives in order to provide 
more central planning. 

But the significance or the 
CAP lies less perhaps. In their 
specific -economic demands than 
in. the political power that -they 

In 1975 CAP. which claims .to 
represent 70,000 farmers, 
resorted to street "action in ; an 
extremist counterpoint to . the 
Communists, setting up road 
blocks, interrupting railways 
and later threatening to cut off. 
food supplies unless the Govern- 
ment announced- firm- action to. 
hand back expropriated land. 

Td-day, suspicions -remain that 
the CAP, like their avowed 
enemies the Communists,' may 
use the question of land as an 
excuse to further their dan- 
gerous political ends. . ' 

Earlier this month,- a rival 
confederation to the CAP .was 
formed in the norths . The 
importance of -the new Goo- 
federation of Small Farmers is 
that it is openly Communist- 
inspired and has the backing of 
a radical local bishop. The 

involvement nf the Left and the 
progressive Church in. an area 
of Portugal until now clearly 
'defined as conservative promises 
to- create more, tension still. 

Significantly, in. Portugal's 
second constitutional Govern- 
ment which was sworn into 
office just aver a month ago, the 
new Minister . of Agriculture 
and Fisheries, Sr, Luis Sains, is 
a little-known lawyer who has 
never featured prominently in 
politics. Although his technical 
knowhow is thought to be more 
in fisheries than in agriculture. 
Mr! Saias hopes as an “inde- 
pendent " to steer agrarian 
reform away From partisan 
passions. One . of' .his pre- 
decessors. Sr. Antonio Lopes 
Cardoso, a. -Marxist intellectual, 
broke away from the Govern- 
ment and the Socialist Party in 
1976, and now leads a radical 
Left-wing movement with links 
in the unions and the military. 
Sr. Antonio Barreto is known 
to have been strongly in favour 
of a Presidential solution to the 
political crisis that followed the 
collapse of the minority 
Socialist Government in Decem- 
ber. A fact that did not endear 
him to Prime Minister Mario 
Soares and. some say, lost him 
his job. 

Mr. Saias lias already publicly 
declared that, on the land ques- 
tion he has no-time for political 
extremes of either Left or Right, 
and that he is only open to 
dialogue: Left and Right sus- 
pect him. Nevertheless he still 

reflects his Government 1 
mg That the economic, p 
in agriculture arc .too i 
and that partisan politi 
tudes must be defused 
inrerest of the whole cm 

The government want* 
the European Economi 
rauhity. and that in itsel 
the solution of .. Pq 
agricultural problems ew 

Ironically, it could be 
that Portugal's present si 
as a substantial impo 
agricultural produce, ] 

it as less of a potent! 
mercial rival within fh 
muriity than Spain, for e 
Wine, fruit and vegetal 
nor -exported in large 
quantities to represent > 
to Italian and French pn 
though the same may not 
for Portugal's tomato 
tratc. which has always 
strong export. 

A more charitable vtev 
Portugal needs to strong 
agricultural sector, as r 
Industry, so that ft ca 
something to offer - th- 
munity in the future. 

The question that ren 
whether the peasants 
south, still inspired by 
munist Party avowdly t 
to Portugal’s entry ir 
Common Market, will p. 
give up their “revolt; 
gains." simply becaur 
ministers in Brussels wo 
them to. 

The banks regain 
their influence 

'IN THE uncertain atmosphere 
that hovers over the Portuguese 
| economy, the banking system is 
being called upon to play an 
increasingly crucial role. More- 
! over this is a role that is bound 
l to enlarge when the Govern- 
' ment's package of economic 
measures is announced later 
tbis month. Monetary instru- 
ments are a Key element in the 
Government policy which will 
herald increased austerity, 
primarily by imposing tighter 
credit restrictions and more 
selective credit controls. The 
bankers already believe that the 
Government is giving -them 
greater authority and discretion 
!in the administration of credit, 
i the bankers in the 
nationalised banking system 
I playing a rather ambiguous role 
of both civil servant and 
i market-orientated businessmen. 

This is a very different story 
from three years ago. Then the 
banking system was caught up 
in the struggle for political 
power, being one of the most 
obvious examples of the 
| accumulation of monopolistic 
| control under the old Salazar 
regime. The commercial banks 
had. developed into powerful 
empires that had substantial 
| equity portfolios representing 
the dozen or so major groups 
of financial power in Portugal 
which controlled 51 per cent, of 
fixed capital and . some 60 per 
cent, of industriid activity. It 
| was not surprising, therefore, 
that in the Communist push for 
power the 20 banks and finance 
houses were nationalised. Only 
the handful of foreign banks 
and small agricultural credit in- 
stitutions remained untouched. 

Urged on by the Communist 
Party and the fair Left, bank 
clerks occupied Board rooms 
and inspected bank accounts. 
[Bank deposits, it was said, 
would henceforth be used by 
the state for "the. benefit of the 
people." This meant sustaining 
employment by propping up 
| small businesses which since the 
April 1974 coup had found 
themselves in increasing finan- 
cial . difficulties. -The ultimate 
|aim may have been to use the 
banks to stimulate productive 
investment. However, credit 
was primarily used to. finance 
current cash needs that had 
been forced sharply upwards 
by wage increases, and targe 
pay agreements. Traditional 
banking discipline Was dropped, 
and replaced by themeeds of the 

With banks rapidly moving 
towards what appeared to be a 
Soviet-style State capitalism, 
depositors rushed to withdraw 
their savings. This was only 
averted by a change in the 
country's political direction in 
November 1975 when the 
extreme-Left civilian and mili- 
tary groups, keen on further 
consolidation of the revolution, 
were eased o'ut after an 
attempted coup. This change of 
political direction has led to a 
remarkable turnround in the 
| state of the banking system. The 
powerful hold of the Com- 
munists over bank employees 
[has been loosened and now. the 
bank union employees are 
represented bv a PSD (Social 
Democrat) candidate. In turn 
management left largely 
untouched by the revolution, 
has been allowed to reassert a 
more traditional role. 

This ha* created in some 
! respects a curious Situation- 

Managements are now trying to 
run the nationalised banks com- 
petitively with one eye still 
very much on the fate of the 
former owners and share- 
holders. Profits, which are now 
being made, are ploughed back 
or put into reserves. The idea 
that the Government or State 
should be paid any dividend 
has been resisted on the 
grounds that if dividends are 
paid then indemnity should be 
paid firsr. Indemnity for bank 
nationalisation is likely to be 
settled sometime this year, per- 
haps in the form of bonds. In 
the meantime the banks at 
least have an . incentive to 

As a result of the revolution 
in 1974 there has been a 
rationalisation within the bank- 
ing system. The number of 
commercial banks has been cut 
from 17 in 1974 to 10. However, 
the rationalisation has not 
always been in the name of 
efficiency. -Banks have found 
themselves obliged to employ 
extra staff from among those 
returning from the colonies, 
and this is a problem which can- 
not be easily resolved. This 
problem has increased over- 
heads. However, the banks have 
been able to ride this out 
because despite many external 
appearances the economy has 
been expanding quite fast, 6 per 
cent,. last year, and with a good 
deal of liquidity. Sight deposits, 
for instance, last October were 
up 29 per . cent, on the same 
period last year and for the 
year as a whole Banco Portu- 
gue's do Atlantico, .the mast 
important commercial bank, 
witnessed a 30 per cent, 
increase in deposits, according 
to provisional figures. 

One of the most notable 
developments in the banking 
system during the past two 
years has been the increasing 
powers of the Bank of Portugal 
which ;has now virtually 
acquired the functions of a 
central bank. The support which 
the ban khas been forced to 
give the flagging Portuguese 
economy, has effectively made 
it ihe nerve centre of the whole 

policy, credit ceilings are 
determined on a per bank bfisis. 

The Confederation of Portu- 
guese Industry (CIP) which 
represents over 35,000 private 
companies continues to insist 
that as long .as all the -banks 
are nationalised the economy, in 
so far as it is represented by 
the private sector, will not 

. Yet among most of the major 
Portuguese commercial banks 
there has been a growing accept- 
ance in recent months of the 
economic viability of consider- 
able areas of private industry 
and . these will be -in line for 
stimulus in the coming period 
of austerity. 

The banking system reflects 
the sense, of political balance 
which, the new Government of 
alliance between Socialists and 
Christian Democrats (CDSV 
swears by. Meanwhile bank 
clerks prepare to vote their new 
union representatives at the end 
of this month, m a campaign 
so quiet -and unobtrusive that it 
would seem that ■ the Com- 
munists hare conceded defeat 
for the second year running. . 






the mosr important Portuguese consulting and 
engineering firm, with a permanent staff of over 550 
skilled technicians, can provide a wide range of- 
engineering, jrdritcctnrjl and ccunnntic sendees. 






Lisboa 5 Portugal 

Tvlefona BB9161. Trie, UiOl PROP A R 


To-day . it's links with the 
Government have been secured 
with the appointment or Dr. 
Vitor Constancio as the- new 
Minister of Finance and Plan- 
ning. Dr. Constancio was. until 
this year, vice-governor of the 
Bank of Portugal and alone in 
the Government he retains the 
important position of having a 
foot in two camps. This has 
been particularly important in 
Portugal’s present negotiations 
with the International Monetary 
Fund which will determine the 
credit policies that should be 
adopted by the banks. The IMF 
is insisting that the Bank of 
Portugal influences a much 
stronger- control over the money 
supply. ** selecting " econo- 
mically viable areas of industry 
and .agriculture. 

Most Portuguese bankers 
agree that despite the guide- 
lines laid down by the Bank of 
Portugal, they will still be left 
to compete with each otherj 
much as they would if they 
were still in private hands. In 
the case of financing foreign 
trade the individual banks are 
still free to go to the markets 
that they wish. Moreover 
atlhnuEh the Bank of Portugal 
decides on the general credit 

' on "" " 

J !i*rf bushes®^ . v 

■*. . : lie’weH rfcxrrtod v- 

Vour fbn^g n e^bugTesy ' 7 ' '£> 
v ;.>'4r {xtwio!k»i‘d^xx1merti i • > ' = '> 
-ore _i 



do consult us;,: 


?..T' r'V-T? 

■ Mi vn 

usbon: : ^, ^ 

-.Telex 12692. . ..... 

OPQRIO . : : • 

Tetex 22720 :-.zi 


-JSOM1571 Rue • 

Tfettph-OT3.»6s7rr; . . .j* 

Tek* 2204?3 ;; 

- 7 “' -■‘•V* 

•..£ . ■•. • 'V ti^ 

' 1 • ~ --- • • - - • V ’• * - : 7*r 

3 ! 

ets puzzle 
f er source 

>«r Commodities Staff 

1ST R Y. of Agriculture 

against Siikin in 
» keen Milk Boards 

ISTR^Y' of Agriculture ^ BY MARGARET VAN HATTEM ■ ■ ■ BRUSSELS. March 7. j B r Our Commodities Staff 

tary surgeons are in tire 1 1*™*! i t ....... 1 European sugar beef plantings 

about the source of an ! ill 1 * K • CTI0 ‘ VI firom the. Marketing Boards over the U.K existed for at least five years, are expected to rise next jear 
ale of ihe fatal animal !- c Counc *l of Ministers to-day Market in the hope of increasing and should maintain the support! mainly because of a sharp rise 
?; anthrax, which is sweeo- ! 00 Proposals to retain the British access for their own dairy pro- of at least SO per cent, of local ! forecast for Eastern Europe. 

sugar area 
to rise 

By Our Commodities Staff 


tary surgeons are in the l nv-T'rr ■, t ....... European sugar beet plantings 

about the source of an ! Il 1 * K • CTI0 ‘ VI firom the. Marketing Boards over the U.K existed for at least five years, are expected to rise nett jear 

:, auuirax. wmcQ is sweep- iu retain toe on Lisa . « ujcii unu uauj piu ui ufosi o>j *»cr turn. tuvat; iorecast iui wfcin c.uiupir, 

Itain's farms. ! Milk Marketing Boards indicates “HS?- . . , producers in order to continue] says sugar statistician F. 0. 

ttere rS have°hee 0nth l S ' Q rt tfie 1 SilH? the Agriculture Minister Board f control over milk prices ^TheBritish regard SO percent.! U In 'his first estimate of 1978/ 

1 5™ — - a ? I ' Though smce lhe premium on liquid milk as “ludicrously high" and will! 1979 European beet plantings 

deaths frorn the dwease as Lw P n the British market results jp fight hard 10 bring the figure: Licht puts the total of 7,911.000 

Caught between devil 
and deep blue sea 


dwUis from the dweaseaK L. Mr. Siikin emerged p n the British market results io fight hanl 10 bring the figure] Licht puls the total of 7,911.090 

were m the whole of toll*™" ™ f?5 eUn8 , ,n °Si ,ovrer Prices for butter and du«m. hectares compared with 

! onnoKiHn^ 1 cheese, imported as well, as Mr. Siikin said after to-day's ; 7,837,000 in 1977/78. 

. :o and including last week* 2ES°SS°“ 55? .?b*LJS "vS domestic. meeting: * We may be in for a The total for Eastern Europe 

but one -of the ■ dead j I?-*;, J? Dly Precedent to be set that could been rather mild. Besides, wei expected to Tall by 38,000 to 

Is were cattle. A pig was; , 7 “ . , w -„ a !?? r c ^£“ a be applied to wine marketing, are going into the farm price; 2^72,000. 

dead io January. .. IllQpio milK consumptioir than The Commission’s Dronosalc for review with a verv small shoo-! Tii«» EEC total is nut at 

dead io January. . 1 ■ nu '* consumption^ than The Commission's proposals for review with a very small shop-: The EEC total is put at 

t dF The , Bri tai n. supports the^ British the retention of the Boards re- ping list, so we are in quite a. 1.752.000 hectares, down 51.000, 

in thp wliprnrf*' ^ been argument that the Marketing quire that a Board should have strong position.’* mainly because of a planned 

western part of Board system promotes liquid 48.000 hectare rut in French 

-» and Wales m the milk consumption and that ns nlan lines rine L0 finola restrio 

s with the greatest con- presentation would help level the '■ 1 " J Somt 

itSJeak^hh’hlS?' W S°F^ on Market's ever-increasing i l£lXlC3.t DwD rCVlVCCI Licht estimates French 1978/ 

i°^^.^ ias J be€n re Wri»d dairy surplus. r AWU v 1979 plantings at 527.000 

m aenuand. . But it has strong reservations MB- FINN GUNDELACH. the Pigmeat MCAs are based on j hectares against 575.000 in 

. ”7 Y®M: have been about the ability to maintain fair EEC .Agriculture Commissioner. 85 per cent, of the Common: 1977/78. 

?JE? 10 competitive conditions for dairy ^ temnorarilv silenced French Market’s theoretical intervention, Sngar prices on Ihe world 

Bbly every individual case products under the present TJ.K ands fnr i -I rh! Price. , market fell to the lowest level 

• id to pm down a common milk marketing system. demands for a reduction m the Mr Gundelach will propose- for several months yesterday 

mat or which may give a Some other member states, par- monetary compensatory amounts that it be cut to 70 per cent.; with the London daily raws 

0 the main source of the ticularly the Netherlands, resent (MCAs) on pigmeat with a while the French are demanding! price slipping £2-3 to £101.5 

r . what they see as yet another promise to reactivate proposals, a reduction to 50 per cent. | a ronne. 

■ 'ever, the Ministry admitted British attempt to bend the rules, .first presented more than a year The British and the Italians Traders blamed the fall 

day: “We are no close: which they have accepted by dis* ago. are pressing for a far more mainly on lower physical off- 

. ins the cause than we were mantling their own similar mar- But the issue, on which Britain radical change. J take and short-term prospects 

■ beginning of the year." keting organisation- and Italy strongly support Opposition is expected to ; of further sugar sales by India. 

‘ • "month reports of deaths ’** be Dutch are supported by .France, threatens to erupt into a come mainly from Denmark.; India recently announced 

coming in at the mte of tbe Danes and the West Germans, major row during the annua) supported by West Germany and that 650.000 tonnes of sugar 

r fire a day This annearsi wbo 41-6 determined .to weaken farm price review next month, possibly the Netherlands and would he permitted to be 

■slackenine to one a i tile monopoly control of the writes Margaret van Hattem. Belgium. exported to help sugar mills 

„ L e uue * W*-. __ redoce stocks and improve 

far there have! profitability. 

New lows in coffee market Bid to'ufT" 

fanners and knackers, not UIU IU iiaa 

2j n * the cause of death* BY RICHARD MOONEY • • . • » v 

? si 'J 1 carMsse « nickel market 

• usiiai TniifM nf antbn*' PRICES fell to new Colombian coffee exporters are The present minimum regis- - n..* staff 

or spores is iniDorferi DJ-month lows on the London disappointed with sales despite tration price in Colombia is y 

futures .market yesterday -in * new sales policy initiated in around S2.07 a lb., f.o.b-, traders IN AN APPARENT attempt to 

response to further falls in New au «lfl5 PUary * rep “ rts Reirte *^ said. restore some confidence into the 

Iry T , , York ^ . Before a meeting yesterday ™ PPPiRtr ,tion nri,p nickel market Le Nickel, the U.S. 

Kftlvhrfptllim - Y „ ■ . ^ ■ wlt b the Coffee Confederation t0 trading subsidiary of Soriete Le 

^UIJJMICUUIU y May dehvery coffee slipped ta.'fijey emphasised that the' slow discourage exporters frtmi lower- Nlc Jr?* s _ id ^ as ra i S ing the 

In hi< first estimate or 1978/ CAUGHT bciuren Ihe At present prices ihe mines on new developmmis has bad to 

1979 European beet plantings dcvil and lhe deep hlue ?ea ‘ con sume two-thirds of the foreign bo restrained. One indicator of 
Licht nuls the total of j 911090 said a senior government official, exchange they earn. the companies' difficulties is thp 

hectares compared ’ with discussing Zambia's dilemma: Between them RCM and \CCM rise m long and short icrm in- 
7 837 000 in 1977/78 the acknowledged need for a have been forced intu short-ierm debiedness from f57.5m. in 1971 

' The total for Eastern Europe topper production cut despite borrowings of over £114m. from Io f2S3m. in mid-1975. >ays the 
is estimated to rise 112 000 30 aPUle shortage or foreign the Bank of Zambia. World Bank report on Zambia 

hectares jo 5,339,000 while**’tbe exchange, of which copper pro- Some mining sources believe published last October. 

Western European area is 'ides 95 per cent. that 5.000 redundancies oui of a The bank noted: “The com* 

expected to fall by 38,000 lo There is little further informa- work force of 59.000 -ihould panies. which had originally 
2^72,000. non here on last week's decision accompany closure of certain un- expected to finance capital ex- 

The EEC total is put at by Zambia. Peru and Zaire to profitable divisions. pendilure up lo iwu-thirds 

1.752.000 hectares, down 51.000, cut production by 15 per cent That assessment was made through retained earnings, 

mainly because of a planned Kingsley Chinkuli. Mines before the decision to cm pro- “PP are ntl.v round that ihcy had 

48.000 hectare cm in French Minister, has confirmed the dech auction. Yet the same sources t0 borrow abroad just ip main- 

plantings doe 10 quota restrie- sion and said he Jias instructed report that government remains Urn* their operations” 

tions. the two 51 per cent, state owned determined to avoid lay-ulTs. Much of the new and existing 

Licht estimates French 1978/ mines, N’changa Consolidated because general and presidential debt will fall due for repayment 
1979 plantings a_t__ 527,000 Copper Mines <\CCM) and Roan elections are due later ibis year, by 19S0. and ihe ban I- warns that 
hectares against 575.000 In Consolidated Mines (RCM). to and ihe cuppcrbell miners arc a debt service njynients will 
1977/78. implement it. powerful, well-unionised croup, divert a ■* substantial “ amount 

Sngar prices on ihe world industry sources, say that this Xor is it certain that all away frum ■■ pressing capital 
market fell lo the lowesi level year's production will be reduced unionists appreciate the ••ravnv investmenl requirements — at 
for several months yesterday hv jg per ppjjj 0 f j ast year’s 0 f the situation, and just whai a least in Uie sliort run” 
with the London uutiy 650-660.000 tonnes — the country’s cul means. Declaring his oppost- Another nujur problem is 

price supping io luu.o i owes t annual output total for u on to redundancies. Fredrick morale amone the -1.000 

a hi-mpri «V, 0 r_ I, ten years. Chiluba. Zambia Concress of expatriates on the mines whose' 

ikwlr nh v <rf5,f «<r lf implejnented it will be a Trade Unions* chairman, advised: skills arc vital. The official short- 

Margaret van Hattem. Belgium. 

New lows in coffee market 


exported to help sugar mills 
reduce stocks and improve 

Bid to lift 
nickel market 

By Our Commodities Staff 


difficulties in the industry, which difficulties. Accompanying a which two expatriates have beon 
in - turn has led to Zambia’s steady fall in the grade of killed this year, a 20-25 per cent, 
gravest economic crisis since reserves is a fall in the produc- inflation rate: a shortage of 
independence in 1964. tivity of labour — tonnes or ore various commodities and cener^I 

Production costs are claimed hoisted per man shrift fell from uncertainly about conditions <n 
to exceed £710 a tonne, and the 2.25 In 1989 to 1.99 in 1975. southern Africa makes it 

price in the last quarter last At the same time, the price unlikely lh:it the shortage will 
year was only £660 a tonne. slump has meant that spend ing case. 

Rhodesia attack boosts market 


. . — : - — w* uuss uul uitau „ . n y. - once ot ioe lucmi luuuuncu iu wrrDii fiuuw ou « ojjlcu uu nuuiu imve icmieu uiuco mure iuuuui^ irom /.amoia lu uar PS 

■See rise Je-fore Closing down on- no sales have been made. roasters, ™ers said. ftrroaickel from 82.00 to S2.04 a the London Metal Exchange violently to the threat of fighting Salaam, which bandies 90 per 

m s o^nc® » £1,404.5 a tonne. , -. At least one U.S. roaster is Apnl afcipment coffee was pound, effective from April 1. yesterday following the news ol near the Zambian copperbelt. cent, of Zambia trade, and -’a 

tfir C w iiiriddltli staff r - "' 1 "’ - New York prices, which are-Ttelieved to have signed a long being offered at $1.70 a H>. Quoted- prices of ferronickel f an air and ground attack on But bv the end of the after- shortage of road vehicles. 

. k being progressively under-cut by- term contract with- the Federa- ..They said that exporters are products are being raised for the [Zambia by Rhodesian forces. noon it was felt that the Rho- Over half of Tazara’s l ’’OO-olus 

, CRISES of about 10 per Brazil’s “ special, deals," were .tion- reluctant to buy. coffee from the second quarter- I Cash wirebars closed £7.75 up desian attack was basically a wagons arc believed to lie under 

gn molybdenum products dp.wn overnight leading to . an ' ■ Some traders speculated that interior of Colombia beeau Be the Le Nickel said the rise was in ; at £630.75 a tonne, wiping out border incident aimed at repair and the turnaround flf 
^announced in Greenwich, initial fall of £20 in London*- 4he exporters planned to request Federation is paying prices over line with the present value of j Monday's losses. guerillas based in Zambia and is wagons is said to be takin° 30 

ftticuL by Climax Moly- When the New York market re- changes in the country’s sales S2 a lb. Iron scrap and “the progressive! Earlier the market had opened unlikely to escalate any further, days twice the planned time : 

Im. a division of Atoax. • openedprices fell again puttings [policy, in particular a lowering By lowering the minimum return to a more normal nickel ion a higher nole boosted by However, jhe transport prob- S Q me 15 npr P p n » 7 am h, a 

Jwmolydenum for domestic London quotations under farther of the minimum registration registration price, Colombia i markeL" reports of Zambia facing critical lems appear to be worsen in e. _ilwa%v inLLiiroc »» ,t = 

» the U.S. goes up to $5^1 pressure. price: would encourage exporters to cut 1 Industry sources pointed out transport difficulties holding up Reuter reported from Lusaka «,• and still hee ani n r cWt unll 

and of contained moly. In New York, meanwhile, the Colombia initiated a new sales their prices, thus putting down-' that the rises followed some copper exports and imports that 90.000 tonnes of imports have hp ,'. v ]lihrirat “T; -nonages o! 

•jtt). which, is equivalent to Gordon Patou company reported policy on February 17 which is ward pressure on the Colombian ■ reductions announced recently by 1 needed by the mines. piled up at Dar es Salaam port „ \ 

i'.kilo. . . that U.S. green coffee roastin^tied to the difference between ICO indicator price, dealers said. I International Nickel which it; It is expected that Zambia will and copper exports are delayed in Mwale. 1 ranspprr 

^-compareswitb the present between January 1 and February/the International Coffee Organi- Roaster buyers would thus get 'was feared might start a new | be forced to declare a partial the Tanzanian capital. Minister, said last week that of 

ft*, free market 'price of 25 totalled 2JJ75.000 bags (60 Mtion price for Colombians and the immediate benefit of the price war after the recent period ; force majeure on its contracted The import backlog has risen P ”, 35011 1° Dar onl -‘ ^ 

p.$15 a kilo- and the rise kilos each) compared with^wat of other milds plus two lower prices In dollars saved,! of stability. supply commitments, especially from some 70.000 tonnes last Daa Deen onioa “ e “- £• 

g • Climax quotation was 3.555.000 bags through . toj'cents over ten days. rather than being forced to wait Demand for nickel in the U.S.lin view of the recent decision to November despite government The road fleet between Zambia 

fcfed as being long overdue. February 26 last year. -rrj Depending on that difference, and receive the benefit later in has shown slight signs of move- 1 cut its output by 15 per cent, as efforts to ease it shipping agents and Tanzania has been run down 

jrbdenum is mainly used in Roastings in the week ended: qmers will earn •‘‘rebates” in coffee because of a wide differ- ment but surplus stocks remain I a means of reducing the huge said. in anticipation of Tazari's 

’jSpufacture of tool and Qther February 25 were .145 per cent /toffee on their purchases. The ence between the ICO indicator large and producers are anxious surplu of supplies currently The holdup has been caused by prominence as a trade reute and 

4. “hard” steels used -for down, on the same period last offer also contains a 60-day price prices for Colombians and other to pevent aresumption of fierce depressing world market prices, a shortage of wagons on the is anyhow hampered by shortages 
'*■ ' milds. ! price-cutting. In the past the London market Chinese-built Tazara railway of spare parts. ‘L 

5es amongst other products.! year. 

.. guarantee. 


P MPT AT Q m asa. tin*** mOTUM Ktt. «. 4a.a.'on n>e uw Ken*, vrtib u» b»T*wart»ucn and 17.86. ? wita a.n »4 im ^flYARTAN llfP AT MPAT/VPnPTART xKIt-C. LltAltuJto 

C ITIhE. 1 AL3 ■ . 4*. 4ZS, tUtBodw. east fBJI. three aarrowlag to M5. Turnover: isas tonara. the respective shipment periods. Y«m 31/1 ABCAl'l JtIIvAIj /Tit /A I / » CULlftDLLj 

fep TVfFTAT C ' - « to«*‘ nwnUM KM. 13. 13.3. nn lhe Utt Eert*. wMh Uw backwartatien stsd d.K. B twin* a.Tl and CtJ* lor CfVVATlFATC IMP AT MPAT /VP^PTART 

ivlUl/lXO-. «. 42J, Cathodes, cash £81*. three ainwlaa to 145. Turnover: 1,305 tonnes, the respective shipment periods. Yam 3UI ABCAl'l JrllvAL< /Tit /A I / » CULlftDLLj 

SR— Higher in active trodta* on months U3S&. 35- Kcrt): wtrebars. three---' Moraine: Staodani. cash XG.1S8. three nnd doth aalet. Price* staady. , no , cmitmbipi n nnmdi h™f- Prices per tonne unless otherwise 

*>n Metal Exchange. Fqreard »«- t>ftodcS. thnw 1 . months 18 DM. S3. 80. 70. Hlph Grade. j£*r steady market er: id ually smTHFlELD 

^^ow?ns^^ports of* iraDSomvlM- three ' months £W4. 0 .3. 44-5, 'months £8.075. 70. SB, 85. JO. Afternoon: COFFEE CWcaso pr!ce> 'and'^ioploM selllna drm-e auarters 60.0 to 63.0. foreonaners ss.o 

fjfSStSSS «sra *n,' s0 " “ “ 

wromniEd. further hosing whlrit **■ w -«’.--b6rh;.1Vlra|»ris. vash ftCO, three Kerb: Standard, three months £8.095. Kappon came iko market late in after- «uhh>-»- Lamb: Encllsb small 50.0 to ai.o. 

'Gtrkv tip to £6M in the moving Tus-siflhUjf easier. The strength of 'P*' . • "«>»• « clow and Anal values £20 ] Uln *. . _ f t^i. tnedimn SMOr o jH.O. heavy 12.0 to «.B: 

JTOn-ever. nrofit-talrins pared the copper enabled forward siandaiU material LEAQ-Barely chaaaad tn auet and to 150 lower. Prexe l Burnham reports. ; : m « r» i£EU3i 0 : 0 K 7 p7 SI 

f IW2 before fresh buying lifted to open on. a mm mne at 0.100 despite the iJUn trading. Forward metal moved with- 5^ir..iav' . 

w £GM on the laic Kerb. Turn- overnlglu decline in the Penang price, in narrow limits, opening around E30I and • turn* ■ + m , uu-me. April...... — 1T2.M-lS.5~l.50 ill lo-IS.OO ?■ **• ° ^ nc ““on « ■> 

1J60 tonnes. -- m - touching £804. influenced h>- copper- before LXiFPIth . _ ! [*>„, June.— •lio.ifl-lO.i-a.Ifi H8.5i-Jv.S9 

r.f— - — x : L. ■_ <1.|V I otrh-isi ( _ 1 Lnofti-ia'i - oastng back to dose at £300 on the lalf !tf per u?nne . Aium»i„ 110.10- lO.E —Z.ifi 112.7 -10.10 _P*rfc: Emtlish.^undi-r 100 lbs S6.0 to 

U.S. IVlarkets 

otiel.l ■ • +w l t umiiw 

Uuw • — I Uoni 

Lamb: Encllsb small 500 to 57.0. 

medium 50.00 to 54.0. heavy 42.0 to 46.0: 

Scoti-h medium 50.0 to 56 0. hrarv <2 0 
to 40.0. Imported frown NZ PL new Katais 
season <5.3 to <6.0. PM new season 44 5 Aluminium , 
IO <3.0. Free Mark< 

n.’id. ,+ nrj fJD. It+or 
• llfll'-ini — l T nofflcfat> ~ 

a.m. 1+ •*'| »vBQ. 'Tv ii 
OWiial i .- {tnoffi-iai! — 

e«8tng back to close at £300 oo the lair 
Kerb. Turnover: 3.950 tonnes. 

----- - l Hirt SmAa l ' '■ c I v 

fi X in'' e i £ -u*h 1 6120 BO^-nA- ^6150 40 

k i r - 5 BVWlh».| 6065 75 I-47.B1 6095-5 i-6 

g628 .5 +4 • 650.5-1 M-7.7E SMUnip'l.; 6180 l-M ; - 

r Sd4. 4 _ V n' A14.K Ij. 7 t Stii.nrtD.T-iT 


«.m. |y i»| p.m. 
Uflhrin 1 — lUnnfflcta | 

1+ u< 

1 ci C 1 



2S7-.5 -2.6 j 2S7 ^ ' 

— 1 


300 1 -2J5| 30J-.5 ; 

rwti'<U , nt| 

| |-2^ ' - 

t 5 Sp«t. | 

• - •' ■ u ’ 

j Mar. 7 ; -6 oi I Month I Coal crisis 

— !— lifts gold 
ri,Mt and silver 

■ ■ » D — , * v , , . I IU -*0.11. Iiuiwriru irozvn ru new muuj • i — 

aa AmHi 1T9 nn i 9 « 1 wi iu 10.18 flfi S**wm ig.S 10 46.6. PM DC v season 44 5 Aluminium .......... C680 '£630 J *• 

txiFPMb : ^ +_°* ! B, n^7 jSS!::~:'iK8:5 WllVu . S ,o «■ Fi ^ ...^....] smo-7o Qnn ci| vpr 

!«f per tonne Au*im- 1T0.10- ID.B ~8.!6 1 12.7 10-10 Par*: Enclish. unth-r 100 lbs 3S.0 to hplj'sl 1 K ^ 311 V d - 

: — — • IWer -1 10.71- 1 1,0 — 1.10 11S.OI.12.fO «A 100-120 rbs .“4.0 to <2.0. 120-160 lbs -ttSS IpfiiSw’ NEW YORK, March «.* 

March .1816.0-1817.0—22.5 1S80-1B05 Ue«nitier.„.'lD7.0J-03.0 -1.50 ItS.Bt-M.OO 35.0 io 41.0. r m-imhi "" 1 7 25X62B 2b ' PRECIOUS METALS milled nn morrtti- 

Sft»y IMtlSt A^riT” 'inutist + fS’ - MEAT COMMIMrON-Arcraae faOTork (ini.t fro/.'*'.' *1 E B/o +z'o S17o.J2S i me buying prompted by concern over 

Jm.r 15«.0-1M<J -42.0 15M- Ml April. 101 13-5 + 1-W Prices representative market March 7. .U-utiwih ..-B297JS— 1,0 (£312.8 the coalminers' reaction to PrasidesK 

brptembar... 12«.D-123fl.B —52.0 1276- IH0 Sales; ES tl78» lots of 100 lonnes. cattle 63 8-ip per kg. Iw ' -O.OTt; onKmcb« C501.25 £318.75 I Carter’s move to Invoke the Tjtt-Harrfty 

hrptembor... 1245.0-1250.0-52.0-1275-1230 
.NovemMr — '1200.0-121451—52.5 1235-1200 
JanoaiT— ...1I70JM1S0.0 —42.6; 1200-1185 
March il 140.0-1775.0 — 37 3 ^ 71 W-1170 

Sales: 4.800 <2,0371 lot* of 3 tonnes. 

ICO Indicator prices for March 6 fO.S. 

P • Vin e ; . “ v~k ! i . I 1 - 01 . mrcc immws u^, .>« ■ - ^ * in e vrilt rmvE lur raw sus.ii pi«s oown a.v per cvni.. average .. .. ■ 1 ■ Ma 

'»• 0195 I* 4 - 6 __T;_ !:??-. TV.V.:= 3. *3. 1 2. a. 000 . jEMSJ. SSOO, 000.3. JJ® l ?S ca> ?n,SSf* fatH.OO) a tonne cu for March. MSn 1 -o.p. Scotland — Cattle down 1 1.0 Market.. — £116.5 L-l.l (£112 

- “ ! .ir— fa0 ' fcl1 ^ V--'- However, hedge setUng^arod the price » Kerb: three month* £*00.5. 300. £5».fi. , mm* '.i mm April shlpmcnL White sugar daUy price per cernt . anraov C!.4Sp . -0.30i; sheep «?"'oiisilver«Wlto.;dl23-8& BI30-35 

amaicd Metal Trading reported £6J>7D horary physical demand and the Afternoon: Three months £302. 1J. Kart: •rS*’ was btedi at nofijo i£li:.00». op 78.2 per rent., average 12fi.!p f+o.T.r f‘*ver rn-voe. ;c62 -> P 1+3.9 ;Z=9.5p 

n- morning cash wlrrtttrB traded strength of sUver lifted U to dose at £8.090 Threr monfts'Otn. £289 JS. oo. 98 J. 98. mm iV- dm!. Keen s * Dln * at cp « nln «- market pks up 11.3 per cent., average C.Cp ■ m-vwh* — rtb7.1o l»4.l iZ57|i 

sales: ES il78> loti of 100 tonoea. “* caiue per kg. tw cm-vicb^ C301.25 : £318.75 I Carter’* move io Invoke the Taft-Harrl» 

u o'. "SS? 1-8 5 J*- 1 en - *lcw > trite- : — ; -let lu a bid in end the pit strike. Cocoa . 

i-3.0»: GB pup S0.9p per kg. Iw ( “8-6'- Free Market tetri... SI -65 : closed Strong on Commission House stop- 

CUEAD England and Wales— Cattle numbers down . -2.04 .3I.82-S.0 ' ' oss buying, following London. Sugar 

jUuAft S-51 per ctnt._ .tv race 04 Olp f-OJli: L».. n i ‘■■ asod on rl^e ' , ,onR hquidanon and trade 

sb'y-n down 4 j o- r irnr.. average I29.i)p riatmum trovo*.. i.liw.5 1 • hedge-ylllnR. Codec eased on Cmnmi*- 

LOMOOH DAILY PRICE for raw sugaT i-3.t'S pigs down a.B per wot., average o,",!?'! 0 7 -*®* stop House- selling and notable lack or 

aoi.SB fatH.OO) • tonne ctf for March- M Sp 1-0.P. Scadand— -Cattle down u.p * r ee Market £116.5 1— z.I(£U2 physical nusmess, Bachc reponed 

April shlpmcnL White sugar daUy price per enm . areragir KT.49p . -0 24.. shivp V"'riisiiverj7fiip.).;S123-8& j? 150-35 Cocoa— March 15- -5 fisc«) ' Mae 

amaiud Metal Trading reported I6.07D before physical demand and the Afternoon: Three- months £392. 

p- monung cash wlrrtnni traded strength of rilvnr lifted It to ck« at HMM gres mophr- aw. £289 JS. H. 98A 98. in!So dSf^some 3m*U% 'SlfS ” CC3 '" C ' 5d n, 

■ ■ ■, ■ t : V. ' - riNC-^lw. Iwr, ea D r P re 0 e vci 'offering/' fou nd C0VE 5. T CARt ? EN ’*'<** sterling t &SSSSgrr= , R«»T?-g 

loot Road, tbrfDU^SWfOHS. . ?««*>"««' cash bumw and tafTo- |i 

- ■ , "r-f-gf ' .... ■ ■ ' ■ - ■ 1 .. .. r i entiet borrowing dried up. However, there Prices (In order buyer, seller, change. 8«^^dhnariSrt hKl . 

hedge-s-*IllnB. Codec cased on Commu:- 
K)on House selling and notable lack or 
physical nusmess, Bachc reported. 

Cocoa— March 157.75 <132.2S1. May 

146 40 H41J!5>. July 142.00. Sepl. 1S9.W. 
Dec. 154.00. March 132.00. May 130.15, 


2> . 


. :j£HVin py> writ#. f ..-v.- >' 

.;-.,Tb Tj^r^Hduwiis op - 

kuROySAH .OtptiSTARY Rgcctprs row 

- r - : : : : commpw stock op ■ 



(Action reoutred on or prior to SOtn June 1970)-- 
nwnk:«i Bank, as O-oositary (the "Deposftanr”) ww ,the- DeoasU 
mert uatco as of Msv 1st TB70. among Trio Kenwood Cora. C’the 
mr“l the oenontarv and the solders of European DeMsIlarv Recefots (Uie 
•ipta "» issued there uneet In reiMsl ot shares el Common stock, par value 
Mi nee Share. ,a; : me Compaoy tttir “Cominap - Stack”), HEREBY GIVES 
;t that M the 7e*oeral nowln* of storkhotders Of tht Comperr h«W l« 
.. Japan.' on 17th- February T97TL son ttpcKiuDdert a p prewt d the payment 
dividend of 4,s YCh o»r share' of Common Stock. • • 
hr Dividend en the dnn ol Common - Stock of record an deposit with 
ustodtan mider *o«h Deposit Agreement, less' * portion .thereof withheld 
t Company pn .« -count « Japanese Taws, has been reto-ved bv toe Cus- 
. a* vent tor toe . Dencsitarv; and. ptirwant to the provi*«m» ef such 
1 Agreement- been cofivenw ,w*o United Sated Pollan at the n«s 

0.55 Yen par Unite* . SuteS '.'PoOar. - " • - - - _ , _ 

he DopoUttra'-ha* been arfrisec Ve-the Xomoawr •»«. Mean- 1» a - 
national aareemcntl ■ wftfc WtMlh . BePdu m, Caftedt- Demnirk. Trance 
HMI-U RePWld ori Orawnv. MaWva,.. Netherlands, New Zealand. Noryav. 
5rr, 5«wfotv:'4twl»eviNvi- w»bUe of Korea, the ■ United Ar*5 
lie. to* UtPtft janflOpm.-afttfrU*.' tittkod^aarts .of .America , u pper wMch 
■X persons are MUtled-to a- 85W t» wtfthoLdhjo rate on di vid en ds such 
• dividend, in tuesUan. The tempo » cmtitletf. imdude (wWrets orwsh 
as and conSanle* arewaw»-.<h<re u ndw < N l meeHBp . ceetoln eop<Mi«ns 

3 to the cawetne »r bf xradeSPr:' business fn Japan. Persons 00* so 
to a 15V1W* wJthhoW»n*;Twitt'.ho » dlrldefW oh which a- 20% 

? W detoSlp(r^iK&»e"?''W..tne lesaw 1 ta« wf tohotd l nB rate of ^5%. 
necKssrr tkafcrfli*. surrfiufrr of .Como No. 52 . be^ ^ acummattlod l be a 
lycotnoitt^’esitt *BT»d c^rtiacate\£OT«o erf .toe form of which are 
abi? at too olWfr- ef .the: Dqjxh Harr m. London, or any SJubdesosimryl 
Che resIdetKYl-atHI trade "or. bpsinew aw*ltf«fl .In J»an tit applioMe) 
■ h3deTofCpioai'Kl«. 31. 'fpa certitotes mas he forwarded -bv »e 

STJS SSSsFSns Sag nsnssansj^ 3a=^^3a«K 

a STS-* 1 ® SSSW EEL ous - 1 : i 

price rallied' -to end rat ESB on the late iso 55: June 163^0-183.50, -143 16L25- ~ • R KWWtan ; Navels Shamoottl 2.70-2. SO: 1 iomui iphili ; -B35 '+5.0 is567.5 

Kerb and moved further ahead to around isa.oo: Aug. 15130-131.75. -S.00 151.73: silpiI I Moroccan: l : B*a. ftallSD: uiuundoiu >CbOl J j£599 

MmlUflrntNaact deahass-TUreoser: o«. 142.25-1-C.75. -2J13 1*3.70-142.1)0: Dec. Pm. Ten’may’. 1 m«r«cu» duviimw- re '^rn.^rr.'^i g s, . n ' 1 ' hu 1 *** Ctorietm .. »H95 ;S271 

|2.M0 taunEt-v- •• • 13SJO-134.00. -4.10 137.00: Feb. 128,00- C-omes. Clow ! Llow Done '4'^ P«ni Metoyno 5556? 

7 V. POL- -)+■ til p. m. .1+ 1 

xinoj-, -oafete.-j : —.• {utKrffiuip - L — 

... : v '■<: vj- »• • : « .[ I’ 

13SJ0-134.00. -4.10 137.00: Feb. 128.00- Cctnm.i 
131.00. —3.50 Dfl: April 122.00- 129 JJO. -i4S Umn. ' 
ufl. Sales: 88 (52) lots of 3 7^50 kOos. 4 

Moroccan: ■>. 06-3.20. Lentens— ftalianc ututiTidoui.,,., 'tlbOl 

^'1*“ XfoJJ*: Cyprus: 2.K0-3.35: Spanta- Uuroert CiwMin.. '1595 
...08-3 40. Grapefruit — Cyprus: ]5 kilos Mini Matano 'S556r 

2.40-2.60. 20 kilos 2 .83-3. 40: Jaffa: 20 kites 
2.30-3.70. Saisumae— Spanla: 3 30-3.50. 1 

Wilkings— Spanla: 95*2SSs 2.20-4.50. Rmv«. i 

— if, in Lii cfr too ‘Vi* uu.U. 

1 in Lfiin. _£b.I3b i-17 5 Cd«^ 2 jyjy i«s.30. Sales: 773 lots. 

i Xt.096.B- 1.0 C6.2S2.B ^ . 

5 WiHii««p^.jth.ic»t 5198-54 + 1.0 lilB0-5B — Lontract: March 169.60- 

rf /,lnc mph £256 -2 S7B£246 5 t-0 nO I Iff ul, May 149.2o-W9.75 tlaljfi, 

“'ijle w-sa SS n Sept. i29.0iMM.D8. Dec. 

; IW ^ SKk) ,1S ?°- M , arch ns.50-lld.23. May 114 DO- 

ls ^ 8600 114 50. July 114.00-1 16.00 Sales' 675 tol*. 

, I j n r Copper— March 56^0 1 56.50 1. April 56.50 

I. i. iWaiut iFh.U ; -635 !+6.0jSS67.5 i56j>P>. May ST.00. July is OO. Sent. 59 on, 

l! tr' uu'tdm j 1 -.. 'CJJOl | I* 5 *® 9 Dec - 60 *• Jan - March 62.00. Slay 

' Uinwert Cturtedn .. ;hBS .£871 63 00. July 64 00. Sept. 05.00, Dec. 66.00, 

s Kami Malayan '5656? < -85U7 Joo. B7.I0. Sales: 3^00 lots. 

Cotton-No 3: March 5546 I55.55T, May 

— oo w «. mot. -1 • Wilkings— spanla: 95’2SSs 2.20^.30. (Mi i i i | 56 93-57.09 (M.82i. Inly 38.20-58.40. Oct. 

— Apples— French! 40-Ib Cranny Smith ua«Fhil*D '^SOw n r 1 «*”?■?’ ““H* H-W-W-S*. 

’ rnailVC May ...i 108.40 C6..6 107 7aJ8JOI10B 25 04.50 Category I 3.60-6.60. CstcRory II 4.30- il?5T". <861* B ^ISn'i I Jaly Sales: 

,S7 UKAU'O Ajik— - i I l cO il 7o 1 12. <1-16.00 1 is 69 06 50 3.00. Golden Delicious Category 1 S.H- itAl.-.:«61s , + 5.B i83«.A -M.-..000 bales 

L5 LONDON FUTURES (GAFTA)— Old tict. -..1115,5. ifi 60 1 18 4 -18.60 116 75 >8.75 5.S6; 20-Ib Cold-’n Delicious Category I i ; ‘Cold— March 1S6.10 1 153.40 ■. Apnl 1SS M 

— tamp wheat values eased by 86 -BOd ra Lite..- ll» 25-18.3U 1 80.00-99 05 12 lo ;6.76 84 2 60.2^0. 72 2.80-3.20. Category T1 «4 ftrauto ■ ! > I .184.80.. May lhb.M. June IS9.S0. Aug. 

w.,rt f ,mi Msreb. IX.Ou :4 BHi.-fi.fa4t 75 126 00 88.25 5.IWM.H. 72 7.30-2.40: 72/100 Red Delicious y W t : 192.50. Oct. 1SS.20. Dec. 197.90. Feb. 

tjtac CO E o jf7 

.> mrrtichs.. 356.9-6 1-7 ■' *56.3-7^P^5 LONDON FUTURES (GAFTA)— Old tict- -..jll5 i. >6 60 1 1fi 4 -18.60 116 75 i!.f5 5.S6; 2Mb Gold-’n Delicious Category I i ; , ‘Cold— March 1S6.10 1 153.40 1. Apnl 1SS M 

VmeiH 263 - [-T- crop wheat values eased by SO-BoTra ifo^—Ma 85-18.30 1 20.MW0 06 W lo ;6.76 84 2 60-2^0. 77 2.90-3.20. Category tl «4 farajos ■ ! > .1S400.. May U*.M. June 1S9.S0. Aug. 

iVm. \Erel - ! 29 / stead? trade and specuknve seiltng aniL Manjb ,1>4.0 j ;4 5&1:-8.63-8b 78 126 DO 88.25 72^30-2.40: 72/1 00 Bed Delicious rat'e.V bW * t 1K-M- Oct. 115.20. Dec. 197.90. Feb. 

-' _ 7TT - — : airnoiah milBgraSwwto^sermw Mur.... 127 49 *7 75 1*8 K-2B.60 128 BO-aB.MI 2.86. Star* Matron 1.7W.M. jumble pack. Home Future- ... K71. 19 C73.9B 5U0.M. April 203.80. June 206.00, AUK. 

-Orem PW...-«m«fc ton BrerioBP Au*_Jl« D.IM-iO.Btf' I„0.7W1.M 1 13 j.£ 5.2 3 .25 P?r P«nri Golden Detjcftma 0.11-0.12. «»«* J ! 7»S0. Oct. 212.60. Doc. 215 60. Feb. no- 

uiwtfflroi »«M oev Bleql - nw mn hT.,,, - — _ . ... — Granny SButh 0.11-8.13: Italian: Per tronen No.a Am £100 i ’X9 6.6 uuoted. Sales: 8.000 lots. 

Morning: Cash £255.. 054. three anoptbs ° , rr ?? p rmiM nf Sales: 4.393 1 2.7861 lots of 50 tonnes. pound Rome Beauty 013 Golden Wheat , ILarri— Chicago loose 23J0 (23 Dill u— 

£2». M.5, 58, 56. S5, 54J. .Kerb: Cash ££JS!?' morrniS ™ e . ^ ^ ex-refinery price for Delicious 0.11-6.12S: U.S.: Red Delicious -No. I K«.i Sprmt.£87 1+0.25^06.5 York prime rieim^Too tTaded tilW! 

1253. three months £235. K.5. 55. After- sranulated basts white sugar was 1242.40 S.36-9.00: Oregon: Nmriowns 8 00: AuAHorlWinte,; : -HaL-Mareh « 

noon: i*aab £2S5„ three- months £256. 35.5. ™ !? UBtI 7 8eJ11J3 ?l >1 i?.i r ? tMrerg< !i 00 l5aroei • tonne for home trade and Washington: Golden Delicious 7.50: Lu-uh-Jt Mn in - £9* - 1£05 5 ...T? £''.lj?L .l g= ?* 1 - May 

56. Kerb:. CaAb £555, three months £236.9- ■horKovering. barley dort* on Bnn fl6t5a (£ia> for export. Eastern States: TJHkt.flo: Rtmaary- Red bhiomJr litm ^St|V9 ! ^ 2341 ’ 

36,53. we. hot trite a! weakening on some International Sugar Agreement— imUca- D'-Uciovs 7 00: DaoUb: Soartaus 0.JB+ 12 atnpmeui.". .l 1-788 — 22-0(£1.560 l>i* -***■-“*■ March 544* 

-L-J.— - ■ speculative bcIUob, reports AdL tor prices <U.S. cents per pound (oh sod piars-ltalian: PeTlound^Sssacrassr.Pe i “?lr ~ 1iSi ““^F 1 ’ 469 .r^I^'-' W 5 n . '"S**- 

SILVER .... wheat i ww S&JSaTJg!: SSS2 A 

1+0.25 |£M.5 

2»S0. Oct. 21i60. Dec. 215 60. Feb. nm 
truotc-d. Sales: 8.000 lots. 

ILard— Chicago loose 2JJ0 (23 mn. New 
York prime steam 23 00 traded (24.50 ■. 

: Maize— March 229*-225J (229fi. May 

Stiver w/i Ated - SJp • ub ounce hi g he r ‘twierilav's: + *u Veetemsv*] , << fi-38j. 

for spot delivery-' fn. the Landon bol Ion yfnth c io*e ' — 1 kwe * — 

market -yesterday.* at J62-5P- U^. .cent l ; 

equivalents -of the fixing levels were: a*.. 1 83.10 '— 0.70: 71.15 - — R T fR 

spot 507.6c. up 7j5c: three-month 516c. OP j 84.70 ' — 12 BO DJJfl Ak SJ 1J 

8c: rttmanth-Sjc. op 8c: and. 12. I || in |_n,s 7?So '+0 10 , 

.month 54(4c. Up i3t The roeui opened I u'i; •_ 'ia ; 70^5 ._ U . 

PARLEY Dally price 8J1 iS.-tl": 15-day average 

Clapp s 4 J0-?40: Dotch: Cou/ore^T^ +0 - DBj ^ 1 ^ 

pound 0.16 Plums— g. Afrlcau- Carioias ^,7..^ - - 85 : ««1 a0 ®'5" l4S ' tin '- -'»ril 








+ or LJL8. jj- of 
— ctoro j — 

-pot ... — 


+IJ 267-lp 47.1 

3 months- 

t4.1 871.7Sp.t7J 

6 IlIQBlh*- 

272.6p • 

+4J — 

i mentis. 

^MA V 

+4J - 

la. ' 83 10 —0 70' 7115 .— RITRRTD 0.3SL Crapes— Californian- Red Emperor —■-■-.'5986-45 Sopt a26 sn Dec. sk 50. Jan 342 tn. siaroh 

l*v ) 84 70 1— oirji 72 80 1— nJO -KUtjJJtK pi-r ponod 0.S6. Bananas— Jamaican: Per Kjl 4.161.5 J— 2.5 iJSJOB j--» 0_0. slay 335.10. July, Scul. 

1 B2*iQ '_0 15 T, 40 UnIS .^ ((T pound 0.13. Tommaas-Pcr fi kilos. ^ ^trea»n4- ali.- l dn. } jgeSp MW. Dec. Ml. Jan 590. W Sa!«- 

! «:« V.| ■+!:" JgTJEPES ."UK ZS gsr;« S 1 "^, tSK's “* M “"“ — 

^_! — B6J»S — 1^-O-tBi — Jt-O.™ Mm Ik to. (Hi Colombian: 4.00: Senegal: 3.5 M.M. hSj* Soyaheaits-Slarch filfi+17 ifl-4,. M .iy 

Cosiness done- Wheat: Jlarch $3^>- m^r^wns "awV,.^ Cucumbcrs-Canary: 1.70-2^0: Dutch; ^AprlWtme^ A ^Lfarcb.Mav" 6rK ^ 1 ' 4i |6?4}| - Jul ? S2W-S2S. Aoc. 627^ 

LOO. May lUMUL Sept. 82JM1JS. Aort“ ** ^ gzfjj 0 ’ -" Wj gg- PAWti-May. 7u W .' aPor ^ W ' «»■ Nw - j aa . «]-* 

■+ tt -r.t re f 

• hcldei' of Cpmaft 'NO. -a. ' Sgto cartiAcuas mas ha forwarded by the 

Sineut a in h Sn'Kff^atM l, ^ll»f » "4 ^ *” of the gWdcnd oayable 
J wSe at rbe «fte« of the Pqws ttscy In London or at the oMee of bmr 
So^tar* Hitfd “K» twr^urettow ot Cmmoo -Nm -32. - - - - 

*-* • SU«.DRP054TABI€S - 

M4MP • -t AMRES5 

, -.j ^ A . FroHtfort/M*]n. Germany 

-asSBE.S&tiB ts . .. - 

yiJSSw? NMRfcV', or *V**' on « 
*■ ^JSSSSA* irTblmmm** 

rivuoiM «om.?.. tlcsi^SV * "^Hhtotetei'^r* 

pw Mt5p L-M S67.1P 47.6 imported— W heat: cwrs No. 1 i» 1 S. African: a/34s 2.40-250. Crapes— 

monthiJ .267 Jp f+4.1 [871.75p J+7J per ceoL Mart* fBTTfflniry. VS. Dark ... \ .. Bg , B „[ ^ .. s. African: Ben Hannah 6.00. Alphonse 

inquihaj 878.6p -H-4J — 1 ' Nortbern Spring No. 2 14 per cent. March ^P” 1 — JrJnJS'chf “ Lavatiee 6J0. Wallham Cross fiOO. 

s mvmH«.]^a4.4p WJ — 1. — April BL25 transhmment East - Onions— Spanish: 2.5M.46: Dmrh: 1.30: 

- — : Coast. U.S. Hard winter ordinary. Wesi Apr-Jne 49.35-4S.40 .h tt-4s.6^ 4SJW8,S5 mm,. Tfifi-iJO Strawborrlcs— 

U4B— Turnover 283 ml) lem of 36.860 Aast fat,. »sw *w «wl n 5F >55 J ’- V ^?P' Ki^an: Amnx. 12 t^peTpW 

1-8- monlhs 27U. 1.7, L5, AJrican YeOote April £7D. Kenya Grade Uct-u*-j 57.0-67^0' V. 

1.7..1A S2..2.J.- - Three Apnl ST 15 fob. • ... ; 

detached trom.=.'„ 

It CCClOIS. lo .ttt'L.' 

dtatom tejti on_ . • - 'T'i .e.lSj - -S -0.1-1 

VgsagHBft. ■■ •— 

: : *«•« 

_.■> in iwtlih nates OplhB«i "» respect of Cauncm nk;h wnt-ta 

W 3^‘fi 1 ss a % 

><m «» ■«—. «'«■ . “■ Dw ““" 

' . - London- WCO- . • " ’ ’ ' 

WkBJhdJOfoP. ta») 

rrtmi • M^l&ft^sJ>T S pnS! !B Martb T Salem 272 ,l50i lots of 1J lonaes. Prtrao O.M. weiraot-Fer 

lUVUA . otker^ 1»nimg itateD* bLul Physical cltsius prices ibuyersi were: Carrots— f*cr bag 28-lb 0.49-0.61 

Xery wg h umg W prices Up br £50 Hwf wheat: fWmbtreld e £».«. GlSS S? , .«!S. a,: M * Td> 49-ISb t49 0,i SrUrtSf Bw’^evorf"^ . Uo,r j I "T Mvalh Tfo. 

riDro- ■ prcdfMakfttg ant} Iimil .ISfluMaDDD ler 178.50. Fned bariey: Hmnberridc Asn * 499 ' Sam(f ' P?r i cn's U-l^ ErMDtol inw | * l * 1 «»- +c- 

afdud Them b|knr pre»lousHtioSo.retwns £70.40. Cluuooster 0SSM. {ndu sninan* J P foiS-Per 1 ! 

HI and Duffus...:.-;, : '• EEC IMFORT LEVIES— Effective to-day taSS? laiu foma. V* - « 355.32 348^6436 66 

■ — ^ garon; nssir ^ ^ WOOL FUTURES ™ *$? ?mo. rs as p sz 5g 07!dd s.6gwra6 

OOCOA - i - -Clove' I — I Drw ' ln a ° it3 l of t Per pound 0.05-0.06. PBrynlfW— Per 2Wb LA t erase 1824-2588 =I00J / 

— w : — £ ! LONDON-Unchanged '0 shade easier 0.70-0.80. Turnips- Per 28-lb O.rt. Rhubarb 

o.pC’mr’tl • t' ■ i ' nmun T ■' r 1 ..”! fonowiag overseas terminal advices. —Per pound 024. Cucumbers— Pert tray MOODY'S 

s^-tiasK tstteia a??--*** h -^— — — 

ffi |^£9E- SAK ^tJSrtrUl lzLJ=. . - 

^ araa a&nar-Ji _ Philinnine coora — 

H3W.Q7ajf t- 28J/lbW.9 sorglram— 9H 65, mis (samel. Ain for 3Iav 376.9 29.0 -1.0 ^ a 1 LIIX£|J LflLIC yUUiA " *’ ' "" 

Sales &SSI -£7530 I-M. Of 10-wafl«. - 2?“*- ” l"iwd whuat «d_rinc -lulr p5L0 56.0 -0 5 ! _ . _ I nunnu 

m-u*-| 67.0-67^0 ’7.50-57.8* Eopllsh produce: Potoues— Per afi-fo; 

■ ’ [’ Whiles/ Reds Lotto ce— Per 12. 

— ' : — indoor l^O-ldl Cabbapa— Per 4-bag 

Sales: !T2 H50i lots of 13 tonnes. Prtrao O.flO. Beetroot— Per 2S-Ri o.»L 
Physical closiuz prices ' buyers: were: Carrots — Per bag 28-lb 0.464.69. onions— 

tw .a--.. w ,vnK ifl 1C. .UAH.. Dor H RA.I U Tia— itnN PfiT Sift 

financial times 

Tit. 6 ] Mar. 3 H imtn «“c Tear mu' 

330.17 132966 338.24 307.84 

(Base: July L 1B53=I0D) 


Vmt, 7 1 Mar. Sjtinum Icaarairi 

iaa» .i li384.6j ^aoa .i j i73Z^ 

(Bare: September 15. IBS 1=1 00) 


602. March 611-J. 

: 'Soyabean Meal— March 160.50 ilufl.SOt. 
Slay 182.79-162 JO ria2_S0>. July 165 00- 
ISj.'-’O. August 165.00- 1 5550, Sc-pL 152.00 
1K.50. OCT. Dec JfiO.SO-lSl.M, 
Ian. 161.50-162.00, March 164.5O.l6S.n0. 


a Of«»twy':S}«tm 

..serttjm. joalntalned P» 
titock.BtP'M'roit. 10TB- 

puBhatt them baknr prev tens ndoSe. repons £70.40. Gluuoester SBSM. 

Ctil aud OrtUS...;;.'-, ' EEC IMPORT LEVIE5— Effective m-d»y v-wnrelTm^ 

: -wool futures 

Uar. | Mar. ( Uvulh 

j 3 1 v;u 

r’amrw [362 59 3g-Q7i35Z.6&427.b6 
uveraw 1«24-2M6=^I003 ~ 

tftrtl i ■ . . * n re 0Vt ' 

Sf'sSilB “SST^aSff- IS-SE 

iKTiirjan t?anjc.»Eu L38. _L3Q (94410. Barley— 94.03. __Au-in*(van 1 1> 


Uar. jMuuiS YwT 
3 J i!fl |J|| 

I Dec. 21.20-21 .30. Jan. March 
2] .05-21. 10. 

Sugar— No. 11: May S.47-3.49 fgfisj, 

I luly j»8.S3 16.99). Sept 9.08.9-09. Oct.. ■« 
j 9 228.23. Jan, flSO BSt, March 9 PM 99. 
May 10.7fi-10.1S. July 10.32-10 35. Sales: 

1 3.3D0 lois 

J Tiito444-OD-560.00 askrd 1 552.M-5M.08 


I “Wheal— March 270 *2«5i'. May 272J 
I IT 71). July 271 27l«. SepL 275-2751. Dec. - 
2P2f. March 2f»}. 

WIN XI PEC. March a. tt Ryo— May 
19920 ' I09PO bid*. July 107.00 asked 
1 106 00 bid*. Oct. 1W.30 bid. Nor. 106.00. 

^Oatt-JUy 79.00 f 77.90 bid). July 
75.30 bid (74 50 bid). Oct. 74.40 bid. 

S Barley— May 78 j0 Wd (75.10 but). July 
! 78 0.1 bid (77 qo bun. Oct. !7.a0 bW. Dec. 
75.00. r._ 

HFIaucsaed— May 22350 1225-00 hldV.'* 

Sales ftfifii -£7530 IhS of 10-wa nw L - flours. Wheat er mixed urinal aad rye -lulr 1252.0 86.0 -0 5 : 

liuaruatinaal ■ Cmh OeganhaUnu OJi. floor— 1S9JJ7 isamei. R« flow— 12*83 «r,-uy«r IJ34.0 *l.u -0.6 1 

erjts per pound »— Dally -price March 6: (Minej. Ucemner... l S58.B M.0 1 

46 J< *139.12 ». lodleator prices March 7: Msrcb ’241.0 45.0; 

5rtlar average 130 W -tia.Wr: 22-day COTTON Jf«v 241.0 *5.0 i 

iverage JOOJO C128.71)..* . ; - . - • 1 IVM |,|| V 

Philippine copra 

MANILA, March 7. 

* bjwl-ct,- - ;; ^ r — ssa®m 

....hif.f.rrt h mm ' raewn' dace mV tke Wsruti. -0^79 0-80.0 >- ; 22J IIE20J ftSl». Millet— 69.00, utia (Samel Grain Unrrb n 79 d '-10 1 — Dli 1I1 nTtlTID ODTirQ (December SI. 183] —1491 rrwbeat— SCWRS 13.5 prt e^nt protetp*- • 

uf toe^cSnuanv mrjtlcd to such "tflv^•lld. C .’-A ,, - IHl ‘ --3lSM:073jf t-aBJ;nbQQ.fl surglraro— »8 65, rtls (samel. Also for Hav_ZI— !Sk.O 29.0 -1.0 — g X illlip]PlD6 COpTH ■ content rif SI. Lawrence 1SJ53 run avail. 

» M d^m^SS«rSctmtinon Stock m* «Utied^ i *ai?^li,-- ? »ch sales ftfi«4-£7538J I-*s of W-wanw. - "?«■, » mtarf *h«l «d * Juir S52.0 ato -0 s 1 _ s r „. w „. „ . _ union* na.w _ aW *'- ^ 

i Stite umtrom Ctew «o. 12 unmiamuictea oqwinihs OJA "o«^ »J7 'Htwi. Rye (teur-SLU) fes.a *i. u -0.6 1 - MANILA, March 7. PALMO'^-Martai 299.09. AH cem per ppmm eMrarebousf,,. 

late hold«6.<‘ l 2L* , 2Lta? ,, ia? cenis per pound*— Dally -price March E: (Mine). Ur miner... 'ssa.O «-0 1 1 — PTTfT TWDTTJT? mnrn „-» 4 _ na _ =90.90- «W»e« oiheririto stated. "Sa Per troy. ' 

to remdlots in roc wttfrliotdlngla* rare eteWWie ra 14*^4 <T39.22i. Ipdlcatnr prices March 7: Msrth '241 0 45 0 : — FmLIPPINlS copra exports TOSO 3w.06.Jme 377.0Me.80, July 275.0M0.DD, our re— 100 ounce lots * Chicago teov-.' - 

Stit» 0 ^lt B? SS isS- .v™"SoT-«CTi?*V» COTTON J - to 45^4S tons worth S 15 ^in. S«I. oS 8-6 «*r IW iMep. trf AP pri« ^ r , : 

anrJ77RWM5rS , -i«:.- to .«»» «— »« nwauww.-. ”fA *.y n . . ^ • m, . - i»t man tm aims ton n **’• ”ff*z •'7= “.r " 1 *-- 

'jspanaee » roo^rownta yppUrtote ttw Co'roMiny. - toe IIITF ^ Ealcs amnitnied to 54$ romiev briupftw the Sa,e * : (=' lots nf l.5» tflos. January and 45,473 tons in CRIMSST FISH— Supply mad demnif vcl,rchr,usr - lo,B * s '8 Dnf",4 

tomTs* to re«"‘l ” «?* ^"3% ^Ttoe. Sh w«Jf J U ' ^ wnl for the week so far in &atcrmes. SYDNEY CREASY -in order buyer. February l25t year.. madareto. ^ ? ”' S ' **••#> 

Jftt'M'-aM recelred br _ (he Crnmy ^ x7 DUNDEE JUTE-— QuRu but .very flrin. A considerable inereaso m Mkytqg brtugb: ncHer, business, sak-s'i — Mlcrea contract: p, - p- , AutV»n-!t,, cosed, per stonei: Shelf cod ^ B8.r2.M- r'* 11 nV^ ms Du ^-'- 

InB Count Nn. xa >ftwr. men -duto will be .Prices « Mid T U-N- /or ManAt-ApTfl-rinp. addSitaral imereia fo uumerens .Mnmtaa -March SSI, 35 3-5- Stij.i-3B0; May M5.0, Philippine Coconut Aulharilj a^ozs S2.40-CUB: large haddor-k tnr ! J 1 B 

« re ^TSSforflw? N?' oSSBSre o- an* Subteoutitiur ajjlrttond on ment: BWC ST7. EWD 1SS8-. Toatt: BTC l3T»e qaaHties. Various African style? W. W7.0-31b.0- July S52.0. 352-5. 353.0- Statistics SHOW Crude COCODUt oil M.20. medlnmn.wS^l “^D elS Ihnn* .nn? iS* 

Srf • Sts .■srfwrrtrs sa-sst-wj-aa m * s&.twsks & setff.affiS \TA rT0W s 

£?8arawn«%asr-5^ gs t jrsnssf suss- ss stss. r - w - ss. rI'Z ■ aua s,.*a zsrzs. + 

?R. brt BD% ° f ^ , “ vWwK ‘ " WW# 

?T^.-r.A2S!^-SW & 


COTTON. UvertuBl— spot and sMwicni 
gales amounted to 54? rtumro briarpra* the 
wral for the week sn far to «5J tenues. 

Julr 373.6, 374J), 371.0-3P-6- Sain: 344. Reuter 

nth la™. » m rTl m,w3 6oz - 1 C J, nts per 24 lb hoshei ;; i^nrs 

®-?®- £7jfl: Irinon-’ .w ib husbpl ■’r-irarehousc, 1,000 bushel- ■- *- 
SOUS BUM: reds 1I.9W2.M; siithc Il.Tj. |ioi 6 . 5C per tonne. Du *™? r», 


. ."Financial • Times Wednesday March 8- 1978 j* 

ie late on better-tfaan-expected bank figures 

Company announcements enliven interest in quiet business 

" * Account Dealing Dates 
. Option 

• "First Declara- Last Account 
Dealings tfons Dealings Day 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 

*“ New lino " dealings may lake place 
Iram S-33 a,m. two business dan earlier. 

Stock markets were responding 
in yesterday’s late trade to the 
latest banking lijaurs. These, 
while showing :i further rise in 
banks' eligible liabilities, gave 
tess cause for concern than had 
been feared abnut the probable 
growth of money supply. 

Lonn-dnted Eritish Funds were 
up to \ belter in the imer-ofiice 
trade after having been only \ 
harder at the official close, while 
shorter maturities were also hard- 
ening late. Leadinc equities fared 
similarly, and a 3 p.m. index fall 
of 1.3 was transformed into a net 
rise o fihat amount at the dose 
of 4+1.1. 

Equities had moved narrowly 
and indecisively earlier and hopes 
the! the laic overnight technical 
rally in the loaders would be 
extended or would broaden into 
second-lino issues were fulfilled 
only to the latter ex rent. The 
level of business remained dis- 
appointin';, while potential buyers 
were given no encouragement by 
Unilever producing a set of figures 
which continued the recent string 
of uninspiring profits from leading 

Official markings totalled 4.529 
against 4.1 ,, on Monday and 4.703 
on Tuesday of week, the bet- 
ter tone was illustrated by rises 
outnumbering frills, by, Tor 
the overall first time in five 
business dujs. and by the FT- 
Act unrips indices which showed 
widespread gains averaging one 
hair of emc per cenL Life 
insurances were prominently bet- 
ter. seniiment being helped by 
Legal and General’s early success 
in unit assurance, while Hire 
Purchases stood out with the 
help of encaura.tring results from 
Provident Financial. 

Gilts rise late 

Announcement of the latest 
UJK. banking sector’s eligible 
liabilities aroused considerable 
late interest in British Funds. 
This way concentrated on the 
longer maturities. where the tap 
is >iiH short of the Government 
broker's last operative level, and 
inter-office business was fairly 
hectic with the revived demand 
lifting high-coupon issues i 
further for overall gains on the 
day of i. Reiter that the rise in 
eligible liabilities was only 1.4 per 
cent, against some pessimistic 
forecasts ranging to 2.0 per cent, 
also spilled over to the shorts 
which extended their gains on 
occasions to j, although these 
were mainly in the less market- 
able low-coupon stocks. Earlier, 
the session had begun firmly but 
the improvement was gradually 
eroded awaiting the banking 
statistics. Corporations edged 

forward } in places, but first 
reports of the Rhodesia border 
conflict lowered Southern Rhode- 
sian bonds; after reacting to £61, 
the 2J per cent. 1965/70 issue 
closed a net two points down at 

Trading at around 84} per cent, 
for much of the day. the invest- 
ment currency premium moved 
higher late to Sot per cent in 
a relatively small volume of 

business before easing to close a 
net l up at 83J per cent. Yester- 
day’s .SE conversion factor was 
0.7270 ( 0.7289). 

Home Baulks firm 

The volume or business in the 
major clearing Banks Improved 
and trend was higher from the 
start. Barclays closed a dearer at 
3i5p as were Lloyds at 255p: the 
latest bank lending figures made 
nn impact of late sentiment. Else- 
where. Standard Cfiartered re- 
corded a gain of S at 393p and. 
among merchant banks. Gcinncss 
Peat revived with an improve 
merit of 7 to 195p. In Hire Pur- 
chases, Provident Financial rose 
3 io 89p in response to the higher 
annual earnings. 

Reports that the group’s ven- 
ture into unit assurance had 
already realised more than Elm. 
in funds rince its commencement 
last October helped Legal and 
General improve 4 to 156p. Other 
Life Issues made ground with 
Prudential a like ammmt better 
at 146p and Hambro Life 3 harder 
at 270p. A firm market of late 
fnllmving excellent results. Sedg- 
wick Forbes returned to promi- 
nence at 357p. up 12. 

Breweries moved narrowly m a 
quieter trade. Bass Charrington 
finished unchanged at I41p. after 
I42n. while Young Brewery- A 
hardened 2 to 15fip and Bodding- 
tons 4 to a 1977-78 high of I46p. 
\mnng DiH'lters. A. Bell rose 4 to 
20Jo and Macallan Glenlivct 5 to 
273 p. 

Having remained on the side- 
lines the previous day through 
the Institute of Marketing’s 
b.-acHh forecast of sluggish con- 
strut-lion output over the next 
ten years, buyers ventured in for 
selected Buildings which closed 
with a firmer bias. Tarmac added 
3 a-! 127p and simitar improve- 
ments were recorded in Redland, 
I2fip. and Tilbury Contracting, 
236p. Richard Costain gained 4 to 
2l4p and Higgs and Hill 2 dearer 
at Tip. Still reflecting a Press 
report that an Arabian concern 
had acquired a 12 per cent, stake 
ard could be rtanni. • a full-erate 
offer. Fairdough Construction 
moved up a nenny more to (Op. 
British Dredging gained 2 to 28p: 
RMC has Increased its holft’rre in 
the company to just over 27 per 
cent. Buyers showed renewed 
in-tere*t in Federated Land and 
Bonding which put on 2 to a 
1977-78 peak of 42n; the pre- 
tenriiKiry results are due next 
Tti or dav. 

Fisons moved against a nuietiy 
firm trend fn Chemicals falling 

11 to 346p on bearish to comment 
related to the annual results. IC1 
closed 3 better at 3S8p, while 
Slagdcu and Noakcs, in reply to 
the higher earnings, hardened 2 
to 214p. 

BSR dip and rally 

Electrical leaders traded within 
narrow limits ad final quotations 
were little altered. GEC ended a 
pennyi better at 247p and Thorn 
Electrical a few pence higher at 
340p. • white EMI Gnahed 
unchanged at 146p, after 14So. 
Eire whc-rc, BSR fell a wav to Slip 
on disappointment with the 
annual results before recovering 
to dose without alteration at UOp. 
the raHy bein? helped by the 

alteration at 374p. Secondary 
issues fared little better in the 
way of activity- Occasional 
demand left BnUthwaite 3 firmer 
at 132p and Rotork a similar 
amount up at 10?p. Wane 
Wright, the subject of recent 
favourable press mention, put on 
1} to 41pt- while esins of around 
2 were recorded in Capper Neill. 
58p. Burgess Products. 32p, and 
WoiubweU, 20p.- Ilia key’s Malleable 
Castings hardened a penny to 4Sp. 
which is in line with the revised 
offer from Centre way Securities. 

J. Bihby continued to figure 
prominently In Foods, improving 
4 more to 19ap on rhe bctter-lhan- 
expected preliminary figures. 
Associated Dairies mmrd up 6 to 


250 1 






erwounf^iog teitur ol the state- 
ment on current prospects. ME 
Electric were supported at 143p, 
up 6. while Ratal firmed 4 to 207p 
following a broker's circular. 
Muirliead firmed 3 to I60p and 
Newman Industries 2} to 69p. 
Cray Electronics, ISp, were note- 
worthy in smaller-priced tesues for 
a gain of 2. K. Wlgfall closed 2 
cheaper at 196p, news of the 
increased offer, worth nearly 27Sp 
a share, from Comet Radto\i£4on 
came well after market hours. 

Quietly firm conditions prevailed 
in Stores. Largely reflecting 
business transacted late the 
previous day, Mothercare dosed 
with an above-average gain of 6 
at 15Sp, Burton A added 2 at lOIp 
as did Gussies A at 2fl2p. while 
Marks and Spencer picked up 
from 140 q to finish a penny dearer 
on the day at 142p. Awaiting 
tn-rlay’s annual figures, F. W. 
Woolworth held steady at R2Jp. 
Elsewhere. Mail-Orders took i 
modest tum for the better with 
Freemans. 256p. and Grattan, 
H7p. 2 and 3 higher respectively. 
XV. L. Pawson edged forward a 
penny to 28p in front of to-day’s 
preliminary results. 

The Engineering leaders rarely 
strayed from the overnight clos- 
ing levels. John Brawn eased to 
270n before settling at 272p for 
a fall of 2 on the day. while Tubes 
opened a little firmer at 378p. 
but drifted back to Rnish without 

2llip on . revived investment 
demand, while J. Sainsbury, 103p, 
and Utd. EUscnits. 48p. put on a 
penny apiece. Avans were active 
and fractionally hetier at 32p. 
Brooke Bond, however, closed a 
shade easier at 43]p following 
adverse Press men Hon. Super- 
markets adopted no set course; 
Lennons plrked up a penny at 
2Sp. while gains of 5 were seen 
in Hillards, IfiOp. and William 
Morrison, ITSp. Tesco, however, 
cased the tum to 2gp: the com- 
pany announced that a large block 
of 'shares had been placed at 
around this level. Modest losses* 
were recorded in Wheatsheaf 
Distribution. I24p. and Kwik Save, 

Hotels and Caterers had Trust 
Bouses Forte 3 up at lG9p 
reflecting the optimistic tenor of 

tbe full report. Row ton hardened 
2 to 140p and Myddleton 3 to 193n, 
but a Press report suggesting 
that the company may be liable 
for further tax payments on its 
Cashcade venture clipped 2 from 
Lad broke at I70p. 

Unilever resilient 

MisceHaneous Industrial leaders 
plotted an irregular course in thin 
trading. Unilever touched 476p 
in reactlno to the fourth-quarter 
profits which came at the lower 
range of market estimates, but 
rallied late to finish unchanged 
at the overnight level of 48?n; 
the NV dosed i lower at £23}. 

after £23}. Glaxo moved between 
extremes of 527p and 52 Dp before 
ending unaltered at 523p, while 
Beech am gained 5 at 592p and im- 
provements of around 3 were seen 
in PUkingtou, 42Sp, Reed Inter- 
national, U6p. and Trafalgar 
House, 133p. BOC International 
hardened 1‘ to 87|p. Elsewhere, 
Sandhurst Marketing rose 3 to 2Sp 
in response to the bottcr-than- 
expeeted first-half profits and 
Staffordshire Potteries hardened 
2 to lSrip, also after an encourag- 
ing interim performance. 
National Carbonising revived with 
a gain of 3 to 47p and Hoskins 
and Horton, on bid hojies. put on 
4 to 147 p. 1CL added S to 214p 

and De La Roe 5 to 240p. IC Gas 
remained friendless at 310p, down 
5. Dealings are expected to be 
resumed to-day in Willfam Press 
at around 21p after Monday's sus- 
pension at 17p. - which followed 
news that tax investigators had 
launched- a countrywide search of 
the company's offices. 

Volvo were unusually prominent 
in Motors and Distributors, fall- 
ing 5i) to 9S7p on a report that xbe 
recent sales performance has been 
substantially lower than last year. 
Other issues were better where 
changed. Lex Services, which 
reports preliminary figures to- 
morrow; hardened a penny to 68}p. 
while Godfrey Davis, 79p. and 
Hartwells, 77p; put on 3 and 4 

Inveresk shed an early gain of 
a penny to close that amount off 
at 68 p following the disappointing 
annual results. 

Properties traded quietly, but 
the trend was to slightly higher 
levels. Bellway issues remained 
the speculative attraction, fresh 
demand lifting the Ordinary 4 
more to G4p and the Capital 
shares a like amount to 63p. A 
similar tvpe of business was noted 
in County and District, which 
improved 4 to 79p. Daejfan edged 
up 2j to Tip, while rises of .nearly 
the same amount were recorded 
.in B. Snnley, ISSp. Second City. 
39 Jp, and Great Portland, 298p. 
Among the leaders. 3IEPC closed 
without alteration at 116p. but 
Land Securities managed an 
improvement of 2 to 2Q7p. 

Oil Exp. sold 

British Petroleum traded 
quietly at around 728p before 
settling at 724p, a fe w pence 
easter on the day. but Shell 
hardened 2 further to 495p In 
front of to-morrow's annual 
results Among North Sea issues. 
Oil Exploration improved to XB4p 
initially, but reacted On selling 
which accompanied various 
adverse rumours to close at 182p 
for a fan of 10 on ths day. By 
way of contrast, buyers showed 
interest In Lasmo. up 4 at 138p. 
and the “OPS." which recovered 
9 to 2Wtp. 

Interest in Overseas Traders was 
again directed to Lonrho, which 
lost 2 more to BSn on renorts of 
the Rhndosia/Zamhh border inci- 
dent, which cancelled out the 

effects of the chairman’s optimistic 
statement at the annual meeting. 

Business in Investment Trusts 
was xoainy confined to occasions 
small public sales. Bridgewater 
eased i to flip, while CamtsUla 
Investments, 39Sp. and. Jos .Hold- 
ings, 41 ip. shed 2 apiece. London 
Australia Investment, at 124p, ; hetd 
the previous day's rise of .9 which 
followed the agreed bid terms 
from Australian Statutory :Funds. 
In Financials, interest developed 
in Edinburgh Industrial. 
harder at lap and Majedie Invest- 
ments, 2 better at a 1877-78 beak 
of 37p. R. Kitchen Taylor how- 
ever, cased a penny to 55p despite 
the substantial trading recovery. 

Shippings seldom moved far 
from the overnight levels. 
P and O Deferred cosed - without 
alteration at 97p, but Manchester 
Liners fell 10 to 220p in a .re- 
stricted market. 

British Enkslon edged forward 
a penny to lip in Textiles where 
Courts ulds closed 2 harder at llSp 
and Radley Fashions 3 better at 
49p. RKT, however, finished a 
penny easier at 6Bp following the 
preliminary figures. 

In Rubbers, Consolidated 
Plantations provided the only 
movement of any consequence 
with a rise of 3 to 10TP,‘ after 
109p, in reflection of firmer "Far 
E astern advices. 

De Beers move ahead 

De Beers moved ahead strongly 
in the after-hours trade 'to close 
11 better on balance V: at S22p 
following heavy and persistent 
U.S. buying in front of the sharply 
Increased profits and higher divi- 
dend. - - 

-South African Golds also came 
in for U.S. support id the after- 
hours business, reflecting the 
further 52 improvement In the 
bullion price to SlSfiJSTaper ounce 
—a .rwa-day gain of $3 ’ and its 
highest closing level since 
December 30, 1974. ... 

Initially Golds had registered 
fractional gains as modest Cape 
interest was followed by lack of 
Interest from local sources. But 
the subsequent American buying 
was sufficient to lift the Gold 
Mines index by a further 1.8 to 

Heavyweights continued to 
attract most of the attention with 
Free State Geduld outstanding 
with a £l£ rise to a 1877-78 high 
of £17}, white other stocks to 
register new hiehs Included Rand- 
fontein and Western Holdings, 
which were both better at £35 s 
and £18' respectively. 

Among the . median] -priced 
issues President Brand put on 35 
to 990p and Wmkdhaak closed 20 
up at a high of 745p. On rhr 
other band the marginal West 
Rmd Consolidated were 7 off at 

. Booth African - Financials were 
quietly firm, reflecting the 
strength of both cold , and gold 
shares. Geld Fields of Souih 
Africa adranced a half-hnint more 
to a 1977-73 high of £121. white , 


j. *j£T* 

1 ■ 

. 6 





ttevenmirot ~| 

/iM>t .-j 

La luetrtai U»dtnaiy,-^| 
liuW Umc*.. — — — 
Jr4. Dip, VmuI...™.... 
tinmiDj'.- ymStfuitJ.'*' 

WK Uatwinet«"ti 1 

K-iuity liirporer Xhi...| 
Li<]<iity fw twin- fut" 









74i80' 74.46 7444, 
77^7j 77.17; 77J2j 
442.6; 436.2 433.4j 


6.10 : 








6.19 1 . 



74.6K; 74.4 li 
77.46 1 T7.6li 
443. a| 443.4j 









4.177! 4,374' 4.592! 4.8841 4.79a! 
46.50; 57-77'. 63. Mj 63^1! 60.0&' 
— i 11.098' 9.943 13A45I 11.490! 14.602] ; 

"to a-m. It a JO. 442.6. Nflan 441-8. I tun. 442J. 

.2 P.W- AU. 3vM.Ui.J3. 

Latest Index U-M tt». 

* Basvd 00 52 per cru. ' eonwnutao tax. * .Nil ^7 ,73. 

Bosks *100 Con. Sees, ii IIP26. Fbrd Iol 19S>, IM, prd. L7.%. 
Mines 12.9.33. BE Activity Job-Dec. 1942. 


j 1U77 it* i'iinn; Cumpt»tioa 1 


t’ued Ity.— 
lad. OnL.... 
□nn; Sllne-, 













60.4a | 127.4 J 49.13 
(4<h iSlUifij j (ill list 

60.49 I 150.4 i 30.64 
14, t> rJjl.iflk 

I «2£»j i Ut.t-Bate.r-:’ 162.1 ■ 

(12,1. eL4-3i.|V (A,t>.4Ui | | alu . uiRl ..J 143.4 ; 

93.1 448 J ^*S.& ! 41,5 -. 

- 1 2i . »® 'W7* l i9*il0 7p 1 r « - I 99.9 J 

— U*l.\ 1 

Lnii-6iigM...| 175.5 

lihluarifw f 144JS [ 

Speculative...! 45.6 } 

Ti-Uu 103.1 | 

3- lav .W’mgil 

General Mining closed i higher at 
£15i- UC Investments hardened 
another 3 to 23Sp. after 230p. but 
Union Corporation were unaltered 
at 280p in front of the 1977 re- 
sults which are expected to-day. 

Reports of the Rhodesian incur- 
sion into Zambia prompted sharp 
Tails in Rhodesians but losses 
owed more to jobbers marking 
down prices than to any weight 
of selling pressure. Falcon Mines 

dropped 15 to 193p. Mans 
40p and Rhodesian Cor 
and Wankie Colliery both 
3 to 20p and 36p respect 
In Australians, uraitiun:' 
forward fallowing the st 
by the Australian Depul. 1 
Minister that more uranitr 
will have to bo brought i 
duct ion. Panconllncntal 
to SOOp and Peko-Wallse 
dened to 440p. 


The failoMins secunun quoted In the 
Share lnfarmation Service vesterdav 
attained new HWts and Lows tor 1377-73. 


SEERS 12) 

Ellis (Richmond) 


Federated Land 

Cooocr (F.» * flukey's 


Amal. Maul Kennedy Smale 

Hoskins & Horton Sjno burst Marketing 

Hyman >1. & J.i * 

Websta-s PuWic*ttans_ 


Alston Bellway 


Setters inti. 


Go* etc European . Maiedie tnvs. 


Randiontein Estates F. S. Gcdukl 

ERGO V/clkom 

Wlntceliuak W. Holdings 

Southvul Gold Fields S.A. 

Barnes Grouo Chrysler 


Imp. Cent. Gas 

MINES <1} 

B. H. South 

Rises and F 

Up D 

British Funds 5a 

Cpn. Dorn, and Ferotan 

Bands U 

Industrials 001 

Financial and Prop, 151 

Oils 7 

Plantation 1 

Mines 37 

Recent issues 11 




First Lost Last For 

Deal- Deal- Declara- Scttlc- 

ings logs tion meat 

Mar. 7 Mar. 20 Jun. 8 Jus. 21 
Mar. 21 Apr. 10 Jun. 22 July S 
Apr. 11 Apr. 24 July 6 July 19 
For rate indications see end. of 
Share Information Service 
Money was given for the call 
of Aarouson Bros^ Ladbrokc 
Warrants. Town and City Proper- 
ties, Of rex. Premier Consolidated 
Oil Capital and Counties Pro- 

perty, Grand Metropulils 
ranis, Stattcx Intern 
Lonrho, Burmah OIL 
Bank. Westward TV, Job 
A. Selincourt, P. and O. 
red. Rcilfeam National « 
National Carbonising, Bs 
Portland. Rural Electron 
Fodens. Puts were taker 
Henlys, Dixon's Photo, 
LoFs and CharterhalL ' 
doubles were arranged lire 
Ladbroke Warrants, To- 
City Properties and Lor: 





The Common Technical Bureau anJ the Experts of the 
Greek Onfr'dox P-v.narchnie, of the Cwi'ody of the Terra 
Sancta anJ of the Armenian Patriarchal, in charge of the res- 
toration of the Holy Scpukhre in Jerusalem, invite all inte- 
rested Firms lor consultancy and execution of the restora- 
tion works of the main dome of the Holy Sepulchre. 

The restoration will consist of: A. -The construction of an 
internal and exierna' shell, as light as possible, over the esi- 
Ming s-.cel dome trusses 1 19 rh century). B. -Theccnstruction 
of external roofing of lead, cupper, aluminium or other 
light material of timeless and aesthetic value. 

The inr.vesred Firms should, until March ISth contact ei- sheCuir.mon Technical Bureau or one of the three Er.perU: 


C*. :!.I >l. .u-irn* US. CfWte - T-l. (roJOl) J2 013 


J i. J!u« ls Po : isy Paris l r. Tel. (00331) 0333203 


iii'4 rJ .Inmii!. JotJ. 7c l. 4JW3 Telex: i.'SJ Dobeo Jo, Amman 

Ncces»ary documenis and information will be forwarded 
upon rcque -,1 and dot* n payment of S J100, U S A. in check 
form or money order, in the name of : The Common 
Technical Bureau, Jerusalem (old city). 




Le Grouper etude Miskar agissant pour le compte 
de la future entite responsable de la realisation du 
projet de developeraent dup gisement de gas de 
Miskar, dans le Golfe de Gabfcs, lance un appel 
d’offres en vue de passer commande pour 
Les Societ^s de Construction et pose int6ress§es 
par cet appel d'offres sont invitles a retirer le 
dossier correspondant a partir du lundi 6 mars 
197S a 1’adresse suivante: 

Tdles 12 12S TN 

et ce movennant le paisement d’une somme de 
trois cents (300) dinars tunisiens par dossier ou 
de sa contre valeur en devises 6trang6res. 

Les dossiers ne seront pas envoySs. 

Les propositions relatives k cet appel d’offres 
devront parvenir au plus tard le lundi 22 mai 1978 
k 17 heures. 



rcwilitt Physical 4 fk) FuturtS Tnoer?, 
Tra>n«n. Accoununt* anil _ 5 “pf“ 3 
Stall tar U.K.. Eurw- U.S.A. 

Hang Kong. T*|.; Grabam Stewart. 
01-439 1701. 


FOR SALE. All exUrilMlt NlcRolStvo 32 
BermBtfUn »ood. Ring olflce 01 -4 SO 
54B3 or evemngs 073-276 250. 




Copies ol «!*c Annual Report am* Accounts 
cl International Wc*tmi"St*r Fan's Umltej 
lor the rear ended 31 December 1477 
ma» be Inspected during usual business 
hour* at the Re-cered Office 41 Lothburv 
■ ondon EC2* 2B7- 



41 tsffW: 


TP answer REGISTER Ol the 5.93 oer 
£h:. rnrerc-ce Shares Wl! be closed 
-rum March 11 to 16. 1978 bom datw 
l.'cu-siw*. for tbe preparation gl dividend 
r, arrant*. 

By Order o» tre Board. 


Hightown Road. 
riechhc<ton. Wcsr Yoria. 

March 6 I978r 


Boa-d ol Directors ha» declared air Interim 
Dii i riend ol 4 per cent, nemo 4 cents ocr 
stare on tl-r Paid Uo Capital ol the Com- 
pany payable on Ma* 3. 1978 

The Register of Member and Traps- 
fer Books v»l'l dose a: 5 00 p.m. on 
March 31 1978 tar the purpose of deler- 
raln'nq tnUUemona to the Interim 

By Or-cr of the Board. 

C. E. PhRKEN. 


March 7. 1978. 




For the war ended February 26. 1978 ■ 
dividend of Lux. Francs 34 per share pay- 
able iro-n March 15. 1978 aCMinst presen- 
tation ol Couoon No. 17. The shares were 
radrd E< Dividend on March 1. 19.8 
Until tH? June 15. 1978 this dirldcnd may 
bo romvesred into now shares at a dis- 
count ol per cent, on the Issue price 
prevailing at the time ol lodgement of 
the coupons. For li.K. resident share- 
holders reinvestment is sublect to Bink 
ol England approval. 

Authorised Depositaries in the United 
K:npoom holding Coupon No. 17 mav 
obtain the distribution by lodging the 
coupon at the otoccs ol-Klelnwort Benson 
Lid.. 20 Fenchurch Street. London EC3P 


company's Debenture Stock Registers Mill 
be closed 1 fraom March 17 to the March 
50. 1978. both dates inclusive. 

By Order or the Board. 



Grocnbank Offices. . 

Lion Brewery. 


Cleveland. TS24 7QS. 


£2m. bills Issued March 8. 197B at 
G 3164 per cent to mature June 7. 1978. 
Total applications were £13m. and total 
outstanding £ 2 ra. 

£800.000: — Issued March 8. 1971 

due June T. 1978 at an average rata o 
B>» per cent. p-a. Application totalled 
£8m. Total outstanding £ 800 . 000 . 

Elm. bills Issued February 15. 1978 at 
5 81/32 per cent, to mature May 17. 
1978. Total applications war* £SWn. and 
total outstanding 1m. 


CHAUFFEUR DRIVEN Rolls-Royce anil 
able lor litre. Tel. Dartford 74992 lor 



FLATS FROM £5,509 

76 Flaa in Turn-of -century Mock 
being modernised. First 6 now for 
sate un modernised at kMCk-down 
price for immediate cash sale {will 
make 2 R. K ft B.) firrt come first 

SI-984 9431 



I Denomlna- 




1977-78 1977-71 



marks price (p) 

on day 



Grand Met. 











+ 3 



Reed Internaiionl. 

. £1 



+ 3 







- 2 



E.\n ...: 
















s ■ 





P & O Deferred .. 







Shell Transport .. 

■ 25p 



.+ 2 



BATs Deferred ... 











4 2 



Bellway - 




+ A 



GEC : 




■ + 1 




£1 • 



+ 1 



Marks & Spencer 

25 p 



+ 1 



The above li$i of actloe stocks is based an the number of bargains 
recorded '•cMerdriv in the Official List and under Rule 163(1) (e) and 
reproduced to-day in Stork Exchange dealings. 



1 wl IV s * “ 
|3— “ 
«■ 5 1 



Stoi-k 1 5 fi 

9 i£ 

1 limit 

' b 1 * 

~ l_ 


! II Mir! 

j- -~5 ->! 

i - 


j r 

■I El 




M' rdj c 
r.r i<!4 It 
P.P.; - 

ibU 1 i* l 

Hi .!< I o 





lUl J 

i ; 


Lie Ann ninie-i 9«v». "4 L-ur. L inn. Prer... 

lu ll, iwiii-v „ im VnrK-tii|» lus. f.'uni Fnl.,. 

•■•HLaiiiniin; llriinn Prei 

*58 K.F.I. 1J% - tern ns If9 

A,i4iv>mnii'aui Ifct. Ni Iw- - 

-Jlelhi'iiuiu-inu \ Uwlice lift. bc-c7_. 








as r? 




1*0.* . 



. IdOi 






| _ 















ll S 


r 1 

W 8 

i:V 1 


UIiL-u»kk Waus-1% Bed. Prf. I8ta_ 
itmnnui o.l k in. inv Ln l*t' 

Ib'wntwclui- lot* 

cur till . Mu. Nil. ItiiS l:lr* 1 

lie- Ini . Kin. h.V, -ft nmt. \m^ 

liuiiei.Hi- Variable 

Ui. 10ft Ked *»-3 

wiilirhrui I if!.. II* I'noi l*W 

ilAB - . 



♦' 98S« «... 

- 97S*rt - 1 U 

, 52i- +4 

iei B — 

•v-_..fioa +i 

*. Bd — *1 

* 9t) —la 


-100 +l B 

■ +U 

IOSi- .... 


Ivaut : 




-— — I 1 1 

Hlvli ! Low 


1 „ nl ’ 

1 13/81 


11 , mi 



1 K.K 

j 0 li 



A 1.71 

, K.H. 


iu a 




1 F.P. 


21 U 






i21t | 



I F.H. 



at | 


<du | 


» ’t ( 



l nil I 

331 Mj 



o4 | 

! P.P- 1 

lu 2\ 


• 1 



Ueauuimit Piuiwiiie- 

ui««l> irm. 

L'unnn. Lens iff Au»imlin._........ 

Lrj-'Uilaie s.. 

LK.C. InImiitIHirn 

.tivu-iieuet innta. .... 

Miiiiaii • inns.... 


J — - 





+ i 

11 'W 

340 i*8 
illpml ..... 
Bj ! 

H- • 


KeBUDciaiion date itSMUr last .day tor oeulinx tree ot stamp duty, d n*ufe* 
based oo orosptciu? estimate a Assumed divtflenrt and Held « Keneest diwd end. 
cover based on preWoi» year"? earnings r Dividend and vww based on prospectus 
or 0 tiler official estimated for 1978 q Grass i huwn-s assumed i Govri ai)ow» 
for couvrrdou ol shares floi now rmutiBK fm dlYtdePd of rutiumi onv tar restnered 
dlvtdeodft f Placing onoe TO pub tie. pt Pence unless otherwise lodtcaled- « issued 
by tender. B Offered W Holders « Ordinary shares 41 a "rwws" Rights 
by wo w caplialisstion ~n umraitun render price H Rfmfrodored. « rnoMf 
in connection with reoiaamsunon menrer or lake-over IW introduction “ lasoed 
to formar Preference holders ■ AUotneni letters Tor fullT-oaidl. G ProvtsmaaJ 
purttFHwid allotflMnt taHcra. * With wairaats. 4 Quoted once subloci to 
S premium fur UJL residents. 


These radices are the joint compilation of the Financial limes, the Institute of Acti 

and the Faculty of Actuaries 


Figures in parentheses show number of 
stocks per. section 

Boil ding Ma t e ri als (2 Tl 

Contracting, Construction (28). 

Engineering Contractors (Id) 

Mechanical Engineering (71) 

Metals and Metal Forming (17) 
(DURABLE) (50. 
a Electronics, RndioTV (15). 
Household Goods (12) 

Motors and Distributors (25j . 

Breweries (1G 

Wines and Spirits (6). 

Entertainment, Catering (18). 

Food Manofacfairing (22) 

Food Retailing 06)- 

Newspapers, Pnbllsfaing (13) . 

Packaging and Paper (15) 

Stores (38) 

Textiles (25) 

Tobaccos (3). 

Toys and Caines (6) .‘_ 
Chemicals 09)- 

Pharmacw rt iCBl Products (7). 

Office Equipment (6) 

Shipping (HD- 

MLicetianeous (55j_ 


Tues., Mar. 7, 1978 





























417 J3 

































mz i 



Banks (6). 

Discount Houses (10).. 

Hire Purchase (5). 

Insurance (Lile) (10) 

Inanance (Composite) (7). 

Insurance Brokers (10) 

Merchant Banks 114) 

Property (S3) — — 

Miscellaneous (7).. 

Investment Treats (50) . 
Mining Finance (4) . 

Overseas Traders (lg) 































Eu aloes 














































at 9C%) 
















. Eat 
Tax 52% 























































































































































































1685: . 

296.01 ' 





mr • 






77L1- , 

3770: • 
1660 : 
2417* . 
2353 . 




1563 v 
189.7’ * 
1433 , 
122 . 0 * 


86 . 6 : 




British Government 

Under 5 years. 
5-15 years 

Over 15years_. 
AU stocks^ w. 
















xd ad). 

xd adj. 

to date 







Br. Govt Av. Gross Red. 

Low 5 years. 

Coupons 15 years, 

25 yean. 
Medium 5 years. 

Coupons 15 yean, 

SS yean, 

5 years, 
Coupons 15 yean, 

• 25 yean, 




























Tuesday. Matrti 7 





1 1 

i Tburc, 


Sti . 

r 1 

j Holiday' Pri>U 

Index ; 

So. ; 


t • 

i 8 

1 2 



feO. > fiiii 

! irf f iA 
l i 


jiu-yi. tied ueo. & u»ti B lift) 


1 18.26 


I 60.69 

60.63 i 



60.80 j er.o 


jlnvestment TYUbi Hreis. 1 15) 

56 . 83 . 




‘ 57.07 i 



57.071 57.1 

17 j 

|Cotni. and Indl Prefj, ( 20 ) 




77 JW 

■ 76.95 j 

77.03 | 



77.10 i 77.8 


tasouiL A new IM of the unsUUHmio ks available from tin PnbUsbens, (he Hnanelal Times, Bracken House 
Street. London EOM* «BY. price Up. by post ZZp. 

fffc .aariaT TBnies Wedne&ay. Bareli 8 1978 






_ 1132-0 


pcurtty_«_ ~ 

imaged . 




J *O lJ' __ 

Mud +3AJ 
ftl,« +o.t| 

152-Bj +L3 

z Sm-ss: 

ffl PlPp-Cap. .. 

?SSS^z_ ... 

y Life Assurance Co. Ltd, KaEttSffi 
0M3?an 52-H-5!?- BS-f 


■ M.Acc_nfiU 
InL Acc _..feS.« 

ait'dAcui . 

to-Acc_ ^..hgu 

• _ I m. Ace. pas* 

- [ .PenJP’iLAce. 



™-*pp — ■ 








U35 ....: 



aooz ...... 

173.1 .._ 



M5A __ 

Pro. DAJ. Acc- 




ra.^ ^ M11 : Gga gia Rg l E«ctmge Norwich Uaion ,„ Dndce Groop . 

,„ ? ,®- S f 37lm ^BoxANanrtchXRraNC.- ' .W12» 

«*P«HyBowll_™traa 1752f—.J _ MaittgedFttu^ _IM8.« aJ8Bf-HJ71 

Hambro Life Assurance limited y • iSI §9.1 *_..[ 


533 ::.:; 


1 MJ 



MS.6 ... 

_ tey — 

&M.» 2571 i 



„ ITS* 

[137.9 MU 

Abbey Unit Tst. Mgr*. Ltd. (a) (z) Gartmore Fond Managers fi (a Kg) 

73-®. Gatehoase RtJ. Aylejirarv. 03988041 2 , St, J4«7 Are, EC3A 8 BP. 

I Abbe? Capital. — g 4.7 JLfi +03j 416 ciAnerieuTn.— ‘ 

Ab&g-.Lurorw v , ■ . ra j • +QJ 5 .t« Briitah-TsuAec.*-. 

lAbDeylni.TfX. FiLuftS ■ 3241 j- 0_1 4.55 CocnrtKfiC? Share .. 

Abbey Geo. Tit __w3 44. l] +05] *17 - - - 

Allied Hambro Groop fa)(g)V 
Hambrac Hoc- Hutton. Brentwood, Ena 
01-588 2851 or Brentwood <02271 211439 

trt Far B«t. Twwr-i 

Balanced Foods • 
I Bril. lad. Fbod^— : 57.9 

Orth. A Inc 537 

Elect. A lad. Dev. a .6 
Allied Cantu! M3 

4-5. Kmc William St, ECff 4 HR. m-82BBB38 HarobroFnud^— 1«1 

— Mmeaia Assurance Co. lAi. 

— 5jS“Ith Aas 

- SrSiSt:..;-; 

.0 1D751 „...-J_ 

H3 ?...' 

IJ 732 


Income Tst— 

Income Fund. - — | 


izirnU. tw. 1 acc* — ps.8 

Gibbs f Antiray) Unit Tst. Mgs. Ltd. 

23. ‘Stanfield SC ET2M 7NL. 

(31 A.G. Income’ — 066 39.. 

<a 1 A.G — J 35.1 

fa)A.G. Ehr Eart^-PgA • ?1 

Dead of Hits, trwv 

Perpetml Unit Trust Mngmt.? (a> 
0I-2&3S31 48 Hart SI. Hen ley on Thanes WO 17 033! 

' 6.89 rpauaiGp-Gih pas . 37 .H | U22 

SM Piccadilly Unit T, Mgiw. Ltd.? Utfbl 

055 WardEle Use, 59a Xocdra Ball E<^ 03808011 

77 S Extra tricorne 


5 U Capital Fund 

JJy InL Ewr & A±o«Lj. 





FYn ate Fond,. |32. 3 


Arbnthnet Secnrities (q.M Limited Ktyselex Mngt. Jersey Ltd. % ; 

P a BOX284.SL Heller. Jerecy. 033472177 WBn=a 8 ;'Svneller.J«wy.,t-wO«OB 7 triW 




Cap. To. Uwsey* - IU7.0 
Srn deali nr data Han-h 
Ea«i Untl.Tsud*. flM 0 


3A1 Fonaetet pYMTB 

Kendnlat I._. . I£S 70 

lonmw Fnada 

HtKh Yield Fd . — 

High laconic 

Prop. Eqgity ft life Ass. Co.* ' |in<erani™»i Fan* 
116. Crewford Street, YH a 2AS. M-4880857 1 Ittttreatleaal,.. 

Gwrett (John)* ■ 

77, London WaiLECA- 

64Jd*0Aj 6.95 SJMr Mar.3™. — WB.4' 3» 

«* 7.470t,Ac*«li^^ ^ 

65Ad40J Sit 

il .::.:! 

■h *7 ■ 

R silk mop. m. .. 
D^ Equity fat . . 

Do 7*. Mnj.BdFd 

• 1507 

Heans of Oak Benefit Society 
Eoaton Bead. London. NWl 
Hearts of OaJc {J*j 

Property- Growth A^ur. Co. Ltdf 

0W875020 ^O3H0ijLre.0sp.doo.cafllLD 
■3UJ ,._.4 — "vwro-FUnd.. 

Hifl Samuel Life A,** Lid-* 

Nt-ATwr,AddlttMnbeHd,Crey. 01 -898 OSS A<)t4>y Vat Fund!" 

7 *4*e Assurance Ltd.? 


MjnneBd Oj8l7 

Fd™ wo 
InL™ toD 


™ W.9 

• P rope rty Units'— EU7.4 
ftnpenr Serler A . *3 

Rdsate 40101. Sta^LtrtasXl W3® 


ISAM .. 

U9J — 

93.1 -fOa 
923 +0^ 

91 - 

99,4 -MJ^ 
U5J7 -■ 142,9 
hALi 1«3 

53*> 11*2 


Abbry Nat Fd. «.V . 

piveaunent Fund . 

— ‘ l^'ermentc'd.iAi 


_ Equity FundiAj .... 

™ Money FUnd 

Money KundiAi. 

„ ATOiana: P up ri .. 

— ■ SJfrSSBed Fund . . 

_ Odt Edited Fd iA». 
™ . ORoero Annuity. .. 
Oiramod .\aatr 

Secs, of Am erl ca. ™ t 

Pacific Ftind [ 

Specialist Fund* 
Spufier c«.’a PA „ [30.4 
ZndSmh- Co'sFd-_ J7 7 

ReCOrerySlt* SB 2 

01-8800008 Met-Mln.4Cdf._ 35.7 
'overeeuEArniAfie. « 
EapL Stab-. Cos-^UC.S 







32.7 +0 2 '535 
403a tol 538 
BS.7 +03 MO 
383 +0.1 RSI 

nj +05 5.0 

2Q3J +10 5.98 

Grievema Management Ca Ltd. 

SB Gresham St, EC2P2D5. 

Bar'eto. Mar. 1 -.-3*4.7 
(Accun. Lait£|-r-PS0+ 
fAecom. I inlni—flB* 5 

£ ^ arMer - 7 :r:i^ 




83 i 

.. .. AMioaJtr. Fund 


‘ *90 A met: ran Funri.Z-’ 

....7} 030 Practical invest. Co. Lld,9 (ybe) 

44, Bioomebiuy S*. VCL\2RA 01-0238893 

Practical Mar. 1 |J32fl MO 3] ... J 447 

<11-585503) Aec ««- lin ‘ tI IWS 196.? | 4.47 

251 Provincial Life lav. Co. Ltd-U 

^51 232.Bi.vbopscale.Eri 01-347 <532 

ProliQc Units M5 734J+0J] 383 

High Income [99.0 . +0? U73 

01 AM 1423 prudl- PmtWio Mngrs.UdM (akbbcl 

468 Holbora Bars. EEIS 2 NH 01-405BS2 

*3 Prudential [1125 11951 +15! *74 

t'lo ^ ,ter Management Ca Lid.? 
lS TheS:fc.Evchans*f3C2NlHP. 01-6004177 
319 Quadrant Gen. PA. [96 9 99.91 _....[ «J4 

3.19 Quadrant income _tU3J5 117.11 | 659 

In Rrflwce Unit Mgm. Ltd.f 

Reliance Bac.. Tuabridsc Wells. KL Oacs&STI 



lAccum. L''nlts>..,—,__ 

CrcrbsUJUr.t — 772 
< Aceum. Unllsi 79 6 
LoJtBrtlj- Mv< 1+— 

Anderson Unit Trust Managers Lid. tAccum. I'utat™.. |7*4 

1 58 Fencburch S l EC 3M SAA 8238331 Guardian Jtawal Ex. Unit Mars. Lid. 

Andaman U.T. |OJ 4Rfi ...._| 5JS Roj-»J Exchange EC3P3DN. 01^288011 &eSMvicT5Acei„ ^7 

Anabncber Unit Mgnd. Ca LUL KWJOnardMUTrt-PfO sia^ +03| 4 80 SaWardeT l n c._;.[373 

1 Noblest., ECSV7JA 01 - 833 6376, Henderson Adazimstratiomaiir) -Ridgefield Mansgenrest Ltd. 

Inc- Monthly Fund. 13543 34*M I 93 prcmlnr U.T, Admin, Rayleigh Rood. .POBo*41fl. Back Hat- Msnehxrr. O0123O8S31 

64.91-03} 6.00 

403 .... 7 ] 597 
39?-0J. 5.97 

Arbothnot Seearitita Ltd. (aKc> 

TJ.CuoenSLfaroden EC4JV1BV 01230 SOU SroSwwihfflfcl^l 

BrentwonA &W. 

IsiAutxnlian. - 

Cop Growl h lo c . 

cUfe Assurance 



iya Life Areur. Co. Ltd. 

(dol'd Rd.,E7 

Imperial life An. Ca of Canada 

PJo^Grewib f^wbnc _* Awttjtpa Ltd. 



..•_ lnl 

. >fPemvAoa..|f73 

l-.*inl — 

Pens. Act- 



UH Assurance Co. lit 
" "! _ ILFteabmrSqwain.BCSL 
+Ofi — BhmChjyiPrt.3tt-.M3 


.^1 ..._ 

her *£._ Ita. 

. .. Imparbl HotuAcoUdford. Jl»* *im-.*d"u5?' C ' P . 

Q1-74B9U1 jtontFd.»hr.3^_M4 TVS — . . . Pen«oo F«J .Via. _ 

..-..'.f -rf • • - 6 SjhsJf: Uonv.JgMM. Fd . 

f= . 

a cam Fd MX 3JXLll .J_j — ■ -Prop Pen- Fd 

2 1 — - Prop Mens.Lap.Uti., 

' S^“^ Soc P»«- UU 

__ ___ Bdfr Set. t'ep. L'L .. 


Provincial Life Assurance Co. Ltd. 

^W.K ? n»MdFd_pac3 11431 .„..[ — 

— . .... I'TO.-Csib V4 -. 11 m. 9 5553 - 

“ K3ng ft Sbarion Ltd. T ; cut Fund 20 \l 22 A 129.11 | — 

53.CarnMn.ECa. . 01M854S3- 

■ - +03J = 

-current onlt rolna Hurt fa ' Cat.««^W H°»Wo Bars. ECXM 2NH. OM05B222 

Extra Inemna Fd _ D07 6 
Higblnt Fund__ - 365 
LAccum. Cnttsl — 49 4 
Wdrwf.rU.) 49.4 
Prefm-enceFSnd— S3 
jRAeeum. VoJai — 37.9 

Capua! Fond lit 

Commodity Food - 50.7 
(Affoin. Units*-.... 715 

ll04£ Wdrsl.Uj 45.7 

Frn APropFd. U.l 

Giants Pond J53 

iAcCiub. U nits* 403 

Growth Ftmd_ 294 

(Aceiua L/pHr) 35.2 

Ionian Glh. Fd 1215 

Eastern A Inti. Pd,. 205 

iB^Wdr - — 

fdrwl.Utx. 1 — 

l*3T& F iWdj5i 


53 J 







495 , 

175 +0JJ 
■ 305 +02 
443 +o3 
322 -m3 
382 +03 













02T7S172SR Rjdceflejd lot. UT.| 8 U 


Archway Unit Tst. Mgs. Ltd* CaHe) 

,31 7, High Holbom, WCTV7NI> 01-0310233. 

Arcbwsy Fhnd -[743 [ 607 

Prices at liar. L Neat rob. Cay Mar. 15- 


i® Life A mot . Ca Ltd.? " Life Anunott Ca Ltd. 

* arT, ^’ K ?- , M«31*H l 2 tn*baniFfe,BcilrnbrooJcDr;NW< 0F203S2U 

mwMm.LI 12707 | ------ 

v.,z ji Life Assurance.- Ca 

' i St_ Patters Bar, Berta TBtr 81122 

'MS or. 1 » w H™ Legal ft General (Unit AasvALtd. 

(,*. ?MJ-rt.0_l nu I — J — 

EoniLFA Feb. IS R 15__| 
Prop. F. Feb. 15 V, 

- ^as^Ba, . .i sidl - Mote u 

•*’! Wlip^(Sm Man TO pie 775f i ~ * TanfaridfieWelURem. 

ReLProp.Bds. 1 



»• -4 - 

» Assurance ULf 1 Cnrt faitU L. 

picWj-.. Wembley HASdNB 013038870 ^Aeamt, 

. . . Unttfc_. — 

. . , 0 Units 

■ ViV ' v i? SS£SS£ 

BB|{ ggggr+.g?WgSt Rotfasehild Asset Management 
Surrey KTSO OKU. _ .Borgb.BaattiSsra stsrtthinslane .L<artm.EC4- Old 

N.C.Frop.pcc.33. ; IlMO__ — 

'fntllai— fWJ „ 

m._ 9S.9 ULO 

— Dpi Jk C a— n l fffiS r erol aws l 

Next sub. day March , 

Royal losutmnre Group 

New Hall Ptacc.lJierpooL 

Barclays Unicorn Ltd. 

Uolcora Ife. 2S2 Romford Rd. BT. .01-3348544 
-031 232 

DgAurtAcr ~-Bl7 +0 

Do. Ausvlne 42* 4M+fl, 

DclCoF+OlI 58.7 

Da Exempt TSt — VJOO 
Do. Extra Income _ 235 

Do.finODcinJ 54.4 

Dn.300. : UJ 64. 

, Da General M3 30 , .. 

01328<W Do. Growth Ace 360 392j +0. 

Da Income TsL 73.1 79 jM +0 

DaPrt.Ans.TM.- 1269 132. 

Price* at Feb. mjfwrt auh. dL, __ 

Da Recovery B7J 480] +0. 

Da Trustee Fund - 003. 4 11031+1. 

Da Wldwide TTOMtaO 45.M .... 

Bt£jJirFdJDa^7J-TM3 59^+0. 



* Arocts . . M* 

(£t Id (email on nl ._ M.9 


W.’trtS.ftUi 690 

i/t Cabot »* 

Cabot Extra Inc. _-M-2 _ 

'For tax «xaapt fundi only 

HSQ Samuel Unit Tst. Mgrs.f (a) 
45 Beach SL, EC2P2LX 
fbl Rritlrt Trust— W.5 

<XJ Inti Trust M* • 

<3> Dollar TTnMJA^ 8J 
ib) Capital Trust — • m* 

(b i Financial Trait- CO 

(btincnmBTruM 24* 

(b) Security Trusty. W 

(b)Hlgb Weld Tst- |Z73 


15, ChrlMartcr Stimd. B.C3. 

Intel, lar. Fund— — MO , 

244 Rldreficld Income. f9U w!§! 
ail- Rothschild Asset Bfanagement (g) 
0.93 72-80. Gatehotuw Rd. , Aylerttny. 0296S941 

]g K.C, Equity FtadJISU 
494 N.C. BwyJlM.TM. 572 
f*J N.C. Income Fund- 1364 
675 N.C. but Fd. (Inc.) 720 
*]» N.C. loll. Fd. LAcc.i 720 
V29 N.C. Stall r Coys FU136.B 

tiCll.flM tt llLOj 3J9 Kcysclcx Europe. 1 ]CS a 

Next wit.. March 21 . Japa hUlh. F-_-nd _ (Srt03 

Australian Selection Fuad NV 

Market Oppannuttes. 00 Irish Voting 4 
Chfthwaitc. MC. Kent SL. S»dnc> 

U SSI Shire* pl SUa - r \ I _ 

Net aunt value March X 

Bank of America Intomatioiul S_L 

35 Boulevard Royal, Luxcmhcurs u.D 


King ft Shaxson "Mgrs. 

Kejielrx Japan 
CenL AntctaCnp, 





*OOf} j 

1 Chari nr Cross, kl Heller. Jerser. 1 

1 Ljhpou sew Dpuslaa. isle rf Mwa 
1 iiR Fund ilrreev 1 JU K 10 0 »+CAll »?t 

till: Trust 1 LaM |-.{US*U US4m . .... ” 25 
InlL Cwi Secs. Tu. 

4000. QoCBe Victoria M_ EC4. 
Alexander Fund — (SG5532 — 

Net asset value Mar. 

01 -0302313 ^ I>brtUTrbSL. EC3 
..».J _ * ' “ 

EurinvesL Lux. F. 
Guernsey Inc 

Dot Accun. fe9.2 

Basque BrnxeUe* Lambert 
Z Rue IM la Receore R 1000 Rrnsarls 
Ream Feed LP H.93B 1.998) +S| 8*3 

Barclays Unieorn rot (Ch. Is.) Ltd. 

l.ChnrintCToss.SC Hell er.Jny. 053472741 

KB For East Pd 

KBInU. Fund 


KB. U.S. G«th. Fd_ 
Mmtet Bermuda ,. 
•l r nt<ORdMC<C) 


[568 60*1 

73 « 


SLS422 , 
1800 1900] 



*h& act as Locdoo payinc agrau un)« .’ 



Overscfeg laccaae - Wt* 5201 1 ia 20 Lloyds BL (C.l.i U/T Mgrs. 

aa I 4.7t* P.CHtox IDS. Sl Helier, Jersey. ■ M3*=ram 
•Subject to too and withholtafu; laxea LloydiTM-O M^L- _M.O 50 Si ,._.4 S 71 

Barclays liuleero InL (1. 0. Han) Ud. N «* dBaJ,[ « ^ ■*««> ’-J- . 

1 Thomas SL. Donylas. LaM. OKM48O0 Lloyds International M grain , SA. I 

7 Rua du Rhrte. r.O. Box 17D. l£l I Geneva Jl 

ZM Uoyda lm.uth.Fd.lW2N5» Ntfid | Ita 

~ UeydsluLlnrone. [£3L0 312fl0( i 640 

Unirern .vast Ext. 395 
Do. A list Mm. — ... 22* 

Do.Grtr. Pbclflc 549 

DalalMwumc — SI 2 
Da. I <rf Min Tst .... Q 9 
Do. Manx Mutual— 215 



M ft G Group 

_ . . _ _ ... _ . . Threo Quays. Tower HUl OC3R «BQ. Ol-CB 45» 

Bishops gate Ceauaodity Ser. Lid. Aiiinti cExM nr 7, Kvsitt 

I PQ Bf)T4?, TlnngTax InM 0824-23011 Aire Ex. Mar. 1 (115172 19S 

' MM- »T??| 5DS26A9 I S^Ex. Mur. I — .krtH K«4 - . 

CANRHO"Fth. 0 .| £1010 I ._...! _ Island.......... |U2 7 1093) -»9 2 | 94*5 

1513 +1.« 
33* 10.1 
682 -03 
285 -HU 
913 +1.1 
2 n 6 -0* 
505c +DA 
23.9 +o; 

266 Rothschild ft Lowndes Mg ml. is) 

*55 SL Swi lidim Lane. Ldn . BC4. 01-8&S-S5B 

£if NeirCX Exempt _.j£U30 .. ..| 373 

*“ Price on Feb. 1ST Next dealing Mar. IS 
Bonn Unit Trust Shigt Ltd. 
Ol-mian l ci| 5'-<5«« ? II*< Flash ary So., ECU. 

JlowanAta Mar. 1— 59 0 
Rowan Sec. Mar. 7 1443 
Rowan Er. Mar. 2.. 49.9 

(Aceum. tail*] U5 

■.« 67.0 

RuraVlroJlflc i_ 
(Ami to. Dolls). 


KoyoF Tst. Can. Fd. Mgrs. Ltd. 

54. Jmnyn Street, S.Vfl. D1-03B8SS 

Capital Fd—_. (623 6 fi^ j 3.99 


01-3477243 Income FA ?66.6 , 

87 J) 127 7 J 2 Wen at Feb. SBTNeit detaroa Mar. 15. 

Key Fond Manager! Ltd. (aiigi Save ft Prosper Group 

’ « unto xrw iint 01*067070. A Great St Belo& Lo nd o n EC3P3EP 

tobmhitllU U2I +iu ora ■ ®13 Qopen SL. Ediebursh EH2 ASX 
■ 63.3 toi 5.c De ^ in * s ta •» 3®» S 031-S* 7351 

Fd. _&37 4 3A6.I !,« Save ft Prosper Securities 

Key Income Fund_[2.4 . 78 0 +0.1 8J9 - ■ 

Key Fixed Zat Frt._W* 623m +o l 1Z& lalmaltonal Ftarti 

Key Small Co's Fd..(7l7 St 5| +oi| 7.42 lt^U* Z Z 

Kleiunrort Peii rtn Unit Managers? Dniv.'croMbL.-"^! 

20.FeaebtuebSL.EC3 Ol+asspCO I nm — l al lacape Fuad 

KB. Unit Fd. Inc. —06*. _S3*d) ... j 4.78 Higb-YUAd 1513 

COtiNT“FWxB_.| SSSSkd , .... 
Originally Issued at *510 and **£LCa 

Bridge Mamgenseat Ltd. 

P.O. Box DOS. Grand Cayman. Cayman Is. 
NTiaahl Mar. 1 [ Y24 694 | _....| _■ 



— | ~ Royal Shield Fd. _|12»3 13b8f +1*( -1 

Fana/Are. . 


;APens/. „ . 
u Fens. /. — I ' 



Current tado* March" 

ti Life Assurance? 

+13 — 

*03 H. 


Save ft Prosper Group? 

4. GLStHelen’x, !jdn.. EOF 3EP. OL354 88 
— H “ BaLInv. FA |U7J 12L2 ..__1 — 

z ‘%&PI±: = pi S3 sti z 

” inr\ I 

~ -J ^paaJPcauRSilTp&i m3 

,7T‘ ITieos on "Flebruaiy 28. 

: Legal ft General Prop. FdLMgra Ltd . . t««Uy 
v Schroder Life Group? 

»e« S o. Q upelArtWtro «erau . J-- 

iSSS?j"A.| Sffk ^ ArotH- CO. Of POMBWSrarfa . ,|S3Frt. = z37l Sf - 

■_..-< 1 v+r, SU^NawBotxfEt. W170BQ. 064880*8 jfijStot ?ob. 23 _ 1390 

erfeoufle Efagna - • LACca*Unlta— — pfflS Ufifi J — ‘ ■ Fixed) i«j fbb. 29. 1*93 

<juereSq.UxhrtdgeDBBlNB . 52181 ^ ^ '. '■ xi s cm Fc tisl M5i 


~ Exaaspt PUrnllnll V&7 
~ Do-Aeesn.- 1BJ 


_ t Po. Acetnn. - - (95.9 

Baring Brothers ft Co. faKz) 

8R Leadeoball SL, E.C*. 01-8888830 

SttaKoalM. >161.2 UMd I 3.96 

Do-Aoeum. S3* Sifi | 3.96 

Next safi/day March 8. 

*Ra«r. Material*—. 

3£I5Sfr Sfc 

Bisbepsgate Progressive MgraL tt^'wdWmTwt 

S.Biabopegata. E.OZ. 016888260 ^.-r~K2 

B'gatiPr.*-Mac. 7 _tt6L5 172.01 -2JH 335 

AcmUtx.~Mar.7_. .MOJ 203^-33 355 

S'gateIn£.Feb.2a..h533 lASS 2.71 

(Aceum.) Fob. 28 u69* llUl ...,.! 2.R 

Next sub. day Start lA -'J&rch h. 

53 i 9K.B. UnifPd Ac.— n5* ICJ.9^ 4 — mg+ 

1^3 L ft C Halt Trust Managemeot H ighRrt wn g9.o 

5J3 The Stock Ecboage. «C7N 1HP- O1-5G0 2800 

503 LAC Inc. FA Q262 130.1al J 7 79 l t 

UkC Inti* Gen Fd j86J rtlfi | 259 

Ixmotk Secs. lid. fil&Mc) 

88 George 8t, BRobiirgh EHS2T& 032-2283811 



553I+0.4J 7.65 





UK Equity. 
Orerssas FondsW 


hAeeum UaitRi — _ 28,7 
“High Yield 486 
*+< Accnm. Unity —Sb.O 

3661 ._... 

4L0 ..._ 

56.2 ...... 

613 ._., 


Sf :: 



4 . Money 

E. Mnnacod^ 


1 Uauwd. 




— ■ Lloyds Bk. Unit Tst Magrs. lid. r k* 5 gl Pc. Feb. 2 S.U 226 

— 71. lombard St, EC3. ■ 048W Vngi. BTx.Fch.3B. 123 .4 

.1*66 . rail -Lfi .7*6 «ng»- 3Jrt_a (13R7 

• Lloyds- Life Assu rance 

rf Wey^ilaBter Absot. SokjidL St USStFiS*' 4 ** 

laasBE *■ %a««8M. 


. at Wostndaater a«- Co. i*> 1 ' 
rod Noose, b. Whitehorse Rood.' i iMdmlndeinidtyft GnLXm.Co. lid. 

■o.CROaiA. 01-084*984. iMMI)i9rtnltatl?—U 

I Money Fe A 23 105.9 

Musco3Feb.28.-_ 1359 

Deposit Feb. a 11231 

Property Frti 20..._ 14** 
Pro5arey3Fcb 28_ 147J 
^tvCuFeb »:- 
BSPn. Aec. F*b. I3| 

- opL3Daptllara_lB^l 

Mn.Pn.^Cp. Feb 1950i ._ 








■eh [217.7 2293 

Bridge Food Managenfi(a)(c) 

0703277331 King William SL, EC4R BAR 01-633UB1 

Erldga Inc.* W3 48fi .....J 742 

BndgeCap.lne.t- 30.4 S-‘ 

Bridge Cop. Arc. t- 333 3T 

Bridge Bxemptt — 121 129J 
Bridge InlL lBglt— 135 If. 

Bndgelatl. Acc.T.- MJ 15. 

Prices Feb. ^Usr. I. Dealing 

Britannia limit ManagemeaWaXg) 

3 Leaden Wall Buildings, London WalL 

Loadon ECZM5QL 01^38 Of7a»*7B Flirt CBoJncAJ ,jU 

Aaseu IKL 2 .-65JI + 0 .U -.SJH po.vAcqaa.)- -|6L2 

Dm! Won. Tort tfWed. $Thun. ~Fri. 

Legal ft General 1>idiil Fund? 

1R Conjnge RoaA Bristol. 0278 32341. §2K£2 

Dis. Feb 15 ®4-B 57.21 1 539 

lAccum. Upltsj JS3 „ 71^ | 5.69 

Next su 


Sector Ftatds 
Commodity - .. 


Financial Sees. . - 


Select Interna*. (2141 

Select Income (493 

Scotbits Securities 

Seotbita, _K *2 *. +0+ 

SeeUharre tB3 54fi +0J 

Scot Ex.Grt*4_ — {2S24 212.0s} j 

J- — Man ay Manager— 

-— . Fixed 

^udta^„.( -’ms 

tercial Union Group fa] 

iti'9, 1. UnderahafL ECR , OMBSTSOp. 

■-j r AcVLMart 1 M3* - | .-J 1 — 

inttytr^ — I 16.92 | — . TTopertyFund — - 

Scottish Widows* Group 
P Q Roxat)e.KtUnbm-yhEHi85BU. 031 «S 8000 

lm»Fty3erlea l..__J93A 

— 4 -t3 -.tny.^-. Srntos 2 — g.4 
toxCah Mar. 3 ..— k 6 .7 

M&t 55$ --""-I” 1 

— The London ft Manchester Asa _ - North American 

TMtiiiaa.Jidhortooe.tart: . -. USUT573U Sobr life. Assurance. Updted Protartonoi W321 

lfff Ow^pxlde. EJ&V 8DU. v 

Salat Managed S—.U22J UBJj +03( 

Solar Property K IMA ULfi ..._ 

Solar Equips..— M4.2 - 

Sol or Fwl lots — 1379 

Solar Cosh B_ W3 

Solar UAL S p43 





79 J. 

lenMw Life Insurance Col • MAG Group? 

-01-3420352 Throe Qmqn,.l\ra«r HUl SCSI 6BQ-U-820 4388 

r pund - 
iVm. Food- 
DL Pen. FVL 
d Pen. FA - 
ted 1 a POL 

Btt.9 MJ4 

1740 ua.7 
M3 . 72.7 








01 Insurance Co. Ltd. 


Fob. 15 (U35 

'.Feh.»._.« 6 a 
Pd: Feb. =0.(139.0 

"-ft Conacette Insurance 

Pox-Pewban*-*— H2.4 

— Casv.Deportt*. — n 1144 

"'Bnn^-. 12 L 2 

_ j81-eB~ 1503 

- g gTfirff 

~ ■ Japan FA BA . . , 

— PrVex on -Mar. 3.' —M«r. 2. 

Solar M an n BedP... 1223 
Solar Property P — 108.4 

.Solar Hinity P 14AB. 

Solar FSAlOLF — U7R 

SoUrCajhP 99B 

Solar inUP 9«3 

„ ■ Properly Sunn _ til 

01-0080471 j shield.... ® 3 

Statu* Change 243 

VshEKinr -J28J 

TK3 . 

^S - 0 • - 

1*53 . 
ieafi . 

day March 

Leonine Adm inltiati aa lid. 

2 . Duto SL. Lootkm WLM 6 JP. Ol-oaSSSOt 

lSaSsziiz:® li 

Lloyds Bh. Unit TsL Marts- Ltd.? (8> AnS pj 

Ref irtxoc'* DrtU GOfinf-bySea. Exempt High Y1A*|2».® 

Worthing. W - 

65^ +SS 479 
433 +5J 3R1 

633 +03 331 
199 *03 447 

1073 *03 -667 
59.1 +05 409 

653 -(05 AOt 

















SccLE«.YIA** 0597 167 3^ 

•Prices at Feb. 22 . Next sub. dor March R 

SchlesiiEger Tract Mugra. Ltd. (aMz) 

(ineerpevatinc Trident Triuta) 

~ ‘ (038fi 80441 

19JI -0.41 287 

Second (Cap.) __ MSB 

Do. CAccOTLl H 6 S 

mHfinBwi n psa 

Do. (Aceum. ) [99.7 

Fourth CExXflcj^— W 8 

493J+4.4 <35 
51«+0.4 435 
•7flfi+03 3J6 *02 MX 
953) +03 Rtf 
483] 1085 

«8| *m ASS 

1052 +52 2J2 

75.9 487 436 

5AA ^ m. M ft G Grofipfi frXcfe) 

0 XS 4 O 3 J 438 Three Qsayx, Ibner HDL EC3K. BHJ. 81010 4088 
«ii Stac^MuD Ilfdlj 



Lloyd’s life Unfit Tut. Kagra. Ltd. 

72-80. Grtehanae RA, Aylesbury . 

Equity Acnnn." [U5.4 1423) 

Inc. 1096 Wdrwl 288- 

IntnLGtrorth... . . 493 

Inv.TsL Units.- 228 

Market Lenders 261 

'Nil Yieid’ »3 

Prof.* Gib Trait— 238 
. Z3.6 

— ~ — .... — ... . ~~ ~ -- -■ j 193 

Q298S94I U KfW, w e. ( 1 T 4 

253a -03 239 
2SJ -L0 9.1* 
24.0 -0.6 458 

294c 1043 

467 403 9.99 
3U +0J 
.433 -03 334 
23.7 +03 5JM 
282 +0J 
263 +03 608 
253 XL54 

26.4 +0.6 237 

25.4 +03 2.95 

208 +03 621 

1831+03 621 










The British Ufa Office (a) 

Reliance Hae, Thrtndga Walla. 8L 0092 82271 

RL British Life 145.7 4lfi +0^9 690 

HLBoianeed*.-. — frLa 5.79 

BL Dividend* rJ«B ASM 9AJ 

'Prices Mar. LTtesl denBng aqr Mar. 6 

j Brown Shipley ft Co. 

Sun Aljianee Food Manure t. Ud. 
Sen AtliaaCeHonoe. Horsham. 040S 541*1 

RxpPAlnL Feb.'&. (£15390 U83fi ..—^j — 

_ InL Bn. Mar. 7 — £1183 1-039 

lingrs: Founders CL.EC2 

I Flaancial— — - . -I 

Mffchant teros t ar s Aosuraacefi 1 


■- 127> 


1 AR L 


Sun Alliance, linked Life Ins. Ltd. 

Sun AUtaxeHonrtL Horsham 


riifiO HWlTO 

. Property Frtd — *DfllS . 157. 
lntertwAoaalFA^pJ 9S. -03 

8171 Deposit Fnnd_3_^ 

— - Managed Fuad- — 

— Sou Life of .Canada (UJD Ltd. 

~ 2.3.4 CoekopurStoSWlYroH 

= iSStf «s 

- fsssnlB3- » 

3 but SL. London W1R9F& 0l-4»ft8fo. ; 

8AM 0228 3XUh \ 

ler insurance Co. lift ■ 1 ■ M *“ v ' M « l Fd ' 

: •Haase. Tower PL, ECO. - - 01-0380031 
f Mar. 7— I673L . 748(4081 y?' Prop., 

Star Insur/Midlnnd ABS, 

d needle SL, ECS. ■ OW881212 

UA UBlti— J47A" 4MI+UT06 

• & Law lift A«. 

•A e«J. TtolejsBq.AttOT.- WOfl 

rongfzBn . • gs3 +5a = . S0l!E"S&?&: &S ; „ 

yitFA— NTjT ^ JtokaOthlncAce- IA4 . _ 46' 

a ..-.pns.9 . WAI+U81 ~ J4ol5QthInaOji.|«J3 46 

il portfolio Life Ins-C- Uftfi • Next roh.^ day March 

alone* CL, WaKfcBmCnm. W33tt71' Fre Nee Court Property 

> blind 1 • 129J J L._J +* ■ BotaeMM Aare* Brttai 

j Capita!-. * " . * ' Nrt Pensiens Hanagoneiit Ltd. 

®* X3fC ASS. See. Ud. - ;• » ARCroeoefaBndlSLRCSPOHH- OMOfiOO SSSSS E ""liras 

» at Wale* RA, BH»ur 6 0 W 2 T»7^a Managed Fund [1A1_1 .._.^ 

Growth Aceum.. _ 
Growth Income—-; 

«— wilBq *— — 

+03| — 1 Index- 




i 1 

Hid +0.1 






3AX *02 

2 S3 


n 3 



S4+0 2 



Kfi +02 


a.« +oj 


01-000 8590 


Kxmpr?oh. i 0T7”. 

Court life Unit Tst. Mngra. 

XC High St. Potters Bar, Herts. P.Bar5U22 Tnuieo. 

(Aecnm. Units) - 


(Aceum. Units)— — **.6 
Commodity.-, — 59* 
C Accn m. U mt x i . — . 64.0 
Compound Growth, H5 
Conrmrton Growth 47.4 

Cororertcalat 524 

Dmdeod— 105J 

(Aceum. Unitj) 195 0 

Zuroi»*B 45J3 

(Aecnni. Unitol—. . 95 5 

Extra Yield— 76.9 

(Aceum. Units) 1000 

Far Eastern J 8 0 

lAceum-PniW) *16 

Food of for Trte— 52.6 
(Aceum. UniUI— — 63 1 

General — . — K52 

■'Aceum. Units) — — 22X7 

High income 913 

LAccum. Umtsi 1465 

Japoo Income __.. 1778 
LAccum- Units ■-..- 1773 

Magnum — 1713 

i Aceum. Uni la) 213 6 

Midland.. 1465 

(Aceum Units' 2356 

Boeorery — 69 .0 

■Aeeamjjnitsi 69 9 

Second Gen. M53 

(Aceum Uuttsi 2171 

Special 1367 

lAccum Dal La i 171.4 

ail +D3 

287.7 +03 
413 -03 

48.7 -02 
.nj +03 
1065 +03 
4L2 e -03 

463 -03 
573 -03 
665 -02 
1573 *0.4 
24C.5 +0.6 
973 +03 
1561 +0.2 
135.t +03 
1361 +03 
1833c +03 
2266 +0.3 


2533 +03 
749 +03 
.753 +031 
1576 +Oj 
2355 +05 

01-8305400 Con.GeaDtrt. 1 

Do. Gen. Ac cum — \ 


Da Inc. Aceum— _ 

Gvel (James) Mngt. 

100 Old Brood SL.EC2NI8Q 0141 

^ 121 SS| H 

T arget Life Assurance Co. lid. 

5011 Thrget Boubol Gotehonae Hd.. Ajrlosbnry. 

Bue ta l . .+ •■ Prices at March ll 

Msn.rcnQVec — _ 90.1 96W .._ . 

Mon. Fund Ace 187 A 115.7 _... 

‘. Prop. FA Ine 1068 1153 

Prop. Fd- Ace 1318 

Prop FA Inv. 102.0 ..I... 

Fixed Int- FA Inc. 1068 112J ..... 

. Den.FAAcc.liK_ 973 102.7 — . 

Hr/ PUm Ac-Pec. .. its 7X7 +0.9J 

RoLPUuaMpJVc.. HJ) 603 +67| 

ReUTanManAce, . 117 J) 12SJ 

ReLWanMan Cap.. M69 1253 

Glii P<ro. Acc. 155 1 1427} 




•Next aab. March 22. 

J. Hour Schroder Wag g ft Ca Ltftfi 

120.Cheapside.SlG2. 01-3403 

Dae Deoil ago, Capital FM). S3 1908 962j +0i 2 

ALmT-OJ 103 ‘Acctim.! 1041 1128 -03 2 

c3 -03 183 lntomcFeb-26 1*60 1723 -0.7 7. 

41.9m +0.1 250 <Acenm Units) 3415 2533 -13 735 

<£3 +03 238 GjeneralMsr.l ttj ." ^ ' 5.46 

bijs -02 484 (Acc tun. Units! 593 92.4 - 389 

MjS -02 AM Swope FW\ 9 3.4 3C2 L29 

962 —03 438 (Art-urn. UroUi 51.0 32.4 _... U4 

nS+OJ -188 •P’n'ClHr Feb. 21 — 154.7 15944 ..... A2t 

1-0^ 9.96 *SpeelRx.Feb.7 .. 21i_5 2183 ...... 4.69 

660 ‘Eecovery Uor. 7_p873 1723^- 10. ?! 583 
B 60 'For tax exempt fanda only 

Scottish Equitable FnA. Mgr*. Ltftfi 

699 28 SL Andrews Sq^EdinhnjSh 031-9909101 

699 Income V nit*.. MSB 46» -0.21 588 

338 Accuml'nlt*.- — t5L7_ SSfi-M 6t0 
ajs Dealing day Wednesday. 

510 Sebag Unit TsL Manager* Ltftfi (a) 

637 K. Box 51fc BeUblJX Rae.. EC.-L 01-2365000 

SebogCepitol Fti...B9h 32 fi I 485 

Sebag InceKa FA _ 128.0 29jf -03) 

Security Selection lift 

tu IMP. Urcola'a Inn Fields, WC2. 01831 

4.64 UnwlGihTrtAcc ._I22.7 24^ I 3.90 

781 Unvi Glh Trt Inc - .(169 2X^ I 3.90 

.Su Stewart Unit Tst. Managers Ltd. la) 

534 45. ChariottoSq- Edinburgh. 031-2283271 
S3 Stewart A m eri can Fund 

I'S Stondart Unh».__ 154 7 561) I 165 

Aceum. Unite ,BB9 6Z.B — 

“ Withdrawal Unite -fe.O <7.9j — 

Stewart Brliteh Caplcal Fund 

3J J HHzd “ 

j-J 60 Sun AUissce Find Mngt. Ltd. 

Sun Alliance Hse., Horriiam 0303 (MW I 

top^Tli Fe6B.. [09180 20090( . ..^J 487 


(Aecnm Units i (242.6 

Chari bond Feb. 28. 


(Accua. Vnitat 

Pen* ro.Mch.8. _.|Ui>4 

Manulife Management lift trrhe Family FA- -IB2.4 ' • S 1 M *0 

a. Oemge’s Way, Stevenage. 00850101 Target Tst. Mngm. Ltftfi faKgl 

^ Dealing* 0290 5M1 


Qrowth Unite. __K5.7 461)' .1 482 jj.GrertmmSt.ECa 

Next dealing Match 15. Mayflower Management Ca lift Target commodity .{313 

MSB Gresham a. EC2\'7AK. 01-6008086 taget puourt a 1 gj? 

r fCarliol Unit Fd. Mgra. Ltftfi (8Hc) 

HlbnmBouae.Neweartle-spon-Tyne 21189 OononlFeb.21 

Target Equity 

— jCarifol^ 

— lDo.Accum.Umla.3 

— [Do. High Yield £ 

' Do. Aceum tSfas •...(«» - 49X. 

Next dealing dole Match 15- 

taeonm.FeA 81.--.pJ . ^ fg TtajrtEx.Jlm6-.^ 

— | Charterhouse Jqphetfi 

1, Paternoster Row. BC4. 


I CJ. biternat] _ 

uund-— -gxix xmsi -h ‘ New Zealand Ins. Ca (UJL) Ltd.? 2Br*»miBdg*,BC4iNv. 

.K-'-Ifel ' jm| ZL - Maitland Houae. Sontbond SSI 2JS 07CBS39M roiip forest M.—J1278 134 (cXFftfo6T*ZZ 

' Ktwl Baylnr. Plan .p4ft> .344 

X ft See. Life ass. Soa Ltftfi £8 . 

.■^.BWU-Thamf».B«ta; T0L3C84 »0 

SlraA^ilsi . ^ -1-J -- 

4PWFA-4 £7.9693 

— Con. OoporttFi— r»8 



Price Feb. 22. 


5.N r . Bank - . _ 

. 'led Irish Banks Ltft &$% 

. icrican Express Bk. 6*^; 

■bo Bank ...‘ M%. 

P Bank Lta. -.. 6*% 

iry ^Ansbadher 6i% 

. ico'de Bilbao .„L. 6}%.. 
. ik oE Credit ft Cmce. W^6- 
: ik of Cyprus-;........ 6i% 

ik of N.S.W. U 

lque Beige Xtfl. ...... SJ% 

+que do RhoijB ...... 

clays Bank' ......... 

nett ChrisUe Ltd.... 

• mar Holdings Ltd. 

.-■■■ t. Batik of Mid- East 

wn Shipley.. 6?^ 
axla Permanent AFI 
■itnl C.&’C Fiit Ltd. 

7er Ltd. 

ar Holdings 

rterhouse Japhet... 

E. Coates 

isniidated Credits... 

jperative Bnpk : ' 

.. jnthian Securities... 

dit Lyonnais--^. 

: Gyptos Popular Bk. 
lean. Lawrie i 


• .:liso~Transcont 

it London Secs.-..-,.. 

<t Nat. Fin. Corpn. 
it >iai. Secs: Ltd. ... 

ony Gibbs 

yhtfund G«aranl> r ... 

Rdlays Bank «-t » 

rmess Mahon 64^ 

titiros Bank 6*% 

61%' ■ HUl Samuel 5 6?% 

C. Hoare & Co. t 6J% 

v % 


fl % 
7 % 









S % 

Julian S/. Hodge " 74% 

Hongkong & Shanshai 6* % 
Industrial Bk. of Scot. 61% 
Keyser tJUmann ...... 6J% 

Knowsley>t Ccl Ltd. 9 % 
Lloyds Bank BJ% 

Loudon & Bnropeas ... . 8 % 

London Mercantile - 6J% 

Midland Bank - 61% 

r Samuel Montagu..... 6j% 

(Morgan Grenfell ...... 64% 

National Westminster 64% 
Norwich General Trust 6|% 
P. S. RefsOD &-Co. ... 65% 
Rossminster- Accept’cs 6i% 
Royal Bk. Canada Trust - 65% 
Schlesinger Limited \.v 64% 

E. S. Schwab „.... S4% 

Security' Trust Ca Ltd. 7J% 
enley Trust - 84% 

Standard chartered ... 64% 
Trade Dev. Bank ...... 6$% 

Trustee Savings Bank 64% 
Twentieth Century Bk 75% 
United Bank of Kuwait 6J% 
Whiteaway LaidTaw ... 7 % 

Williams & Glyn’s 64% 

Yorkshire Bank-,........ . 64% 

iMnnbera of the- AccepUn* Bouses 

Committee.' - 

;.<lay deposits 35, 1-monlh ■ dewntia 

aj%. ; •• ; - 

7-day deposits on sans of EW.OW 
and under 3<6. up u C5.M0 
and oror SS,m 44%, 

Call deposits, over ajOO 3^5. 
peteanO deposits 

Rate also appifos -» Sorting . Ind. 

|3-' _ 

O'sooxlav. Fob. W 
MnJ’nJ-WMor. 1 _ 
.Do. Bond Mar. I jl;. 
Da. Prop. Mar. 1. 

Trident Life Assurance Co. Ltftfi 
Renal ode Home Glouoqster 0453365 
0X78 X34.M -... 

1*9* 158 7 

I46lB . 3544 — „ 

'American - 75.7 BL2 

pi y Fund- *2^ 109.1 

” US 



IK 7 


12JJ — 


1383 .._. 

1114 ' 

2220 ..... 

37.f ^ 


Growth Cap.. . 

Growth Acc. 

Pens. MngA Cap. _ 1130 
Pnu. Ku^-Acc.— U64 
Pen&ciADapAp- UOS 


PenaPpty.t^. U18 

Per*. PtyAc U53 

Tnh. Bond - — — r_. 

lrift.G.1. Bondi.. . mu 

“Cash value fgr £100 pronhou. 

Chieftain Trust Man a g e r s LtftfifaKg) 
3am Queen St. EC4R1RR. - 01-2482832 

American krtWl 298|-0J1 L97 

1| High Income. -- +03 981 

lOtiOualTrt — &jZL£ 233 J 3L25 

xrea. Tugs atri -Oil 5.86 

Mercury Food Marhgers Lift 

30. OreafamaSt. EC2P2E3. 
MeroGroJtoxch B..T1S4 1 163 

Are. Ute March 6„ iOC.e 2X_ 

Mere. Int start 8- 578 S^-°Zf 

AccmUlaJterehS- 620, 6*.fi -O.ti 

MtBr£xt.FebJ3._ 197.7 ZD5.9I 
Acesm.Ute-Feb83.tZ35.4 245.' 

Mid la n d Bank Group 

Unit Trust Managers Ltftfi (a) 

Cmnrtwood Boute, Silver Street. Head. 

Stem elASl 3RD. - 

Cc+narodity a Gen. . [56 3 

go. Areum (63.9 

Growth- to 7 

Do. Aceum, . ■■ I3S.6 

*Do. Ace. dolts _.. QM8 

Tarect Gilt Fund — 119.0 

--- _ Targa Growth Z5A 

P1-0M455S TareatlBlL_ .228 

520 l)aSdav.Uidh_»2 

5 JO Target luv 268 

1.98 Target Pr.Sfor.L-. M29 

198 TgL toe 273 

C 59 7gt Pref 14.7 

489 Coyue Growth F«L_ ibA 


33.4 +0.1^ 

59.5 +0.T 
36.7 +0 jl 

M32 +l3 

269.4 +LS 


235 -8. 

26 9-0. 

28J , 

150* +0JU 
£2 +** 
174 +05 

6 JO 

Target TsL Mgra. (Scotland)' (aMb) 

’ 10.AtholCrraceut,Edm.3L 031-S£98B21 I 2 

Target Eagie [226 24.« -0 JJ 189 

Tel: 0743 7D642 Targe* iBiSte 066 . » rt *o3 6 OS +031 - 682 Extra toeomcFd. _.&6.7 618u( -rOJj 1074 

S '* 6 2 3^ Trades Union Unit Trt. Managers? 

2 3.47 100. Wood street. ECJ. 01-8288011 

+05 489 TU UT liar. 1 (458 > 43Ja* ,J 587 

48.4 667 Transatlantic and Geo. Secs. 

+08| 667 pi-» New London RdL Cbeimaford 0345 51051 


Confederation Funds Mgt. Uftfi (a) -i 

50aufflrery Lane. WC2A1HE 014430282 Do. Aci^vL;-“' 

Growth Fund p48 3S8| -OJJ 4.94 *Pri«a at Feh. 

CosiaapaHtan Fund Managers. 

3ft Pant Street London SWIX9EJ. 01-2353525. 
Cosmopota.Wh-Fd.nh5 I78( 1 538 







Tyndall Assurancr /Pensions? 

Ll 8. Canynge Hoad, Bristol. . 0SnS3S3U 

Barbican Mar. 2 — M4 

(Aceum V 1 alts.) 100.S 

Barb. Eero Feb.22. R9 

Badan.Mor.3 72 0 

(Aceum Uruta* 97.7 

Ne*t deal tag Borib 3L gSSS?S£?.=: UZJ 

Minster Fund Managers Ltd. ' c "SL‘ L ^? r .* St ■ 

WnaterHM- Arthur St. ECO 01833 1050 oteSSST^JZ §7 7 

Mnince PCtoJg— (Mb --I 5« SSiTSSinZI S.l 

Exempt Fcb.28 (816 a£6f j 688 JHarlhoro Mar.7 . _ 44 0 

CresMut Unit Tsi-. Mgra. Ltd f*Kg> * MLA Unit Trust Mgemnt. Lift aa l 

« Melville Creo. QBabrngbl 031-2284831 WQncen Street SW1 H WG. 01-0307333. lAccum Uqitsi-— 548 ■ 
CreaeaBtOrowth — EB.l 26.U +03) 4.46 «X*Uidla J340 +08| 476 S5 

SS^SL—Kj S-g ’MHtMl Unit Trust Managers? <*Xg) XSSi Utami'h «8 

Cres.Rmerre._SK sSI +fl| 473 ES&C=& 

Discrettaury Unit Fund Managers ' tt-J , I” 

22, Btamflold SL. BC2K7AL. 0LO844B ' 8SSS — -I ’« 

Difc Income (1588 «0J( 547 

WlekDiw Xar.O— KU 
Do Aceum .1606 

73 7( 








5 U ..... 

50.8 -0J 
64 1 -02 
46 fl -0.2 

525 -02 
46 B a -02 

57.5 -02 
6BJ -02 




5 95 














'5-way FrtLlOi-Li 
R}ulQr Fob. IB_ 
Bond Feb. Iff_ 









9.95 Tyndall Managers Uftfi 

National and Commercial - IS. ConyegeRoad, Bristol- 

E.' F. Winchester Faad Hngt lift 3t St Andrew square. RdJnbnrgfa 031-5580151 Income Mar . J («.« 

Old Jewry. EC2 01-SM2U7 fecomoMor.1. [1338 MX|| -„..[ 686 !^T^. l V D,al f?Wt 

gJKSfig asjg? SSI -1 is lS3 lS 

Vanbrugh Life Assurance 

343-42 Maddox St.-Ixta. W1R5LA. 
Ma na g ed ra.,^—L.ll3a.O 

E 2 

Fixed Intent Fd*. 1708 

iSeSFSd^nr^'s . 

(Anmuami — mi iSSuStSu IS 

£mson Sc Dudley Trt. Msgmnt lift Nariowti Pravideat luv. Kugre. Uftfi CBoyagaMar.i — B3 

30.ArltogtoB.SL.RW I . 0J-«95a 4aOreeaehmthSUEC3P3HK 010043X1 "" a?8 

Emtoo Dudley Trt.. [MJ -6 S M \ 5J8 . J^gh.UnJrt _g4 47j ....-| |7| 

Bqultas Secs. LtftfWO) . leaf “gB 

4 i S irti O p gg rtB. EX2 ira'5?®!^ 1 ”Fri«3 on'Feb _ S3N«t drelioj" March 30 

01-4904983 r ^* KU|,e --1517 SL1J +0i4( 4.60 *Pr|«* Fob. 15. Nest dee Una March L 

'SSI - Efiutty ft l«w Uu. Tr. 3Lfi (iXbXc) . 

-oil — AmenhtaaBiLHlglifiyeambe. 04D4333T7 ^.Chaapsid^. ECgV 8EU- t>j<jp spg- 

intitetMlb UU)U|,|. a- 

Scot Cap Jtftr.1— „ 1258 
(Aeccm. units i — - 

96. Did 


11 LO 








0£72 33241 






— (Equity* LOW— — |Sll 

6U| +S8T 486 

— Framtingten *111111 Mgt. Ltd. (a) 

«r «. - ,, .j* ■ M.HrtwiYied,gC4B5Da. 01-266 8B71 

Vanbrugh Pensions Umlled cxjstaiTrt. .0 08 4.07 

j41-43MaddoxSt,UnWlR9LA 01-490493 i^wmroTR.-- (95.4 29L4| _™i 649 

iManaged—.. r.2.‘-NS-l 

r w i-Ba 

Ine. 62.2 

oxl 525 

for., 79.7 


Portfolio lav. Fi_ [63 A 
UanosalFd/di _ [*7.S 

JlnT Growth fd 

1 . Accua. 

Fixed Intaretc^u-i 1 

'cumnteed tw ‘ 2 p& Base Bates’ table. 

|g NEL Trust Managers Ltftfi ty<g) 

MUtoo Comt, Dorfciag, Sarrey. 5B11 

HxasssdB ffli=d-a 

Welfare Irot ranee Cc. Uftfi 

The Lra*. PoftMtonntan. 

G.T. Unit Managers Ltftfi 


Scot. Inc. Mar. I .... .1147.4 
latai mi Croup . 

Capitol Growth -._f7a 9 
Do, Anun. 728 
tan toe. Growth „ J« 6 
Do. Aceum — . — 385 
i 2 Financial Priity — 15 4 
„ £-2 DnArema. — IRA 

3111 ESlSSr± =i 

fc?X . Special Site 

TSB Utdt Trusts' ly) ' - - 
21. Chantry Way, Andover. HOato- 0264 62188 

Dcahngs to 03M €3432-3 


thi Po.A tcnm— r— ' 
ibi TSB Income 
«b 1 D o. Aceum 

tsp Scottish — — 
fb» Xta. Aceum _. 

G PO. Bo-i J80. Hone Kune 

NipponFd. Mar 1 ...BPO*D RKJ J 

Ek-Sncfc Spin. 

Britannia Tst Mngnrt, (Cl) Ltd. 

30 Both Sl. St. Hciicr. Jersey. 

Growth Ttnest 128.7 3Llj 

laciLFd. M 2 65Rm 

Jersey Energy Tst. . 1325 U38M .... 

Uoivsl.Dlr.1rt 6« 70 TB ... 

Univsl.STrt.Stn.-S2.oo 2l« . .. 

Value March a Next dealing March JR. 

Butterfield Management Co.'Ltft 

15271 +03 

Samuel Montagu lain. .Vgts. 
114. Old Broad St. Err 
Apollo Fd. Feb. 23. ISFC30S 
Japfost Feh. 38 . < 31)017 

117 Grp Feb. =2 . .. KiSZOtJ 
117 Jerser Feb. 22 .IC4 54 . 

I iTJnyO s Mar I (ao 13 


01-588 MM 

46.70) AH 

tra . ... | 189 

•j[S ... 01 s 

«WU .1 DM 

106fi-ri)?fi ... 

IKum.r, Johnstone tine. Adviser) 
rraarm* 183. Hope St .GtobKOw-.rt M1SIH21 

■ „ 'ftptSM .. .1 SL'lSe 83 ]*0 161 - 
480 .Murray Fund . —I SCS9.X7 .....T _ .. 



■NAV February 3L 

Negit S-\. 

JOb Boulevard Royal. Uucmbourg ... 

. NAV Star. 3 I S1S1053 ‘ J — , 

P.O. Box 105, Mj twiner. Bermndo. Nefit Ltd. 

Uatcreu Equity era - 1.971 .( 2 .M Bank of Beromda Bldgs.. Itamlltoa. Bnafla.* 

ButtreM Income.-. (UW 192].... | 7.« 

Prices at Fab. a. Next oub. dor March 13. 

Capital International SLA. 

37 rue Notro-Doroe. Luxtanbourg. 

Caphol Xm. Ftind... | SUS1585 | | — 

Charterhouse Japhet 

(.Paternoster Row. EC4. 



Ad Iter bs 


Fnadak - - - 

Food is — 

Emperor Fund 

ass 1 

Hitpano ISTSO^ 6 

Corshill Ins. (Guernsey) Ltd, 

P.O. Box 157. SL Peter Poet Guernsey an. Fd. |156i0 — 

Delta Group 

P.O. BOX 3012, NaSMtL Ttohm.r 
DrttaInv.Feb.a_.|SL28 18fi J — 

Deutscher I n ves t ment-Trust 
Pntfoch 28S Blebergnsss 8-20 8000 Frankfort 

Concentre (DRUM 2fl 5M ..J _ 

InL Rentenfonda.— (rauis 707t(+oiq — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box K3712. Nassau, w»t»nni». 

NAV Mar. 2 , — ..jRSBLtt JXffiJ .| — 

Erason ft Dudley T6tJlgtJrsy.Ltft 

NAV Feb. 24 IL4J2 - | „... | — 

Old Court Commodity Fd. Mgn. Lift* 
P.O. Box 38. Sl Julian’s (X Guortuey Dt8t 38741' 

O. CCm.TrtFcb-__m7.7 124.71 .....J 514 
OCDUr.fra.TstT-..h25to 2&.991+0K! — 

•Price* on Fd>. 38 Nest drrllng Mar 14 
Ifnco on ilareh 7. Next deal urn date March 

!§ Fbeeulx lufernatioiuil 

6 02 P® Bos 77. hu Peter Port, iiuenwy. 

623 tout -Dollar Fund..pVSJ19 2JM t — 

X97 . Property Growth Overseas Ltd. 

'S8InBhTown.<;itmiar lGlbi81Q6 

UX .Dollar Wind ... J RS8I27 (....( - 
Sterling Fund I £12380 ( ... j — 

“ Rothschild Asset Manaxement (C.l.) 

P. O. Box 58, Sl Julians CL. GacinMy. 

0481 28331 

_ EQ.Fr. Feh. 29 W»4 5281 ..... | 388 

Inc. Fd. Mar. I -..-...Il495 1533 j 689 

loti Fd.Peh.l5.._h65 UU I — 

RmCaFd. Fcb-38-|l3L9 WJ { 588 

Royal Trust (C!) Fft Mgt Ltd. 

P.O. Box 104. Royal Trt Hse. Jersey. 0*34 2744 1 

lLT.lnl1.Fd. W'SUi 98B .( JM 

R.T. tori. (Jsy.i Fd. . |H . ...1 !.» 

■' - Uuili is 

Prices at ^eb.Ss.' Nest dealing Starch 15. 

Save ft Prosper iateruational 

Dealing to- 

P.O. Box 73. St Melier. Jersey. 053431801 3 ?5 roBdSL ’ J . St K « lier, Je r **7 ' O53MD301 

EJ>XC.T. . 

.IUa.7 128.11 | — 

F. ft c. Mgmt. Ltd. Inv. Advisers 
1 - 2 . Laurence Pmmtncy HllLBCiR OBA. 
01-823 4880 

Cent Fd. March 1 _ | SUS485 | J — 

Fidelity Mgmt. ft Res. (Bdaj Ltd. 

P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am. A*s_J 
Fidelity InL Fond - 

fidelity Poe. Fd 

Fidelity Wrid Fd— 

Fidelity Ster.FUa-. 

Settex A (Tntnl-l _ 

Series BtPaciflcI— 


7 04 









U 8 Pdhr-irMnliixnl Funds 
DirFxdinfKar 1 ..19 36 

Internal. Grt U 12 

FBT Eastern *t Ito^O * 37. .. 

North Amen enn* t p 36 384^ 

Sepro~t. (UBS »!Ss| 

StoHaHkHdEiM Fund* 

Chnmri Capital >5 -pM 4 21581 +141 

Channel Ixlnnds9_uX7.8 - 1453 +1TI 
Commoditv Bur. 3-1112.7 HEM ,._J — - 
StFsd. iLMar 3 — [U99 136.91 —.j 10.95 

Prices on "Mar. 6. **Mir. X. ***Mor. Z < 
JWeekly DeallocL 

Schlesinger lutemtional Mngt lifti 
41, l* Motto SL, St. HeHtx, Jersey. 0SM9358B. 



— 'SAIL 

First rudag Commodity Trusts 

«. SLGooigcra SL, Dongtim LoJL 

0684 4882. Ldn. Agta. Danbar tt Co. Ud- 
Moil. London SW17SJH. “ 

IntLFd. Jersey 

InfnLFdLxnihig. — 








»83 -104 

0x8007037 Schrader Life Group 

40801 I 280 Enterprise H oiioc, nwtsnmaih. 

9Lfi — 1 080 iBtFTnMhmal Fnada 

CEaotty 0058 ; I 

Stautbu — - ms 220 .fi 

£F&od Interest 1»5 - ~ 

JFlxed lnreuat — Jns.l 

OSmuged. >1227 13881 

^Managed J«08 115.1] 

J. Henry Schroder Wagg ft Ce. lid. 

URCbMpoide. ELCJL 01-5M4000- 

Cheapi Marche... I _ 1P35 . 1-1061 280 

S3, rani 

Frt Vit Cm TM. — po.5 

Frt.VtDhLOp.Tal _ fiOO 

Fleming Japan Fund SLA. 

37. roe Notre- Dome, Lmmnbom ’■ 

Flnig.Mar.7 _) JUS4185 1+0081 - 

Free World Fund Ltd. 

Bctbcsrfleld BU^ Hftnrtiwwi, R * >ramf | L 
NAV Fob. 28 1 SUSU655 | j - 

G.T. Man ag eme nt Lift lftn. Agts. r ^ 

rark Hoe. 10 Fmabtsy Arena, London BCS. 


Tel: 01-820 813L TLX- 8U100 
CT.PariflcFd 1 SU5U5I 

I 1 - 

Asian Fd. Feb. 30—^ , 

Darling FBd. (SAUS 

Japan Fd. Fob. 23_.6ia71 

I SU5683 

G.T. JKgt. (Aria) Ltd. 

Hutchison Hse- Borcocrt Hd- Bong Kong 

(l.T.ArtaF..-.-- ..(SHnj7_ 789J J L95 


do Bt of Bermuda Prom sl. Haoia. Bado. Sentry Assurance Internal filial Ltd. ( 

^saa&ssa t$:d m _■ -j 

Bt ’of Bermuda. Front Sl. Hamlin.. Bmda. Singer & Friedlander Ldn. Agents 1 

?T I ?Fd CR Ptrnsfca — 1 nro 20.Con«>nSL.E(:4 01^480040 

U.T.SFd — I SUS633 I ( 0.79 ^^ 0 ^ [DM74 97 *3* I 6.46 

TOteoTrt- Feb. 28.. I SUS3L00 | | 2,00 

Stronghold Management Limited 
P.O Box 315. SL Heller. Jersey 0534-71400 

Commodity Trust . J8S.45 93.111 | — I 

Surinvest (Jersey) Ltd. (xi ■ 

_ .. P.O. Box 98. SL Heller. Jersey 0S473873 

G.T. Asia Ster l i n g . ICT O M 1L47] -..4 2.7* American lnd-Trt. |£6 77 6.90) -OM 1A5 

Bank «i Bermuda tGaernatr) Ltd. Copper Trust |t982 ifl.oa+mul — 

3] -33. Le Poliet. Ga^rasey , 048l^82BB Jap. ImiwTrt.. . -S914 982+aXlj!- 3 

^tS+iobl 2189 Surinvest Trust Managers Lift ixl 1 
Anchor lnJwTaL.|225 24lj .T.7-} 334 48. Athol Streto. Douglaa, LaM. 0084 m9H 

Gsrtmore Invest. Ltd. Ldn. Agts. S'rtmoS SS bttEot 9 iwj 
2.SL Stay Axe. London. EC3. 0WB33531 P^5^? nEd '-P 11J ^ 7J 

CBRtaare Fund HngL IFxr Bead Lid. 

1503 Hinchiarm Hie. 10 Karcourt Ed. 


Japan Fd. —tesUTTS 

N. American TsL —.pUS9 44 

G.T. Bond Fund T SUSJ2.18 [ "".J 
G.T. Management (Jersey) lift 
Royal Trt. Hse . Ctktanberie. SL Hehm. Jersey 

P.O. Box 32. Douglas, Toil 
I nternational toe., pa 2 . 
Do. Growth 153.7 

BaxDbm Fund Mgrs. (C.L) Ltd. 

Do Gold Bd. ... 

DD.Em.97.0SSd.. .. 

TSB Unit Trust Managers (C.I.) Ud. 

nogotelle Kd. SL Saviour, Jersey. 053473494, 

JerteyFund (CU 43Jjtd-a3j 4« 

(luemsey Fund __ |<1.4 43Jd I -Oj( 444 

Prices on Mar. & Next sub. day Mar. 15. 

Inti. Bond Fond — 



Iz3 “ ■) £& Tohyo Pacific Holdings N.V. 

-U • 4 SAl i nn3 iis Management Ca N.V.. Curocso. 

Hambro Pacific Fund Mgmt Ltd. nav per shore Feb. 37 . sus45jc 

2110 , Commoght Craw ,Hm« ! taig Tokyo Pacific Hldgs. (Seaboard) N.V. 

23 "ZJ — Iniimis Monogcneat Co. N.V. Cnracso. 

japan runa |JLa«ua \ — . NAV per share Feta. ST, SU933A4 

Hambros (Guernsey) Mft/ TywiaU Group 

P.O. BOX 1238 Beml boo S. Britnodo, S-C7W 

P.O. Box 88, Guernsey 

CJ.Fund [Us . 1 

total. Bond Sl'ShBS-j 
InLRQitey JUSgto 
'nL S\-es. *A’ SUSftOl 

L Srex. *B' Sl'SfO.99 1 , , _ 

Prices a> Mar. 8. Next dealing lta: IS. 

0481-aiezi Overseas Mar l Ijl'saw 

ADO lAccum. UtoU) pl'MJl 

880 3-Way InL Feb. 18— |U'SZ.4B 
2 - a z New-SL. SL HeHcr.,Jrr*e>' 



~1 SS TOFSLMor. ] 

lAccum. Shares).. . 

Henderson Baring Fund Mgra. UA'.' I "21fFd f lSS ,, i”‘ 
P.O. Bos N4723. Nassau. Bahamas iN<raJ. Acc. Uu iZ 

Japan Fd J1547 16031 I Ciit Fund Mar 1 _ 

Prices on Feb. 22. Sn* 1 J "- “ - ■ 



@80 10 40 

(760 SOI 

760 BO.C 

1636 1S4.B 7 JO 

p52A 267 B 7 JO 

... , _ 1198 1121 . .. 10.64 

on Feb. 22. Next deolini date March a lAccuto Shores) 11392 MLfi U54 

HiO-Samuel ft Co. (Guernsey) Lift vicM«yBaMe.Dowite*. (ole at Man. assc 25920 

8 l^Febvre SL, rater Fort Guer n s ey, CJ. Managed Feb. IB_|1255 1J2.4I | — " 

GuenaeyTsL U405 1508| +14) 3.66 inn. land. MngmuL (C.l.) Lift 

HUl Smuel Overseas Fund SJL 14 . Muieamm- street, sl Holier. Jersey. < 

37, Rue Netra-Danie. Laxembonrg UJ.B. Fund 1 Sl'SIOO [ I 823 ■ 

11523 teSfi-ODfi - Vnited Slates Tst Inti. Adr. Co. 1 

International Pacific luv. -Mngt. Ltd. 14. Rue .vldrincer, laixcrahnirg. • t- 

TI 8 .TK.Ibv h'nd._| Sl'S9« J-OtO( 0.95 
Net awd March 0. 

PO Box R237. C0. Pitt SL Sydney, au«L 
Javvlin Equity TsL .(SL63 193) ;j — 

JR.T. Managers (Jersey) Ltd. 

PO Box 194. Royal Trt Ha, JeneyQSM 2T7441 ^ G T?^^T’ l EC: i, c 

Jenfor Extra!. Trt_p25.0 US8| | _ Cm- Bd rd Mar.8 - | SL'F 

As to Feb. 28. Next sub. day Mar. 31. 

jardine Fleming ft Co. Ltd. 

46th Floor. Connaught Centre.' Hung Rfcog 

S. G. Warburg ft Co. Lid. 

Street, EC2. 018M4SSS 

bxr.8.1 5US982 l-Ottl — 

Eon-.lnL Mar 6- .[ SCS13 01 [-(Qfi — , 
CrK8Fti.Foh.2a-L 9US6.51 J ZTl — 
MerJEur. Pd Mar. 1 . pL'SUJS 1U4 J — 

Jardine Eon. TSL -| SHK2UL69 
Jardine J'pn. Fd.jH 

JardJne J pn. Fd.xri SHK 
JartiJneSjEA^L-. SUI 
Jardine FtanaaLt-l 5HK2.H 

NAV Fleb. 28 - Equivalent SflS 
Next sob. March 15. 

Kemp-Gee Management jersey Ltd. 

Charing Grim. SC Uelier. Jersey. 0034 rmi 
Knap-Gee Capttel .179 a 82 J< +qK — 

KampGeeIneome.162.4 M8| +C5| $jo 

Warburg Invent. Mngt jrsv. Lift 

1 . fhswi Cross. Sl Helier, Jjjr. Cl 053473741' 
CMFUd. Feb. 3...Ka2J7 IMJ . 

CHT Ud. Fch.2S — Q2A2 lZOM 
Metals TsL Feb. U . ao 93 XL2<H 

■nrr ud. Ftbs.— ( 9.13 ■ 9 J 7 T . 

World Wide Growth Management# 

103. Boulevard Royal, Luxembourg. 
Worldwide Glh Frfj 5TS1287 J-OJEJ — 



Mce* do not Include $ pmn jam, except where lodieaiod *. and are id pence unless otherwise 
lodictoed Yields 9. (shown (n foot cotamni aOotr for all btwing expanses, a Otiered prices 

include an expensea. *■ T ~ +«•>'- — < . « ■— ■* ■ - — ■ 

opening price, h Dirt 
1 premium Insurance, s uuen 

t7l v&t, J* 1 ** lDC .' u ^? s an ®*pauaei H bought inroueb manecers. 1 Previous Ktay'aprire. - 

Ne< 01 *“ on **" ltoe,s + c ^2d ^tawj*** * ndica,C £a' hUbisSSn M3P *”*“■ 9 . ’ 


548 +fli 
.591 +0 4 
-638 +08 
74.7 +01 
.793 +01 







03mtfaa3jie,Fiiataiiyazrn»aaM7DD - oi-aswm 

Hoii«m»lterFU._| 979 - . lG-T.Cap.lac 

For other foiKiK, please refer to TW LotUtad A I Do. Acc 

rtasehtotor- Grasp, -— G.T.lne.Fd. lta 

'G.T. yS-fc Gtei 

Windsor Life Assnr. Co. Ltd. 

1 HighEtrcto. Windsor/ • WUatartiBMajg-T. toCL egid 

Life Inv. Plans [698 

fm/SSaSSt. "0 I :.vT|-. 3 Iriut fei;cs> ‘ .. Menu Units Adrais- Ltft (g«D 

Ret .^od^ Pcns — .. 1.0689.. J — | - S.RaylcigaRi, Ereot-ood . (0S«l 33300 81 Fmntrtii SUtaiehraier 

nex lnv.Gratoh-Jim-^ -jjr a. a pmm- _ 550 Pdixam-tlnltx [748 

«7.9ld+( 98B 

Per New Coari Food fcMfifi Ltd. 
see RothaeUld Asset ttanagenat 
Norwich Union Insurance Group (b> ^ . . 

paBM<Nocwieb.NRiaNc 000322300 . i n ~ 

Group Trt FA „„._ PW 6 316.4df+g4| S58 Wiring Street, Belfort 023235331 

r uTraJLI. <biuw«-G««tt-.p4j sw m sj» 

*CirI Trust UQ* wKSnt) *v If m—--* Inniamf JL Hiumj ltd 

253 HfgbEoI born. WCIV7KB ^ 01-4058(41 * BIgCS. Uft 




§5 fiasu 


, (Accnm. Unfts) 

Ring WiDi» SLEC4R0AR 
6.40 Friar* HOC Food— 030.0 
7.91 WlritTGrtb-Fi«l— Sf 

Wirier Growth. Fund 

King William SL EC4K BAR 

^.r+^‘? S 5® S -lacoM Unite 1278 

7«t +0:71 S89 -AcctfflL Umta P08 .. 


I 4.9 

......I 38 

— J 3.4 


S3-4 £S 

1 Royal Exchange Ave, London EC3V 3LU. Tel.; 01-283 1101 
fades Guide as at 7th March, 1978 (Base 100 ai 14.1.77.) 

Clive Fixed Interest Capital 135.61 

Clive Fixed Interest Income 122.63 


t Property Growth 71*5 

T Vanbrugh Guaranteed 7.43% 

* Address phovrn under insurance and FroDcrty Bond Table. 

CORAL INDEX: Close 440445 

5-FiiMfcciaI Times Wednesday Warefa 8 1973 





to Group Wp-J 

i Lester Prats.*. 

,_— JBwSj 

IbrAan te — I 

flUrsueLd to. 

. IMlMjUA.. 
: Macpherwmffli. 
Majnmltfl Uw 
UnpnL AjU. 


ManteflLVjr a'_. 



Metal Bot£v_«;. 
Metal Closures- 

Morgan ftuciL. 
Morrallwbel. . 

Mcnitex I Op 

NteW. I.isfe 
K.CR. 4*. 93B8 
Kbw Equip, J9p?_j 

Newer GnwOr 



Office* Beet 

Ofrexap _ 


FhrSer Knoll 'AV 
Pauls 4 Whites,_ 
Peerage lGp- 

Pentos lBp 

De iy«{\.Ln.]iG 


Philflps Patents 


Photo- Me 5Cp._ 
Pitn'j Bowes Ln 
RaftteGmC tOpJ 
nnwraau5p. . 


Portals—..!.- „ 
Pulltaan RAJ. 5p 
RF.D. Group JOp 

Bank Organ, 
Redf earn Glass. . 



ReJyonPBWS — 


Reonore — 

Roehrar e.. .. 


Da'A — 



RtMtl Wares ..._ 
RasselLiAj 1C 

Sale Trim 
SangereGrp. — 

i BfcA'N-V- — 
. ySernw- 

, Do '-VN-V 

isaenM'Eta JOp- 
' t\V‘ 

. — ,_n*„ r . 



liras. 50p 
Law2Dp — 
jSonur,.— — 
lpanw(G.W QOp 

Mr: Potts. 

Stafloclnt-: — 
Slag Furniture— 

S Mari’ iaii 

m 2 Sterling IwisDjp. 
!- SteeWate™ 

MH, StcnehUl HMgL 
Mi Sumner fF.L 

-ft WE 

Swedish Match K50; 
Swire PadficUOc 

Mij fnilE 


35 rqye - 

91 Trafalgar R.2C 
2U, Trans-Un DBS-... 
48 Transport Der 
Tnrwfk Nit £l — L 
Turner Cart W 

UKOIntt -I 



JO Dniiewr 

J0i 2 l'n‘vN:VJU2 — 
lid Carrier? lOp 
U Guarantee 5p- 

.. • Vinter* tjp20jl_ 
5S 'W Ribbons lOp . 
19 Wade Potts lOp,. 
10 wyiatfHmr.SD- 
W* WHneniJas.tQ, 

§ ; - Waterford 5p— 
.1 WidstoTns.. ... 
44.. MmiU 19»M 

S : Sf^aSrtTto 

75 . BhanwnRAngri 

r* scobs. 


,!9.. ffiMUCUiS. 
79 : Do-lOpeCtov — 
s mniainsp.i — 
3* V WDlslGporgB)— . 
ft- . WitoaffritnnMlL 
J4 - WipnlBdS.3)p— 


13., Woodt 
i3 Wood 1 
M :Setters5p- — 




ii~ aiiiTTi Knm i^i- 

■ 'jEafiteSor 

tola *Ga lav SpJ 
Ji, " 

7 wStetCJEjajp- 




g BwniC&itifflp^ 
5; BeaiJ5p — - 
#“ Plwntt — — 

B ftondem-A' 


1NV. TRUSTS— Continued 


FINANCE, LAND-Continued 


L'edarlnV'— - 
Ctal Is. tic. £l 

Do. Cap 

CJisterTnut — 
CityriOitol — 
toplute lnv 

irnkaialSees. Itfd. 


Coaultslnv — 
.Pa.<CMpj1Jp — 




Do. Cots.. 

Da Far Easte rn 
DaPmrier — 







Eog. * Scot h iv_ 



Bgfa line 








i*Coi — 
JXrCaP— ^ 

60 fipaCoraam. 
fCener *1 Fundi— 

G«l Scottish. — , 

Da-B» — — 

J. to. 



_ ikMttl. . 

49 Grange Trtut — 
74*2 a.NorJi.'nfcv- 
Mi; Qreerfrlarlrrv—. 
24 Gres him Brr 
58 Grow Investors 
56 kkun&ubr.Tat— | 

61 r _ 


kiiir “• 

, Da-BT. 


. Do tf i 

«Udv — 


‘Japan . . 

g SctffiK 

I rfmgt 




rSW'*. - 

Lor ALennox.... 


.tovlandto^ — , 

M , |ifeiidial>.ap 


24 [Mooloystfli 

47 iKoorsatelnv— 
to Moara its Trust-. 
1600- WegttSASDSl. 
U J « LNewThrotlnc- 

24 | Da Cap u 


1828 Invest , 

h Nftn. American. 

66 I Northern Secs— 
48 foilAAssM-.Inv- 

38 LvnWKhlnv 

87^ iPerfilandlnv 
63 Hoe. Scs. Lit 50pj 
16 [PwiDckiniies 

baSSok Inv. .. 
foghtsilss Cap 
--AMert — 
Plate Def. 


KomieT Trust 


laieguard Ind._ 

Snd..ualcv top 
Scot ACouL lnv 
Scot. Ctfies -A— 
Scot East lnv. 

ScoL European - 

Scottish Inv 

Scot Mott ATS 
Scot HtHthem — 

Scot Western — 
{Sec. Great Ntlm. 

[bo -v 

BecuribesT Sc.. 
SeltriRiklM sra, 
Stares to 5ft _ 
teaewlllft — 

■re Inv 

[TinclOp — 

Split Cap iop. 
(StanhepeGen — 

[Teclin olog 








P*5tw egPw 

[KTropaiov — 




■ Tur’ 


i PaT- ...... 

.. Cardiffllnkl 

86 'BadMlmt— I 


























flft . 
















2 2 







I , 




TIM f 

" rT "* 

3ft ' 







— - 


6J 153 
5.8 26.4 
M 393 
4.7 291 
5.6 S3 
7.4 19.9 
Z9 5LA 

43 233 


48 (Tor bivesLlnc— 

[126 LD0 _ 

(560 ffrtbaoc to.50p. 
46i2 mp(etesilnc5i/p- 
92 I I&CapitalO-, 


94 [TraseesCorp— 
90 ftaeddeto. — 


13 -UtrLOtiitals. 
75*2 BSDrixCorp.—. 

Wratefbottam — 


Da’B' — 
Yeoman to— 

£ Yorfccrera 10p— 
49^ YojmgCo'sluvXl. 



t3 3 , 








-. t5.0 

93 « 

73 2Dif 

12 20.6 
73 221 

, 5.7 22.9 
“53 253 
47 25.9 
, 4.8 31.9 



• ttajedielnttlfc 
Martin fiLPia 
Mass Hit ART 


Nippon Fd.Stg. I 

Pmmbelft I 

Park Place to— I 
Pretabl-S ftvSO-J 
StC _ . 

I Scot L Mere ‘A . 

S£ £4><pc Ana. . 

SnrithRJoi— — 
i SnezItoNFIcn. 
Wstn. Select.: 
West d Eng 
Yale Carol 


Da 8% PL £l—| 

fentirv 1ft — I 
CTianer.-nflSp _| 
'« Cie Ft rerrele»3- 





2 ussoi^isai*] 

L*£MD -0p»"10p. 
Mamet Metals 10c. 
OrlExpl.1ft — 
Premier CCns. ft 

i RaagR-Oil 
l RjL Dutch FL20. 
Sceptre Res. 
Stau Trass. Beg.] 
Da7°iPt£l — 
T o3co4y iCgr. I 
Ultranar. — — 

Do. Tpc Cnv. . 
Weeks Nat lOrts.1 

0.9] 5.8| 

g22j0 3.0 4312.0 210 

fi3% B48 113 - 1 - 

- el6ZjZ 

-1 ' t243 33 

-ii’ljltlfr L9 11.81 

ZS.1 -H 03] - 

+9 -.W* f, |_ 

-10 1.92" 33j LW293 




-2 - 

r% 13.0| 831 - 
Ql^c — 

+ 1 | - — I — I — 


Hldi Low 

MINES— Continued 







Rhftfnronj. IPjp. 

Roan Cons. E4 

rangmnl^50p — 
tm. Prw £9p — 
WastaeCol Kh 1 — 

















Ctr Gffl 





8 9 



_ ' — . 

• 77 


Q3c IS 



— . _ 



giOc 4 


— . — 


L45 4.1 





Q9c 1.7 



QBc 1ft 




.. .. 

ttjlle V5 












Q15c 4ft 


Q6c L4 


— — 





+2 I - 1-1-1- 


For Booker Me 

: BonsteadilOpi— 


CLNthn.riO — 
Ho&nnn^-S ■ — 


rbwn.. — 

Jamaica Suc&r— 

Lonrho ... 

MitrhrilCr* - 
Nigerian Elec .. 
fkeaa Msnj- 2Up 
Fai’soa ZoU) 1ft J 
Do A* XV lft. 

IsteriBroi Sft - 
.. Da8pc'>v. Bl. 
jUCitr Mere, lft 















1 + 

















Bi71,.. n 
QI2*J 2.31 

xsm«Mi rS 

B.0jrUJi| 85 

44 490 
63 410 

Si M 

7fl 70 
62 :i5 
8.9 90 
9 7 7? 
33i 505 
5 7 160 

1 9 102 
34 95 
3.3 203 


l.\cBex25c. v 

RHSoctliSOtf. ... 



Himn m 
I Metals Es 5ft. 

|5U M. Hides. 30c _ 

[Mimnt Lvell 25e — 

Nmnetal 10c 

North B. HRPift — 

Nth.Ka]mnii — 

]baktoideelAl — 

(Pacllic Copper — 

IPmctarflSw „ 

Psrinsa M4Ev5p . 
twhim Creek at 


AmaL Nigeria 

Aver Kuans SMI — 

BeraltTip — 

Eer juntas SHI 


Gold A Bast 121 jp_ 



idrii I tip 






PengblcnUip — 


Sainll'irs.i. . _ 

S. .uth iTalo 'Op 


'■jhii JinL. 1 : .& 

Sun.11 Be‘1 r-I ! 

Supteriy i'«>rp 5V; 

T. iniocg ;v» 

Twnjfcir lir:-r SJSI 
monohSM! . . 


























a? is v 
















10 V 




W 12 



fw-TT fr 



ig’M 3c 





h Z 







IT 3 













2 B 


7 0 




wn-78 ' 

Kgh Low 


Price — 

34 Anglo- Indmxsn — 
43 Benam Cons. IQp— 

8 Brdi.Afrwai 

18 Bradwall ift 

82 CKtlefieldito 

25 Chersonese 1ft— 
75 Ceos Plants 1ft — 
28 GadekMalavlft— 

S Grand Central lOp. 


49 Hamaatair.EsllClp- 
36 Hkhlands JSDc... 
34ip Koala Kepoag MSI 

20 tr Kolia M50c 

40 Ldn. Sumatra lft.. 

31'a MalatoffMSl 

10 SSal3yalam lft 

12N MuarRjvey KJp 

53i> PDbUdoe ffldjs. lOp 
CLOU SungaJvnanil — 









5? 8 













2.4] 4.1 
1$ U 


|Mcwinar»M_. .( 74 |..„ |;i)3Qr| 1.9| J 


SurmaMinw ITij. 9 .... — — 

Colby MinerSn.. 60 +4 - - 

loot. Jluirh V9c__ ::0 -5 QJOc <- 7.8 

NotthgaleCSl 245 — — — 

RXZ.T. 165 +1 183 q3.1 73 

Sabina Ind?rS:_ 'IN -N — - — 

T32E.Tptn.Sl .. 7S0 — — —I 

TMidribnrralfii'p *ia 121 2.5 «.l 

Yukon Cpos-CSI— 123 Q7c 0 3.4 


I Coins aifaervltt ladicaied. prim snd off dirfalrada arw 1 b 
7 9 p.'0tc and dmsaiiuliHs vr 2Sp. bliluKd prlvr/orolnieB 
7 n [ ratio and cavers are baaed on latesi annonl reports and acceonn 
(. of and. where re* Bible, are updated on hatf-.veariv (ipm. P /E» iff 
* 1 ealmlatr>t ta lie basis ot nr*, disnibslloo: broiduCed tiKurrm 
Indicate IB per mtL or mare Oiflcrente if ccleulaled on nil’ 
dlrttibElion. Covers are based on - maximum - dlctrlbntion. 
Tleido art hMrd cn EXHldJe prtrev. are ennu. adjusted la ACT of 
h o si per rent, and illn lor value of declarrd dlstribuUaec and 
30 rtsbts. Jtetnrltlen wllh denmnlcashnw other than sterling -are 
5.8 qtiated inehuhre of U>e icvmmrnl dollar premium. 





India and Bangladesh 






Assam Frontier £1.. 





Assam Idvs.£» — 





Empire Plaifislflp- 





* v . 














15 08 



22i ? 

♦FI 72 


narren Plants. — 


P13 0 



WilliansonCl — 








Sterling denominated reran ties which Include inrcjtmmC 
dollar premium. 

“Top“ Stack. 

HlRiy. and Low* marked thus have been adjusted to allow 
tor right*. lv«« Idr cash, 
t Inierim siacr increased or resomed. 

] t Tnlcrtm ninee reduced, passed nr deterred. 

* t Tas-ttec to non-res-iuenis on appiiectlaa. 

C> .Figures or report awaited 
n Untitled vecurKy. 
f Price at uw of m-, pons ion 

5 Indicated dividend after pemting '.crip aad.or rights Issue: 
cover rdulvo to preriou^ dludend er tore cosL 

133 1 ** Free ol . r Ump Dure 
7.3 ‘ J 



Sri Lanka 

+ i - _ _ - 






iSM L0[ 

+‘2 - J^-TT 


, - , 13 ' 0 , 









f335 1 l.Oi 7.4, 

59 (LanuiaEI.- 

-I 133 | | 55 | M 66 




23 35 

20 82 
4> Mi 


Durban Deep RI — I 
East Rand r 

- 355 


, _ 


- 380 



i. £355, 







+U 2 











Greta lei 30c — 



O ?4c 



Kinross Rl - 






iLtslie 6x 

■ 44 





Marie, rie SOSO — 




&. African Ld. 35c- 





VlabfontemRl — 





KlnkelhaakRO — - 





WL Nigel 25c 





DoontfonfonK _ 




Kloof Gold Rl 




Vaal Reefs 50c 

VentoftostBl — 

I W DrieRl — 

Western Areas Rl _ 








£ 11*2 





£ 12 \ 






*2 ‘ 



















♦ Merger Lid or reargmusatioa in proeretn. 

6 Not comparable 

4 Same interim' reduced final sud or reduced earnungi 

Forecast dividend: ca«-er on enmings updated by latest 
interim -.Uiiemcn: 

dal ' *-B\tr allows fur conversion of 'hare-. w.t now routawt fw 
9.9J dwidends or ranwiun> l« nnu\d«d dnutend. ' - 
Cover doe«. nni ulrsir tor sli VJt which may also rank tor 
dividend s: c laiure dite ?to C C ruiio uwially provided, 
f Excluding .*> fmJ dm dead Mirdlici 
4 Regional price 
II No pur lain-. 

a Taj free b Figures tosoa on rra pert us or oUw official 
estimate c i.*ow« d Dm,jenii rate paid or n.iiifcle on pjirt 
of capital, eoivr>d on fiividcnil on full capital, 
e Redemption ; icid I r'la! : ieM x .CvuiuliJ uividend and 
yield, b Avaturvd di*. menil vni j 'eiil al:er scrip U.uc. 
j Payment Irem ■ or 'c-urve? h Kenj's a Interim higher 
thnn prerunii luia'. n ibriia :»sue pondatg y Earning* 
based on prelim n.-jy ligure; r Av.tra'ian mrreitCy. 
s Duidend and yield evclude s -.pecl/il pa>menl 1 InJimled. 
dKIdend: relate- lu pro mus iln'idcnd. F E ratio based 
on latest annual ■-armng'i u Forecast dividend: based 
on previtMLs year'- earring- v Tax tree up to twp m tlic i. 
w Yield allovN for currency ■ Dividend and yield 

bwed on mereor terms r DiviUemJ and yield include a 
special partner.! I’ovcr doer, rut apply to special payrecnL 
. . . A Net dividend and yield. B Irelerea-x' divndund passed or* 

35J 5.91 deferred. C Canadian. D t'enurand !■ E ratio exclude pro! its 
5.8 1 of U.K. aova-pare subsidiaries. L Tssjl- pnee r Diuncnd 
and yield based nn pro. - .i>eci-ar nr other oil. rial CM1 mates lor 
1SR7-78. G Vssumed dh idond and yield alter pending scrip 
and/or right' tjsuc. Ii HuMcTtd anj yield based on* 
prospectus or o: be- official crtintaiir- tor IffPJ 77 K Figures 
hared on inxvde or oiN.-r ofGci-l c-umaics tor lirta 
to reitldend an,l yield ha.vri on pro-puenis or nther oOicinl 
estimateti for lti7u *: ftiv-.dend and nuld based on pnispCvtua 
dr ocher official edimates tor tfCP P ntvtdenJ and ;.1?!d 
based on jco-.[v.(.!u. or olhur eiiieial C'tim.r.c.' for 1377. 

_ , R Cho.Vs T Fioure: xbumed l" No . i.mdieont torpor, iSon. 

Tae payable. J l»i , .nioml tnUil tit dale fv Yield based on 
4.1 assumption Trea-uty bill Rule stays unchanged until matunty 
|325 ot WocV. 

29^? Abbreviations, we*, du lie.ud a: cv ts- rip issue: r ex rights: new 
6.9 all. a ex capiul di:tntoPon. 

“ Recent Issues ” ana •* Rights ’• Page 40 

| This service is siaibMe fo every Cciapeny dealt in ms 
j Stock Exchanges througboitt {be Veiled Kingdom for a 
fee of £463 per cczuat for esrh security 





The following is a selection nf Lnitnor. mmuttons of shares 
previously listed on*- tr r egion j I markets Pnees of Irish 
issues, most rii utucli are not .■'Tietaily listed in London, 
are as quoted on the !rivb w-chango 



42 33.6 ] 

77 1B.9 1 

ftee State Dct,5Dc 




Pres. Steyn 50c — 
a Helena Rl__ 



; WJiolchnpaJc — 




,+iy 1 









8-8 Albany lav 20p 
33 Ash Spinning 

63 Bertom— 

6.7 Bdg‘wtr.Sst.50p 
Clorer Croft .... 

Craig t Rose £1 
DywotjCA.!.. .. 
Ellis AMcHdy., 
Evans fvh.ldp. 

7 .i Evercd... 

« toted 

3.61 L^£stB.£l._. 
7.81 HoltiJos.'JSp., 
Lb| Nliut-Goldsimlb! 
PearceiC. H.l.. 
Peel Mills - 












15 : : 













ShetT. 2e;r:hint.| 
Shiloh So:nn ■ -1 
Sirdall , .Vnj i....| 


fonr.Pi ‘80,82 

.\roett. .. 


ClondaSkin 1 

Concrete Prods 
ticitcn< Hldgs t 
lr-t Cora 




Insh Ropes — - 



T.M.G , 

I'prdore.-™.— J 


















Finance, Land, etc. 



AmtoarTsL lOp- 

R rtUrnmfl AtTCW. 

Ctraaffl S&t lp. 
DawtayDay— — 
Edin. WHS'S*. 
Si Lands lOp — - 
HfflicoTnia — 

Swatalft — - 
LaaeulHHi. Ift4. 

60 tU.ftG.EU9.ft.IJl 

20.0 I 4.7113.91 








3^ 6.4 

20 4^1 

Aug. Am. Coal 30C- 

Angki.Anter. iCr., 

I AuftAHLGoldai- 


Charter Cot®. 

Coos Grid Fields- 



Middle VitSe 


IlH U 9.M 3.7 

tsm M 

PtlmoXV Flsg — 
SetetionTrvst— ' 

, Seamtaioe. 1 

[33 aivennmaSljp— 

[925 rraaLQositS]- 

UC Invest R| 

Union Cdfjn.825e- 



3-mcsth Call Estes 

. Da4ftcR.R5 


£321# I 





. 322 






. 67 

* - 88 





A. Brew 

a.p. Guveotui 


Babcock J, 

Barclays B&nh. 


Boots Drug 


British Oxygen 

Brown (J.i. w 

Burton ‘A’ 


' ^ 

Pebcohams— ! 
Di Still OTS —_. 

i-2 uuniop„ 

7.7 Eagle Star. 

02 E.M.T 

<3*. .Accident 
C«t- Eltctne„ 


Crand Met 


Cuardton ...„, 


Hawker Sidd ..I 

Hotseri Ptaser 







1CI .. 




KCA . 
Laubrokc — 
Le^alft 'Jen. 
Lex Sen ice 
Lloyds Ban!; 


London Brick. 



Ivons 1 J 1 ! 

llrioL ft Spncr 
Midland Bank 
NaL 'Ant. Bonk. 

£k«. Warrants, 

17 fPftO Did 



Rank Oris. ‘A 1 .. 

Reed lntl | 




Trust Houses- 

Tube Invest ... 


Ltd. Drapery- 

V iegon — , 


Brit. Land — I 3^1 

Cap. Couaiiofi. 

Ej“. ■ 

Latid Secs... J 
?.^PC, “ 

Pea cl 

Samuel 1 
Town & CiIJm 

Brit Petroleum- 
Burmah Oil. 







Charter Con*. ,1 12 I 
Cons. Gold. ,WI 

Rio T. Zinc., 

'A selection nl Options traded is given an the 
London Slock Exchange Report pa gw 




LONDON, SW 1 TEL: 01 -834 6890 

Wednesday March 8 1973 

a omrssnHftSMsu* 




- — . 

ao«Mm awoawEA tt. mmm w 

- lBUpSMMT432t lA£KIBno 


-J* 1 

Price rise 
by steel 


ENGINEERING and other metal- 
using industries fare price rises 
of up to 12 per cent for some 
British Steel Corporation pro- 
ducts during the nest three 

Plates add long products are 
most likely to be affected, with 
Sat products, vital for the motor 
industry, unlikely to suffer such 
big increases because of weak 
demand and competition from 

A clear warning that British 
steelmakers intend to pursue a 
baider pricing policy, now that 
the EEC industry- is underpinned 
by the imports restraint plan 
designed by Viscount Etienne 
Davighon, EEC industrial com- 
missioner, was given yesterday 
by Mr. Bill- Richardson. British 
Steel's manager for contracts and 

He told steel men at a London 
seminar that the prices of some 
products would be raised between 
April and June and that British! 
Steel would also work towards! 
greater comparability hetween ' 
British and other EEC steel j 

He mentioned no figures, but 
steel buyers are working on the 
assumption that some rises in 
the next three months will be as 
much as 10 to 12 per cent 

Mr. Richardson said that 
British steel prices could be ex- 
pected to keep pace with the 
European Inflation rate. But 
British Steel did not regard the 
Davignon plan as a licence to 
raise prices simply in order to 
eliminate the Corporation’s 

De Beers acts to cool 
gems speculation 


DE BEERS, the South African 
group which is a major diamond 
producer and whose Central Sell- 
ing Organisation dominates the 
international market in rongh 
stones, yesterday acted tO cool 
the overheated gem market 

“There has developed in re- 
cent months a high level of spe- 
culative trading . which has car- 
ried the price of rough diamonds 
in the open market to levels 
which are not justified in rela- 
tion- to prices at consumer 
levels,” the company said as it 
announced a substantial profits 

** Stocks at inflated prices have 
accumulated in the cutting 
centres and are largely financed 
by bank credit which is now at a 
level substantially higher than 
that needed to finance the normal 
working of the industry. The 
market should be alert to tbe 
dangers inherent in this 

Rough diamonds move into the 
International market through ten 
sales held in Loqdon every year 
by the central selling organisa- 
tion. Despite price rises imposed 
by the Central Selling Organis- 
ing in a 17 per cent, increase in 
December, they have been chang- 
ing bands at a premium of up to 
50 per cent on the selling organi- 
sation price. 


The company seems reluctant 
at this stage to make another 
price rise for fear of .inflating 
values in the cutting centre still 

De Beers and its selling 
organisation have maintained 
their primacy over the mar ket by 
being able and wilting to carry 
stocks in lean times’ and by 
funnelling stones on to the 
market at a rate which can be 

absorbed, a build-up of stocks 
outside their immediate control 
threatens their position. 

Speculative activity has been 
most marked in Israel, where 
diamond traders have been 
attracted to- holding stocks 
because of the weakness of the 
Israeli currency and tbe fluctua- 
tions of the U.S. dollar. Tbe 
result has been to create artificial 
shortages within the trade. 

Diamond traders working on 
credit have become vulnerable to 
a downturn .in the jewelleiy 
market, because it is the high 
demand over the last two years — 
especially in the United States, 
Japan turn Germany — that has 
underpinned prices. A downturn 
could result In burned fingers 
and dislocation of the established 
pattern of .diamond trading. 

Dd Beers last year ma de a net 
profit of R633-5m- (£376.9), 

compared with R337ra. in 1976. 

Mining News Page 28 

Ten-company options 
for London market 



Mr. Eric Varley, Industry Sec- 
retary. has tforecast that British 
Steel will lose £520m. in the 
present financial year. Mr. 
Richardson hinted yesterday that 
the losses might be contained at 
below £500m. But he added: “We 
still have one or two hiccups.” 

Negotiations are going on 
between the EEC and “third" 
countries whose steel industries 
export into the Community. The 
object is to secure bilateral 
agreements on prices and ton- 
nages. Tbe EEC is willing to 
allow third countries a price dis- 
count of. on average, 5 to 6 per 
cent, in fhe Eurooeait market, 
but it is proving difficult to reach 
agreement on tonnage quotas. 

Mr. Richardson said ’that ton- 
nage would be the major stumb- 
ling block in the third country 
negotiations. “The fact is that 
importers canrmt expect to go on 
increasing their market share In 
a falling market, while the 
domestic producers cut output.” 
The cutbacks in steel imports 
from third countries should be 
considerably higher than tbe 10 
per cent, mentioned in some 

The same seminar, organised 
hy Metal Bulletin, was told by- 
Mr. John Safford. director of the 
British Iron and Steel Con- 
sumers' Council, that steel wing 
industries could not accept that 
British prices should be higher 
than the Davignon guidance 
prices simply to enable BSC to 
reduce the scale of its losses. 
That would put Britain at a com- 
petitive disadvantage." 

OPTIONS IN shares of ten 
prominent British companies are 
expected to be dealt in when 
the trade share options market 
opens in London under the 
auspices of the Stock Exchange, 
probably early in April. 

The ten are British Petroleum; 
Commercial Union Assurance: 
{Consolidated Gold Fields; Conr- 
tanids: GEC; Grand Metro- 
politan; Land Securities 
Investment Trust; Marks and 
Spencer; 1CI: and Shell Trans- 
I port. 

I it is hoped later to increase 
{the list to between 30 and 40. 
[Trading in share options, already 
developed in Chicago and other 
markets in the U.S., and else- 
where, introduces a new dimen- 
sion into investment facilities. 

It enables investors not only. 

as at present, to buy options to 
purchase shares in future at 
pre-fised prices, but also to trade 
in the options themselves. 

Although little has yet been 
announced about the London 
venture beyond the Stock Ex- 
change’s firm backing for it, pre- 
parations are at an advanced 

A separate venture in traded 
options, the European Options 
Exchange, opens in Amsterdam 
on April 4, trading initially in 
options on shares OF nine com- 
panies. three Dutch, three 
British and three American. 

The London options market, to 
be conducted from a podium on 
the Stock Exchange floor daily 
between 10 a.m. and 3.30 p.m„ 
with no after-hours pealing, is a 
more restricted and substantially 

cheaper enterprise than the 
Amsterdam one. 

•The London market is not ex- 
pected to cost more than about 
£200,000 to set up. 

A number of restrictions ■ are 
planned in London to counter 
any risk or malpractice or mani- 
pulation. •' 

Options will be limited to 10 
per cent of the share capital of 
the underlying security, and 
there will be. curbs on the num- 
ber of options of each type which 
any individual or group or indi- 
viduals can have. 

Although no decision oo com- 
mission charges have been taken, 
it is virtuaVy certain that com- 
mission will based oo the cost 
of (he 'options, and not on the 
va tie of tbe underlying share, as 
in the existing a on-tradeable 
options market 

Chief registrar forbids friendly 
society to enter new contracts 


DRUMMOND Assurance Society, 
the friendly society managed by 
Drummond and Company, insur- 
ance brokers, has been forbidden 
by the chief registrar of friendly 
societies from accepting new 
members or from entering into 
new contracts with members of 
the society. 

The order was made yesterday 
under section 88(1) of the 
Friendly Societies Act, 1974. It 
is the first time the registrar has 
ordered a society to stop accept- 
ing new business since he was 
given the powers to do so in 

The registrar said yesterday 
that, first, tbe amount spent on 
management of the society was 
an undue proportion of the 

society’s premium • income. 
Second, it lacked independence 
of operation since it had officers 
who were also executives with 
Drummond and Company and 
Drummond Investors — two com- 
panies whose financial standing 
was in question. 

The society was registered 
under the 1974 Act on October 
18. 1976. According to latest in- 
formation available to ' the 
registrar, it him about 280 policy- 
holders and assets of £16.500 held 
by Midland Bank Trust Company. 
The death benefits under the 
policies are re-assured, and the 
society's investments are in units 
of funds managed by notable 
financial institutions, such as the 
M and G unit trust group, tbe 
Scblesinger group- nod Roth- 

schild's New Court fund. Thus 
the solvency of the sopiety does 
nqt appear to be in question and 
existing benefits are- secure. 

Drummond Assurance Society 
is the investment vehicle for the 
Drummond Life Assurance Bond 
— a unit-linked bond marketed 
by Drummond and Co. which, 
though it operates as insurance 
brokers, does not,, apparently, 
belong to any professional body. 

A feature of the scheme, with 
its investment Into the units of 
other financial institutions, is 
that tbe tax exempt provisions 
allowed to friendly societies 
apply. Certain investors are 
taking legal action against 
Drummond and eo. for the re- 
payment of money deposited 
with the company. 

Layoff for 
850 Ford 
tractor men 

By Arthur Smith, 

Midlands Correspondent 

FORD is the latest U.K. tractor 
maker in announce short-time 
working in response to the fall 
in world demand. About 850 
production workers at the com- 
pany's Basildon, Essex, plant will 
be laid off* for two days before 

Management last night warned 
that a similar two-day stoppage 
might be needed next month. 

The company blamed fluctua- 
tions in world' markets far the 
setback. The Basildon factory, 
which employs 4,000, supplies 
engines, hydraulics and rear 
axles for Ford tractor assembly 
world-wide. The plant built 

47.825 tractors last year — more 
than a third of Ford's world 
sales. | 

Massey Ferguson has 

announced that nearly all 4.SOO j 
workers at its two Coventry • 
plants will be laid off for the 
three working days of Easter j 
week. The shutdown will be i 
extended into the following week I 
for the majority oF machine shop’ 
employees. The company has: 
warned that a further closure of j 
Coventry operations will almost 
certainly be needed before the 
end of next month. . ! 

International Harvester is | 
seeking the equivalent of 310 
redundancies at its Bradford 
plant, largely because of the | 
collapse of a contract withi 
Turkey to supply 2.500 tractors I 
and 4,000 sets of Components a l 
year. . I 

. The deal was overturned by I 
the decision of ifie Turkish I 
central bank to restrict imports. 
There are no plans to reduce ; 
labour at the company’s j 
Doncaster plant, where 4.700J 
make bigger tractors and other) 
equipment. j 

Feature Page 23 

Yarrow men beat pay guidelines 


shipbuilding workers has beaten 
the Government's pay guidelines 
by winning a fair wages award. 

Nearly 4,500 manual workers 
in the Yarrow Shipbuilding yard 
on Clydeside ended a month-old 
overtime ban yesterday after be- 
ing told of the decision by tbe 
Central Arbitration Committee 
— a permanent tribunal set up 
by the Employment Protection 
Act to adjudicate on claims 
under tbe Act and other legis- 

The award comes on the eve 
of to-day’s meeting in Newcastle 
of the Confederation of Ship- 
building and Engineering Unions 
at which tbe financial position of 
the industry is likely to be dis- 
cussed in relation to wagOs in 
the nationalised yards. 

A series of fair wage claims 
have also been lodged with the 

committee by workers elsewhere 
in the industry. 

Like the Yarrow claim, -they 
will be justified on the Fair 
Wages Resolution which stipu- 
lates that companies engaged on 
similar Government work should 
pay the same to their workers. 

Such claims have been 
prompted this year by the Gov- 
ernment pay restrictions and the 
fact that it is now easier to 
justify an award since the nat- 
ionalisation of the industry. 

After a variety of awards cov- 
ering about 5,000 workers in 
Swan Hunter earlier this year, 
it is thought inevitable that 
further claims will be lodged, 
particularly by Tyneside ship- 
building workers. - 

Under tbe latest award, in 
what has emerged in recent 
months as something of a major 
fair wages bandwagon ' in tbe 
shipbuilding industry, the 
Yarrow workers have gained a 

similar increase to that achieved 
earlier this year by L200 staff at 
the yard. 

They won a 10 per cent 
increase on top of their latest 
wage rise of 9*32 per cent., after 
claiming a disparity between 
their rates and the rates of those 
doing similar work elsewhere. 

While the staff used the 
Employment Protection Act, 
Scbedule 11, tbe manual workers. 
4n common with those at the 
Swan Hunter Tyneside yard 
earlier this year achieved the 
same result under the 1946 Fair 
Wages Resolution. ’ 

With about 5,000 manual 
workers at Scott LIthgow having 
also won a fair wages increase, 
the bulk of claims by Clydeside 
workers in ifatiosallsed yards for 
extra rises thfe.year have been 
tied up. 

Swan Hunter inen return 
Page 8 ’ 

set to 

By Jurek Martin, US. Editor 

PRESIDENT Jimmy Carter’s 
attempt to get the unionised 
coal mines operating again met 
predictable obstacles today as 
both miners and employers 
showed signs of resisting his 

Even though the legal orders 
Implementing his invocation yes- 
terday of the Taft-Hartley Act, 
putting the miners back to work 
for an 80-day cooling off period 
will take effect only on Thursday 
at the earliest, informal surveys 
suggested that a majority of the 
members of the United Mine 
Workers Union would defy tbe 

In addition to. their deep re- 
sentment of the non-wage ele- 
ments of the settlement which 
they have overwhelmingly re- 
jected. the miners are incensed 
by tbe President’s refusal to 
order: seizure of the mines simul- 
taneously. ... . . ' -• : • . L 

The Bituminous Coal - Opera- 
tors Association recommended 1 
to its members that the mines 
be re-opened but only under the 
terms of the old 1974 contract 

Yesterday Mr. Carter said he 
hoped to find a way for miners 
returning to work under Taft- 
Hartley to be paid wage rates 
designated in the rejected settle- 
ment, which would have provided 
for a 37 per cent increase over 
three years. 


The statement put out by the 
Operators Association, which 
claims that it had no discussions 
with the Administration about 
the proposed “ sweetener " until 
Mr. Carter made ' it public, 
merely said retroactive wage 
payments could be made where 
individual settlements were 
reached in the course of the 
cooling off period. It also sug- 
gested that the Government and 
union should produce a new bar- 
gaining formula. ‘ 

In the face of this intran- 
sigence from both union and 
management there was renewed 
speculation to-day that President 
Carter might yet consider seizure 
of the mines. 

At briefings yesterday senior 
Administration officials ruled this 
out, arguing that seizure, while 
more palatable to the union, 
would involve a time consuming 
legislative process and be an in- 
ducement For miners not to 
comply with Tatt-Hartley in the 

But Mr. Ray Marshall, the Sec- 
retary of Labour, was much less 
adament in a television interview 
last night. Though he argued 
that a combination of seizure and 
Taft-Hartley “tend to neutralise 
each other.” he said the Adminis- 
tration would have seizure legis- 
lation prepared If necessary. 

Mr. Arnold Miller, the be- 
leaguered head ; of the Mine- 
workers Union, said he thought 
some miners would go back to 
work “hecause they are law abidr 
ing citizens." 

Canada’s borrowing requirement. 
Page 4; Feature, Page 22 


Unilever’s pre-tax profits turn 
out to bo right in the. middle 
of the range of market expecta- 
tions at £5 51m., a decline of 10 
per cent on 1976.. The profits 
of the fourth qizarter sre down 
6 per cent oo a constant ex- 
change-rate basis at £125 bi 4 -but 
after, allowing for 'currency 
movements and a £i3in^ekarge 
for exceptional''' ,pMfyi5ietis-^ 
mostly . relating to meifeorgah- 
isation of the Dutch; -busi- 
ness — attributable /profits* for 
the final period are "an ^eighth 
Iowa at £62m.T 

The 1977 figures ere . also in- 
fluenced by the reduction in 
Unilever’s shareboldmgin UAC 
Nigeria £rdm60 ; to40 per cent 
— on a comparable basis operat- 
ing profits for this .year would 
be. up 6 per cent Nevertheless 
the overall picture is not inspir- 
ing. The group’s important 
European markets have - been 
depressed and sales bare actu- 
ally declined in volume. terms. 
The 11 per cent sales- ripe for 
the group as a whole, is fully 
accounted for by price increases. 

With the exception 'of the 
Upton business in the tLS., the 
only areas of real -growth have 
been in the developing '-coun- 
tries. Lever Brothers, Unilever’s 
U.S. detergent business; had an- 
other poor year. 

- So the outlook for-a substan- 
tial improvement Hoi. profits de- 
pends very much on Europe. 
Although outside .. analysts are 
forecasting a IS. per cent, in- 
crease at the pre-tax -level for 
1978. there are still few signs 
that the necessary boost in con- 
sumer spending. - throughout 
Europe is around the comer. 
On an unchanged price of 482p 
for the day, the sfiares are on a 
P/E of just under-7, and the un- 
restricted yield would - be 6*3 
per. cent. In to-day’s market 
there is nothing special about 
this rating. " : ' 

Eligible Liabilities 

The gilt-edged market picked 
up a litle last night on eligible 
liability figures which were less 
buoyant than predicted by some 
of those, who had anticipated 
substantial window* dressing by 
corset-fearing bankers. All the 
same, an advance of 1.4 per 
cent, is far from satisfactory, 
coining on top of the rapid 
growth in other recent months^ 
It looks as though the money' 
supply figures, when they 
appear next week, could show 
a rise of the order of- 1 per 
cent ii) sterling M3, seasonally 
adjusted, and this would lead 
to an annualised growth rate 
for the April-February period 
of around 14} per cent- still 
well above the top-of-the-range 

Index rose 13 to 444JL 

44r ^UL BUNKWfi sector: 



1977 781 

target figure of 13 per cent. 

There is no immediate sign, 
despite a modest slackening 
compared to January, of an end 
to tbe burst of rapid monetary 
growth which has been reflected 
in an annual growth rate of 20 
per cent in sterling M3 since 
August The prospects for the 
March banking month,- which 
ends in a week’s time, have been 
dented by the absence of signifi- 
cant gilt-edged sales by the Gov- 
ernment since mid-February- 

Still, a monetary problem 
which results mostly from low 
Government debt sales is in 
tbe course of time likely to be 
self-correcting as liquidity 
builds up. And there is no sign 
that an unduly high borrowing 
requirement or buoyant bank 
lending (clearing bank advances 
rose at only a moderate pace in 
February) are causing trouble. 
So with the long tap — taking 
the Government Broker’s last 
effective price-— only about £ of 
a point above the market, and 
with .the new short tap also 
ready for action, the authorities 
are better placed to take 
advantage of any good news 
than for a little while past. 

' They are unlikely to allow 
any demand to push the marker 
to significantly higher price 
levels, however. Confidence 
would be too brittle ahead of 
the Budget— just five weeks' off 
—With its declaration of *he 
tiscaJ and monetary targets for 

BSR - 

Last autumn BSR caught the 
stock market off-guard by post- 
ing a £0.9m. drop in interim 
profits and ever since then 
analysts have been revising 
their full year profit forecasts 
lower and lower. Instead of 
being £5m. or so up on 1976, 
as was widely anticipated just 
six months ago. BSR’s pre-tax 

profits .are in fact & 
at 320.3m. But the' 
been discounting 
bade and they dosed' 
at 90p last night. 

8.0 per cent and a> 
53 contrast sadly 
group's former glafi 


U.S. sound ... 
ness has suffered^ 
the weakness of tti 
although North Ax$ ' 
volume was- up byx 
was offset by sharp 
Europe, the U.K. an 

Stripping out th 
rate movements th- 
BSR’s sound rep roc 
sion stagnated. Ti 
has subsequently ii 
prices by 8-10 per 
another 5-S per eer 
pipeline, so even if 
increase in sales y 
year profitabilitj 
recover. Meanwhile 
consumer products i 
to absorb a £0.5m. 
the recent Judge Ii 
acquisition but this 
hack into the blatf 
and the group as a v , 
be able to push j-‘ 
above the 1976 peal 
helped by some . 


At the last posstij 
Comet gas increase 
for Henry Wigfall* 
an eighth to £14.2q 
per share. This timii 
cant. Its only real h 
ning the day is to 
resolve of the s, 
controlling 45 - pbl 
Wigfall ( directors, Iff' 
and friends) who h 
approaches. So its 
been to take the / 
heat out of the afl J 
the market show how, 
Wigfall could be wifi 
Before yesterday's j 
ment, when it seei. ; 
that the initial.** 
lapse. Wigfall’s 
down to 196p. 

On the basis 
figures, the new.i 
generous. Even af. 1 
round. Wigfall’s pr.I 
half-year to next As 
expected to be much 
£ljra. Suggestions 
rental assets could 
nearly £25ra. are irre 
less it can show that 
profits are going to 
substantially, or tfaa 
else is prepared to * 
But at the moment t 
is that Wigfall's def 
probably hold. • 



Big Fleet Means Business 


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Bright at first, rain possible 
later. Max. 8C (46F). 

Wales. N.W. England. Lakes 
Cloudy, occasional rain, clear- 
ing. Max 8C (46F). 

Scotland. Borders, L of Man. 
Orknev. Shetland 
Cloudy, rain and hill f og. 
clearing. Max. 6-8C (4346F).. 


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•C ®F 

Continued from Page 1 

Rhodesia border conflict 

Rhodesian attack was simply 
directed against a Zambian 
array base, for il would serve 
little purpose other -than to 
burden the Zambian Govern- 
ment's stand. 

Last month Rhodesian troops 
were reported to have made two 
raids in swirt succession on 
Zapu forward camps oo the 
Zambian side of Lake Karlba, 
in which over 20 guerillas were 

Although denying the raids, 
the Zambian Government did 
announce the deaths of eight 
Zambian soldiers in a landmine 
explosion. Observers believe 
tbe mines may have been laid 
by retreating Rhodesian forces. 
At least three Zambian civilians 
also died in land-mine explo- 
sions in -the same area last 

Our Foreign Slaff writes: 
Rhodesian military headquarters 
confirmed last night .that Rho- 
desian forces had entered Zam- 
bia in an attempt to pre-empt M a 
large scale incursion” from “a 
terrorist base” inside Zambia. 

All military information from 
Rhodesia is now subject, to 
censorship, but Reuters reported 
from Salisbury that according to 
a military communique a group 
of guerillas had crossed into 
Rbodesia “and committed atro- 
cities against the civilian popu- 

Guerillas had been observed 
rehearsing “boat-crossing opera- 
tions” on the Zambesi river, and 
as “it became apparent that this 
group Y/as -the -forerunner of a 
large incursion which was -in the 
process of being mounted, a self- 

defence operation was launched 
against the terrorist base." 

The communique said that 38 
guerillas had. .been killed and 
large quantities of Soviet-made 
equipment captured or de- 
stroyed. There were “no Zam- 
bian forces or civilians in the 
terrorist base at the time of the 
attack " and . ail Rhodesian 
soldiers had now returned, the 
communique said. 

Meanwhile in New York, 
where the Security Council de- 
bate on -the Rhodesian issue con- 
tinued last night UN Secretary- 
General Kurt Waldheim strongly 
condemned tbe Rhodesian attack. 
It is not cleah whether the Afri- 
can group will- go ahead with 
a -resolution seeking . outright 
Security Council condemnation 
of the Salisbury settlement. 





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