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the fug lighter 

No. 27,505 

Thursday March 9 1978 **nsp 





Building & Civil 

AMumbtrTif rte Esp!ey-T',ii.-GfOBjj of Cnapuu*j 

PO Bor. 0. Park. H*l(. S»i;o(d P?ior»;E««tbattu 
VVOfC»n*r»hir*. Tel: Bid1or<J-*ft-AvOrt 
"(073983) 3721*20 line*) 




3 -U;.; 

m\m I 

^x.-Ty.z t j 

i \ 

Callaghan to meet 


New me Schmidt on Sunday 

in gold; 

eanities tO 01SCUSS SUmiHlt 

- YEY ~± 

234 — THE DOLLAR— j- 

■| & Day's Close I • _ 


. .. ft 

/ I 

up 2.6 

• GOLD rose $2.75. to $189-625. 

niissiBs Beleian indnstria- the ^Shest dosing level since 

December 30. 

Kidnapped, the Antwerp w * ched a record, stedmff Price 
c prosecntor-cflinfirnied last , — freiTMyr jiv.' ' ■ / - % 


Mr. James Callaghan and Chancellor Helmut Schmidt of West Germany arc 
to have private discussions in Bonn on Sunday in a surprise attempt to break 
the stalemate that has affected Western economies in recent months. 

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4wf-^ ' - • 
M* - * .;• 

■on Bracht. who . has 
*sts in cotton and oilseed 
ations . in 'Indonesia and 
'sia artff property in 
um, left Ida home on Tues~ 
lorning. but never reached 
ntwerp office. According to 
is agency, . he was seized in 
joipany’g car park. 

• disappearance of Rarou 
X comes sis weeks after the 
p or-ahother Belgian baron, 
ird Empain, In Paris, 
jh not so wealthy as the 
. Mss in g millionaire Baron 
in, Barpn Bracht controls 
ublic companies. Page 3 


of £124 ^ 0 m eaute, while 
»<r ftpntonrikA SILVER prices also advanced— 
» senicnc “ 8 boosted by the rise in £0?d and 
lichard Kemp, a chemist, concern about weakness of the 
Dr. Christine Bout, key dollar. Page 39 - - 

s in a multi-minion pound 

• • involving the drug LSD, • STERLING fell 35 .points 
jailed- for 13 years and nine against the dollar to $L9340, but 
respectively at Bristol ^ trade-weighted index was 

‘ unchanged at 65JL , BoHaris 

cn 13 years ana two years, 

ided, were imposed bn 15 tode-weighted derogation 
people. The "prosecution' narrowed to 541(5,47) per 
d that a London house, cent. •' ? ■ 

ed in the trial, produced _ _ __ ■ .u- - - v • 

r cent, of Britain’s LSD • further gains. 

The FT Government. Securities 
,-V Index advanced 0^1^7527 for 

tin inquiry a threeday xlse of 03L: ; :; 

i* officials have started, to # EQUITIES were also Stronger 
t» records of Kagan Tex- but closed below the day’s Best, 
jrjr raiding the offices of The FT 3^Share Index,, «2 
w.^pany. headed by Lord at BOOUt dosed ^ 4^.7^ 

te?*nS? 5 SW. ■** 531 ^ «*• 

The meeting, arranged at the 
Prime Ministers suggestion, will 
be aimed primarily at preparing 
the ground for the European 
sumit in Copenhagen 00 April 
7 and 8, which so far does not 
look promising, and more 
significantly, preparing for the 
economic summit in Bonn in mid- 

As well as discussing pros- 
pects for world trade and for 
combating international unem- 
ployment, Mr. Callaghan is known 
to be particularly anxious to try 
to end the strains .and ill-feeling 
! apparent between West Germany 
and President Carter’s Adminis- 
tration recently. . - 

la addition, the Prime Minister 
has become increasingly worried 
at signs of a 'move towards inter 
i national protectionism which, he 
fears, could, if continued, affect 
the U.K. more than most Western 
trading nations. 

The decision to bring forward 
the bilateral discussion with 
Chancellor Schmidt from the pro- 
posed date at the end . of April 
was taken because of continuing 
economic drift and lack of 
direction, particularly in Europe. 

The British Government’s view 
is that with the French paralysed 
because of their elections and a 

possible change of government, 
any move in the European Com- 
munity could only come from 
the UJv and West Germany. 

Even if uo positive progress 
flows from the meeting, the hope 
is that a discussion will at least 
prevent a further slide in inter- 
national economic relations. 

Ministers accept that the politi- 
cal climate in Britain as a 
general election approaches will 
depend above all on the econo- 
mic sitnation, particularly the 
level of inflation, the trend in 
unemployment and the trade 

Mr. Callaghan is therefore 
particularly anxious to see an 
early growth in world trade so 
that Britain’s economy can gain 
some benefit. 

Conservative leaders were 
reserving judgment on Mr. 
Callaghan's visit but some Tory 
MPs were already regarding it 
as a cynical exercise to project 
himself as a world statesman in 
the run-up to a general election. 

The Prime Minister has been 
noticeably pessimistic recently 
about economic and political 
prospects, in marked contrast to 
his unbounded confidence at the 
turn of the year. 

Tories' believe' he will make a 

particular effort at the July 
economic summit to gain inter- 
na tioniti stature before a possible 
election 1 campaign in October. 

The Prime Minister will leave 
Lemdon-at 4 p.m. on Sunday and 
will probably stay at the British 
Embassy.' iu Bona overnight 
before flying back to London on 
Monday, - 

The ' talks with Chancellor 
Schmidt will be primarily over 
dinner when no other Ministers 
or officials will be present. 

Mr, Callaghan's cautious opti- 
mism that. he will be able to 
make ‘some progress is based 
partly on his close and long- 
standing' friendship with Cbaa- 
cellor Schmidt during their days 
as Finance -Ministers and as 
members of the Socialist Inter- 
na tionaL 

Mr. Callaghan's first oppor- 
tunity to discuss world trade 
personally with President Carter 
will be at the end of May and 
beginning of June when the 
Prime Minister ts to visit the 
U.S. fot -the NATO summit in 
Washington and to address the 
UJf. op June 2. 

June.-l has been pencilled in 
for possible talks with the 
President • 

■ Editorial comment Page 22 

Vm*on. raey are liwerfi-. 

alleged, transfer, of * - -*..v.V 

cschai « e reguiations. af ^ ; 

» j . JAPAN’S economic ; growth 

LWyle murder ..'.'- slowed ti^SJ per cent last year. 
■Sluinrtprs of the Irish compared with -6 per' cent m 

ETZZXx Partj a ^ 

M ly IRA group, were shot . ■ 

m a Porta down. South ■ . . • ? ' 

& o^ e b r i ^ n OTe r w S'U.K. car sales 
tt^Jrbe^d still -buoyant 

His pillion passenger fired. WTA flrain 

unds from an automatic •^ CAR &ALES were 

n and both men died bnoyam m ^ UX last monto, 

j v • with Ford the market leader, 

ahead of Leyland. So far this 

Hera |o vote* W -car sales are up 19:7 per 

LlbL.(tlc vote . cent, on a year ago. Page 8 

ICI capital s 
reach record 




°2f “®HJL ^S Jtt i e 5{S? 11 • STATE ENERGY industries 
windsroi^nucifiw should coordinate their activi- 

leT OT^wilTttebate th£ ttes more ® ff ec tivel y* Pj»»ote 
■^rtn..iw S rJSrr industrial democracy and show 

^inquiry report Radiati n concern for consumers. 

• rage 0 said Mr. Anthony Wedgwood 

Benn, Energy Secretary. Page 9 

— Page 8 

.iesia. reply 

T • GOVERNMENT has abandoned 

r vjd Owen, the Fweign attempts to prune pay 

a t ” d SS? for nationalised industry 

an . ^ '^ X i, el ct^nh’c ^ executives from 10 to 5 per cent 
-•* Mr ' But Board members will still 

. . settlement in Rhodesia reC eive only 5 per cent Back, 
heir White House meet- " y J ^ 

unbian soldiers killed 86 ; • • .. 

age 4; Men and Blatters, • BRITISH STEEL management 
and unions were still far from 
i , _ agreement after lengthy negotia- 

I grants down tions yesterday on redundancy fv, * rwym/m. payments for "workers at the East 
non rrom xne uommon- erf -Ton* »+ po*vUff 
nd Pakistan fen sharply Moors plant at Cardiff. 

% while the number of * SWAN HUNTER ancillary 
>utrants detected . more -workers on Tyneside have 
ibled, according- to the accepted an Si per cent rise — 
flee. Page 12 - the first big manual group to 

_ . m settle significantly below 10 per 

’RCIGHCCOfCI cent since the Government 
jrade conference ended hardened its line on shipbuild- 
jr wrangle over Medlter- pay- Fage 11 
security - when it ^ SWEDEN’S State-owned ship- 
» Maltese compromise bui]derSj S venska Varv. made a 
1 to delay msctuBion of £250®. loss last year— the biggest 
lem until 1980. Page 3 ,j oss ever made by a Swedish 

plan claim ” mp ‘ m5 ' 

.^- clamw to have .recap- that a sterling devaluation 
r ghabur, £0 miles soutii ,-JSiu give the U.K. a competi- 
tive Vantage for a longer 
. oah forces mod.^o be ^ aeixnnpanied by restric- 

A* ' 9? tive fiscal and monetary policies 

V Sfll£i^-wi ffiSS "V 30 Fase 10 


-,V^ r ■ • F. AV. WOOLWORTH lifted 

V - . .. pre-tax . profit to £46.7Sm. 

; - sshire police are hold-, f£4o^lm.) in the year to 

s' vjishraan, arrestM at^a SC page 25 and Lex 

> r :; Castleford. under the * SAGA HOLIDAYS will come to 
of Terrorism Act. . Qgw Igsue market on Monday 
'=:/“? work injuries rose by with an- offer for rale of 2.1m. 
,y^t. last year- ?0p shares at'. 105p. each. Page 24 

unbian soldiers killed' 
age 4; Men and Blatters, 

THE - CAPITAL spending pro- 
gramme -of Imperial Chemical 
Industries could reach a . record 
£7 QQep. this year. But with the 
world economy stagnant the 
group is \becomiDg increasingly 
cautious dbout sanctioning new 
projects. Y 

.Major- improvement In world 
market conditions could not be 
expected this Veir, Sir Rowland 
Wright, who • retires as ICI 
chairman at (bo end of this 
montit said in London yesterday. 
The chemical industry would 
continue to have surplus capa- 
city and competition would be 
severe. . l 

“Exporting is going to be 
tbugbr particularly if the sterling 
exchange rate stays above the 
•level justified by. the relative 
performances of the U.K. and of 
our main competitor countries.'’ 

Sterling was overvalued by as 
mnefa as 10 per cent, Sir Row- 
land claimed. “If this continues 
it will' have a damaging effect on 
British Industry’s exports and, 
if prolonged, will undermine the 
ability: and incentive to invest in 
new plants to supply overseas 

“ Lower investment would 
mean fewer jobs and inevitably 
industry’s ability to match inter- 
national competition would be 
eroded in the longer term.” 

ICI sales in the UJL last year 
were static in volume terms. But 
overseas sales increased by 6 
to 7 per cent in volume and 
14 per cent in value to £L8bn. 
Pre-tax profits fell 1045 per cent 
to £483m- on group sales of 

Group capital expenditure last 
year at £491m . — £330 ixl was 
spent in the Ujv. — was lower 

Lex, Back Page 
Company report. Page 25- 

than planned, partly because of 
delays and difficulties in the 
OJv construction industry. 

Severe problems with the 
building of new plants, particu- 
larly on Teesside. was causing 
increasing concern. One result 
was that the total of ICI expen- 
diture sanctioned but unspent at 
the end of 1977 had- jumped to 
£986m. compared with £673x0. 
a year before. 

ICTs biggest project on Tees- 

side, tile joint construction of a 
500.0d0 tonnes a year ctbylene 
plant with BP Chemicals, was 1 
unlikely to be commissioned 1 
before the last quarter of 1978 
or early next year.' Mr. John 
Lofthouse. an ICI main -Board 
member, said yesterday. 

The project, estimated in 1974 1 
to cost about £100m.. is thought 
likely to cost nearly £1.5nt 
Completition will be more than! 
a year behind schedule. j 

Last year, about £804m. worth | 
of capital expenditure was sanc- 
tioned. But Sir Rowland gave 
a warning that to maintain a 
similar rate this year a careful 
watch would have to be kept on 
how individual countries’ econo- 
mies developed. 

Increasingly, ICI investment 
will be aimed at raising tbe 
efficiency of existing plant and, 
at replacing old plant rather! 
than building new capacity. 

• While capital investment rose, 
to nearly £500m. last year, the ' 
ICI workforce dropped by about j 
5,000 to 154,000. Four thousand 
of these jobs were lost in the 
UJC, where the workforce fell 1 
to 95.000. 


Yen rises 
to record 


TOKYO, March 8. 
THE YEN' rose to new peaks 
against the dollar 011 foreign 
exchange markets to-day. The 
currency hit a record Y235 
against the dollar In Tokyo, and 
was prevented from going 
higher only by renewed heavy 
intervention from tbe Bank of 

In London the yen-dollar rale 
went below Y233 at one point 
before recovering to finish at 
Y234£0 at the close, off Y1 on 
the day. 

Mr. Takco Fukuda, Japan’s 
Prime Minister, to-day told the 
budget committee of Japan’s 
Upper House that the conntry 
must “ at all costs ” reduce its 
current account surplus to 
S6bn. (£ this fiscal year, 
starting next month. 

Tbe government would also 
introduce new import-boosting 
measures, Mr. Fukuda said, but 
be did not give details. 

The statement underlines 
Japanese ministers* fears that 
renewed appreciation of the 
yen will undermine Japan's 
fragile economic recover}’. 

Mr. Fukuda claimed that the 
appreciation of the yen against 
a weakening dollar will delay 
for about one year from last 
September Japanese economic 

Mr. Fukuda said that exports 
of steel products will slow down 
in the year following tbe recent 
steep yen appreciation.. 

He also believed colour tele- 
vision exports would be curbed 
by export controls while car 
exports were likely to , be 
enrbed by voluntary self- 

There have also been 
criticisms in Japan, of 
“irresponsible” exchange rates 
management of the dollar on 
• the part of the UJS. 

They are likely to be stated 
directly when Mr. Charles 
Schnltze. the chairman of 
; President Carter’s Council of 
.Economic Advisers, visits 
\Tokyo in the near future. 

■ The Bank or Japan inter- 
vened on the Tokyo market as 
soon as the ¥.235 rale was 

'Pontinned on Bade Page 
U-S. defence of dollar. Back Page 

Decline in 
trade surplus 


.THE SURPLUS earned on trade 
in invisible items such as the 
services of the Cily. interest and 
I profits, and travel has declined 
• sharply in recent months. There 
j have been signs that the foreign 
1 tourist boom has bcc-n running 
out of steam. 

The drop in the net surplus 
on invisibles has been even 
larger than estimated in the 
monthly trade figures, with the 
result that there now turns out 
to have been a current account 
deficit of £35m. in 1977. rather 
than the surplus of 1109m. pre- 
viously indicated. 

This is shown by the balance- 
of-payments figures fur the fourth 
I quarter published by the Central 
! Statistical Office yesterday. 

| The total surplus on invisibles 
i dropped by 34 per rent. last year 
; to l’1.57bn. The main reason was 
a decline of more than £lbn. on 
the balance on interest profits 
and dividends, nr which about 
two-fifths reflected the higher 
North Sea profits of foreign oil 

Net cost of servicing the 
Government's overseas debt rose 
slightly. Contributions to the 
EF.C rose by £276m. 

These changes were predictable 
in direction, if not magnitude, 
and the surprising feature has 
been a smaller-tb an -expected con- 
tribution from certain service 
sectors as a result of both tbe 
recession and. towards the end of 
the year, tbe rise in sterling. Net 
earnings from sea transport, 
commodity’ trading and by U.K. 
banks in Eurocurrency markets 
declined last year. 

Earnings from construction 
overseas, insurance and banking 
grew io 1977 and net surplus on 
travel, rose from £620m. to 
£1.01 bn. Visits to the U.K. ex- 
ceeded those abroad for the first 

But net earnings from tourism 
j fell from £574m. tu £520 ni.. sea- 
sonally adjusted, between the 

third and fourth quarters. The 
12-monlh rale of iucrca»e tn 
number of visits to the U.K. 
was only marginally up nn a 
year earlier by the fourth 

The number of Britons yoinu 
abroad increased toward tbe end 
of the year compared with 1976. 

The latest figures .show the 
impact of massive capital inflows 
in October before the pound wa* 
allowed tu iloat freely. 

Private sterling balances rose 
by £599m. in the' fourth quarter 
Ifor a £1.47bn. rise in 1977 as a 

Purchases nr g ill-edged stock 
by all non-resident were £4S9in. 
in the fourth quarter, and 1984m- 
in tbe year (of which all but £501. 
was by private holders t. 

The net surplus on invisibles 
in the last three months of 1977 
was £306m.. compared with an 
initial estimate nf £4 3 5m. and 
a total of l‘429in. in the third 
quarter. This is well down on 
a quarterly average surplus of 
{BTOni. in the second hair of 

It is the Ihird successive 
quarter in which the invisibles 
surplus has been revised down- 
wards. To draw an exact com- 
parison between these estimates 
and the Treasury’s forecast for 
tbe current account is impos- 
sible. But any change in the 
overall projections is almost 
certain to be downward, especi- 
ally as Hit* medium - term 
prospects for visible trade have 

Tables. Page S 

£ in New York 

MttvU T l a iv\it«t. 

<).< Mj1o*W57c Sl.93tt.4feo 

1 111*1111 >1 1 aU>)ia^«r , IU>;- iIw-mm 
3 iwMirln i c.lE-u.l^ ilia . Ul2S-c. 31 iti« 
12 nielli tr. • l.W-C.JJ ills l.UMMfc* ni» 

Italian crisis ends 


ITALY’S 50-day Government 
crisis was finally resolved here' 
to-night when the country’s main 
political parties gave Sic. Giulio 
Andreotti, the Christian Demo- 
crat leader, the go-ahead to form 
a new administration. 

Sic. Andreotti will hold talks 
in the next 48 hours wiib the 
other parties over the structure 
of bis new Government and is 
expected to give his list of 
Ministers to President Giovanni 
Leone this week-end. 

ROME. March 8. 

The new Government will, for 
the first time in 30 years, have 
the Communist Party in the 
parliamentary majority'. The 
latest Italian crisis was precipi- 
tated by Communist demands 
for greater power. Apart from 
some minor reservations. Si?. 
Andreotti ’s programme was 
unanimously accepted by the 
country’s main parties, with the 
exception of tbe small and auti- 
Comtnunist Liberal Party, which 
did not attend to-day’s talks.. 


MPs attack new City watchdog 


A POLITICAL row blew up last 
night about the City’s proposed 
self-regulatory body, the Council 
for . the Secnrities Indospr- 
; Labour backbench MPs cbm- 
, p lamed about the secret way in 
which it was being planned and 
jits lack of legal authority. 

As agreement was reached on 
the main principles of the pro- 
ject .at a' meeting of financial 
associations at the Bank of 
; England, a critical motion on the 
subject was pat down in the 
.Commons by Mr. Ian Wriggles- 
worth. Labour MP for Teeside 

■Hie motion read: “ This House 
would have no confidence in a 
CdtmcS for the Securities ’ In- 
dustry consisting entirely of 
representatives of City Institu- 

tions .with- no. legal powers and 
no responsibility for other parts 
of the financial services 

Mr. Wrigglesworth is vice- 
chairman of the Parliamentary 
Labour Party’s Economic Group, 

Editorial comment. Page 22 
Company law reform delayed, 

Back Page 

whose chairman,' Mr. Robert Cant 
■(Stoke-on-Trent, Central) was 
another of the motion’s sponsors. 

Other sponsors were Mr. George 
Park (Coventry North East), Mr. 
Mike Thomas (Newcastle-upon- 
Tyne East) and left-wingers Mr. 
Neil Karinock (Bedwelty) and 
Mr. Brian Sedgemore (Luton 
West). More, than 50 MPs had 

signed the motion by last night. 

A number of Labour MPs are 
known to be irritated that the 
plan for the securities council, 
which is designed to fend off the 
danger of scandals and mal- 
practice in stock markets, has 
reached such an- advanced stage 
of preparation hi secret. 

They have asked Mr. 'E dmun d 
Dell, the Trade Secretary, to 
talk to the Labour backbench 
economic and trade groups on tbe 
subject on April 12, the day after 
Budget Day. 

This could conceivably cause 
some delay in the launch of the 
Council, hitherto planned; with 
the announcement of the chair- 
man’s name, by tbe end of this 
month, subject to settling ques- 
Continued <ra Back Page 






pence unless otherwise Stock Conversion 
/indicated) T^teofLeeds... 

£■ 'nhnmMut Orf ___ 

i; RISES: 

f lH& 198I£U6fc+ 3- 
19S0...£llli+ 1 

& 10S + 6 

214 + 30 


*S. H.) 318 + 8 

.r In) 31+8 

:iv.) 68 + 4 

■-? 172 + 9 

‘■iieley ... 180 + 6 

298 + 6 

167 + 10 
212 +’ 5 
_ckintOsh- SflS + 9 
Sjniv, Invs. 99 + 3 
Brews. 71 + 6 

StoCk Conversion ... 234 + 4 

Tate af -Leeds 49 + 4 

Thomson Qrg. 172 + 6 

Trust Houses Forte... 177 + S 

Wagon Finance 88 + 4 

WIgfall. (B:) ......... 210 + M 

Woolworth (F. W.)„. 68 + 5i 

Sheir Transport -502 + 1 

Guthrie C«p. 330 + 10 

Anglo- Amer. Inv. Tit- £343+ Hi 
Bishopegute.Plat ... SO + * 

De Beers Dfd. 329 + 7 

Deeflottal 104 + 5 

.Kinross 381 + 

Western Holdings’ -... £19J+ V 
Wlnkfiihaalc. ...; 774 + 29 

_■ ' FALLS: 

Clark (Matthew) ... 128 - 8 

Steetley 168-6 

Strong & Fisher 60 — 6 

European news 2-3 

American news ........ 6 

Overseas news 4 

World trade news 7 

Home news— general ... 8-10 

—labour II 

" • , J • —Parliament ... 12 

/China takes a new great' 

leap forward 22 

Economic Viewpoint: 

• -Not enough borrowers -.1. 23 
EEC coal: The threat from 
' rising imports 2 

Technical page 14 IntL CompanieSr 28-29 

Marketing page 14-15 

Arts page 21 

Leader page 22 

UX Companies 2427 
Mining -pr. 26 


Food parcels for UR. forces 

in Germany 3 

Malaysian -elections 4 

US. coal miners* Chip off 
the Rhondda 8 

Euromarkets * — 2$ 

Wall Street 38 

Foreign Exchanges 38 

Farming, raw materials ... 39 
UJK, stock market 40 

Political doubts haunt ex- 
porters to Nigeria 7 

The fourth television ehan- 

uel in Wales 16 


Italian engineering ..1... 17-20 

Chances are, the 
roduction of a Climax fork 
ck could prove to be a 
;t- efficient investment for 
nr company. 

So why not fill in the 
lpon and find out more. 

It could be the first step 
towards taking a load off 
your mind. 

I Please send me details of your range offork trucks. □ 

, Please arrange for one of your fork truck investment advisors to 
l contact me. 0 (tick appropriate box) 



• Lex 


Uatt Trusts 

CroeMel Msrfmlo 

U Advts. 

3W 7 



Weather .. 

• M 


KoSiMSS Op pa. 


Hen ud Matter* — 


IMTERtM state me mt 

Saudi ItaL Bank 



Mwt» Harittt — . 


Bamat Dmn. 


SraetHor Co. 

Ecttwlc Indicators 


r acted 



Tlacr Oats xed Nee. 

timaj-HtirwHCBt Golds 


Sattnam _• - 


Mm IteatteM S. 


Union Corp. 

PT-ActurtoK Indices 


Store InroKnaUwi ... 


UuU A Portland ... 


f. W. WwWte ... 

Jobs, Calnmn 


TtKtart Events 





TV m Radio 


Brtol Water .. 


Base Leading- Itues 

’ .• . 

For latest Share Index ’phone 07-246 8026 

Climax International Sales, Widdrington Hoad, Coventry, CVi 4BX. 

[ Tel Coventry 277 1 1 Telex 3 ijj 92. -a subsidiary of S.p. industries Limited". [ 


Financial Times Thursday March 9 197S 


french nationalisation 

Fears for foreign subsidiaries 


PARIS, March S_ 

TOE NATIONALISATION of The large Spanish glass same thing In retaliation,” M. is majority-owned by Hoechst of 
nuae industrial groups by a operation, for example, is held Renauld Gilleti chairman of the West Germany. Hoechst has 
Left-wing Government largely by the Swiss holding chemicals and textiles group, spoken of taking France to the, 
could severely compromise the company which is itself a sub- told the last general meeting. International Court over nation-! 
posiuon of foreign subsidiaries sidiary of the French parent. The group has 1,500 people in alisation. but since neither' 
wrnen are crucial to their devel- There is some doubt how far the Brazil, the sole profit centre in France nor Germany recognises 
opment and profits. Spanish Government may go in its entire textile operation. its absolute jurisdiction, and ! 

In particular, a number of lhe event of a takeover, given Pechiney - Ugine - Kuhlmann, private companies cannot plead, ' 
companies are expressing strong ‘ ,J ’" ' **“ 1 * '* * ‘ 

doubts whether Brazil would 

tolerate the substitution of the 
French State for private invest- 
ment . partners, and Spain has 
legislation enabling it to acquire 
foreign subsidiaries 01 . its ter- 
ritory when these fall under the 
control of overseas governments. 

The largest nationalisation 
candidate, Sa lnt-Go bain-Poo t-a- 
Mousson. is one of the most ex- 
posed overseas. Last year over- 

PUK. the world’s fourth largest this can be taken with a pinch | 

[ aluminium producer, has similar of salt ! 

| fears. Last year, 57 per cent „ , ; 

of cash-flow came from overseas. __ "° re importantly, Roussel-: 

Its chairman, M. Philippe tlciafs entry to the U.S.. Weftl_ 

Thomas, commented recently German and Japanese markets j 
that it had taken immense effort is £ ue J® fbe fact that it parries ( 
to build up a trustworthy rela- a “buchst passport, and it estl- i 

tionship with host governments mates that within two years 151 rrol Ponlr 

_ and workforce (of which 17,500 P er c ^ t . oi its tournover will] IT UllUgai MiM 
out of £0.000 are overseas). depend directly on the Hoechst 

These countries had accepted 5jW0. out of a wot 

- r force of 15,500 are overseas. 

Sr. Jose Silva Lopes 

PUK majority stake in the 

seas accounted for kalf'iU safes, its cewi t0 have French goodwill subsidiaries but were now taking There is also a direct U.S. 
three-quarters of us cash-flow for its Common Market entry a much harder line towards interest at stake. Quite apart 
and 94 per cenL or its profits. In bid (which the Left is not majority foreign holdings. He from the shadow over Saint- 
a total workforce of ltfO.QQO more enthusiastic about), but the com- forecast that “if the face of the Gobain’s main U.S. subsidiary, 
than S7.000 aro abroad. P«ny IS ver V apprehensive that French investor is changed Certain-Teed, the Left wants to 

Its foreign subsidiaries are j** Brazilian subsidiaries would overnight." the PUK stake would nationalise ITT France in order 
held either directly by the immediately threatened. almost certainly have to be re- to bring the telecommunications 
French parent company itiic case Bbone-Poulenc has similar duced to a minority. technology under French control 

with Brazil), by the French fears. *' Nationalisation in The reverse problem faces the Also the holding company of the 

operating companies, or via France could set an example to- pbarmaceuticvaJ concern Roussel- computer concern CU-Ho'aeywell 
Swiss or Dutch holding com- the host governments of our Uclaf, which makes 60 per cent. Bull is 47.5 per cent owned by 

ponies. overseas subsidiaries to do the of its sales overseas and which Honeywell in the U.S. 


agrees to stay 

By jimmy Bums 

Spanish Socialists quit constitution talks 


MADRID, March 8. 

SPAIN’S uncertain political time- of the Democratic Centre party and Catalonia already have a show a sense of responsibility! 

table has been thrown into eonfu- (UDC) had broken its promise degree of autonomy. and to finish their work, so ful- . 

,; nn i a r r withdrawal that it wourd reach a consensus The withdrawal throws into filling their mandate. 

F n. ttLSTijJr r«fm T™ on certain issues. doubt whether the constitutional There is a feeling that the 

of the Social sts from the corn- committee will finish its work. Socialists haw deliberately 

tee responsible for drafting the ,/ 5? Tm ?.! It is reportedly near the end of sought an excuse to iver their 

new democratic constitution. It withdrawal was the UDC s discussing the draft which will deteriorating relations with the 

was the clearest breach yet be- attempts to substitute the exist-, then go to the Cortes (Pariia- Government in order to re- 
tween tbe main opposition paitv J ng text on autonomy with one ment). Upon the approval of the inforce their image as the alter-, 

and lie Government ' t0 ° ing down P™ er s of new constitution hinges the dates native future Government, and 

autonomous regions and delay- for fresh general and municipal that the real reason for quitting 

The Socialist representative m mg the granting of home rule to elections. the committee was the Govern-! 

the committee, Sr. Gregono those regions requesting it for The Committee, which is made ment’s attempts to delay muni-! 

Peees Barba, withdrew after five years after the constitution's up of all parties, issued a state- cipal elections” for 'as 
protesting that the ruling Union approval. The Basque country ment urging the Socialists to possible. 

Ions as 

Municipal poDs delay angers left ^ es {^ 0IJ 


MADRID, March 8. 

MADRID, March 8. 

THE SPANISH Left is preparing decision is made quickly. reportedly reveal that the party’s SPAIN’S FORMER Vice-Premier 

to launch an offensive in the Sr. Adolfo Suarez, the Prime popularity is declining. The f or Economic Affairs Prof 
Cortes (Parliament) and most Minister, promised last June, Government is banking on an Enrioue Fuente! Ouiatana 

probably in the streets against after his Union of the Demo- upwa’rd turn in tbe economy by SdS said he J^metl bis iSsi 

the Government’s attempts to cratic Centre party won Spain's the autumn to restore its for- because he lackSlfte political 

pelay municipal elections as first general elections in 41 tunes. • wediht to 7am out Ss «oiS 

Jong as possible. years, that municipal elections Town halls are still full of JSSrMnm? ™ 1 ^ ert,mmuc 

The continued Government would be held by the end of the people appointed during the H s 

silence over this important issue year. There is still no sign of a Franco dictatorship, although Explaining for the first time 

— municipal elections were last date. some councils have resigned bis decision to resign two weeks j 

held 42 years ago when the Left The Government's reluctance since the general election and a a B°- be told the monarchist daily ’ 
won an overwhelming victory — to give a specific date reflects its few are being run by committees ABC that co-ordination between 
has led the Socialists to warn concern that the Left will do well made up on a proportional basis various Government departments 
that they will hold demonstra- and the Centre badly. Opinion according to the strengths of the was necessary to carry out the 
lions and meetings unless a polls carried out by the Centre parties in areas. programme. 



Invest in the 


Since 16 years Rhineland-Palatinate rises quicker 
than ail other federal counties, and with a rate of ^ 
increase of l22°o it managed to more than double the OS) 
productivity of its economy as the unique federal county. 

Rise too. Use the outstanding growth and the advantages of 
the locations for your success. 

■ Central position in the EEC-Market and a well developed 

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■ Fast connections to the overcrowded regions Rhine-Ruhr, 
Rhine-Main. Rhine-Neckarand Saar-Lor-Lux 

■ Active public structural policy and economic aid 

■ Healthy development of enterprises (1977 the lowest 
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Rhineland-Palatinate -r : 

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Hermeskeil/Reinsfeld * 
Priim/Gondelsheim and Wittlich 

As a small-scale or medium enterprise here you will find a 

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the Benelux area 

u Optimal infrastructural equipment for population and 

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C Far-reaching promotion and investment aids up to 20 per cent 


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LISBON. March 8. 

agreed lo stay on as Governor 
or the Bank of Portugal, after 
lengthy consultations with Mr. 
Mario Soares, the Prime Mini- 
ster, and Dr. Victor Cons tan do, 
the Minister - or Finance and 

A statement issued from, the 
Prime Minister's office implied 
(hat Sr. Silva Lopes' declared 
intention of resigning his post 
for “ personal reasons ” may 
have had a disruptive effect on 
hank policy. 

According lo the statement, 
Sr. Silva Lopes’ governorship 
insures “ the continuity in the 
execution of the Bank of Por- 
tugal's monetary policies and 
in the tackling of problems 
which have arisen in the nego- 
tiations with the Internationa! 
Monetary Fund.* 1 

The Bank daring the past 
two years has gradually in- 
creased its powers within the 
banking system and has now 
virtually acquired the func- 
tions of a central bank, issuing 
instructions to the commercial 
banks on matters such as credit 
policy. In Portugal’s negotia- 
tions with the IMF (already 
initiated on an ex inofficial 
level) in preparation for a 
8750m. medium-term loan, the 
Bank is being asked to exer- 
cise an even stronger control 
on money supply, “selecting” 
economically viable areas of 
industry and agriculture. 

Differences hetween the 
Bank and the IMF have arisen 
over the scale of control on 
money supply. The Bank 
generally reflects the Govern- 
ment's attitude that too 
extreme measures would have 
dangerous political and social 
consequences. The LMF is 
thought to favour a greater 
squeeze on credit than the 
Bank, which believes that an 
average 15 per cent, increase 
guaged on a month-per-month 
basis is acceptable. 

Thfe IMF is thought to have 
agreed, however, not to insist 
on a sadden devaluation of the 
escudo bat on farther down- 
ward adjustments (the “ crawl- 
ing peg ”) spread over a longer 
period, which would still 
achieve a devaluation of about 
12 per cent, a year. 


Rising imports 
producer-consumer split 


THE LONG U.S. coal strike uni make inroads into third country each tonne of rteom coal, trad 

der lines the dangers for Europe imports. Nor would enlargement across national _frontiws insi 
of depending so h« " ' " ~ 1 "' ' “ 

eavily on coVl of tiie EEC to 12 members fun- the Common Market. The aim 

imports. Herr Guido Brunner, the damen tally change the picture, to Increase intriMroimnunl 
EEC Energy Commissioner com- The entrv of Spain with a large trade m power station 
raer.ted last week. Exports from coal industry, which already bus coal, which last war amount 
the UJS.. tbe Community's. second very close links with EEC pro- lo only 3.5m. tonnes or —fi p 
biggest supplier after Poland, ducers, would be counter- cent, of all the coal mat pow 
have not so far been noticeably balanced by that of Portugal stations consumed. The enc 
affected even by that protracted which has none and Greece which tihe coat, producers nope, wou 
and bitter stoppage. But the has only low grade lignite. be ter win back much of t 
Energy Commissioner used the ft is therefore not surprising ground they nave lost in Tece 
warning as convenient support. that there is really no such thing years to steam coal uupo" 
for a new Commission proposal as a. common coal policy. The which in the last four ye: 
to subsidise EEC coal to make, only measures .the nine national have risen from Sm. to 22 
it more competitive and .so re- energy ministers have recently tonnes. 

(millions of tonnes) 

duce imports. 

What annoys EEC coal pro- 
ducers, and concerns the Com- 
mission is that coal and coke 
imports to the Community rose 

last year to a record 45m .- tonnes — i 

at precisely the time when EEC 

stocks have piled up at colliery Coal output 

heads and coking plants to a * . - _ nkp 

level of 55m. tonnes and EEC Coal ““ , 

production has faLlen to 240m. stocks 

tonnes. This is well below the Third country 
27m. tonoes goal set for the 
Community production by 1935. a 
target set by the EEC Council of 
Ministers in the worried after- 

1976 3977 

coal imports 

EEC officials claim the u!».-y h 
already found a certain ec 
among national Govern men 
But there are obvious .sna 
Tbe scheme would be expensi- 
up to 120m. European Units 
-« «... Account (S144m.) a year, a 
247.1 240.5 yet might have no impact wh 
soever. The subsidy would 
40 n Ml little more than cover transpi 
costs within the EEC (estimat 
at an average $10 per innn 
43.7 45.0 This still leaves a yuwntin* g 

— between current world marl 

prices of S30-35 a tonne, a 

, „ production costs of .S44 in 1 

math of the 1973 oil crisis, la been able to agree on was the \J.K.. S72 in W. Gcrmanv. - 
the long term, after 19S5. EEC extension until 1981 of the jn Franre an[ j sjqq m Bclgiur 

coal producers' see a rosy future Coking Aids System, set up in 
for their dirty, black commodity 1967 to promote the production The rest of the ;»np would h: 

— as oil and gas are increasingly of coke and its transport to EEC to be covered by more natio; 
hoarded for more sophisticated steel mills. subsidies, if the Cummissio 

uses than burning in boilers,' Otherwise, the division aim of increasing intra-Cc 
and until sometime in tlu> next hetween coal producing and xnunity trade in steam coal 
century when nuclear energy consuming ebuntries has blocked 12m. - tonnes a year were to co 
takes over the main role in proposals for EEC financing of anywhere near being real is 
heating and lighting In Western cyclical coal stockpiles and for Only two countries, the U.K. a 
Europe. ’ incentives for more coal-fired W. Germany, have the product 

But in the shorter term the power stations. Because of the potential to do this. A very e 
coal producers fear the present- industry’s lack of flexibility in siderablc increase in Gcnv 
economic recession and the high reducing production (in an state aid would be needed to • 
level of imports will so erode economic recession) or accelerat- set high German mining co: 
their production potential, per- big production (for a boom), aggravated by the rise in 
haps forcing irreversible pit stockpiles are necessary but Deutsche Mark. However, 
closures, that the brighter pros-’ costly. There is also an urgent proposed EEC subsidy would \ 
pects for the’ 19S0s may never need For more coal-burmng the U.K. National Goal. Boa 
materialise. Though mined-out power stations. According to the Community s largest c 
and uneconomic pits close every present national energy plans, of producer, with relatively 1 
year in ail the coal producing the S2 new power plants due to production costs, within coaip 
States of the Community, the come into service between now tive reach of imports, 
most serious threat concerns W. and 1985. 60 will be fired .by oil Certainly since tbe 1 : 
Germany. Both coal and coke and gas. and only 15 by coal. miners’ strike the NCB ha* sn 
production fell- sharpest there . But several ministers, not an en omious amount into n 
last year, and Germany now only those [rom coal consuming mines and improving prod 
accounts for over half the states, consider that stockpiling ti vity. Investment 111 1971 
present EEC coaJ and coke subsidies was the wrong a j one wi jj amiuint to £340 
stocks in the Community. approach: if EEC money is to be an( j ^ nCvn i tripartite am 

The EEC Commission has the spent, they argued it should go between the NCB. 

same wide powers (under the to stimulating demand, not fur- Government and the Natio 
EEC Coal and Steel Treaty) for ther increasing supply. There Union of Miners has put the 1: 
coal as it has for steel But was sharp disagreement last production target at ;*n -s’ 
appeals for it to take similar year over whether aid to power i35m. tonnes, compared ii 
action for coal have got nowhere, plants should be confined to 120 m. tonnes last year. ’ U 
The reason Is simple. While all those which burnt only EEC. coa j exporls presently aii 1 ani 
nine EEC states have a steel coal (as argued by the U.K. j ess T ]j 3r , 3 m tonnes, d. ‘i l- 
industry (even though in Ireland .Energy Secretary. Mr. Tony 0 f that is domestic coal. Uaita 
and Denmark it is tiny), only Benn) or widened to those plants fo r burning in home grafc’j 
four states mine coal. Even:the that also burn Imported coal (as no j; j n power stations. T'SI’n 
interests of this quartet are not demanded by Italy and those still sees its home ma:^ v 
homogenous. The heavily subsi- countries which have no coal of paramount, and its huge Aci- 
dised Belgian mines are a spent their own). The commission will men t programme has beef- 
force and now only employ some.still he officially pushing both fied almost wholly in ter* 
15,000. France has ,a' coal indust* these proposals when energy meeting domestic needs/ 6111 ? 
try, largely in Lorraine, which ministers meet on March 21. but officials sav that of coi/ c — 
employs some 35,000, but it is EEC officials have privately creased export sales wc«- fj . 
also the largest importer of non- concentrated on a different line “ more gilt on the glhgei 
EEC coal in the Community, to of thought. But the feeling in the | 

the tune of 13.5m. tonnes last The new tack.the Commission Europe seems to be thatLf.U. 
year. is taking is to try to satisfy both production werethreatenv t**. 

Only the U.K. and W. Germany producer and consumer in- was in 1974, the NCB woir-' ^ 

have an unequivocal interest in terests with an EEC subsidy of the same action again ancP r a(? ! 
seeing high-priced . EEC coal .SIS paid to the producer for temporary stop to exports'. A;.;!?' 


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imal lieigrade document dispute 

Political storm grows in Bonn 
over Schleyer kidnap allegations 



THE . 115 -NATION European 
Security Conference .moved into 
Its final stage here - to-day with, 
a trenchant ‘ iciteration of the 
importance of hriinart rights by 
Hr. Arthur Goldberg, leader of 
the ITS. delegation. The Final 
Act Mr. Goldberg said, obliged 
the participauts txj- pjj’rspe wbat 

the- poet Alexander ' Pushkin 
defined ; as -a; better. Rind of 
freedom — “ the"free3bm not to 
how y on r : conscience, thought or 
neck to rank power" 

Charles Hraeht 'Consensus Vas finally- Achieved 
!<m- the four-page concluding 
- document flns' mortung ufter 19 
.-V ■ .. weeks of talks, topped. up by a 

kluil deadlock caused hy 

y ^ - Maltese lnsistence ^n a ■Reference 

. r "I' no 'security problemsin tbe'Medi- 

fhTl V . ‘ [■_ terranean area. ■ Agrefffent on 

Jr**- '■ <hte- document allowed' the con- 

‘ ' pass on td.the final 

stage — TO-minute. .concluding 
lllit/dlS: speeches by all 35 delegates — 

A Mr-' ■ - vrtueh should bring 1 the - con- 

J i - ference to an end tSy^^Ehursday 

riccWc u . « ' The .deadlock was- broken just 
usSKLia* march 8.-_ before lunch when all. delegates 
UENTI.1I*. . Antwerp agreed - to accept two antend- 
in, - Baron ' Charles iuients to tbe final . document 

tht- has ihwnnMTPrt rwhlch bowed to', the Maltese de- 
^ t, has disappeared, mamls but postponeddiseussion 

By David BwdjarT 

BRUSSELS, March 8.-_ 
■■AN INFLUfiNTI AI».-. .Antwerp 
busi nessmhn,' Baron Charles 
: Victor Bncht*.has disappeared, 
and- to-night his. .family -and 
local-- police' - were presuming 
that he ' had been kidnapped. 
The ~ disappearance . of Baron. 
Beach t .comes sic. weeks allejr- 
tbe kidnap, of another Belgian 
-baron, Edouard. Eakpain, -in 
Paris. t 

Barop Bracjht; whose com- - 
panj'es have plantation joieresfe 
in Indonesia, Malaysia andelse- 
. where, and- real estate -holdings 
in Belgium. ..was -Iasi . seen 
leaving his home ;en -Tuesday 
morning. He never ryached his 
office. But- no.-wttn esses to any 
. kidnap ping bavecoHu? Jor-Ward, 
nor have his "family or .police 
apparently-:' received ;-..'aqy 
ransom demand-. V 

The disappearance - of lb e 

63-year-old baron, who'was idso 
honorary . Austrian : Consol- 
General in - Antwerp, comes two 
weeks after the release of the 
concierge of an - Antwerp 
diamond company. 

Though not un. the Kun£ 
scale as the huge business 
empire controlled by the.udss- 
Wng Baron '' Empain,. Baron 
Cjiarirt controls - two - ■ yqbKc 
| companies of some size. He is 
|!he president of . Society de 
* plantations et- de - Finance 
W1PEF) which made a £980,006 
3m Profit 111 1975. with a total 
Pfcnce sheet .worth £133m. . 
K*EF lh mrir controls Coge- 
l|t a rear .estate, company 
i Msifc. took over the remaining 
jsaiOT f the noandefuact Slater 
vali^ BdgisignSA ' 

of Mediterranean security prob- 
lems to Ibe next follow-up med- 
ics in Madrid rn'1980. 

The significance of the con- 
cession was considerably reduced 
however by the comment of the 
Danish delegate, speaking for the 
EEC countries, that discussion on 
these matters in Madrid should 
only take -place within the over- 
all context of issues raised in the 
Helsinki document. This reflects 
the widely held -reluctance here 
to allow ..subsequent Helsinki 
follow-up conferences to get 
bogged down in complex Medi- 
terranean issues like Cyprus and 
the entire. Middle East problem. 

But the document appeared to 
resist Maltese demands for the 
Participation of Middle East 
states and tbe Soviet Union and 
the U.S. Malta had particularly 
insisted on superpower participa- 
tion because of their' large naval 
presence in the Mediterranean. 

To-day’s concluding speeches 
reflected the prevailing view 
here that this conference has 
essentially confirmed 'he post- 
Helsinki status quo. It has 
established, with the agreement 
tn hold another meeting in 
Madrid, that tbe process of 
detente begun at Helsinki is a 
continuing process, but has not 

. BELGRADE, March 8. 

broken any new ground at all. 
It has been essentially a holding 

Mr, Goldberg made- clear that 
his delegation deplored the .in- 
ability to achieve consensus on 
the ■ inclusion of a substantive 
declaration no human rights in' 
the concluding document. But 
he clearly stated: “No country 
can be allowed to single out par- 
ticular sections of the Final Act 
for their attention while ignoring 
others. Progress in the area of 
human rights and- human con- 
tacts as well as disarmament 
and economic, scientific and cul- 
tural cooperation are inextric- 
ably linked together In tbe Final 

He added that human rights 
art* “the proper, subject of tbe 
diplomatic examination and 
debate we have had in Belgrade, 
and they will remain after BeP 
grade the proper focus of con- 
tinuing comment and efforts.'* 

He also specifically referred to 
the plight of those groups seek- 
ing to monitor the Helsinki 
Agreement in Eastern Europe. 
“Their activity is encouraged by 
tbe Final Act It needs .tD be 
protected not punished,” he un- 

Turkey political EEC steel prices to stay 


Political violence, in' .Turkey 
claimed 69 lives in ~tbie first : two 
months of this year, hut -the. rate 
of killings was dropping; accord- 
ing to Mr.. Irfan Qzaydinli, the 
Interior Minister. Retiter : reports 
from Ankara. : He said That 41 
people were killed .during 
January. 28 in February, 'amf- only 
two in the - first -week of -March. 
Last year, 263 people; 'died in 
politically motivated violence. . 

. . -. . . •• •••-'•< ' ,. 

New Cyprus Cabinet 

Mr. Spyros Kyprianpu/'Wbo- was 
sworn in as Cyprus President for 
a full five-year term.- Iaist_ week, 
has announced. a new government 

in which. b&. retained -six of the 
old ministers and crea^f --three 
new posts— that or a' minster to 
the President's office two 
deputy ministers, Andreas Had ji- 
papas writes from Nicoi^S - -.. 


announced to-day that it will 
not increase the EEC's internal 
minimum prices -for steel as it 
had planned for April 1 because 
of the dull outlook for the 
second quarter. " 

Crude steel consumption in 
the EEC will rise only slightly 
in tbe second quarter in spite 
of the rise in orders since 
! December, the Commission says 
In - its latest forecast. Demand 
is expected t-o be about 28.55m. 
tonnes, substantially down on 
the 32.4m. tonnes in tbe same 
quarter last year. The level of 
stocks is expected to remain 
unchanged in the second 
quarter, compared to a fall of 
1.7m. tonnes in the 1977 quarter. 

The Commission said that it 
hopes that Imports in the second 
quarter will remain at the 2-5m.- 
tonne level forecast for the 
first quarter. However, this sub- 
stantial reduction on 1977 levels 
will depend on the rapid con- 
clusion of 'restraint agreements 
with the EEC’s major steel 
supplying countries. So far 
only EFTA has signed such 

However, tbe EEC Industry 
Commissioner, Viscount Etienne 
Davignon, told tbe EEC Foreign 
Ministers yesterday that he 
hoped to finish negotiations with 
Japan by March 17-18 and reach 
some arrangement with South 
Korea. South Africa, Spain and 
Brazil by the end of the month. 

Dutch oppose the neutron bomb 

Danish SDP triumph 

The Social, .Democrat : Farisr. In 
Denmark has scored a. triumph 
in borough and -county eleefens, 
increasing its. share of the ante 
from. 33 per cent, to 383 peri Octet. 
In county elections and ioc reck- 
ing its number of seats in the 14 
Leountles from 135 10*145,' Hilary 
Barnes wrjtbs from Copenhagen. 

THE DUTCH' Government 
pledged to-day ' to reject any 
United States request to agree in 
principle to deploying the 
neutron bomb, in advance of 
East-West disarmament talks on 
the new weapon. 

(Prime Minister Andreas van 
Aft made the promise in the 
Second Chamber (Lower House) 

THE HAGUE, March S_ 

of Parliament during a stormy 
six-hour debate - 
Mr. van Agt told opponents of 
the bomb, who included the bulk 
of his own Christian Democratic 
Party, that Parliament would 
have the final decision on 
whether the weapon would be i 
deployed with Dutch forces 'in 
NATO. Reuter - 


By Fay Gjester 

OSLO, March 8. 

A POLITICAL dispute in Norway 
j about the share-out of a promis- 
jing North Sea oil concession 
| now- seems likely to end with 
I a~ compromise that will slightly 
j increase the stakes allocated to 
i Norsk . Hydro and Saga 
Petroleum, at the expense of 
Statbll, the state oil company. 

The minority Labour Govern- 
menf proposed to the Storting 
(parliament) that SUtoil be 
given 90 per cent, of tbe con- 
cession .for block 34/10 — the 
most promising of 16 new blocks 
which, it intends to open up for 

oil and gas prospecting— with 

Hydro and Saga getting only 5 
per cent. each. Statoll would 
bear SO per cent, of exploration 
costs and its partners 10 per 
cent, each. 

A report on tbe Government’s 
proposals .by the Storting Com- 
mittee for Industrial Affairs has 
now made it clear, however,, that 
as the proposals eland they will 
be defeated when they are put 
to the vote in the Storting next 
week.- Labour's traditional allies, 
the Socialist Left, want block 
34/10 given to Statoll alone. 

Two of the small parties in the 
.middle of tbe political spectrum 
are against allocating any new 
search concessions just yet. The 
Conservatives and the Christian 
Democrats favour the new con- 
cession share-out. out want a 
much larger stake in block 34/10 1 
to go to private Norwegian com- 
panies. . 

Press . reports to-day predict 
that the compromise proposal 
which .will finally get the neces- 
sary Storting majority will give, 
85 per .cent, of the block to Stat- j 
oft. 9 per cent, to Norsk Hydro ! 
and 6 per* cent to Saga Petro- 
leum. -Exploration costs will he 
shared out rather more equit- 
ably than foreseen. 

OPEC refining 
plans ‘blocked’ 

-• VIENNA. March 8. 
MR.. . ALI Jaldah, Secretary- 
General of tbe Organisation of- 
Petroleum Exporting Countries 
(OPEC) has accused industri- 
alised ...nations of blocking 
attempts -by oil producers to 
build their owo refining and 
petrochemical plants. 

. He told a United Nations 
symposium here on oil industries 
in developing countries that 
OPEC was determined to sell its 
oil as ^refined product 

Mr. Jaidah said there was also- 
a slowing tdowu in the explora- 
tion for-neV oU -deposits, despite 
promising.^ prospects 
Reuter;' -■ \ 


jA POLITICAL storm was grow- 
■ mg in Bonn to-day following 
revelations of error daring the 
hunt last year for the abducted 
industrialist. Dr. Hans Martin 
Schleyer. and his terrorist 

Particularly under pressure 
are Herr Werner Maibofer, the 
Federal Interior Minister, and 
Herr Burkhard Hirsch. the 
Interior Minister of North Rhine- 
Westphalia— the state in which 
Dr, Schleyer was kidnapped. 

Asked at a joint news confer- 
ence whether they felt they 
should resign because of tbe 
error committed, both men 
declined a direct answer. Herr 
Hirsch agreed that consequences 
should be drawn from what had 
happened for future police opera- 
tions. Her Maibofer said: “We 
are not the judges over our- 

selves.” Tbe question of resigna- 
tion was a matter for the Bunde- 
stag’s domestic affairs committee 
(to which bot hroen reported 
to-day) and for Parliament. 

Both men are members of tbe 
Liberal Free Democrat Party 
(FDP), the junior partner in the 
Bonn coalition Government. The 
opposition is already pressing for 
one. or the Other to step down. ■ 

According, to an official report 
released hero, police were given 
a tip-off- of a suspicious apart- 
ment near Cologne on Septem- 
ber 7, two days after Dr. Schleyer 
was kidnapped in a Cologne 

It now transpires that this was 
in fact the apartment in which 
Dr. Schleyer was held during at 
least the first few days of his 
abduction. Bnt the police did 
not investigate it until well after 
Dr. Schleyer was found dead in 
the boot of a car in October. 

BONN. March 7. 

Local police evidently did 
their duty in passing on the 
initial tip-off to headquarters in 
Cologne. It is not fully clear 
whether the federal authorities 
co-ordinating the search for Dr. 
Schleyer did not themselves 
receive the tip-off from Cologne 
or whether they failed to act 
on it. 

It is on this point that the 
question of responsibility rests; 
whether local state authorities, 
under Her rHirsch, committed an 
error, or whether the problem 
lay in the Federal Criminal 
Bureau, which falls under Herr 
Maihofen’s responsibility. 

Both Ministers drew attention 
in their news conference to the 
large number of tip-offs which 
had been received, and to the 
hard work of the police officials 
in sorting them out. “ In retro- 
spect we are all more clever," 
Herr Maihofer said. 


Food parcels as $ falls 


U.S. SOLDIERS stationed in 
West Germany have been so 
hard-hit by the slide in the 
dollar’s value that their German 
neighbours have been giving 
them food parcels. In many 
instances landlords who let 
homes to U.S. military personnel 
have lowered rents to ease the 
financial plight of army families. 
- Last week GIs were receiving 
DM1.99 per dollar from the 
currency exchanges on their 
bases; the rate quoted in the 
German banks was even lower. 
This is a decline of about 17 per 
cent, on the DM2.40 that the 
dollar was fetching a year ago. 

General Alexander M. Haig, 
the Supreme Allied Commander 
in Europe, said late last -week 
that tbe financial plight of junior 
grade servicemen was harmful to 
morale. On the food packages, 
he- was quoted as saying: “ I do 
not feel very proud for the need 
for that to happen.” 

■ Undoubtedly the ‘’non-com- 
mand sponsored " servicemen are 
the most gravely affected by the 
decline in the dollar’s value. 
These are tbe servicemen whose 
grades are torr low or length of 
service too short 1 for the army 
either to pay allowances for their 
dependents or to transport their 
families from the U.S. to Europe. 

The "non-command sponsored" 
personnel have to pay for their 
families to come to Europe, and 
have no right to military housing. 
Some- 16.000 non-sponsored 
families are estimated to be 
stationed in . the Federal 

Republic, and many of them 
receive little. more than $500 a 
month — DM1,095 at current 
exchange rates — bare]? enough 
for a student to keep body and 
soul together in one of Europe's 
most expensive countries and 
certainly utterly insufficient for 
a family of three. 

The army is doing its best to 
ease tbe lot or the junior grade 
“ non-command sponsored " 
families. From the beginning 
of this month, they will be able 
to draw housing and cost of 
living allowances at “ with 
dependents ” rates. However, 
some Don-sponsored personnel in 
the more senior grades will still 
be left outside the net 

According to the “authorised 
unofficial publications for the 
U.S. Armed Forces,” Stars and 
Stripes, the equivalent of a 
corpora) will be paid DM6.17 a 
day at current exchange rates as 
a housing allowance for living 
offbase. At some DM190 for the 
average month this is an improve- 
ment on the DM135 or so they 
were receiving last month. But 
it represents less than half the 
DM406 a month that one would 
expect to pay for nn extremely 
modest flat in West G arm any. 
Furthermore. DM55 is scarcely 
more than one would except to 
pay for a hamburger meal for 
four, with all the trimmings, in 
one of the better Frankfurt or 
Wiesbaden hamburger joints. 

The situation is so serious that 
the army is considering proposals 
to allow junior grades’ families 
to eat in the army mess halls 

throughout Europe. At the 
present time they are only 
allowed to cat in them on special 
holidays such as Christmas and 
Thanksgiving. The U.S. Army 
in Europe command has 
requested a nine month trial fer 
the scheme, but approval could 
take a long lime. Several army 
agencies have to assess it heron.' 
it can be passed to the Defence 
Department, and legal and budget 
limitations then have to be 

Meanwhile there arc signs that 
U.S. enlisted men are getting 
heartily sick of their difficnlties. 
It is understood that some have 
in desperation been organising 
community meetings to discuss 
their plight and what they can 
do about it. Although the signifi- 
cance of this as far as discipline 
Is concerned should not be 
exaggerated, such things are not 
normal in military life. 

If senior commanders like 
General Haig admit that the 
situation is bad for morale, 
sergeants are even more forth- 
right. As one puts it: “ It hasn’t 
affected our fighting capability, 
but its dammed hard for 
command-sponsored guvs like 
me to live on the economy and 
it must be bell for the others. 
How can you hold your head up 
when you know you can't afford 
to return a drink in your local 
gaststatte? When I heard Jimir.v 
Carter tell everybody last week 
that the dollar was in great sliaoe 
I got really mad. He doesn't have 
to live here. And to think I voted 
for th guy.” 

nTirnl "■ 1 - 


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The reason: Data General Eclipse mini -computers 
have arrived on the scene. Computers that give you 
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Among the first to take advantage is Butler Till — 
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The Eclipse system automatically updates all 
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they want — when they want it. 

Deals, statistics, rates and other information are 
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Dealers can forget routine administration and 
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A similar system for Butler Till s sister company, 
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“We decided how we wished to improve our 
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| Westway House. - 320 Ruislip Road East, Greenford, I 

j Midd!esex.UB6 9BH. Tel: 0 1 -578 9231 
| □ Please send literature. j 

■ □ Please send literature and have a representative phone me. * 

Name : I 

j Position j 

I Company • | 

I Address | 

^ c^.-1-jrcg. a 4 resifie red gadccsgfc iA I^a Cgnpil C«p»rohan- ■ ' 1 Q«> Cmcni Capo ralnn [$ 78. j 

t v Data General 


Financial Tlmfes Thursday March: 9 1978 


TotheHoIiIereof • 

AfctieLolaget Svensk Exportkredit 

(Swedish Export Credit Corporation) 

. 9%NotesDuel982 ;■ 

NOTICE IS HEREBY GIVEN t£ar, pursuant to the provisions of the Indenture dated as of April 15, 2575 phmdihg for die above Notes, $ 3500,000 
principal amount of uid Notes bearing: the numbers set forth, bdow have been selected foe redemption on April 15, 197&. through operation of the Sink- 
ing; F und* at the redemption price of. 100% of the principal amount thereof, together with accrued interest thereon to said dote: 

7 1109 1M9 

8 1114 1951 
17 U2S 1952 
28 1127 1357 
33 1130 i960 
39 1151 3902 

42 1152 1976 

30 3102 1984 

68 1165 1986 

69 1175 1987 

SO 1176 1989 

87 1179 1998 
94 1181 2008 
309 3189 2015 

112 1191 2018 

116 1192 2033 
143 1194 2049 
153 1203 2050 
165 1207 2052 
167 3208 2067 
169 1215 2077 
370 1228 2083 

175 1229 2089 

176 1239 2090 

179 1244 2098 

191 1259 2100 

192 1261 2110 
194 1285 2127 
209 1268 2128 
215 1268 2132 
220 1370 2143 
235 1306 2131 

244 1300 2162 

245 1318 2165 
24B 1324 2167 
238 1326 2170 
262 1332 2173 

270 1333 2178 

271 1338 2387 
275 1350 2198 
29 L 1351 2199 
300 1366 2212 
307 1369 2227 
321 1372 2230 
328 1385 2231 
331 1381 2235 

342 1395 2253 

343 1399 2259 
349 1400 2287 
352 1408 2290 
354 1411 2293 
370 2417 2298 
380 1420 2309 

385 1421 2315 

386 14=2 2318 

387 1437 2325 
451 1439 2329 
453 1449 2342 
467 1452 2354 
4B8 1459 2337 

499 1461 2333 

500 1485 2368 
555 1469 2370 
356 1482 2371 
576 1494 2388 
579 1500 3M0 
590 1524 2408 
597 1517 2410 
600 1518 2411 
605 1521 2415 

613 1335 2417 

614 1543 2419 
619 1558 2427 
621 1563 2432 
625 1564 2433 

641 1568 2436 

642 1567 2438 
645 1569 2444 
850 1579 2450 
659 1594 2457 
662 1600 2458 
667 1610 2459 
670 1819 2465 
.666 1620 2471 
708 1621 2480 
TOO 1625 2464 
712 1630 2494 
726 1633 2504 
732 1841 2508 
734 1650 2531 
736 1655 2535 
738 1661 2539 
749 2669 2543 
753 1673 2544 
757 1678 2551 
789 1689 2565 
791 1690 2576 
795 1694 2580 
603 1698 2601 
609 1702 2607 
613 1704 2612 
616 1706 2618 
SIR 1710 2623 
S25 1735 2826 
664 1748 2627 
682 3750 2642 
892 1753 2843 
896 1754 3647 
906 1760 2650 
909 1769 2661 
913 2779 2662 
917 3780 2C05 
933 3781 2671 
!U7 1784 2676 
941 1785 2662 
943 1788 2684 
946 3 805 2685 
948 1808 2088 
968 1819 2602 

971 1825 2705 

972 1828 2708 
3UU8 1829 2722 

3009 1837 2727 

3010 1830 2738 
3012 1841 2741 
3U15 3843 2747 
3021 1848 2768 
3023 1653 2769 
1029 1871 278U 
3035 1874 2790 
1038 1879 2793 
3051 1965 2804 
3053 1906 2805 
3055 1912 2813 
3063 1918 2818 
3072 1“25 2819 
3UT7 1928 2827 
3003 1928 2839 
31194 IsMO 2854 
3096 3945 2856 






















320 4 











































































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8694 7809 
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8800 7711 

68X2 7717 

6813 7722 
6627 7732 
6840 7736 
6844 7744 
6847 7748 
6854 7756 
6866 7768 
G87Q 7701 
6880 7794 

6889 7799 
6892 7804 
6902 7811 

6917 7812 

6918 7828 
(W21 7843 
0925 7844 
6942 7849 
6952 7865 

6955 7868 

6956 7875 
0960 7836 
0965 7877 
6977 7S 80 
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6980 7901 
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7018 7942 

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7022 7974 
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7091 8036 
7102 3048 
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7112 8001 
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7139 8083 

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7151 8117 

7184 8121 

7185 8139 
7167 8155 
7170 8159 
7172 8160 
7178 8168 

, 7187 8179 
7202 8181 
7204 8184 
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7215 8190 
7219 8198 
722G 8210 
7238 8218 
7241 8227 
7248 8232. 
7252 8240 

S 4 ST- 


10437 11482 13844 14311 IB 

14331 15381 
14383 15383 















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10450 11474 12661 

10451 11305 12055 . 

10454 11612 13857 14345 15388 

10482 11515 12872 14349 X338T 

10469 ’11521 12079 14381 13390 
10497 11523 12690 14365 15297 
10409 11526 13310 14374 15409 
10500 11527 13312 14385 15414. 
10924 11333 13318- 24392 15418 
10532 11537 13320 14408 15428 
10534 11544 13334 3 4407 35448 
30542 11548 12343 2*410 35450 
10548 11550 13347 14114 15461 

10556 11552 13359 14418 15462 

10500 11578 13382 14436 15476 
105B8 11578 13368 14445 15478 

10572 11580 13371 14470 15488 

10573 11586 13380 14475 15489 
10577 21590 13393 14480 15503 
10383 11592 13400 14482 15504 
10387 11602 13404 14488 15517 
10595 11610 13420 14495 19521 

10608 11622 13428 14S03 23523 

10609 11683 13430 14508 15528 

10610 11653 33443 14514 15539 

10611 11683 13444 14523 15549 
3 0619 11668 13446 14530 1SS51 
10634 11671 13449 146S6 15555 
10638 1X674 13464 14541 15557 
10654 11076 13472 14544 15559 
10667 liras 13479 14547 15563 
10688 11688 13484 14549 13566 
10677 11700 13486 14581 15969 
10701 11708 13488 14582 15375 

10716 1170® 13489 14593 16582 

10717 11711 23604 14604 15611 

10718 11723 13618 14606 15615 

10719 11742 13822 14006 15619 

10724 11743 13632 14617 15621 

10725 11753 13644 14620 15653 
10734 11764 13646 14629 13658 
10744 11785 13659 14636 15666 
10748 11787 1366+ 14652 15671 
10767 11788 13668 14854 15873 

10777 11788 18871 14659 15677 

10778 11805 13675 14660 15682 
10784 11814 136 86 14663 15680 

10786 11818 13708 14664 15691 

10787 11822 13711 14669 15695 
10792 11844 33735 14681 15703 
10800 11845 13716 14690 15717 
10811 11847 13736 14696 35734 
10815 11848 13748 14698 15735 
10834 11853 13750 14702 15746 
10841 11856 13754 14710 15748 
10855 11B5B 13767 14721 15751 
10877 11861 13773 14722 15793 

10879 11865 13783 14725 18796 

10880 11871 13783 14738 15798 

10682 11883 33794 14748 15806 
10920 11893 13808 14762 15807' 
10923 11896 13809 14770 15823 

10926 11911 13817 14773 15826 

10936 113*0 13823 14775 15829 

10938 31920 33825 14780 25833 

10942 11930 13828 14792 15841 

10943 11947 13835 14804 158+9 

10946 11939 13837 14805 15850 

10971 11965 13839 14820 15852 

10982 11968 13844 X4822 15855 

10983 11971 13846 14826 15859 

10986 11975 13857 14833 13864 

10987 11974 13860 14834 15878 

10995 11975 13878 14837 15907 

11006 11982 13885 14864 15916 

11018 11986 13891 14882 15930 

11020 11993 13892 14890 15941 

11023 12000 13895. 14895 15943 

11035 12202 13898 14897 13933 

11047 12205 13900 14900 1533$ 

11050 12227 13906 14002 15IW7 

11059 12229 13914 14967.15981 

12234 13949 14929 15983 

___ 13950 14934 15984 

11D9G 12241 13931 14953 15986 

11098 12251 13952 14955 13987 

111 DO 12263 13959 14906 15982 

11103 12266 13958 14968 15995 

11108 122 67 13966 14072 16001 

11100 12279 13968 14984 16006 

11116 12281 13977 14890 16019 

11123 12282 14001 15000 16030 

11128 12286 14005 15010 16035 

11141 12288 14011 15013 16031 

11154 12235 1' 







































17566 18617 

17577 18624 










1 68231 










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169 37 

17302 18333 18318 

17303 18343 19319 

17320 16330 19321 
17837 18358 18328 
17346 19357- 19330 
17348 18370' 1935T 
17352 10387" 19371; 
iSSjas»-'.i! — 
17368 18893. 1! 
17370 18397 1! 
1738Z 18400-1! 
17396 18401 

17406 38406; 2! 

17407 184T7 II 

17413 18428 19415 

17427 18433. 29416 

17433 18436- 19420 
17137 16137 19421 
17+38 1.18435 19439 
17445 18457 19441 
17448 18481 19445 
17453 18482 194+6 
17455 18484 19457 
17462 18300 19458 
17483 18502 19462 
17478 18512 19477 
27494 18518 19504 
17497 18528 19509 
27499 28539 29532 
17513 18542 ISS27 
1B575 19539 
18584 19580 
18668 19681 
18802 19538 

18625 19554 

18633 29559 
18638 19560 
17588 18840 19566 
17802 18651 10568 
' 18653 19573 
18806 19587 
28681 19589 
16666 19598 
18672 19623 
18684 29637 


17682 18700 19657 
18712 19858 
18728 19661 
18733 19663 
18736 18674 
16739 19673 
17725 18148 18679 
17729 18759 19682 
17736- 1 8761 19684 
37738 18776 19691 
17740 18784 19692 
17743 18794 1969* 
17754 18799 If * 
17762 18807 
17768 18609 19712 
17770 18811 -If 
17789 18812 19733 
1770* 18813 29744 
17804 18825 19740 
17806 18834 19732 
-17814 18837 197S6 

17819 18840 19768 

17820 18839 19778 
17825- 18868 19782 
17827 18869 19784 
17856 18870 1979* 
17866 19873 




17648 18685 
17668 18694 


11199 128 
1X161 128 
11163 123 
liiae i2*_ 

11170 12349 14056 

_ 130X8 16033 
.6 15037 18057 
6 13045 -16072 
. 3 15052 16073 

14044 15086 16074 
14051 15090 10065 
15092 16066 

22350 14062 15097 16087 
11190 12354 14072 1S102 16091 

11210 12363 14073 15109 16100 

11211 12366 14079 15113 16115 

11214 12383 14085 15117 18126 

11219 12391 14086 15128 16133 

11240 12392 14088 15141 16148 

31244 12397 34095 15156 16149 

11246 12405 14097 15157 16154 

11252 12412 14099 15103 16157 

11259 12415 14103 15164 16X00 

11273 12419 14107 15174. 16161 

11274- 13425 14123 15162 36163 

11378 12426 14134 15195 16168 

11384 12427 14127 15211 16205 

1X287 12442 14150 15215 16214 

11303- 12448 14156 15220 16229 

11304 12477 14150 15228 16230 

11312 12510 14192 15229 16231 

12513 1411" 

32514 1 

11332 12516 141 


15230 18235 
”3.5231 16243 
15240', 16246 

1183+ 12523 34212 15242 16247 
11344 12537 
11347 12539 

11361 Z254D 34234. 15293 16271 

11362 12565 14235 152BT Z6291 

11363 12567 14237 15270 16294 

11371 12574 14253 15274 16306 

11395 12578 14257 15283 16309 

11398 12590 14271 15287 16318 

11414 12593 14281 15291 16319 

11419 12505 14290 15297 18323 

11438 12605 14291 15302 16331 

11439 12Q11 14292 15323 16334 

11444 12624 14299 15351 18339 

11454 12841 14309 19353 16341 

2JS5 £?** s 3151 

20221 21070 22106 23160 

20236 21080 22113 23171 
20229 21096 22117 23174 

20231 21097 22121 23180 

20834 21099 22123 23181 

.20240 2X104 22134 23184 
20248 Jim 2JM3 23192 
20258 21138 22156 33197 
20283 31141. 22168- 23202 
20270 21J43 '221-87 23203 

20276 21147 22180 23223 
20286 21148 22207 -23227 
20299 21X32 2JH1S 232Z8 

20302 21158 22230 23236 

2882 2H5S 23257 

20309- 31170 mm? 23266 
20312 -21162 22300 2327+ 
20326 2U94 -2323S 23275 
20339 21199 22248 23277 
20344 21212 23261 

20346 21218 23287 

26347 21226 22273 23295 
20351 21254 22279 23296 
20354 21257 22287 23313 
20397 21200 22300 2M14 
20370 21263 22301 23320 
20403 21268 22302 23328 
20412 21273 22S10 «?-« 
20427 21306 22312 23339 

20481 21307 22318 23344 

20433 21808 23320 23343 

»4ST 21309 22827 283+7 

2043V 21317 22331 23349 
20+43 21323 23399 23353 
20444 21337 2286B 23355 

20450 21339 22372 23373 

20161 21341 22374 23384 

20468 31352 22387 23387 

20469 21361 22391 23390 

20482 21377 22392 23416 
20489 21390 22395 23430 
20494,21395 2*398 23437 

.21400 22404 23443 
20506 21402 23418 23444 
MgOS 21405 22422. 23453 
205*2 21414.22427 23457 
20519 . 21423 23445 23458 
2 0534 21424 22461 23461 
20538 2143V 22467 23464 
30556 31*34 22470 =3469 
20358 21447 22471 23473 
20363 21431 22479 23480 
20564 21462 22486 23481 
20567 21474 22488 23486 
20S6B =1476 22490 =3491 
20580 21479 22505 23503 
2058= 21485-22311 23510 
20590 21486 22513 23537 
20606. 21488 22515 23539 
20614 21489 22517 23540 
1=0616 - 21483 22520 23551 
■■■21501 22330 23562 
21504 2253+ 23566 
■■■121311 22544 23567 
2MQ6 21613 <2546 23572 
20634 21616 22550 23580 
20645 21534 2=552 23583 
=0648 21536- 22559 23584 
20854 21559 22560 23589 
20656 =1569 22385 23592 
20660 21570- 22574 23394 
20689 21597 22698 23601 
20674.21398 22399 23602 
20883 21602 22607 23610 

20684 21627 22818 23013 

20685 21628 -22629 23614 

20686 21630 22635 23620 
20693 21635 22860 23021 
20703 21643 22670 23627 

20719 =1644 22685 23633 

20720 21650 2269Z 23639 

20721 21661 22633 23647 
120726 21664 22898 23609 

■ 21666 22707 23666 
21704 22712 23072 
21706 22732 23887 
21727 22733 23690 

21738 32746 33691 

21739 22748 23704 



























20787 21756 

20807 21 
20817 211 


21747 2Z768 23714 
22771 23720 
2*782 23721 

22816 23723 

22817 23725 
22823 23720 
22825 23736 
22833 28741 

22838 23744 

22839 23749 
12840 23752 
22845 23766 

223 S3 23782 

21847 22870 23789 
21849 22873 23797 

21857 22878 23809 

21858 22881 2SBL5. 
21860 22887 23617 
21862 22891 =3919 

21876 22896 SKE2 

3S8 SW-a S 33 

20914 21912 jpl3 23845 
20921 ,21924 ,'22922 23891- 
209334 >219411 2M34 23871 
20936 21045 22939 23873 
20940 21946 22946 23866 
209+3 21955 220*7 23680 
0945 .41956 32957 23889 
=1958 22974 2389* 

>53 : 21963' =2988 23897 
2095+' 21873 22991 23900 

20955 21984 23005 23902 

20956 21986 =3009 23907 
20999 21990 23017 23916. 
20962 21899 23019 23922. 
20968 22016 23032 239SS 
20967 22020 23051 23945 

20988 =2061 
21018 =2072 
21021 22074 
21023 22077 
21025 22061 
21027 2=086 

21031 220BB 

21032 22080 
21034 22092 







































245 60 





























On April IS. 1978. the Notes designated above trill become dne and payable in sneb coin or currency of the United States of America as at the time of 
payment shall l>e legal tender for the payment of public and private debts. Said Notes -will be paid, upon presentation and surrender thereof -with all 
■'oupoits appertaining thereto maturing after the redemption date, at the option of the holder either (a) at the corporate, trust office of Morgan 
Guaranty Trust Company of New York, 15 Broad Street, New York.'N.Y. 10025, or fb' subject to any' laws or regulations applicable thereto, 
at the main offices of INI organ Guaranty Trust Company of New York in Brussels, Frank Furt/Main. London or Paris, at the main office of Banque 
Gencralr ihi Luxembourg. S.'A. in Luxembourg., the head offices of Skondinaviska Enskilda Barken. Post- ochKredilbanken. PKbanken or Svenska 
JlamieMunkrn in Stockholm or the. head office of Gotalianken in Goteltorg. Payment at the offices referred to in tbl aJxore will he made by check 
drawn on a dollar arrnuut. nr Iit transfer to a dollar account maintained by the payee, with a, bank, in New 'York City. 

< ioupoiw due April 15. l*J7f! -hould be detached and • ollei-ted in the usual maimer. 

On and after April l->. 1973 interest shall mu* to an-me on-lhe Notes herein designated for redemption. . 

Following (he aforesaid redemption, 51^500.000 principal amount of the Notes will remain outstanding. 


to small economic boost 


JAPAN'S Gross National Pro* 
duct registered a real growth rate 
of 1 per cent in tbe fourth 
quarter of 1977. producing a. 
growth rate of 5.1 per cent for 
the year as a whole, the Econo- 
mic Planning Agency announced 

The fourth quarter figure, 
coming after a growth rate of 
only 0.4 per cent in the third 
quarter, Is claimed to be slightly 
above original expectations and 
lends modest support to the 
Government's theory that the 
economy may have -turned tbe 
corner towards the end of the 

The GNP growth rate for the 
year as a whole, however, com- 
pares poorly with the 1976 real 
growth rate of 6 per cent, and 
with the original expectations 
(dating bach a year or more) 
that Japan would experience 
strong economic recovery during 
1977. In fact, as a detailed 
breakdown of the GNP figures 
demonstrates, the economy per- 
formed far worse on almost all 
fronts last year than the year 

The only bright spots in tile 
1977 picture were government 
Investment <up 10.2 per cent and 
reflecting a deliberate attempt to 
boost- the economy),, domestic 
inflation which was sharply down, 1 
and exports which showed a real 
growth of 10.4 per cent over 
1976 levels. 

Japan's “ real n current -account 
surplus for the year (that is, 
exports minus imports, minus the 
deficit on invisible transactions), 
showed an Increase of no less, 
than 30.4 per cent dyer 1976. 
This was despite the fact that in 
the fourth quarter, for the first 
time in five consecutive quarters, 
the real current account surplus 
showed a modest decline' (by. fi.1 
per cent) from the July/Septem- 
ber quarter. 

The various components. : in 
Japan's, domestic economy which 
performed poorly in 1977 
included consumer spending, up 
by 3.3 per. cent, in real terms' (a 
rate of increase which is said 'to 
be the smallest in Japan's recent 
history)-; private capital . invest* 
meat, up 2-9 per cent, compered 
with the 1976 increase of &4 
per cent, and housing investment 

TOKYO, March 8. 

.down 02 per cent after a 1976 
rise of 6.9 per cent 
A final, striking, contrast 
between 1976 and 1977 came in 
tiie rate of increase in business 
Inventory investment which fell 
from 40.2 per cent, to 9-4 per 
cent This is interpreted as a 
sign that business switched from 
producing for. stock in 1976 to 
cutting back production and 
running down inventories in 1977. 
/ Figures for the fourth quarter 
GNP alone sbow a recovery in 
housing investment (up 45 per 
cent.) and In private investment 
(up L 2 per cent on a quarter to 
quarter basis) plus a revival- in 
the. rate of inventory accumula- 
tion (up 9-2 per cent). It is too 
early to know whether these 
figures point to a positive change 
of direction but optimism is being 
voiced that the run-down in 
inventories which continued 
through much of last year may be 
nearing completion fh some 
major industries. 

• AP-DJ reports: Teiichiro 
Mormaga, governor of the Bank 
of Japan, said he has no intention 
to lower the official discount rate 
for the moment. 

Five Zambian soldiers claimed 
killed during Rhodesian raid 


AT LEAST five Zambian soldiers 
were killed and six injured in 
the Rhodesian attack on Zambia, 
according to reliable souxxes. 
The 11 were flown to Lusaka by. 
military plane for treatment at 
the University Teaching Hospi- 
tal, accompanied by three in- 
jured guerillas of the Zimbabwe 
African People's Union (ZAPU). 

An unknown number of 
soldiers. Zambian civilians, and 
ZAPU guerillas are believed to 
have died before reaching hos- 
pital following the attack which 
began at 10 o’clock on Monday 
morning. ZAPU officials to-day 
denied Rhodesian chums that 38 
guerillas were killed, in attacks 
on what the Rhodesian authori- 
ties say were ZAPU. camps. 

The local papers, which car- 
ried. banner headlines of Zam- 
bian claims that six Rhodesian 
planes were shot down in the 

attack, made no reference to 
ZAPU involvement. - -v. 

The Times of Zambia editorial 
warned of “ more vicious attacks 
on our homeland ” and said .the 
“ outrageous assault on Loangwa 
does not turn us from oar.- deci- 
sion to support the Patriotic 
Front In fact, it strengthens 
that resolve." 

Mr. Siteka Mwale, Zambian 
Foreign Minister, was due- to 
leave for the UN to-night tqseek 
international condemnation of 
the Rhodesian attack. 

Meanwhile, by late afternoon 
no further details were available 
from Zambian officials, though a 
statement is expected -WHtight- 

Unconfirmed reports say. the 
incursion began when Rhodesian 
jets struck at several points in 
the Luangwa Valley near .the 
Zambian border -town of.Fedra 
120. miles east of Lusaka. : 

LUSAKA, March 8. 

In spite of ; scant information 
from official sources, there is no 
doubt that the raid was the 
hugest carried out on Zambian 
territory in the. history of the 
five-year guerilla, war, though 
far from the seal* and intensity 
of Rhodesian attacks on 


However, efforts to get further 
details from official sources met 
with tittle success. Questions 
on Zambian casualties, the role 
of Zapu and requests to visit 
the scene and inspect wreckage 
of the downed places- were- on* 
anwered by- 'late . - afternoon, 
although Zambian officials do not 
rale out a visdt- tij 'the -vaHey. 

Asked about such a visit to-day. 
a senior Zambian official said 
the area was “too active and 
not safe " and exchanges of fire 
were continuing. - 

Tehran oil 
talks go into 
2-day recess 

By Andrew Whitley 

TEHRAN, March 7. 

THE TOP-LEVEL talks between 
the National Iranian Oil Com- 
pany (NIOC) and the 14-member 
Western consortium on a new 
long-term agreement bn oil 
supplies have broken- np for a 
two-day recess. The unexpected 
break -until Saturday. longer 
than was originally anticipated, 
provides the first hint that 
obstacles may have been 
encountered. Working com- 
mittees have been set up to con- 
sider different technical aspects. 
These apparently reported back 
to the main body to-day. But to- 
day’s plenary session only lasted 
two hours. 

Terse statements have been- 
issued by NIOC after each of the 
five days of talks, but these have 
given little away about the sub- 
stance of the discussions. 

Assad talks of peace and 
plans to build up forces 


Dated : March 9, 1978 


(Swedish Export Credit Corporation) 

Syria yesterday reaffirmed Us 
commitment to-'a peaceful settle- 
ment of the Middle East conflict 
in a long speech to the Syrian 
People's Assembly, but at the 
same time /pledged his deter- 
mination .to improve the capa- 
bility of fte country’s armed 
forces ixi quantity and quality. 

Once again Mr. Assad re- 
frained ffom personally attack- 
ing the peace initiative of Presi- 
dent Anwar Sadat of Egypt, 
although the state-directed media 
have done so ever since his mis- 
sion to. Jerusalem last Novem- 
ber. 'He limited himself to 
saying that Syria would seek a 
just and lasting peace “without 
begging for it" 

This was taken as a clear 
reference to Egypt’s entry Into 
direct negotiations. At the same 
time. Mr. Assad restated the 
traditional Arab position that 

: DAB4ASCUS, March 8. 

efforts to -'achieve, a settlement 
are meaningless unless backed by 
a military option. . • - 

He said: “'Development of our 
armed forces is of fundamental 
importance to us in. facing the 
.continuous threat .from our 
enemy and his cupidity,, towards 
mur lands.” . Last month Mr. 
Assad visited Moscow where he 
was promised new supplies of 
weapons, apparently to be paid 
for by Libyan hard cash. 

Mr. Assad hinted once more 
at his differences with Egypt 
when he said: “We will keep 
striving for Arab solidarity and, 
if our enemies have succeeded 
in opening a breach, this should 
not stop us mobilising all the 
Arab potentialities for tbe sake 
of fighting our common enemy.** 
This passage appeared to be a 
well-camouflaged appeal to Mr. 
Sadat to stop his initiative and 
rejoin the common Arab front 

M visit 

:.Rx K. IL Shams 
" _ 7MEW DELHI, March *. 
feriblA’S Foreign Minister, ft 
Atal fteharl Vajpayee, tori 
accepted an Invitation to vt 
China “in principle." T 
tarnation, sent by the Chine 
Fwreign Minister, Mr. Has 
V<y, was delivered to 3 
"Vajpayee by Mr. Wang I 
Nam, leader of the first Qdm 
goodwill delegation to vi 
.India since the 1962 bon 


. This nMSfks an imprevenu 
in Stoo-Indian relations, wh 
have been sour since the I! 
war. Ambassadors were 
changed 18 months ago * 
trade has just been resnm 
but contacts at a political le 
have not really begun, in Sf 
of bints by leaders of b 
countries that they wo 
welcome high-level talks. 

Mr. Vajpayee's visit will o 
take place after “ careful j 
paratf®®,” which means t 
much diplomatic spadew 
will have to be done before 
goes to Peking. Hr. Vajpa 
told Mr. Wang at their 
minute meeting that tbe Ju 
Government was anxious 
Improve relations with nel 
boors and described his rec 
visits to Islamabad, Dw 
Rangoon and Katmandu, 
made it dear that bilatc 
relations could not be linpre 
at the cost of “estabthti 

This was obviously to f< 
stall any attempt by China 
create a wedge between In 
fimida, which continue 
have close and special relati 
in the context oC a 15*s 
treaty of peace, friendship ; 
co-operation. Mr. Wang agr 
with tiie Indian Foreign M 
ster that bilateral relati 
should not depend on (h 
with third countries. B 
noted that relations betw 
China and India were “ stew 

Gen. Zia play 
down threat 
of trouble 

By Simon Henderson 
. ' .ISLAMABAD, March 
Pakistan. General Zia ul4 
to-day played down the dai 
of demonstrations or o 
trouble following the imxnh 
verdict against the for 
Prime Minister, Z. A. Bho 
In a murder case. 

He said such trouble dept 
on having money In o 
pocket. Insinuating that re> 
demonstrations against mai 
law by supporters of tbe for. 
governing People's Party t 
been by paid agents prov 

Speaking In Islamabad 
expressed satisfaction at 
results of the month-long 
on politics announced a W 
ago. The people have give 
sigh of relief, he said. He : 
explained that Hr. Bhutto's 1 
for corruption In a spe 
court would be held inride 
prison for security reasons, 
trial, to start on Saturday, 
be open to the Press, he sai 
Renter reports from Ra 
pindl: Police made mass arr 
of followers of Mr. Bhntti 
Lahore to-day, according 
reliable sources. Some 
mates put the arrests at • 
100 . ' 



The following Notes previously called for redemption have not as yet been presented for payment: 

43 193 »S 361 

351 J95 =?7 363 

273 200 305 364 




1550 2131 2338 
2120 2233 27X0 
2130 2236 2714 

2715 2735 
2721 2736 
272* 2737 

























2 944 

10040 2CjUB 


r>T # Fi ;in Roi.'-V P.j' 

Ttl :35.' 6i.4a- T^iex : 640340 BIAPA 
Cdpii4l 100 millions F.F. 

“ '■ Total of the balance 

W5 :-1, 080, 000. 000 F 
'. 1976 : 3, 209. 000, 000 F 
1977: 3, 564,000, 000 F 

the Arab World 
is our business 






NO. 00130 Of 197S 

Chancery Division Campanil'S Crjuri. ID 
ilk> Matter or KESWICK i FANCY 
r;in>QS. UMITED and in Hit Manor of 
TTh- Companies Act s. IMS I* 1567. 

PotuioD for the wiodliw np of the ahovo- 
namrd Company by tbe Hit* Coon ol 
Justice was on the 6th day of March. I97S. 
ptvsi>aicd to the said Court by lh* Denari- 
ment of Industry wtww? address for 
sarriev Is c/o Treasury Solicitor. Matthew 
Parker Street. London. SftlB IW, and 
that the nid Petition Is dlrertcd to be 
heard brfnre the Court sittbw at the 
Royal Courts of Jnstice. Strand. London. 
WC2A SLL on the 17th day of April. 19TS. 
and aor creditor or coni rib tn air of ihc 
said Company desirous to support or 
oppose ihc tnakJnp of an Order an the 
said Petition may appear at the rraw of 
. .arias in person or by Us counsel, for 
that purpose: and a copy of the Pennon 
kill be furnished by tbe onderaisncd to 
any L-rc-diior or comnbaroiT or the said 
Company rvqalrinc such copy on payment 
of the resutated charge f»r the same. 
Matthew Parker Street. 

London. 5W1H HTN. 

Solicitor for the Petitioner. 

NOTE— Any person who Intends ro 
appear on ihc hearing of the said Petition 
must aarvfi . on or ssod by T»«t to the 
above-named, notice In writing of bis 
Intention so to do. The notice must Slate 
the name and address of the person, or. 
if p firm, the same end address of the 
arm, and must be sinned by tbe person 
or arm. or Ms or their solicitor m any I. 
and most be served or. If posted, mast 
be sent by poet In sufficient time ro reach 
the a bo re- named nor later than lour 
o'clock in tbe afternoon of tile Htb -day 
of April. i«8. 


CVT. 189. Resent Street. 7J4 S*75 
Carte or All In “ - 


_ Menu. Three Spectacular 

Floor Shows 10.05. 12.45 antfY.+S and 

music of jonnny HawkesworUt 4> Friends. 

GARGOYLE. 69 Bern Street. UmUff- W1 
Show a: Midnight and 1 a-m- _ _ 
Mon.-Frt. Closed Saturdays. 01 -*37 6+55. 




Coramrrcut & 



a £ 

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Z!t*ini\S5 i Inr.’iun/'ni 
Oppottuoiilirs. Corporation 
Loans. Production 
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FqrSali? Wanted 



Education. ifWore 

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Persona l. fiartfi-ninc 

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■-rvimvni pDHHimS OIUW 

(Minimum siu 40 column cmc.) 
0-50 per single column cm, extra 
For further details tame, to: 

Classified Advertisement 
Manager, 4 ; 
Financial Times,' 

10, Camion Street, EC4P 4BY 

A glass ball for general elections 



WITH THE Saturday dateline for 
elections in Die north-eastern 
state of Kelantan approaching 
leaders of Malaysia's dominant 
party, the United Malays National 
Organisation (UMNO) are casting 
anxious glances at the Opposition. 
UMNO is launching a pre-emptive 
strike at its arch-rival, the Islam 
Party on <lts home bround in 
Kelantan. What happens In Kelan- 
tan could well dioUrle -the date of 
a general election. 

Most Mala ystaas, apart from the 
Communists, believe that in the 
foreseeable future, the Malays, 
who make up half tee population 
with Chinese making up fixe rest, 
will continue to hold political 
power in Malaysia, having been 
the ruling party since 1957. 
UMNO has become synonymous 
with the Malays. UMNO has been 
thinking seriously of holding 
national elections Oils year and 
even Opposition parties are say- 
ing it will win. 

But being used -to a two-thirds 
majority in parliament, UMNO 
would consider it a disaster if it 
could not retain tfvis majority 
which gives it the power to alter 
the constitution. So Kelantan, 
wliich is controlled by the opposi- 
tion Islam Party, wdll be a key 
test of UMNO’s popularity. 

UMNO has thrown Us full 
weight into the Kelantan elec- 
tions, saturating the state with 
Federal ministers and Party 
workers. It is hoping to prove 
itself by taking Kelantan for the 
first time in IS years. The Islam 
Party had 20 seats in the state 
assembly before it. was dissolved, 
while UMNO and its' partners- 
held the remaining 16. 

The main UMNO theme is 
economic development for back- 
ward Kelantan and its 800,000 
population predominantly-Malay. 
On Moqday, Datuk Hussein 
launched the South Kelantan 
Development Authority, which 

he said would open 260.000 acres 
of jungle up for agriculture at 
the cost of Ringgits400m. 

Other ministers have criss- 
crossed the state promising new 
schools, hospitals, roads, electri- 
city and jobs — all on one condi- 

tion: that the Kelantanese vote 
for UMNO. 

The past two years have been 
traumatic for the Malays- With 
the death of Tun Razak, former 
Prime Minister and Party leader, 
UMNO lost a man, who not only 
knew the Party machine, but 
also had his own men manipulat- 
ing ita gears. 

The new Prime Minister, Datuk 
Hussein Onn, by contrast is a 
loner who finds political wheel- 
ing and dealing distasteful. He 
was uncompromising in his 
decision that the fohner Selangor 
Chief Minister. Datuk Harun 
Ioris, should serve his jail term 
for corruption and forgery. That 
reflects on the Prime Minister's 
personal integrity and sense of 
justice. - But the sight of the 
charismatic Harun behind bars 
has not gone down well with the 
Malays, It is because of the 

present ' uncertainty that the 
Kelantan elections this Saturday 
assume national significance. 

- The Federal authorities have 
also imposed a ban on public 
rallies, ostensibly to preserve 
security. Nevertheless, the ban, 
is an added advantage to UMNO, 
because tbe Islam Party has the 
best orators, and the Malays love 

Federal ministers are not so 
restricted, as they can be seen 
at th& opening of completed pro- 
jects, and they make the most of 
such occasions for politic king. 

The Islam Party, however, 
appears to be holding its own. 
It has more local branches, and 
Its workers appear more effective 
in their house-to-bouse wooing 
of voters than UMNO’s. A fiery 
spepch by Islam’s Party Presi- 
dent, Datuk Asrt in parliament, 
opposing ' the imposition of 
Federal emergency rule in 
Keiantan has been converted into 
cassette tapes and is cuneptiy a 
best seller. 

The mainstay of the Party’s 
campaign is its claim to be pro- 
tector of Islam and of the Malays. 
To drive this home, all the 
160,000 copies of its manifesto 
were printed in the Arabic script 
— romaclsed Malay is the 
national script. 

To ensure it wins the elections, 
UMNO is relying on its political 
partner in Government Berjasa, 
to win a few seats, and split the 
-opposition- vote in others. Led 
by the Chief Minister, Datuk 
Mohamad' Nasir, ah'. ex-Islam 
Party official. Berjasa was fonjad 
-two months- ago, ' buttmany are 
sceptical ’'about its reliability. 

"Berjasa is like a puppet in 
the Malay shadow play. It has 
no ideas and M semangat > * 
(energy or life force) of its own, 
and is manipulated by. UMNO,” 
said . Senator - Mohawed Amin, 
Islam's Party publicity chief* 

The outcome of the KeU 
election Is likely to be a 
fight The Kelantanese ] 
themselves as different 
Malays in other states, and 
are deeply deligieus and co 
vative. Whether they ca 
won over by material promi 

If UMNO wins, it is like 
push ahead very quickly 
national elections, to trj 
deal another blow to its t 
tionai rival in the other si 
If it falls. It can sit back 
wait, as national elections ar 
due officially until August, 1 

An Islam Party victory < 
be very damaging to Uli 
prospects in several states 
Kedah, Trengganu, Perak 
Selangor, and would put 
careen of several leading U. 
politicians in jeopardy. 

Tevgku Razaieigh, the Fit 
Minister, a 41-year old Kek 
prince, is staking his clais 
becoming Prime Minister or 
election, which is very muci 
brainchild. Dr. Dato 
Mahathir, the Deputy F 
. M inister, is anxious about 
own seat in Kedah, and has 
seen lately making frequent 
to his constituency to ensure 
as in 1969 he lost his sea 
an Islam Party eupportei 
another constituency. 3 
Datuk Hussein although his l 
State Johutie f$*&n ujjtfo 
tion„ wiU' temff. -under itiits 
if Kelantan igoesl - - £ 

- With pcirticiafes predbcta&j 
ensuring t&gLr .own torafS 
coming nfe>otha-*re-4inliki 
see much atieofiod^oted 
economy, which fortunately 
riding comfortably on high 
nnxHiy. prices and- ny. 

«T XAKUKI <*k main pa *, 

Second dn Postzse MU u New Yotfe. 




' Baanciallime?. 1 



reaooay may s 
coal employers 


7i/ r - 


n, b-A^ 
^ »A 

■fl“S . - f : 

and bargain alone 



BY OUR OWN CORRESPONDENT NEW YORK, March 8. ! force an end to: 83-day-old U.S. • 

miners' strike by invoking the 

REPORTS that Peabodv Coal, major interests in the militant Taft-Hartley injunction raises the 
the largest U.S. coal company. Appalachian • fields. Peabody spectre oi another major con- 
l-'is thinking of breaking away might be more willing to split frontatlon between a mining com- 
-from the Bituminous Coat Opera- than other. SCO A companies. j muni ty and a western govern- 

tors' Association (SCO A) and of If it does, the move would ment— the third in six years. 

. urging other coal companies to greatly complicate the negotia-j The first two were, of course, 
follow suit, have raised the pros- tions for other companies and I fa Britain and in both the 1972 
pect of a split among the em- could lead To a disintegration of 12 nd the 1974 clashes the govern- 
. players about how to settle the national bargaining, which would j faent headed, by Prime Minister 
.U.S. coal strike. In turn threaten the cohesion of Edward Heath could be said to 

Peabody this morning would the United JHine "Workers' union, have come off second best, 
not confirm or deny the report/ This morning, the Treasury j that 

Its only comment — from the Secretary. Hr. Michael Blumen- Sirins ^e^lrike 

chairman. Mr. Roderick Hills - thal. said that the coal smke “ e,r ^ehavlou^ ^ng toe s^e 
was an ambiguous “Peabody is would have- a. sen ous impact on "J “ 


Wcta ail auiui^uuua i ciuaju*. in wuuiu iiav^ a Kiiuwa v.. . 

'_not now' negotiating its own the economy if It lasted beyond 
agreement." this month, ff it ends before American nrine« have denmn- 

Wall Street sources suggest April 1. however. its effect would 
: that Peabody — which accounts he necligible, he said. leriiti ci of tolidatiy and of a 

.^for about a third of BCOA pro- In yet another development ofp.f . tljeLr 

duction with its output of 70m. the United Auto Workers; one of British counterparts. 

* tons per year — Is suffering heavy the strongest U.S. unions. . said As in Britain the longer toe 

losses. 'This was confirmed that it is to contribute S2m. to 160.000 United Mine 'Workers 

yesterday by one of its six share- help the striking miners. Such a members have been on strike the 

’ holders, the Williams Company, sum would reinforce the miners' more keenly have they felt the. 

Tt is argued that since it has no resistance considerably. injustice, of the deprivations and 

. the more stubborn has been their 

r - , determination not. to capitulate. 

■■ Sen. Long kills hopes of sSSSjSSh- 

■ crude oil tax compromise 

- they Increasingly perceive to be 

■' BY JUREK MARTIN. U.S. EDITOR WASHINGTON. March 8. « attack on their basic working 

1 rights nrst by employers and now 

’-SENATOR Russell Long, the The House of Representatives by a government which does not 
Powerful chairman of the had passed last year a tax on understand their grievances. 
SenatP Finance Committee has the industrial use of oil, but the Wages, it must be stressed, are 

■ nronohntcd that Mmi-ral significantly- weakened not an issue at the root of this 

pronounced that an Integral fhij . proposa] . The differ ences confrontation. 

Enersv Bill the well-head tax have to be resolved in a As in the Rhondda Valley in 

on erode oil— is politicallv dead, 30mt Senate-House, conference wales, the starting point for 
-as far as he is concerned. committee; but the chances are understanding the miners 
While far from beino a th ?' 1 lhe c * n { e I? eS also \°° k behaviour is that their life style 
•rnnJiie Senator Lnn-'s v e ?dict askance at tak “S too *°«« h a [for three or four generaUons. in 
SS lM U, i dlrnwr on ,in ' 0Ver imDaSing taM,lon - , I both nations has encouraged an 
' the n Avs th.iT P a romoroS iTe was ^ compromise on natural j insular and embattled approach 
It tone last tota™ nEft <E 2as - which has been in the * orks i to life. The individual’s interests 
the other unVesolved ^art of the since Christmas, does constitute are identified with those of his 
enerev^nacka^e^ natural eas somethin? of a -break through. | workmates because of common 
nrirtoc ttnri ShHnn 8 however. Under it, federal regu- dangers shared. The community's 
pr L‘ ns J md re =>uialion. . lation of natural ga* prices would solidarity has been cemented by 

The Finance Committee chato finally cease . hi 19S5. In the decades of exploitation living in 
m ®"' wh ® ,s fr .? m Lo . u ' sia "£ “H meanwhile, there would be an coal company houses and buying 

whose close ties with the oil immediate Increase in the price ■ r— ■ ■■■■ .. 

industry have never made 0 r newly-discovered gas . and . 

him a supporter of the well-head increases in prices, linked to the , -_ 

tax. announced after a meeting nXe 0 f inflation, thereafter until 0 wIlQT^Tn Q I Q IT 

with president Carter that the regulation ceased.- It is a solu- §J 

White House “is beating a dead ^jon to which the Administration . . 

horse when they are talking has become reconciled 

about that crude oil equalisation. A GUN -WAVING march . on. the 

■tax." electoral -tribunal offices has 

The administration had been, ’ „ ' _ _ done nothing to speed up the 

perhaps fondly, hoping that once Police Suspended official results of the chaotic 

the natural gas deadlock was the south Chicago suburb of Guatemalan general election, 
-broken, it might be possible to Robbins has suspended its entire* Rlval politicians declared 
get to grips with energy taxes, l^-man police force, amid charges ; themselves winners yesterdayv 
such as that on domestic crude that officers have committed ! but the head of ' the electoral 
•oil. armed rubbery, burglary and car 1 tribunal, which has the -job of 

But Congress, with mid-term theft, Reuter- -reports from i counting the votes., said .that 
elections coming up. is suddenly Chicago.. • - : final results might not be 

in no mood to pass additional • I declared until fo-morrow. • The 

legislation which would raise 'Colombia raid * • (polls closed on Sunday. uMir ..- 

taxes. This feeling is all the «.***.» , Th ^ e *' as sUM nb-explanation- 

.more acute now that Americans Jd • a smfS tol™ : JonSS of *** tKe cpunlin ? w ? *•*?»« 
have started paying the steep SSlfBoS^aJd escaJJSdwlto f > a ^ 0r S : 

increase in social security passed captured arms and S50.000 from ^ 

t>>* * h f Congress late last year. the Ioca! agricultural bank, police vor rent. of - them were esti- 
Indeed. there are serious moves sa jd. Reuter reports from meted to - have boycotted thg 
afoot on Capitol Hill to roll back Colombia. They said’ that-i P° 11 -. - - * 

at least part of the social security guerillas belonging to the I Col., Enrique Peralta Agifcdia. 

Macmniah, th. ; a group of- miners give the thumbs down to President Carter’s action. 

President Carter 

provisions from . coal company 
shops. ... 

The British National Union of 
Mineworkeis was dn fact quick 
to offer its support and solidarity- 
because of what it sees as an' 
attack on American miners' 
health and safety defences. That 
help would include financial sup- 
port. but the'sth waiting 
to hear what is . required of it. 

One of the risks ‘for President' 
Carter in resorting to the U.S. 
labour laws is- that this will 
further alienate the miners. The 
sanction embodied' in the Taft- 
Hartley law, of individual fines 
for union officials, and crucially, 
the withdrawal of food stamps 
will be bitterly resented. These 
penalties may serve only to 
infiame;- grievances. Miners in 
Appalachia are not frightened of 
long strikes- In the past five 
yeprs strikes .in Harlan County 
and Stearns, Kentucky, have 
lasted up to two years. 

This feeling may be tempered 
if the President issues a direc- 
tive seizing toe mines from the 
employers while the dispute is 

. ' While- Mr. Arnold Miller, the 

UMW president, may have appre- 
ciated these fundamentals when 
he started negotiations- for a new 
three year contract last August 
he seems rapidly to have lost 
sight of them when confronted 
with a determined group of em- 
ployers, - who- were bent on 
curbing an ‘increasingly unruly 
work, force, - • 

It is- easy to sympathise with 
the employers’ predicament. 
After two decade? of contraction 
the coal industry has begun to 
look towards a brighter future 
because of depletion of alterna- 
tive energy sources. But mount- 
ing capital - expenditure 1 in new 
mines and machinery has been 
jeopardised by wildcat strikes 
and absenteeism which last year 
cost the industry almost one-fifth 
oF potential Working time- . Non- 
uni opised competitors, -who now 
produce half the nations coat, 
have not been threatened In this 

When they enTered the nego- 
tiations the Bituminous Coal 
Operators Association (BCOA) 
had ambitious objectives ■ for 
stabilising labour relations 
through legally enforceable con- 
tract clauses. They matte the 

mistake of' believing, . if they 
could reach agreement with Mr. 
Miller — a leader of doubtftil' 
authority — they . would secure 
their objectives. 

This failure of perception, 
could be because the dominant: 
voices in., the BCOA. are. com- 
. panics such. as U-S. Steel, Bethle- 
hem, Steel . and Continental Oil 
whose top executives may npt 
fully appreciate that they were 
not dealing with a disciplined 
trade union. ' . . 7 • 

In the' past seven years; the- 
UMW has chapged. beyond recog-: 
nitioD from the days of John 1* 
Lewis who created 'and domi- 

nated it A new breed of young, 
better educated miner and local 

mine leader, many of to^mViet- 
nam veterans; 'has- entered?, the 
coal industry. . V *' V; 

‘ He is not prepared .to gqrepit 
the dictates of a distant union 
bureaucracy whose- ’authority 
has iu any case been undermined - 
by weak and divided leadership 
and whose power has been, 
undermined by democratic elec-: 
Hon of union officials. 

a unique privilege in the UB. 
Bunding these benefits has 
become difficult in recent years 
because of the 6urge in wild-cat 
strikes. The employers at the out- 
set of the talks sought both to 
: reduce the benefits and to force 
unofficial strikers to pay fioes into 
the funds. At the same time they 
propose dismantling what had 
■been si union administered sys- 
tem and to shift the financing to 
a company by company basis. 

Both of these provisions werc- 
agreed to by the seven-man 
negotiating team Ted by Mr. 
MiHer in early February. Their 
■prospects of acceptance by the 
rank and file were made even 
bleaker by Mr. Miller’s agree- 
ment to disciplinary, clauses 
which could have ltd to the dis- 
missal of miners for ill-defined 
violations of the contract such 
as “fomenting” wildcat strikes 
or honouring a picket line — 
one of the most deepiy engrained 
and hallowed traditions of the 

were appalled. Support melti 
away. The contract mustered ju 
three ::Votcfv Hz acceptance \ 
February- 12 and the search, f 
a modified settlement beg 
■under intense White House -pti 

After the BCOA had charig. 
the leader of its negotiating tea 
several tunes’ a revised oft 
emerge& bpsod'ou a settlement . 
a snuff mining company, fit 
burgh and Midway, trot a me mb 
of the BCOA- . . 

..The union's, bargaining -coon 
endorsed- the formula -by a vi 
of 25-13. ‘ ----- 

One big Concession the cr 
companies offered uhtter Wb 
House pressure, was -wordi 
which implied -that miners cot 
not be dismissed for hoeourint 
picket ; Une. But dismissal.- wf 
out appral to arbitration cot 
still" be 1 * incurred where lt- 
determihed -that an employee ] 
picketed or otherwise M 
actively involved, in causing 
unauthorised work stoppage 
sympathy strike. ‘ Two days 
unjustified absenteeism coi 
also be' grounds for .distnis 
under this contract., ' 

The administration'simmedi 
strategy seems to he aimed 
securing at least a partial xetr 
to work and to foster Io 
bargaining. But - with 
employers saying they, will - 
pay. returning . miners ■ trigl 
wages even this objective ctr 
be in doubt 

Miners, since ' 1946, have 
enjoyed free health and welfare. 

When the 39 members of the 
union's bargaining- council saw 
the nature of the document which 
Hr. Miller was supporting they 

In Appalachia thousands 
miners could be prevented fr 
returning to. work bv a few m 
tant pickets. Appalachian min 
have-, died, in fights over . 
principle of honouring pic 
lraes. . 

In the longer term the.'dtep 
will surely end. The coal ct 
pa nips must hope- -that 
damage which the protrac 
dispute has already done 
labour relations lit their mil 
will not by then have- been cc 
pounded by clnmsy govern m- 

.1 = t - * : • 

U * -m';" ■ "• 

? !-. r r : • i , : l [ l 

il i . J ‘ * 

Guatemala poll in chaos Labour threat to NYC finance • -• ; 

A GUN-WA\TNG march.. Tin. ibe 
electoral -tribunal offices -has 
done nothing to speed up the 
official results of the chaotic 

marched -at the/vbead of about 
'390 gun-waving supporters to the 
tribunal offices yesterday. He 
complained of -yoga.' rigging.. • 
The colonel’s ' bodyguards ^ 
kicked '’open the tribunal doors i 
and dne of his aides said that i 
the ■ xfLN was ready to bring . 
supporters . on to. the streets to 
•defend ,his vipton/'^.v-BuL 
according to offiri^fi^uras,. the 
colonel Js-hareowiv/h®rad'. the 
govTfemseat .raratfdjttdi ;/>.Ge.h- 

in Guyana 



Romeo Li 
claimed iL . 

' Gbn. . Rj?#3o f Peralta Mendez, 
the presk&MftiaV candidate of the 
Christian'; democrats and' other 
groups of-Jhe Centre, was a clear 
third in jfh e count so far. But 
be: told a news conference tftar 
he did pot . accept that he had 
really lost 

Reuter J ■ - 

i^.VC)&eia,: .vrho/also 

Increases, although the Admini- Colombian Rev olutionary Armed I the presidential candidate .of the 
stration is vigorously opposing Forces attacked the town of j extreme ■ -right-wing National 
this. Vista Hermosa. I Liberation Movement (MLN), 

' FEARS ABOUT the threat of 
labour disputes to New York 
City finances were underlined in 
Washington to-day by Mr. Hugh 
Carey. New • York State 
Governor in House Banking Com- 
mittee., hearings in Washington. 
(••^Between now and the end of 
fSe'pterober the City, must- agree 
'bn new contracts with many of 
its municipal workers including 
i-policempn; firemen and transit 
employees. Negotiations on con- 
tracts are already underway with 
deadlines at the end ot the month 
for the transit- workers and end 
of June for municipal employees. 

There is some concern, how- 
ever, about the impact of these 
negotiations On State and City 

finances- in toe event „ that' ihe 
tough line Mayor Koch is faking 
on wage increases could lead to 

At the end of April. New York 
Stater has to refinance^ spnie 
84b n. of loans, its regular spring 
borrowings. If toe - refinancing 
takes place against a background 
of labour unrest In' New"Ybrk 
City it is feared that the job of 
refinancing could be difficult. 

On the other band unless the 
City is seen to be taking * strong 
line with its workers then the 
prospect of it getting the addi- 
tional Federal . support which It 
needs will be worsened, since 

Congress less likely to 
approve the support. 

R enter adds t New York State 
Governor Hugh Carey -said he 
supported President Carter's pro- 
posal for long-term federal loan 
guarantees to New Yqrk Cit}’. but 
said -the. . city also needs short- 
term financing; Mr. Carey and 
Mr. Felix Rohatyn. chairman of 
the.. Municipal Assistance Cor- 
poration of New York, told rihe 
Rouse Banking Committee, New 
York City would need some- short- 
term financing in its next fiscal 
year. ■ 

“To complete th*. job we began 
in 1975, we renew, our. request 
lo the - congress- for.-; long-term 
Federal' assistance,” Mr: Carey 
said. ■ • 

Mr. George Price, the Premier 
Belize, has arrived in Guyana 
a short stay at the invitation 
toe Prime .Minister* Mr.- For 
Burnham, ,our Georgetown re- 
spondent .writes. He said 
arrival that Guatemalan ‘ Jnj 
ence on cessation of Beliz 
territory to. settle the territo 
dispute means that he has. to 1 
for a “multilateral, secu 
arrangement'’ tto guarantee .. 
safe ■ ahd secure independent 
for -Belize. He envisaged that si 
art arrangement wouM- Irivr 
Britain and other countries, 
conceded that he has not yef b 
-able to secure it. 


Penney' outlook optimistic;- L 
boosts Woohvorth; Ciba-Gelg} 
new. U^. purchase-rrPage 28 . 

t\l J; i i 111, 

n - .T r>-: • * : 

: L; . :v .: . : v 

1.'/ .-l' •’ 

i -H-U ~ >;■; ' 


-li, . , V,' A-' 

* -i g mssmtmmmin 

Extract From Accounts 

Board of Directors 

- -H. E, Sheikh Mohammed AbaBchai], Chairman 
■ Minister of Fiftance and National 

Economy of the Kingdom of Saudi’ - - 


31 December 1977 

£' 000 : 

Shareholder's funds 




Cash and deposits 
with banks 

Edgar C Felton 

- Executive Director and Chief Executive 
Offiixr. . ' _ . 

H. E. Sheikh Khalid M. Aigc^aibi 

Vice-Governor of the Saudi Arabian - 
Monetary Agerjcy. 


Vice-Chairman and Managing Director 
of the Saudi Fund for Development. 

H. E. Sheikh Abdul Rahman AJ-Sheikh 


Deputy-Chairman and Managing " ■ 

' Director of the RiyacEBarik Limited. ' 

It's a fact ... Gulf Air fly 
direct from London to the Gul£ 



The Rt Hon. Lord CTBrien ofLothbary, 
G3.E., P.C; 

c. j 

■ i ?fj 

Total assets 


Twice a day, every day. 

Retired Governor ofthe Bank of England^- 9 

JohnM. Mey® 1 , Jr. K.B.JL •; 

RetiredChairman of Morgan Guaranty 
. Trust Company of New York. 


President of the Bank of Tokyo. Ltd. 

Twice a day, every day of the week, at standard, easy-to-rem ember departure times, there 
*• are Gulf Air departures from London Heathrow direct to the most important cities of the 
Gulf. On Wednesday and Thursday; there is an additional departure in the evening. And 

' . Shareholders: 

Saudi Arabian Monetary Agency, Riyad Bank, National Commercial Bank (Saudi Arabia), 

Morgan Guaranty Trust Company of New York, The Bank of Tokyo, BanqueNationale deParis, ; 

^ • I^UII. VH ifBunpoua/ onu muiguajt uiw« hii auumvnai wspauuie iu uic nilU 

on every flight you can enjoy the spacious comfort of the TriStar and the five-star quality 

of Golden Falcon service. Just some of the reasons why discerning travellers choose Gulf 
Air when flying from London to the Gulf. 


• • Copies of the Report and- A ccourds for year ended 31st December 1 977 am be obtained from? - ■ --i 

The Secretary; Saudi International Bank, 99 Bishopsgate, London EC2M 3TB: TeJephone:(01)638 2523- ■ 

Com or of Piccadilly & Bertel 07 51.. London WIV 9HF. Roservatlons: Tel: Cl-WS 1951 Telai- 28591 AB GFRcS G. 
Birmingham- 021-632 5931. Manchester. 061-832 6677. Glasgow, 041-248 63E1 or oontaet your local Travel AgenL 

London/ Gull. London strvice. uc-OHEcd in Mccoitm with Bntteh ^ 

The Bank with special expertise in Saudi Arabia - 



‘ u «*rch , 

TinandaVTianes^ Thnrsd^ SJareh 9 1978 



for Europe’s 


a srreed with ortj# main Eurc- 
, peau aircraft manufacturers that 

• any future civile aircraft built 

- jointly in - Europe - will ' be de- 
veloped by:Airbus Industrie* the 

<\ . existing ; consortium alxeadv 
; bunding the A3QQ Airbus. 
British Aerospace. -is not a full 
'.member ^ . of . Airbus Industrie, 
only an associate. ; 

The .decision was. disclosed in 
a joint statement lyesterday from 
British .A pro space, . Aerospatiale 
... of France; and Messerschmitt and 
yY'W-Fokker of "West Germany. 
It Rovers 1 -proposed" fixture de- 
. veiopments of the' Airbus, such 
■ as the 220-seat B-10 version and 
' •‘ any new /‘Euro'set* ia the' 130 
to 160-seat category. . • -j 
, ; v British - Aerospace- . hastened 
■ ■ yesterday to deny-that thesgree- 
ment- meant that \the was 

• • -already committed to -a stare in 
i. bidding- the new jets. - It said 

' - taiKs were. -still in. progress and 
" -.06 coxnrditznents had heeri under- 

- .taken: . . : - ” m .." . 

- , But the' terms of the statement 

- 37 "thA .Your manufacturers 
. ’1 early indicated, that- Airbus 
. .Industrie would be the 'company 

.. h rough" which any such aircraft, 
>nce agreed, would be developed. 

' 4s such,. therefore; the statement' 
■ :s ■ a ■' triumph for- 'Aerospatiale, 
\-WesserscJimtit and VFW-Fokker, 
.-ill of whom are much more 
.deeply involved already 'in Air- 
oue Industrie than British Aero- 

- jpace. ■ which ..builds the . wings. 
.. 'or the A-300 under -sub-contract. 

The .statement ."said the four 
■om panics, hating ’ agreed, that 
' .ongtenq. collabbrafioa was 

essentia], bad .agreed to- set up 
° a strong and competitive asso- 
ciation- for the development, pro- 
duction and- sale: of. civil air- 
craft" ' . 

-.--They had ^acconfingly signed 
live iSemoxandmn.of Undersiand- 
rng, estabftsblng. agreement ron 
their relationships and respohsi- 
• i. . . : V. ' . .. . 

The Soviet Union, has coven 
Air • France •' permission to 
operate at regular Airbus ser- 
' vice to Moscow* Reuter reports 
from Paris.. . ■; ; 

bililies “in respect -of joint pro- 
grammes covered a : family of 
Sbori-snedifm haul alicraft. 

“This family, includes the cur- 
rent Airbus versions •-and the 
A-3Q0 B-io derivative, a s' we 11 as a 
sbortroediian haul' new aircraft, 
3ET, w?th two versions of 130 and 
160 seats respectively.” said the 
joint statement ' ' : -- 

*“nie A-300 B-10. and the two 
versfons of JET will he; products 
of Airbus Industrie,, reformed to 
take account of : tie additional 
commitments. - ' '- ' 

“In doing so, 5he major Euro- 
pean manufacturers intend to 
demonstrate to-ihe airfares their 
resolution to work bogetber and 
to respond jointly toadrline needs 
in a way that-wiH engender long- 
term confidence. These aircraft 
are .now being presented to the 
airlines" ' 

.. It was clear, on the .Continent 
yesterday that,' despite British 
Aerospace’s denials, the strong 
tone of the statement was being 
interpreted as meaning- .tint the 

U.K. was virtually committed to 
joining in the development of the 
new generation of jests. 

British Aerospace - itself 
stressed that -altimugh it was 
continuing with discussions with 
its European partners, the state- 
ment was intended solely to re- 
assure the airlines that any new 
products- emerging would be 
backed by a strong .manufacturing 
aod marketing organisation in 

Ail of these aspects of any new 
joint ventures vdU need Govern- 
ment approval before they can 

Nevertheless, the joint state- 
ment is hound -to cause some 
concern, especially to_ RoHs- 
Royce. which iis seeking to win 
orders for its engines in new 
U.S. aircraft, and which sees no 
future .for. itself in the European 
ventures (neither the B-10 nor 
the JET programme specifying 
Rolls-Royce e ngin es). 

ADRIAN. DICKS writes from 
Bonn: German aerospace sources 
were surprised by the form of 
words used in the joint state- 

Although, some observers here 
were jnciioed to view it as a 
manoeuvre on Jbe part of British 
Aerospace to sid estep the B-io 
in favour of JET. there, was sur- 
prise that the U.K company 
should choose this moment to 
sign a .document 'apparently 
strengthening the functions of 
Airbus Industrie, a body it does 
not formally belong to. 

U.S. launch 
planned for 

By Lynton McLain, Industrial Staff 
THE POST OFFICE has decided 
to assess the U.S. market poten- 
tial of its Viewdata information 
system six months before it 
coines into fall operation . in 

An announcement yesterday 
said the .Post Office had joined 
Thsac Data Systems in a six 
month .marketing projecL Insac 
vras set-up by the National Enter- 
prise Board in February 1977 to 
market British computer soft- 
ware and systems overseas. 

The marketing project will be 
based-on Insac’s New York office. 
Staff will contact a wide range 
of potential U.S. users in in- 
dustry and in the home. 

Television and telecommuni- 
cations companies will also be 
aproached to find ways in which 
a television and telephone infor- 
mation system could be se>t up in 
the U.S. . . . 

Such a system would differ 
from the British Viewdata 
scheme, due to go 00,(1121 in 
London, • Birmingham and 
Norwich in June 1978. 

In the U.S., telecommunications 
systems which differ from those 
in Britain may lead to a demand 
for separate information 

systems for separate markets. The 
British Viewdata system would 
not be “transplanted” to meet 
U.S. needs, the Post Office said 
last eight 

Viewdata enables people to call- 
up' information, about business 
statistics, sport fixtures, rail and 
air timetables, classified adver- 
tisements and recipes, over 
telephones and have it displayed 
in words and simple diagrams on 
television sets. The system has 
cost the Post Office £5m. to 


Political doubts haunt exporters to Nigeria 


Nigerian market for Britain has 
been emphasised by official 
figures confirming that United 
Kingdom exports to black 
Africa’s economic giant topped 
the £lbn. mark in 1977. Nigeria 
It now -Britain’s ninth largest 
export market and the second 
biggest outside Europe, behind 
the United States. 

-Nigeria's increased oil wealth 
Since the huge price rises of 1974 
is' the reason. British exports to 
Nigeria were worth only £173m. 
in 1973. but £222m. the following 
year, £512ra. in 1975. £774m. in 
1978 and £L07bn. last year. 

The -gain for British exporters 
is ' considerable. Nigeria, for 
example, is now British Ley land's 
top export market for commercial 
vehicles (if India is excluded, 
where most Lejrland components 
are locally produced). Leyland 
sent. .more than 5,600 buses and 
trucks to Nigeria last year, worth 
£29m- Leyland Nigeria, a new 
company formed in partnership 
with, the Lagos Government, was 
publicly launched at the end of 
last year. 

Bat- -although Nigeria will 
remain a strong market there are 
some clouds on British exporters' 

First, the country is entering 
a period of greater financial 
stringency because of declining 
oil revenues. Secondly. Intense 
international competition means 
that British companies will have 
to fight harder and harder to 
maintain their share of the 
market Thirdly, the Nigerian 
Government is threatening to 
take a much tougher line against 
companies that also deal with 
South Africa. 

A - weak oil market has 

meant a substantial fall in 
Nigerian production, and reve- 
nue when spending on capital 
projects is high. Further im- 
port restrictions are therefore 
expected In a few weeks' time, 
when the Government presents 
what is expected to be a tough 
budget. The restrictions might 
fall heavily on consumer goods 
and that might affect British 
exporters more than those in 
other countries, given Niger- 
ians’ traditional leaning towards 
U.K. consumer products. 

As it is, Britain's share of the 
Nigerian market has fallen con- 
siderably from the 32-33 per cent 
held in the 1960s to about 23 
per cent, now, a level that has 
been fairly constant for the past 
four years. 

However, there is immense 
competition from the West Ger- 
mans (with 16 per cent, of the 
market, up nearly 3 per cent 
from 19721, from the U.S. (with 
11 per cent), Japan (9 per cent.) 
and France (about 8 per cent.). 

The comment of one exporter, 
that “ Nigeria is a traditional 
British market that is being lost 
in the traditional British way " 
is unfair. But there is concern 
that Britain is not getting the 
share of important Nigerian con- 
tracts that it might expect. 

The West Germans and to 
some extent the Japanese are 
picking up many of the most 
lucrative contracts, worth £200m. 
or more. 

Why Britain should be losing 
out in this sphere is an open 
question. Some point to the im- 
mense drive of West German 
salesmen and the reputation the 
Germans have established in 
Nigeria for delivering the goods 
on or even before time. 

In contrast, British companies 
do not seem to he bidding for 
certain big contracts aod 
Nigerians sometimes question 
how reliable U.K.- companies 
would be in meeting delivery 

A11 that said, many British 
companies arc putting great 
efforts into the Nigerian market: 
the U.K. had a particularly im- 
pressive exhibition at last Novem- 
ber's Lagos trade fair. But with 
the rapid rise in exports has come 
a yawning trade gap in Britain’s 

In 1973 Nigerian exports to 
Britain were worth £207m. while 
trade in the other direction was 
worth £173m. That trend has now 
reversed sharply. Last year Niger- 
ian exports to the U.K. were 
worth £219m., a big fall from 
£3 17m. in 1976. 

The gulf is attributable in large 
measure to North Sea oil (similar 
to Nigeria’s low-sulphur-content 
crude) coming on stream and thus 
replacing Nigeria's imported 
crude. Nigerian production of 
traditional exports such as cocoa, 
groundnut and palm oil has fallen 

British exporters see the trade 
gap as a delicate subject that is 
best not discussed, but there are 
no signs yet that Nigeria finds the 
position intolerable. In Britain’s 
favour is the fact that it is still 
the leading buyer of Nigerian 
non-oil products. That seems to 
carry' some weight in Lagos, 
where there has been criticism of 
the French for not buying agricul- 
tural produce, even though oil 
purchases mean their bilateral 
trade balance is in Nigeria's 

However, exporters in all coun- 
tries are now rather nervously 
awaiting clarification of the Lagos 
Government's attitude to com- 
panies that do business with 
South Africa. Britain has a very 
substantial investment in South 

But the U.S. is at present South 
Africa’s leading source of im- 
ports. with Britain and West Ger- 
many competing for second place. 
While British exports to Nigeria 
rise last year, exports to South 

Africa (ell to £5Slm. from £645m. 

in 1976. 

Thu new Nigerian policy was 
spelt out in general terms last 
August at the Apartheid Con- 
ference in Lagos by Lt. Gen. 
Olusegun Obasanjo. the Head of 

The Government is apparently 
still considering how to imple- 
ment the policy. At the very 
least it seems that no company 
involved in South Africa and 
wanting to enter Nigeria for the 
first time will be allowed to do 
so. Companies already trading 
with Nigeria may not be allowed 
to expand further unless they 
arc seen to be progressively dis- 
engaging from South Africa. 

Indications, surest that the 
Nigerians Intend to act prac- 
maticalty. Diplomatic and busi- 
ness sources suggest that Nigeria 
may not move against companies 
regarded as transferring “tech- 
nical know-how ’* to Nigeria — a 
phrase that might be interpreted 
quite broadly. 

Yet however Nigeria finally 
decides 10 implement its policy, 
there are fears that it may make 
an example of some companies 
and act strongly against them. 


: New GATT approach 
urged for Third World 


DEVELOPING COUNTRIES may provided by production which 
' *? making a mistake in pressing can compete- overMEN-Tariffs,” 
‘or “special and differential the report says. v *.■ ; - 
reatment”;in all areas. covered Hr. Golt proposes-’ 1 that de~ 

y the Tokyo Round, of . inter veloped countries should at an 

lationaL. .trade negotiations,- a early stage InteodtireTfree entry 
eport published to-day. by. the for imports from" 'developing 
, .... r-'rade Policy Research Centre countries. This should not be 
K it / fJ[J juggests. - . . ■ regarded as providinfra.preferen- 

The report, by Mr. Sidney Golt, tial position for developing 'coon- 
]} ?. :H\J[ttrgues that- on both- tariffs and tries, but as constituting an 
- "afeguard Theasures the develop- advance instalment of the even- 
ng countries - might gain more tnal general ' elimination of 
y insisting oh “tf most- favoured tariffs, 
ation (MFN) or non-fliscrimtaa- On 1 
ary approach. . the aim a 
Rather than concentrating on emergence,' in practice;, of 
rying to preserve, preferential ** special and differential' treat- 
ariff .. . margins _■ under . the ment ’V tb the disadvantage of 
eneralised system', of prefer- the developing —^and in .general 
' ores (GSP), the developing the smaller and weakei^-part 
oun tries, should .work for MFN.ners In the international trading 
jtriff cuts, Mr. .Golt'^nggests_ • system.. --. -y . : ’ 

.“■With the range- :Ot products In general, it ia mote impor 
:rluded- from GSP schemes tknrthat the Govermneirtn of the 
-ften goqds where a number of major trading countries should 
.•veloping countries are already sincerely observe the principles 
. mpetitive) . and. the uncertain- of an open world ^economy than 
>s resulting from the operation that the developing countries 

both tariff quotas and .discre- should seek the^ liberty to disre- 

rT'-Tinary “ escape- clauses,” the gard them. Mr.rt5olt concludes. 
,^-:gly outcome is that in many Deuetopino douMries in the 
•ses the additional incentive to GATT Siatpm. Sidney Golt 
.. vesfj which -it ■ was" thought Trade Policii Research Centre. 1 
. ^iiild be provided -by -“prefer- Gouph Square. London E.C.4A 
■ __ces,“ is more 'likeljy_ to jhe 3D£’ J 'f2. . 

Iran in £90m. Krupp link 

On safeguards. Mr.. 'Golt says 
should be tb-avm the 



AN. WHICH 15 a major share-. 
Ider in Krapp, one of West 
rmany's largest ’ -steel and 
gineering concerns. Is now the 
iup’s largest export market, 
st year it bought Krupp pro- 
cts to the value of some 
1370m. (£94-15m.) ’ . 

'-ast year’s orders from Iran 
ousted to DM330m., while at 
■ start of 1978 the country’s 
ler book with Krupp amounted 
DM400m., including indirect 

? us in ess with Iran now 

ounts for more than 8 per. 
vt. of the concern’s, foreign.' 
nover and the same propor- 
1 or foreign orders. Its book- 
s with Krupp constitute some 
er cent, of the order boot 
he figures, given by Dr. Klaus 
: kerb off, a member ’"of the 
ipp executive Board, . indicate 
1 1977*8 transactions were no 
b in the pan. The expected 
sw of orders this year would 
any case " be considerably 
ier than those of the year 

ran owns some 25.01 per cent 
Fried. Krupp. the group’s 
ling company, and' a. similar' 
mot in the steel-making sub- 
ary. as well as 40 par cent, of 
Krupp companies in Brazil. 
Dyckerhoff described the 
ntry as an ideal ; partner for - 

FRANKFURT, March 8. 
Krupp not only because it had 
a strong; financial potential but 
also because It had a widely 
diversified .market capable of 
absorbing a very broad range of 
Krupp. products. 

However. . Dr. Dyckerhoff 
asserted that Krupp faced toughj 
competition in'the Iranian market 
and implied that it gained no 
particular competitive advantage 
as -a result- of Iran’s holding in 
the group- However, he said that 
the partnership was still in its 
early stages. Krupp was involved 
in “considerable projects” not 
just as supplier but with a share 
in the' production. 

Concrete plans had been pro- 
duced .for a factory building 
heavy machinery and steel fabri-. 
cations.- Krupp was to build the \ 
plant and, for the first few years, 
operate it. It would also have a 
share of betweea 10 and 20 per 
cent of tbe owner company’s 
S20m. equity. 

Farther talks were taking place 
a bo at “the building up of a compo- 
nents industry for the motor 
industry. Definite plans had been 
made, he said.- Furthermore, 
Krupp was discussing building 
up locomotive production in Iran. 
Dr. Dyckerhoff added that the 
Shah had - said at the Tehran 
Fair that it was Iran’s intention 
to- realise the project in. partner- 
ship, with Krupp. 


Open the bonnet of the Lancia 
1600 HPE and you are confronted 
eager-looking 1600 cc twin-cam 
engine ( with aluminium 
head and twin-choke car- 
burettor) which, on closer 
inspection; can be seen to 
drive the front wheels. 

' \ ClearIy,you are notlook- 
ing^at your average, run-of-the-mill 

■This is confirmed as soon as 
you sit behind the wheel. 

The Beta High Performance Estate Range: Bela 1600 HPE (as i II ustra led)- £5.025.1 5J 5 Beta 2000 JH PE - 15.-138.16. 

Ydu quickly find that you are in charge of \cloth (though you can have PVC if you prefer). 

faiwan orders Israel jet 


AGREEHENT has been- coa- 
led for the sale of SO’Israeli- 
t Kfir fighter aircraft to 
v/an. The deal! requires the 
roval of the -American 
eromeirt since , the -aircraft, 
pned and produced by Israel 
:raft Industries, is equipped 
1 a U.S. General . Electric 
me. . * '■! ■ • 

cfence Minister ,. .. Ezer 
znun hopes to obtain such 
inistration approval during 
current talks in Washington, 

TEL AVIV, March S. 

If it goes- through,, the -sale will 
bring In 5500m. It would be the 
aircraft's first- export order. 

If It is turned down hr 
Washington, die Israel Govern- 
ment would be influenced against 
the recommendation submitted 
to- it l)y -the ■- Knesset foreign 
affairs and security committee 
that Israel Aircraft Industries be 
given the green Ught to develop 
a new' generation of fighter air- 
craft to supersede the Kfir in the 
1950s. . . 

apan to sell trucks in America 

rSUBISfll MOTOR Corpor-. 
on said it plans to start 
torting Its new small pick- ; 
(nicks to the Untied States 
s year. ' The new trucks, 
b one-tonne loading capa- 
will be shipped to 
-vsler for sale through 
■vslerts marketing network, 
riie company is sounding 
Chrysler on the possibility 
aaving the trucks assembled. . 

TOKYO, March 8. knockdown basis at. 
Chryslerts UE. factories. _lt 
plans .to produce 30,000 to. 
40JK)0 new ^mall tracks a year, 
of whidi it . hopes to sell 
20,000 0_n the American 

market. ■ ^ ' ■■ 

- About 320,000 small trucks 
were exported 16 the UJ5. last 
year, by Toyota,. Nissan, Toyo 
Kegyo and lsuzu Motors. 

. ReuJ,cr* . _ . — 1 • 


quite startling performance. 

The top speed is an academic 1G8 mph. 
The acceleration, through a 5-speed box, is ex- 
hilarating. The handling, helped by all-round 
independentsuspension,and 4-wheel disc brak- 
ing, is superb. 

A closer look at the interior also suggests 
that you are in a most unusual car. 

- There is a complete array of instruments, 
including rev counter, oil level, oil temperature 
and oil pressure gauges and quartz clock. 

; The accommodation is for five, with integ- 
ral headrests on the front seats and wrap-round 
rear seats with tons of leg room, front and rear. 

The upholstery is luxurious, hard wearing 

\ The biggest surprise comes, however, when 
you open the rear door to find that the sleek, 
quick HPE is, in truth, a practical estate car 
with up to 42 cu. ft. of luggage space. 

Although the rear seats look continuous, 
they are, in fact, separate. You can fold both of 
them forward, or just one to carry a long load 
and a third passenger, happily side by side. 

So you see, a Lancia 1600 HPE is perfect 
for someone who would like a sports car but 
needs an estate car. 

Simply buy the bonnetfor 
the sport and the boot for the 

estate irie most Italian car. 

Lancia (England) Ltd..Alperton,Middx.Tel: 01-998 5555 (24-hour sale.s enquiry service). 

^Prices include VAT at8%and car tax.inertiareel seatBells'and delivery charges (UK mainland J.bul exclude number plates. 

Prices* of other Lancia ranges start at: Beta Saloons- £3,292.36; Beta Coupes - 13.760.3,8: Beta Spyders - £4.959.65. The Beta Monte-Carlo cosls £ 5.927.22. 



'Alnwick: WiCam &znpfc Mtftov 

- Astrfonii'Micfctt): Latet-un Gsoga. ■ 
•TetflB 43591 

Aytabury: BtoUcw’MoKA. 

T* 0^445325 
BtnbunrWhkcHone Garajr 


Baridna: E A. GrincKad 6 Son. 


- Bwlnoncto Qo«f Pus. 

■•dfow fc PuseVjUey Mfttafl. 

Tot 6449 J 

BkwWy: Jmctl Motois. 

TetD2) 64340)1 
BJondfooL- EmbtanSpoosCars (UX>, 
Tel: 0Z582 2358 
_ Bolton: Rafteisoi Bouao. 
let 020031323 

-BawnMnouBc Modem UgM Can. 
'TaE 0202 33304 
Ateok CcKioenul Cats CMun. 
Tnt02?2 37139 • 

Sfvmloy; Norrofid (Bromtey). 

■ 1»t 01-46011 34 
Bomw HiR; TSteft (SuStt*). 

Tet 0223 &W1 

Tat 052 4732400 

- CatndiwChcasenwiaEiliiwnlfc 
Tet 32 42395 

C l ie lMBlmiL Swindon BoatfSflwko 
Sadoa Tet 024232157 
Chester. Red RqsbMOIOS. 

IctCCM 3114M 

CNchaner: Si-ui Garage. . 

. Tel 0243672:71 
Cleethorpee: Shat Monas. 
Tfel:047;'b3M2 - 

Cetehmer D. SaimonCas. 

Tel 025646455 

Den fr wn: Dimh3mSa^Sadcn. 

Tel: 3325S*e 

Derby 1 . Pn:th*d McSoff.. 
Pflnew t irSy*.^ MoJost 
Dorehesun 1(0: L euf^ 
-£xetai~.f Citjer. 
Bonourh: EtojuSi Sataoei 
TeL 03352 72553 
Fanhaoc Hurforfc. 

Td. 0329262811 
FofcasioneiJ D Hess 
TaLyrrynoe (0303) 862113 

Tei UX282 jC-aa 
GiRimhfeffs Auttrwhls. 
Gloucester: Vainer Molm. 

Tol- 046232825 
GuBdfOid: P.:!loCte. 


Hatamrarth (SuScftj: Nanai IGnossoo 

CM. TeL 098673866 

HanogctK Atfanscrt Uotor Cenac. 

Tet 04J3 886361 

T«3071228 . - 

Jl e refo i ttwhrtpstane Senna siawa. 
T&CC7 7^464 — 7-;-- 

IbeWenfleld: Lcrtnood Motce Gassc. 
Tel: 0484 29344 


KenOwortti: MHUi Bis. . 

Tel £62653073. 

Kettering: Btougham Mows. 
Tei.063e 790224 
Kiddennirmer. Cotaore Depd,L 
7*. i>ir-.' c32 1 1 
K Ings LyimUiB & Ostoma 


Leeds 5 

Leicenen ntimhy GaraM. 

VvKv 412143 
’ Unco'n-f «»(iaEffitidnL 
Tc:.i-fr"- 4 1 735 

b«rP«*Brt Wl && r r:. ' . 
T.tCtT-3944S . 



Tjl 019586991 
S^E.irW.iBrioo Carlas. 

Tei-ul -978 1122 ?n.vjeon^1 D e.A„r*, 
S .W.1 : " - ^ WoliBmxm. 

i„- .■■-;.:3r:ia . 

S.W.7: ’-t-n ■'*. onv t Kobn- 
ar-rfr.^TiOl -3737Q&? 

S.W.1 0- 1«» 6h-:LTol 01 37 j 411 4 
S.W.19: l.tH Hilt Tetm-S4S6td6 

Tel 01 5418 

WA The Ctawsed Flag, 

TtA Ol-SMOO 22 - - 
W£ fSetviee o»Jv) Chroead of 
I'ereiPl'f" Tet W -749 ?307 
Me,d«nhwli Delia Motor Ca 

Th: 0C2S 22e60 
Manchester: Sdohb Mows. 

TuLt-61 *54 3323 • 

ssffissa 11 * 

Personal Export If you are ebgibletDpurchase a liancia free of taxes, contact our Export Department. 

Newcastle-upm-Tyne: K-.i>> Msi yi. 
THOSE "531)1 

Northampton: Brawhicn Mdkjisl 


Norwich: Points: MoUV Cc- 

Tc: 0603 453J5 

Notttnghem: BIjJLntC Mototi 


Oxford: J. U. dare's''. 




Pwigboums: Ayiocnie. 

T'-i-u. f ii>7 2:?2 

Pneerboraugh: PetertW'rujqh Aulss. 

V 07jJ6314r. 

Plymouth: H Hj-r*-. 

To* 0752^75123 
Romsey: Boiles c.1 Ponw. 

T;l 0794,513185 
ShAiwcs-on-Sea-L' ■ 

;i r j.- . r .ZZj 71.;c7-- 

’ '.-•iVt.-'i-i 

St. Veonerds-Dn-Soa: P 

i-.o> ■>:. L-vwr-% , ..T, ; .- 4.'-:J203J< 

Sc arb orough: '.I; 1 -r- « >.-i . 
ShetfieW: V/.VJ| for.:. V. 

T. \ .. .42 *-’466 

Shcrfaorrm: C.vtJs Gj \ShrshunC} . 

T-H C.-3581 3252 
ShoVehem-by-SaK K*«n ft &>[ ; 
Uhc-*hjni Uni. icL0i9 1761333 
Southampton: Modem Ligh: Cara. 

ToL 0703 22828 

Southend: Thoroo Bay Autnpoint 

Tel" 0702 58B2[iJ 

Stansted: The Sisnsud Motor Ca. 

Td- 0278 61 213b 
Stockton onTeex Di«fl 5 Roy. 
let 0642 »1 642 

Stoke on Trent: llSnatw 6 fijirs 
M vi'eri. 7. 1 . 'M2 - W 
Stratford-on-Avon; Millar 
Tel 0789 63836 

Swindon; Diet Lcvet^fop^l:•c■;^lCJli^ 

W. >793 37878 

Taunton: P Sparkfc 

To! 082342 2W 


Tfi t'9'.L'uia:>ei 

Ttwydon BoIk VVeod & pj.iil.i-. :. 

T-. 33)1 

Truro; P!j, n n Pljc* Cat,;:. 

Ti' UJ7266TW7 
Tunbridge VIM Ik o. E. Ti ir*ir.»i. 

T-i CP&; 351 M 

Waltasey; N-.-.V Ptigriion C-MOfli'. 

Ta 061 635 TMv 
W allmgiori. L- j Rcae. 

WOmunster: J>m M-jnh. 

t>. . 

WeybridgezT:*., , 

1" fi".*’-:’ i:'-).«sr2T 
WBnskMK . V-'nwiy . 

1. 1 > i'-a l 4 > r 

Windsor Dii'.d Mo:- a 0 k ,, 

T-: i'-t LO/flJ 

Wohrarhompton: C ji.: : *iu:. 
'"tWS27BU ' 

WorceRor. P.V iL-tilcj) M;.: -.j. 
T^inKlS 381821 
worthing: H. D. Dx- & Son. 

TaLOSOJ 36668 


Nwdttr; 0<an HenSeisbhMgitn. 

T- .1022429349 
Ayr Hendivron Moim. 

Dundae; Pan>ia Cm, 


Edinburgh: CktiHendeBon Mo:ory. 
t ::5926£ 

Glasgow: Glfn Hendmon Mciou 
Ten 041 9431lb5 
Moray: r-.i Nichoboa 
T.-t 0208221 4? 

Peebles: 6:o.-.r. Bto^. 

>tLu.'21 2 jiria ' 


Cardiff: '3^-i-je. 

T-; u;;22-jj.2J 
Pontypridd: S' .c .v's ua-jjf . 
TU-d-WS 402360 
Swansea: Oj .field Law.ifncft 
Td 0792 3=837 

Haverfordwest: F: t tl R.^'C- Jta^e. 
«s!. CM3 7 24 36 

BeMasr. t»... .CCo. 

1 1 ivs. 1 •; : r.t- 
limavady:T v 

Port Enn: . :. 

T*. 1 Uv.' iu^. 2U2 1 

Guernsey: rift . =i..? 

V:-. V •• totw i ~,i. 046! 24CT5 
Jersey: Sr Hi\-\ 

-A J-oolcs. Tb'. C S 14 37357 
tc M-mic. CtHetaoM. 

TeL0534 43738 


l ■‘■ ’irt'ifcofjay hr SO 7 #. 

S M less u 2 gpt*i « 6au4or<uan. 


Financial Times Thursday March 9 1978 

3 7 F 

i i i 


Healey hints 
at softening 
pay clauses 





may rise 



Inflation drop ends sales well up 

3 4 * 

r i * 

* ,? * 



pf** thej3S? h B sss n | t t r c SJrgS 

■ment is prepared to soften some clauses, which might stop the | Jo per cent ." 5 rteel production 
pay policy Clauses it plans to CBI issuing it* own rival clauses £? j? r k a in sa?d ySterdw ttat It 

as* !«!» ..... is* r ^ al coSde?S M S^ tl, r a £i t 

THE DOWNWARD trend in in- 
flation, as monitored by the 
Priee Commission's early warn- 
ing system, has ended. But the 
annual rate remains well into 
single figures. 

In the six months to the end 
Of February, the Commission's 
index of price rises notified by 
Britain’s largest companies 
rose by 3.6 per eent. This 
follows three months in which 
the six-month increase has 
been cut baek to 2.9 per cent. 

were strengthened yesterday' They will exkmine how the Zr V nnw of Irfi f and r?.n *° **Jr 

when Mr. Denis Healey, Chan- responsibility of main contrac- Qualities in the next few weeks * SlSJSh 

cel lor of the Exchequer, told tors for the wage rises paid by * u j^ues w me nexi tew weeas. , toe latest six-month f&m* 

ceiior or the Exchequer, told tors for the wage rises paid by 
businessmen that there had been subcontractors could be reduced. 

subcontractors could be reduced. The corporation added that 
a “degree of overskill” in the The issue of what constitutes T“ ax i muin increases will be in 
first draft of the clauses. a pay settlement will also be f per *f nt ‘, r ?? se rala ® r t ^ ,an 
But Mr. Healey also made it examined in an attempt to make J||J 
clear, during a meeting with a * * lc *U c ° rapanies what sort 

deleeatlon from the Association aQ d _ size of pay nses are */??» ® *v — 

clear, during a meeting with a « ®‘ ca U° companies wnat sort ^ n „ ma d e in the industry — 

delation from the Araiathm of pay me* are b tB5Tta» SSlMta long 

of British Chambers of Com- B there seems little hone products are the ones most likely 

tnerce. that although some ^ ia 7,„ T ... utue . nope fn heenme more exaensive 

ch.-ge, -might be made to the «J» benv^ April fed Jontf° 

clauses, there was no chance of XJ g “J “ “fPgLf Corporation officials challenged 

abandoning tbe basic concept. JgJJ® a - JUnst Government deci the esQmates of buyers and 

Mr. Healey was speaking on n , : s vroDateA that Mr Albert stockholders that some increases 
the eve of a key meeting to-day Booth Emp^e“t Se?r^ be C0U L d be 36 “»* a f 12 per cent * 
between CBI leaders and Mini- the sole arbiter and yesterday Such reports were incorrect, 
sters led by Mr. Roy Hattersley, Mr. Healey indicated to the dele- The heart of the matter is that 
Prices Secretary. gation that this would not be British Steel is anxious to harden 

They will try to agree on new changed. prices in the home market to the 

td size of pay rises are being made in the > industry, 
volved. Plates, bars and certain long 

But there seems little hope products are the ones most likely 
at the CBI will persuade the .. ^°i%. 1I ,jr £pensive 

Lnisters to set up an appeals between April and June, 
stem against Government deci- Corporation officials challenged 
„, s the estimates of steel buyers and 

mean that the . index is now 
showing an increase of 7.3 per 
cent This ~woqld seem to sug- 
gest that the underlying rale 
of inflation has picked np again 

sharply since January when 
the index was showing an in- 
crease of 3 J3 per cent on the 
same basis. Bat the Commis- 
sion said yesterday that it be- 
lieved the underlying trend was 
still stable at about the level 
it readied fast autumn. 

This Is because the latest 
figures are no longer depressed 
by the artificially low number 
of notifications received by the 
Commission last August. 

The rules governing price in- 
creases were changed last 
summer and many companies 
preempted the change by 
applying for priee rises under 
the old rules in June and July. 
As a result an unusually low 
number of notifications were 

received in August and Sep-. 

tember. . I CAR SALES were buoyant again helped. It runs until the e 

hen!? JT Wn last month. The February of Match. 

* figure of 137,332 was the second The Japanese importers tt 

by the notifirations «™ted highest for the month on record, a total of 12.S per cent of 

last, month by area aS 7 per cent up on February market compared with 7.6 > 

tnCiEV nflafufL - ■* . r T3 A Vhi«MMH Hirfi 


tricity boards. 

The Commission's . Index 
usually moves three to four 
months ahead of the Retail 
.Prices Index. Taken with tills 
week’s figures for wholesale 
prices, the latest statistics sug- 
gest that the 12-month rate, of 
shop price inflation — 9J9 per 
cent, in the year to mid-January 
— should re main in single 
figures for the rest of the year. 
But the Improvement Is un- 
likely to be as dramatic as in 
recent months. 

Mason announces 
Ulster jobs plan 

to rise 

By David Churchill 

Radiation monitor plan 

British Steel is anxious to harden | BY OUR BELFAST CORRESPONDENT By David Churchill 

prices in the home market to the i . _ , J . 

maximum the market will stand MR. ROY MASON, the Northern Ulster. The AVX Corporation of < __j, ■ ri t treatment 

k.., k-ui i. r,n I Tmlfnil mnniinN>H Hrant \ai<1i X dll' Vnrk tuill mltfl I Ltr ireanueoi 

but is unsure how far It can so Ireland Secretary, announced Great Neck. New York, will lake “Hi HiSiS SerSST tout 
! without losins business. yesterday that the Government over a factors at Coleraine, Co. rfST bv unt«M 

Mr. Bill Richardson. British would re- allocate £13.5m. of its Londonderry, to produce ceramic P^““ s “ p ' z ? ■*£. ^ 

last year. cent, ip February, 1977. ; 

In the first two mouths of this»-per cent last month, 
year sales were up by 19.7 per Third place in the sj 
cent on a year earlier, at league went to Dutsau. wh 
289.676 7.82 per cent shore, made. Va 

Fori with 36,598 sales, was hall fourth with 6.9 per cent s 
market leader with a 26-7 per Chrysler fifth with 62 per cr 
cent share Of the 9.476 sold by Yawto 

It imported 12.372 ears, just 3.34S were imported, while 
over a thin! of its total, accord- S.484 Chrysler sales included 
ing to ficures yesterday by the imports. . . 

Society of Motor Manufacturers The Continental EEC cn 
and Traders. ■ tries increased their share fi 

Second was British Ley land. 09.1 per cent, iu February 1 
In - the shorter month of Feb- j 0 p Er cent., and a surge 
ruary. it sold more ears than Volvo sales raised the Swec 
in January, 34,194 against 32.522. share from 1.3 to 1.7 per cent 
and increased its market snore Best-selling car was again 
to 24.9 per cent against 21. ss f*ord Cortina at 16.729. Ahho; 
per cent. This - includes 486 a j on g way behind, the 5 
Allegros imported from Belgium, puslted into second place v 
Improved supply was the main 7.640. ahead of the Ford Ea 
reason given by Ley] and for the 3 t 7.572. Fourth was The Mar. 
improvement, though the Super- followed by the Allegro, 
deal campaign, launched at the Fiesta, the Cavalier, the Chert 
beginning of February, has the Granada and the Sunny. 

Capital surplus tops £7bi 


factory of British Nuclear Fuels, pleting orders 

The contract for installation is radiation monitors worth about ^creases. «»«. wuu.u auevi me irmu wragrtsu ^uui ^.uw^Ma K.. While the charge for long-stay ''ThTrTSjT roT in ™rc« 

likely to go to Nuclear Enter- £700.000, for hospitals and onl - v a small proportion of the Unions to discuss Ulsters high .Northern Ireland in the past 25 h osoitals will «o un bv‘» ? oer ster,I °‘ Jflere ' for in ‘ reserres - 

A RADIATION monitor costing more permanent arrangements ? e raised between April and Priority' would be given to yeare. and boosts UB. investment ye ^ e rd ^ arges , which come into re^^compTrSd t^defiS JfficlITSlt'hSldiS* 

perhaps £200,000 for people who for whole-body monitoring of Se Jl * e - ^ # . ^CTeasing employment in health m Northern Ireland since 1960 ± refiectSetoW Jbn £ 1976 (SSrall thSL a 

• are exposed to radiation from local population as one condition 3Tie corporation said jesterday rad social services,, schools and to ™ore than £400m. estimated cost of providing hos- This change reflected the on capital and current aww 

the nuclear activities at Wind, fnr Government nnnrnvat the that consideration was being libraries, he said, though full • Prof. William Black of tbe ■ . An,s fD ,° e . roiieciea me on capital ana i current accoi 

- s^ s^ms cSn to i £600m JJSSLiK “ given to increasing the present details were not i^ady. Department of Applied Econo- a nav n ?P rovemen t . m f ^ reig11 cs ; C0 ? bI £ ed .°L W y 

installed near the Cumbrian Nuclear Enternnses is com prices over a range of steel pro- He told a conference called by mics at Queen’s University. Bel- change market confidence and and after further official bon 

installed near the Cumbrian Nuclear En torpnses is coro^ d but v t ^ y 0Tthern Cojn mitteJ fast, said in a pubtic lecture S, A ? e S Mey f ,-^V 1 end ? r “*■ t! \ ta res “ lted r . i « a »■* 

itore wJrth rtJS increases, which would affect of the Irish Congress of Trade that about 250.000 people had left BJjf J* 1 SSJJ f ' p £f2fc °. ct( l ber ' - ,n 2" *? lhc UKs offi 

prises, an EMI subsidiary, which power stations 

dominant worldwide The most sophisticated instru-l 8 P* 1 ! , ceDL level. 

market, would only be at the / unemployment- that the scheme years in search of jobs dse-f^nt. 

market position for whole-body ment at present .on order is a British Steel is refusing to be trial jobs, 
radiation monitors. double-room, high-sensitivity more specific on the grounds _ No sing] 

It recycles many tons of installation for the Rigs Hospital tb at premature release of price ■ ing will — 

armour from former warships in in Copenhagen. rises could cause false market ! Northern Ireland Office is under- 
lie construction of medical Nuclear Enterprises uses pressures. I stood to 1 

would help preserve 1.S00 indus- where. The unemployment rate «rh<» average char*-- for an 

*¥.!& *,l - JiLFSSLfEUf.JSli 


high-sensitivity more specific on the grounds No single area of public spend- if it had not been for the emi- 20 no bv g= ner cent from • 
e Rigs Hospital that premature release of price ■ ing will be cut Instead the gration of the past five years. c 41 -in , i av - t 0 V44 cn " • : 

instruments, which are widely reclaimed 
used in nuclear Installations and ships sue 

Nuclear Enterprises uses j pressures. 

in hospitals. 


capital British Steel officials are seek- areas where allocated sums are 
first ing higher prices because the unlikely to be spent and to have 

nuclear explosions, and therefore Davignon plan for restraining lumped the excesses together for 

The Parker Report on the very low in background radiation steel imports Into the European the re-allocation. 

JtnHeAolfl mnniM- nnKfietiA^ #m*v 1 u»S iaU Oa. Vuil J ■» 1 /^A WW WimUw ie hlVtH 0 enma \Tw «l 

Windscale inquiry, published from which 
earlier this week, recommended rooms.” 

steel Community 

stood to have examined various TC noimn ' 

- areas where allocated sums are vJ" U ij IU HdllgL 
• unlikely to be spent and to have 1 *n 0 

: lumped the excesses together for gas Dins 

I ® L confirmed , A GADGET died CUS l,uo,hed 

£10m. American investment for ^ t ^, N _ ati ? na . 1 Gas Consumers 

£41-30 a day to £44B0. ■_ 

Other charges For private ont-i Q S?~r? a ! c ? u _ nt . 
patients will rise by between 6! 
and 7 per cent. A chest X-ray, j lnv «* We balanre 
for example, will cost £6.40 in- 1 CURRENT BALANCE 
-stead of £6. 

Tbe Government is still com- Current balance 
matted to phasing out pay beds Investment and othe 

NOTICE OF REDEMPTION have burned. ~ 

The council devised" G US— a . . e # - . 

To the Holders of . slide-rule — because more than AWdrfl TOT' 3 IT 

• one-sixth of complaints to the * *- TT 4441 


Guaranteed! Notes Due 1982 ^GUS e^Sains in^imple^erms I ,rHB . manufacturers of Concorde 

Iiqw to to iid 2( o 2s ni^tpr jnd | British Acrospsw. snd Aero - 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of ihe Indenture dated as of April 15. 1975 providing for the above Notes. $2,800,000 sbows within a tow pence how J spatiale, have won the 1978 Whit- 1 
principal amount of said Note? bearing the numbers set forth below have been selected for redemption on April 15- 1978 < S 1.400.000 principal amount much the <> as used will cost 1 bread Award for tbe Promotion I 

tkvOiiikU AAAi-itiAn .-mf lliA MienJulftn- Cun J 61 .ffVI AflA -lMOIrtil iVnAl^iliAit ill ika Anti/tn il Clvtbln w lTian«l^ •«» M^amvihAn _ . . . 5 .... . * * TV- V» i>S_ x! I 

Council yesterday will give con-l f, ^2 NHS - There sw ? iei 
sumers on a quarterly meter an! 3-®®* pay beds compared with! 
idea of toe cost of the gas they [ in February 1974. 


*1456 Guaranteed Notes Due 1982 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of ihe Indenture dated as of April 15. 1975 providing for the above Notes. $2,800,000 

Award for air 

through operation of the mandatory Sinking Fund and S 1.400,000 principal amount through operation of the optional Sinking Fund), at.rhc redemption 
price of 100°t of the principal amount thereof, together with accrued interest thereon to -aid dale; - 



214 ioor 

230 171T 

231 1728 
242 1732 

2 « 274 1 .3253 -157 1 6039 7245 8488 
281 1794 3278 4589 6062 7248 8493 
292 1801 3279 4623 6064 7238 8510 
3285 4639 6068 7265 8534 

21010 1 
41 11017 J 

23589 14920 16161 1 74 

13596 14941 16166 174 
i*>Kon 14‘U** me i 74 

29B 1821 3314 4641 6069 7292 8550 9739 11065 12366 I3'B8 14963 16213 

:i47 1045 8S23 4663 6071 7297 8572 
346 1830 3344 4680 6072 7299 8578 

11080 12374 1SU55L 14979 16216 17461 18731 20091 
11104 12363 13662 14934 16233 17465 18736 2CI15 

367 187V 3372 4706 6093 7304 3580 9813 11108 12.19ft 13B70 X4999 16227 17317 18761 20129 — 

376 1898 3380 4724 6104 7316 8595 

39l llKll 3396 4734 6124 7324 8608 

394 1929 3494 4735 6135 7331 8620 

418 1941 3409 4739 6137 7345 8B34 

42fi 1952 3412 4741 6147 7366 8 _ 

431 1966 3423 47KB 6155 7383 8B68 

458 1972 3425 4796 6161 7S8B 8671 

481 1977 3428 4S02 6166 7410 8673 

British Gas said that it was ; of Franco-Bntish Cooperation. ' 
considering issuing the . ealeu- j in recognition of the two com- 1 
lators through its offices and / panies’ co-operation on ' the 
showrooms." supersonic airliner. -• ; 

Current balance 
Investment and other • 
capital transactions 
Balancing item 

Official financing 
Net transactions with: 


Other monetary 

Foreign currency borrowing 
by HM Government* 
by public sector under 
exchange cover scheme 
Official reserves (drawings 
on. -f- /additions to. — ) 

‘ £m. 1977 

1976 1977 2nd qtr. 3rd qtr. 4th 

Seasonally adjuster 

-3,510 ->7,612 - 764 -i 54 
+2,403 +7^77 -r 400 + 429 + 
-1,707 - 3S - 364 + 483 +■ 
Not seasonally adjust 
-7,707 - 35 -r 336 + 45S — 

-2^06 -t-4.802 
+ 285 +2^96 

932 +1.011 

-3.628 +7,363 + 908 +2.610 

+ 1.018 -1.113 

+ 853 -9.588 -1.158 -3^27 -2 

* Drawing on SlAbn.. Eurodollar facility by Government 

. Source: Cenirof Sto^iUeo/ Offi<e 

48 11028 123M 12600 14IM2 18192 17438 18723 20035 2154 
50 11051 12330 13604 14952 16210 17448 18728 20081 2154 


485 1978 3436 4834 816U 
492 15W7 :H74 4835 0170 
49B 1P99 3493 4M9 6173 

7413 8686 
431 8686 

433 8705 




48 CS 







34 WI 



























































































21 S7 








21 u l 










































64 14 


























































SHI 17 



2* 5ft 







































1W tW 



6545 779C 












24 !»!l 





































































9814 11118 12400 13671 15004 16331 17322 18768 30133 21604 

9821 11119 1240C 13694 15041 16256 17541 16773 2 OI S3 21618 

9823 31123 12414 13717 15046 16268 17551 18777 201 

9844 11134 12433 13718 15047 16269 173S7 18780 201 

9845 11151 12447 13726 15051 16283 17559 18793 

9850 11154 12450 13731 15059 10394 I7S94 10820 20215 21878 

9858 11X67 12480 13745 19062 16315 17595 18825 20230 21727 

11180 12490 13755 15088 16337 17601 18836 20238 21 
1 11185 12501 13762 15090 16332 17611 18851 20256 21 

9W3 11208 12509 13763 15107 16835 17614 18858 20258 21 

9911 11210 1-522 13770 15154 18336 17626 18871 20277 21 

9923 11243 12528 13784 15157 16343 17640 18877 203 Of. 21810 

9932 11247 12532 13M» 15162 1B331 17875 18850 20307 31S14 

278 69 29484 

2S325 27U81 29471 30991 

26332 2790ft 29505 31000- .32382 33855 
10 26330 27917 2953G 31044 32400 33831 

1 24821 26346 27937 29548 31074 32410 33921 

24831 26363 37073 29553 21080 32411 33926 

28015 29679 31090 32443 "" ” 

28034 29580 31099 32464 

28025 29593 31102 32471 

28LM9 29606 31111 

7 24899 
23354 34915 

28060 29637 31119 
28071 29861 31140 

13CS6 15176 16443 17794 18922 20828 2184 
.. _ __ 13881 15192 16445 17705 18V27 20348 2188 

9986 11311 12587 12832 15107 16451 17708 18929 20362 21905 

9990 11317 12592 13984 15201 16453 17709 18941 20381 21910 

0010 11227 12601 13887 15233 16471 17726 13942 20428 31914 

0026 11239 12H13 1X908 1S238 16483 17720 18^16 20431 21910 23437 

0027 11355 12614 1.1824 15239 16512 17730 18953 20446 21922 23479 

0034 11361 12635 13832 15240 16521 1 7763 1HS84 20451 21930 2S494 

0067 ItSM 12655 13946 15271 16557 1 7773 19003 20466 =J«2 

0068 11386 12*776 13HM 15272 16566 1T7T4 19015 20467 21978 

85 19048 20543 

09 14058 15386 16626 ITS 63 19115 20611 22080 

12815 14071 1542 

17913 19153 20831 231 

11551 12842 14078 15429 1C705 17919 19154 20837 

18030 19303 20746 22314 

3033 2506 .7942 M3-T 6655 7909 9210 10007 11752 1.1040 14240 1501. 

2042 2606 3944 5443 6666 7915 0213 10505 11755 11THG 14209 1561* 16917 18117 19404 268«t g W WT 25492 

7 OTP 2B4B :iP50 54R4 6673 7923 9219 10514 ll*jl I3US5 14297 15650 16913 18118 19409 20ft*. 22432 23970 2551? 

3061 2679 3079 5507 6tSR0 7920 9232 10319 11773 13069 14309 15655 16919 18131 19424 20891 224 23987 

nils "GPO 4 POO 5514 COM 71»3H 0237 10530 117TB 13072 143X3 1S689 1C94X 18149 19442 20825 22480 34015 

702 40*19 5515 6716 7P86 9239 1 0*33 11779 13081 14332 15680 10971 18152 W59 2to46 224W 24040 

728 4020 5 SSI 6713 TPM 3259 10542 11788 13104 14344 lSOgB 17000 18167 19473 20961 224U6 2*0X1 

vTU04 18179 19483 20967 22502 24088 

3131 2731 4<KM 5536 67; 

3135 2753 4044. 5543 671 

3154 2702 4057 5562 6728 8012 

1 9273 10349 11852 13143 14375 15707 17011 10204 18485 20999 22555 24 IDS 

2 9283 10571 11857 13145 14384 13730 17017 10210 39488 21005 22564 24107 

7 . nr.Kl IlC^I Iran . IQCn «Tf>OQ -ITOtfl "LMft 

7t* 4 1*69 S570 6729 81*14 .9287 10SW» 3l6§9 13166 14390 3574* 17035 18220 19S3B 21009 22380 24110 

Mi 4072 5600 6748 S074 9314 10090. 71067. I318J 143*18 X5754 17043 18221 19539 21027 22387 24159 

1 1H7 2601 4115.3604 B7C8 8075 9320 1060S 11862 13212 14400 15780 17TH6 18244 19543 21032 22590 24166 

3190 2608 4116 5614 HS13 KU82 0325 10611 118*6 13216 14416 157ft* 17066 13254 19545 21067 22SM 24167 

II IT 2826 4139 S625 MUR HOMS 9.141 10622 niShH 1321'J 14442 15788 17067 13253 19551 21071 22600 34173 35696 27364 

321S 2W1 4161 5627 6822 aim 9353 10851 1 tft’.T 13353 I44B2 16793 17072 16275 19S83 21102 2260 0 24176 2S697 372B9 

1219 2660 4162 5643 6827 8109 9377 10659 11916 13253 1449U ISfliXl 17i«0 l«2,6 19567 21114 22610 24198 25713 27304 

-2247 2861 4164 5667 6842 8120 9379 10661 11920 13260 14491 15605 17064 18292 19572 21131 22«5 24210 25717 27313 

1257 2876 4169 5673 6855 8138 9*80 10683 11935 132TB 14501 15619 17088 18S33 11*601 21138 22636 34218 25x1? 27322 

1272 25 R3 4174 5f33 P8CH 8141 ?387 1U606 11*W 1*263 14502 158'’' ,DOrM! 

1206 2584 4181 5702 6897 8148 P3£»2 J07DI 11P7B 13*07 14*62 IS* 

28079 29884 31141 32523 33983 
28106 29687 3U49 

28114 29692 311 Cl _- 

23395 34939 *6533 29128 29712 31190 82560 34022 

23408 24947 *6547 *8151 29738 31197 32578 34040 

23417 24976 26558 28158 23744 31203 32988 34044 

23425 24977 26572 2R211 29745 31208 

23430 24979 26590 38218 29775 31214 

’ 28219 29782 31221 32601 34083 

28249 29819 31257 .32662 34095 
*1261 32*577 3410ft 
31272 32034 34257 
28278 29668 31274 32685 34184 

28283 29872 31300 82700 34192 

28322 29879 31321 32734 34196 

28718 28323 29932 33332 32773 34204 

28729 28336 29940 31347 32774 

20543 23023 23617 25U7B 26750 28351 29957 31357 32785 
19*774 20551 22034 23632 28093 26758 28381 29960 31379 

.1 jyjjgg 2WR5 3 

28421 20982 31402 

28422 30007 31418 

20424 30022 31438 

20438 30046 31478 

28440 30U61 31488 

SSSS 80068 

_ * 8 ?l 31568 

16735 17971 19207 20648 22203 23740 23362 *0914 28339 30074 31572 

16742 17B80 19222 20655 22206 23747 25272 20921 28545 30080 31574 

16748 17985 19236 20661 22210 "23797 25287 26937 28571 30080 31578 __ 

16746 17991 19245 20676 2225ft 238118 25304 26941 2857V 30 1 00 31587 33988 34468 

w 3t5Q7 ; -95QM ff464 

30108 31598 *3005 |45l2 
301J1 31G27 33016 34S14 
26080 2BG35 30148 31636 33017 S4516 
28990 28643 30150 31659 -33018 84521 
23011 28660 30156 31687 33023 84547 
27D12 28867 301W 31696 33012 S4559 
18866 1BOT4 10*16 211785 22*70 23*00 25417 27013 2HB85 30213 31702 .33W8 045ft! 

16894 18079 19331 20827 22377 23U58 25454 27018 28706 3P244 31705 '3SOT1 <34591 

16807 18096 19370 20*31 22407 23964 25*77 27027 38713 30347 *1721-32088 34608 

JiOt‘9 20846 22420 23966 2548 3 2705] 38728 30252 31731 i SSI 28 ;3461 7 

19404. 26862 2242S 239R7 25492 27078 28770 30257 *1742 33140 34630 

16918 18118 19409 20677 22432 23970 25519 37US3 20771 30264 31744 3*139 34841 

25536 27119 28772 30273 *1756 331® 34671 
25541 27127 28706 30270 *1784 172.34880 

27140 28313 30277 31790 -33178 34701 
43 28820 30283 31804' 33179 -34716 

’s sag isa w&m 

17017 I 821 U 39488 S1MO zaoB* 24lD7 saK:< xrziO 28859 30343 31825 :"33217 :3472B 

=4lIJ> 2K33 27235 28880 30347 31838 'X324B 34771 

_ 24159 25635 27237 28902 30354 81882 53347 84789 

17046 10244 19543 21032 22590 241K6 25665 27354 2 BP 10 3037U 31886 =33276 34810 

17066 18254 19545 21067 22SM 24167 25639 27356 28914 30382 31367-3*286 34813 

"1071 22PM) 24173 25680 273C4 28920 .10309 31379-332^ 34817 

1102 2200* 24176 25697 27289 28938 30427 31880 33303 34320 

lnuT 71,14 "Pfrin -UIM M713 5«IU ”BMC X HUM l.n. ■ • wm !U3*1C. 


for up to 

Rent free office accommodation for up to 7 years or equivalent help 
towards purchase. Grants of up to £1500 for each new job created. 
£1500 grant for employees moved. Removal grants. 

These are available in the Areas for Expansion. 

8109 9*77 10659 11916 1*203 144MU 15800 lTifflO 18276 19567 21114 22610 24198 25713 27*04 28963 30*53 31914 32311 34035 

n d«n meet 110211 (lien <uik irmu Io«', -*nai n96!>K MTIT 30454 31031 33317 34858 

30461 21974.33374 34885 
aw 09 31976 '3M5 3«6ft 

331J 4196 5703 OT09 8170 9416 10704 IS 10 14S6S 1387T 17113 1B341 19649 2U36 5g83 24278 25773 27408 29015 30495 31020 33426 34838 

333S »0U 41M 5707 ««U 8178 942ft 10715 72005 13314 14.W5 15906 17114 18342 19656 21213 220SS 24293 25777 27421 29029 30497 32QM 83436 34323 

These incentives are intended for 
company offices including. Insurance; 
Banking; Finance; other Professional and 
Scientific services; Research and Develop- 
ment Units and all Service Industry 
undertakings not serving primarily local 
needs. New projects set up in the Areas 
for Expansion can qualify for grants 

in addition to moves by existing businesses 
into these Areas. ■ 

Details of the incentives are fully set ou t 
in a leaflet 

To findout more about howthey could 
apply to your company send the coupon, 
now or telephone 01-211 6486 (24 hour 
answer service on 03-834 2026). 

I*.''* »-[ * 1 H '■ J li Ifl 1 

3338-2900 4198 5707 6S21 S17S 942ft 1 0715 12005 13314 14585 15906 17114 IB 342 19656 21313 22698 24299 2 577 7 27421 29029 30497 32032 S3430 34323 
• M63 2306 4220 5744 0932 8185 «94 10723 12013 13319 14601 15903 17124 18360 1S6S3 21219 22699 24301 25785 27427 23007 30514 32042 33446 34837 

33R3 2910 4225 5746 6936 8188 9459 10753 12015 13333 14603 159U 17151 18374 19672 21220 2270 4 24326 25786 27430 29031 30556 32066 33488 34937 

3385 ^11 4267 3770 8051 RIOT 94M 10782 12022 13349 14605 15927 17154 18384 18704 21223 22712 24344 23810 27444 29060 303P2 32083 3»t8 34959 

3*86 5«5 427= S7S6 6958 8=00 9501 10789 32041 13332 14*16 15323 17156 18*88 13724 21235 KTCO 243® 25826 =7446 29081 30363 32089 33481 34B68 

1«U -936 4383 5793 6878 «22S 9512 10R07 12060 13361 14626 1594 — — - — - - 

1409 2989 

, « *1434. 2342 

1434 £943 4334 384= 7010 8=70 0037 1B83B }■»»£ }»«1 14696 159W 17S03 1544a lnrw 

1466 2970 4374 5881 7018 828 1 9539 10855 UI03 13411 J4697 16003 17219 18457-19773 2l3l3 

On April 15. 1978, the Note? designated above will fwom* due and payable in 3 ueh roin or cnrrrncy of the United States of America a? at the thne of 
payment 1-hall be legal lender tor lhc payment of imlilic and private tlcble. Said Notes will be paid, npoo presertation und Minren>Jer Uiertot’witb ail 
«-onp(Hi9 appertaining therein maturing after ihe redumption date, at the option of the holder cither (a I at the corporate trim office of Morgan 
Guaranty Truet Company of New York, IS Broad Street, New York. N.Y. 100I5._or at the office of The Industrial Bank of Japan Trust Com- 
pany in New York City, or i hi at ihe irtaiu offinw- of Morgan Guaranty Trust Company of New York in Bru&ek. Frankfurt am Main. London or Parif. or 
. jhe office of The Industrial Bank of Japan. Limited in London, or the office of lnduscricbank von Japan (Deutschland) AktiVneesellschaft in Frankfurt 

.'am Main, or fhe office of The Industrial Bajikof Jjpan l Luxembourg I or too main office of Braque Genera to du Luxembourg 5. A. in Lu.v«nbonrg. 

-vie the main office of Bank Mees & Hope N'’ in Amsterdam, or ihe main offices of Banca Vonwiller & C. S.p_\. in Milan or Rome. Payment, ar the offices 
‘ jeferred to in ( b) above will be made b}' check drawn on a dollar account, or by transfer to a dollar account maintained by tho payee,’ with a bank in New 

Coupons due April 15, 1978 should be detached and collected in the usual manner. 

On nod after April 15. 1978 interest shall cease to accrue on toe Notes herein designated for redemption. 


■ Haled: March 9, 1978 Y ■ - 


The following Kotos previously culled for redemption have not as yet been presented lor payment: 

3T-287 183 73$ 743 761 769 776 777 807 824 1707 1516 1739 1731 3916 4313, 16404 164U 16413 1G418 16123 16434 V&2T 26549_ 20130 

9512 10807 12060 13*61 14626 15941 17171 18397 18730 21249*22725 24382 25843 27454 29067 30600 3*086 'M525 34982 

5805 6PU1 8241 9520 10613 12067 13*64 14646 15043 17175 18406 13750 21256 22748 2438ft 25853 27487 29093 30806 33125 33531 34988 

5806 7003 8246 9522 10624 . 1HMI 133P8 14688 1SM9 17191 18441 19757 21279 22765 24392 25874 27492 291 OP 30600 32130 23550 34889 

9842 7010 8270 0527 10838 12085 13401 14696 15959 17203 18442 10763 21293 2 2773 24407 25814 27496 29114 30621 32131 33552 3-IB&1 

5831 7018 820 1 9539 10852 12103 13411 14697 16003 17219 18457 -12775 2l3l3 22735 24412 25934 27438 29115 30825 32134^38553 34397 

I. W . 

Send for this leaflet now 

To: The Industrial Expansion Team, Department of Industry, 
Miilbank Tower, Millbank, London SW1P 4QU. 

Please send me a copy of your leaflet * Offices and Service Industries', 

Name— — 

Position in Company • 

f!nmpfinv — 

Nature of Business ; 

The Areas for Expansion 

in association with toe Scottish Economic Planning Department and the Welsh. Office. 



V'V V:W 


Benn plans changes 
in energy 



fops f* 

P A I V- • . 

MAJOR changes in the role of 
fcf&te energy, industries are 
Planned by .Mr. • Anthony Wedg- 
wood Benn, Energy Secretary. 

The- fuel and 'power' orgahlsa^ 
tions are to be urged, to co- 
ordinate 1 their activities more 
effectively. Mr. Benn hopes to 
reduce" the competitive wrangling 
between -the energy ^ industries 
that surfaced ia the row about 
the pricing policies of British 
Gas. -•••• • 

He also wants the corporations 
to show more concern for con- 
sumers, promote industrial demo- 
cracy. he more open tkbour their 
activities and undertake research 
into energy saving. :.i- 

Mr. Benn was’ speaking at a 
London conference of the trade 
association for’ supp&ers of 
equipment to energy and process 
industries. - 

The charges are thought to 
indicate 1 Government' proposals 
on restructuxinE the electricity 
industry. ' The -Liberals have 
effectively killed the Electricity 
Bill in this session of Parlia- 
ment. ' 

Mr. Benn said : “The tiwiA has 
•come for a serious' reassessment 
of the objectives ' which . our 
nationalised industries should 
pursue in order to maximise the. 
contribution .that they -make to 
the development' of oUr resources 
and to the national interest.” ’ 

Out of the 600,000 people work- 
ing in the U.K. energy sector, all 
but 45,000 ..were employed by 
nationalised industries or pub- 
licly owned companies.' These 
State enterprises had a: total 
gross annual turnover of more 
than £9bn. 

The statutory /duties of the 
public corporations - needed to 
be broadened if they were to 

discharge their proper remit in 
the 1980s and, beyond. 

.* Mx. ,Benn listed eight 
priorities. These were: 

— The duty of the undertak- 
ings to supply energy as eco- 
nomically as possible. 

—The need for them to co- 
operate, with a ; national energy 
'policy and with. each other. 

. —The dirty, to devolve mana- 
gerial 'responsibility.' 

— The need to avoid undue 
preference in the provision of 
energy supplies to different 

— The duty to' promote in- 
dnstrial democracy. 

—The need " to ensure that 
energy corporations . have regard 
for industries ..- which supply 
them 'with . plant and equipment. 

— The duty:- to ...undertake 
research into energy saving. 

. — The duty to disclose fuller 

. Mb. Dick-^wle;. British, Nat- 
ional Oil Corporation's director 
of exploration, told' the confer- 
ence that the pace of exploration 
and appraisal, driving offshore 
Britain. could slacken :this year. 
The corporation forecast that be- 
tween' 90 and 100 dwells would be 
drilled, compared, with 116 last 

To maintain production at a 
reasonably high' level In the 
3980s and 1990s, -it - was likely 
that oil companies' would have 
to drill abQut .100 wetiscannually. 

During the next few, years, the 
exploration emphasis would 
move away - from, the northern 
and central , sectors of 4he North 
Sea to new areas such as Wost 
of the Shetland, Islands and the 
Western Approaches.. 

-There were- prospective oil 

bearing structures 'ini each of 
these areas although many of 
the northerly prospects were in 
very deep, waters, Mr. Fowle 

ln Brighton. Mr. Tony Kirkby, 
general manager of British 
Petroleum's exploration and pro- 
duction department, told the 4th 
International Conference for the 
Offshore Industries that gas fields 
in the- southern sector of the 
North Sea were now over one- 
third depleted. 

Oilfields currently producing 
or under -development would 
reach their output peak in about 
three years’ time. 

By 1988, these fields — account- 
ing for nearly half of the total 
Oil thought to be recoverable in 
UJC. waters — would he producing 
crude at* about half of their peak 

“ £ believe our worst enemy 
could be certain complacency 
that ten’ds to creep in when 
things seem Jo be going well,” 
Mr. Kirkby said. 

""The Occidental Group has 
begun drilling an exploration 
well on block 14/18 next to the 
Claymore Field. The block is 
thought to be among the most 
promising of the concessions 
awarded in the latest round of 
exploration licences. 

“ Occidental's partners are the 
British National Oil Corporation, 
Getty OH. Thomson and Allied 
Chemical.” .- ’ *■: . 

Construction output 
down by at least 
25% since 1973 


(■THE VALUE of construction out- 
put during 1977 fell by 2 per- 
cent in constant price terms 
from the level recorded in the 
previous 12 months. 

Provisional figures from the 
Department of the -Environment- 
confirm the continuing trend in 
falling output established over 
the last four years. 

Total construction output is 
down- by at least -25 per cent, 
front '1973 levels, -with civil - 
engineering . activity running at 
almost 40 per cent, below the 
leyei recorded three years ago. 

Orders received by contractors 
last year showed a 7 per cent 
decline over the previous 12 

Forecasts suggest that output 
this year could show an improve- 
ment over 1977, although only a 
modest UDtum is expected. 

The value of construction work 

carried out by contractors in 
Britain last year stood at £13:4bn. 
at . current prices. against 
£LL52bo_ ip the previous 12 
months, according to yesterday’s 
: figures. 

Tn' the last quarter of 1977. out- 
put; was valued at £351bn. 
against £3ff3bn. in the preced- 
ing three months. " 

• The Department estimates that j 
the value of public sector bousing 
workduring 1977 was, in constant 1 
price terms. 13 per cent, down! 
.on the previous year. I 

In the private bousing sector. I 
output was calculated to be down I 
in value by 9 per cent. I 

New construction in the public.! 
non-housing sector in 1977 was 
2 per cent, lower than in 1976, 
while the value of private 
industrial contracts during the 
year showed an IS per cent rise. 

Marks and Spencer selling paint 

MARKS AND SPENCER is con- five years aeo and sells wall- 
si derm g entering the highly papers, sheets, rugs, bedspreads 
competitive paint market, which and made-to-measure curtains, 
is dominated by Woolworths. Paint is seen as a logical ex- 
it is selling paint as an expert- J* nsinD ,, though no decision has 
ment in 12 stores as an addition i*®^**™ over whether to 
to its home furnishing and “t^duce it in all the company’s 
decorating ranger , . 

• The paint is being supplied by 
Marks and Spencer entered the the Courlaulds’ subsidiary, lnter- 
bome- furnishing market about national Paint. 

is amused, 

no sale 

By John Brennan. 

Property Correspondent 

AN OFFER by an American 
antiques firm to buy London’s 

Victoria Station has been re- 
jected by the British Rail 

Mr. Jennings P. Felix, repre- 
senting the Seattle legal firm 
of Felix and Zimmer, wrote to 
the Department of Trade in 
January, saying: “We under-, 
stand that the Victoria Station 
may be up for sale, and if so 
we would be Interested in send- 
ing our representatives over to 
discuss the matter with you.” 

The Rail Board confirmed 
yesterday that it had no inten- 
tion of selling the station. But 
the letter from Uie Seattle 
lawyers who represent Antique 
World Incorporated and" 
Antique World of Kansas City 
— companies that have already 
bought and transported two rail 
statinas to the U.S. West Coast 
for use as antique supermar- 
kets— has been taken seriously. 

The Rail Board has replied to 
the letter with an explanation 
making it clear that the 22 J- 
acre station, which dates from 
1860, and which handles ! 
171,000 rail travellers daily, is 1 
not for sale. 

Scots councils 
‘overspending 9 




■MANY LOCAL . authorities in Slate. Scotland, in a Pariiaaient- 
i Scotland have ignored- the ary answer last month. 
.Government’s guideline on He said that the economic 
spending in the Hext financial strategy required a continuing 
year and are likely to exceed control of public spending by 
it by as much £30m. overall, councils in the coming year. 

Some councils have not yet . This points to a difficult meei- 
drawn up their budgets fur between the councils and the 
197S-79. but it is clear from the Minister when they discuss 

figures so far available Unit sug- early next month, 

gested cash limits set out in u The local authorities have still 
circular from tli 0 Scottish Office not heard from him what action 
in December havu been surpassed no proposes to lake about an 
In many cases. nllpmpt by the Scottish Office 

The 1° reclaim overpayments in rate 

m 1 D w . Sco,l,sh support urant from previous 
Local Authorities, which never V(ai| jT s 

accepted the guideline figures.' this particularly affects Ulus- 
has estimated that on returns w _ 0fl( , of lhc princ , pa , ovpr . 

. available from individual conn- spe ndcr5 — which is facing a 

cils. the over-spending already domand foP a 
adds up to £23m. £3.7in. 

repayment of 

Glasgow District Council, fur The councils have bpen aide 
j example, has budgeted for flOni. tn increase their budgets for next 
(over its £37in. limit. Lothian year without raisinc rales above 
j Region is 15.8m. over its limit of the 10 per cent, limit asked fnr 
£169m. and Strathclyde is £5m. by the government because of 
over its £596m. limit. la rue surpluses resulting partly 

The circular made clear that f ra ! n * he drup in inlcrosl ratPi 
{the. guidelines aiven for each Cjr ; . , m 
! authority were indicative rather L r,, i‘ ,n iLT.'i J j 

than mandatory and that indivi- ^V‘ s Cl ,n Scotland has 

dual councils must decide their ; , s ". pn ^!' p f | t t !" ,P i‘r f th v. ra,p 

burden (n be shifted Tram house- 
holders to industry and com- 

Mns! of the extra money is 

own priorities. 

“Nevertheless, it is in the 
national interest that the sum 

eve*efle"i U ^ 0 L-- ntS , n0t 1,0 beinc spent on resin ring cuts in 

ScoUand as a services made during the last 
"™ e ’ l \ a dded. few years. Some councils have 

The iiovemnicni's concern said that they could not keep 
that the guideline should be within the suggested guidelines 
adhered to was emphasised by without making r urthcr cuts and 
Mr. Bruce M ilian. Secretary of declaring redundancies. 

Ezra calls for talks | W3S 3 
on coke-order row 


MR. ANTHONY Wedgwood Benn. The Board is .al^nresent hold- 
Energy Secretary, has been asked ing talks with BSd/over the 
to step in to prevent a major issue- as well as seeking Mr. 
row between . the - nationalised Bean's intervention^. . It wants 
coal and steelindnStries. BSC: to “share tfie- burden.” 

Sir Derek Ezra, National Coal possibly by buying. sbO.000 tons 
Board chairman, has written to of coke' for rtockpiBnfc and 
M r ‘ -a meeting cooperate -'more "cbSCly •' on 

about the Bntish Steel Corpora- future coke demands b^BSC. 
tions refusal to Order some • 

£60m. -worth of special coke for , Government, eotfld alto 
blast, furnaces; becadse of the increase its subsidy .on coke 
steel recession.--. under- .European Economic Coifc- 

Sir .Derek -attacked BSC at' a'nruzuty riiies. British* Steel later 
-Select Committee of -MPs yesTer- jdecllfled * to -comment roir -Sir 
;■ tiay f or : f ailing lor. lake up th&;S^fek^ cotbplaluti^^ . I - 

Ini. tons order of coke it usually Apart from thisf problem. Sir 
placed. Weare traditional Derek gave the Ssleet Committee 

SS l -« gfrrure of the coal 

feel it is right that .we should be industry's portion, 
cut off in this way,” Sir Derek 1 f 
said. . fie told ( ihe MPs that coal 

The NCB Was “suffering very ^ >nx,nctlv ^ was running • at 
seriously” because of BSCV rec01 ^ because of the 

decision, be added, giving a w*h£l n ^ ,, I? sdieme now operating 
ing of the dangers of .expe cting Pfts.' 

the Board to maintain speciaT 1 '■‘The- Board’s financial’ results 
coke capacity to meet BSC’S —the" financial year finishes* at 
requirements when steel demand the end of -March— would prove 
picked up. : • - to be “satisfactory,” he added. 

Actuary’s pension advice 

it gets in this quarry” 


ALMOST all public ^service nnd 
public 'sector - su perann nation 
schemes were advised by Mr. 
Edward Johnston,- Government 
Actuary, to contract out of the 
new State pension scheme. This 
was disclosed -in- the first annual 
report from the Government 
Actuary’s Department to be 
issued publicly and which covers 
the work of ; the department for. 

The department provides . a 
consulting actuarial service- for 
other Government departments, 
none of which employs its- own 
actuaries ' and. the report 'covers 

the; main areas of responsibility 
of; the department 

As consulting actuary to the' 
public services and public 
sectors, the . department was 
much; involved ip- helping other 
departments, employers and 
scheme managers to come to a 
decision on whether or not/to 
ccratract-out- of the new Siam 
scheme. ' 

The department advises the 
.Trade Department and the indus- 
trial assurance commissioner on 
the supervision of life insuran 
companies, of which there are 
nearly 3QQ operating in Britain^ 

; Whetiwe told David Famell, transport manager 
of Samuel Wilkinson & Sons Limited, one of the 
leading brick manufacturers in the country, that two . 
Sherpas had just driven to the Himalayas and back, ' 
he merely looked faintly amused. 

“Wait till you see this;'he said. ' 

He drove us out to one of 
Wilkinsc^is brici quarriesin West 
Yorkshire. There, we sawa • 
Sherpapick-up, loaded 
withbricks, labouring 
upaquanytraefcat ' 

| moments uptoitshub- 

^ . I caps in rritid-,, . > • 

. lb thepast he had- used just about every other * 

makeof pick-up_onthe market “But compared to 
them’,’ he says, >< the Sherpa has given us no trouble 
at all. Were absolutely delighted. Apart from a bit of 
bother with the throttle cable, it has never complained; 
just goes where we want it to go’.’ . 

He often wants it togo to punishing lengths; 
Quite apart from the quarry itself,it is used to cany* 
spares (huge castings and tyres) to eaxth-moving 
equipment stranded far from base. 

In the two years since they bought it from the 
Service Garage, Brighouse, the 1 798 cc Sherpa diesel 
has averaged about 25,000 heavy-duty 
mfles per year.and, true to its reputation . 
for being fuel-sparing, has returned a 
very healthy 252 mpg. 

British climbers Sberpa to the Himalayas. 

Last year, the Carlisle Mountaineering Club 
drove a pair of two-year old, standard Sherpa vans 
to the Kishtwar Himalayas and back; 13,000 miles . 
on some of the worst roads (and non-Toads) to be 
found in Europe and the Middle East. 

There were gradients as steep as 1 to 4. 

There were desert temperatures that exploded a 
thermometer.. .. 

There were freezing nights, drenching rains 
and trades that would have given a 4-wheel drive 
vehide second thoughts. 

\ Understandably, the Sherpas complained from 
time to time, but never seriously. Fully laden with 
climbers, food and moun taineering gear, they slogged 
on regardless and recorded an astounding 19.02 mpg 
for the whole trip. 

It still carries Britain's best warranty. 

After all that, it's not surprising that no other 
van carries a waminty to lival the Sherpa 

Like all vehicles from Ley land comes 
with Supercover. 

And that includes a year's free no-mileage limit 
with parts and labour; a year's 24-hour roadside 
assistance fipm the A. A.: a years A. A. Relay 
Recovery Service (approved conversions and U.K. 
mainland only); a 69 point pre-sale checkout, and the 
opportunity cif renewing it all for a second year. 

•Some warranty! 

The Sherpa body options incl tide vans, mini- 
buses, crewbuses. chassis-cabs, and pick-ups. 

Engine options include a 1622 cc and 1798cc petrol 
and 1798oc diesel. 

Overdrive is an optional extra on the I79Scc 
petrol and diesel. 

For further information please visit your 
nearest dealer, or write to: 

Light Commercial Veliicle Sales. Leyland Cars, 
Grosvenor House, Prospect Hill. Redditch, 
Worcestershire', B97 4DQ. 



Tetiier complains 
; about frratioiiaMty 

THE FINANCIAL TIMES yester- to sw that Mr. Tether’s answer 
i;.. day began Its -cross- was -damaging to bis interests.-: 

■ • examination of Mr.: C. Gordon ! Mr. Tether was saying that he 
Tether, .the. columnist dismissed, had not really thought out what 
■■ I? months, ago after a long. Mn- was - irrational -la- 'the editor’s 
troversy- about the control by- behaviour and had spent over 30 
*. the newspaper's editor. Mr. days without having analysed 
Fredv Fisher, over ; his daily the foundations of his case, 
column. ' ' ■; Mr. Tether announced that he 

: It was.the S2na day of an Indus- had made it clear in his evidence 
trial Tribunal hearing of Mr. that the one. main area of the 
: Tether’s' reinstatement claim. editor’s . irrationality, possibly 
: „ Mr. Tether, 64, who .wrote the. the only one, was in his imple- 
V Lombard. column in ibe Financial mentation of the directive. 
...Times for 21 years, told he ^ Morison said: “Without 
... wanted - co ° 1 f e ^?° n -' J^h^ going through the documents, 
•’* Tl ?® 8 :jrifh_drpw you can give no otlier example 

of -the irrational, behaviour 
retirement age and auunaffected the editor?” . 

•^Thomas Morison, counsel ^ ^ 

for the Financial Times, asked 5!?^?. St have d 
it, Tpthpr m exolain whv -he -■ ** he-was going to hate 
hLuJnif wr 1 ' 'wS,pr betmvpd 1 *rtingui^i between “one. thing 

Mr, Tether replied $at he had J® saw. a U the- pther aspects ofj 
-'^mniained Mhout varifflu asoeeis Mr- Rshert'hehavjour as being 1 

or. as lacking in 

that he. could not 

; restiSS nS» of any other trample of] 

1 inatiqhal behaviour without 4 
‘ ttnonBK the documents, 
-•articles well bufside the terms of - hat the one he had given was 
. Uie directive,- but ikfifer -Similar an^extremely importont 
Sti c i es were banned on the* Mr. Fisher had. however, ^ 

■ 'crounds that they were outside hayed irrationally ia the aSEump- 
■ the terms, the tribunal was toUL tion-Tbat- be wag going to^rite 
. . i The directive was an Butstand? a large, number of articles on 
inc example-- Of Mr- -.Fisher’s the EEC issue when the-record 
irratiooalit v. It was possible was that he would never do this: 

-- there were others, Mr. Tether Thia assumptwn.wasirrationat 
:«id bat to cite these he would because Mr. Fisher was dealing! 
" have to ro through the documen- with someone with a reput a tio n] 
: ••’ration of the case. of writing -up. a column In -nj 

'--I Mr. William WeBs, . : ' QC, balanced fashion,. Mr. Tether 

i’- 1 - Tribunal's chairman, intervened said. - - : - \y- ■ 

— ^ .m - • - * ■ " . " * . ’ _■ *■ ' . 



Financial Times. Thursday March S l&TSv 




£2bn. tax 

cuts in 




■THE CONSTRUCTIONAL steel- it believes that one of the key any by 11 per cent, in 18SQ and 
Iwork industry should make a opportunities for many com- by a. further 5 per cent in the 
ijfftater #.xnnrt effort, savs s panies in- the Industry over the following 12 months. . 

i f ^ remainder of -the decade is to- *The high fate of growth in 

[sector working party report made advantage of the rapidly the^nesi two years is naturally 
1 to the National Economic growing world market. ■ . to be welcomed: however, it - Is 

Development Council. The report says the industry most unlikely to bring a sus- 

, The report points out that should aim to raise exports by tained -level of near-capacity, 
I substantial growth in the home 33 per cent over four years to since 1977 output lungv 

A NEW Treasury study suggests However, when restrictive simulations of a 5 per cent, 
that the impact of exchange rate policies were' followed and the devaluation showed that there 
changes on the U.K s competitive IeveI of unemployment not* would be no improvement in 

position deoends to a torn* aIlowed 10 & u - ^ model pre- gross domestic product after two 

Ifill * J" 5 * dieted that 90 per cent, of the years. 

monetary “"d^ ^ ZT 3“ S£ THE Chancellor- is like* 

l4lr T iaS that a single SB 

?F C «mpe H u a Ure y will numeS ^JSittvViraL Other changes in key economic ^ca^^e^ckagf could'be ^ £° «P^ted X“s whe^the home iSmketS P*rg 

be lengthened if a devaluation Exchange rate changes' Teed aFter two years: n“X n ? e fl fi d tax ! but even with exports rising Improving. .. msea more forcefully than ever 

is accompanied by restrictive through to domestic prices and JJJJJj 1 | mp b r ^J^f v i° f J?SS*§ tuts aDd £0j25m. expenditure in-l stead,ly - lhe mflusu >' wxU untii - Tbe - ^ Ct0r '. V ' nrW — ^-. part ?- S Sf? thl L rcal J*. — 

fiscal and monetary policies, nr tend eventually to offset GW o? 5SS 5 Partly offset by an 

by incomes policy. The findings initial change in price and cost j“JJL 5 uMhSiS SoUdM £0 - 5bn - iaorease la indirect tax. 

are outlined In a Treasury competitiveness.. • l per cent, on unenangee poucies. ^ firm PStImat( , c rKnt 

Economic Progress Report 
Simulations of a 5 per cent 
devaluation on the Treasury 

mode) showed that, if devalua- devaluations. or ny continuing uiey were uncuanseu . reai rase- over expenditure 
Hon was allowed to increase downward pressure on the home pay fell by 0-7 per cent in This Hroo in hnrrnwim> 

activity and thereby reduce on- exchange rate, so as to ' * Uy ' n "* K “ B 

... - - as to keep the first case and by 0.5 per enL quirement has created room lor 

employment. S5 per cent of the ahead of the resulting inflation, in the - — 

initial improvement in cost But the gain would be at the ment was 

competitiveness would remain expense of a gradually accelerat- live policies were appuea ana su hiect to certain constraints 

after two years and a quarter ing rare of inflation. fell by 83.000 when fiscal policy while a lower limit nr f l 5bn i 

after SLN years. With restrictive policies the was unchanged. wane a tower limit of fi.5on. ; 

steadily, the industry will until _ . 

1981 only be operating on aver- immediate work programme m- the medium and longer term 
age at 84 per cent, of its 1974 eludes a detailed investigation have to come from greater suc- 
outpuL of the Industry’s expoij oppor- cess on gaining export orders. 

Exports presently account for tunities and performance and it “The world market is highly 
Jess th an one fifth of the total will eventually make recom- competitive: on the other hand 
value and volume of output and mendations on moves to improve it Js-also a growing market” 
between 1970 and 1975 the L\K. exporting activities. Constructional Steeltcork Sec- 

.Industry’s share of OECD ex- Yesterday's report says that lor Working Parts report to the 
r re '|ports. which were rising by 32 although domestic demand for National Economic Development 

second; arid unemploy- ™°™ f?l!per cent a year fell from 12 per constructional steelwork should Council. KE DO Boohs. 1. Steel 

,s coMtanl when reSric- £ e C J ancell ? r cut taxes, but cenL t 8} per cent rise sharply in the next two Rime, 11. Tothill Street, London.' 

ici« were TSStaTSS Sfte Sto Certa^con^Snfs. ‘* ! The P«ty savs years, home demand will fall Free. 

Higher economic growth likely, 
but little effect on jobless 


has been Set by political pres- 
sures. a package much over £2bn. 
would raise doubts as to whether 
reasonable money supply targets 
could be met, and might damage 
financial confidence. 

The balance of payments re- 
mains a serious constraint on 

lrtthou«h a® nackaee Career*? han I REGISTERED builders using the -out of business or if major struc- 
Is needed to Ske^Sv short- National House - Boilding tural faults develop, 

rerm imnarton^Smoln^ent Council's 10-year scheme as : a Some of the fault in misinter- 
Koim raTlljnSi Tnii- 1 " e i ” micR - n pr.u-.on !„ wlh ^council.. 

Stop this house sales 
gimmick, says Which? 


d be slightly higher ihis year 4.6 per cent., with west Germany great harsnness tnose aeotor u . ,uu ^ Mwwiwria are lu 

i last. But the increase was outnut 3.1 per cent higher countries with debt service pro- remain easy this month, 
kely to be enough either to (against the official 4.5 per cent, blcms.” the unit notes. The authorities' aggressive sell- 

THE ECONOMIC growth of the Within the area, the U.S. cco- “The International Monetary 

main industrialised countries nomy was expected to grow by Fund is already treating with forecast that credit conditions in 

could be slightly higher ihis year 4.6 per cent., with West Germany great harshness those debtor the nioney markets are likely to 


cut unemployment significantly growth projection). .... nmtwl „ onkm w ___ tn ~ — 

or to give a major stimulus to . , , , . . protectionixm we re t0 the increase in money supply is 

world trade, according in. this Growth In Japan was expert ed deny debtors the export earnings expected to generate strong 

year's edition or the Economist 10 be ° n l>* 8-1 P®r cent, in 19,78- with which to honour their obu- downward pressure on short- 

intelligence Unit's World Out- 1979. compared^ with a Govern- gallons, a now manageable' pro- term rates. 

look. ment target of 7 per cenL blein of third world debt could The firms say -that period [ guarantees, warranties or protec- had been expected: 

Crnnequentiv. it will he harder Failure -in the US to deal S*» «« of bend when the world rates are unlikely to reflect these tfon against faults. In fact. It The council should spell out 

to resist the spread of prolec- w iih thi* enersv nrnbi^m wnuid economy next turn® downwards, easy credit conditions, but will [does none of these things, much more clearly what the 

tioni*m the unit suggests ^ problem would «. .. th be influenced by expectations of (Which? says. . scheme covered before pe 

tv, ,* Sg . . lead .*« a r f^nuatlon of sub- fnrp A ", rt " 0 ^°lh an upturn in private loan demand j New home buyers are given a buy homes. 

The increase in gross national sianiial. if declining otl producer n r i de ^J" iJiS,-. » kyo d later ^ 7 ^- I warning by the magazine against Intending purchasers did not 

product in the area of the current surpluses, while the trade negouatio s. Short-dated gilts will be re-, being seduced into thinking, it see the house purchaser's aeree- 

tir’anisation lor Economic struggle to end up with the ft - or y outlook 1978. Economist strained by fears ■ over loan [offered such wide cover. ment until contracts had been 

(.n-operation and Developmmi! smallest possible of the rest r; r tf oriiv fii 'n derd * nd and the deteri orating | The magazine says the exchanged. Many purchasers were 

would be about 4 per cpnt. th:s of lhe world's current deficit unu. price u.f. sr. balance of payments outlook, l scheme's name should be misled into thinking they were 

year, compared with 3.6 per cent, would continue to depress eco- 5t. Jamcss Place. London. Long-dated gilts may move within I changed, but it does. provide use- buying a home with a full ten- 
!.ist year. nomic activity, SH'i.4 IArT. a narrow band. ' fuJ insurance if the builder goes year guarantee, where faults 

, would ' be - put right free of 

guarantees a house “just like a non-profit-making body which 
washing machine.;' should be. sets house-building standards, 
stopped from doing so. The latest Which? had received complaints 
issue of Which? the Consumers* from people who had dealt with 

.Association magazine, adds that the council when buying a new 

ing policy tor gilts to damp down, a f ler the first two years the home. Its literature was 

council's scheme provides cover described as confusing. Often 
only for catastrophes. . genuine claims had been found 

Advertisers claim the «heme by home buyers to be invalid and 
offered everything from fall rather less was paid out than 

' Service to customers: 
it's Metal Box's business. 

* ’ *• f 

We in Metal Box design new containers to order 
-or improve existing ones-in metal, paper and board, 
plastics, film and laminates. We build the machinery 
to make them and supply the production lines to- 
fill them. And we advise our customers on subjects as 
diverse as food hygiene and technology, factory . 

layouts and the potential of new markets. 

We are one oftheworld’s largest packaging companies; ■ ' 
with annual sales of over £200 million, operating 
throughout the U.K. and maihland Europe and 
in 12 countries in other parts of the world. . 

Our comprehensive service-is just oneof the 
reasons for our growth. 

y Meta! Box 

A good business to be in - 

Welsh study 
of school 

Research projects costing more 
than £100.000 are being set up to 
| study behaviour problems in 
Welsh- schools. - . ‘ 

Mr. John Morris, Welsh Secri£ j to^ back any worthwhile ‘ micro 
taryv commissioned the research: | film project 


By 'Christopher Dupn 

MICROFILM business in the U.K. 
was - growing beyond expecta- 
tions Mr. Tony MyhtIL who will 
be chairman of the Microforum 
Europe conference in June, said 
In- London yesterday. 

Cost savings for offices using 
microfilm made it a ■ growth 
Industry in a recession, with 
returns on investment after 18 

Turnover in the U.K. should be 
£45m. this year, and most com- 
panies hoped for at least a 20 per 
cent sales growth. 

Although British companies 
such as Caps Microfilm, owned 
by Pilkington Brothers, glass 
makers, were now increasingly 
important in the expansion of 
the microfilm industry, three 
U.S. companies. Kodak, 3M and 
Bell and Howeil. dominate the 
U.K. market with a 63 per cent 

. Mr. Myhill. chairman 
of - Caledonian Reprographics, 
blamed the big U.S. market share 
on the lukewarm interest shown 
by British financial institutions 
in backing home-grown talent. 

Two Government-backed lend- 
ing institutions, the National 
Research Development Council 
and the Industrial and Commer- 
cial Finance Corporation, later 
said that they .would be happy 

Package holidays still available 

THE EARLY booking booui. in still holidays available in early 
holidays abroad may be dis- and late season, 
couraging holidaymakers from Peak season summer holidays 
trying, to book, the Association were being sold out hut it was 
of British Travel Agents said, still possible to find accpmmoda- 
In. spite of an increase of. more tion in such popular resorts as 
I than per cent id bookings com- Majorca, Italy, Greece, Madeira, 
pared with, last yfear, there were the Canaries and Malta. 

Sir William Hawthorne — 
U.K. approach best 

2000 were using' solar panels to 
help heat its hot water supply. 

Sir William, delivering this 
year’s Truman Wood lecture on 
conflict and compromise between 
energy and the environment — to 
the Royal Society or Arts' in 
London, firmly supported the 
“best practical means" 
approach in pollution con! ru I 
adopted In Britain, in preference 
to the more legislative and regu- 
latory approaches adopted by 
other countries. 

Removal of the sulphur 
dioxide from Hue gases of power 
stations involved expensive 
equipment and lower generating 
deficiencies. Britain’s policy of 
using tall chimneys to disperse 
the fumes added little tu lhe 
capital and energy, costs oF 
electricity generation. 

Commenting on allegations 
that Britain's tail-stack policy 
might be increasing the aeidily 
of Scandinavia's lakes. Sir 
William said the inviwtigations 
were not yet completed, and 
were made difficult by the 
“ extremely complicated pro- 
cesses in nature which involve 
acid exchanges.*’ 

Mineral weathering. bm- 
xhemical prgresses in humus- 
rich soils, and fallen loaves could 
all cause greater acidification 
than “acid rain.” 

Quite efficient... 

| ARC0M 

i/ M m S 4 s 4 -SS'c-.C '..“S 

- v ^ - => i C ' 1 V C “• "•'.v,-. 





Steelwork exports should; EEC rule 

‘be raised by 33%’ ‘could add 

to energy 


By David Fijhlock, Science Editor 

IF BRITAIN were ohliged by 
Common. Market regulations to 
adopt ' sulphur-removing 
“scrubbers " on all its fossil- 
fuelled power - stations, its 
primary • energy consumption 
would be increased by 1.25 to 
2.5 per - cent. — equivalent to 
4m.-Stn. tons oF coal a year— 
Sir William Hawthorne, chair- 
man of the Advisory Council on 
Energy Conservation, said last 

This would be abnut lhe 
amount of energy Britain might 
save if every house by the year 

. (>’ 

It is not necessary to call Paris for reservations 
at your Paris hotel, JPj L M Saint-Jacques. 

Cost-free, immediate reservations can now be made For over 45 PLM hotels in France,' 
French West Indies. French Guyana, Doininiea, 

• . : . Greece, Iran, If aJv.and Morocco hy a simple phone call in: 


BXH. GLASGOW : T<L 22xJ^s 

■ Tolox 77T 771 



. V i 

> ’ 



1 p 



I, ^ 


zm*' ' l 

Swan Hunter men 
settle for 81 % 

Teachers’ pay row More at stake than pies 


Ptnr ^ 

S. v 7 ' J 

A:;-‘ & 


MORE THAN 3,000 shipbuilding 
workers in the Swan Hunter 
rwh on Tyneside have become 
uic first main manual group to 
settle well below the 10 per cent, 
pay calling since the Government 
hardened its line on wage settle- 
ments in the industry. 

A decision to accept an 8* 
per cenL settlement by ancillary 
workers — just over one-third of 
the total manual workforce m 
Swan Hunter— was welcomed by 
management yesterday. 

The welcome came amid hopes 
that it might soften the approach 
of other groups in the yards who 
have yet to reach, agreement on 
pay for this year. 

Other pay pacts 

Tbe deal comes in spite of 
settlements, already reached, of 
between 9 and 10 per cent, else- 
where in the industry.- . 

With the Swan Hunter deal 
and the recent 9.32 per cent, 
settlement for nearly 6.000 
workers and staff at the Yarrow 
yard on Clydeside. British Ship- 
builders reckon, that about two- 
thirds of workers in the nationa- 
lised yards bave settled in' the 
present wage round. 

Further trouble at Swan 
Hunter is not being ruled out 
however, until pay negotiations 
on a claim now* two' months but- 
standing by 1,700 outfitters in 
the yards, and another for 4.000 
boilermakers due in June, reach 
a satisfactory outcome. - . 

Hopes for a peaceful conclu- 
sion are pinned, on-tbe progress 
of. informal talks on the pay 
structure at Swan! Hunter by an 
eight-man joint' committee sit- 
ting for tbe. past two months. 

The committee, comprising 
shop stewards. and other repre- 
sentatives from , the four main 
manual groups— boilermakers, 
outfitters. electricians and 
anciilaries— rare seeking a com- 
mon pay anniversary date and a 
more unified wage negotiating 

There would be -another bout 
of pay leapfrogging in Swan 
Hunter if the boilermakers have 
the same success with their out- 
standing “fair wages " claim as 
the outfitters and ancillaries did 
earlier this year. 

British Shipbuilders manage- 
ment said yesterday that they 
were continuing th press with 
Ministers their case for greater 
independence in ' negotiating 
wane settlements. . 

Mr. Ken Griffin.. deputy chair- 
man of British Shipbuilders, 
said: “We think we could have 
implemented this policy with far 
less blood-shed than there has 
been so far." '• • 

Work at Swan Hnntes: was back 
to normal for tbe first time since 
Monday yesterday _ . after 80 
security guards,' ' eaUed'.-uff sanc- 
tions in support' of -a- IQ per cent, 
pay claim. 

The return to. work, by the 
guards and by 9.009^ laid-off 
fellow -workers" came. , as 400 
union delegates., from ship- 
building yards throughout the 
country converged on Newcastle 
for a consultative conference. 

' Their agenda covered pay — 
including a . single&reajn bar- 
gaining proposal -said to have 
been well - supported dele- 
gates. Industrial democracy and 
redundancy, and ;• Other issues 
facing the industry.-- -. - 

Mr. John -Chalmers, general 
secretary of tbe Boilermakers' 

to tax expenses 


BIRDS EYE may well find itself 
running up against tbe full force 
of the intransigence Merseyside 
labour is traditionally accused 
of, if it implements dismissal 
notices given lo 1.200 hourly paid 
workers at its Kirkby planL 

Amalgamation, told the dele- > A TAX dispute yesterday com- upward drift m the teachers* pav ! ‘ * . , 

gates that union leaders would pounded the already serious bill as a whole, the authorities- S ^°, cu 5 Jl0n “l at tne diS, ninsais 
call an emergency conference disruption of schooling In are refusing lo offer more than ;are “* e fiDaI effor ‘ 10 break the 
if there were any suggestions England and Wales by teachers about 9 per cent for the one-' de ?? ,ocl \ at the P 5ant< caused by 

frnm thA wr Ika r- 1 nmtoetini. hnn'nr! „ r, Mi— r I . - .1 14-week riisntit* inmlvinn tin 

Mr. Chalmers said "that the I Union of -Women Teachers gone to arbitration!' the "union's j intent for recruiting labour lo 
lion .would instead be pressing ordered sanctions to be imposed action probably would be ended : rep aCe “ ose 

young labour. activities beyond normal school " But the combined union's deri-‘ *5? group's plants and that he 

“We have already had our hours. sion to withdraw from voluntary wished the company had 'pulled 

redundancies Id this industry The combined union added that duties indefinitely over the tax Qut of Kirkby .several years ago. 
and we believe that we will be members would be asked to dispute threatens "to continue the After the dismissal notices Birds 
over the hump by 1981-1982, withdraw from lunchtime or disruption of schooling in manv E *' e managers are pessimistic 
when it will be necessary to evening work until their pariicu- areas for considerably longer. ' j about the plant's future, 
prepare a five-year plan for the lar local education authority This threat was emphasised bv] Birds Eve may find if it does 
industry." gives a clear assurance that it the view- in some local authori- ! try to implement the notices, that 

rp , • i does . not regard such duties as ties that any one which agreed 'on Merseyside especially there is 

I OUgn JOD part of its teachers' contractual 10 the demands would be making a difference between "shedding 

On the 'proposed ‘1.100 redun- work - itself “a considerable hostage to labour when a plant is to close, 

dancies at Swan Hunter, Mr. This new move startled fortune.'* The move had expen-' as at the British Lcylnnd TR7 
Chalmers said tbe unions would 010 educational world, now sive implications on the issue Plant at Spoke, and dismissing 
be looking only for long-service -■ embroiled in a similar with- of overtime pay. I workers while at the same lime 

volunteers. Applicants would jdrawal from “ voluntary ” duties lithe duties were enshrined < insisting no decision has been 

be subjected fo a “clinical by members of the 245,000- as entirely voluntary, it was j taken on closure, 

examination" 'by shop stewards strong National Union of . said, the combined union could i Shop stewards at Kirkby gaid 

to ensure that this policy was Teachers. then later demand that they be [yesterday that they would fight 

adhered to. This union's action — expected ob “S at °ry and be ro-[the decision. Eyes arc already 

“ The shop stewards will find to disrupt and close schools in warded by extra pay. j being cast at the nearby Kirkby 

it a tough job to say. to some at least 110 areas by the end The move also annoyed the Manufacturing and Engineering 

applicants: * Sorry, you're not on of the week — is over education" National Union of Teachers. The Company (KME), which was 

the list."' authorities' Insistence on strictly combined unions* action would I taken over as a co-operative with 

The union policy on redun- applying the 10 per cent, guide- confuse tbe public about the- 3 13.9m. Government grant after 
dancies Is unlikely to become lines to the teachers’ pay rise issue underlying the teachers’ | a sit-in. 

clear, however, until the Ship- due on April 1. protest, said Mr. Fred Jarvis, I The dispute, which has stopped 

building Redundancy Payments Because tbe normal incremen- general secretary of the national ! production of meat pies at the 

Bill becomes law. tai salary scales are causing an union. I plant for the past 14 weeks, in- 

volves a pay claim by 110 

They have been offered a 
settlement which would have 
brought average basic up 
from £55 to £61.50. linked to a 
self-financing productivity ncrec- 
ment. That would have kept the 
deal within Government guide- 
lines. which Birds Eye says il 
must do because of wage under- 
takings concerning the payment 
of regional devclnpjncni grants 

News ArcaSysis 


Bird's Eye 

i: has signed with the Govern- 

Most or the people who have 
been .dismissed arc process 
worker* not involved in the en- 
gineers’ strike. But Birds Eye 
has f.iid it teg.irds all the 
hourly-paid workers, as being on 
strike now because they had 
turned dawn the offer of work. 

The strike is com plicated hy. 
and has delayed, a £6.5m. invest- 
ment plan for Kirkby. which 
would have transferred all 
cooked meat produels to the plant 
as part of a natiun&l re-arga nida- 
tion of Birds Eye factories. Bui 
work nn buildings for the plan 
stopped when the maintenance 
men went on strike, and the plan 
is now six months behind 

The 450 redundancies accepted 
earlier this week were a direct 
result of the delay. 

Birds Eye last year held a 39 
per cent, share of the £700m. 
frozen food trade but it-; share 
has been seriously eroded by fu» 
strike at Kirkbj . 

If the plant were to close 
Birds Eve would be nut of the 
pie marker completely. Pies do 
not make a great deal <»f money 
and arc technically difficult to 
produce, but they Uu occupy a 
large amount of cabinet space, 
which i> important iu ati in- 
dustry which tends to sell its 
prodoc ts by catching the eye when 
a shopper is looking m a cold 
cabinet for something else. 

Some Birds Eye managers 
believe that after a 14-week 
Strike, a six-week work to rule 
before it and a Tour-week strike 
before that a! Kirkby. Birds Eye 
has already Inst its market share 
and th<- question now i< whether 
it can hope to re-establish itself. 

A take-over of the plant by 
ihc dismissed workforce wuuid 
he a different preposition to 
KME. which makes heating and 
ventilation equipment. Frozen 
food manufacture ntH-mu-dy 
need* an extensive <[i.-irihii:ion 
.system. ,\ co-n'>crjl n e v>mld 

not have that, and aiiv reduction 
tn local sales vmiW mean large- 
scale redundancy auvn :iv. 

Kirkby workers arc worried hy 
the Birds E>e announcement that 
because they see the total work- 
force as being nn strike there 
will lie no redundancy pyvments. 

So Birds Eye. if the dismissal 
notices are not a mum in work 
nlny. is ltkelv to have a fight on 
its hands with employee* who 
have little to lose. And a* British 
Levi a or I has shown, on Merger- 
side that can he a verv bloody 
battle indeed. 

NUBE- .outlines plan 
for merger 


MR. LEIF MILLS, general -secre- 
tary of the National Union of 
Bank Employees, yesterday out- 
lined merger terms to local 
officials of the Guardian Royal 
Exchange Staff Union. 

Ballot papers on the mentor 
proposals are due to go out to 
the staff union's 5,800 members 
early next month. 

The staff union's executive, 
which is recommending accept- 
ance of the merger terms, is con- 
fident that the proposals will be 

The move into the Guardian 
Royal Exchange Assurance Com- 
pany would represent a signifi- 
cant incursion by NUBE Into 
insurance, an area traditionally 
associated with other unions, 
particularly the Association of 

Scientific. Technical -and Mana- 
gerial Staffs. t 

NUBE has so far secured only- 
one procedural agreement with- 
in insurance, at the Ecclesiastical 
Insurance Office, although it has 
also approached Sun" Life of 
Canada for similar arrangements. 
- The TUC disputes committee 
has examined the position and 
decided that, it would only, inter- 
vene if the mergejr Proposals 
breached any ' comprehensive 
spheres of influence .agreement 
NUBE could strike with ASTMS. 
The unions bave failed to reach 
such an agreement •*: . 

■ NUBE intends setting up a' 
seoarate insurance Section, to 
include members at' Guardian. 
Ecclesiastical and Sim Life, and 
10 use this as a springboard for 
further incursion?' into Insurance. 

Time ripe to cut work 
week, MPs told 


TIIE TIME is appropriate to re- 
diu-o the length of the standard 
working week, TUC representa- 
tives told MPs investigating em- 
ployment and training services 

Mr. Harry Urwin. deputy 
general secretary of the Trans- 
pn-i and General Workers' 
Union, told the Social Services 
:md Employment sob-committee 
of the expenditure committee 
that production schedules should 
not be planned on the basis of 
persistent overtime. 

All indications were that a 
reduction in. -standard working 
hours would not srmpljrlead to 
people working more overtime. 

The amount of overtime 
worked when standard hoars 
were about 47 or '48 was about 
the satin* as now. 

Tbe discrimination between 
the normal working hours of 

white-collar -and industrial wor- 
kers should also -end oow. 

CBI representatives told the 
committee that they would be 
sympathetic to measures to 
reduce overtime but this was a 
matter for the unions, 

Many employers, particularly 
small ones, the CBI said, were 
inclined lo increase overtime 
rather than take on an extra 
employee unless they were cer- 
tain there would be enough work 
to retain him permanently. 

This was partly because of the 
legal complexities of taking on 
an extra worker, such as the 
requirements of the Employment 
Protection Act. 

Mr. Urwin reinforced the 
TUC’s opposition to complaints 
from the EEC Commission that 
the Government’s temporary 
employment subsidy is distort- 
ing competition in some indus- 
tries . and should be restricted. 


i r i 7 r 

TUG worried, about 
investment abroad 


THE IMBALANCE of capital 
investment between. Britain and 
other countries, particularly 
members of the Nine, was the 
subject of a long, discussion by 
ihr TUC economic committee 

The committee had before it 
u letter from Mr. Eric Varley, 

Industry Secretary, arising from 
Ihc Hitachi affair,, in which Mr. 
■’ Varley welcomed the TUC'a 
reaffirmation that it was not 
' opposed in principle lo Inward 
investment. '■ 

He also . said he would be 
; interested lo hear the com- 
mittee’s ideas nn what criteria 
; ii thought would serve the 
i national Interest. 

V-*30\ • • 

'*. 7 * 



J J Ventilation Limited 
13 Dowry Square. Bristol BS&4SL 
Tsl. Brblrf2S129B 

But a TUC spokesman 
stressed that the TUG had no 
broad rules to propose and that, 
each case should be judged on. 
its merits. 

The scale of British invest- 
ment abroad was worrying. The 
TUC claimed that since Britain 
joined the EEC, U.K. companies 
had invested four times as 
much on the Continent as those 
countries had here. 

Mr. David Lea. assistant 
general 'secretary, pointed oat 
after the meeting that the TUC 
was .looking for planned growth 
In world ■ trade • to . prevent a. 
trade war, and that the TUC, 
in- its economic review, was call- 
ing. for establishment of ah- 
/international, investment review 
agency with trade union, 

Shop workers 
need help, says 
Low Pay Unit 

urged by the Low. Pay Unit ,t°- 
introdnee measures against 
employers' who evade paying 
statutory minimum wages to 
shop assistants. 

■ The unit says legislation is - 
needed requiring employers in- 
the wages council sector to. sup- 
ply workers with written state- 
ments of legal minimum wages, 
wage inspectors, in retailing 
should be increased, and at least 
all second offenders should be 

V \ I 




A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

Maybe it’s accessibility. With two major airports close by. 
And unrivalled shipping facilities. 

Maybe it’s the financial and administrative assistance you 
get when you move to Irvine. Like possible rent free periods and 
maximum government grants. 

Orthe availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 
lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

The team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 

If you’re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 
He’ll send you the nuts and bolts. IRVINE NEW TOWN i> 


Financial Times Thursday March 9 1978 


Shore pressed on Labour 

plans for building industry 


in his 

Official figures 
show sharp fall 


‘will be 
fair over 
language 9 

By Philip ftawstome 

IMMIGRATION FROM the Com- Meanwhile. S09 illegal immi- 
mo^yeaUh.. .and -Pakistan. ...fell grants were detected by the 

By Nor Owen, Parliamentary Stair 

tistics -issued yesterday, reasonable 

*7 ,, AN ASSURANCE that the Welsh 

iat Assembly can be relied upon 10 

practical ac j ^ between its Welsh- 

MR. PETER SHORE. Environ- ment of a National Construction pick up and fiotrifaSg investment Mr. Shore argued that the 9 o ^ ■ BY RUPERT CORNWELL, LOBBY STAFF V 

ment Secretary, was accused in Corporation, based on one or two would not flow, lie argued. Government was concerned to -i. " O 

the Commons yesterday of harm- of the major building companies. Mr. Shore replied: "It is not encourage the industry. He ^ ■ „ ... „„ 

tog the construction industry by and an extension of direct labour right For the House to judge that accepted that'' there were phfll P Rawstom* IMMIGRATION FROM the Com- Meanwhile. S09 R Km.rtwn Parliamentary Staff 

refusing to make clear whether organisations. any of these matters-Uave been .sab-cantraciQiB-^i. . mo»waIth.. .and Pakistan JJU grants were detected to the By tmr owen, raruam ary un 

the Government intended to Mr. Michael Heseltine, shadow concluded. will be dis-t^elng placed oh lhe Government TORY MP, Mr. Nicholas 

adopt Labour Party proposals for Environment Secretary, accused cussed and looked at very -care-' "black totf” if ihey broke the 1® cheered the : Commons xester> inzmigrants detected i»^witfc394 in 1S76. The Home umce AN ASSURANCE that the Welsh 

its nationalisation. Mr. Shore of giving evasive fully." per cerfL pay. code. This: was still day;by introducing a ‘‘-Budgei " lflr« more than ‘doubled, accord- instated last night mat aii Assembly can be relied upon to 

Under pressure from the Con- answers which would confirm the i-d#*-.-. tr ' t»„ic being V- discussed : ‘between from the backbenches' The i°g to Statistics -issued yesterday. reasonable ■ and precticai aC { as between its Welsh- 

servatives, Mr. Shore would only worst suspicions of those who ‘ „,; nr w o+nr«t*r« As Minister and: the Confederation standard of living -.had been b ? Homp Office. ... ...measures art taken to deal with spea fcj ng 3n d non-Welsh-spcakin^ 
say that he had no “ current had been watching the evolution stat e that th e lire Industry. - -V ‘ .falling 50 fast that it. was-; iff • The'fignCW are a new ingrqdfc *}«$?} entty. Juunesues for sla g* ^ given bv Mr. John 

proposals to nationalise build- of Labour policy. ^nfex^ce Sad la^^rSj In “ "otter ‘ exchanges Mr. ' SangTr -dT disappearing ent Vtte continuing political Hortis. Welsh Secretary-, in the 

“S ^ C ° He • Mr. Heseltine thought the StionaSStioo of the coMtiSS Reginald Freesw^ Housing altogether, he said. row between Government and granted to 1.679 app a Commons last night. 

nationalisation of the building tion industry. The initial cost Minister, made it clear that the We could not afford to wait Opposition over immigration. The late st statlstics come as ^ was replying to fears 
wS?,?* Industry was merely a question 0 f implementing such a proposal-. Government sticks by its inten- another 34 days for the Chan- They seem certain to be_ em- the all-party Select Committee M evpressed by Mr. Leo Abse (Lab.. 
nSSeSffinSl a’nSinTSSJshpn of - tirain? 35 far as tjre JUbmir would be £1.5bn.,_^as .another T30Q to restrict mortgages — an ,xellot.of the. Exchequer., and ployed ,by Mr. Merl>m Ree* race prepares zsbita Pontypooll in the fourth day or 

^ y3MW$F* e .£ He ,pre- £2O0m., in nraotegc&ts;' hfcvsttitude £B&i brought^complalnts tig. Tone-predicted economic Home Secretary; and otte* long*walted the committee stage debate on 

eMntpgii^ perm^j f ^ r 'di^ed ;thai-i?r 0 uw, iitro- claimed. ^ -tfrom both sides of fife House. . * miracle. ^ • : : Ministers as.. P«>or that, ifein-. probably beforeEasten The signs fte Wales Bill lhkt ^ Assembly 

The TVttfe'-pre^d'^rf.Jnore tiucdd-'Whe® ttdre -wtfs -niiAimal Another Conservative. Sh Timf' Mr. Hu^ RossL. Tow -housing Mr Ridley proposed -tb wxwfc^i is flow “ ”* " th f t the , i ? IPS f a Z^ p0 ^iii C0 K^ mav develop into a “ gravy train - 

information on his intentions electoral disadvantage the _ “rP ■ : ou .^ ‘ .Z? ms, without the need for the sort. trauy to earlier fears, will be w.iGh^nonirin? mionritv 


'ins ni&j&sss. 'ssfc 

_i. — V m m MIU * » IBOL ' 

Shore s statement that therfl we^as the worst fdrlS^ears so fait 

nn Anmint nfnnnoqlc 7 - nw\ti!« 4- 1 . . - . 1 

the natiooal«x e «t^e r cnmjnrtre& Jong is^jk-attitudprprei- “rio. Cnirent priiposals.-"' woui^-as housebuilding wa concerned, 
report %8&'e&£i S. s '7? e A.^!StaS s “ .*?■« «*■ But th. 'ISPuimr Va?p5 


ir Party.- The vailed on th* Gj 
[ for "Ifie estabnsh- ~ben'ch." construct 

wrnment fnmt. bfe severely dam agings td the cc 
ion' would hot Aden ce" of building companies. 

JSsJiLSS. *«w£} ^ sss> awsw ’ik 

•watered wlusky. . . - ? For settlement in the • Mr. Rees last night came down Enclish-sPcakinR majority in the 

*'**wii. wwimw ucDcu. cuusuTicuon woulq not noence ot Duuaing companies. pared to make matters worse by box and a glass of apparently coloured immigrants accepted * which would antagonise me 

T 1 f . bringing pressure to bear on -watered wlusky. ^r settietbent in the • Mr. Rees last night came down Enclish-spcaking ruujority in the 

• _ • . s -* * ■*- building societies tu restrict mort- l^iere was a brief htifcup a^ the prpppedllast year_by -0 per rent palely aesinst changes in the Principality." 

JL . 1_: _ J ' '. re sages. ' • bp eaketv ruled that only the to- 44.155 from- so, Old. Of that . ^ ~ ,r,," nrf i__ » . »_ the He insisted that the Assembly 

WanUBff OH COiinCll flOn^kP ^J5| Mr. Frank Allauh (Lab^ - real Chancellor iould bring- a total. 27.742 were accepted on eoatui,, Riblk men. who would be reoresenta- 

▼ T (UUIU5 VfU LUUULU ilUUOV Salford E.VadyisSlhe M inis ter' \ despati* box into the Chamber, arrival here, while 16,413 were.***! means of tackling raciallj tive of tb<1 whole of Wales and 

& wAUiir^rr «.* ^ \\ - that tbe beStl way -td keeo prices ‘-^'Iherr. might be" a gun in it.” already resident- :amd eligible prevocative marriics by me f„n v That the majority of 

A WARNING wt- tJw^Govern- cerned^ . sjm%e- r/ritunctls the Gpyerumeirt was.considerli^F vas^Q merrese the «uooly Mr. TkiJliam Hamilton pro- under the removal of the time National Front those thev represented spoke 

mem willi^hten up ^dsticks-for^f privitecoundlhousetrefbeV tested!^ Mr. ERdon Griffiths limit ^ ^.Addressing the Board of only English, would act in a 

of councri houses if some local JS. 1 feregard ^ s b - u ’^ restrict mortgages. scampered off unBi the bos-^ \xbe biggest single rise was Deputies of British Jews, the commoosense manner Those 

authorities continue to sell them , h0Usin5 needs - S&. Freestm replted that when: Hi fact it contoined'the Finance accounted fQr Tiy citizens of H«ne Secretary said he was not who spoke -on- or both ihe 

indiscriminately was given yester- If circumstances warranted- ^such talk - haci^beoa translated-' (Reducatinn of Taxationi. "Rill. Pakistan, up 15'- per cent J But satisfied that current problems tongues of Wales would Be 

day by Stir. Reginald Freeson, however, he would be prepaid to ‘t g- tiiV?owG?re^ ^ ^passport holders entering were due to sbortcomings in the adenuately protected so far as 

t t,e general consent under to-'get tenders for the con- „ “ , ; * “f e j * Z »i. uiTS - — -jj-j i~**t .mnimmanf «,.« mnw-mpd 

Housing Minister. iLS, -SI struction of houses within the ment >n the early 1970s. it had enrer. 

Housing Minister. ^ctioo^of "bo“^ to the ““‘J 11 0» early 1870s. it had KT^T. 

Mr. Joseph Dean 1 (Lab, Leeds allowed to seH. houses at a *0 per lim its laid down by the yard- le< * t0 “ exploaon in house - a r. 
W.) asked to'the Commons 'if ", ®§ lwn8eS . - p r sticks. pnees. TJm m tnnt had caused ^ 

Freeson would couider banning. This- woaw mean that Ioeal The Ministetsaid he.vra^ware4f e “^e^^° f -S at -St^h 

s^nsstt*jsri m wcre “- ^rrstssss % 


kncwe-Houatag shortage. . EhvirStment wb^Aey io tte region..He hoped He was not,, however, prepared 

Th* jitiWer R«.t: ; ^£*SSS5RiA jS to b. ,o ^ 

The.Miuisler replied -.that: he wanted to’seU ' off batches of cctun- e ao e , 1 

was not prepared to do so at cil bouses. ... ~ quarterly review -of 

present, although he was con- Mr. Freeson also indicated that yardsticks, due soon. 

quarterly review -of housing cost W* “ at Jer until the building 
m *H**i*i re 4,. » societies had discussed it further 

yardsticks, due soon. ■ - , ^ a meeting to be- held, shortly- 


Everyone' had to be .concerned 
to get stability, not only in terms 
of house prices but also in terms 
of mortgage supply. 

U.S. $ 50 f O 0 O;OOO Medium term loan 

Riodgers names 
date for 
duty refund 



REPAYMENT of volume excise 
duty '.will start on April 5, Mr. 
William Rodger?, Trimsport Sec- 
retary. said yesterday in- the. 
Commons. In reply to a Partis- ; . 
mentary question from Mr. Giles ■ 
•Radice, Labour MP for Chester-. 

1 e-Street about the arrangements 
for repayment Mr. Rodgers said: 

“ I have announced my decision 
to make ex gratia payments to 
people who, in March 1977, inter- 
preted a reminder issued b^-tbe. 

from the Commonwealth fell by Act. He added that a straight em cloy men l was concerned. 

47 'per cent, while immigrants ban on National Front marches jj r . . Morris brushed aside 
from India, Bangladesh and. the would bring major difficulties of suggestions that over-reliance on 

irom inuia, xsaqgiaaeso ana.xne would onng major uunsuiu» oi suggestions that over-reliance on 
West Indies were respectively definition, and could become a the Welsh language would lead r 
44 .per eenW W per cent and precedent for political bans or t0 a swollen civil service estnb- f 

25 per cent, fearer than in 1976. other kinds. 

Rebuke for Mason 
by Irish Minister 


lishment in Cardiff. 

He said that staff of the 
Assembly would have to he 
drawn from the Hnuic Civil 
Sen-ice. . Any attempt by the Ir" 
Assembly, to establish a civil 
service branch of its own would 
be dependent on primary legis- 
lation being passed by the - 

Mr ..Abse had called on the .. 
Government to provide assur- 
ances in the Bill that ability to 
speak the Welsh language would 

THE IRISH Government yester- complaints these should be con- 

day gave public expression to its veyed, in the first instance, to {g t. 

anger and dismay at recent sfig- the Irish Government . % f Ourou t of ^Welshmen 

sections by Mr. Roy - Mr o’Keonedy dismissed as 1 !^ Bn ttS L .... 

only able to speak English. 

Mr. Abse argued that the 

V_Lx A 

Sir. Nicholas Ridley 

JSpIlSKSaS -W* now be in "«t Ok V member o?Pla,d 

that Mr. Mason was on “ terribly ® t w ^s from figures supplied Cymni 

dangerous groupd. - / by the British security forces He predicted that : tactics which 

In • a radio interview. Mr, that the Irish Prime Minister, had resulted in valuable 

^rt VI iir_ t Vi4c ram^nl- rpcnur/vc hpinrr mic.cnanf nn 

■ ■ •• ■ . *. . 

V - . •' * ^ ^ I •- 

•-# J. 


Bank of Montreal 
Security Pacific Bank 
Chase Manhattan Limited r 

sss2 , 3 , 4S3?aa •sss ™ sslf| 

licences in anticipation of flahon would continue to fall, 
possible increases in the Budget, even if money supply were 
“Payments will be made on increasing too fast 
the basis pf completed claim “Inflation will be measured 

whose terms JUr. Ridley In;, a " radio interview. Mr. that the Irish Prime Minister, nan resulted in valuable 

solemnly declaimed in tradi- OTvehnedy described Mr. Mason’s Mr. Lynch, had based his remark resources being inis-spent nn 

tional language. There was no allegations as regrettable and that only two per cent, of ter- the erection of Welsh-langua^c 

telling how many more suggested that if the British rorist Incidents had a. cross: road signs in predorn Inant ly 

Budgets would be crammed in Government had any evidence or border origin, he maintained. English-speaking areas would be 
before the general election, he repeated in the Assembly. 

said. But all of^them would •». -am x . ■* r • The result could be expenrti- 

be aimed-at winning it ■ Lf ftQ'V'lff Ifl QT£k vlf! ,ure on additional civil servants 

SNP candidate ip^cow 
over shipyard work 

“ Payments will be made on increasing too fast BY RAX PERMAft, SCOTTISH- CORRESPONDENT . Welsh and envisaged the even- 

the basis of completed claim “Inflation will be measured . toar emergence of a Welsh- 

'forms, which may be obtained quarter on quarter or year on A BY-ELECTION row blew up able to the world recession in spe aki n p bureaucratic elit»- ir 
:by. writing' direct to the Driver, year, whichever gives the yesterday at Garsfadden, Glas- shipbuilding than other Clyde Cardiff 

..Ij ir.Li.i. -is : 'r* ¥21:. 'rt- L. •< -- l’- r • ~ u ," Mrftp-rlrt:' hv Hip - V5rr1s " - .■••••• 

English-speaking areas would be 
repeated in the Assembly. 

The result could be expendi- 
ture on additional civil servants 
in Wales far in excess of the 
£9. 5m. estimated in the Btll. 

Mr. Abse foresaw the need foi 
a translation service if speech?/ 
in the assembly were made ir *> ' 
Welsh and envisaged the even- 
toar emergence of a Welsh- 

j-and ^ Vehicle Licensing 'Centre. ioWer : fi^ure^ -Mr. Ridley! fore- -gow,' over' remarks' by the- yards: . .. 

'* I'Swansea.-SAflfl lBU.-Thi^wiBJicasL ^TBe-6owriimgnt might Scottish Hr.-Bovey, who was supported Ge^t HowelK L ^rd ean^ 

be the only way to secure repay- even cut VAT to ge«he infla- that he would Uke to see the b Marg0 MacDonald, senior who n r! in tei?nm that men! 
merits. People should not, for ti0 n rate down to 8.4 per Yarrow shipyard switch- from of , he Scottish be r « Sf eium^ou^iSTS 

Instonce, try to- reduce the duty . rent; and urge our ; comped- defence work to budding mer- Partyi had sonje . ^ s in made 

to he:. P*itT on their next .licenre- „ jqrs to get theh- rates, up. . chant >hips. / _ - cutty in persuading shipyard " he wm not adwrat 

renewal. TJe clo^ne ffate for Public expenditure would rise Mr. Keith ^ovey, a 50-yeaw>ld workers to stay to listen to his " a ban Qn the uVe of tK 
claims will be April 28. 'fay 6.7 per cent.; though the lawyer and pacifist; went to the argument that Yarrow's could -u,-pi sh i aT1 , 7uan( , in {hp Assembiv 

, increase would he presented yard gates *to defend his views have a -future building fishery . _ *1_ 4 _ ‘ 

jl r* * o m ? • as 22 per cerA. — “ and :hgre if let ‘the -Tory candidate, Mr. and oil rig protection ships “ r - Hmlyn uooson (L, Mont 

ACAS inoilines - r -pay tribute- tVthe- tarief Tain -Lawson, predicted that - Me ^nWhU e . Mr. Lawson, whose ! S > of''hU° c^tltiiStTwen 
- - Book-cooker to the Treasury, Yarrow s would go out of busl- ^j-p echoed by the man- wii! ot i.' s 5° 

cpf tiTTlp lim?t hejntoned. Economic growth ness if it abandoned naval agement and shop-stewards, JlS^Ah^iSli^nS^JdtSlrwlci 

set tune linm • twrti It mO**. :. - • SSri tbaT&e y«d u 2 r ; h ffe.5S4SwSi w5*l? 

A TORY-Left wing : alliance -spite of nationalisation, penal ' • The -Yard, wifli 5,600 workers, restricted by-its size to building g Ivinci the imoressionof beinq a 
forced a change in the Employ- taxation and bureaucracy. - is part of British Shipbuilders ships of about 7,000 tonnes. To ^ iaot p d _ those ^ ad aC cusei 
ment Protection Bill, sponsored Ministers would continue to use and one of the major employers turn to merchant shipping would Q f'bein? bigoted. It would b- 
by . Mr. Ted Fletcher "'’(Labi, the patriotic trade union time 1 iff the constituency. • Ifs. success cost millions of pounds and wron^ for the Commons to trv n 
Darlington L in a Commons onent to haMiown wages in- winning. contorts. Jqr.’frlgatos- would. mean discarding skills in impD ^, on the Assemble 

committee yesterday. with the help of the Preven- for the Royal Navy and for defence work acquired over wisest coarse would be t- 


BANKOF’MONTREAL ' ;■ .V ; ,■ ■ 

. -= 1 . -- ■ SEtWlfY PACtFlC-BANK ■' I '■ - 5 -’- - 


•- ■ TherwiTn'nniiiMinu damit - — •— • 





Welsh language in the Assembly 
Ir. Enilrn Uooson (L^ Mont 
gomerj-), .who said a quarter ti 
a fifth of his constituents wen 

MPs backed by 10 votes to tion of Terrorism Act, the 
three a Tory amendment putting Mutiny Act, and deportation 
a six-month limit on ACAS 0 f offenders to the colonies, 
investigations in union recogm- Having spalled out the balance 

tion of Terrorism Act, the export has made it less vulner- many years. 
Mutiny Act, and deportation 

5/Bank of JVloritr^l ^ c . 

>_# ■" _ J . J I , ^ . 1 J t ^ f l ; i 

- December 1977._ 

tion disputes. -- of 'probability, Mr. -Ridley -*f *-*■■■ ■ aAA DVilUVlD pi/UVJ An-lesev)'. "chairman ~ of th ' 

,-lttr. Harold Walker, pAploy- . appealed ,ior. toe. improbable ,. p.->rl1ami>ntarv Labour Parti 

ment Minister of State, warned provisions df his own. Bill. 'A- IrArl S^wt Faw TI AQ I* who maintained it was unh^ipfu 

that “ hard cases’ make bad law-.*- reduction In- -the- top: -rate of • -dtiai/J&CU U V - 1‘Ui Y ‘ Uttl • to make a “ bogev " 0 f the Weis' 

and told his Left-wing colleagues income-tax tq 60 par centi, * / . w * la"ouas». 

pot to be too mindful of the : higher ta x t hr esholds, bigger GIFTED CHILDREN from tion policy. Lord Boyd-Carpenter To remove the richt af a Welst 
Griinwrck -dispute in considering i peraonm'_qinMVmicq5; 1 'm aiL humble fiortles vrould be exdqded (C) srid intbe Lords yesterday, man to. sneak- his own tannine 
Uft amendment. a. : — •-AS^bJ^^J.cgpces^onawtO; 'b«..lQtm.-Jh'>hi8lt fiWRdard education _ Opening .a debate on parental in the WeMi As^mblv would h. 

But several MPs argued that a met by increase^ indirect jf rbe Goxernment persisted in choice, in education, 'be argued more Intolerant than an v count r 

time limit could help speed a taxes ana the sale of more bp pushing its comprehensive educa- that the Education Secretary on earth, including the Sovie 

s Ail-m schools policy 

ile . _ . 

s attacked by Tory peer 

relv on the commonsense of it 

This, view wac endorsed b.-i 
Mr. Cledwyn Hughes (Lab 
Anglesey), chairman of th'- 
p.-»rliaTTipntarv Labour Parti 
who maintained it was 
to make a “ bogey " of the Weis' 

To remove the right of a Welst 

• t ' r*? f 


solution of such disputes. 


Jlj.~ -- 

(Mrs. Williams) would be respon- Union. _ 
sible “ lor the creation of more - jj r . Hughes agreed with ftb 
independent fee-paying schools -Nicholas' Edwards, shadow Weis *• 
than any edurenonal admioi- Secretary, on the importance o 
sirator sraee KtogEdward VI. retaining a unified civil servlet 
He saia that- Mrs. Williams s s0 that there could be an intei 
earlier and. more generous Inten- change between civil servants i 
tion to strengthen Pf rental choice Cardiff and Whitehall and othe 
now appeared^ unlikely to be parts of the country. 

y Cl 

*7 ■ v r -•* 



i •„¥ ..Cftl }-r\ - " . ■ 

Mrs Castle’s new state pensftHrsefaem'e^obsso ' - 
far, but is that far enough? _ : 

For most directors and higher paid employees^ 
the answer is no. v Ks 

Because the state scheme’cioes’not currently 
provide tax-free cash^ihiiandatretireroent^ - - l 
nor full security for yourfamily if you should \ 

die before retfr&fi^-*iihpoftiQt^Cttnis wheii - - 
you look at thc^ealadttg costof living. - 

The solution to your f _ 

MGM's ‘Design for Retirement . ; \ 
MGM’s plan enables you to. btiSd oh the 
foundations of the state scheme-or your own 

implemented. “My plea is for - 
flexibility, fQT understanding and 
' tor moderation In the application AccorriMv of 
of this policy in particular at 

circumstances.*’. rT . _ „ 

Lord Boyd-Carpenter asked the HOlVrOOn P9l 
. Government to .consider local * i vfuu v - 4l,i 

circumstances and local needs. THE PALACE of Holyrooi' 
LArd Beaumont (L) said there House Edinburgh should hcms<_ 
had -only ever been parental the proposed Scottish AssemM} 
choice for ’those who could pay Mr. Dennis Canavan (Lab.. Wes 
tor“it The way forward was to Stirlingshire) said in the Con? 
make neighbourhood schools mons yesterday, 
more responsibe to the needs of He added that the Royal Grair 
.parents^-. mar School, ajt present bein 

Lord’ Belstead, for the Tories, converted . for the Assembly 
daimedVSat- Government policy could be used by the Roya-. 
wa^MalaRy tnarred” by Minis- family. » 

■ ters’ disregard pf whal parents Told that £378,940 would b 
.. might actually want needed to run the palace thi 

nltnlctorE ineiet nn a vnar. Mr-- rannnnn »>,, 





...... ... .. v ...... ....... -migat actually want necaeq to run tno palace thi 

K y^ar m ^fe i r 2S 

Mseror ring Malcolm PoweH im^S2Ii.- - ' ' SlT 

Jteraatively, return the coupon at our expense. - this cannot <* fist with parental a year. . ■ 

m*m AfiSURIifl .ssa <u h > ^ sz 

VBWllVl It- would be a disaster .if the that the palace was open 1 

...JW •- .- •_ '• Conservative Party ^unscrambled visitors most of the rime. 

nStHbilSnBO Jo52 the changes in education."' She — — — 

arine and General MutuarLffe Assura nce Soc iety w ° rk °. E compre ' Wyre Forest 

stS^aSS^ ^]S r ll reserve 

1^51==* fiso stamp is needed) i •> g „« M£ f{Ane that IvolItC 

Wyre Forest 

foundations of the state scheme^or. your own i. beeause MGM does all the paperwork-and is so 

private scheme ^-and create_atax^fficientpackage .. flexible it can be tailored to suit your own specific 
of fringe berffcfitsforyou and -your employees.' circumstances. - -- - ■ : - 

‘Design for Retirement’ is simple to run- Why not find out more-youll be glad you did. 

*1 (No skimp Is needed) 

j * Please s&id me Jujiher details ttfya^Ziesign for Retimnail’Pfaibn Plan. 

-i :Lr> - ■ Z—j'.-'.j* - • ... — — 

I Pfwitinn ... .. ' ■' 1__ 

| CompanyNarae : 

I Company Address 


“absurd" suggestions that com- 1JV1 T v 
prebeaslve education had re- a NEW national nature resorv 
duced choice in terms or educa- was announced yesterday by th ■ 
tional opportunity.. “There is no Nature -Conservancy Council. Th 
question of . an academic educa- Wyre Forest is one of the mos 
tion not being available in the important wildlife hahitats in th 
comprehensive system. Midlands. The woodlands ar 

The loss of parental choice relics of the former Roya 
only applied to the 20 per cenL Forest of Wyre. The reserve ha 
of children who had been coins* been established with the cr 
to direct grant or . grammar operation of the Forestry Com 
schools. mission and private owners. 

Financial Times Thurs'day March’ 9 197: 


We would like you 
to buy not one, but a 
considerable number of 
our pens and give them 

As business gifts. 
r Bought in quantity 
_ * our pens cost rather less 

ir recommended price over the counter, although we admit, they 
are still expensive. 

But then a Parker is a gift that will last a lifetime. 

Which is more than can be said for a desk diary, or the traditional bottle j 

The Parker International below, like all ourball pens will write perfecdy for 
ciiles or>4 single^efill. 

It will not blacken your good name by leaking in a client’s pocket. 

Nor is its rolled gold casing likely to tarnish or wear away. No matter 
how many hard days it has at the office. V 

Whether you feel it speaks well of your company is foryou to judge. 

But we feel certain it will not follow many company giveaways straight 
into the client’s wastebin. 

If £10 wasn’t quite the figure you had in mind for a business gift, we 
have many pens less expensive than the International, and some considerably 
more so. 

Our Business Gifts Division can show you how each of them can be 
personalised with a company name, a logo or initials, 
can be used in ain award or incentive scheme. 

colour photographs of our range, together with a 
pricelist. . ^T^rrjiiiiii^iiiiiiiiiiigigig^ 


|HjV N V +* «S" hr" . I •* 7 


to telephone John Beckett on 07912 3233 or post your business card to 
Business Gifts Division, Dept 8, The Parker Pen Co. Ltd, Newhaven, East 

*r *mn*i£*rn m nt wsr 
■*W*cTi*as * nemou ua ■* 

tV MAI ff I win UKQD UWU 


Financial Times Thursday USatcfi 9 1978 


For prime power, 
standby, and the 
construction industry .1 

Dale Electric of Great Britain Ltd 
Electricity Buildings. Filey, 
l Yorks, YOW9PJ.UK. 
VTel: 0723-51 4W1 Telex: 52163. 


How to 
bold the 



Y : f . 

SATISFACTORY holding of the 
workpiece and tooling on a 
machine tool are vital factors in 
ensuring economic safe working, 
high productivity and accuracy 
of the finished component. Yet 
they are areas which are often 
given low priority despite the 
fact that many of the advantages 
of modern machine tool design 
and construction and sophisti- 
cated control systems can bo off- 
set by bad workholding or tool- 
hol-Jing practice. Investment in 
good equipment can yield high 

.In order to help users of 
machine tools to take advantage 
of modem workholding and tool- 
holding equipment and to pro- 
vide an opportunity for an imer- 
chv’ge of views ’ between the 
vinnliers and users, the Machine 

Too! Industrv Research Assocfa- ^ ■ 

tion has arranged two seminars large-capacity tube bending machine Is now in operation 

at its Macclesfield premises *t the Dunlop Hydraulic Hose Division’s new £$m plant set 
dti^ng 1978. up at Sunderland for the manufacture of rigid hydraulic 

The first of these, to he held assemblies... Tooling, appropriate to the diameter, wall thick- 
on May lO, will cover up-to-date 
information on all aspects of the 

holding of both workpieces and Q INSTRUMENTS 
tooling when machining rotating 

workpieces. Most of the speakers r 1 i • 

are draw* from companies de- HfeJtfWPl HlMlflQ 101* HlfP 
voted to the production of this 1UI 1U1C 

SperS e Ji Seir^esoecthte?^ FIRST new generation Hewlett desired trace point through a 
SSi Jlf Packed logic analyser, to oc «ries of sequential ototc condi- 
augmented with an exhibition of delivered in the U.K. have gone ^ 

workhOldtng and toolholdins to rental company Livingston lfill \ offers state and 

SSS^ m Jf a ZJM.SlSF ^ Hlre - ^sers Wishing to evaluate time interactive measurements 
suppliers and opportunity will jjj e new 1515 A and the 1610A and a unique transient detection 
be given to discuss the products analysers over several weeks or capability — It detects transients 
with representatives of the com- months, will be able to arrange greater than 5 nanoseconds wide 
panics concerned. short-term rental direct from and can separate them from 

■ , nc ® shou J d b ® of Livingston. data. The 1615A has 24 channels, 

interest to planning and produc- The 1610A is claimed to have Initially. Livingston has two of 

non engineers who are raced the most powerful triggering yet each model available for rental, 
with every-day problems in this developed. Desired test para- with further deliveries phased 
area and to machine tool raanu- meters are entered through five over the next few months, 
facrurers who purchase, fit and •• menus " and the analyser races More from Shirlev House. 27. 
supply workholding equipment through lbe data at 10MHz. It Camden Road. London NW1 SNR. 
for sale with their machines. finds the exact location of a 01-267 3262. 

The second conference to be 
held towards the end of the year 

wiH be concerned with work and A a • i 

ss worr P i ece r chU,liiE Ammeter is accurate 

IteSa^h CLAWED TO be accurate to vides a reading hold facility, and 
aJESSm™? 1 pSS? better than 1 per cent., a clamp- can also be used to. display peaks 

4KS2& SSL on AC ammeter is now available over a period when u«d for 

teshire - sja0 in the U.K. Frequency range Is volts and current measurement. 
zr,ls * 061,6 40 to 400- Hz. and maximum Both user and instrument are 

current measurement is 1,000 protected from overloads and 
UAnmnrr amperes at a maximum Operating misuse by a double skin chassis 

PCHimiH U1 voltage of 6,000. Readout is insulation, and a flashing display 
" digital. indicating over-range, 

rail fiikno The unit can be used on cables Marketing in the U.K. is by 

oillaii IUUlj up to 52 mm diameter, and can Kent Industrial Equipment, 

■ „ . , also be used to indicate ohms Binary House. Park Road, Barnet, 

WITH TYPICAL applications in and volts to a maximum of 14)00. Herts.. EN5 5SA (01-140 7161 ». 
the tubular funilture and car it is battery-powered, weighs The ^instrument is made in Ger-. 
seatwg/accessones, toys and 450 grammes ( 1 lb.) and is 210 \ many by an associate company? 
leisure equipment industries an 70 x 42 mm thick. Fixed and Weasel. and it is planned to 
automatic tube bending machine flexible probes are available. manufacture in this country 
has been developed by Kussei- a dual purpose memory pro- shortly. 

ness and radius of bend required, is mounted on the machine 
and after the tube has been loaded manually the operator 
presses two buttons. A few seconds later the completed tube 
is ready for removal from the computer-controlled machine. 


Store goes for ICL 

QUITE HAPPILY, it seems, the 
EEC Commission is »? present 
firing draft directives through the 
Nine like arrows from’ a quiver 
— ode of which, the ‘proposed 
directive on misleading and un- 
fair advertising, has thudded into 
the flank, of the British advertis- 
ing and marketing community 
and produced very real cries of 

The reaction in London — 
Brussels will characterise it as 
over-reaction, if not paranoia — 
lias bees .an amalgam of anger, 
frustration, disbelief and des- 
pair, for contrary to the British 
advice it_was given, the Commis*. 
si on is proposing that member 
States harmonise their laws' on 
misleading' and unfair advertis- 
ing and give their courts tbe 
powers to ban it, as well as 
demand' the publication of 
corrections — even before ' the 
matter has been proved in court. 

British reaction to the Brussels 
brainwave was typified this week 
by Roger Underhill, director- 
general of the Advertising Asso- 
ciation. who said he firmly 
believed that the British system 
of self-regulation — backed as- 
it is by borne 60 statutes — was 
far more effective than a strait- 
jacket of slow, cumbersome and 
expensive legislation, and that 
he could not accept that all kinds 
of new - civil and criminal legal 
proceedings should be introduced-, 
which would’ -allow expensive' 
advertising campaigns to . her 
stopoed in their tracks ' by 
“irresponsible or unrepresen- 
tative persons and groups." 

In defence of Britain’s mixed 
system of self-regulation and 
statutory control of advertising 
— a system - held by British 
advertisers to be the fairest and 
most effective In the world — Mr. 
Underhill said : 

“No legal machinery can 
respond to the mercurial changes 

porate “ quick, effective and in- 
expensive facilities for Initiating 
appropriate legal proceedings. 
Tbe courts would be en powered 
tt‘ .take -quick steps, to prohibit 
offending advertising, could 
demand the publication of correc- 
tive statements, and would help 
ensure “that the sanctions for 
inf ring in g these laws are a 
suffiriedt deterrent^ and, where 

appropriate, take into account 
'tbe -financial cost of the adver- 
tising. -tht extent of its prejudice 
and any profit resulting from it. 

. - iThe British view— based on a 
bedrock of respect for the self- 
, regulatory aspects of advertising 
control in this country — is that 
-Article 5 will merely provide a 
feast day for the lawyers;, that a 
move towards a more legalistic 
approach will prove absurdly ex- 
pensive both in money and time, 
and that as a result of a combina- 
tion of these factors, the 
Interests of the consumer will 

- According to Mr. Underbill: 
“ We do not suggest that our 
System would necessarily work 
in - other countries of tbe EEC, 
but we cannot accept a proposal 
which seeks to Impose a basically 
German legalistic system upon 
all- Nine and leaves no room for 
.individual Governments to pre- 
vent advertising abuse by tbe 
means best suited fo them.** 

It. may be thought that The 
British are being over-defensive 
Jit refusing to accept the notion 
that a set of EEC-wide laws is not 
only desirable but could operate 
alongside the British system of 
self-regulation, but London's dis- 
trust of the Commission's 
motives goes far deeper than that 
for there are very few adver- 
tisers -in this country who even 
accept the need for harmonisa- 
tion of laws in this area. 

According to tbe Advertising 
Association: “ Both the AA and 

Mouifieth; chairman of the UJCi’s 
Advertising Standards Authority 
and himself a- former EEC~Com-- 
missioner. who told the Market- 
ing Society's conference last; 
December that “ harmon is ation - 
for - harmonisation's sake , is a . 
nonsense." - - :*-*.■ t 

What does the Commission 
have to say? In an information - 
note accompanying the directive - 
(the AA probably refers to it as 

an informatorische aufzeicbnung) 
the Commission claims .that the 
development of media techniques 
that advertising, increas- . 
in g iy reaches beyond . the 

frontiers of individual member. 
States and that laws that' differ 
from country to country 
“jeopardise the effective protec- 
tion of those involved in. buying 
and selling goods add services.". 

There are other aspects of the; 
tractive either disliked or di*- 

directive either, disliked or dis- 
trusted in London. For example, 
the AA heartily disapproves of 
the Commission’s view that the 
burden Of proof in establishing 
whether, ah advertisement is un- 
fair or misleading be transferred 
from the complainant to the 
advertiser — though the moral 
grounds for-, such a transfer 
appear to me to be overwhelm- 
ingly reasonable. 

But it is Article 5 which has 
punctured the spleen, which is 
why the AA is about to mount 
a lobbying campaign aimed at tne 
Council of Ministers, the Euro- _ 
pean Parliament itself (in par- 
ticular, its . 88 British members -r 
and the committees concerned* M . 
with consumer protection andejt- 
legal affairs),, the Economic amr 
Social Committee, and the select 
committees on European legis- 
lation of both Houses of Parua» 
inent in London. ■ 

At some point however, the 
lobbyists are. going to have tc 
formulate a very closely-reasoned 
reply to the Commission's Stance 

AFTER a run of : client losses 
with the big stores, the announce- 
ment that ICL is to supply one of 
its biggest computers to Marks' 
and Spencer should. mark a turn- 
ing point for the top end ol the 
ICL range and must be . particu- 
larly welcome to the company 
after recent unflattering official 
remarks concerning the com- 
pany's Government Installations. 

Coming on the heels of major' 
awards to ICL by Sainsburys anf 
the Automobile Association, the. 
£1.6m. contract with M and S is 
for a 2970 machine to be in- 
stalled this month and run along- 
side an existing 1904S- now. .work- 
ins to capacity. 

This last machine progressively 
took over the work that M and-S 

was running on the Baric service 
bureau, concerned primarily with 
food distribution. Now. the com- 
pany is looking to extend com- 
puterisation' to‘. distribution of 
other products ip .its business— 
first nnd ’ foremost textiles. 
Textiles and ' - general . goods 
account for 70 per cent of the 
company's fibril turnover. 

It is well know that M and S 
management philosophy has 
always been to- keep paperwork 
to a minimum.- Accordingly, 
there -will -he a .-considerable 
expausi-vi of the terminal net- 
work so that management staff 
can gain access to information 
he’d In the machine immediately. 

Further from. ICL on 0I-7SS 
7272. - A 

currently working with the Office of its information note, whict 

administered code of practice, 
and therefore we believe the pro- 
posal will actually work against - 
the best Interests of the con- 
sumer. .. ... 

“Although the proposal pays 
lip service to . self-regulatory, 
bodies, it is difficult to see how 
our voluntary system could "coni-, 
tinue with the parallel introduc- 
tion- of laws which would negate 
that system by giving - the right 
of- alternative appeal" - v 

Are rh* Commission’s pro:' 
posals really so horrific? The 
root of the trouble is Article. 5 
of the directive which states that 
member countries shall “ adopt 
adequate and effective lam 
2 gainst misleading and unfair 
advertising’’ which will incop- 

mra of the problem in Britain 
which the EEC seeks to correct.” 
(The results of this research, 
probably the largest exercise of 
its kind ever undertaken in 
Britain, will be published this 
summer). “ Whatever the results, 
we would query whether there is 
a basic legal or economic case 
for harmonisation: we have 
never been presented with 
evidence that different control 
systems jeopardise consumers or 
hamper operation of ; a uniform 
marketing system since this is 
already difficult to achieve in 
view of differing languages, 
cultures, sense of humour and so 

This comment neatly echoes 
the remarks of Lord Thomson of 

advertising plays as an informs 
tion service, in helping stabilise 
employment by ensuring thf 

steady disposal of production, b.i 
providing competition in < the 
market place, encouraging inno 
ration and making a vital contn 
bution to the revenue of tht 
media. . „ 

“However.” says the Com 
mission sagely, “ the process car 
give full value to the public onl: 
if advertising is honest , and truth 
fuL Misleading advertising aw 

unfair advertising are imprope 
ways of influencing the marke 
process and consumers, competi 
tors and the public in genera 
must be protected adequately 
against them." 

That is the rub. 

Redifoa ioaMes its mark 

2NE. 0625 25421. 

Bending of 
small tubes 

has been developed by Kussel- 

Called the Langbow Amoman, 
it incorporates a hopper which 
can hold 1,000 straight tubes up 
to five metres long. Tubes are 
fed into tbe bending heads 
either singly or in pairs. One 


Battery platform truck 

MARKET leader • In. computing 
equipment in Roland,. Czecho- 
slovakia and Hungary, Redlfon 
Computers is making rapid pro- 
gress on the home market where 
it now has 400 systems .and 4,000 
terminals installed. , 

Latest additions to this market 
base will be for Davy Powergas 
and BAT (UJv. • and Export) 
under " contracts thought to ' be 
worth well over £300,000. 

BAT has ordered four See- 
check systems, replacing Honey- 
well Kcytapes and encoders. Two 
.will cover order entry, market 
forecasting and personnel re- 
cords and accounts, working with 
a B370Q. 

. The other two systems will go 
in at " Southampton, and Liver- 
pool for the collection of pro- 
duction data. 

The Davy International order 
is for a Seecheck which will be 
able to emulate an ICL 7020 and 
replace an existing paper tape 
Installation as well as providing 
data, entry for . a nfew Univac 
,1100/21. ....... 

Redlfon estimates that there 
'are some 55.000 card .punch and 
-paper tape systems' still operat- 
ing in Britain and expects to 
itake a very large share of the 
? replacement business. 

' r Redifon Computers, Kelvin 
Way. Crawley, Sussex. 0293 

BAT’s pash for market share 

: r -i 

BAT (U.K. and . Export) . has 
consolidated all its State Express 
555 cigarette advertising with 
Allen Brady and Marsh.' State 
Express 555 King-Size is already 
with. ABM but until now State 
Express 555 International has' 
been with Benton and Bowles. 

BAT refuses tt say what it will 
spend on its bAnds In the UJL 

this year/ citing the needs of 
“ commercial security," but as it 
is now possible to anticipate tbe 
time when the. Government will 
almost certainly ban all forms of 
cigarette adviertising'in the U.K.* 
it is thought Ukely that BAT this 
year will spend approaching £4m. 
in its race for marke t share. 

• ABM HAS SET UP* a sub- 

sidiary*, Kershaw Advertising am 
Marketing, to further its ambitifr 
of becoming the largest U-K 
owned agency. First client: Jams 
Walker, the High Street jewelle- ■ 
has appointed Saatchi and Saatch: 
to handle its account whic 
should be worth £350,000 th 


STURDY and versatile, a one to form vehicles and will be 

18ft (torraes pan h* maninulatnd vciaamc, * uue lu lurm vetuciea aua will ue 

in^ mnTdiampior a " ton type eleetric truck followed by two tractors, with 

From loading to ejection of i8 bcing buiIt ,n Scotland for trailers to be made available for 
the Silshed compone^ta the industrial purposes where a both options. 

Scle te Mtomatic. The maker dean environment is required, jjjrtliw jjf°nnatio n on t these 
claims that an output of 5.000 Power is provided from CAV . fr °™ 
items/hr. can be achieved when motors of 0.55 bhp one hour q r a ^? U !li A i Ve *’wl? 1 ? b 

producing, for example, two rating with drive to individual £=„ JcvSsss 

bonds of 90 degree in 22 mm wheels through helical reduction Glasgow Go- 4Sx , 041 883 2246. 
tube. gearbox and roller chain to axle. 

This company has also There is one motor per driving • jj 




introduce*! the Langbow bole wheel on the Eleetruk 500 and 
punching hydraulic unit, which two motors to two wheels on the 

Gives the 

where the growing’s 

has a width of only 57 mm, iqqo. ■ _ 

allowing closely pitched holes to Final drive ratio ean be iTpAylrnyci 
be produced. Maximum tube selected to suit individual operat- vv tuPJ. Hvl k3 
capacity is 35 ram. and maximum i n g conditions. 

wall thickness in mild steel is size is 2JO0 mn) with 1-Ti. 

wall thickness In mild steel is size is 2.200 mm with 

” ' :io platform length 1.760 mra and 

Details from nUSMl-BOWWJ utMth OTrt mm r'-^rayfner Kftffrht 

S Width 920 mm. Carrying height 

NwtS.*- xSS. ^DevOn. TQ 12 « 768 above the ^ uad ' 

These arc ridcr-controlled plat- 

a lift 

4 ?«n (0626 esooi). 

Bifurcated Engineering 

The BE Group, manufacturers of world renowned 
’Aylesbury' rivets, rivet setting machinery and other 
cost-saving equipment and products, have the right 
answers to the fastening problems of virtually every 
manufacturing industry-large and small. 

Could you benefit from this knowledge? 

ACCESS TO working heights up 
to 35 feet can be gained with 
the aid of Hy-Ryder's latest 
“scissor" type mobile platform. 

The equipment's hydraulic , 
rams will lift up to 500 lb. of 
materials and men on its eight 
feet by four feet platform which 
also carries the controls which 
are duplicated. When not. in use 
the platform can be reduced 
down to less than six feet in 

It can be manoeuvred manually 
8nd may also be towed at speeds 
up to 25 mph. Hy-Ryder is at 
ManJift House, Crabtree Manor 
Way. Belvedere, Kent. 

S*nd today for 

The Guide to the BE Group 

(Stomp Head Office 
Mfu rc o tod EngHnoarfog UA, 

P.O. Box 2. Mandevflie Rom, 

Aylesbury. Bucks. HP 2l 8AQ. 

Tet Aylesbury (0290) 591 1 Telex 63210. 


Intel micro 
in Germany 

if you're looking for a *a»aw ^ 

place to reHocate or C wby^^^ 

expand your business, • 
the New Town of Corby | 

has got so much going ; y# 

It’s ideally placed In • 

the industrial centre of ' 

Britain. Within easy reach of the East Coast ports,/- 
London and Birmingham: And neaUy situated on-fhe. 
major road and rail networks. . -• r l '\. ./• 

What’s more, Corby is young enough to'be - 
vigorous and exciting -with modern factoriesVeady for 
you to occupy at highly competitfVe rentsr^Orour 
"design and build’' service will help you plan your own 
specification.) But Corby is mature enough, too, to offer 
well-established housing , schools, shop s, public 
services, leisure activities. And skilled and unskilled ; 
labour is readily available. : V -V- ! : : 

Many companies have already putdownTootSiri 
Corby- with success. Why not join them? Our : : 
experienced help and advice 
is at your service. \\|// 


SHORTLY, Siemens AG of West I 

Germany ia to take up the manu- 
facture of tbe Intel 804S micro- 
computer under the second- 
sourcing arrangements it has 
with that U.S. organisation. 

Tbe intention is to market in 
West Germany initially and if 
this is successful, to sell the 
.micro in other European coun- 

Like GEC in Britain, Siemens 
is already developing and selling 
systems built around the Intel 
8085 micro and the immediate 
question is whether GEC is likely 
to follow suit with the S04S. 

GEC reaction is to point out 
that the device involved is a 
relatively low-powered design 
suitable for use in such units as 
washing machines. For Instance. 

The 8085, on the other hand, 
is a much more powerful beast 
and clearly the one on which the 
U.KL company- is concentrating at 
the moment, and presumably for 
tbe foreseeable future. 

electrical wire & cable? 

Thousands of typesand sizes instockfor rnmediate delivery 

24HcEMS)GENCV'NIAOEROJ 6373567 Ext 409 


Ashford Kent.Tet 02 

For a fully detailed brochure on Corby contact KR.C. Jenkin.B A, . 
EFUCuS.. Chief Estates Officer, Corby Development Corporation, 

9 Queen'S Square. Corby: Northants NN17 1PA. 

-Telephone iQ53 66) 3535. 


The first CAM residential course concerned specifically with 
business and industrial media will be held in Eastbourne, 
May 2J -24, 1978. j 

Chairman ot the course will be W. Paterson, Public 
Relations Director of Tube Investments Ltd. 

Based on the same successful formula as the annual CAM 
Media Business course, the new Industry Media Course 
is designed primarily for media representatives,- advertising 
agency buyers, and the staff of advertisers concerned 
with media selection. •- 

The main themes of the 3-day event will he 'Selling the 
Product ’ i Selling the Organisation r ; and Research. 
Delegates; will work iri syndicates on a real- life 1 problem^ 
as well as attending lectures and presentation on particular 
aspects; of industrial media and campaign planning. 

21-24 MAY ; 


I Please send me an explanatory leaflet with time table and 
l application form. 

Nafne {Mr. /Mrs ./Miss) 


- 5 ^ 


“3 *• 

Vs ':.... 

U iir ,. , 


of the land 


pilS T$ the third -*ear-I-' have 1 
SfAan opportunity of reviewing 
toe oig-spending brands in terms 
of expenditure on Press 
and TV and for the third 
year running it- is - the 
retailers of Britain who domi-'- 
nate the scene. MEAL'S analysis 
or 19T7’s . top ■' 500 spending 
brands, newly published, shows 
that just as in 1975 and 1976 
retailers occupy nine of the top 
Places,' and again, just as in 
1*76. Boots occupies- -the No’ l 
position. v It would also have 
topped MEAL’S list in 1975 if it 
had not been edged info second 
place by the unusual appearance 
of the cors massive- energy 
crisis campaign tbat’year. 

What is new, you may ask? 
The superficial similarities of the 
three years conceal 1 what is in. 
fact quite a dynamic- situation.. 
First, actual expenditure, levels 


(Press and Television) - ■ ' ' ' 


1 Beets • • 

2 Co-op (Local) 

3 Co-op {Nat) ' ■ 

4 . Woolworth (Mat.) 

5 Tesco Checkout • 

6 Currys v ' , 

7 . KH Warehouse 

8 vygliams Furniture 
■ 9 •.Jiothrnans KJ,.' 'J 

10 Allied- Carpets - 



Rothmans K 5. 22\ 

Wais Embassy No. 1 US . 2J7 
BLMC Range 2.12 

Nat. Dairy CoeL (Milk) 2.04 
•Port Office Phones 1J9 

Guinness (Bottled) ' 1 JO 

Weetabix . U7 

Na ti onal’ Westminster 3.&S 
Brooke Bond P.G. (Bags) 1.62 

Hoover Vacuum ] Si 


Co- op;7 T 7 ‘."IS 

Bobts - .> 5*3 

Willi Embassy . (Cigs.) 

BLMC- . 5 .12 

Tesco , -‘470 

Benson & Hedges (Ggs.) 4.11 
Woolworth-- .• . 4J0 

British Gas W 

Oebenhami "> 313 

C and A ; -’' - r 2.75* 

'■ may' .Ire of' interest. In each ease 
' taking the MEAL standard 

• " ' definition, we see that 1977 com- 

• . pared with 1976 shows the fol*- 

- lowing growth : number of 
.j, brands over £3m. five (two in 

1976); over £lra., 78 (50); 
average- expenditure of the top 

ten, £L35m. {£2.7m.). 

5^3 J So whichever way you look at 
521 it, costing more to get Into 
— — — the Top Ten, and unless you’re 
a retailer you probably won't 
470 make in 1978. either. Beeom- 
a A-brand millionaire provides 

no 7 easy passage into the elite 

4-00 group.' because there were 78 
3 24 brands ahead of you last year 

- and.uo doubt there will he even 
zdrj— more' this year. 

^ Let- 05 say your ambitions .are 

■ more modest and you would be 
quite -pleased to be'ranked in the 

Si® n c sen - significantly 'each 'ber when- .stud^ng MEAL’s different brands each with their views and turn to the unadjusted S^^aronn^® f 900 MO® on^oi? 
year. Second, the .composition figures, or indeed the tables own expenditure. Some people figures to see what they reveaL 0 ^h tv y -r)^ 

of the top ; .xen has changed, per- which I have drawnjrom them, would not classify a retailer as a particularly when they ire com- ’the l£d 

haps modestly in- terms or retail that ^ we are Jalkmg about brand at all;, most wonld not pared with the 1975 and 1976 SSSbolders la Then 

groups but substantially m terous brands; not advertisers, ft must distinguish too strongly between figures. Brentford Nylons and hoSraboutl mod(^r?nWne iS 

J ^ ' brands., be- left to others to work out bottled and drapght Guinness. Fine Eare. of the 1975 top ten. g? tod 500’ That wiU^nW S set 

pother: noticeable development whether Unilever, Cadbury- QO r between the Co-op’s national lost their places to 1976 and are ffi^ap'proxSatelv £400 MG 

has been the growth in the Schweppes, the Imperial Group and local campaigns- It is for still not back in 1977. Tesco has mtat rermT™ aI ,y twu - 

number qf millionaire brands— or the COI are Britain’s biggest this reason that I have- produced appeared in the rankings for tbe 

ttat is, those with an annual advertisers. Here we are con- uot one but three top ten tables, first time in 1977, as has Roth- If want to be a top 

Press and. television expend Dure cerned only with brands and in The first ranking list ■ is mans King Size. Taking the list advertiser, are you more likely 

exceeding £lm. particular with" MEAI/s defini- exactly as shown by MEAL in its that excludes retailers, we see as 10 succeed by concentrating on 

But before we look at any of tion of what is a -brand. Neither new report. Hie second list is many as six newcomers: w Ills'- Press . or MEAL’S top 500 
these areas In greater detail. It must we forget that all the ex- agaio based on MEAL’S definition Embassy No 1 King Size, post- spending brands for 1977 show 
is time to remind oursehes what penditure figured quoted relate of “brand” but excludes all Office 'Telephones, Weetabix . that.aii of the Top Ten majored 

the MEAL figures, are and- what to TV and Press only ^and omit retailers.. The List of Tbe Third National Westminster Bank. 111 Press- However, if we take 

they are. not- We must remem- outdoor, radio and cinema, and Kind is based. on ray own sub- Brooke . Bond Tea Bags, and we 5 ^e that 69 

— • ‘ ' — fiAf .... tt «r_ /«« mi hrflnrf* • matnrAd in TV >a« riiH 


~ — ■ ■“ — are at rate card — not actual — jective view of wbat constitutes Hoover. Vacuum Cleaners. They brands : majored in TV. -as did 

figures.. a brand and, as you will see. replace- Benson and Hedges KLiig ®*' “ e t0 . p 500. But which- 

• When several, “brainasr have includes the retail groups this Size, K-Tel Records. British Air- eyer '*i K3 we *°ok it there is 

slmila'r but not' exactly the same time. This, final rankin g- is,- I ways. Players King Size, Jhe COI one . *®9 ontrover t 1 blc fact: in 

names,' or when 'the television believe, the most realistic way Energy > Crisis and Skol Draught 1*77, just as in 1976 and 1975, 

■ j. - . aiuf Press campaigns' or the of assessing total brand spend- Lager. It *as the shops that were tbe 

Tne Hotissaie *• national and local campaigns are ing but it b a game anyone can Moving now from the par- top brands in the land. 
tuhrrmnide offers itmt booked by different - agencies, play. ticular to the general, a few Don Beckett is o director of The 

MEAL tends to- show them all as But let , us put aside my own more comparative observations Media Business. 

taudtJu&phmr. ...:>>•• *• - 

^ Standard v. News: the big fight 

copy of his menu. .• 

i& uoitt iiaimor^fuc. ANYONE NOT IN the . advertis- Express Newspapers, is planning £27m. advertising revenue shared And it is not too difficult to -work 

Ttri< wau umi'U he - or newspaper hosidess could to launch a new down-market' by the two papers, 60 per cent out The News’s threat to tbe 

- . be forgiven for wmidering why London- evening paper, not un- of which is classified. Its Standard as it moves up-market 
familiar mm put \ London’s evening, nfyspapers. like the Sun in style and con- younger up-market readership is .in style and content leaves the 
iiish&tufwi'tfou arrive, with their rapidly -3»niniditng tent Which appears -to' be a huge asset in an area short needs of. down-market readers in- 
firr/Jintisr' ifi* ' • - influence and small advertising designed to' toppTe the Evening of up-market' media. .’creaMngly unfulfilled. 

J t, i!-Zl ■ revenues, generate sfith heated News as it attempts to change There is a certain inevitability If the new paper were success- 

RanSferteAiortiwUK. debate ^and publicity, Writes Mike its image: though it has always to this confrontation. The New’s ful, the News would go out of 
Jbeaal&estiiljl Towns in. . had a predominantly down-' circulation has almost halved in business, leaving Trafalgar in 

J*ottvelledukine1he The reasons . of epurse, are market readership, the News is the last seven years to 564,000 control of the market, with the 
r*r part historical ah<T part ccratem- in the process' of moving up 1 while the Standard's has dropped choice of either continuing to 
IiTmiiyrtatwmfttjl£{7[ r Jporary— the * ancienf „ ; rivalry market editorially in order -to by a quarter to 396,000, trends publish two papers or simply 
between ' Vere Haimsworth’s capture a bigger share of which have accelerated In recent killing ihe new one and produc- 
sweeuinaTnxfhX •» Evening News and Lord Beaver- advertising revenue upon which yep rs due to a ' combination of ing a single paper with a 
l A riii brook's Evening Standard, and both papers are almost wholly restricted distribution, competi- broader appeal than either 

WmGrDirjl&t&aTZ s ■ more recently, the' fakebver of dependent for survival. tion from local radio and a If the politics are not perfect. 

new and excitirtiJi tile . Beaverhrhok by tbe Trafalgar In spite ‘of its lower absolute decline in the number of house- the economics of it for Mr 

atmosbhere Udoodold Ho ‘ ,se co?*I°™erate.. circulation, tbe Standard takes holds in Greater London. Per- Mathew? certainly are. Distribu- 

Beaverbrook. * now J . renamed well over half of the estimated haps, too, the nature of the area tion costs would be shared with 

fashioned aatdldigflL - ■ ■ ■ — I militates against the survival of the Standard, so reducing them 

Whiytftifdishes are \ 
new arid i exciting t die 
atmosphere is px>d old 
fashioned mttdldighL 
Jiave an evenitw Ip 
mmtriberat London's 

top ad?eftismg talent 

Top careeridDS for men and women ini 
'maketing/meda, art. copy, design, procfcic 
, coftfacWPeter Holmes or execueve 
,Urmette .Bofae on 493 6456, 71 New I 

uni management, 
traffic, promotion, PR, 
paries and PA's - 
nsireef, London W1. 

The -RMoserie IwianiWe' 
in Porto un Sjuarr, 

, LmriwCWUCVL : 

' StaffConsultants ■ 

the News in particular. for . both, papers. Unnsed plant 

And both papers- are losing eapacilyvwoulir be utilised and 
money— the -News an estimated produrtwity further increased by 
£5m.. a rear and the Standard employing existing labour. This, 
over £lm.. primarily because of of course, 1 would be dependent 
high .distribution .and production upon union co-operation. But 
costs compared to the national thi$ v may well he forthcoming in 
dailies, though this is to some a -situation where the choice is 
extent off-set by lower newsprint redundancy through closure or 
and ink costs. ' more jobs through expansion — 

Since it is fairly obvious that a choice not .unknown in-. Fleet 
London cannot support two eve- Street 

nrng newspapers, let alone three. Mike Tountsm is media director 
there has to be a very good of Young and Rubicam. 4 

reason why Express Newspapers — ^ 

chairman. Victor Mathews,! 
should consider a new London! 
evening an attractive proposition. I . *' 

Knightsbndge may be the chic, colourful heart of all . 
that’s exciting inLondon. But there’s one place inKnightsbridge 
where peace and quiet prevail. 

Behind the doors of Sheraton Park-Tower 
Here everything is quiet elegance and luxury. Here all 
the bustle of city life giveaway to relaxation. ■■■ 

You’ll find every facility for cdhbfbrt. Delightful spacious 
Tooms andsuites lookout across parklandor vistas of London. 

Andmbars, restaurants,.lounges, private dining 
rooms, you’d enjoy the kind of excellent 
service you thought ho longer existed. 

Giveus a caU«h. 0 i -235 SOSO. 

And we’ll give youthe best 
of everything. ' . . 

Peace and quiet in the heart of Knightsbndge 

■ 101 Knightsbndge, LoadonSWlX 7RN Ifelsphone: 01-235 8050 Tblex: 917222 

" \ \ V 

*. ; v\ \ 

o* ° X . A*?* a ^.c 



I — 

! address. 


• • ' S busines 

• ' .! TEL — 


Sand for AO EXPO Brochure and Space Order Form to: 

AD EXPO 551 Fifth Avenue New York, New York 10017 



\ A fl 

B _ V 


!. *; 'if 1 

1 i 

It’s called M 3 rtetfact 

And from April 6lh it oiTeis you anew way to 
recruit marketing people’ / 

Marfcetfecl will be a weekly news digest of 
up to dale marketing in formation. Itwiij go every 
; week to ov^r 24iKX) subscribers to Marketing 

magazine. , . • . • 

But its. attractions to recruitment advertisers 
don’t end there. Fbras it’s produced by the 
: pubUshersof Campa^n, itoffersyoua special 
advertising opportuni^-: 

Togethe r. these two publications will hove ■ 
40 jD 00 weekly circulation among advertisingand 
. marketing people. ■ • •• . 

And together, from Apnl 6th, they wiU 
enable recruitment advertisereto place thesame- . 
‘ advertisements both publications at a spedaUy 
attractive rate. - 

Ibis «jmbinedral»winbe£I5a single ajhirm 

centimetrejust £4 more than the £1100 - 
cost of advertising separately in either Campaign 
’orMarkelfacL' . . ' 

And Tor the first eight issues, published in 
April and May, we’re making an introductory offer 
which we knowyou won’t be ableto refuse. ^ 

. During these two months the combined' 
Marketiiict and Campaign rate will be reduced to 
just £12. Only £1 more than an advertisement in 
Campaign alone. - 

Noothef-mediuni,caninatchthe coverage or 
the cost efficiency ofthisnew combination. 

Marisetfact plus Campaign, it’s the only 
alternative ro Campaign. Ring .Angela Richardson 
at 01-734 0S65 fi?r full details. 


. Yfe cifferyou^OOOa week. 

Ivlaiteting Isn’t it used to be. E\%n 


New ideas, new names seem to crop up 
all the time. 

But how long before you hear of them, 
if at all? 

i How can you keep up, short of scouring 
every paper and magazine that touches on 

... None of them regularly brings together 
all thatfe happening in the different areas of 
the business. 

There isn't- even a bush telegraph to 
bring you the news as there is in advertising. 
Marketing is too widespread for that. 

- ' Itfe incredible that a situation like 
this existem a business whore today's events 
can have such an impact on tomorrow^ 

But it’s a situation, we’re domg 
something about Through Marketing IKfeek. 

■ Each week we’re bringing you the news 
almost as it happens. 

.. 1 Not just the main steies, but news and 
developments covering all aspects of 
.maa&eting and communications. 

^ I£U be reliable and accurate reporting: 
Yju canft afford to base decisions on gossip. 

-TOfeVe aware too that 
mereiy reporting the news 
often, isift enough. 

So well be taking a dose 
look’at key issues and comm- 
ehtmg on what we find. 

V&ve some very good 
people to help us. 

. P hfHp Triftirrm^n^nin - 
Murray and John Treasure 
will all be contributing 
regular columns. 

An&wdVe asked Robert 
South gate, ~Nh rmgm Hnr tand 

Bob Worcester to write occasional features 
for us too. 

- Alongside the news there’ll be facts. 
Each week we’re running current data 
from MEAL and AGB. . . .1 

Were doing frequent surveys through 
Opinion Research Centre. So you can keep • 
an eye on market trends and market- shares: 

been missing .up to now: 

But although were concentrating on 
the week’s news, we aren’t- ignoring features. 

We’ll have profiles on the marketing 
giants. And we’ll be looking at the 

But perh^jg the whole concept- of ' 
Marketing Week is best expressed by two 
pages we’re calling Forum. 

As the nameimplies,it’s a place foe .. 

Somewhere for marketing people to 
express views, exchange ideas, disagree. 

There hasift been a way you could do 
that before now No'business chib’ like - 
Fleet Street or the City, where ya\x could 
pick up the latest news and swopideas. 
Nowthereia • . , ■ ■ ■ 

Financial Times Thursday March 9 1978 


A mission for 
the giants 

Welsh keeping an anxious eye on their telly 


A GOOD MANY manufacturing 
companies in this country, 
especially the larger ones, take 
pride in the fact that over the 
last few years they have been 
reducing the size of their labour 
force while increasing ' the 
volume of business. The 
emphasis has been on rationali- 
sation, labour-shedding, getting 
more profit out of existing 
assets: there has been little 
enthusiasm for new ventures, 
least of ail high-risk ones. Some 
of these companies operate in 
what arc sometimes called 
mature industries, where they 
generate more cash than can be 
absorbed in their existing opera- 
tions. In the prevailing climate 
oF uncertainty they have been 
happy to pile up a large cash 
stockpile in case of some unfore- 
seen disaster. Sometimes they 
have used part of the cash to huy 
up another large, established 
business — and the first thing they 
do with that holiness is to nmne 
it. squeeze labour out of it and 
make it more efficient. 

Existing plant 

All this makes perfectly good 
sense; everyone agrees that the 
country's first priority is to 
improve productivity and to use 
the plant and machinery which 
we already have to better effect. 
But what the country also needs 
is new products, new factories 
and new jobs, and it is not 
obvious where they are coming 
from. Is it unreasonable to sug- 
gest that those large, cash-rich 
companies which want to 
diversify should think more in 
terms ou creating new businesses 
instead of simply taking over 
existing ones ? I am not sayine- 
that the transfer of subsidiary X 
from owner A (who has got 
bored with it) to owner B <who 
thinks he can do a better job 
with it) is not good for the 
economy. But there are surely 
more creative forms of diversifi- 
cation available. 

An interesting exam ole is that 
of Exxon, the world's largest oil 
company, which has heen devot- 
ing a good deal of effort in the 
last few years to the support of 
high-risk entrepreneurial ven- 
tures, quite unrelated to its main 
tines of business. To some extent 
this activity may stem from 
uncertainty about the long-term 
future of the oil industry, but 
instead of following the conven- 
tional route of making a large 
acquisition in- a different sector 
(as Mobil, for instance, bought 
into mail order and retailing by 
buying Montgomery Ward). 
Exxon set up a new business 
development arm to back new, 
high-technology businesses. Some 
of these have been in-house 
operations, wholly owned by 
Exxon; in others the company 
has been a partner with other 
venture capitalists. The most 

successful ' investments seem jo 
have been related to the so-called 
“office of .the. 'future” maTket; 
an electronic typewriter called 

QYX (pronounced quicks) is 
said to be causing concern to 

There are, of xourse, all sorts 
of problems when a giant com- 
pany. with its -long chain of 
command and bureaucratic pro- 
cedures. starts meddling, with 
businesses that need to react 
with lightning speed to market 
and technological changes. The 
long-term growth of Exxon 
Enterprises is hard to predict 
The Exxon people concerned, to 
quote a recent Fortune article. 
“ speak of the entrepreneurial 
spirit as though it were an 
endangered- species they^ had 
been specially designated to pro- 
tect." But they are not doing 
it for charity. They are trying 
to create something new, to grow 
up with a new industry and win 
a respectable share of it. and 
they are looking for a return 
which will satisfy their own 

There are examples in this 
country of companies which have 
provided advice, cash and 
management services for new 
firms, sometimes started by 
ex-employees. Companies in 
research-intensive -industries such 
as electronics or chemicals 
should be able to generate 
enough new business opportuni- 
ties in their own fields, but even 
for them there are often 
specialised, low-volume lines 
which are better handled 
separately, perhaps as a joint 
venture between an owner- 
manager and the parent com- 

WALES, MORE -than anywhere 
else in the U.K., is- awaiting 
publication of tihe Government's 
promised White Paper on the 
future of the Fourth TV 
Channel with considerable 
anviety. In the balance hangs 
a problem which ijas been arous- 
ing strong passions' in the Prin- 
cipality for nearly a decade — 
the . introduction of .a- Wel^h 
language television service. ’ . 

The issue is not one which 
concerns onfy the country's iinu 
Welsh speakers and members'of 
the notorious Welsh Language 
Society. The non-Welsh speak- 
ing majority in Wales is .equally 
anxious to see an end to pro- 
grammes on existing channels 
which they do not understand. 

Government may' find further television facilities, which led to 
reasons for delay. the imprisonment of dozens of 

In that event, the' disappoint- their members, for sentences 
meat In Wales would be pro- ranging from a few months to 
found. Last month, the editor up to two years. _ . 

of an influential Welsh maga- These activities culminated in 
zine suggested *h»>t if present 1973 in a Wales national con- 
hopes went unrealised, some ele--^® rence »‘ attended by representa- 
ments. -in -the .Welsh, -speaking- t*ves. o f - ev ery local authority 
community: ;«mid move to more and institution .in the Prraci- 
■extresne acts of .violence than P^Uty. 

transmitters In lEngland” the 
report said. 

The report recommended that 
the Welsh channel should be 
managed jointly by BBC Wales 
and HTV with the’ 'help” of a 
government subsidy. It recog- 
nised that the ..subsidy, was 
breaking hew ground but under- 
lined that- the needs of Wales 
were, a. special case. “ The cost 
would- represent -an investment 
in-domestic, cultural and soda! 
harmony in the UK," the report 

nil? V - 'f ■ 


Commons chamber which have 
occurred so far. 

. As long ago as the early 
1960$, Annan's- predecessor, the 
Pilkington report, warned that 
unless there were programmes 
In Welsh at peak viewing times, 
the Welsh language and culture 
would suffer irreparable harm. 

Welsh Correspondent 

A year later, the committee 
set up by the Government under 

The situation has been long 
accepted as highly unsatisfac- 
tory and the Government is 
committed in principle to allo- 
cating the fourth channel in 
Wales to a Welsh language ser- 
vice, whatever it . decides to do 
in the rest of the U.K. — elfoer 
adopting the Annan committee’s 
recommendation for an Open 
Broadcasting Authority or allow- 
ing an ITV 2. 

-But the Welsh commitment is 
one on which the Government 
has prevaricated more than once 
and, granted that it is not a 
problem of high priority in -the 
U-K. generally, there is a 
genuine fear in -Wales -that the 

Pilkington did result in a Sir Stewart Crawford to study 
steady increase in Welsh broadcasting came out with a 

language programmes during stro ““ 1 £ worded ^ecora- 
the 1960s but not enough to mendation in favour of the 
counter the increasing influence jkdrth channel being mime- 
of English in practically every diately allocated in Wales for 
Welsh-speaking home. A steady a -Welsh language service, 
stream of warnings continued ’ “The social need in Wales for 
about the effect television was the service is pressing and we 
having' on' the language, par- recommend that it should be 
ticularly among children, and a introduced on the fourth chan- 
number of petitions were drawn nel in Wales as soon as possible, 
up calling for more Welsh wihout waiting for a decision on 
programmes. tbe use of the fourth channel in 

The issue began to receive the rest of the U.FL This would 
serious attention only after it also give the service an oppor- 
was taken up by the Welsh tunity to build up its audience 
Language Society, which em- before having to meet com- 
barked on an increasingly mill- petition from Fourth channel 
taut campaign of- - damage to programmes- broadcast from 

said. / -- ... 

The Government immediately 
set up a working party on the 
subject and the resulting 
Sherry report concluded that 
joint BBC-HTV service of 25 
hours a week would involve (at 
1975 prices), about £6 -2m. in 
capital expenditure and about 
f4.75nL.-a year in operating 
costs. It also estimated that the 
earliest practicable date for the 
start of the new service would 
be three years from -the 
approval to start work. 

Nearly* three and half years 
have passed since Crawford 
reported and 2* years since 
Siberry. Yet Wales is still await- 
ing the final go-ahead. The inter- 
vening period has seen publica- 
tion of the Annan report, which 
reaffirmed the Crawford recom- 
mendations and a succession of 
Government statements regret- 
ting that public expenditure 
restraint precluded an ira 
mediate go-ahead for the Welsh 
language channel. 

The reasons for the . delay 

have been generally,' if reluc- 
tantly accepted, though they 
would have cut more ice in some 
Welsh quarters if the Govern- 
ment, during the same period, 
had hot sanctioned' il2tn.- to 
establish a colour television ser- 
vice for 150,000 servicemen and 
their families in West Germany;, 
and -several millions on* re- 
equipping television, studios; " 
Thfe'. intervening- period has 

also product* Jdebate within 
the Welsh-speaking community 
Vitaefe on whether.-? separate 
Welsh channel was the right 
way to foster the language. A 
minority argued that it would 
have the effect of placing Welsh 
in a ghetto, thereby promoting 
its decline. The only way to 
ensure the survival of Welsh 
would be to keep reminding 
every Welshmen of its exist- 
ence by keeping Welsh language 
.programmes spread throughout 
every channel. 


■ The trouble with this line of 
-argument has been that It does 
hot recognise the aspirations of 
the non-Welsh majority in 
Wales for a regional television 
service free of Welsh langauge 

. It is equally clear that slot- 
ting Welsh language pro- 
grammes into the existing BBC 
and HTV schedules has gone 
about as far as possible. Pre- 
sumably as a result of its rating 
battles with ITV. the BBC these 
- days is actually broadcasting 

fewer programmes in Welsh 
than it used to do. The average 
works out at l ess than an hour/ 
a day. HTVs position i sr 
summed up by its. response to 
tfeceh^im&ssure for an iunned? 
ate increase in children's pro- 
grammes in Welsh, pending the 
. arrival of the Welsh channel, r 
could offer only half an hour a 

Bui implicit in the minority 
view- is a tear that a Weis] 
language channel cannot hop* 
to compete with English Iangti 
age television, either becaus 
it would sot command sufficien 
resources or because ther 
might prove to be insufficien 
talent within the Welsh-spent 
ing community lo sustain a con 

prehensive service. 

That said, competing with th 
BBC would, of course, still prr 
sent an enormous challengi 
Bence, the proponents of th . 
Welsh channel are hoping fori - 
Government While . Pape } 
'which would give the go-ahead I 
Wales but delays a decision a *, 
the fourth channel in the re, 1 
of the U.K It would initial! , ‘ 
mean one less competito 
during the- run-in period. ■* 

But if the Government dccidi 
instead on positive, action fj 
the whole of the - UiK., : - the 
from Wales’ point -of viei 
Annan's Open Broadcast!!. * 
Authority is obviously \pr.efe, 
able to rrv 2. stack it is ie 
likely to lead to a -revival » 
what is known in' Wales as tl; • 1 
English: deprivation, factor. ; 


£18 worth of facts and I Watching the snows disappear 

Purchasing figures on the flat 

Mr. C. C. Pocock, chairman of 
Shell Transport and Trading, 
referred in his Ashridge lecture 
last year to a number of ways 
in which big companies could 
help small business. Big groups, 
he said, should he more 
conscious of the needs of small 
firms in their purchasing policies. 
They should find ways of help- 
ing them with buildings or equip- 
ment which may be redundant 
Mr. Pocock also suggested finan- 
cial pump-priming for the small 
operator while he is establish- 
ing bimseif: the assignment of 
specialists to help with costing 
and accounting; and support for 
an innovator in bis early years 
with a view to a lasting relation- 
ship -later. 

Which of these methods is 
appropriate will vary from com- 
pany to company. But it would 
be nice to think that boards of 
directors could ask themselves at 
the end of each year not simply 
M How much has our labour force 
gone down?" but also “What 
new businesses have we created 
or helped to create? " 

AN ANNUAL racing publica- 
tion has never achieved greater 
acclaim in post-war years than 
the Timeform organisation's 
Racehorses. The 1977 edition, 
now out, falls no way short of its 

Although priced at. the for- 
midable figure of £18, Race- 
horses of 1977 certainly gives its 
readers full value for money. 



with the 6.500 horses who ran 
on the fiat in 1977 all evaluated 
— some with lengthy essays and 
photographs to their credit 
Alleged, the subject of a five- 
; page essay and the same number 
of photographs, is credited with 
a 137 rating by the compilers 
and is Racehorses horse of the 
year, while others top-rated in 
their respective categories are 

Dunfermline and Sagaro (joint 
leading stayers on 133), Try My 
Best (leading two-year-old 130), 
Cherry Hinton (best of the 
juvenile fillies 125) and Gentil- 
hombre (champion sprinter 131). 

One Racehorses evaluation I 
find hard to agree with is that 
of Gentilhombre as champion 
sprinter. Even . allowing for 
notable improvement between 
the July Cup and the Prix de 
l’Abbaye at Longchamp in early 
October. I would never have 
expected Gentilhombre to have 
gained his revenge on the ill- 
fated Marinsky for a July Cup 
performance by the Irish sprinter 
which left Gentilhombre looking 
extremely second-rate. 

Racehorses of. 1977. referring 
to Marinsky’s performance, says: 
" Accounted for some of the best 
sprinters in this 'country with 
Impressive ease ” 

Racehorses of 1977. which 
gives the age, colour, sex, breed- 
ing, form summary and Time- 
form racing of merit*, to .each 
horse, is available from - Time- 

form House, Halifax, West York- 
shire HX1 1XE. 

Turning to to-day’s sport, three 
novice hurdles, Atlantic Bridge, 
Eltham and Mackelly, strike me 
as the afternoon's most reliable 
bets. Of the trio, the last- 
named, who in ay have been in 
need of the run at Newbury on 
Saturday, is likely to start at the 
most advantageous odds. He is 
suggested as a sound bet for 
division one of Stratford's 
Snitterfield novices’ hurdle. 

2J.5— Fruit Picker 

2.45— MackeDy*** 

3.15— Exhibit B 

3.45 — Air General 

4.15 — Comet ' Kohoutek 

4.45— Crown Bowler 


2.00 — Pardon 

2.30 — Miss Boon 

3.00 — Peter Grimes 

3.30 — Mountotive 

4.00— Pensive Prince 

4.30 — Atlantic Bridge** 

5.00— Eltham* 

THERE WAS a cartoon trace 
.which, showed two. skiers stand- 
ing on the balcony of a ski lodge. 
Here and. there in the. vista 
around them shoots were, 'fore- 
ing their way through' ‘art dis- 
appearing snow. Birds sang, the 
sun was shining. One of them 
was saying to the other: “ God, 
how l hate spring.” 

To the enthusiastic skier 
winter can sometimes he ail too 
short. It is true that the next 
couple of weeks will see the test 
skiing the season can offer, but 
it also presents the greatest dis- 
appointments. Already some of 
the lower resorts are losing their 
sriow. Mayrhofen. one -of the 
top three as far as British pack- 
age tour visitors are concerned, 
has been- reporting no snowcat 
all on its -lower, runs.. Alpbacb 
is suffering the same fate. .The 
Ski Club of Great Britain talks 
of “bare patches everywhere” 
on the prestige runsoF Kitzbuhel,' 
and at Crans Montano the rubs 
to the resort are badly wont 

What a reversal- all this is 
from only a few weeks ago. 
Then the Alps, like much of 
Britain, had more snow than they 

could handle. The warmer 
weather since then has taken- its 
toll.- Scotland seems, to be hav- 
ing good ski of late, 
although there too -warmer air 
has been around for the past 
week or so. 

Scotland tends to be one of 
the areas where the skiing is 
better late and where snow condi- 
tions remain good. well into the 
spring. The same . is . not true 
of many Alpine and Pyrenean 




resorts. If the snow reports you 
read in this and other, papew 
indicate poor snow conditions 
now it is highly uniikely that 
things will improve -agifin this 
season. At this time of the- year 
once the earth is bare it rapidly 
warms and simply, will not hold 
a new layer of snow.. 

• So far this season the . best 
snow seems to have been in the 

area to the south and east-. 
Geneva— -from. . Verifier . dqv 
through Blaine and Val d’lsere 
Courchevel and Counhayeur. j 
far as height is concerned 
extremely cautious’ about heir 
ing lor' any resort which b- 
ru as- below 1,500 m. and real 
the bulk of the skiing .shou 
be above 2,000 m. 

A couple of weeks ago I ve 
tured into a discussion of ^trok* 
limb costs in various conntrii 
Apart from provoking a few kii 
inquiries - about - my own- beal 
(what I had thought -tD be 
broken back turned out to be 
kidney stone!}, it also prompt 
brokers J. Terry, who do mu 
of the travel industry’s - hi 
insurance work, to r do furth 
research on ’hospital, costs.* • 
emerges that foe cheapest pis 
to be hospitalised (other- than 
those countries which re.ciprow 
health service schemes). JsJJpa 
where the normal, charge' 
around £22.61 a day 'for r«x 
only. The most expensive* 'fne’ 
ably, is the U.S.. where yf 
basic rater is likely to be .arou 
£77 a day. In France the r 
is around £54. 

i \ Radio 

BBC 1 

t Indicates programme 
in black and white 
7.05-7.55 a.m. Open University. 
9.41 For Schools, Colleges, I2J5 On The Move. 12.43 News. 
14)0 Pebble Mill. 1.45 Trumpton. 
2.00 You and Me. 2.45 For Schools, 
Colleges. 3.00 Children’s Ward- 
robe. 3.25 Closedown. 3.53 
Regional News for England 
(except London). 2.55 Play School. 

420 Winsome Witch. 4^5 Jacka- 
nory. 4.40 Scooby Doo. 5.00 John 
Craven's Newsround. 5.03 Blue 
Peter. 5.35 Ludwig. 

5.40 News (London and South- 
East only). 

5.55 Nationwide. 

6JS0 Nationwide. 

645 Tomorrow’s World. 

740 Top of the Pops. 

7.40 The Good Life. 

8.10 Wings. 

9.00 News. 

9.25 Cannon. 

10,15 Breakaway Girls. 

1140 Tonight. 

11.45 World Figure Skating 
Championships from 



12.10 a. m. Weather / Regional 

All Regions as BBC-1 except at 
the following times: 

Wales— 145-2.00 p.m. Bamaby. 
4.40 Crystal Traps and Alistair. 
4.45-5.05 Tren Sgrech. 5 .55-6 .20 
Wales Today. 6-45-7.10 -.Heddiw. 

12.10 un. News and Weather for 

Scotland— 11.30-11.50 turn. For 
Schools (Living in Scotland). 5J5r- 
6 ?0 p.m. Reporting Scotland. 7.40- 

9.10 Current Account. 1240 a-m. 
News and Weather for Scotland. 

Northern Ireland — 1130-11.50 
a.m. For Schools (Ulster in 
Focus). X53-3.55 p.m. Northern 
Ireland News. 5.55-620 Scene 
Around Six. 1140-1140 The Hong 
Kong Beat. 1240 a.m. News and 
Weather for Northern Ireland. 

England — 520620' p-m. Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle); 
Midlands Today (Birmingham!: 
Points West (Bristol): Smith 
Tod^v t Southampton): Spotlight 
South West (Plymouth). 

on the" Draw. 320 The Sullivans. 
420 Little House on the Prairie. 
545 Mr. and Mrs. 

543 Newts. 

6.00 Thames at 6. 

645 Crossroads. 

7.00 The Bionic Woman. 

. 8410 Robin's Nest 

.820 Armchair - ThriHer. ‘ ■ . 

• "9.00 George and Mildred. 

. 920 This Week. i: 

10.00 News. - • ' - 

' 1020 Time for Business. 

1L15 Drive-in. 

1145 What the Papers Say. 

12.00 Close: Leonard Pears ey 

reads a poem' -by Louis 


All IBA Regions as London 
except at the following times: 


L 39 pm. Report West Headlines. 125 
■ Report Wales Headlines. 2 OB Women 
Only. 5-S» Beryl's Lot. 420 Return to the 
Planer of the Apes. «.« Breaktime. 505 j 
Corny Concerto. *L2D Crossroads. I 
Report West LIB Report Wales. 4J» Ben 
in the WesL 745 Sfcr Million Dollar Man. 
U3S Cinema Club Shorts. 1UB Terror: 
“The Psychopath," .. •/•■ ■■ 

HTV- CSTOTK/Waloi— As-- HTV general 
service except : • 17IKTH puna. Penawdao 
Nowyddion T Dydd. 4J0 Min ManT. 435- 
445 wstibetfina. . MQ-fcU. Y Dxtid- *35- 
7-05 Sports Arena. 

HTV West— As HTV general serrlw 
except ■ 130X30 D.m. Report West Head- 
lines- fc-18-435 Sports West. 

THE AUTOGRAPH manuscrifts 
and corrected typescripts of 
“Arabella,” the opera written by, 
Hugo von Hofmannsthal for the 
music of Richard Strauss, sold 
for £70.000 atf Christie's yester- 
day.- v The Manuscripts were 
bought bs ^be- Austrian National 
InbrdFy, whjfrh "also paid £45,000 



BBC 2 

640-725 aun. Open Uni vender. 

11.00 Play School (As BBC-1 
3.55 p.m.l. 

425 n.m. Open University. 

7.00 News on 2 Headlines. 

7.05 Your More 

720 Nowaday. 

3.05 Gardeners’ Wnrld. 

*20 Living in the Past 

9.00 International Table Tennis. 

920 The Ouestion of Immigra- 
tion: debote. 

11.00 Late News on 2. 

11.10 Men of Ideas. 

1125-12.00 Closedown: Steohen 
Thome reads “The Great- 
C.mndmother " by Robert 


US pjn. Alisha Hews.. ZM Women 
Only. 420 due Club. 4 jB Soto -One. .535 
Emmenlale Farm. 6.00 About Anstla. 
420 Arena. 7.40 Bygones. 7J0 GoM is 
Where Too Find It. 10J4 Folk tn the 
Bast. ULOO TV Mane : "lla, Bright and 
Daric. 1230 jun. Living World. 


UO pjh. A TV Newsdesfc. X20 Beryl's 
Lot. 3.50 Honrepariy. 535 Happy Dura. 
6J0 A TV T«ar. 7J0 Eaaaealt sfc Farm. 
730 Biotric Woman. U30 Police Woman. 
UL30 Master Golf. 


tut pjn. Border News. 535 Lassie. 
6JM Loofcaroimd Thursday. 7X0 Emmer- 
date Farm. 738 Mr. and Mrs. 1430 
Look Who's Talkina: Bobby Bennett. 
1LOO Police Woman. 1200 Drlvc-ln. 
tl230 a- m. Border News Summary. * 

145 pjn. Newsi and Road Report. ZOO 
Women Only. 439 Piper and-. Friends. 540 
Crossroads. 6J» Scotland Today. 6J0 
Carnook Way. TjOQ Emmrrdalc Farm. 
730 Charlie's Ansels. 1933 Birthday 
Honours — Isla SL Clair, Pe«*y O’Keefe 
Quarter. 1130 Late Call. tHJ5 Tboraday 
Cinema : Monolith Monsiera.” 





13S p.m. Channel Lunchtime News and 
What's On Where. 6.00 'Channel News. 
630 Elephant Boy. 730 The She Mini on 
Dollar Man. 1048 Channel Late Neva. 
IS 32 The Story of Wine : The Great 
Dessert Drinks. 11-00 Mystery Marie : 
McCloud. 12.00 a.m. News and - Weaihor 
In Fronch. 


HJB ajn. First Thing. 140 pjn. Gram- 
pian News Headlines. 640 Grampian To- 
day. 10 30 Reflection*. 1035 SponscaO. 
11.15 Baretta. 1230 a.m. Harmony. 


I German town has io be amid 
good fortune (6) 

4 Shylock is certain to be found 
in the City (6) 

5 War has spirit inside the 
borders (T) 

9 A show of courage gets 
applause about this period (7) 

11 An urchin has a way with a 
horse (6. 4) 

12 A large party in defeat (4) 

13 Notice tile party is without 

restriction (2. 3) 

14 Not in the top ten, but makes 
up tbe team (S) 

16 Graffiti at Belshazzar’s feast 
(4. 4) 

18 In the hill we found a woman s 
headdress (5) 

20 Drawn by the scrupulous, shot 
by the boastful (4) 

21 'Knights— including Maurice 7 

( 10 ) 

23 Half-a-dozen see the party win 

24 A thousand in the red— that's 
the lowest possible (7) 

25 The seal of an old sailor (3-3) 

26 Silver in the lake is sparse (6) 

5 Cancel the bush (5) 

6 We see the vicar on the lake 1 
in meditation (7) 

7 Coloured cleaner in the Mer- 
chant Navy (3, 6) 

10 Looked after the in- 
experienced — characteristic of 
jealousy (5-4) 

13 Pleasant ways revealed by 
men in first class matches (9) 

15 Wbat may follow an undecided 
match is hard on the convicted 
prisoner (5, 4j 

17 Greek heroine has to return 
to the artist (7) 

19 "Will you walk a little 
faster ? " said a — to a snail 
(Carroll) (7) 

21 Copper on the river may 
interest collectors (5) 

22 Make up a score at Eton (5) 


No. 3,612 

920 a.m. For Schools. 10.46 
TTeln! 11.00 Schools (continued). 
12.00 Charlie's. Climbing Tree. 
, 12.10 p.m. Rn inbow. 1220 Make It 
Count 1.00 News. 120 Help! 
120 Crown Court. 2.00 Aft«*r Noon. 
225 Shades of Greene. 320 Quick 


140 pjn. Tli is ix Yoor WBtu. 
Manfred. 445 The Arrows. . 430 Cfcumr. 
board. 530 TUs Is Your Sight. 535 
Crossroads. 6.00 Granada Reports. 430 
Emmerdalc Farm. 7.0Q The Frowclore. 
730 The Cscfcoo Walla. 1030 What's On. 
XL 86 What the Papers Say. 1135 Sur- 
vival Special. 

140 pjn. Southern News. Z M Women 
Only. 440 Belts* Boon. 540 Crossroads. 

4.00 Day by Day. 630 University ChaV- 
lence. 7JJ0 Emmerdale Farm. 730 Hawaii 
Fivc-O. U30 Elaine, The Sinner at the 
Sang. 1130 Southern News Extra. 1130 
Bmiey and tbe Kelly Gang. 12-05 ajn- 
What The Papers Say. 


540 ajn. The Good Word. roUQwed by 
Nonh East News Headlines. 148 North 
East News and Looharoond. 240 Women 
rimy. 53*5 The Brady Bunrii. 400 Nnrrtv-ro 
Ufa. 7-CO Eimnnrtlale Farm 730 The 
Bionic Woman. 1030 Wbat Fenfei 1135 
Battleground. UA5 Rich Man, Poor Man. 

12.00 ajn. Epilogue: 


140 pjn. Lunch ftroe. 430 Ulmer News 
Headlines. 430: fii B Bhw. Marble. 4.45 
L‘rUe House on ifte Prairie. 630 Ulstp- 
Television News. 405 Crossroads. 639 
Reports. 7.00 Emmerdale Farm. 730 
Thp Bionic Woman. 1030 Coomerpoini. 
1X30 Honan’s Heroes. HJ0 Wedding Day. 
followed by Bedtime. 


1247 pjn. Cm Honeytmn’s Birthdays. 
140 Westward News Headttnes. 400 West- 
ward Diary. 730 The She Million Dollar 
Man. 3048 Westward Late News. 1030 
Westward Report. XLOO Mystery Morie : 
McCtond. 12- W ajn. Fatih for Life. 


for the autograph manuscript of 
“Der Rosenkavalier,” another 
Hofmannsthal -Strauss success. 

The items were sent for sale 
by tbe trustees of the Hugo von 
Hofmannsthal estate, who con- 
tributed also a short story. Das 
M&rchen der 672 Nacht, written 
by Hofmannsthal when he was 
21, bought by Breslauer for 
£10,000 and the Sim script for 
* Der Rosenkavalier,” which the 
Austrian National Library 
acquired for £5,0Q0. 

Other high prices in the auc- 
tion- of manuscripts and letters, 
which totalled £263,899, were 
£20.000 from Quaritch, foe Lon- 
don -dealers, for a collection of 
17th-century English plays, dis- 
covered in the library at Castle 
Ashby last ' 'September, and 
£19.000 from Quaritch for the 
original typescript of 5haw's 
Heartbreak House, sent for sale 
by RADA. 

An anonymous American col- 
lection of Napoleonica, covering 
his history from has rise to 
power to the return of his body 

from St Helena to Paris in 
1840, realised £H993 for 122 lots 
in foe same sa-le. 

A vivid description of the 
Battle of Waterloo, sent la an 
autograph letter by Wellington 
to FieM-Marahal Lord Beresf ord 
in July 1815, was bought hy an 
English private collector for 
£3200, and Quaritch paid £1,600 
for -foe autograph draft, manu- 
script of Eiiaahefo Barrett 
Browning’s poem Napoleon’s 
Return/ describing foe bringing 
back - of his body from St. 
Helraa. . 

A piece of Napoleon’s coffin, 
once in the possession of Char- 
lotte Bronte, together with a' 
note written fay foe novelist in 
Brussels- in August 1843 record- 
ing how foe retie had been given 
to her, went to foe purchaser of 
foe Wellington letter for £850. 

There were some interesting 
prices at Sotheby's yesterday. 
Modern British art, sometimes a 

difficult market, was in deiha 
with a total of £209.185 an&Oi 
6 per cent bought in.' 
abstract painting by Gr«h- 
Sutherland, •' Insect ” was bon; 
by Marlborough Fine Art 
£14,000, and Ben Nichojso 
“ White Relief " sold for £13,0 
“Portrait of Terest^Gosse" 
John Singer Sargent roi 
£12.000, and another SutbertE 
abstract, “ Hanging For 
£9.500. The biggest surprise-v 
the £6.200 from the Fine . 
Society for “A Mid Sumjn« 
Morning " by Henry Scott Tu 
The price was well above fr 
cast and was an auction rec 
for the artist, the previous t 
bektg^£550. ■ j 

At Bonhams there was a hi 
price of £2,300 from a Lonr 
gallery for a set of four hunt 
etchings by R. Havell a: 
James Pollard. Their ra 
accounted for the price, m 
than three times the forec 
The sale totalled £13,163. 




Wine prices stay firm 


SOTHEBY’S, all-day sale of fine wines ^ sold / yesterday will, 
wines -yesterday -.showed how malting their third transatla _ 
firm priees - remain, • thanks trip. ' " l! IO __ 

largely to Continental and A top price was £S10 fo...- ^ * t- 

American buyers. The total was dozen .--bottles of La Tache • | l 

£85,797. £360 was paid for six magW'. . jjfc j-, c- r 

Unusually prominent was a of the ’49 and £305 foradi'."' “ -> ' 

large consignment Of Burgundy bottles of the ’59. 
shipped back across the Atlantic Richebdurg '47 from the & 
by a UJS. wine merchant. It is estate made £310 a case,. •;**_ 
a sifen of the unique, position. *59 we^t far £305. A dl’*^!Y»r\|- 
of tbe London auction rooms Chambolle-Musigny '19 orl . 1 w i j y f\ 

that they should be returned ally from the celebrated Bai'.“. I ~ 
there for. sale. A number of cellars, in Baume went for '£ m 


140 pjn. Calendar Neve. 440 Lassie. 
435 Nobody's House. 415 Survival. 400 
Calendar fEmfcr Moor and Belmont 
cdldonji. T30 Emaardale Farm. 730 
Tbe Bionic Woman. 1030 Calendar Profile, j 
11.00 *nie Streets of San Francisco. 1230 



Telex: Editorial 886341/2. 88388? AdrerttsemeirtK 385033 Telegrams; Fixunthno. London PS4 

. Telephone: 01-948 6060 

For Share Index and Business News Summary ih London, Birmingham, 

Lirerpoel and Manchester. Tel: 246 8026. . - -- 

^ -incj 


d tales can be most in- 
nificant (5) 

portant transaction dem- 
ies itself (3, 4) - • 

list with a string of horses 

n a .a q a b b 
DsanonigD EEHnnci 
a a a n a s ci 

anasEnaa mnnm 
s a a 0 □ q h a 
„ ^BHnnaHseaa 

0 B EI [jj 0' H E 1 
ca a es d n b a 
nnsEQH EsaoHDEa 
a a g a b be 


RADIO 1 247 “ 

(S> Stereoplmiilc broadcast 

430 a.m. As Radio V. 7.02 <Voe> 
Edmonds. 930 Simon Bates. 1131 Paul 
Rurm-tt loL-IndloR 12.30 p.m. NcursbeaL 
230 Toni BUcttbUrl). 4.03 Dave Lee 
Travis indndlng 5.30 NewabeaL 7.80 
Connirr Club 'Si (Joins Radio 2>. 1032 
jnnn Peel t5>. 123M2.05 aum. As 

Radio 2. 

VHP Radios 1 and 2: 630 4m. With 
Radio iiK'ludinp 1.53 p.m. Cnod Usi«o- 
Ine. 1030 With Radio 1. 12L0O423S a,M- 
Wlih Radio 2. 

RADIO 2 l^OOm and YHF 

630 a.m. Xnrs Sutnroarr; Weather. 
402 Cnckct: Third Test— New Zealand 
v. England (report i. 63® Raj Moore isi 
u-ltb The Early Show, tod ud las 4.13 
Pause Tor Thaasto- 7.52 Cnckrt: Third 
Test (close-ol-play roporti. 733 Terry 
worso is i IndudliK 547 Radns Balldin 
and s.45 Pause for Thouahi. 1832 Jimmy 
Young iSi. 1235 p.m. WasGoners' Walk. 
1230 Pole Murray's Open House (51 
Including 1.45 Snorts Desft. 239 David 
Hamilton iSi Including 2.1a and 3.45 
Sports Desk. 430 Wassoners' Walk. 43S 
Sports Desk. 447 Nick Pase (51 Including 
335 Move On and 5-45 Sports Desk.. US 
Sports bests. 732 Country Chib >S>. 932 
Fotaeeave (5). W Sports Desk. 1832 
Two by Two. 3830 Star Sound Extra. 
1132 Brian Matthew with Tbe Late Show. 
1200-1235 un. New*. 

part 2. lli'S BBC Xortbern S-nnphony. 
Orctu-stra »S'. 1.00 p.m. News. 135 

Bradford Midday Concert. 230 ‘"Cyrano 
dc Bergerac," opera in four acts, tumrfe 
by Franco Airana. Acts t and S >Si. 
305 Wonts fialki, 340. "Cyrano dc 

Bergerac.” Acts A and. 4 fSl 830 The 

Paul Sacbor CommlsBlnns (Si. • . 53S 
Parisian Church Music before 1S80 (Si. 
405 Homnword Bound. 4B New*. 2610 
Homeward Bound iconunUedJ. ' *630 

Lifelines: Tbe Wider World. 740 City 
of Birmingham Symphony orchestra, part 
l! Kodaly. Cries fSl. BIS Battle for 
the Stums. 8JS cbsq part S: Tchaikovsky 
(Si. MS Poetry Kmr . 030 BBC 

Sympho n y Orchestra (Si. 114S News. 

1130-1135 And Tonight's Schubert Song 

Radio 3 YHF only— 6.W-738 un. and 
630-730 p.m. Open Linlvenity- 

News. 4.1S Story Time. 530 PIS 
Reporta. 530 Seren dipit y. 1535 Weather, 
programme news cvHFi Regional New*. 
630 News. 640 Brain or Britain 1975. 
7-00 News. 735 The Archers *740 Checfc- 
pnlnt. 735 ShlpH-reck. 849 All In Tbe 
Waiting. . 835 Analysis: .Pew-wow or 
Powerhouse? 043 -Kaleidoscope. 939 
Weather. 1038 The World TonhtbL 1033 
Any Answers? 1130 A Book at Bedtime 
1135 The Financial 'World Tonight. 1130 
Today in Parliament 11.45 News. 

For Schno'c (VHF only} 935 a. ta .-1230 
Wtd 23WJM p->n. 


RADIO 3 ■fiHm, Stereo & VHF 

XModiwn Wave only 
t&£i adit. 'Weather. 730 Neva. 735 
On.-mire (Si. 830 News. 8.05 Morning 
Concert (SI. 930 News. 9.05 This 
Week's Composers: SzjmanokL-sfcf pud 
Utwslawskl (Si. 1835. Music tor 5t 
David I UTS, part 1 (Si. 1033 In Short 
ualki. 1035 Music lor St David 19 7S. 


434m, 330m. 2S5m and VHP 

4 15 a.m. News. 417 FannlOE Today. 
635 Up to the Hour. 632 (VHF) Regional 
News. 1 30 News. 7J8 Today. 745 Dp 
to the Hour ( continued i. 742 (VHP) 
Reslaiu] News. S.oo Kewx. 4V> Todav 
Including news beadllnes, wcBther. papers, 
sort. LC Yesterday In Parliament, 
9.00 Spws. 1935 These YW Have- Lpsed. 
£1030 News. 11035 From Our Own 
Correspondent. U40 Daily Service- tt*-® 
Morning Story. £2130 New®.. 1VJBS Dawn 
Your Way visiia LoufoboroMlh,'-tel®**f£' 
shire. *XL« Figures in git Sumon w mid. 
1238 Ncw4 1232 pan. Y<w and Yours. 
1247 JUSt a Minute (Si. tOSi Wnaiher, 
programme news VHF (e»eept London 
and SB) Regional NOWS- • 130 News. 
138 The Archers. US woman's flour 
H from S.Wi including iM&M 
2235 -Listen with Mother. -..-S30 Hews. 
3.05 Afternoon Theatre iS>. 338 Jj^k 
de Manio Precisely Including gOM-85 

BBC Radio London 

306m and 94.9 YHF 
400 a-m. As Radio 2. 430 Rash Hour. 
930 Carry on Councillor. 940 London 
Live. 1133 fn Town. 1ZB3 pjn. Call In. 
233 SOS Showcase. 433 Home Run. 410 
Look, Stop. Listen. 7 JO In Town (as 
1LW ami. i. 830 Soul 77. 18.03 Late 

Night London. 1230— Close: As Radio 2. 


Amsterdam: P.O. Box 1296, AjnSterdam-C 
Telex 12171 Tel: 240 S55 ■ ' r ' 

Binn Ingham; George House. George Hoad. 

Telex 338650 Tel: 021-454 09 32 
Bonn: Fresshaos 11/101 HenssaUee 3-10. 

Telex 8869542 Teh 210039 
Brussels: 39 Roe Ducale. 

Telex 23383 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 FlKwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
Frankfort In Socfaseolager 13. 

Telex: 4(6283 Tel: S55730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 

London Broadcasting 

261m and 97.3 VHF 

Lisbon: Prnea da AJegria 5S-1D. Lisbon X 
Telex 32533 Tel: 362 508 

530 un. Morning Music. 630 AJ4.: 
nonstop news, travel, sport, renews. 
Information. 1030 Brian Hayes. 138 p.m. 
LHC RcPORS fatcluduic Ceorge Gale's 
S O'clock Cab. 130 After 8— with Ian 
Gilchrist. 930 Nifthiltoc. 134530 ajn. 
Night-Extra with Adrian Scott 

Telex 32533 Tel: 362 508 
Madrid: Esrprondceda 32. Madrid 3. 
Tel: 441 677* 

Manchester: Queens House, Queen Street 
Telex 666813 Teh 061-834 9381 
Moscow: Sadovo-Samotechnaya 12-24. Apt 15. 

Telex WOO Tel: 294 JwT 
New York: 75 Rockefeller Plaza, N.Y. 10019. 

Telex 66390 Teh (212) 541 46X5 
Puis: 36 Rue du Sender. 75002. 

_ Telex 220044 Tel: 236 J 743 
Rio de Janeiro: Avenlda.Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svens ka Dagbladet, Raalambs- 

vagea 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Bent H-1879. 

Telex 212634 Teh 662698 
Tokyo: 8th Floor, Nihon Kelzal Shlmbun 
Building, 1-9-5 Otemachi, Chiyoda-ku. 

Telex J 27104 Tel: 241 £920 
Washington: 2nd Floor, 1325 E. Street, 

N.W* Washington D.C 20004 
Telex 446225 Tel: (202) 347 S676 

,' ! :' e ^in«ering 

* - Prod«c|. 

, h tl 

ft > 

9 Jt j 

Capital Radio 

194m and 95.8 VHF 

430 ajn. Graham Dene's Breakfast 
Show (Si. 930 Michael Aspel (Si. 1330 
Dave Cash (S). 330 pjh. Huger Scott 
(Si. 733 Lord George Brown's Capital 
Commentary (Si, 7J8 London Today 
(S>. 7J3 Adrian Love's o«n Hoe tsi. 
937 Your Mother Wouldn’t Like It .vim 
Nlcfcy Horne (S). U30 Tcm» Mratt’s 
Late Show LSI. 230 ajn. Night FllghL 

Birmingham: George House. George Road. 

Telex 338650 Tel: 021454 0922 
Edinburgh: 37 George Street- - 
Telex 73484 Tel: 001-226 4139 
‘Frankfurt: Im Sachseniager H 
Telex 16263 TeL 554667 
Leeds: Permanent House, The Headrow. 
Tel: 0583 454969 

Manchester .Queens House, Queens Street 
Telex 666813 Tel: 661-834 9381 
New York: 75 Rockefeller Piaxa. N.Y. 10019 
Telex 433025 Tel: (222) 489,8800 
Parts: Z6Rue~d<t Sen tier. 7560Z. j 
T elex 220044 Tel: 236J6.01 
Tokyo: Kasahani Building, 1-6-16 Uchikanda. 
' Oityoda-kn. Telex J 27104 Tel: 295 4050 


Copies obtainable from newsagents and. bookstalls worldwide or on regular subscription - ‘ 
from Subscription Department Financial Times. London. 

. \ 

Financial Times Thursday -March .9 1978 


Thursday March 9 1978 



' Politics and cash-flow are the two paramount problems in an industry which is noted 
for its competitiveness world-wide.. Added to this, order books are dwindling and the 
: ; inundation of short term problems is obscuring the outlook for the longer term. 

with the 



By Kenneth Gooding 

Industrial Correspondent 

{Lire bh.) 1 

Bank turning off * the ; money system, they ere important -as a 
. supply tap. This - iQeaiis ■ that source of 'certain credit. Coxa- 
credit is tight and interest rates panies can, in most cases, , have 
are high. The current prime what rash they, require when 
rate is. 16 -per cent,, which .is an they want 'it rather than have 
effective 20 per .cent. -for many to w#it. in a. queue while- a 
corporate borrowers. This whoie bureaucratic rigamarole 
depresses engineering' company takes place, 
profitability as : much ■ as Even so, the cash-flow 
inflation. problems of some of the major 

An estimated 6o'p4f\certt. of organisations and companies 
privately - owned = engineering have a nasty spin-off effect on 
company -debt iff Short-term at “any engineering suppliers. For 
the -bank. In theory ; overdrafts sample, some hospitals axre 
.are established' forgone year, in onl y now paying lor engineering 
'falctthey are simply-rolled over ^Pjipntent delivered in 1974. . 
year after yeax^ r One big company last week 

. ... j. got round to paying its 

The majonty of private December wages bOL 
en^neenng • The outstanding debts of four 

family-owned and want -to stay ] ar£p a Z"? statuMiwnedi 
TWOCOMMfiNTS xn^rarfficular- that way. Soth^_are- reTudtan t s^aree^attiJTeS of 

remain in my mind 'after talks to go to the^banks f orlcmg-term ]ast year ANIMA,' the 

- with several Italian engineering money. The Stock Exchange mechanical engineering associa- 
.T; company executives last week, does not work very, wedl, some tion, joined with Conflndustria, 

' . ^ “Italy may. have, a .gofitical'ssy because -the government the Italian equivalent of the 
crisis. But Italian, industry ' is Prefers _ it not to: J t feels Confederation of British 
4 ‘not maistateofdnsis.” And mor e, secure when p jjyat e-gector industry, -to appeal to the 
- .V. " The .engineering industry^ companies have Jd tttrn la the Government and asked it to take 
: . two major . preoccupations re- 'Safe-owned banks for much of some official action to. prod the 
main, the political-. Uncertainty their cash. • .. w- companies into paying. . 

and cash-flow.” ' • But,- .just as xpanag^ra face But by then some suppliers 

' 1 Between them thev seem to V*® equanimity the priwpect of engineering equipment 

' sumf^ ^ntmoSthS <* a^gpvernment already had to resort to layoffs . 

. , ; ' industry. Managers tel. they production that year way that is quite serious for the 

• .. can .cope adequately - with* 'the '^rty— they ^ after aU, they^ too, ran out of moaey. fell to levels only slightly higher engineering sector The OECD 

latest- sSes of poli JZSLVL fL™ SSSSSJ^mSiSZ 


(lire bn.) 

r £7 

t\ , 


Total value of 

State share of 


. production 


Marine constructions 


' 630 

Aerospace constructions 

• 600 


Combustion ' engines 

. 500 





Machine tools 






Eyries and motor- cycles 



Buflding machinery 



Domestic appliances 


90 ■ 

Textile machines 

- iT IflH 
>• wv 





Industrial plants 

- 720 


Agricultural machinery 



Industrial vehicles 





Source: National Institute of Statistics. 

Mechanical industry 


197S 1976 1977* 

5,035.9 7,050.1 6,656.7 


1975 1976 1977" 

S.S89.7 11.916.4 12,182.8 

Machine tools 

2,232.1 2.886.6 2.691.8 4.28G.5 5,527.0 5,676.7 

Textile machines 


173.7 134.5 

276.8 322.5 


Telecommunication machines 




334.6 441.1 









Micro-mechanics 771.6 1.05&S 983.5 593.8 82 L2 76T-3~ 

* 1977 figures refer to January/ October period. 

Source: National Institute of Statistics. 

tical. upheavals. But. they are 


trade ^unions ,ipr many symptoms for the engineering investment to 20™*^ ♦ 

the groups to bolder .Order boeta ftTStab oM ot IfS M the USMtaSE 
m r^tmTnrmiKf -.'fjr’ different in key sectors such as machine v.~. ■ ... . ® rument maintains 

: ftoeH. In 1 the .mSirt’Sij'SS toolHn^testiir^tSnSrfand been a “ d labori ^ iTwiUhe more like 1.1 per cent 

■ ST*? 2ZJ&S2&Z 1S5LE!1 on * fo : ^ 

■ Si alleviate the credit cffeu&\ . engineering businesses are Confindustria jfiays that the • Italy has its own version of the 

... ^ 0Wn t ^ >e y 6 ' 0 ^ inflation ■ . . down to between four and six recovery could be speeded up accelerated investment scheme, 

months' work at current rates rf ** G^ernmimt introduced designed to encourage com- 

EL**# hFL5E'S«wt* -Credit ■ of out P°t- *** output UP by to ***** J»nies either to bring forward 

•• uve^geo£18perawt^in.l977rT - ArM* . ' only 0.8 per cent last year, is expansion of 4 to 5 per cent, projects' or to make marginal 

is a; major difficulty for the^ Trade assodations, iBUch- as falling again. However, the *.7®*^ minimum, even though schemes more attractive. But 
This kind of inflation rate hits u£ffMU,4bemachinetoot jXi|inu- OECD has forecast that after ^\ s “W*t produce a $lbn. the incentive will not do the 
engineering _ concerns^ bard facturers association, aadjgroups a weak first half to 1978, it will oal*Bce-of-p«yments deficit to be job, according to the engineering 
‘ oT ^compamfes m various 1 geo- eventually notch up a 1.5 per fi^^iced abroad (compared managers. Basically, companies 

to tie up m stocks and .work-in- g^bfc regiofis ■ have-^cK up cent rise. a $lbn. surplus in 1977). get a 4 per cent reduction on 

progress. , ttaix -Own-' credit institutioirs. .1 This must be put in the The current combination of the cost of capital goods pur- 

The Italian -method- of stop- While these, cah have Opiy a Context of the 1975 performance low profitability,' an Inadequate chased during the year begin- 
ping the economy running oiit marginal -effect “ on ’ihteitai iWien, for the first time since cash flow and high credit cost ning last October 1. This is 
of epntriil - 'x* not'-liyti’Sniper . bepause'^they ^ draw” tixeir the Second World War, Itjalyfs are cutting back companies’ achieved by cutting that amount 
bndgetidg.^tft ^ f the <%htra4 ftui<fe frcra*’tire ifehBa|^ffldngr-^gP ^yent down in re^ terms. capital investment plans in a off th& VAT bill. ' 

, The engineering sector had 
asked for a cut of 8 to 10 per 
cent, for a six-month period so as 
to give one big push off the 
bottom of the trough in demand. 

The expectation now is that 
demand will pick up in April or 
May as customers pull forward 
some capital projects from the 
autumn this year or the spring 
of next Most engineering 
sectors, although disappointed 
with the. scheme, expect a per- 
ceptible impact in the second 
half of 1978. 

Italy already has a long- 
running scheme (from 1964) for 
financing purchases of capital 
goods which works very well, 
probably because it was devised 
by the producers. Operated 
through a banking organisation, 
IMI, capital equipment pur- 
chasers are offered low-interest 
long-term money against the 
purchase of a particular item 
of machinery or plant The cur- 
rent rate of interest under this 
scheme is around 6 per cent 

The scheme is used consider- 
ably by Italy’s machine tool pro- 
ducers and as a result the 
engineering industry is using 
fairly up-to-date equipment. The 
average age of machine tools in 

use in Italy, according to a 
UCtMU survey, is 12.8 years, 
lower than the U.S., 14.5 years. 
Britain. 13.4 years, France 14 
years and roughly the same as 
West German equipment. 

Engineering's raw material 
costs have remained stable over 
the past year. But so far in 
1978 there has already been a 
10 per cent, rise in special steel 
prices and the engineering 
companies insist that current 
Common Market moves on the 
steel front will add at least 30 
to 35 per cent in the full 12 


Much more import an t, labour 
costs continue to rise. Because 
of indexation minimum wages 
rose 27.4 per cent last year and 
have 'been keeping pace in real 
terms with inflation. Total 
labour * posts went up 16 per 
cent in the engineering sector 
in 1977. The rise would have 
been one of 22 per cent except 
that the Government bowed to 
pressure and .removed part of 


the social security burden from 
companies, a move which gave 
manufacturing industry a once- 
and-for-all windfall worth about 
L1.4bn. (roughly £940ra.). 

The Government is making 
up the potential shortfall by 
collecting additional VAT — one 
reason why central government 
revenue from taxation rose by 
45 per cent in 1977. 

The Government does make a 
small contribution towards the 
direct cost of labour through its 
“ employment stabilisation " 
fund — the Italian version of 
Britain's Temporary' Employ- 
ment Subsidy — when lay-offs 
are threatened. 

Companies in the engineer- 
ing sector also stretched holi- 
days last year from the usual 
three weeks to a month or even 
six weeks during the summer 
so as to spread the available 
work over a longer period. 

Italian employment protec- 
tion legislation makes it 
extremely difficult for any 
company with more than 200 
employees. to make redundan- 

This has had two main 


36 companies 51 works 85,750 employees 

1977: orders revived $3,000,000,000 invoiced value $2,500,000,000 

j :i v I in" 

.i.- , ■ 

»-• -• , . - . 


thermo electromechanical and nuclear 

AMN ■ ANSALDO B BREDA Termomeccanica ■ CESEN Centro Studi Energia ■ GIE ■ ITALTRAFO ■ NIRA Nucleare 
italiana Reattori Avanzati ■ SAjGE ■ SIGEN ■ SIMEP ■ SOPREN ■ TERMOSUD 


ALFA ROMEO ■ ALFASUD ■ SPtCA ■ VM Stabilimenti Meccanici 

aerospace and electronics 

AERITAUA B. ALFA. ROMEO Aviation Division ■ CNA Compagnia Nazjonaie Aerospaziale ■ ELSAG ■ SELENiA 

plant-engineering j 


diversified, products 

WAG! International 



Viale PHsudski 32 ; 
tel. 06-87771 
telex 63971 Fintmee 


park- Avenue 460 • 

tek 355.0505 \- 

telex :710 581 5230 Flnmec NY 

Kursovoy Pereulok 1/1 
telex 7833 Finsid St! 

5 1,100,000,000 

$ 300,000,000 


$ 570,000,000 

$ 400.000,000 

$ 300,000, GOO 







•technical-economic feasibility studies 






societa italiana impianti p.a. 





ITALIMPIANTl's-most recent success 
is the work commissioned by NISIC — 
National Iranian Steel Industry Co. - - 
f dr the design end construction of the 


scheduled to produce 3.000,000 tons 
per year of liquid steel - from iron 
ore to finished products. 

Hoad Dfbca and SmmI Mjnagwnonb 

Fm.\jF*ij{WJ9.>6U1 ucvmiijiv T<£, Z723S 2?262-27282.'2839aiuftnp 

• Sutras Am • Coer. • %\ flweDFB DuuchUfl • hmsKrui • Ko * Xn • Paolo • Tehran 


istituto sperimentale modeffi, e strutture s.p.a. 


elastic. eiasto-piaSUc geomechanical models, modelling 
materials test and research 


seismic and dynamic tests on prototype and models of 
structures;- qualification tests on electrical and mechanical 
equipment; environment vibration ^analysis' 


static and dynamic stress anafySfsirr structural engineering, 
••field problems " numerical analysis, data-processing, 
software development 


“in situ” investigation i.detormabilrty, strength, stress 
measurements; complete set of laboratory tests 


laboratory tests; equipment design and improvements 


geophysical-prospecting for structural investigations, soil 
and rock foundations, faults arid bed rock; microseismic 
control measurements 


laboratory tests on material and structural elements; 

“in situ '* tests on prototype 


Viale GhjITo Cesare. 29 
24100 Bergamo - Italy 
■ CP. 208 -Tei. 035/243043 
Telex 30589 BG - Export For Ismes 

Financial Times Thursday 9 1978 


Ingenuity In 

THE XiATEST VENTURE by it is more likely to get results 
the Italian machine tool in the developing countries, 
industry reflects the ingenuity However, the Italian machine 
and flair which has taken it to tool industry prides itself on 
fifth place - in the league of the technological content of its 
world producers during the past products. (UCHKU illustrates 
20 years: It has set up a com- this point by giving average 
pany, called rather dramatically -values of exports and imports 
Italian MST,” -which will give expressed as Lira per kilogram, 
training to potential machine In I976 the ratio' was L4.600 
tool- operators on Italian equips per kg for exports and 1.3,400 
meat, providing, all the require- per. kg for imports.) 
ments from textbooks' to the its major markets must 
m a chin es themselves. remain the industrialised 

The immediate first fruits of countries of the world which 
this venture |s a contract" tp set have use for the more sophistl- 
up - a machine tool ; training cated machine tools, 
school in Brazil. The teachers - ' 

will b e br ought, to -Italy for >. - 

training and will 'then pass on lyl 3.TKGLS 
the benefits to Brazilian pupils. ... - 

It is not just an esoteric ven- With this in mind the mann- 
ture. -For-Tris^a-weibknown -facturers have been tackling 
fact that when a worker is what they describe as “ non- 
train ed on a particular type of" traditional industrialised mar- 
machine tool, he or she prefers hets.” The best recent example 
tri - use the " same or 'sTm il ar ~ has- -been --UCIMirs- success in 
machines on the engineering _South Africa which it attacked 
shop floor. ~ seriously last year at a national 

Brazil, although temporarily machine tool exhibition there, 
an almost-closed market because Not only, did the Italian, manu- 
of impart restrictions, presents' faettyers sell all the Slzn. of 
a potentially highly important m ac h ines they took along to 
customer for the Italian show, but the Italian industry 
machine, tool industry. And, at f° r the first', ti m e sorted itself 
the ' very least, the school will but _ a good agent in South 
give the industry a chance to Africa. V 

send more machine tools into The next step, came from 
the market. UClMU Finance Corporation 

MST sprang from a realisation (PTNCIMUJ, an organisation set 
among the Italian machine tool up in 1972 to help solve some 
makers about three years ago of the credit problems faced by 
that there was a need for them the industry. FTNdMU has 
to cooperate more closely when arranged a $7m. loan available 
attacking foreign markets. Some to South African purchasers of 
customers in particular were Italian machine, tools at what is 
looking - for complete machine- described as “ very interesting 
tool lines. As various potential rates of interest-**- -The finance 
projects of this “ turnkey " type has been made available 
jame along, UdMU, the Unione through a group of "non-Italian 
Costruttori Italiani Macchine banks. 

Utensili (equivalent to Britain's Medium-sized and smaller 
Machine Tool Trades Associa- machine tool companies in Italy 
tion), co-ordinated the efforts, are able to keep up in the teeb- 
The idea that there should he oology race because they can 
training scheme went hand call on 'another co-operative' ven 

the- Monza-based, privately 
owned concern with about 300 
employees at three factories, 
can claim that up to 30 per cent, 
of Its output is of numerically 
controlled machine tools. 

There are 450 companies in 
the Italian machine tool industry 
between them employing around 
37,000. So the average size of 
each unit Is . small, with 82 
people against 225 in "the U.S., 
270 in the UJK. and 188 in 

But Ialy has. a ample of 
machine tool “giants.** 

in hand with these efforts and tore, CEMU, the machine tool 
M3T has as its rqajpr share- research institute which is part 
holder UC2MTJ with, some other of the Italian Research Institute, 
UCIMU members having an organisation which receives 
smaller stakes. • some Government money. 

While the new company will This explains why a medium- 
be promoted all over the world, sized company like San Rocco, 

Fiat's machine tool and pro- 
duction systems division had 
a 1977 turnover of -LJaObn. 
(around £90m.) compared with, 
for example, the £5!L5'ra. sales of 
Britain's biggest concern in the 
industry, - the 500 Group’s 
machine tool division. Under its 
new “{feverticalised’* structure, 
Flat has called its machine tool 
operations Goman Industriale, 
an organisation based on Fiat’s 
own machine tool operations and 
the* acquisition of- MST, Colubra, 
Lamsat, IMP and Morando and 
the specialist activities- of the 
Berto Lamet; TUP ES and UTS 

Rationalisation of products 
and an organisational restruc- 
turing wQl be completed by the 
middle of this year and GGMAU 
will emerge" with three separate 
lines of ‘production, each to be 
carried, out in a different plant: 
(a) special transfer machines 
for mechanical operations; (b) 
welding systems; (c) materials 
handling, storing and industrial 
washing equipment 

Last year COMAU received 
some useful new. .orders from 
the Soviet Union (for a' crude-, 
oil valve" production plant) as 
well as from Spain, Poland and 
the U.S., France and the U.K. 
These orders, with others from 
abroad, accounted for about 66 
per cent, of all new orders in 
1977 ".(the, machine tool indus- 
try-wide total was roughly 50 
per cent for export). The order- 
books ensure that COMAU will 
have a satisfactory level ofplant 
utilisation throughout 1978 and 
for most of 1979 too. 

.. Fonryears ago another major" 
machine tool group was formed 
in Italy when the troubled ; 
San'eustacchio company was 
merged into. Innocent!, one of 
the profitable pans of the State- 
owned IRI-Finsider group.. 
About one-tbird of Innse’s turn- 
over "is accounted for by 
machine tools and presses aud- 
it also makes iron and Steel 
processing - machinery. But 
machine tool- output must be 
running at around the LSObn. 
level (£30nU, making it a 
medimn-to-large business in this 
industrys terms* 

According to UdUU. the 
Italian machine tool industry- 
had a 1977 output of around 
LT75bn. (about £470m.), a use- 
ful increase — 6 per cent in real 
terms according to the manu- 
facturers — on" the L625bn_ 
(£380 ul) for the previous- year. 

With exports at L370bn_ 

(£224ro.) and imports at 
LX60hn. (£97. in.) there was a 
; healthy positive balance of 

. But 1977 was not seen as a 
good' year for the. industry. Of 
course, it provided a drop on 
the, artificially high peak of 
demand in 1974. However, the 
'companies also had .to watch 
their order books gradually 
melting away as the year drew 
to a-close. 

-• In March 1977 the industry’s 
'.order books represented about 
six months output. By June that 
was', down to 5.2 months. By 
September there was a further 
fail to tiie equivalent .of four 
.months output (lower than at 
.the end of 1976) and today 
-there is less than four months 
'work on the books. 

The home, market, dreadfully 
: flat, is ' e> 5 >ected to pick up in 
April and May as the Govern- 

ment’s . accelerated investment 
scheme takes effect This offers 
a deduction of 4 per cent, from 
the VAT payment of companies 
baying capital goods during, one 
year from October 1, 1977. 

Foreign markets are a little 
better with definite signs of im- 
provement in West Germany, 
the Industry's best export 
market. The U.K. is also doing 
relatively well. There is, as 
previously mentioned, a new 
market coming on stream in 
South Africa and, because Fiat 
has a contract for a car plant 
in Yugoslavia, the Italian 
machine tool makers would ex- 
pect some business from that 
country and estimate around 4Q 
per cent, of the machine tools 
for the plant will be ordered in 

Kenneth Gooding 



effects. "The- long-term one is. -are-used as vehicles for political 
that -small- companies - pre^ patronage." And political ap- 
dominate in Italy. One . survey pointees do not usually make 
completed a couple of years ago the best top-level managers for 
revealed that 91 per -cent' of large corporations. There are 
Italian engineering companies frequent outbursts of restive- 
employ fewer than 200 people, ness among the professional 
while the small number of con- managers within the big State 
cerhs with more than 1,000 holding groups and this is cur- 
employees accounted for two- rently the case within both IRI 
thirds of total production. ’ and ENI, the State oil and oil 
Italian - engineering "LJtgsi- products group, 
nesses have developed a rela- “, ere j 1 * an Averse effect on 
lively simple system to prevent Itai ^ 3 other engineering bust 
themselves growing above the nesses because, in the words of 
200 level and getting enmeshed 4 n “® private-sector manager; 
in the harsher employment pro- Problems within the big 

tection laws. As a com^ny companies within the State 
grows it simply “ sponsors " jjwppjff* considenhie atten- 

another one which is set up to tio j? ° utside Wf and 
provide it with components. re ? vJJ*® ^ n E a S" - 
The new company, which has I? fact, though. Italian engm- 
no formal connection with the compamessuffenio real 

first on which it depends for of credibdity as far as 
its livelihood, in theory is their ability to perform- w con- 
simply another small engineer- cemed. There can bejuo deny- 
ing company. “‘S tbe success Italy, has 

L, «« +> ,„ achieved in the manufacture of 

-feSsria as asrteiasms; 

I ™£n,® r °m D f fcrtllEkJUSSEdIbS 

^ o b lcm . The .latest count ^ 0Ter ae worl4 
showed 1.7m. unemployed or ^ nuclrar power-rfEorts 
7.6 per cent of the working ^SinT to 

population. As in the DJt ESn™. JSHJ,, " JPf™? “ 
those most badly -affected are ^ 

“5, Th?* iSf ia ?°SE exporter 0 f know hoS? -JcSSne 
half the Italian unemployed gj^^pje j S the polypropylene 

are under 25 years old^-and pltm t S iiampT!!getti 

hv 11 rhP ”re^nrn °to couMUissloning in the People's 
been helped, by the. return, to -fienuhiic of China 
the south of Italy of many ° p f ,^ laaapliatm 

expertise, so Snam- 

1973. The GNP rose by .4.7 per 
cent a year while industrial Hut- 
put .showed a 5.5 per cent 
growth rate, Industrie invest- 
ment was down to a 2.7 per cent 
annual improvement reflecting 
.the considerable slackening in 
the accumulation of capitaL 
Overall employment in indus- 
try rose by. only 0.8 pec cent 
although . its share of total 
employment increased from 40.1 
per cent in 1963 to 43.5 per 
cent in 1973. During this period 
the value of industrial exports 
quadrupled, attributable -above 
ail to the positive .trends in 
engineering product^ vehicles, 
chemicals and petroleum deriva-| 
lives. • 


migrant workers because of Amftgn 


Suut^*" 1 " “ “ de “ 0th " SosSii iTeSc^fy help^ to 

countries. - • - channel" American technology 

into China. 

Italian engineering companies 
have been helped considerably 
There are large companies, of by .the willingness of. domestic 
course. But many are State- customers (when they are in- 
owned. In the engineering seo vesting) to take a chance on 
tor IRI figures extensively. It new techniques and technology, 
has control over companies mak- This- gives producers something 
ing domestic washing machines, to show potential • foreign 
freezers, air-conditioning units customers when they start ex- 
and incinerators at the lighter porting those products. 
end of engineering as well as Italy’s need to use whatever 
steel plant arid process "plant at useful technology is to hand If 
the heavier end with the Alfa" it suits its purpose is one more 
Romeo car business in between, reminder that it was only 
IRI, which has been described during the period between 1951 
as the mainstay Of the Italian ®ud 1963 that the country was 
economy, also controls the Fin- .transformed^- from an agricul- 
sider steel making group, Alita- tural to an industrial Economy, 
iia, Finmeccanica and four major . Over this time the GNP (at 1963 
commercial banks: the Banca prices) recorded ant. annual 
Commercials Ttalloa, Credito average growth of 5.6 -per cent 
Xtaliano, Banco di Roma and while value-added in the indns- 
Banco.di Santo Spirito. CRTs trial sector rose at an even 
turnover in 1976 reached faster annual rate — about 83 
L.12.000bn. (roughly £8bn.) and per cent 
its accumulated debts total Investment in those years 
L.l5,000bn. (£9bn.) equivalent to was rising at a yearly average 
15 per cent of all the deposits rate of 9.1 per cent while 
at the Italian banks. . - investment in plant and equip- 
ERI is the major example of- merit, moved afong at a 
the thousands of industrial Phenomenal .11.6 per cent 
bureaucracies which have been The slowing-down of indus- 
built up during 30 years of trial growth was very marked in 
Christian Democrat rule which the following decade, 1963 to 

All this explains why it has 
taken Italian engineering indus- 
try managers some time to 
adjust to the- continuing reces- 
sion and the total lade of growth 
they have had. to put up with 
so far this decade: 

Italian engineering certainly 
stands to lose a great deal if 
there is a. return to widespread 
trade protectionism around the 
world. Managers wait anxiously 
for signs of a pick up in demand 
in West Germany and France, 
the best foreign customers for 
engineering products, and a 
revival in important new mar- 
kets which- recently have gone 
sour— such as Brazil md Turkey 
and even some Middle East 

And a growing . number of 
executives, particularly among 
the bigger companies, are talk- 
ing more and more about the 
need to “ Europeanise. " One 
manager insisted: “European 
industry must realise- that it. is 
being squeezed by- two hig 
powerful blocs— the r Japanese 
and the Americans:-- We have 
the human resources to compete-} 
but we -must form- International 
consortia to do so. We can 
create our own M technology 
Woe.” By this T. don't mean 
that there should be full - inter- 
national mergers between com- 
panies of different countries. It 
Is too early to think about that 

“But these would, be Euro- 
pean companies getting together 
to offer technological packages.*’ 

The problem is that the 
majority of engineering coni' 
panies are at present too 
involved in • the immediate 
struggle for survival rather than 
in broad concepts about the 
industry’s" future. "One manager 
outlined, his situation this way. 
“How do 1 tackle my problems? 
At the moment it Is like sailing 
in heavy seas. All" you can do 
is tackle-one wave at a time as 
it hits you.’* 

From the -Loud on Area, from Milan; Paris, Madrid, Sao Paulo, 
New York, we offer you our renowned technology and these 
comprehensive services- 

* Avant-garde process know-how and techniques inLNG-, 

petrochemicals, fertilisers, plastics, fibres and petroleum refinlog- 

to.keep yod ahead, of world competition. . 

^Engineering skills, backed by sophisticated, computerised 
sysfems-td optimize process plant design parameters. 

*!£ World-wide procurement expertise-to purchase modem, 
efficient equipment with maximum economy. 

^Proven construction capability and reliable on-site supervision 
worTd-wide-to' maintain the critical path up to commissioning. 

* Short and long term feasibility studies-to assist your forward 
planning and protect your capital investments. 

- ^Multi-national export credit arrangements-to facilitate project 
financ e find ease currency problems. ^ 

. * With Sales Executive Offices in London and Engineering y. 
Offices in Basingstoke - Snamprogetti is here to design and build V 
the plants of tomorrow for you today. . ■ 

Fmd outinofe by contacting David J. Coates, Marketing Director, 
atStanhopeTAouse, 47 Park Lane, London, WJL Teh 01-4997177, - 


Mario Merlo, Deputy Manager, at Telford House, Hoimdmills, 
Basingstoke, Hants. Tel: 0256 6L21L 






* ■ • ! r, 

Financial Tjmes Thursday March 9 1978 


mw , h „. important • .Tfae .group has seven plants, business Is wholly-owned and in to fanners. (This idea can be 

' wiwo ** engineering sectors three in Italy, two -in the U.S. — turnover terms bigger than its adapaied for developing conn-. 

provides- toe including one located at its head- construction equipment opera- tries because Fiat Tractors and 

• SS?*?*'. . t? 3 *™*** quarters in Deeifield^IUmois- tions. Sales reached L630bn. its sister group, Fiat-AUis, cab 

• tractors and one. m the; U-K (Essen dine. (£381m.) last year which was supply all the equipment for 

. - n e ? ui P™ ent The Lines-), and erne in_ Brazil. not a particularly good one for clearing virgin land .preparing 

pians being implemented, to Fxafs interest in. construction tractor makera anywhere. Fiat the soil and then cultivating it); 

strengthen these businesses con- equipment developedJn support sold 63,500 units ’ and 32,900 It was with this in mind that 
cern not only Italy but the rest, of the country's, civil engineer- knock-down kits. Fiat bought a majority holding 

- M -Europe to view ojf. the poten- ing contractors who tend to in HesSton. the hay and forage- 

■ rial _ threat that European manu- favour Italian-made equipment turerv ^^ r^kf harvesting machinery company 

facturers will be. gradually of all kinds. The contractors woa SdtofeSlSepSer. 

squeezed out of existence by the L12.000bn. <£7.3bn.) oLwork in Hesston, with sales of 3144m. 

powerful North American and 1976 and a. little more than £ W6 ifprobri" the 

■ . Japanese groups. ' UWoohn. last year. . S SlITEta ™d. 

, It is. of course. Fiat which. 1 * an .engineering area sSSlF,-!? fnnUurT™^ Previous acquisitions of 

■ >. provides th eimportant presence is. unportantaiid the j^g- international Harrestpr Gharardi and its associate 

>■ in both these ^ for Kat-AIhs SA “™ and of Laverda in Italy 

The extent of its influence V 1 * 0 number three rora m tms wori£l Ieague also spread Fiat’s agricultural 

became much clearer after 1974 111 “ e world league. At machinery range so thar it now 

.. as the de-verticalisation of the . “oment the league domi- p , AltAW1A _x offers a full line of combine 1 

" Fiat management structure took nat ® d *jy Caterpillar, vdth 50 per f OrCDlOSt - harvesters, forage equipment as: 

management structure took 


Businesses which had been y the world’s readme qimniipr (Vf ana anaemnent easinesses, 

^operating as one were split up. ^ aedk*Jm <*awler traetors fof agriStiirS ^ ^ troriM^eoiistac- 

Fiat com ' Interna manufacturing 10,000 units hon eqmpment operations bene- 
pleted an extremely vital deal •«S r !! 2 Fi: last year. These ranirn from fit from having access to Fiat’s 

which not only expanded its con- Deere, each with 6 per 45 jf p t0 jgg tp ^ ^ res earth centre which services 

struction equipment product employed in vineyards and aD 11 divisions within the Fiat 

|l range but also took it into the orchards, where space is limited empire (1977 sales L 13 , 070 bn. 

North American market in a * '*“■ Ttaf 1SST3 or f 79 »n.). At the research 
Iff major way for the first time, It « required, andTon hard soil centre the transfer of tech- 

thus established' a very firm Seric^ritoits cSSer-doMK whe^ de^T ploughing is neces- between the divisions 

foothold in the biggest market fS **y-*uch £ kf^Vtoe takes place and the agricultural 

m toe world for this type of in^he StaS^ih 1976 Mediterranean area. machinery and construction 

machinery. reached 23.000 mrite compared Fiat's PoHcy Is to extend it, IgJ“g ^“co'SSieS 

D onrtrt with Western European demand tractor business so that if can 

Range -of *, 000 . Crawler load® sales offer a full range of ill pre- 

The dial involved setting SJta”! Sjf’T! S^In^Xolbgy is not so" 

- “l . jss rasrsr >* - — ~ r 



! r- £■- ^3 

^ Tl 

to the motor. graders, scrappers 

and wheeled loaders made by ivvi 

Allis-Chalmenr of the VS. “ 

Originally Fiat held a 6a per Western Europe. . ?, ^ a 

cent, stake in Fiat-AUis but to is . At ae same tune Kat-Allis I ' 

was lifted to 77 per cent in *“t®nds to spread its. product I || M f lFL' ’ 

January 1977, a deal which 'increase forth®. Cmrentiy its ■ I I \ J jlvlv I, \f I 13 

dicated a value of $270m. had equipment is represented hi sec- A w 

been put on the Fiat-Allis t0re making up onfe:W>" per ^ 

business. cent of the total construction • ___ m~ ' __ 

There is no doubt that one day equipment market by value. ^ T /^V O A 

Fiat will take up more of the : n already has been locking at I f a | 1111 II I /l fl I IvI j 
F iat-AUis shares because the forestry application^, ’for its r-' ^ -A A-E. JL VVXAw V 

Italian group intends to con-, machines in connection With toe ^ 
centrate on the construction attack. ..on newer markets in 

equipment markets while Allis- Africa and Malaysia. -By 1980 v*c vrvnmrrn at 

Chalmers wiU put its efforts on it will have a line of -forestry ■ M ^ HANICAI ^ ?“ d the ^ 

it, mjuh^treim lines of proems machines based on thepresent sea “ r , , f ° r *“™ “ ] mk ? ““ “ 

DlanL elprtrieai pmiinmunt crawler dozers ' 1 - roughly one-third of the see what products, what techno- 

agricultural machinery. recent ^ TTc>mSn UfaCtU «nf ie ? e ^ Cl1 *”,? 

In 1977 Fiat-AUis sales one- of its dozers for opencast ^ '“FSS development is reqmred as weU 

totaUed L550bn. (around mining work leaves an cKioiis as which markets they sho^d 

£333m.). Compare this with toe gap to be filled by an off Ugh. B£ 6 ^SiSSSS. Jf £1 ( ?rf Jf duStry , *3°*? 
leading UJC : juanufactorer ^way truck to matclt it -The" pro^ mytSt? ? ° ^ CenL ° f ltS 

l excluding the American-owned bable solution here .ynmld "be ou ^ u ^‘ 

muiTu nnontino fm- T^at-Aii ic *n nm-Wie+ine, Italy. At the moment the posi- At ANIMA. the mechanical 

ITALY^ MECHANICAL en- and toe idea is that ENI should 
gineering sector accounts for have a look at their future to 
roughly one-third of the" see what products, what techno- 

groups operating in Britain) for Fiat-AUis to buy ay iriistlng At ANIMA, toe mechanical 

J. C. Bamford which forecasts a manufacturer and. in^ed, it al- ’hri^it Sf?* 2 Sl* trade a f 0Ci SS 

£ 100 m. turnover for 1978 .- ready has its sigfal/set on an m ° m whic 5 takes 111 mor ^ than 1,000 

Fiat-AUis last year- sold 9 BOO Italian company^ toe field. p rp.^vA,,. manu- membcr companies in 52 diffex- 

units, a 9.6 per cent, increase on (When Fiat wac^d to get into 2 L 2 ! M *. 0, ' fte ™ dMtiy ’ ” 

1976 , and toe market penetra- the hydrauUc excavator business f?^rS r X c ShSiv Slv «°t-sitaation reports are just 
tion of its three main product in 1972 it solved the problem by -Hah n* the r^tsrtbn ^ lrougllt together, 
lines rose from 10.5 per cent buying Sim of Italy). S l 97 B In fodicate that in 1977 

to 12 per cent . . v Hat's agricultural tractor ^ dmnand for internal combustion 

: 1 r 1 ^- engines remained at the 1976 

-• • ■ " — ' ' T 7 : — "T ! level “ <*» hom ® market was 

. a®ociation, ^his w weaker but exports improved. In 

turbine em£L the ttend wS 

and abroad went bad. It was 
almost a disaster.” 

slightly better last year but the 
industry is waiting for toe Stated 

However, “We are now get- owngM i electricity company’s 
ting used to toe changed ci^ orders now that an investment 



programme has been agreed 


from IO to 650 HP 


T . . ironS to &0O KVA 


rirom KM>to TIOOO Utxes/r 


TRESTErZ0BaiKkBtri^ , WaT73^‘CEffrO(Fenafal-ViafiBriarese,29 
.. " ' "fei. 902104: 

-V k L J 



refinery; petrochemical, chemical, pipelines. 

Ingeco tolog InfemotfondlrTi^uWrVfa R 3 vnA.Cao 6 u 1 -M- 544 B 3 J - 1 efee 73 fi 97 Fngec CH 
Ingecoloing VAt Acton -LondooW 37 Q 5 , P«kHouse 2 Q 7 - 21 1 V* Vofci- H 7431230 -tel ««951038 
Ingeco S.p.A.: Mibn. 20123 via Gon 2 x>gd 7 , td .85901 -tdex 352 <B Inleigee 

toe good times are over and steam turbines experienced a 
we have to chase customers «u. g00 d demand from the Middle 
over toe world and double our hut the home market was 
sales efforts. For toe time being VEry flat indeed. 

companies Manufacturers of haiuUin^ 

even rather tlan make profits, ^uipn,^ ^ of f or klift trucks 
Average order books, which gay that 1977 was worse than 
reached 1} years in the peak previous year and there was 
-period in 1973, are now six Qjjjy a slight increase in exports, 
months at the most. (One indication of toe general 

’ - ACEMIT is a typical Italian trend was that Fiat’s forklift 
rijeEhantcai engineering trade truck sales- totalled 6,688 units 
association. It has 220 mem- last year, a 9.3 per cent drop 
ber^corop allies and their output in 1976.) 

.represents around 90 per cent, For construction equipment 
of total sales value- Between the home market was poor but 
toem- the companies employ exports were going well last 
30.090, and 1,800 are in- toe - year. Makers of oilfield equip- 
biggest group, SAVIO. ment state 1977 was “not so bad” 

'-SAVIO was a profitable com- and they expect a good demand 
ponent within toe textile for- drilling equipment and pipes 
machinery business of EGAM, in particular this year, 
the.' loss-making ' State holding There was a decrease in 
company which is currently orders in 1977 for pumps and 
being ; broken up and dis- compressors and the manufac- 
mantled. The plan is to inject tufers are gloomy about the 
toe textile .machinery com- current 12 months The 
panSes into another State con-, volume of output is not ex- 
tern, ENI, the energy-based pected to show any im- 
grtnrp but which has some slight provement on 1977. Air con- 
conhection with toe business ditionlng plant output showed 
because it can supply textile a fall of between 5 and 20 
plant— which Indudes orderiflg per cent (depending on indl- 
the. equipment to go in them, vidnal items) last year on the 
" Tie other former EGAM 1876 level. The only bright 
.companies were not profitable *P°t. is f° r antopollution equip- 

The trend in demand for in- 
dustrial refrigeration plant for 
’■_• •• 1977 was satisfactory but at the 

year end there was a sharp fall 
' in orders from the home 

market While demand from 
abroad is holding up, compefi- 
• ■ >. tion is becoming even fiercer. 

For valves and fittings 1977 
'. ■ • was wor» thm a poor 1976. 

Sales of plant for the chemical 
mm' industry were generally satirfac- 
Ja Jl ■ in 1877, mainly due to 

, . , mwm-mm . foreign demand. Profitability 

t/SD - Sljffered though. 

1 C)[vl As for toe Italian scene ha 

- 1978, the Fiat prediction Is that 

rr>M PfPFI 1WFQ although the indicators seem tri 
* ®rtLliNLO/.- . suggest that industrial activity 
fii -u i-i-r- might be on toe way to a slow 

rLANTo but srodnal recovery, fa 

straightforward - return to a 
period of stable and dynamic 
" growth is hi^dyj-nnlfkeJy— at 
-Hfee73d97rngecCH least as long u production 

hu: nis hampered by the- cur- 

fe-H7«12»-tel«W51Q38 rem: rigid IndlSac rinSBiS. 

institutions and social relations.” 



UREA (9 units), POLYPROPYLENE (5 units), AM- 
MONIA (4 units), ACRYLONITRILE (2 units), ACRY- 
TRATE.. ... 

■ These projects in development or in course of 
construction ail over the world are derived from our 
engineering skill. - 

They are based on Montedison's technology or pro- 
cesses licensed from other companies. 

Contracts we undertake vary in extent from a 
single service - e.g. the basic design for a chemical 
unit - to the supply of a service ranging from initial 
concept to start-up of a petrochemical complex. 
We also provide off-site facilities, environment con- 
trol units, power stations and other utilities. 

Our proficiency in engineering and experience 
In international finance can be combined, whenever 
necessary, with the operating and marketing experti- 
se of our parent company Montedison, aworld leader 
In chemicals. 



VJe Montegrappa, 3 - 20124 MILANO .(Italia) -TeL ( 02 ) 6333 - Cable TECNIMONT -Telex: 31679 MONTEDIS per TECNIMONT 

Comau : 
the strategy of flexibility. 

Production. Production 
of everything the market needs. High 
quality production at competitive costs. 
And cutting down of idle times in 
production and storing. All objectives 
that many of the world's industrial 
giants have achieved, thanks to their 
cooperation with Comau.. 

5,500 employees. Including 
1 ,000 engineers : 1 2 factories - 
split into .5 operating sectors: 
Engineering, Machine Tools, 

Welding Systems, Storing, |H 


Materials handling and Industrial 
Washing Systems, Dies and Fixtures. 

This is Comau. An industrial 
organisation, capable of supplying 
"on a turnkey basis" new production 
lines, complete plants or made 
"to measure" storage systems to 
mechanical industries. 

To all this, add a sharp 

market awareness and a high 
technological content such as 

III to °^ er ^ st production 

1 15 change-over whenever needed. 



The technology of major developments. 

Comao Industrial© &pAReflistered offlc&: Via Brvafta,' 30 - 10095 Grugliaseo (TORINO -ITALY) 

TeL fOII} 786262/7800333 -Tatex 2351V 




Financial Times Th'areday'March' 9 1975 


\ : 
r \ \ * 



■■ — .• r~- 

Agricultural and natural 

Transport s - 
Public Utilities 
Economic planning 

CITACO SpA (Italian Centra for Economic 
and Industrial Co-operation) puts at the 
disposal of emerging countries: the ex- 
perience. capability and technological 

• * 

know-how of 1RI (the biggest Italian in- 
dustrial group) iff a wide range of services 
in the consulting and engineering fields, as 
well as in works on a turn-key basis. 


Viale Liegi, 45 
00198 Rome- Italy 

Telex 68317 
Phone 841291 

THE ITALIAN orotor' industry, 
like Great Britain’s has still not 
recovered entirely from the post 
Oil crisis recession. While 
Germany and.- France 
experienced record production 
in 1977, the Italian industry 
remained some watf below the 
peak of. 1.958.00G vehicles manu- 
factured. in 1973. .Preliminary 
indications : are that- -output 
including cars and commercial 
vehicles,- remained at about the 
1976 level of 139L980, ' while 
registrations moved up. by only 
about 30,000 to L3m. cars.' 

litis daw recovery- 'is a 
result of the weakness of the 
general Italian. economy raflier 
than the motor sector, itself. 
Both Germany .and prance harp 
Iffte'd. out , of the problems of 
1974-75 on. tile' strength of 
buoyant demand ■ for motor 
vehicles. Neither Italy - nor 
Britain have experienced a simi- 
lar improvement In Italy, there 
is the additional problem toat 
Fiat is so heavily depen debt on 
its home market — It accounts 
for more than 5ff per cent, of 
Italian' registrations — that any 
sickness fn toe Italian economy 

has' a disproportion ate', effect on 

its performance. • ■■ 

Fiat is now clearly engaged on 
a policy of spreading its 
interests into other markets. 
The company has reorganised in 
recent years so that its car 
manufacturing activities, are 
balanced more adequately hy 
truck production, general engin- 
eering and its interests in civil 
engineering. At the samejtame, 
it has been spreading its vehicle 
manufacturing _ base . outside 
Italy. On. the commercia l veh icle 
side, if has created .tVECO, 
which baa three manufacturing 
bases in Italy. ■ Germany mid 
France. :And on the- car sfde it 
has embarked on. a series of 
deals whereby -Eastern European 
co u n t ries have bought -its tech- 

. These ' moves will' have the 
effect of. making Fiat , less 
dependent- on its performance 
LOr Italy. Indeed, the company 
may have 'to accept that itt 
market share will decline below 
toe .Su per cent 'mark as other 
manufacturers within the 
Gbmmon Market make attempt? 
to. -increase;, their-, own sales in 
Italy. The- compensation ior 
this loss, Fiat hopes. wfll cQme 
in improving its grip . on aver*’ 

seas markets, particularly those 
within, tiie rest' of. the EEC. 

where, it -aiming for an 
average per '.cent market 
share. . 

These plans imply, however, 
that there will not be a rapid 
expansion in vehicle production 
in Italy over toe next few years. 
Fiat believes, -along with most 
other European motor manufac- 
turers, that the opportunities to 
sell ' built-up cars outside the 
European area - wlQ ‘decline in 
the-years aheaeft'as manufactur- 
ing is .established. in the devel- 
oping world.: Therefore Euro- 
pean - companies -roust concen- 
trate on toe . local market, in- 
vesting only to .-soak up the 
natural growth- which can be 
expected over the next few 
years — most ‘ manufacturers 
believe that European car sales 
will grow from about 10m. last 
year to 115m. or 12 hl in about 
1985. . 


Flat's strength in Italy, how- 
ever, has been ^fcartly won at 
the expense of the weakness of 
the rest of the industry; 
During the big -growth years of 
the 1960s,- Fiat itself took over 
Lancia; the quality car manu- 
facturer Which had fallen on 
hard times, and in the oil crisis 
Alfa Borneo had to be rescued 
from serious financial problems 
by IKI, the Italian State 
holding company. Thus Italy 
tfrday maintains only two sub- 
stantial cor manufacturers, plus 
BanoeentJ, 'toe former British 
Leyland subsidiary which still 
assembles Minis, ‘and a number 
of small design'' houses which 
alsp make . a limited amount of 
cars. One of toeae^ Ferrari, has 
also been taken over by Fiat to 
fonn the core - of its motor 
racing effort . 

Alfa Romeo has been in great- 
difficulties ever since its take- 
over by ttie -IRL The company 
had toe misfortune to be caught 
by the 1974 slump. In toe middle 
of ' a. major expansionary move. 
This involved the creation of 
Its AJfesud . division in the-souto 
of .-Italy, and the : launrir' df toe 
Alfasad -and Alfetta models, > at 
a: tone .When ther 'market was 
going 'rapidly info-reverse. But 
evferi when toe .market re- 
covered, Alfa bas continued to 
struggle, mainly; because of 'a 
series rO;E labour - disputes ■«* toe 
new Alfasud plant The Alfo- 
rd plant, established -at a cast 

of about £400nt, has never pro- 
duced at anything like its 
capacity of about 250,000 units 
a year. Normal output has been 
running at about one third of 
that amount, with long periods 
of no .production at all. 

Th ese pro ducti on inadequacies 
have-led to a staggering buld-up 
oflosses, amonntzngco Lr.SSOhn. 
(£370m.) over the last five years: 
About 80 per cent;o£ this is 
reckoned to have derived from 
the Jtifosud- plant, whirii is now 
receiving fresh- interest from the 
Government in an ; attempt to 
stem the losses. In October last 
year a . Boardroom reshuffle was 
announced by IRL with ..toe 
appointment of a new general 
manager, Sig. Alfredo Lmgiardi. 
He win be in charge of all the 
day-today decision making, and. 
ZRZ lias emphasised that toe: in? 
tendon is to give Alfasud- rather 
more - independence from the 
rest of the group. But at toe 
same time, IRI has warned that 
failure to raise toe plant’s pro- 
ductivity and improve. its com- 
petitiveness could raise ques- 
tions about further support for 
the. operation. 

' Alfa's main, success, since toe 
reorganisation has been in the 
export field. The company has 
bad to build a business-in over- 
seas-markets with its new pro- 
ducts from a position of very 
little experience at toe begin- 

ning of this .. de cade.- Today, tiuctioir technology. During ..its 
virtually two-thirds of ;its pro- recent corporate reorganisation, 
ducts go .overseas, with, 'toe Flat -has hived off its tooling 
Alfasud. -model proving a: .re-' activities into a separate- mac hin e 
markable success, in zdany tbol company, called- -COSIAU, 
countries ; despite toe problems" Theidea is to establish aneatter- 
pin the. production lines. \ . prise which can go-ciutanfi seek 
-. - IRI .also has . an Hitwpjq fo . business on its:-Dwn^,.bat: the 
the Imwcenti plant, now run: W scheme has been- part; of a 
Sig. Alessandro de.Tomaso r and Trider plan to impr ove th e tecta- 
once, again- building up pro due- notogy. of car production.- 
torn of the so-reljed Innocent! ; within toe next few weeks 
litini -ja .hatchback derivative, oi one of the first fruits of 
the original car) Jto ; a possible dOMAlTs work -comes into 
404300 units, this year. .'The* operation with the launch of 
Innocenti product continues ' Jo Flat's new 138 model;: This car 
sell well in Ifoly, atid has; been is being produced' in ehtifolyre- 
mtroduced in linfoed pmoifotsto fooled factories which' wfll use 
some other .European .markets a - novel system of -production: 
like Switzerland. ; .r-: This system. Called Rbbogate, 

Sig. de Tomaso’s other 'iiK -has done away with toe tradi- 
forests in motor vehicles lie in tidnal assembly- line at -certain 
foe .’design house of toe'- same Points In the-ptoductiofoprocess, 
name which produces a rang^. replacing it With - trollies 'whidb 
of sports cars and expensive run automatieally'bver magnetic 
saloons, and toe Maseratl com- tracks, 
pany which he rescued In 1975; ■ 

Both companies have survived W fMflfirS 
the oil crisis and are produo- 7 T 

mg new models. Similarly, the : The Robogate system will be 
larger design houses, such as used in the first place on toe 
Ital Desigp and . Bertone welding lines only, but certain 
remain in a strong position ip parts of the concept are also 
the European industry, being applicable to other parts of the 
used by virtually every ' signi-' production process as well. The 
Scant manufacturer from time idea is to transport parts of a 
to time. ' : vehicle around the factory on 

One additional area of motor trollies, which eventually run 
industry engineering now being down a line of automatic 
developed in Italy is that of prof welders to emerge at toe other 

end with a completely weld& 
body shell 

The unique features of fo 
concept are first of all the us 
of trollies, and secondly the us 
of welders- which can sense th 
dimension of the vehicle the 
are welding. The trolly systet 
allows greater flexibility tot 
the traditional conveyors hi 
cause they can be programme 
to pick up tfie pieces of nun 
than one. model, whereas coi . 
veyors cannot - At toe . sue 
time, - the automatic welds 
have been adapted .sor that t hi 
have, toe flexibility to deal wil 
more than one model. 

If the Robogate idea wort 
under the pressure of co 
tinuous production, it cou . 
have far reaching influence t 
car production methods. Fi 
believes that it will both c 
investment in new mode 
because there will not be sui 
a large requirement for re-ten 
ing, and that it will make 
easier to balance products 
between different models at a: 
one time. 

These ideas, of course, st 
have seen to work. B 
if they -do, they will- clear 
give the Italian motor indust 
a significant boost over the ne 
few years. 

Terry Dodswort 

Motor liidustry Corresponde 

Nuclear programme 

A growing 
company, part of an 
economic system in Italy 
that’s growing. 

pjoyeesin 1976, CM.C. increased ' TI fa company operating in foe 
to 3350 by the mid of 1977^-20% ecological sector).: SERS (tug 

to 3350 by the end of 1977^0% 
more jobs. 

While private industry mani- 
fests the exact opposite tendency* 

C.M.C. of Ravenna, general con* 
struction company, is an integral 
part of that imposing association 
of companies that together form 
the Italian cooperative movement. 

This movement has A social 
strength of over 5 million coope- 
rators, accounting for 7 7» of 
Italy's GNP. 

The cooperative mode Of pro- 
duction has proved to be the 
most effective in facing and over- 
coming foe difficulties of what is 
now, in Italy, a general crisis. . 

The cooperative movement is a 
wealth of human and material 
resources and its objectives are 
not only production oriented, but 

This is the natural consequence 
of the cooperative mode of pro- 
duction, which is historically ba- 
sed on toe principle of self-mana- 
gement where the workers partici- 
pate directly in the running of 
toe company. 

C.M.C. founded in 1901, is a 
member of the National League 
of Cooperatives. The League in 
1977 alone, had an investment 
programme of US $ 1.2 Billion. 

This is in net contrast to toe 
private construction sector which 
is in a permanent crisis. 

A company tkat 
produces a very rare 
product New jobs. 

CALC, is basically a general 
construction company, but has 
developed diversifying its acti- 
vities. It uses ever increasing hu- 
man and technological resources 
in toe continual mdusfriaKzaticsi 
of construction techniques. Not 
forgettingits expansion into com- 
plementary sectors. 

The GM.C. group has toe follo- 
wing structures : 

C.M.C. - CE.PR.EDJN. (Cese-. 
na, Italy), building prefabrication, 
precast industrial plant and met- 
al carpentry. _ . 

ni, Italy) building prefabrication 
for schools and housing. 

za, Italy), ceramic tile factory. 

FINER - C.M.C V Own finan- 
cing company, through which the 
group participates' ' in SECIT, 

ecological sector).: SERS (tog 
boats), MARITALIA (maritime 
agency), ZANNQNI (metal works) . 

CJllLC’s group turnover in 19T7 
was .about US $ 80 millions, its 
growth programme foresees- an - 
even heavier investment, increase. 
According to toe medium term- 
development plan, turnover will' 
triplicate in real terms in toe next- 
four years. It’s on this solid basis. 
that- C:M-C-' intends to widen; its- 
Collaboration, with all the national ; 
institutions, small, medium and 
large industries, and the public . 
sector, whose objectives and. teii- 
dencies are coherent with demo-v 
cratic programming. 

An Italian company : 
that exports Hhc very 
newest Italian product 

ABOUT 50 MILES from Milan, 
on the banks of the Po just 
above a hydro-electric plant, 
stands a white, windowless 
tower. 51 metres high. From 
this tower- will come the steam 
for Italy’s- first big nuclear sta- 
tion, expected to generate its 
first electricity mis spring. If 
toe aims of the' Italian Govern- 
ment and its National Energy. 
Plan -are fulfilled. Caorso will 
be the lead- station of a large 
programme of cotnmereial-size 
nuclear stations planned to pro- 
vide most of toe nation's elec- 
tricity -in toe 1990s. 

Caorso is about three years 
behind the schedule set out 
early in 1970. when it was 
ordered by Ezrte Nazionafe per 
L’Energia EleHtrica (ENEL), 
-the State-owned . electricity 
utility. Strikes, and a major de- 
sign modification early in the 
project flofiowi&g an accident at' 
a West German station, account 
for much of the delay. As the 
only nuclear plant' under -con- 
struction throughout the 1970s, 
Caorso has borne toe brunt of 
a -troublesome labour situation 
for sttework in Italy, as weH as 
an upsurge of public concern 
over rraetear safety and hence 
tougher demands from toe 

The 980-MW station went 
critical on the last day of 
December, since when the con- 
tractors have been testing the 
steam circuit It is 'expected to 
be synchronised with toe ENEL 
grid within another month or so. 
Net electrical output is designed 
to be 840-KTW from a single 
turbo-generator -t-. the biggest 
ever constructed in Italy. 

Caorso' is a turnkey project— 
a joint venture Between Analdo 
Meccanlco Nudeare, -part of the 
State-owned IRI-Finmeccanica 
group, and U.S. General Electric. 
It was toe first GE contract to 
specify its mark n boiling 
water reactor. The two com- 
panies divided the contract 80:20 
between Italy and the U.S., with 
Ansa! do undertaking the reaefor 
internals as well'as handling toe 
civil engineering aspects .of toe 
station. Gibbs- and Hiil were 
architect-engineers for the 
project. ; 

The station has- inevitably 

attracted a great deal of atten- 
tion from Italy's nuclear safety 
authority, CNEN, the National 
Committee for Nuclear Energy.- 
Although it is buHt in toe 
geologically stable part of the 
country— witness the number of 
cathedrals to be found intact ih 
northern Italy— CNEN was tak- 
ing no chances. There- is a 
catalogue in existence of Italian 
earthquakes since the year 1000 
but, as one engineer commented; 
the problem is toe difficulty of 
extrapolating from ' historical 
records of seismic activity Which 
described events in romantic 
rather than scientific language. 
CNEN specified an earthquake- 
resistant design — something the 
government does not require: oft 
say; hospitals in toe region:' -To* 
day, Italy has a national- network' 
of 160 stations to measure 
seismic activity. ' ? 


The white tower, the reactor 
containment, - 24 metres in 
diameter, therefore ats on a 
thick reinforced concrete “mat" 
containing an -exceptionally high 
density of .steel bar reinforce- 
ment specially imported from 
the .U.S. The containment itself 
is also of reinforced concrete, 
designed, for a pressure of 3.54 
kilograms per square centi- 
metre. It has been designed to 
resist a blow from what the 
Italian nuclear industry calls a 
“CNEN missile” — a car or a tree 
sucked up by a tornado and 
hurled against the tower. In fact 
the conditions that might pro- 
duce a “CNEN missile” are 
almost unknown in Northern 

Party as a. result of the 
various design changes imposed 
by CNEN and by the manufac- 
turers as experience of the Mark 
n BWR accumulated, the final 
cost of the station Is expected to 
be more than double that quoted 
in 1970. Each additional 0.1 G 
of earthquake resistance, from 
0.1 G upwards, adds at least 
$100,000. to the cost Ansa Ido 
estimates. Oh the credit side: 
however, will be an extra 50- MW 
of power arising from improve- 
ments made to the fuel oyer the 
period of construction. The 

economic ciioices arc 
also social ones. 

One of the primary objectives 
of C.M.C. is to maintain and in- 
crease occupational levels. 

This is one of the funda mental 
principles of toe cooperative mo- 
vement from its origins. 

From 2776 workers and em- 

Coopentiva Mura tod & CernentiatJ 

di Ravenna ; 

Via Trieste 76. 48100 Savanna — “ 
TaL (0544)421209/421251 
- Telex 55262 

. Home office: 

Via-A. Oalrino 1/A, 00161 "Rom* 
TeL (061851522- 566595 ' ' 

T«l*x 81390 .... nal structures, necessary for an- 

: '^P^dentdevdopnrent of fo^" 

V^nsmictmgtogetncr. se countries. 

CALC'S long experience inihe - 
.. ' construction field -has made. ; it : 

. possihle to offer its acquired ' 
technical know-how to the deve- 
: .'loping nations of Africa' and the ; . 
Middle East.; 

With big construction projects, 
civil engineering plants, C.M.C. " 
establishes new technical coope* - 

- rative relations among equals. : - ■ 

' Ready functioning agricultural * 

- complexes in- Algeria for millions 

• of US $rdyil engineering- plants^ 
in -East Africa; construction pro ~ 
jects id the Gulf. 

AH realized either by C.M.G, 

• alone . or together with other . 
cooperatives, private and pubBc 

companies. • ; . ! 

• CALC, intends to workrwith all 
. the developing countries on toe' 
basis .of mutual Cooperation. 1 • 

Thus creating a foundation for 

• •• -the growth of autonomous natio-- 

nal structures, necessarv for an- 

fhel is rated at 27,500 megawatt- immediate assistance to ENI 
days per tonne. . long thwarted in its efforts 

In summer, one-third of the start more nuclear projects, 
water flowing in the Po will be gave approval to two sites 
needed to cool Caorso. For this Central Italy— one being Me 
reason aiiy further nuclear di Castro. Italy's ni 

station built at Caorso would be nuclear power station— and 
-equipped with cooling towers. f° ur n30re potential sites. 
But ENEL's policy is not to ENEL’s criteria for locati 
push its luck too hard in respect central power stations, acco 
of public tolerance -at any one- ing to the journal NjlcU 
site. The project has meant an Engineering Internntim 
influx of up to 1,500 workers (October, 1977), are. to s 
into a rural region. So although them within a few hunfii 
there would be. advantages in kilometres of the area wht 
building a second reactor and consumption is heaviest, witl 
sharing facilities, no plans have a short distance of the m. 
been laid for the present inter-connecting line, and ri> 

A new law enacted in 1975 

directed foe anthoritSes to start s K h t ^ r de < J^ i the ^ should ti 
tern- nuclear- siting -plan - for * >jrealt « own *‘ 

Italy. . including ’a “ bank "of ‘CNEN, in /compiling a^s 
fottabte 1 sites. Italy' is a . dlffi- ' bank ^ for ENEL to draw upt 
cult country in which to acrom- first considered two basic tyi 
mod'ate the latest thinking on of problem.- One Is the influei 
toe process of drafting a long* of foe site itself on the pov 
nuclear plant licensing, and station — natural phenomt 
CNEN has shown '--no readiness snch as earthquakes or. "floe 
to relax standards ' to -make It human activities, such 
easier for the electrUaty supply aircraft crashes or. explosi- 
industry. Over much of the nearby. The second is 
country there is a syri-bps risk influence _of the station on 
of. seismic activity — ^eaqnake s srtc-^xazaxds to the local po 
as well as eaithquakes -. and -Jation and the environmf 
volcanic eruptions. . Water- for impact upon local prospei 
cooling is scarce in summer, 81111 social life, 
except at toe coast where poteh- The -second phase of CNE 
tM sites are in conflict with a selection procedure brings 
strong growth of indigenous the technical factors of the ; 
population as well as of —those concerned with 
tourism. geology, geography, hydroli 

The basic requirements for fiemosraphy and ecology of 
nuclear evacuation in Italy are -neighbourhood, for exam 
the exclusion of all dwellings *^ le aearch has concentre 
from an: area about ikm- In especially on Italy’s 7,500 
radius from the station; a low °f coastline, for only here 
population ont to' a radius of ^bon offer abundant t 
about 3 km.; ahd a M moderate P iie s ol cooling water thro i 
population out to a radius of ou * J e ® r - 
5? km. Sites are located no- £ut ; “ the opinion of * 
closer than 25-30 km. to urban. lessor ; Arnaldo Angellini, p 
centres. dent of ENEL, the search 

Law No. 393, passed ’ in co ^e to late-' to, saye .Ital 
August, 1975^ laid, down a strict f ro ™ :'jfo e ^inevitabiK^- 
procedure foy the selection^nei^r ,s 

approval of- nuclear -sites. It aftdut.fbur yewst. foiufcr; 
aifo specified'' dead lines, for local tegio os lifeely tOi = b&'- 
and Central ' authorities In foe severriy, he . forecast, 
granting :bf -permits .for. projects ■ central, and southefo _ 
to proceed. It gave local ad mini-' uod 'off-shore, "isiifcds- - 
stratbrs eerfaih responsibilities . ; Pobrest in indigtfnog&Tesbi 
ih ate selection, and stipulated... for generating - gfo^trxcfiy. 
that' more research should - be '- ■ .. / : 
pursued into site evaluation . 
and plant design. And, to give : ' --v " • \ fei 

. -■ • 

The new quay in the 
West Harbourof Taranto 



Impresa General e di Costrtizioni 


GENOVA (Italy) 



Piazza della Vittoria, 15 
Tel. 591823-4-5-6 
Telex 28 3 54 MANCOR 

.4. *•: 




5 l 3 * .qaVj 

Financial Times Thursday March 9 19 T 8 

foa ng Vic 

[Albert Hal! 

by B . A. YOUNG 

* 9 

. . 

... .•:* \ 
. ?A 

Uncti aracteristicaliy In this 
jeqtre, a deal of pains has been ■ 

T en *° deck this ■ production 
■ith a lot of pretty scenic detail. . 

Uriously though. Poppy 
1 itch ell, the designer, has 
□iphasised the “downstairs" 
lenient in the rival houses of 
ilyria; while Orsino and. Olivia 
ave little luxury about them and 
re happy to sit on plain wooden 

■ enches, the wine-barrels of the 
antry and the washing from the 
mndry stand under the balcony 
or background. The - lighting 

• Mike Alvey) is kept compara- 

■ ively low. and the general look 

• > charming. 

• One thing it never suggests 
5 toat Illyria bas been traas- 
:• erred to Scotland, and in a 
wholesale manner. Most of the 
haracters have Scottish accents, 

:rven u they Just happen to" have 
»een washed ashore from a ship- 
wreck. and both Sir Toby and the 
>rsmo set dress in Wits. We 
‘vene begin with bagpipe music, 
hough it is not of this that 
>: >rsioo makes his remarks about 
, he Food of love, but of some 
nore temperate music from a 
' ’ ■ecorder that succeeds, it. ‘ 

Nancy MeckJer, a J director 

«hom it fs good to see at the . . *•*» 

zoung Vic. .seems to have-eone Amanda Boxer 1 and Marty Cruiduhank-.. 

rout for beauty before fun.. The .. - , 

• lurnour in the play is Jefis empha- hottiG.J* necessary. -Aguecheek more humour than exists in the some of the verse. 

-• .>4 

. X' 

\ VI" 


Pete -Seeger’s first -British As be sits huddled up on the 
concert for over a decade was as side of the stage, a rather 
much a political as a musical emaciated figure, watching the 

occasion- The Chile Solidarity ?2 a( * rohedQuiJa pa >-un rouse up 
1 "“““' . * the largo, Chilean contingent in 
Camp^gn was the beneficiary attcnd ance it is easy to sec he 

■ from fte packed house, at the .yUi be an idealist to the end. 

■ Albert Hap on Tuesday and. the There are always hew martyrs 

* ocial S,^i!f t 1< 0 :u t ^ e . audl ^ ce to ' the cause— Steve Biko has 
** 5 " ,ts « ntb * now Joined Vrctor Jara, killed by 

siasm and .Chilean- -junta, in the left 

“ offer clenched wiBg almanac of heroes and 
■ m3S source of songs. So if some of 
be S. e 5 c^ C l" l L . the- -older' material chases lost 

ThifllS. as it should be for Pete causes, and some of the more | 

_>r v ■_ 

"-VV - 

Leonard Bart 

L7-. 7 *7-7 Amanda Ra,., and ibM respona iu banjo. DacKea oy a mas sea cnoir 

roung Vic. seems to have cone Amanda Boxer and Marty CniicJuhank.. the very similar atmosphere of a *ho T-itrht h«r» P fl Hut thorn 

jut for beauty before fun.. The St e Seeger concert Now near- f ^ bbW . he “lf. b t ,7 

lumouF in the play is less empfaa- necessary. Aguecheek more humour than exists in the some of the verse. Feete £Jbo hE voiceis underran* are dan « ers m °ff erm s «P. toe 

used than to any production I Connor) is given more lines, and so emerges as pathetic (Maynard Williams) plays bis a blv weak, but his faith and emotions so unquesticratogJy to a 

-emember, and when it comes it &£;**_ iSSSS^iJSSSS j^iST JP“? *° mic ""* perfectly late Like a guitar and slugs his commitment are as strong as blinkered cause. Pete Seeger is 
2J?SL S°L“ frSroS* idKSEJSEE SS^-?57!25S?5;JS songs with a tins 'touch Of swing, ever-as -he. rasps out “Wiere fortunate that he can enjoy his 

damaging disclosures of socialist *T irtth 

tobuSaSr, which would have ■«!«“« to scourge with 

disturbed. -e man of this world. 

But there. is always another just 1S _.^L. Te iJ,v 1 P HJSS? 

cause to fight for and Chile fits y® 8 .”. awa ^ fr o™ the 

the bia He was joined on stage gutoous insincerities of most of 
for much of the time by QuBa- American suoer-stars who 
payun, " a ' seven-strong Chilean !l ave ®5rplo s ted the same _stag^ 
folk group who were in Europe Bnt wh t ther '} ei L fantasies 
at the-.time of the 197S conp, and ^h e nch ?ood lif ® a, T m ^ e 
who- -now can. giv e an emotional daneerous oronaganda than the 
Intensity .-to the songs of their fantasies of the poor enod Me Hoskins as the sheet music salesman 

abandoned homeland^ evoked -bv Seeeer. is debatable, 

‘ Just. as' unbelievers are moved There .were undeniahty oleamr- ■ 

by the fervent emotionalism of able frissons around as Pete Television ‘ 

a religious 'revivalist meeting so Seeger tilted at devils with his 

Can apolitical sceptic respond to banjo, hacked By a massed choir T\ • f* TT. 

ssssstri Pennies from Heaven 

— — «uv tflUUUVUUU 1 _ . ' •— «r. ~ 77 , “““ vw vM«wi 6 v 0 no tmavudlU wjllldltiai UldJS DU nhlw t&Mir nilT hie faith onri cuiuuvuo ou aw “ 

■emember, and when it comes it &S Jf* kV 13 ^ 1 , comic ”f perfectly late Like a guitar and slugs his commitment are as strong as blinkered cause. Pete Seeger is by CHRIS D U N K L E Y 

jS often, not so much derived ? u , 1 century justifiable interpretation. Marty songs with a tiny touch of swing. pvpr as he rasos nut “vniMR fortunate that he can eniov his * 

faoTn the lines as from some ex- C roin Toby s, and loxtg- flaxen hair Cruicksfcank is a tough Viola who He is very funny alternating wnvp All the Flnw<«r< inHiwirfuaiiBm anrf , 

1 remal business— Sir Toby ttep- f™ 13 ® 5 hl6 baby face, which is turns into a very boyish Cesario between himself and Sir Topaz Sm Sa ft.’ attractive ■ individualism ■ and Had anyone but Dennis Potter r.imilianly, In pan 1. Arthur a 

‘ ping with gingerly dronkenhes* patched with a baby voli» apt whose contralto voice Is dertainly u, the awful scene of MalvSio JJ 1 Arid' A of ten<ier t 00 ***™* * '^lkc up- thought of incorporating the sheet muMc sak-Miun. leu to* 

. over a dish of fruit. Malvotio «* ueak *“8^ into, the treble no “small pipe like the maiden's i n the dark room, and he ra^d S2f"-*i5v to° tS* 1 ® country New- York: be would fit popular songs of the 30s into a wife. Juan. f«»r a »atos imp iv 

executing a fouettfr when he clef - organ." She and Malcolm Rey- a big laugbwith his mad delivery SLJuhe uncomfortably in- the bureau- suc-part television play called tilos. . caVe a lift to an uini-r^r.T 

7 reads the word “Revolve "in the Both Olivia and Orsino nold s as her twin are a well- 0 f Malvo l io's letter. If I may cratic sodatist machine that Pennie * ! rom «««*;« the out- accord.anist. set c>.-s mice on a 

:)cwfatal letter Sir Toby (Bernard l Amanda Boxer igad .‘Stafford matched pair. end with some small oointZ Fv Cks 1138 umk tn n« come wou,d n° dohbt have been beautiful young, leaeher and used 

;WU) is given none. of his usual Gordon) are ptoyed: more adult t thought the evening pleasing, “TiUy-vSly, lady “ £ 1 , song! nS Snrchi^T M ^ 80 SSJadSv d ? D indul 2fot trip down memory «w wj-teue »i » oro^uuu..- ta 

- excesses: he is just a quarrel- than usual. Oreino a fierce though in my resolute Cockney aD oath: “bade" rhymes With chuJrch : ll “- comradely intentions. , ane< wistfulness the tbo rack of bis Morris s 

some middle-aged gentleman bearded CaledoniarL -Malvotio way j considered that the im- “sad," not “made": and there are ‘ ' strongest emotion around. Part ' cl there w a*, a h», more m it 

given to drink, straight from the (Neil Johnston) is allowed little posed Scots played havoc with three syllables in “clerestory” Fmtival Had 1 on BBC-1 op Tuesdav proved ,l, an that, or course as \ut.i an 

•* rwMvififi that u*ith Prttlr*r fhfirn ic n rOllCrS DU VS 111 lilt* II VC 

5 ^ ^ 

A i : 

New York theatre 

I Venice 



1 on BBC-1 op Tuesday proved **»»« that, or courw. As unh all 
that even with Potter there Is a Pollers plays in the la>t luv 
lot of fondness! involved ’ though years, this one was com-orm’d 
the nostalgia -emanates mainly ^.‘'b the narrowness of the 
from the Force and ' Bisto dinding Imp helwcen the Ucht 
packets, .the ^orris^ and the and the da T k sld ,* !s llfe; X ' M ' 
North CifculSr House for Whicli. 'Epileptic lit of t..e tramp 

producer Ken Trodd and f* lll! ; i Y ,a "- l u, Ji° wed . l 
designer Kim Harvey presum- ,1,s delight in Hie K-auiv of 
ably take some credit the countryside was jlmo.>t like 

The concert of Mozart and triple concerto together? 
Stravinsky played by the London Affection for Stravinsky’s 
Symphony orchestra under Puictoelto — the Italian cousin 

Bnt trith Potter conducting a ^ of Pott ^ H h , 
the tour, we are quickly made . The songs were made to help 

to realise that although our , the A h; ' ,Ua! * **«»*m* 

lor “III be ‘..lad when \ouro 

by FRANK LIPSIUS aWy take some cred,, jln " M 

Frank Dunlop tnrnod a par^ .on the IWian ^era. by WILLIAM WEAVER . 

ySST^ MSS To SmTSSSl „ UI» Mb- Italian opera to be done on her big. nneven Sgft. SZ5*~S£ ttSittfiStSSi ™ ptul?.? Z> gjj "M- Clod «h« You',, 

greater feat than setting up a own. with a n elegant. staircase houses, the Teatro La Femce voice. There are occasional dead piSttfnl rtfiSST SS ° oS of StravSnS^r neacuSSSS lane with men to tails and ladies i^4Vife iS onl? io 

repertory theatre -company to separating the art «’£C 0 fore- has been gomg through a bad patches in the singing sparkle/ affection and high good (1919). given here complete,- and In silver lame, the real people ° v thp n^tin -'s mri hind 

Brook >-n. the much maEgned stage wito its pre-Raphadlte period Last season attendances (eternally m the middle range) hiSeS.- Sparkle to Mcrckrt- the with much affectSaafe^nduk of the 30s-were just as ordinary, J r P a V,d5.%i3 C beth lun d t! 2 P 

New \ ork borough that probably murals and an azure-bine picture dropped sharply, the number of and the high notes., when .loud, soloist ip ; the B flat concerto gence hy the -trio of-. , vocal fallible and paraiJoxical as. they d l “ - on^^osban d‘V e nfiin ms 

-.has more in common with window at the rear. .The gem subscribers diminished. and are not always pleasant to hear. K456 ^ tfi e young- Hungarian soloists, Teresa Berganza, are now and always have been. on *i Br nukDa .W s CTO,,n * *‘ s 
butchers than theatre. Unlike of a production ^ polished ^to a bitter disseosion— arriving at In Tier Aida there are many pi^ist Zoltan. Kocsis. who. re- Ryland Davies and John. Shirley- The action WaS sJow for a Potter Joair-is in love with romance 
the Young Vic. which relied on high gloss, a Dunlop speciality, open rebellion on the part of affecting momepts: her “Nunn, after a slightly nervous Quirk. And good humour - to play, but ■ that, was probably ns it norrr-iv-ti in film* in 

an indigenous company of young with an -extra shine thrown toby the orchestra— marked the pieti was meltmgly sweet, and j^tb a performance of Abbado’s finale, the second unavoidable, given the ' self- magazines and of' course n 

people trained in the theatre by Rmc Robbins as an oteeqmous, artistic directorship of the gadfly she sang much of the Nile scene poige and clarity — an orchestral suite of TheTir&mi: imposed difficulty of working so irthur'Tson -s bull he rculit : c" 

Dunlop himself the Brooklyn patronising servant . who keeps composer - designer - producer andjdl of the final duet with | n dan to' ‘especially, beantifnlly a -■ perforin ance jtfst ‘ k- little many songs into the script of sex she finds at best a dulv 

Academy of Music represents :■ : Sylvano Bussotti. Now. aftor t^Gful nmpllcity. -.Sheris not artieulatelfc delicately- pointed; frayed at the edges In start with. Director Piers Haggard used ant j at worst “filthv” Arthur’s 

culture m inverted commas to a rn,:.-,- „w D/1 V Bx l ende d. acrimonious public really into the role,- but is. an ^ a^nkle of tiqnid fire;-. taken and a- shade slow to warm, : which only changes ip lighting to lift eve for the b^autiful’teacher »ug- 

population that, on its own. This ^WeeJt S BOOKS . Page debate. Bussotti has been ousted, there waiting for her. . One looks fay and- . clean, with splendid leaped nonetheless : -with a the songs tiut 'di ‘.the everyday «esti thar ho too is chasin" n 

would constitute the fourth or . I- , . d things to the Venetian f0 |^ard to hearing her again. rhythmic nrgency. very exdtinB. spirited, bound into -Kasehei's and to several instances the romantic elusion— but he “at 

fifth largest American city.- Will DO In tO-morrOwS theatre seemed to be returning K ®csis ig me third, and last Dance, and from then oa, held characters doing the lip miminp -least is looking for a conection 

This is not Dunlop’s first narwr arid will enntain to r ? orraal - fafter Sdiiff and Rank!), of a magnificently fimi — : taking in were of the wrong sex; man between the dream nf the soncs 

season in the large square neo- a “ a - 7 *^ COTiam p or a 5tart> uj e Fenice is Garh^ Boyagiao was remaricable trio of young its stride an mchilaratlng cres- miming to. a woman’s voice and and the reality of life, 

classical building to Brooklyn, reviews Of new books en3Dyin S J a huge success with its gleSSf^* TSSSSS a pianists-Jrom Budapest who-have cendo f^m- the’ lullaby to the vice-versa.* Together this made One thing is for sure: it will 

(Neither is- it the only theatre • .- m -Tv aew production of Aida, now in a PP eared m London during the finale, bafely audible shimmer for a surreal effect which was be impossible not to switch on 

SS.K *£?* abont gW JSf’SfSfflS *£** “ STV^S “ ut ” app0 ^ 

JL 'STmr. rffl Turai comply throish ib au- £Kt*S ff sZ ENTERTAIMMENT 'SrlL?£ s " 1 WBS^'njWatt 

KMat? « piay of vLop ass& zSS&JEEE ; ■ " gu « de ^m&i**** op 

native comedy of manners. This' season, ThI ievU'S^ Disciple, Df these^ s the conductor. The cerolL |£mu? * cutout ihmt, Mem ««« cr^nt carrick oi-ass wdi. frivat^on §(SS£dk ln TH£ £ * OT iZ 0 g&* , f$:* QF THE 

season Started off with Shaw’s fared less WeD in its’ opening a nanle ^Siuseppe Sinopoli is Mnlnhirpc in 'raw umnri numti “m* HV ttMohoiW or at »• e« o»w. £r ®ji L L°"m A RT I n 11 ) u’uA^UTTWI 50 (Perhaps ST« P S*^hI* C, !or S CHUdrenl "Take* IB unprcccdentM ilm,» what « 

^fortnight before B^y the third famjtiar to^ose who follow the operJ*?ebS^ Se gTSST M" SrZJS'-JTSi 

s n ? ld . e w i? F *l e . nc act, - where Ueosgc Rose as Italian musical avant-garde, to S^LSL 2? with the muK OPERA & BALLET brill. amt 1 ' 1 musical extravaganza. (5 . t.™*. 

Ploys Thelma, adapted by General ' - Burgoyhe exchanges whJ 5 h he is Stive not only as a disc^Sl N^n^at xl cousun. o«Mt oi-mo uss simIy^Se^^'SShim n p " ! ^^y^to?rVtf5r C a? , i 9 i o m 8S01 - ^“ohams. sts 3023 c^s.t Cara 

P. G. Wodehouse— a brilliant homilies and civilities with Chris conductor butXalso as a com- Tn/ tr;c Resamation* 01 - 83 & siet. ■■ go twice.**- i^Moriev. TanchL - - s»t. s.M^and^Mats. ?hurs. s.o. Twi n9 n 3 BK\,'. c *e A J, '‘ , Vm- 

amalgara of eriles in America. Sarandon *rDick Dudgeon! P °**T, Practiballv speaking, .fig? VSSHSitt&.T!-, ^ *”&.?&*«** Thu - V.!h mc1 6 ‘ 30 - 

Dunlop has wisely .stocked. his everyfttos ~Us toto place and h° w «ver, this Aida represents wide platform renntog acS'the ^ lo£ v CL0 ^ 0 * T wSJgg , «Sft.* ,, °- -**■ -ricWs t bkki b nsale - - -S-” cSSmv .. 

■ company with important names thft Duntop touch brings out the his Italian debnt in the familiar S f aEe _ hiph enough to allow ner- “** »h**y* **»«ai>tedS of p*rto™^[ t harry FwreRf’cuve francis. , /T Si\ c , _ once a catholic 

that his own reputation can now bMt of boji characters. Before repertory The Verdi master- „ t DON ^ D sffiliN J ^ i?°“ '-.Hiuaiol/SEiJft-SISruL - ... “‘™ " 

(ommand to America. The Plajfa that, however, the rough edges Piece, with its bold juxtaposition broad stairwav which roulrt be (G*** 0 ***!?* B36 6 & 03 I . t«e rear column oiwcmi br G«ne Saks with --Bovnuim ' " M LA C .fl N ??i , .. s *t A !5l. W|TH 

"h* Th.„„ v«y* «f «Ko lnthnnett rtoKolrt ° noort. of wiM«wia orranfio,.,- arwl 0 . a “. Stairwa>, WtUCH COUJa DC THE ROYAL OPERA "SlMON GRAY'S ftne jrtiv; rarely have InvenHoo and wit" Financial T. mes. _ LAUGHTER. Guardian. 

ne imng opasts i\uu rvrasznai 01 me rvvnencau veoeis are over- *=“* . anu iync raJse d, lowered, extended: added - , j««bm tjbo m. 1 m»« show » perfectly c»«." thms. treoit card bookings 01-930 oa-ie ■■■- .. . — -— 

is Mansky, the stuffy, disapprov- played, as is Carl Tomss clever mtimacy. is not an easy choice, elements, such as tennis a nS*. '2?™’*°- • oft«»d by harold pinter. ______ ■ ■ „„ v t 2M° VSs '""™ “real inspector 

ng older half of the writing team rotating rough-wood set, which but Sioopoli showed, from the wooden boat, a golden moon, and Sg?° ri fie^TS^,?* 30 p-m. ti»« sitying Greenwich theatre. oi-hsb 775 s Ewnmns h.o. s»ts. 5.0 a ’ fl? a l {f i qQ nl " ,,h seaside postcard 
. f Mansky and TuraL Turai is « toore_fun_when L it move^be- very tan of the Prelude, Siffi StiS arWWrfWftT® 00 year 

ilayed to mischievous. 1 elegant tween scenes than when it is that he knows the work figures it was all verv beautiful ^rrrrr — 1 1 variew cn* 01 g. b. Award m 

jerfection by Rpne.AubMjonojs. rtatt°nary. It all ad'iuately ftoreugh.Iy and feelits deeply. gS?Taa it^ ]!£7 !SSTm K8: * --T.^jMr.’.NNtrr .. r . CINEMAS 

"a rote Shelley covers embarrass- promotes the movement of 'plot The music flowed smoothly, soar- timec ihe nisi-fnrm artriaiiw ballw rambert' ■ " ingrio blr&man Dfrocwd^jr ct.tpk>rd williams a "5,, 1 - > . ^_bhaetesbury_ aye, ess 

«nt with superb aplomb in the but .not the development of the £ reat clImarM. then ,^| n ,^h.^, m > , Ct SS; SU"'.® ®: VJfti M«K VreN ^ LLf , ,! ,«c I , w» WfaRST 8WH‘JSB! , ™m. .fSlgf fiffla X' *vSf MSS 1 'Vaa 

role of Ilona. Sznbo. the diva bunking into stereotypes of bushed in toe scenes or private Amonasro attacktos sta^ )ISri 0 ‘wS l s&J?*S : r^ n ?S^ 0 V* CODFRtY ^Iym ono revuerar. I the' toys in company •• c ■■ rx». 

whose fiance overhears advances diararter, turning Shawls de- emotion. The orchestra and level the High Priest on the plat- S 1 " 111 "® waters or the moon ai 7 pjo.. s a* 1 "- io'p^i 5uni. -, i A“ n * 1 S*o§* s - 15 - 3 - ,s - Lai ^ in0 * 

made to her by theWosnish actor, American revolutionanes. who chorus in Venice are not ideal - - - - ■ -■ ■ Me - p t? T "i-btmi b«s»>m makes the stam p ^ cnts * _ UJf : 

Almady. as interpret^ to impec- are tartly distinguishable from tostouments at this point, but e „d of the Nile sceX had no ’ THEATRES Air cSSSSd. v au mar sS^jf^S^wSS? 

cahle foppishness by George each other. . - Sinopoli extracted fluent playing impact). The ' construction adelpui theatre, cc. oi-ass 7 sn. Wg - GQOd Frt - £ * ner Mon ;. .»* drink and tnwko in um audito rium. ja««-gi«c ™e devil, probably .x*. 

R « e ‘ - - -- Haring abandoned the Old Vic f ”>m the musicians and (almost apparently conditioned the Ev ® oi^' 3 prrt MJ iSod Th F^w.v rf S tSi 4, °' HER -S 1 - 93066 ®®- round house. 267 ass*, e*. a. i:’’ ~ — 1 — - — : — — 

To extricate Dona from the to fulfil- other ambitions Frank always) accurate singing from staging of Mauro Bolognini. .“ lonoon-s best mww olff> ti _ Vruce rHE IT LivERF^ N PLAYHou 5 E co tiffc' 

repercussions of her indiscretion, Dunlop has managed in Brook- his massed Egyptians and Ethio- whose work was not much to -m E musical® musical ' w ^MVBLLme^i^l^ow”^ * ?«n j « 1 Li?* JSSl 11 , 0 !? sS*’ WS*! 1 !? 

Turai writes a dialogue over- lyn to give America as close to a Pjans. Though toe opera moved evidence. The singers and chorus • T ^SPM^ > gBftiSg 11 * - TON ,n A 3 ' 50 ' 6 - 10 ' sja - 

night around the lines the lovers national theatre as it might ever at a firmly<ontrolled pace, it was did little more to a n enter and ano y - c [^o y -'' s. how. “TSSUm i?«? T M>^> v i^ VE . ^ byttaNdRibe. 2 oo HE s.oo Dl a , Si PL u“ sn?- i S S B *s Pcr IS' 

lUfWIU. IHtAIKfc. uc. 437 bJ 

Twice N lQfi.IV 8.0 4nd 10 0. 
OPEN SUNDAYS 6 00 and S.00 

3 - l *!S A l?ftf' Y, B i£ r ’5 s ^. c !?sy 6ar « l *» kos - WINDMILL THEATRE. CC 437 6312. 
S.'°2.1« I uPSn f |_ *** ,07 ’*i£’ , 5 i * Sr .*■% A 45 • nd 8 -T5- Twice Nlobilv 8.0 -and TOO. 

MarLel A* 8A1SS_M ARnj^E In W«L M*l- 3-DD. OPEN SUNDAYS 6 00 and S.00 


TMnd Great Year. Eva- Standard Award ami SWET Award RIP OFF 


issa,B srSa!'"i?."WLi : 

WK revNN^iM RMm ^ ^i£aSiVt. , 7 ,So G ". E 5 £ ,B“!«S*' B 'TS 

GARRICK THEATRE. 01-636 4601. 

EvSi. 8.0. Wed- Mat. 3.0. Sat. 5.1 S. 8.30 


"GU TWICE." -K -iMorlev. Toneba;'. 
"GO THREE TH^es.f C.'-Sar/n* HYT. 

PAUL RAYMOND nrcseits 


Takes to unprecedented ilnu’S wtiat B 
permissible on out stages ■■ E*c. Newt. 
You mav drmk and smoke in !»«? 

PR - N *^i5£;v ¥ ^^ i rli«Sf'^ ,, 8 9 i Cl m 8601 ' WYNDHAM'S. 836 302 3 Crc-d.t Cara 
VJi tn «»* 3692, .ea. Sat.. Mqn. 

, W |^ S ,=5? e Ai l ™, l F < ,. R ^ eto f rv I HAYMARKET. 01-930 9832. Evgs. 8.00. 

Aw. E.C.1 . 837 1672. Undl March IB 


Eva. 7.30. TonWit. : .Tomer, fr - Sat: 
Lpocoon. Nuthouse- • Stamp. And wot 

ene had no ' THEATRES j^BrU&MSe 

construction ot-bm 7sn. : 

innmt the E *«5i 7 ' 3 J T’lZh 5 0 - SoK - 4J>. HER MAJESTY'S, 
lonea tne One Perf. Crod Friday at 7J0. OpenJn 

OnlwmU; ."LONDON'S BEST MHtKr rurr “ rriiti 

Mat. WnH.-2-jn. SJB. 4JO.ilM 0.00. 





" Ingrid Bergman nfaMS the EQne 
radiate— unassailable cheruma.” D. Mall. 
■-Wendy H6ler Is . superb." 5. Mirror. 
Easter Perfs. Good Fri. Easter Mon. 8. 

SSL 5.30 and 8.45. ;MatS. Ttiurs. 3.0. 
One Pert, -Good. Friday at B B.m. 

. . Daily Telegraph. 


• .... ‘ l love nfr'wiFC 
Directed by Gene Saks with " Bounmui 
Invention and wit" Financial Times. 

QUEEN'S THEATRE. 01-73* 1166. 

Evenings 8.0. Sats. 5.0 £ 8.30. 
Variety Club ol G. B. Award In 


Thun. 8. Fri. and Sa:. S 15 and 6-30. 

VERY FUNNY.*' Evening News. 

■ Mary O'Malley's nmaih-h.t Comedy 

Sure Are comedy on and religion '• 
Dailv Telegraph. 

LAUGHTER." Guardian. 

YOUNG VIC mc-ir Old Viet. 936 6363^ 
•scats 90ni. 

exchanged during a weekend get. 

not rushed, and toe conductor exit Nevertheless, the production 


_ '■ IRENE ■ ' - • -| 





OpenJno March 28 

ut Leslie Brtcirue and Anthony Newlov'4 
Directed bv BURT 5HEYELOVE 
Previews from March l£k r ■ 



tIS FRANCES' Ptaw ana Player* London critics award. 

RE CUKA — — - 

I RAYMOND RE YU ERA R. CC 01-734 1S93 

THE MOON AC 7 p.m.. B n.m.. 11 g.m. iQpen Suns.i 

.ss&abx “war 8 

Sf. e, Eike?* M^*?: 5* fl r ComWtoiSd. Vau may 

STS . drink an d entoko In the auditorium. 

-S 1 '® 30 660 ®* ROUND HOUSE. 267 2564'. Ev*. 8. i 

S.sS? M JSS«Im BV ‘ Witt, jame* AUBREY 6 Don WARRING- I 
- T0N ln " A red-hoc product ion." Gdh. 
chkyeSsve STREAMERS . 

J T *AtS* V 1iL 5VE . _ ^ ■ ... by D.VM Rabe. 

-One Df tteuirae MtM lj .London- dont look NOW . 


. -If.fc2T- Pprf * i A t* Seaw Bookaalr. 

•1: SILVER BEARS <A>. Wk. i Sun. US, 
5.00. a.OQ. 

Wk. S Sun. 2.00. 5.15. 3. IS. Laid *now 
Fn. s sat. 11.13. 

CAMDEN PLAZA 'Opr. Cjntdcn TQnn 
Tube}, 485 244 3. Robert ErCMon'l 

masterpiece THE DEVIL. PROBABLY iXl. 
■>■45. b 50, 9.00. 

CLASSIC 1. 2. 3. 4. Oxford Si. lOpo. 
Tottenham Court Bd. Tubci. 636 031C. 
1 ACBA THE. MOVIE iUL SlvreoononiC 
Sound. Pros*. I.SO. 3.50. 6.10. Bja. 
Late show 10.50 P-m. 
a THE HIDING PLACE fA*. Sco. Pens. 

. 2 00. 5.00. 8.00. Life show 10.45 n.m. 

«• t £ rI ° Be , r S° nzi no Geoffrey Cauley’s dotty choreo- "^^THoaSJb^EfwE^^ | 
l°J? 1 8 ® r has the _ vocal ease and graphy could be considered really, mhjacu lous ‘“muIV I 

brilliance at his youth. The negative. For the rest, this was MWACt,LOUS "“*«*- F,n - Tlmes - 
voice is still beautiful, but he a generally artistic Aida, rightly 2K5Sv JOAN turner 

!»?•?* **£*•■» *£ ^ ,gh not ^ % s Peered by the capacity audience. Aa^Ejo HE i^^AiN.-^v iJ^rr^ 
be can, that is to say. loud. As usual, the Fen ice's Press A ”* tY «» fow special 

SSSP ® 11 ais ° permitted him to Office provided a handsome and ssSnS t ^ 

5S d S -T e 01 th . es ? no * es ] 0 IJ fl er informative programme. Among ^Syal s^akS^r^^oiSpany 12 ' 
than the musical phrase re- the several articles included, the tEEL p SS«- of 7 .SwSIS ■j J £S£ > 
q lured; but this was a Ra dames one by Gustavo Marches!, a days of the commune^ ■■ so 
to admire, nevertheless. And for distinguished Verdi mmen- jSKfliL *5 we l.ware- 

■ . ■ awesome wrength/ 'Obi. 

ROYAL COURT. 730 1745. Last 4 orrt*. 
Ton'l and Tomer, a. Sat. S and B.JD. 


Props. 2.30. 5.05. T.50. Late snow 

LONDON PALLADIUM. 01-437 7373. 

and Special Guess Spa . 



BOOK NOW — Seats £2-£6. 

i J C ?lle S i. c S£ l, lf “* HOLOCAUST 2000 (XI. Progs. 1.20. 

km5Wer t ^*5^ 1 SJ fJSSr Vram l ±1*1 6 0S - aj5 - 10 50 

■»! , ™M«a , Va5 fc g& ID b| E S..2" ^PARDON ^MON 1 »K.RrAl.*^igffSi 
Ply, fam See also Theatre Uost»i-s sub“i imp". " A mSiV Nw'Vmn 

toe- final duet Bergonzi found pro^ p^cularly impStSJ :^^Tp e «^ nd PRniA^S d a5 

s^ssusrSiMi ^ 

PuffinTln^yTmr deal f ° f a^adWon^i It*— romped 3g" jgwgSSfe tSf*S,oS 

puffing to the Italian papers for _ flQ _ tha ~ . exwrordinjrv cntoft^totiHn. i n LmdM.- 

the soprano Maria Faruzinf, the ft r ^ opera 5 Cairo P remi e r e j J!- 1 ,’ HtSl End, mot* ia. 

Venice Aida. She is, indeed, a but was written at the same time g£? s .oo Ev Sd Sl8S: 

singer of considerable promise, as the rest of the work and was “S’ 

though there is much work yet probably heard to Cairo, too. superb.- n.‘ J j-wSE? 1 ** 



"^^shakS^w^om^ny? 2 * wt • 

Ptiul perts- of sriiem London mho. hook now 5««B — * 

TY^ r biYS°OF THi a cW4Mm«? re ^s! U>NDON PALLADIUM. CT- 01-437 7373. 

expert j ; SSBi ^11^^ *£ S ,E wS^, t w mMSgVTOL is. 

‘ -2S?L ,n Pe,er Mlchols' PRIVATES ON 

PARADE,' LYRIC THEATRE. 01-437 3686. Ew. B.Q. 

AMBASSADORS. m ova .Mflt&L.ltUTSi Satv 5.0 Afld 6.30. 


■ E ** s -. OUEKTTM CDK^' 3 0 °- COLIN BLAKELEY 


APOUO, 01-4CT 8663 Eves. 0.00. “AN EVENT TO TREASURE." O- Mirror. 

•Mato. Tliurt; S.OB. Sats. 5.00. and 8.00. "MAY IT FILL THE LYRIC FOR A 

~~ .. ,„ r r ■ — < j.°T edv ;. P'cectcd willi hrrosv; Uv Yves 

HOYALTY. . CC.- 01-405 0004. Robert.' $unt<i* ■ EvBrcSS. Proas, at 1.80 

Monday-Thuiyday Evenings *.o. Fritwv {no; Sun.t. 3.35. 6.10. C.30 

5.30 and 8.45. Saturdays 3.0 and 8.0. - — — 

Lnnclon-I crltta »otb CATE TWO CINEMA. 337 1177-84 02 

BILLY DANIELS |n (Formerly EMI IniomaiionalJ. Ruwcfl 


Best Musical ol 1977. JUBILEE IXl. Sep- Perfv. VOO. 3.00 

BooWnos accepted. Major credit cards. 5.00. 7.00. 9.10. PLAY MISTY FOR ME 
Easter Per*.- Good Friday 8.45. iXt 11.15, 

Bank Holiday. Monday B.O. 

Guildhall School 

*" rTirtVl?. E - Standard! 

" 15 SUPERS." N. of World, 
*' WICK EPLY, FUMMV-" Time* 

NlFbtJy at 8. Mat. WpH. 2.30. Sat. 5.00 

and 8.00. 



The World-Famous Thriller 
. - by Anthony Shifter. 



Limited Smason Only 

MAY PAIR. CC. 629 3036. SHAFTESBURY, - 836 G396. 

Mon. to Fri.' 8.0. Sat. 5.30 and 8.45. . . Opens March 2T 

GORDON CH ATM Brill lam." E.N. In John Reardon and Joan Dicner in 


BENJAMIN FRANKLIN . 31“ JSS V, 2 ,V - E^SS, 1 * -SS wlek '!? I'SJT 

by Sbc** j. Spain. 15 1 March . B p.m. Sat. 3JR).and 3.oo 

“A C0n passionate, funny, fiercely eloquent rr-— 
Hay." Gdn. "Hilarious. " E^td. "Wickedly SHAW, 
anwslns." E». News. "5pellblndlnp, ir Obi. 

UUIIUIIdll aCHWI ARTS THEATRE. 01-836 2132. BENJAMIN FRANKLIN . Thai ir^ary mis^i. PtevleWS frrn 

TOM Stoppard's - by Steue J. Spain. 15 ■ March. B p.m. sat 3J».and 8.00 

• - — — DIRTY LINEN "A canpaMtanate. funny, fiercely efoquenl -tt-*- — — — 

T^r\llV\1o l)-«t 1 'Thunda? (fjoVFr&OT ' "uHi ?nwln»." Ev . l Nm«! U?: Spf iSndlr^^^s' Today 2.30 and 7.30. FiSiI"s«t Vtlo 

X-/UUU1C rail • aggr SS T a 7 ^;"- 15 - S Si ! . AN t^Jro D R AY ^LL8 

* ■ Si ? 4 j - T<yT1 : ■•w S hi 5 v ^tro»ffi. l ' Fv D. w. 

*^^. nMlong J } ? foreClu ^ t,n ^ S so ' sensitively) orehestrated, I F ri 5“ ind Pwm - ^ phw..-. . e*w p^im. 

the Guildhall School of Music was further forward. Though Cr ^. r,* mant^ F T. " Absorbing. 0rim, STRAND. 01-636 2680. EvnHnos r.OO 

wd^Drtiffia put on Shakespeare’s the tnstrumems sounded vei? gSaffV l&SSS&SS BSr-^A*“^^"35^',' "*■ ■■” 
Pream with Mendelssohn 5 music, near, once again good diction b^nTor *y wu to *» «■" cgn. we*re wmw 

4e. orchestra pit iu the new from the stogets MrtSd IZoTLZj^ 10 ™fiJBSg , -8!Sg^ 1 

theatre was covered and the Th e Girl from Nogami. com- .’ AkJing ct2SbSr5* a J^i ■ cpmbmed pim^-rh^ - 

score. Ttaned. The double, bill of missioned for the School and Cambridge, cc. oi-bas eoin. ^ national theatre, _ . sza 22*2. ^a!ff2K"2AS^ 1 a’: 

01-734 4291. Nmkb Toba: TMtenham 

*^^. nMl 0 ng e, h ? f0reCh ^tJnas so- sensitively) orchestrated, I ^fh" « d ind s^ 65^®*%. f ' L^jjgceg^TEiiU. . 

toe Guildhall School of Music was further forward. Though m Carrf m«nt^ F T. " Absorbing, grim, STRAND. 01-636 2680. EvnXnfls £.00. 

a^Druffle put on Stakeepeai-rt the tastrujuents sounded ve“ Si "?■ "“'JSiaiiS " d 

Pream with Mendelssohn 5 music, near, once again good diction b^nTor *y wu to *» «■" Cdn. we*re wmw 

» if 'to new from the jtom cSSSd?S5 J^e . . ‘SsfaM 

HAW. 01-386 1394. 

Today 2.30 and 7.30. Fn.. sat. 7.30- 
. . LAST 3 DAYS 

' „ B- Prie«iev 

' Highly entmBlphnB.” D. TO. 

• Low Prieea. •■. ■ . Eaiy Parking. 

n _ -• -- — i — ----- *» -w pwnn c .uuuay ^SATJNCMWjCAL." hyuyig Nevt! 

tost seen on.Tues- which limps through a coy anec- «S%.eo 

flay (further performances to- dote about an unfaithful has- Pimm- and loi^prkc scat ej_zs ine. 
™ gut, -and Friday 1 gives a better band. At its strongest it re- c S““5 r -.,s ■ ot-bso zbpb 

... . idea of what, with toe pit open sembles— well commercialised a, °' A a?®?* 3j0 - Srt - 5 - J 

* Carole Shefleyianir Rebe Auberfonois in the .BAM Theatre Company** and an orchestra in it, the pos- Holst; bat it is more often weak, "»t toh _ 

“The Play’s The Thing ** SibWlties will be for opera. with much-repeated phrases to ,p a c °ZZl£& T rZ!SZr WMSl 

. The first thing that these two oriental patterns. It did how- : - 

A ’H-i Ta j.— intimate, small-cast works BVer serve to introduce a bright crr£rion. cc. -- — 

Ar ts Louncil-S Slit to showed was the much greater size young baritone, Omar Ebrahim, eremnw a. sag. - sjw. ^ tihii*. 3.0 

d Jr of toastage compared to the old who has zest and humour aeweU '" im*«bte LESL . ,t . f.-nms 

fVlP HTHpa+rP -Tk/fllQPlim building In John Carpenter Eood voice. „ hil&ihouslt why ^ 

UIC ( 1 UCcme lVlUDCUm Street-when a chorus is avail- .to the Berkeley Shartfn Halli- 

Theatre designs, "models. Flower Market, Covent Garden able.. choral operas can be done day as the Grand Duchess showed s. 00 . ■ sS- x8o 

sketchbooks and . .pbDlogrjphs in 1980, L w^hopt crowding. The second an on usual combination of - rich -* r»«. 

belonging to toe Arts Council’s Up to five years ago the Arts thing- is that the orchestral sound contralto with telling use of *aM*- 

collection of modern - British " Council - included theatre items is very forward— to judge from words-— if everyone could do this, wichem. asa^aaax.- -m™ w niunv 
paintings, drawings, sculpture in its purchases for the eollec- Berkeley’s lightly touched in Paul Doha's libretto wouldn’t E ' fH ?' a ’ 00 'oHicALarn : A S i ^ 9-0 ° 

and graphics are being given - by turn, and a number of small score singers with or without teem so like a protracted Punch ' . “ Tti. 

the "council 10 . the Theatre exhibitions were mounted with good, projection will be sorted 3° ke - Deli to Brooke and Philip ^s" 5 r«SieE - -7^5" .. - 

Museum, which is administered the theatre material. The Arts out at an early stage. A Dinner tennis were a nice pair of b. sSl* 1 . 

to the Incidentally, I ^ '’V2PSJ5S -riaSBgai 

\ ns. 



Carole Sbefi«y un'd Rww Auberfonois in the .RAM Theatre Company's 
“The PlayV The Thing” 

Arts Council’s gift to 
the Theatre Museum 



Eyenti>a r 's.O. Mat. Thurt. ! 

Margaret COURTBNAY- Dermot WALSH 
A fffw.CoMgdv ThSter I 

CRITERION. CC. " OI.930- 3216. 

EtenlnK «• 

“ ImMeetfaie S-TTmei* 

“ HILARIOUSLY FjWjY.Ml. rf World. 
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B.D0. Sat- xSo.- 

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Toomc. 7-46: THE LADY FRONT MAXIM'S TALK OF 'THE TOWN. CC 734 £"51. 
byFwBMa. tram, by John Mortimer. - 8.00 Dlimlno-Danclng. 9.30 Simrr Revuo 

COTTES LOE f small aucttiortuiiM. Ton't 8- RA2ZUE OAOLE . 

LOVE LETTERS ON BLUE PAPER by . ■ ana it 1 loST 

AnioW..W«to'. Many mbMm chtap JACKIE TRENT AND TONY hatch 
seats aH 3 theatres day of p«1. Clr oark- •' 1 ' , -g- 

RestBonK-928 2033. CredM eanl bkms. «« P yK? l * s * 

928 3092. ToiWflM at- 7.00. 


01-836 8888. I °>-IVER REED SUSAN GEORGE and 
30 Sat. S.00 !TJ ny _ whcr s,ar »- TOMORROW never 
' COMES IXl. src. progi. Mon.-Sau 1.55. 

!|LL d 8. ID. Sun. 3.4a. 7.4S. Late Sho« 

r Frt. 6 531. 11.45. sear^ Write for fa.'TO 

Proa. Mon.-Fn. and all orugi. Sar. and 

Sun. CKCCPt late -J iaws 

Tmilcr ODEON HAYMARKET~[930 ^738-777 1 1 

Jane Fonda vinnu Rcrtiflrj*o n a Fred 
.1 - 2Himiniann film JULIA lA). <rp. pron*- 

Dly. 2.30. 5.45 8.45 Feature Oiy. 2 45. 
.. - §- 00 - 9.00. Late il»w Fri. *, So?. Pro9 

hi* Comm. 11.45 n.m. Feature 12.00. AI* 

— seats bthlo. 

I 036 639B ‘ ODEON LEICESTER SQUARE .930 Gill). 

Dicner in 7 HE °6EP iAl. See- Haas. o»cry day. 
. Seats may be booked. Dcor? open -35 

>ntvi c w« from 1-20- 4.30. 7.4.S L3le shows Fn. & Sat. 
JO .and 8-00 Doers 11.15 P.m. 

— TT' ODEON MARBLE ARCH .723 2011-2)7 
11-388 1-»94. STAR WARS lU) Doom- own DI*. 1.30. 
■■ Sat. 7. JO. 4.35. 7 so. Late show Fr.. & Sal. ir.00 
; mldnipht. All sms bkble. c*ce:t. i.jd 

At » e pjrt. Wits . 

V r> Tni" PRINCE CHARLES. Leic. Sa. 437 SI 31 . 

p°-j5i- SWEPT AWAY fXJ 

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13. Evs 8 O'*. PANTHER <U*. Sun-Tfiur. 3 25. 7.30. Fri. 
d Fri 5 A B. & Sa! * = 35. 6.40. 10.40. 



Until 28 Ani-.l. Mon, -Fri. 9.30-5JD; 
Thur*. until 7. 

OLD- .VIC. 428 7616. 

Sdrfrw season to Maroi 25. In rpoertory 
ANTONY & CLEOPATRA Wd*v. Fri. 7.30. 
SAINT JOAN SM. 2.30 and 7 JO. 
ALL FOR LOVE mums March 23. 

Sunday. Match 2£ n 7.KJ-, . ' 

wHh Barbara Jefford and John. Turner. - 

TonWit ar ^ >ilN. ’^0 1 fours, until 7 . 

by Nigel WIlRams. COLNACHI'3, 14, Old Bond Street, w.T. 

vaiiMVn ■ C — ~'.ic ■ — 431 7408. A Lean Evniortion ol Weeks 

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mysteries, fell* Barker. Ewg. Ne~s- j mo* ?2. A El rt. l '5 European Artiitr. 

rlcer. Evg. News, j mB« pv„Britl;h and European Artilw 


M u *“n ThTdSiEis in'SEii ■c^liaml.noi beins put to the HHtaT, •««<»*• &t *JS8 UH~ * 

handed over to the Victoria and best u«e and toe Theatre Museum a !® at ne Jf f* bacfel conducted, with, skill in The 

Albert ° Museum until toe would-be a more appropriate For Blytons piece, which is even Berkeey and patience in toe Hat ^ rt . fpr V^?,- ^^aw^redit 

TheSra Museum opens in toe home. . • more bghtly (toough not nearly first piece. RONALD CRICHTON SS BSff** 9 " ^ mer ^ 

P ALACK. _ _ , , , 01-437 6834. 

Meo-Thun. 8.0. Fri. Sit 6.0 tAd 8 AO 

01-4*7 6834. FACTORY Bl ft DS - TafiM off Uke a 
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Card rrsrrvatKx’*-. ‘ Olftnej* km - too Orica 
seat £7.00. ‘ 

' 01-83* 8611, WHITEHALL. 01.430 MmnM 

EVOT. B. iSJWa 3.0. sm. 5.0 A 8.0. *7-*. 8.30. Sat. mS wffioA 

Pau. ^ 

su'w?l. 15a ‘ cult * ,i St *‘ Np "T-bom 

Smell galleries, fiw Britidi 
Freneh MODERN PAlKn-iNG^ 

17. Weekdays BrMTsrUts. lO-iz!^ 

. I* 


Financial Times Thursday March 9'. 297$ 


Telegrams: Flnaatimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 ’ 

Thursday March 9 197.8 

Mr. Callaghan 
and Bonn 

THE DINNER that Chancellor 
Helmut Schmidt is to give lor 
Mr. James Callaghan in Bonn 
on Sunday is unlikely, to be a 
very light-hearted affair. Both 
men are now seriously worried 
by the mounting economic and 
social problems facing the West 
and their possible political and 
security implications. The 
message that Mr. Callaghan will 
be bringing with him from 
London is that the time has 
come for Western nations to 
make a co-ordinated attack on 
the two most immediate prob- 
lems, unemoloyment and the 
threat of protectionism — if only 
to prevent the situation 
deteriorating still further. 


Though both of them are 
leaders of Socialist parties, the 
two men are also apprehensive 
about the possible consequences 
of a victory for the Left in this 
month's French elections. Mr. 
Callaghan is particularly con- 
cerned by the potentially dis- 
ruptive effects for the Atlantic 
Alliance. Herr Schmidt would 
much prefer the present coali- 
tion, under the leadership of 
M. Raymond Barre, to retain 
control over the French 
economy. Both Governments 
fear that a Left-wing regime in 
France might be tempted to 
follow protectionist policies 
that could have world-wide 
repercussions. But French 
politics will not be the main 
topic for Sunday's Anglo- 
German dinner, even though it 
coincides with the first round 
of voting In France. 

Mr. Callaghan's main aim will 
be to discuss ways in which the 
new "convoy” formula for steer- 
ing the world out of recession 
can be put into practice. He 
will not be pressing Herr 
Schmidt to take further 
unilateral action to stimulate 
the German economy under the 
old “locomotive’’ principle, now 
abandoned by OECD and EEC 
Finance Ministers, which 
assigned the strongest 
economies the responsibility of 
pulling the others out of diffi- 
culty. The Prime Minister's hope 
is that all Western Governments 
can now be persuaded to take 
some new measures to tackle 
unemployment— preferably be- 

fore tbe projected July 
economic summit in Bonn. 

This is certainly a more 
sensible approach than the rail- 
ing against Bonn for not reflat- 
ing fast enough that has been 
indulged in by Mr. Denis Healey, 
the Chancellor of the Ex- 
chequer. The problem is that 
Herr Schmidt is still far from 
convinced. He continues to be- 
lieve that West Germany has 
done all it can to stimulate its 
economy and could do no more 
even if It wanted to. His inter- 
pretation of the “convoy” theory 
is that it means that it is now 
up to the other countries to fall 
into line. By the July summit, 
be hopes to have sufficient 
evidence to .prove to his col- 
leagues that he is right. 

Mr. Callaghan could neverthe- 
less well argue that there must 
be some further measures that 
Bonn can take, even, if they are 
largely cosmetic, to fortify the 
impression of Western soli- 
darity. He should also urge the 
need for an improvement in the 
strained relations between Bonn 
and Washington and an end to 
the singling out of Japan for 
criticism by . other Western 
Governments. Tokyo must be 
brought folly into the co- 
ordinated planning for the July 
summit that should now start in 
earnest— planning that should 
include provision for a boost to 
the economies of developing 
countries through the North- 
South dialogue. 


But the Western effort should 
not be concentrated solely at the 
su mmi t level, at which only four 
of the nine EEC countries are 
represented. A great deal more 
could be done within tbe EEC 
to co-ordinate economic' policies 
and promote employment. An 
important first step would be to 
restore good relations at all 
levels between London and 
Bonn, where the UK’s EEC 
policies have caused consider- 
able bitterness in recent months. 
Mr. Callaghan can contribute to 
this process on Sunday. He 
might also suggest that the time 
has come to start examining 
more ambitious regional and 
social policies that would lead to 
real transfers of resources in- 
side the Community. He might 
well get a dusty answer, but it 
would at least be worth a try. 

Policing the 

various bodies which are to 
form the backbone of the new 
Council for the Securities 
Industry met at the Bank of 
England yesterday under the 
chairmanship of the Governor. 
Although various details have 
yet to be worked out and the 
key appointments made, it is 
hoped that a formal announce- 
ment can be made within a few 
weeks and that the CSI can 
then get down to work. It will 
not be before time. It is now 
IS months since the Department 
of Trade decided, after two 
years of reflection, that public 
anxiety about the operation of 
financial markets could be satis- 
factorily allayed by a more 
ambitious system of self-regula- 
tion and that statutory control 
by some organisation like the 
UJ5. Securities and Exchange 
Commission was not needed. 

There is much to be said in 
favour of self-regulation if it 
can be made to work effectively!. 
The City Panel on take-overs 
has, on the whole, done so 
because it is concerned mainly 
with a small group of profes- 
sionals who know each other 
well and are jealous of tlieir 
reputations. It is probably as 
well, therefore, that the Council 
is to build on the work of the 
Panel (which it will absorb) 
and concern itself only with the 
security markets. Regulation of 
the commodity and other 
markets, as some people pro- 
posed, will be outside its remit 
—at least for the time being. 

Some doubts 

Even before a formal state- 
ment of the new Council's con- 
stitution and objectives is pub- 
lished. however, there seems to 
be room for expressing some 
doubts and criticisms. The first, 
already touched on, is the length 
of time it has taken to reach 
agreement: one can express 
relief only that it has not been 
thought necessary to wait for 
the final report of the Wilson 
Committee and assume that the 
extent of public disquiet and the 
risk of legislation has been 
underestimated. The second is 
that, since public disquiet is the 
origin and justification of the 
new Council, public representa- 
tion on it might well be larger 
and decided by the Department 

of Trade rather than the Bank. 
One does not want the new body 
to look like another City club. 

The third and fourth criti- 
cisms are inherent in the system 
of seif-regulation. The theoxy of 
the thing is that various profes- 
sional associations agree to 
accept the recommendations of 
tbe Council and to discipline 
their members if necessary. But 
this leaves out the case of out- 
siders, who might well prove 
awkward to deal with in the 
absence of sanctions. It over- 
looks the fact that some associa- 
tions are much better placed to 
discipline members than are 
others, and that the extent to 
which accepted codes of profes- 
sional conduct already exist 
differs widely from one to 
another. Since the long-delayed 
proposals for legal action against 
insider dealings look like being 
postponed yet again, it will be 
all the more necessary for 
bodies like the Stock Exchange 
to make more regular use of the 
disciplinary powers they possess. 


The fifth and final criticism 
is perhaps the most important 
It is that consultation on this 
matter, which is of the highest 
public interest, has been con- 
fined to a very narrow circli 
a procedure, as the Bank of 
England might have learned 
from its experience with Equity 
Capital for Industry, which is 
apt to produce something less 
than ideal results. If tlie Gov- 
ernment had been tiying to 
work out a system of regulation 
we should have had a consulta- 
tive document to launch a pub- 
lic discussion and a request for 
submissions from all those 
interested. In this case, not only 
has there been no public con 
sulfation but even some of the 
professional associations ex- 
pected to support the new 
Council until recently knew 
very little about what was 
intended. One must wish the 
new venture every success. 
Until there is a fair amount of 
experience of its activity and 
its ability to reassure the pub- 
lic about the adequate policing 
of the security markets, how- 
ever, it will remain too so.on to 
conclude that the principle of 
self-regulation has defeated its 
opponents for good. 

Hua takes his chance on 



T HE ' GREAT Chinese 
mystery has been cleared 
tip a little by the National 
People's Congress which dosed 
in Peking on Sunday.: there is 
to be another economic Great 
Leap Forward, and some relaxa- 
tion of the- strict controls 
exercised by the party. But 
though a feast of figures came 
out of tbe congress for ibe 
economists, the outside world 
still knows little about who 
really holds the levers of 
political power in Peking. 

After much outside specula- 
tion that Vice-Premier Teng 
Hsiao-prog might take over the 
premiership from Chairman Hua 
Kuo-feng, who holds both jobs, 
the status quo was preserved. 
The only change among the top 
three in the national hierarchy 
was that Yeh Chien-ying moved 
up from Minister of Defence to 
be what is in effect head of 

None -of this necessarily 
implies anything sinister, but 
the fact that Yeh’s old job was 
filled by an andent soldier who 
at 76 can only expect to serve 
for another few years, suggests 
that the leaders in Peking were 
unable to agree on which of 
tbe younger men should get this 
very influential post This view 
is reinforced by signs of high- 
level disputes over mili- 
tary modernisation frequently 
evident in the army newspaper. 


It hardly seems possible that 
Teng Hsiao-ping, twice thrown 
out of his job (in 1967 and 
1976) and most bitterly humili- 
ated, should voluntarily turn 
down the premiership, as some 
have suggested, merely to avoid 
the onerous .protocol duties. 
There is an interesting passage 
in Chairman Hue's report to the 
congress relating the unfor- 
tunate events of early 1976. He 
smoothly describes how he him- 
self was promoted (over Tengs 
head) to acting premier, con- 
firmed in the job and appointed 
senior party vice-chairman (that 
is, second only to Mao) when 
Teng was sacked after the riots 
in Peking In April of that year. 
It is not difficult to imagine how 
Teng might feel on listening to 
this episode related by his sup- 
planter. . .. 

On the other hand, there is 
no doubt that there is now a 
tough team of veteran pragma- 
tists as vice-premiers, who can 
certainly be more associated 
with Teng than with benefici- 
aries of the Cultural Revolution. 
Of the 12 vice-premiers elected 
at the 1975 congress, four have 
gone — Hua to the premiership, 
Chang Chun-chaio (one of the 
Gang of Four) to disgrace, and 
the two token workers to 
obscurity. Of the five replace- 
ments, one is military — the new 
defence minister — and the 
others are all professional 

There are only two bene- 

ficiaries of the Cultural Revolu- 
tion left at the Tice-premier 
level, one, Chen Yeng-kuei, the 
former bead of ' the model 
Tachai production brigade who 
has impressed even foreigners 
with his dynamic personality, 
and the other the mysterious 
Chi Teng-kuei, .who was plucked 
out of obscurity by Mao to star 
in Peking and seems to have 
proved his worth. Of tbe rest, 
eight (including Teng) are lik*- 
minded technocrats and the 
remaining three are soldiers. 
The average age of the new 
vice-premiers is' probably 
nearer to 60 th an 70, and if for 
any reason Chairman Hua fails 
to stay the course, after the 
74-year-old Teng leaves the 
scene, there are several who 
look potential prime mini sters. 

The economic bent of the 
Congress was underlined by the 
creation of eight new minis- 
terial jobs, most of which fall 
in the economic and industrial 
sphere. It is particularly inter- 
esting that the president of the 
Bank of China now ranks 
openly as minister. This post 
has gone to Li Pao-hoa, 
believed to be the son of Li 
Ta-chao, one of the early 
Chinese Marxists and a great 
influence on Mao. 

One possible explanation for 
the immobility at the top is 
that some kind of bargain was 
struck between Hua and Teng 
which allowed Hua to retain 
the premiership provided that 
Teng’s nominees got the vice- 
premierships and ministerial 
jobs.. One candidate for defence 
minister from Hua's side might 
have been Wang Tung-hsing, 
now fifth in the party hierarchy 
and the soldier believed to be 
responsible for actually arrest- 
ing the Gang in October 1976. 
Wang, once Mao's bodyguard, 
switched allegiance at tbe last 
moment, but his past associa- 
tions are unlikely to have 
endeared him to Teng. 

Possibly support for the com- 
promise theory can derive from 
the new constitution, which no 
longer makes the National 
People’s Congress subject to 
the party as before. One might 
perhaps detect a slight trend 
towards a government operat- 
ing more independently' of the 
party. Yeh Chien-ying, the new 
Chairman of the congress stand- 
ing committee, a post which 
has now been formally given 
some head of state power, is a 
forceful man despite . his 80 
years who reportedly •' upheld 
Teng in the teeth' of opposition 
in 1976. 

Yet It is difficult to take too 
seriously the new constitution, 
the third in less than 30 years. 
The Chinese Communist Party 
has altered its constitution three 
times since 1969. Apart from 
the fact that in the political 
manoeuvring in China in the 
past 20 years the state consti- 
tution has been completely dis- 
regarded , it appears that in the 
Chinese mind it figures more as 
a policy statement than a docu- 
ment with the force of law. This 
seems true of the new constitu- 
tion, with its long tribute to 

Mao and its clauses on ecbubmic' world levels and the outpvrt'ofticUlar, in many respects nofrflnr ofttfi total >120 Igj PJ 
d^dopment .major industrial products te em production rema*M an minf has Y 

In any case Hua, as both approach, equal or outstrip that unknown ... to us. .While few in i the 

Chairman and Premier, (and of the most developed capitalist planners have had write * 

commander-in-chief too) holds countries. This will require the the problems presented by the one major steel < 

all the reins of power ulti- highest possible degree of modernisation of a country like Wuhan), ^ and for that tj 

matdy in l^W hK Site agriodture: China, the m experience ttuit equipment was mainly u 

does not mean that his writ There will be automation of fee Hua talked ofnj* P °Even so tbe new fariUti 

yet runs with complete effect main industrial processes, a big Peking to overestimate its 

throughout Chin* • The first' increase in rapid tnmg»tt;and ability to develop quickly. The only JWJSS? 

part of his very long report was communications, and a consider- published t***® 1 *^* already existed. P - ^ 

taken up by his account of the- able rise in labour productivity: .steel may rebound on an over- radsted. ■ ■ 

struggle against tbe Gang of! The first step in this pro- optimistic leadership if they are *552 ^ 

Four and . both he and Yeh gramme is the ten-year plah,'. not fulfilled. ' ■ 197S. saw much political utf 

Chieiying- reiterated. the need originally due to run from 1976 .. The grain figure parti^U^ 

to canyon battling against, its' to 1985. It was first discussed in looks hard to meet. Onnese be ^ fj! Jj: 

remaining supporters. . -■ : .1975, but sabotaged by the grain production has stagnated certainly a moot whe& 

~ . .—n—o tiiie activities of the Gang. As it now over the past three years, Chin a has suffi cien t n 

is stall a serious affair even stands, within the remaining., mainly through poor weather, materials, good _ enough tni 

ftoSh £%?£■’*** »«*>»«*! mt politic*! interference. Since port. £«■•». ft** 

s'/.:' V** >' 

trained manpower to carry o 
so rapid an- industriaUsath 
programme. Steel is particular 
difficult: the industry has lag® 
b ehin d for years as China do 
not have high-grade coking co 
or iron ore and needs to inve 
heavily in processing fodlitfc 
Obviously imported plant w: 
be important. Here too the spa 
of growth, is limited not mere 
by China’s available foreign b 
change or borrowing potentii 
but also by the ability of ti 
ports to handle Incoming good 
rail transport to cany the 
away, and expertise to woik.wb 
foreign engineers and grasp se 
technology. One can see ho 
China could modernise by tl 
end of the century; -what 
more puzzling is the new pr 
jected Great Leap Forward ; 
eight years. 

It is possible that the China 
have put forward high targe 
simply to rouse enthusiasm. Y' 
it is hard to imagine the bar 
headed team now running affai 
doing that, as a shortfall coufc 
become apparent quite swr 

year has already replaced two- grain production to 400m. tons 1970 the average annual in- Curiously, on the State Comic 
thirds nf provincial leaders as annually (from an output last crease has not been more than chairman Hua is probably or 
well as a lame number of office- year estimated at 285m.) and about 2 per cent, though there 0 f the few with little indnstri; 
holders in Peking. steel production to 60m. (from were a couple of good years experience. It might eventual] 

it i c tn imaeine 25m.). Overall output from when it rose by 5-6 per cent turn out to be significant tht 
niJiSr 6 Jm.Sr e Sirite discon* agriculture is to rise by 4*5 per -The recent plateau suggests that he, the choice of Chairman Ma- 
SotS 1 b.1 tHo faiPtrf the Gane cent annually and from industry -it is getting steadily more diffi- was the one who landed Chit 
amd ^woSeradirindined to ire ** over 10 per cent Hua -cult to improve outputwhen with some unattainable goals. 
™ the rtiraL semi-anarchic indicated that similar targets-. the land is already cultivated, whatever the underiyir 
conditions that prevailed in had been set for other sectors, mtensively. .... rifts, though, the Congress on 

— u "+ ' ,s ' , The leadership is putting its wardly emphasised unity. Th 

faith in agricultural mec h a nf s a - concurrent session, of tt 
tion, due to he 85 per cent People’s Political Consultath 
completed by 1985. Investment Conference included a huf 

Soldiers and civilians parade through Peking In honour of the new Chinese constitution. 

COHOl UUIia Uiat (uevau^u am - - , 

some factories while the Gang hut did not reveal them, 
ruled, the threat must be 

S t ^“ etor,te,BCh Large-seal. 

Yet when all. is said and . “ is going to be enormously in- diversity of representatm 

done, the Congress in its orderly eXOailSlOII creased, and Pelting expecta as from the -Roman Catholic Are 

behaviour represented such a ** a result that output from m- bishop of Shenyang to tt 

startling contrast with the last Within the next eight years, different .land will be able to brother of the last emperort 

few years of ferocious political he' continued, China plans to«. re ach, tife 4 per cen t increase the Chlng dynasty. lx 
manouevring that it would be build or complete 120 largejao* annually .that fertile -and well- emphasis is -now on the deve 
unfair only to look for signs of jects, including ten iron and watered, fields ham managed opment hot just of iodnstis 

trouble. The main message of steel complexes, ten oil and gas before. Peking obviously has hut of science, education an 

the meeting was the enormous fields, eight coal mines, 30 power some very ambitious schemes art The national minontie 
and apparently unanimous stations, six new trunk railways, in mind:. Hua referaed_ briefly traditional culture, and to 
stress on China’s dash for and five important harbours. a project for irrigating the very limited extent even religio 
economic world power status Revenue and capital investment 5?5 l e ‘“ I L * an “ s ,. are mafang a comeback. Hue 

by the end of the century. While expenditure would be as much J e51ow r of I s wrodow-dressuig, he 

the post-Mao leadership has fre* in, the coming period as the the . tead ® rs ^2 > , rfB . 0 ‘ 3V1 ®S? 

quentiy reiterated the need to total since 1950. He stressed hundreds of miles to south, recognises the stultifying effet 
catch up with the advanced particularly that China should The key question is whether- of the conformity of -recer 
countries by AD 2000, this was try to catch up in nuclear power. China can cany through 'plans years- Tbe relaxations nogt 
the first occasion when Chinese computer development, and like these as well as mbdemls* seem m inim a l in a^deveiope 
plans have been spelled out In space science- i.og industry. To reach its steel country of western Europe, ou 

any kind of detail. With emfearing modesty, Hua target, it must more than double in China they dareprrerat 

By the end of the century, commented: “We are not yet present output, a task it appears, new freedom m 
Hua said in his report, agricul- acquainted with many of the to envisage carrying through obviously nopes tnat creatm^ 
tural productivity is expected problems that crop up in mainly with its ten new com- at least m teiMoiogy au- 
to reach or surpass advanced economic construction. In par- plexes. These tea. are only a science, will come to uounsn. 




our 100th Company J 

Sir Robert's fight 
for jailed don 

ONE OF the terms of the 
Rhodesian “internal settlement” 
is that the sentences of political 
prisoners will he reviewed. So 
there may at last be hope for 
John Conradle, who was an 
outstanding young history lec- 
turer at Salisbury’s University 
College until he was jailed for 
20 years in 1966. 

Now in his late 30s, Con- 
radie has been in Salisbury 
Prison ever since being con- 
victed of possessing a package 
of explosives. He has a serious 
heart condition. 

Last night I spoke to Sir 
Robert Birley, a former head- 
master of Eton who has been 
working constantly behind the 
scenes here and in Rhodesia 
for Conradie's release. 

Sir Robert came to know 
Conradie shortly before bis 
arrest, while in Salisbury to 
make a report on political 
troubles at the University. 

There are now better hopes, 
in Sir Robert’s view, that the 
Salisbury authorities may soon 
be willing to show clemency 
towards Conradie. Although he. 
is South African born, arrange- 
ments have been made for Con- 
radie to come to Britain if he 
is freed. He spent two years 
in London while doing post- 
graduate work at the School of 
Oriental and African Studies. 

Conradie is the only child of 
a widowed mother who lives in 
South Africa and year in, year 
out makes the long journey to 
Salisbury on visiting days. . 

There never was any sugges- 
tion that Conradie had used any 
explosives. Those found in his 
rooms were left there by 
another lecturer who escaped 
the country. 

Champ’s choice 

Bophuthatswana,- that black 
“homeland” in South Africa, 
has been denied recognition by 
the world but might just now 

“And where would this 
Government be if the IMF 
had been told to lend less? ” 

be receiving it from, of all 
people, black boxers. - 
The first defence by . Leon 
Spinks of the heavyweight title 
he wrested from Muhammad Ali 
could take place Id the home- 
land, according to Top Rank, the 
New York boxing promoters 
who handle Spinks. 

In Johannesburg, Sol 
Kerzner, managing director of 
South Africa's largest hotel 
chain, the Southern Sun Group, 
claims that he has “ satisfied the 
promoters and boxers that 
Bophuthatswana is an indepen- 
dent, sovereign state.” He also 
says that Spinks’s first fight will 
be with the Big Up hims elf and 
that the promotion would be 
worth 514m. and “help pnt 
Bophuthatswana on the world 
tourist map." 

Top Rank's head. Bob Aram, 
pours just a little cold-water on 
Rerzneris claims. Bophuthats- 
wana is tentative and" the fight 
could be at any other mutually 
agreed site. Equally, Ali himself 
has not yet been sigied up mid 
the contract is only for Spinks's 
first defence of his one-month- 
old title. 

Ken Norton, the leading U.S. 

contender, is reported as being 
ready to accept a purse of a 
mere $200,000. But the wide- 
spread belief that be might win 
and the money which all con- 
cerned could get out of a fresh 
bout with All mean that we 
could be seeing Ali back in the 
ring. But not, I would have 
thought, in Bophuthatswana. 

Unquiet grave 

THE WAY things are going in 
the U.S., it will soon be more 
fun to be dead than alive. I 
hear that some funeral com- 
panies in California are promot- 
ing a technique whereby a 
cheery message recorded before 
you go will at the flick of a 
switch issue from your casket 
from now to eternity. There 
should be some scope, surely, 
for optional postscripts in 
harsher tones from the after- 
world for mothers-in-law and 
drop-out offspring. 

In New Jersey, Creative Tomb- 
stones offer a “synthesised 
voice with human characteris- 
tics" that shouts Hello to 
passers-by. Also available will 
be a tombstone video monitor 
relating your achievements in 
the days before you switched 
from the boring old flesh to your 
exciting computer existence. 
Religious inclinations are 
catered for by a programmed 
incense dispenser. 

But in a fortnight's time there 
is to be a major programme on 
Italian TV, with the title “Magic 
and Parapsychology.” I gather 
that GeUer’s powers will be 
closely examined by the pro- 
gramme, although he is not 
appearing. His former manager 
will be taking part in the pro- 
gramme, however, and 1 hear he 
is goings to tell alL 

Bee off 

So it is not only the Soviets 
who benefit from, .subsidised 
surplus food from the Common 
Market's mountains. Commu- 
nity bee keepers are being 
offered cut-price supplies of 
sugar for feeding their charges 
through the flowerless seasons. 

To ensure that the subsi- 
dised sugar does not find its 
way into the family's tea. it is 
to be " de-natured." The bee 
keepers have come up with 
three ways of doing this and 
of making it if not unfit for 
human consumption at least 
unpleasant The first is to mix 
in octoacetylsucrose which 
wrecks its taste. The second Is 
to add some oxides of iron 
which spoil its colour — and 
presumably protect the. little' 
buzzers from anaemia. But the 
method which may be approved 
is to add in a mix of charcoal 
and .garlic. 

So, be warned. Bees may 
soon be relying not on their 
sting but their breath. 

Change of mind 

There are likely to be red faces ■■■■ - - ‘■ l 
later this month among those 

scientists who have committed MoaGSt request 
themselves unreservedly in the 
great parapsychology debate. 

The power of the mind over 
material objects became a 
matter for eager investigation 
after Uri (Seller sprang to fame. 

His demonstrations -of fork- 
bending and other seemingly 
supranormal feats have never 
been explained— or disproved— 

High-minded graffiti they go in 
for in some riverside pubs. 
There is one in Chiswick say- 
ing: “The meek shall inherit 
the earth." Beneath It, in 
another hand: “If that’s OK 
with the. rest of you.” 






Contact George McPherson, 

Industrial Development Manager, 
Uvingston-Development Corporation, West Lothian; 
Telephone: National: 0589-31 177 
London: 01 -930-2631 
International; 44-589-311 77 

1M*fa,v v 

J^aeiaL i^es TSrossSay Sian*: 9 *978 




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•vi rs- ! 

AN AWFUL- feeling tf “Here 8 ion and heading into a -world 
i*.. 8p again” has reqertly been boom; now we are at the end 
.*■ i\ shn’mg in the City. There are of a faltering world recovery 
: J ^.\.^rtamly some disturtyig echoes and . Heading - for. . a generally 
J ' ; - \ “® recent pasfc>£ ; bilaace of forecast recessions Then, there 

,: 1 .“if? 1 ?!?*. 8 ® r lMW Sooner was* no apparent policy about 
.. ., v^nfully achieved tbai it seems the growth of . -fee -money 

' * ^ r {“"SRT of vanisaing, an supply; now we have published 
•' tcceleration of 1 monetary targets. We have'wjiat is finan- 

.... ' ' ■> 4 re spotse which' dally a much more conservative 

fr®™. 8 *PPWent maidy in tfie administration than that of Mr. 
*\ r , v ": igt *®BJ and property [markets. Heath, and the." alternative is 
r • h * t' f£ en property .bonds .'.of all more conservative still.- Never- 
: . v tiuogs, seem, to Tutv^sdsie to theless. liquidity piles up, and 

-'a* :"*! ./'? '“Sfc agalni - x . r •.-■ would, but for. recent memories, 
'-■■!■*. ' ,lf< ^ . “? e financial \i>orid i&- also be finding fee same silly out- 
"■ ■■■!»’; ..’Sfe.JJf* preoccupied _vith~ fee lets. What fee CUV fears is feat 
-. ^ d f®coIties of a national leader it will fipd new outlets which 

i. " With . strong moral co'wicttohs,. ‘wUl. prove just as silly. 

“ ut little apparent Ability to The basic similarities 
- y 0 turn this into leadership, whois, between fee. present and the 
Presiding •over' a-xis^trons recent past ' make, a- much 
-r.V ^sipUttion- of Credit snd is in shorter list. but.It.js an instruc- 
-“"’i ! r , ‘-ttouble witfi the coal . miners; tive' one: The company sector 

• , hame is Cartef, mid he has made a strong 'financial 

'' ,! '!.iw®P®**tes on '..fee other side, of recovery, and is stiH concerned 
1,1 ■ s,, i , 4iv 1 > - fe® . Atlantic. The', unhappy with building up its liquidity; 
; " ,r ' ^ f .;-P***M«irt”'isf perhaps'* a fair this is whaf most TeadOy 
* : ^,:.. ^' rarn ^ ng fe*t : historid jparadlels explains the vastly: accelerated 
' ” -‘r-j usually have.less in tliem than growth, of fee narrowly-defined 
meets fee eye. .'V money supply in .fee ;Jast six 
:x-^^ i ’ v Jii " eine ? 3to *7 o£ ‘fe^ P^t is our months,, and the ■ .difficulty - of 

• : *v. gnarantee JagaJnst; its controlling the growth, of 1 the 

t*.i_ ?• "• ' - . _ . ^ M3 : (cash, 

certificates- of 

■ - = — — - r* v i' , 'iv u.yyoiii nuiui.'is ' the subject 

n ?r ,5t - tt® or another 1 ©!®?^ finan- of official policy,' The. Govere- 
•*r.iil.- n *r^ ‘-^[^^^yramid-building^ -aplong as ment depends en&eSing pits to 
. ‘^‘o^j tnerfc are' men in'- charge who mop up Surplus: 'Kcpndlty,' but 

■ ,1 ‘ i^- can remember the last fiine. The the surplus BquicOty . is; qaite 

question is not whethdr history Jargely in the hands of- people 

Bo tog to repeat itself, "for it who; do not normally invest in 
"n-. ^ is noqbut -why- the - system is this way. The pound, k strong 

apparently organised' .-for 

a and Interest rates are low;- fee 


_ bank 

The first' point to remember lending- V 

pi ; . --.j^.is that it is really a^daashing • What these parallels, suggest 
• feere" should n :be' any is disturbing: for . it seems. that 

, p.^similarity- at all between 1978 it ia the’ result bf appaiatily 
• ■ pand 1972, because the.economic welcome developments-^ ^hind 
-'.j ^background is. radicaHy^ 'differ- company finances, a;’; sound 
v v .' w ent At feat time Jve were balance of payments Hid an 

J., . risibly emerging from a. reces- -increase in personal .’.tbrift— • 

■ ■*' ■ •“ . — — 

which intoxicates fee markets. 
Our financial system may or may 
not be good at allocating credit 
when it is scarce, but it is 
totally , npset 'when circum- 
stances conspire. to produce a 
borrowers’ market There are 
simply not enough sound 
borrowers to take up the avail- 
able lending: 

Of course there is nothing new 
In this dilemma. Booms , in fee 
South Seas or Wall Street* in 
landed property, works of art 
and even black tulips- have 
punctuated fee whole . of 
financial history. It should be 
the aim of finamqai management 
to make such episodes as 
unlikely as possible, and that -is 
one of fee central reasons for 
reasonably tight credit control. 
What recent history is suggest- 
ing is that credit control is not 

The most beguilingly simple 
explanation of- what is wrong, 
which is being urged almost 
monthly by Morgan Grenfell 
among -others, can he put in two 
words: exchange controls. The 
trouble on *htg account arises 
simply from a. strong balance of 
payments or a strong currency. 
Inflows seem to pose especially 
intractable / .problems for 
monetary Contriri, • and ' if ' tbeyi 
are prevented from' going but 
again- into attractive foreign 
assets, they will churn around 
in the London market. It is cer- 
tainly true that troubles of fee 
British kind axe somewhat less 
evident in more open financial 
markets and- feat controls do 
make fee resident . sterling 
market is London damaging 
narrow, .However, - property 
booms anti unsound lending are 
known even in countries ..where 
fee export of financial capital 
is not only.' permitted. but en- 
couraged, such as Japan. 

A second rather general ex- 
planation, which I have urged 


Mr. Gordon Richardson (left) 

myself and Will urge again, is 
that governments have been 
faffing in their duly as bor- 
rower of last resort in condi- 
tions of inflation. The role of 
sound borrower in a time of 
financial surplus is a vital one, 
though little discussed. The 
availability of; -Government 
securities which meet the needs 
of major savers can prevent at 
source the growth of excess 
liquidity. and thus reduce the 
chance of emergencies which 
will eall for a lender, of last 
resort It is better, in shorti for 
fee. authorities to outbid ques- 
tionable borrowers in the first 
jplace than to step into refinance 
them^ when they faiL 
' In old-fashioned, falling-price 
recessions ' Government stock 
fiyeti -this role admirably; the 
portfolio of a beleaguered 
heroine in a Sherlock Holmes 
novel contained nothing else, 
fixed interest rate stocks are 
far less attractive when infla- 

brooding over revising the reforms introduced, with unhappy 
by his predecessor. Lord O’Brien (right).' 
tion is high and uncertain, and It is certainly worth remark- 
especially when they are the ing that the crisis of 1974, and 
tool u£ monetary policy. the reappearance of certain 

It seems certain, then, that reminiscent symptoms now, 
the availability of long-term have both occured under the 
real-value securities — whether regime introduced by the Bank 
the North Sea equity urged by of England’s celebrated circu- 
by my colleague Samuel Brittan, lar. Competition and Credit 
or some form of indexed stock Control. The sad history of fee 
—which, could be linked to a pretensions summed up in the 
measure of inflation, to the title is well known. First, credit 
national income, the rate yield control effectively vanished, 
of a local authority, the price- When it was re imposed, a 
of electricity or even to rail notable Instrument was the 
fares— would help to stabilise “corset” which, by laying down 
the markets. it would also a uniform permitted growth 
eliminate some of the optical rate for all institutions, forbade 
illusion in the public sector competition— a threat which is 
borrowing requirement, and still distorting the banking 
provide a sound asset for the figures. -It should also be 
personal saver and his pension remembered, though, that the 
fund. -However, the length of new effectively unified system 
the opening - sentence above was supposed to produce a far 
does not mean that I. think it - more responsive and competi- 
contains aU the answers. The tive market for allocating 
system of credit control and credit That goal, too, seems to 
financial management in Britain have been sadly missed, 
also deserves attention. Historians of the period have 

on the whole concluded feat 
Mr, Leslie (now Lord) O'Brien, 
fee Governor at the time and 
a strong sponsor of fee reform, 
was enlightened but unlucky. 

It was no doubt unfortunate 
that the Titanic struck an ice- 
berg, but it shouldn't have 
sunk; and as a critic of the 
new system right from its 
inception, I have been reading 
wife a good deal of delight a 
survey of the episode* by Mr. 
Alec Grant, who is no monetarist 
—{md perhaps not strictly an 
economist — but writes with a 
long and intimate knowledge of 
financial institutions. He argues 
that the reform replaced a good, 
specialised financial structure 
with an unstructured scramble 
for funds which would have 
caused trouble in any circum- 

To caricature an analysis 
which is rich in detail, Mr. 
Grant argues that there were 
several fundamental mistakes in 
Competition and Credit Control. 
The most basic was to treat all 
banks as the same kind of 
animal. To treat accepting 
houses, which ran balanced 
books of well matched assets 
and liabilities, on fee same 
terms as clearing banks, which 
borrow short to lend long, gave 
a misleading definition of the 
money supply. It can be added 
that applying the same reserve 
ratios to both groups also pushed 
fee accepting houses into pro- 
gressively shorter-term liabili- 
ties. because there was no 
economy in reserves to be 
achieved by going long. The 
first result was to conceal vast 
and significant changes in 
financial structure behind fee 
money totaL More recently, fee 
result has been to eliminate a 
specialised source of medium- 
term finance of relatively 
predictable cost 

As fee system has become 
more uniform, interest rates 
have become more unstable; 
uncertainty over cost has 
shortened the planning horizon 
of borrowers until the get-rich* 
quick are at the head of .fee 
queue. Financial pyramiding 
to meet fee hunger of fee in- 
stitutions for new assets was 
the natural consequence. 

While Mr. Grant's diagnosis is 
fascinating, though often pro- 
voking, his prescription— a 
revival of planned credit 
rationing— is feat of a former 
civil servant. There are for- 
tunately other ways to dis- 
courage purely financial and 
property lending and so. too, 
reserve funds for uses which 
contribute to activity. These 
include fee land tax suggested 
by some of our readers, differ- 
ential reserve requirement In 
fee lending institutions, the law- 
governing collateral security, 
and indeed the current proposal 
for deposit insurance which 
leaves an element of risk, and so 
raises the cose of funds for 
fringe deposit-takers. 

What matters, however, is the 
essential: that whatever 

emerges from fee broodings of 
the present Governor, Mr. 
Gordon Richardson, on a second 
reform of the system should 
pay more attention to the differ- 
ences between different inter- 
mediaries and different classes 
of borrower. A sound market in 
times like these needs not only 
a wider choice of sound assets, 
domestic and foreign, but a 
closer care for fee institutional 
expertise which used to be the 
glory of fee City. 

•Economic Uncertainty and 
Financial Structure. By A. T. K. 
Grant; Macmillan, £10. 

Anthony Harris 

S' {‘>V .• J.M. J 

*r- * - •• ' 

Letters to the Editor 

Control by : 
contracts ' . 

'■ “'From the Prospective Libend 
• -Parliamentonru Candidate jar 

products, only the price feat feey bet is for fee CBI (—or if ft refusing- to encourage or con- 

. can command to make prufitand won’t do it, fees Mr. Lee’s Guild sider bulk uses which would 

re-invest at a satisfactory leveL in which I subscribe for fee first reduce overall consumption 
Nor do they exist to protect the ticket) to do a deal -direct with preferring .individual appliances 
consumer, although '1 fancy^fee fee TUC -whereby they press to- and users who inevitably waste 
■ Consumer’s interests are' jnuch gether for the following legists- fuel, 
better-looked after by businesses tion. irrespective of which How can there possibly be 
which have hr survive’ free Government is in power. agreement on any of these com 

Sir — It is indeed ‘ a fepsy ■ martet and which are aect>nnt- Each Board (which should be missions where representatives 
- . turvv world- Not so loner Ton- able 'for every product theyselL 
• ^^industrialists’ - were rtehUv Of course ^ to .arguments about two-tier smoke-screens please), must oppose each other by fee 
' ^lSmtogTfeat excessive uraee marfeets prices' and eompe- which represents more than 2,000 very nature of their business 
r ’ increases were daSSne ear tition are more complex than ian employees much carry two nmon What we need is one energy 

" r mtowtSvenSs S?^!Sard£'5? ^ Justice to in Professor directors (from a ca^e of smt- authority, not four; many ques- 


fee future 

;j^S5gMaS2l-'?3S' »nWVt?e detail#- wo^Ba^Boa;rd_ repine wha * -tm Oftak Jodepemten, 

And I fear for fee.- 

safes tMarch 3) featby seeking 

n hold down - ufliK. inrrf»acp« Bntlfih bUSlUCSS 

any third party' might 

. Is Mr.' Trowbridge really- sug- 
. ... : -. resting that allowing wages to Twicfcenham, 

. m wild through excessive in- 
•’ '•* .z-eases and phoney productivity »«*»****• 

' - .veals will increase- business 
- '• onfidence? If so his is indeed 

**F strange industry, ... 

-w 1 In my capacity as murngiag A\ ra£ *t nr o 
. .. rector o£an engineering. com- UHvvtUli) . 

... ,., r : -iany with . three trade, unions - . „ — — 

. . i-rnted for their militancy _on a From Mr. G. Milts. _ ‘ T nulon/f 

‘lational levej. . we .n^perianced Sir.-rWife fee sUt mid con LCyiallll 

responsible /and realistic - v 



..-re -Of 209-2^00 (t employee 3 to contain of industrial interest 
ment' if one_and one, and the above to John Lloyd reported (Febru.- 

continuing inter-industry 
over prices. The last 
fee Energy Commis 
before it paper number 
where no less than four 
either way. ■ methods of pricing are described 

Compromise is always siuy, jn detail including parity, fee 
but this one would work — last being dismissed as virtually 
because all parties would be impossible, 
helped by It except tor a. few Assuming that nationalisation 
who could quietly 0 f SDme industries is unavoid- 


Geoffrey Mills. 

I, Queen. Anne Price. 
Claygate, Surrey. 

able in that they represent the 
overall national interest in areas 
where .free competition has 
failed — and there is no other 
resort — why do we not combine 
them and stop fee internecine 
war. .A single nationalised 
energy industry could eliminate 
most of fee colossal waste that 
the “Save It” campaign only 

is M'WklMa L'SSStl S'TS&WJSl 

iat ^one^of -feefactort "wUch ^Sftivhthink about of British Leyland and its per- for decentralised, combined heat 

•ore ‘heavily feeiP-agrgee mefet ^ e j^ usefal non-executive tonnance^so it made a welcome and power -units— as the elec- 

o a settlement within ^4^. to re. ' feange when visiting the recent tririty industry does in its merit 

.overnment guidelines was, the T* ; _ • - „ Amsterdam Commercial Vehicle order system — we conld sub- 

roportion of work %hicb' we' May I snggesrfeat what needs show to see it gain the “Stand 5 tantitally reduce costs to the 
mdertake for fee nationalised protecting axe fee of:tbe Show" Award. Yes, I was consumer; parity pricing would 

ndustries and fee realisation both men and know-how .which pro ^ t0 be British when I saw become a prartiMlity, energy 
hat if blacklisted this cwiia so frequeatiy wasted wbena inland's impressive stand would be charged for not fuel. 

ave a serious Impact on the Board fails to dwelop a humneas exhibiting fee current range of The basis of cost would be the 

ob security and future employ- area .ff„yy ^ucks but thought what a pity depletion of reserves with an 

lent of our perspnneL, „ British TV was not present to averaged cost tor recovery/ 

Government eitofetthfe ferbugb *^|s r^orf^thesurtess alongside fee production. Profits would be 

antract tctrnjfi are a potential gopo Jaea ,Qj» ofe« Wg West German, French allocated to- renewal or repiace- 

eapon Ip^ fed- ^haiwls ofcmahage- no fault of-feeir own. ^ Swedish truck manufac- me nt of resources. There is only 

ent In achieving realistic 'pay Just puttine three nou-execu- turers. But then I suppose good one use for N. sea oil money— 
jttiements Which I would have fives on to a Board, however, news ls.not-natlooal news when it to cheapen energy where all 
bought Mr. Trowbridge and the doeai^t in itself achieve anyfemg comes to making headlines about interests can share equally. 

:BI would have welcomed ’-^-evidehced. by a Harvard Bust- British' Leyland. Thp present complacence over 

istead of producing a floods of- ness Review' article m 1975. So X say, "Well done Leyland energy prices is horrifying, a 
nrealistic self - righteous “Clean up the Boardroom, truck divisions at Bathgate and time bomb for Governments, an 
-idignation. which' illustrated that fee pre- Leyland ” and who knows, increasing hardship for industry 

ack Campbell. - ' ■ - domtoantly non-executive Boards Michael Edward es just might be a penalty holding back social,’ 

Rosemaru ” Rosemary Avenue, in fee UB: perform about as a ble to put fee identity, spirit, health and welfare nroeress 

teyning. West Sussex. poorly; as the pr^ominantly motivation, and image of the M 0rmaD j e nkms 

l executive Boards in the UJL trurit^ divisions back once again whitehiU Eieshot 

Nor does " putting Hugh into their cars. Good news^-I j arrl } lim ’ surreij 

Parker’s heavyweight out- bear they will soon be removing 

siders " on to Boards achieve the sigh .at Solihull. “ Leyland 

anything— evidenced by fee spec- Cars Manufacturing Plant” and 

tacdlar failure of many a famous putting -fee “Rover” sign back 

British company which has car- up. again, maybe then they will 

p . . . ried’ a whole Board-full of such feel -noire Eke working a night 

Sir.— On March 7 you heavyweights, hut whjch has tidfl on the 3500 line when the 

Shed a letter about fee price ^unk beneath the waves, nonethe- workforce ^ets back its identity s-__, marumina 

' X SS r er BuS: 1CS6 -. . «■ “*» fStHESSUEZ 

ague of tne Manchester busi fee - presence " of <&*• . . 

The price 
of tea 

rom Mr. S. Symington. 

Innovation and 

A single energy 

lently. where/ft is • competitive. ^ whhlW ri'iffErent ; ' ' 

a.a'ssyasfs? industry 

to of muddled and From Mr. N- Jenkins. 

Inventors International 

• Sir,— Mr. Leech . (March 6) 
makes reference to mv letter of 
February 20 when he rightly 
highlights the importance of the 
“ detail-designer " Where I be- 
lieve he errs ig in his reference 
to the fact that “we put too 
mnch emphasis on innovation, 
creativity and invention ” and 
the main purpose of my letter 
was to- stress that this is an area 
that receives scant attention 

: , a waapto Of mucoieu - mind ^ 

probably unique -ability to i»o- Sir; — Ray . Dafter’s report 

«- '-JafMsmsas 

. is neither' fee objj&ct - of abandon, t v ^ a. department of management 

mrkets nor feeir test that they ' Mr; Lees call f« ‘ shi? meetiSs^vifl be copied science - L ««J I T ends bis 

■ork effieientlv Th*>ir tost is fives who rock fee boat is smp, meetings win De couzuseu j_^ er ^ f 0 j] 0ws; — « jg j. D0 * ; n 

iat they work, '*-By similar logic, bangoa — but currently quite im- as to. purpose; feere we. now so more difficult and more 

*Sr & prartical as virtually no Board wd co^ ^ to he a good deSS 

efined by^M^er demand will ever knowingly appoint such gP^aakfe ag c onflicting roter^ts than to he merely in- 

ather than fee arbitrary judg- a director. ^whether be « £ emerse ventive.; Surely the nub- of the 

- - - - innovator is 

and vice 
roles are 

*iOut "the Commission's need to «« himseit , appomwu " «« toter-dependent and of equal 

> identify fee ' correct ’ nrice Board before he can analyse fe industries competing and quar- importance. U anyone has any 
Jr tel" aS feS^Pfee 5S advise it, -rock it , and ti^en zelUD^wtili each, otter -^d de ^ bts i D this context, few 
amer «eaS?«nSS»iW«^ - blow It up with the blaze of pub- competing with the nat ional Christopher 

T?«?«faon. Had- Mr. Lee envisages. inteTOMi. The electricity in- •» 

A. S. L. Owensmitb. 

isrket cvorAm- J " ^jTTb - a quite possibly the last means seUinn prodnet-hard even for 

available- for raistaB average homelieating, against fee advice 
usi^^s 0 ^ l SS D ^t S to d ftBd national performance. of fee Department of the En- S7. Burpfc Heath Hoad, Epsom. 

to “oorirect^ pxlca for their 

la fee British contest the best vironment. The gas industry is Surrey. 


Prime Minister meets Mr. Brian 
Talboys, New Zealand Deputy 
Prime Minister, at Downing 

National Union of Mine- 
workers’ executive meets. 

Mr. David Ennals, Social Ser- 
vices Secretary, sod Mr. Stanley 
Orme, - -Minister for Social 
Security, address Labour Party 
Greater London region con- 
ference on Government’s new 
pension scheme. House of Com- 
mons. * 

Industrial Marketing Research 
Association two-day annual con- 
ference opens. Stratford-upon- 
Avon. Speakers include Mr. Clive 
Jenkins, •' general secretary. 
Association of - Scientific, Techni- 
cal and Managerial Staffs. 

To-day’s Events 

Invest in Britain seminar, 
sponsored by Department of 
Industry, takes place in Norway. 

Mr. Minoru Masada, Vice- 
Minister for International Trade 
and Industry, Japan, -begins two- 
day visit to Washington to re- 
affirm his Government's interest 
in a private Japanese buying mis- 
sion now in fee U.S. 

TUC Women’s • conference, 

Sir Peter Vanneek, Lord 
Mayor of London, attends City 
and Guilds of London Institute 
yearly meeting, Plaisterers’ Hall, 


House of Commons : Opposlton 
debate on reports from Select 
Committee on Nationalised 
Industries on British Steel Cor- 
poration. Opposed private busi- 

House of Lords : Industrial and 
Provident Societies Bill, Domes- 
tic Proceedings and Magistrates 
Court Bill, and Judicature 
(Northern Ireland) Bill, third 
readings. Shipbuilding (Redun- 
dancy Payments) Bill, committee. 
Civil Aviation BUI, second read- 


Central Government financial 

transactions, including borrow- 
ing requirement (February). 
Provisional figures of vehicle 
production (February). 

Alexander Hovrden Group (full 
year). Lex Service Group (full 
year). Royal Dutch/Shell (full 
year). Transport Development 
Group (full year). 


Bluemel Bros., Coventry. 11.30, 
Charter Trust and Agency, 20 
Fenchurch Street, E.G, 2.30, 
Corn Exchange, Corn Exchange, 
E.C., 11 Grand Metropolitan, The 
Lyceum, Strand. W.C2., 1L3Q. 
Watson and Philip, Dundee, 12i 

Royal Opera production of 
Idomeneo, Covent Garden, W.CL2. 
7 pm. 

The SAA 747 Flying Hotel 

Enjoy the sunshine treatment 
on the fastest flights to South Africa 

Every evening, an SAA jumbo soars away 
from Heathrow and heads south to the sunshine. 

On Mondays, it's our non-stop lojoburg: 

Saturdays, we run an additional evening 
flight-non-stop to Cape Tbwn. 

They are the fastest flights on the routes. 

On board, you can relax with our sunshine 
treatment that has earned for our aircraft fee 
title of Flying Hotel. 

- You can feel fee sunshine treatment in the 
warm and friendly attention of the cabin staff 
intent upon making you fed at home. 

•It shows in the impressive menu and . 
memorable wine list that give you a very real taste 
of the s unshine co untry 
• • The sunshine country is big, roomy So are 
oiir comfortable seats. These are fewer in number 
to give you even more room. Tell us if you prefer 
! smoking or no-smoking areas. • 

And while yotfre sitting comfbrtaidy you ? 
can listen to music or watch a film GA3A. 
regulations require a small charge in economy 

The sunshinelreatment is SAA!s special 
contribution to travel, 

And you’ll find it o"n all eight of our flights 
from Heathrow The fastest The nort-stops. 

You'll also enjoy it on our domestic routes to 
U destinations in South Africa; and on our 
' connections to the Americas, Far East and 

An d don't forget, we can fly you on first class 
on certain domestic routes. 

Your IA3A travel agent has all the details, 
or call us direct Saufh African Airways, 

25179 Regent Street,London W1R ZAD, ; 

Phone G1-734984L 

Waterloo Street Birmingham, 021-643 9605 
Hope Street, Glasgow 041-221 2932 
Peter Street, Manchester; 061-334 4436 

A marvellous choice of travel: our 
Blue Diamond First Class, or 
Gold Medallion Economy C lass. 

Comfort ail the way 

5 1 At A 

South African Airways 
Whe re no-on eso stranger 



Steetley climbs to record £23.5m 

■ T ~ • •/ ' . Family to. Trust ..... 1S5 

ALTHOUGH RESULTS from cent t0 its present activities, and Martin "Ford „ l* 

Canadian and Western European. ii|Alll |A||Tfl has .plans for six further brandies Gedoog Inv, 138 

operations were lower than for nlnHI mH|\ in ' the current year. . Bampsoa Inds. A2S 

the previous year, increased con- II I w iimmsb — 3.42 

tri buttons from the U.K." and 

Harastf Seva. .int 234 

Barrow Hepburn . — 23 • 

BTR ifiZf 

'• ' — - CMy & Cmmd 1. 039 

HI, ■ Matthew dark bit 13 

- . G. H. Downing . — int ' 5 

t ■ ■ , _ Family Inv. Trust — 235 

,cent to its present 'activities, and Martin ‘Ford 13 

-BTR. are 20 per, cent higher, reflecting sub- 
stanriaJ ,n UK - “ d ' US ’ but VQlume feil “ 
?hem!S aSr^h’ Smp^ratS E. u ™? e - Lex also takes a look at the L<3 balance sheet and 
ceramics group, advanced from highlights the dramatic Increase in capital expenditure plans. 
ii9.95m. to a record £23.5m. for The column also considers the gilt edge market in the light 
1977. . Sales were higher at of yesterday’s approach of tap stock prices to the government 
£2393Sm. against £2 10. 77m.- brokers’ supply level. A second-half drop In profits at Steetley ' 

At midwav. when reporting a left the overall figure Below ‘market expectations' Rentokfl’s * 
profit of £l2.8Bm. (£8.B6rn.». toe u.K. interests were the main prop for the company with, the • 

loveresk -3.49J 

London & Strathclyde int 0-48 

Nu,-Swift ....2nd int QJ1 

W. L. Pawson 035 

Rentoka ..038 

Scottish Cities Inv... ..Int 235 


Strong. & Fisher int .L87 
R W. Woolworth - 235 

Date Corre- Total 
Current of spending for 

-payment payment div,-. year 
_int 234 -May 31 24 — 

....... 23 July 3 133 - 3-fiT 

4.6Zf May IS ‘ 338 934? 

1. 039 • Max. 31 .0.72 • ■ 132 LS • April is 13 • : • — ' 

..iOt' 5 April 21 43 — r: • 

....... 235 MayS 135 , • S35 

13 May 3 1.15' 233 

138 April 10 L21 ’ • 1.71 

..Bit 038 April S 035* — 

.3.48+ April 21 3 Ji - 436 

► mt O.'S May 23- -A45 — 

rotal . Total 
for ' last 
year/ year, 

Financial Times ^Thur^ay J 


¥ v> V. 

9 1978 


73S _ 











Saga Holidays issu< 
next Monday 


Equivalent after allowing for scrip issue. tOh capital 

directors said that overall second 

half results should be similar to Suffering 

those achieved in the . first *»ix Barra tr .Developments -has 
months. tions over a period when in 

tions over a period when industry figures were lower. 

, Earnings for the year are- given 
as 41.61 p (33.4Sp) per 2 5p share. 
The dh-ldenri total is "tanned up 
from 5.S5R2S4n to fi-j21918p net, 
with a 3.963lfl8p final. 

‘ Profit was subject tn U.K. tax 
of £4.fir.m. f£3.Gm.> and overseas 
tax £0.73m. fSl.RSm.). The charge 
has been reduced by £5.9m. 
f£4.nm.l in accordance with EDI 3 

Extraordinary dehits amounted 

to £ 8 . 55 m. 

TU ar -n _ • London & Strathclyde int 048 May 23 -0.45 — ' 138 

sr . cent higher, reflecting sub- [\/§ |T/XM r |. m-Swift ...2nd int 031 — : - £8 -1-57- , 4.4. , - Saga Holidays, one of the large filling h l Folkestone hotel oir 

and U.S., but volume fell in . -*»-*.• X7UI tl ' W. L. Pawson 035 April II JWf- ' *— • ‘ .«&• US. tour operators, is going to season. Last year the comp 

, at thp LC3 balance sheet and « • Rentokfl .,038 ’ — 037* 1.61 IAS* break the ice in the new issue had a ti -nover of over £13m.. 

s at toe laa balance sneer ana i ’a AUCTf Scottish Cities Inv Int 235 Mar. 28 235 — 33 market next Monday With an offer Apart from attracting bush 

56 0*p rtaI expenditure plans. 2.1102(1 4t)/fa Steetley _ 33T • April 20 *58 : 842 536 for sale of 3lm.. 20p shares at via traiionai agents Saga 

! gilt edge market in the light WUVttU “U Sfromf* Fisher .137 April 3 L7- — - 431 i05p each. The company wdH be built up links with over SO 

stock prices to the government i. _ DA A» _ F W. Wootworth *95 — 2.73 4.18 335 capitalised at about £6m. to £7m. dubs (si as bridge clubs), 1 

i-hg drop in profits at Steriley; tO XXj.y / JSl* .. Dividends. shown pence per stoe net except where oth^wJse riateL ^ }»*%$**** * " *!&$* Jso“f o^Stif th^S 

co ”^ aDy t wiUL hT SSS^-f 3 ^?SSg preS iSS^^r^l?ta^cT qu,sl ^- SRSf 

»m exchange movements, while .ahead 46 per centvto ff £5355 for ^to account reduction In ACT. . and housebuilding group, floated a Saga 1 iliday. 

reased- the number of comply- the 53. weeks to December 8. 1077. off a 35 per cent, stake fn South Wheif the prospectus Is .f 

try figures were lower. compared with £660.439 for the ..... - ■- Crofty. a tin mining' operation, ashed text Monday the ball 

previous 52 -#eeks. on -sales up ..-m m-m.-m A . -w a • Moreover, it is the first time a sheet ii expected to look str 

some 9 5 per cent to OA7m. At IVIl rlTArtTl 61111)111 Qf - . small substantially faraUj-con- EridentW Saga keeps a hardi 

Unumnor «,i a rfiretnh b"»-. ' ttafiway. the s irplis was £181.229 irllUlCl 111 3rUlUM ell... trolled business has. come to the of cash favested with local an 

^ er at £4 ^ 17 -' ~ ^ market since buflding company rltles a* investment incom 

‘ Turnover Is continuing to in- Cfrnn(T Xt t?TCnAr Wiliam Leech offered Us shajes probabMa material contrlbutt 

crease - 5W the directors, although OtTOHE ^ X 1 ODCL to the public in June 1976. profits. I 

^ a low ® r t^te than' last year due . .. O , -Though the issuing house, Despi* the apparent sound 

^ qfr t° the adverse weather conditions nv-THE wakeef one of its more there are encouraging portents. County Bank, is not expecting of Saga tod its good profits ret 

experienced earier this year. How- di ffi c 37 trading periods, Strong with the continuing fashion trend the sort of overwhelming response the dec Son to go ahead With 
JHS "ff •US? ®fc5£S ever, they ctmoder that saiisfac- pis^mSid^hRs been towards suede Clothing leather, that South Crofty attracted, the issue mfe have been Jiffi 

yious- years have had a difficult tory half year results wdl be nmfitnf P371.7M for overseas buyers are returning' at bankers aonear reasonably confi- County Dank and atoddiro 

- 1 : 

^ ! • i ■ ' 

try figures were lower. compared with £660.439 for the 

i previous 52 weeks, on sales .up 
some °5 per cent to £5.67 ti. At 

However, this division hi* atm' EIHi?8 

been repre^sed^ «d w in . 

Unproved subotantnaUy last year - _- v ^ iithough 

altbouei ™ dG? 

Midterm slump at 
Strong & Fisher 

nZ- experienced earier this year, how- di ffi cl jj t trading periods. Strong with the continuing fashion trend the sort of overwhelming response the dectSi 
J&S "S •Lt ®teLS» ever, they conrider that saiisfac ZidShas been towards suede Clothing leather, that South .Crofty attracted, the issue ml 

t0 S- ^ lf ye* results Wdl be profit™ 6371,70(1 for overseas buyers are ^returning- at bankers appear reasonably confi- County j 

... SffAawaas sth 

A . .. ^ tm naif year enaeu I'ioveimjer ai, priwb whiui urxoiawtiou oi « rvuv • M 

s t« te d full yeaeearolngs are 1977 <Jompared with £1376j800. margins, and tanneries are work- 1 the waWaess o£ the stock market the 
emerged In Sweden. Germany, t 2.39 d I Tier, llto share and iZlz'.™* ^ t»)l mmaw - U,»«iiii viei 

advance m pre-tax profits from \ I ■* • 

i«7fl £7.1fim. tQ- .£SL53tn. ' At halfway. V 01* KXllirP 
profits stood at- £4.01 m.. against -*- IkijllH L 1 

v li| kit mi Tfm ind 4ha 4 IroAfnro utarn . - L ' ' * 

£3.34m. and the directors were •' " 

~-t si* expecting -at* least -the - same For ' Kdllu Till' 
4 .mi the second half: - - - JJAIJUQi U^l . 

li.M? Full year .earhrngs are Shown 
rsuHT to be ahead frwn -, 3.73p to 4.41 p • 
t-JJ’T per top share and the dividend 
£1? total is effectively raised From 

Ssles (incL VAT> 

Profit- bef o r e tax :. 

Tax . 

, • Net .we8t- — . «■■ 

- lniertin .dioWetKI " . 

Propose d final ' 
Retaiaefi . 1 ^. 

t market the commny last October tvfti 
view to Jan offer, but then 
ltd upon stock market was a much brig 
record— place. / 

3 from The company needed to 
me. 1975 the latest six-month figures to 
e unique December under its belt and 
only one be In \ position to farecas 
»mpany. increase^ in profits . for - the 
Saga is year. /Moreover, the comp; 

iws.77 ro* for leather goods but tagger w~w»w « ““ oted travel company, increasi in profits for the 

sin tvs < man pnees pushed up sales from £63m. Jf^Tbei eSSoq^ Midlands, and Saga is year /Moreover, the comp; ; 

f to £7.75m. A major concern vras from IJp diWerSit Wnd of bSess. kdvisorfwairted to get the -J 

-5M9W KMM the erosion of margins because of. J™s trom proDta « Really Saga’s business is con- off the bround ahead of the 


: B» - the . company, ■ ‘ Mr .V: TSStdB^mi Sf- Issue had been 

SS ■%■** V^orts some 63 per cent of its t-gonunem • - .■,*-»?*. it bchi small now it ft unlTkely that the top 

finished goods: Currency movements are blamed ™.- d * hotels or round the world could have brought it for , 

stie months ■ for the near two-thirds drop in again tfil late April or May^*-^, 

wj 7 Strong and. Fisher’s interim rru_ business was found by the the conjpany decided to tsfcir 

sectors. . ■tHTShort' 'oTaTlffVS peak" of SSS. S ^S2 petition in the markei^As- a| 

e» The bank, .which is owned by '£1. 02m. pre-tax. Sales are up a ewawnies «5oo result trading profit margins feU 1 

w'2'.the big London clearing banks, quarter and .represent good Protst tax .- m.70® wbsjbo from 123 per. cent to .&5':per. 

PS! show's pre-tax profits up from growth from existing stores. Onjy.Tn . t ww **•*#} cent Difficult trading condhiohs 

siiSff £lL7om. to £lL85m. Mr. Graham, two new shops were; opened «ntinued_througho.ut most of the 

iiu. Sunderland, the general manager.' the period to take the total up to Available J' stssm' quarter, but recently prices 

1.502 ssid that this- was not a bad 43, but the company has been preienace amoeia' ... i.«o i, 4 bo - have improved tfagbling the com-. 

result in a difficult year. spending on its existing stores and O nhaarr imerini ajos 964OT pany to restore its profit margins 

' • -aJ tVloV tho H „„ir cash balances are down from R£ * afl « 1 81880 ® uw to some extent. However -the out- 

... . * CretbBL l<vilr for thp full vonr 

result trading profit margins feln 

i^oe 35^: third quarter, but recently- priebs 
iMB lmo have improved enabling die cbm- 
90386 963M pany to restore its profit marelns 

Attock Petroleiim 
relisting \ 

8LS80 «L2M 

i,ri proms sroou ar- jm.uiiti., against — - ~ -*■ iuks. «■ trom i-70 to uo/p nei — last years •‘0‘“ uu t. . — ^ *. v r~ ~ .. . .. *. 

Fwmji *ai"j *n.nni :tn m _ nd + he directors ' were ■ ‘ ' Prvfir bafara tax . W5.255 - «wn to £7.75m. A ma jor c oncern was 4 oj D from orofitxof quite a different kind of business, advisors wanted to get the 

Trndm K profit »“! ^ 'SSSih “ te-w ^thTSn^lor * U n walr vivi Tax -5M 808 “S’S x be eronon of margins because of . totol was 4^ip trom prows of , bu sin ess is con- off tb ebround ahead of the 

S. i?5 -»aillK lip*. • SS ^ h< SSf “ tff"^SpS. ? B«TLe been 

SKSTSJirT*..'." M F “ H year , Mmmgs are shewn ,| . . r -J-I w r : . SSSa ; &** F&ts same JS per cent of its it b^ln small now it ft nnlTtely that the tap 

^ mmprrti/js . .... "l n ^ total is effectively raised From _____ t in tnr 9 comment . ' vm are Strong end- Fisher's interim ^rhTbusiness was found by the the conjpany decided to tsfce^ 

™ :fS ' ; “ “ ~ ~ iSaaaffSsf HStSSSyS S-slS'rS *wsr««s S sas* — “ T,,y\ - ■ 

.» . “ e ft IWJ’Sf'SSf Sff5 IS M P pfrnlpiim V‘ 

■term loans Export’. .... ...... -9i«. «» j The bank, which is owned by‘£i.02m. pre-tax. Sales are up a oBawniM 1 «^o 7ts» result trading profit margins MI A|T(K!K ■ PI I I II tr 11 Ilf . . yt 

* overwaa rompmfsa . »£*- ® JS'.tte big London clearing banks, quarter and represent good Pnet befar* tax ...- m,TO0 tmsjao from 133 per cent to -&5; per ^** ■ - • • > 

• comment P u'k* ' ■' sw? Ib? show's pre-tax profits up from growth from existing stores. Onjy.Tax ■ cent_Difficul^ trading amdWoto ' . i ' ^ 

•- OverJaa ropjoaidei . ‘ "-«fl Si^: £lL75m. lo £lL85m. Mr. Graham : two new shops -were opened m~* ~ wntinuedjhrougho.ut most of the T’AllC^mO' ' " I 

Steetley s pre-tax profits were UK ta , 23S9 2.r«. Sunderland, the general manager, the period to take the total up to Available J' isa^oo 575^00- (bird quarter, but recently prices • | yllljl lllj» l , 

around £jm..belotr market expec- overseas rax .u.. 1.502 said that this- was not a bad 43, but the company has been mimaa? anUeia ... i.«o L4so have improved eiiabltag the cam-. vHii muvhiv be in halaitcc “ 

talions and the m-oups share price Exrra-oM. drtlis tts + i!^result m a difficult year. spending on its eri^tiiie stores and Ordinary buarim 90388 »«oo pany to restore its profitmaigliis The Stock Exchange has granted wttlrougn^W moaiancc, ■ 

Slipped fip to 16Sp. After a 49 per MW iSX t 3 .3C ; re ^ ; cash bilancS ^re^down From****** v - rsa - SLSW «ueo t0 some extent. However the uut- Permtesioo for the tdtobnR of “Ja* “{*¥ • m- 

cent, rise in the first half, pre-tax * crediis. He pointed out that the bank ______ F500 qoq since- ■ Crefat*. . look for die full year profit -Is Attock .Petroleum from Monday, recommend POTnent °* A *■ .... 

profits fell 6 per cent, in the tj, c directors point out that h ?d experienced a nre of some 24 “ he • ^ end ^ company has" Regarding the rest iof the year,, hardly inspiring. The shares' toll yesterday the company sent 'SS? 1 ?!-! 0 o?ftir 1 th? < vm t v •• - 

second half. Around 43 per cent: lhe rise in the Ateof Lchatiae of had . agoodOuSn^ period, but ? h f il ™? ul _ Bfr Edward Davies says- 6p to 60p yesterday whera.-the shareholders a eirctoar concern- June 30, J^„ or for - tI,e ^ - • 

of group turnover is generated the pound during the year ?. osts ’ reflectmg the expansion of ^ - been a slowdown since it is impossible to predict because prospective yield of- H per. cent, mg the relisting and the- purchase June30. 19TO. rtl - . * 

from sales to the world's chemical accounted for the reduction in 5 s . a ® Janirary. Howeve? the company ^ ffodbto Surrounding the future is the major prop, though if the of oil and gas properties to dm .JgjJJ* /* 

and steel industries and the overseas profits; TS70 profits would nSZ ex^eST piS^^to impro^ and ^ *«« trade and ctm- company can doable its interim Gu f of ^Mmuco^uear Texas. Abo ndviwrs to^ Attodv • 

figures reflect the deteriorating have been. £253,000 lower at ?, me Ji°Snn p £ff St 6neont?ideaSlya .Is forecasting rinumg ^anxiety concerumg re la- earnings a p/e of 83 is not too included wcrelhejMdttedreport ojSuw, -rhcn _ — ' 

■trading conditions In those in- £2377.000 had they. been tran^^.^.^'M 85 ° Y f 0 ^ e £i.i5mforti,7^r At^Tpthe tive exchange rates. However, demanding. . . . and «cco u nu.for.tbesix montto night sWndatOTp-90p 

dustries during the latter part of lated into sterling at the same ]JWd wWAYwhj. shares m nottSJensIve vdth a ... . . ‘ - «?ded June SO. 19J7 and an listing urMtored on Blond 

SttS ^ronsV°^n m tn- SBt." were . appUed t0 1977 yeaTSide'r^?^ <* «■» ^cmit The p/e 5 n og ^ ’ ’ S?5 SSSS !l VUT. PeSSeu^excludingAttodk 

riustry, also had a touah tin,, Estraordinary debits comprise ** pr0 “ sh = r , mE sc **™: -- - Jjfftll Ot "OltlRDU S6GS _ In the dtailw, ttr Mtauu “'‘nU^SdSTune S 1K7 

s?r*£a sssr <ssssi BtUNDELt «i nwpr arnwtii . . .. ^ *** 

with the previous year's £im. assets overseas. ^ cialised . siibsidfaries. the finance wLUnl/LLL MilW ti Sf j QWFll accruing from the oil and gas 1 a 

profitsl from currency movements. The company ls^ close ’ ‘ company; whfch"nfckriy doubled PTO M OGT A 7F ? .... ■ O 1 V -fi'Al. •. properties in Texas and^ from 

The shares yield 6 per cent, with y ' its- surplus to around Tlta, ancf luUuLAZ, b IN HB annual statement. Sir sibilities of chairman Sir Ketmeth ? 30a J es deposited in the U.K. fs ^ latter E p< 

the dividend covered almost 61 « comment ft* operation. - . ' • KennethSelby, the chairman Selby. w£ wa?to hare rSSed SSn^CTfiraordinaS^tS 

times. The P/e is 33. ARer three yearn as a laggard • to its annual review' the bank S5 ?b 22K ^S!Ve Siafr^t ^ « chalrmaOL Sir Kenneto con- Sf'aSuSSSon as “a^ignifiS^t the rale of 51 per cent of At 

RentoWTs U.K. Interests last draws attention ^ ffiSSUTSfa. 'WSflX' ft^SSSS “ttocl lESS ©«■ 

. PI ACTTr rniVCXM look-off «ncrea_sing its profit con- ff 't> buton by pomUnx out that tb e group had made an SJ?.! “^SKSLS, 1 % 2T5 Bath '- March - 30 - at a more broadly based production DDPCC HTTAT TNJfl 1 

5S rSSSoWSklOS - The Stock Exchange hto granted wiHrousJJy be ta itatogj - 
to some extent However the out- permission for the relisting of • <** 

look for the full year profit-is Attock .Petroleum from Monday, recommend payment of a ^ ... 
hardly inspiring. TOc sbareJ'fS Yesterday the company sent to’ dend either for the six toontj 
6p to 60p yesterday wheravthe shareholders a circular concern- June 30, }J^ w or f °r the yet ^ 
prospective yield of- H -per cent tog the relisting and the purchase June30,^19TO. . 

is the maior oroo. thmtoh if flie of oil and gas properties to. die .Despite the lack .of dlridi ^ 



. PI 4CTrr rniVCTM look-off increasing «s prom con- -> *« ■ -■»*■«« »j uui tnat tb e «ro U p pad made an 

. PLASIIC COINS I IV- - tributton by 38] per cent, and that the niupfaer. of .its cureent excellent start tothe opening four 
. Shareholders in Plastic Con- accounting for all- the group’* 19 accounts has _riseq^by. about 28 . montha Exerts -showed further 

s mictions were told by Mr. Henry per cent pre-tax profits rise. Pre- Per cent. in the.. last three years; improvement and*- the industrial f a ” 

Aron, the- chairman, at the AGM vioujly. the U.K.* interests have to the present level of 1.6m. ' division was doing even better. . TtrSfS, tif*. 

‘ tritaitiob by 38] per rent ^ that the number, of its cureent Start start to tiTopeto^four S' ^ *- 

accoutring for all- the group* 19 accounts has. riser* -by,, about 28. ^s. Exports showed tether 33roto«hie??toSJ 5£S^S 

& 1 ftm mtiOTtitint OTt^ - flit* Inriii - . ■ ■ ^ _ ... 

Bright outlook 

efforts to that end wfl} only make 

gradual progress' before- October, kJlUl C3. possible to predict the timing or 19p. the price at wnicn tne ar 

1978., - * . amount of any dividend receiv- eventually closed. 

Members; are told that the l f q «£*L?SHS2 j£ able” from that source. Lively interest was also W 

April budget may bring relief to 5£?i£ to view of this and the fact the "can” option and "dou 

a hard-pressed building sector, but that other income and expenses option market to Press share 

it is too much toixpect that that t rading fo r the first quarter • - -- - 

1977-7S- results coidd^benefitt currenfyear was at a record - 

oltYinilffh ritiOPCAPp cWnriM lfiVftL 


a more broadly based production pDpCC TYFAT TlMfi’ 
and exploration company. ritcaa UCAUIW. 

On the investment in Pakistan, Drelines were resumed 1 Jt 
Mr. de-Boer says that negotiations day to the shares of William F 
with the Government are continu- which had been suspennec 
ing “ with the aim of seeking a Monday. . The opening price 
more rational pricing policy and 31 p. against a suspension 
an improved return on capital of 17p. But m an active tiro 
employed” But “it is: not market the pnefe pulled bac 
possible to predict the timing or 19p. the price at which the ah 

■ v ’»- 

/...lot in I amount of any dividend receiv- eventually closed. 

Expressing ^ quiet confidence^ 1 ^ n from that Lively interest was also 

although overseas profits should 

^sustained at the prorion s year’s 

»JfiSS Saatchiready for growtl 

pre-tax profits rose by almost 50 ^ f °r further expan£ ,on . FOLLOWING the 28 per rent short-term deposits rose 

per cent to* a record £i85m. for' As already reported, pre-tax Jump to £L25m. in' 1976-77 profits, £t«2m. fo £2. 75m. and the 1 
the year to October 5L 1877, on profits fOB the year to October t, Mr. Kenneth Gill, chairman of overdraft was elimm 
turnover of £78^6 ul (£66.65m.). 1977 rose/TOm £204,625 to £225,101, SaataM and Saatchl Company, the <fi0.46m.). ■ 

The dividend total is lifted to on turnover £0.35 m. higher at advertising agency, says that the Meeting. Rite Hotel, W., M 




City & 

at least 

Fun year profits of not 

&298p (2i898p) net. £2.51m. . group has a firm basis for growth 21 at noon. 

At the year-end, current assets . • in toe current year, 

stood -at 160.87m. (£57. 13m.) and . . n - He is looking forward to a year xt _ _ 

/Mvln* at ff 8 - 57 ™' CltV & ' of continued expansion in the H^fllDSOIl SCG5 

a ff ets , ^ _ main -agency business as well as ' 

liabilities' for both years have been • the' pursuit of the. many good _ 1 

rn ^ D 8 on commercial prospects for growth in and at 1C3SI 

Se^ti^'foc loss of office After tax of Mill against S^MoVSSb teLZS- ffl C4_ 

Hugh Sykes, previously managing ra enrol Investment Trust un- ve __ 

efireetbr designate. He resfgued proved from. £372.198 to £429.850 . . . ' _ Fun year profits of not 

last April by mutual- agreement, for the year to January. H. 1978. An analysts of toe 19/6-77 profit than HJ.54m. are antidpatec 
but remains as a non-executive A final dividend of 0.885p per shows that provincial operations the directors of Harapson 
director on the Board: Mr. Sykes 25p Income share raises the total contr ibute d £142.000. Roe Down- dustries. who say that they 1 
who joined the group in 1875-was to LS19p ( l_575p) net. . ton £239,000 and Saatchf and the figure 'win show an imps 

to have eventually taken .over Net- asset value is shown as Saatchi Garland-Compton £S6S,ooo. ment over the previous y 
the mapaging director respon- 182p (143ip) per £1 Capital share. = Saatchi and Saatchi is the record £0£7m. 

group’s largest business and also . *° ®®P 

n T T -n v • v v toe major source of profit, £ er - ** 

W. L. Pawson pays dividend sffSSJTJSSJ'JK '& Sf?^ n l 

s ^ of 

reduced pre-tax loss of £4.900, area where most of the losses Roe (where toe margin was 2J9 The net interim dhridemNi ^ 

against £139286, for^ toe year to occurred." per cent) -continues to be a solid 0575p -/adjusted 1K25p) for * *» 

Decem ber 1 9. 1977, after a loss of; Consolidated Signal told- share- and retiable-.contributor to profits 1976-77. payments tots. 

£6,419 (£20-229) for the first halt holders in a letter of February 16 and- following a run of new 0.681818P adjusted for the ' ^ 
Turnover for the year .was £L66m. that a circular- would be .sent to business gains is set for another forfeit serin issue: - 
compared with n.6m. - them' In the immediate future good year hr.1978. - The tompany^ activities «r. 

After a tax credit of £L2J}58 wrtb copies 'of communications to ,-Eratyear the directors reported enmneertnR- ^ and tnanufactuS^- . 
(£23509) there is a net profit of members store Williams Hudson that the performance in the industrial pfeantog, maintenfijw^- 
£7.958 (lots .£115,477). but extra- became Interested in the com- provinces was - patchy and that and allied services. 

350 reasons to consider Southside. 

ordinary ' debits absorb £77,982 pany. there was considerable scope for 

(njl)-- Earlier in February, one of margfai improvement This year 

Earnings are_ shown at 0.46p consolidated Signal’s share- afte strenuous efforts margins 

Iwldere. Mr. M. J. G. Moir. sought bare been brought more in line 
f „ d rt ^ d f arst t he support of other shareholders wftir toe company as a whole- 

payment since- is • a. A payment f Qr a Department of Trade ^d’the improvement continues. 

^ November ^iquiry into the company. He • Referring to capital expenditure 
Si mnT-xrfTtL a> among other thinRs, the the' directors say that this fell 

*5? VSTSJS " disappearance of all our com- back te a more normal level to 

at^tSSe^MTin and^Mrtth^a pm^s assets . and the sub- 1976-77 .following exceptionally 

at. £189,296 (wjM.rrai anq witn a stirutirtn for them of an enormnnK heavy soeudine In 1975-76. In 

Reed Consd. 


Reed Consolidated Indus 

Available To Let in units of: 
13,400 sq.ft. 1 6,500 sq.ft. 

50,400 sq.ft. 76,400 sq.ft 

24,700 sq.ft. 
93,000 sq.ft 

ont-T,li«- nt OKI Inill im th<» ““ uisui wi ui oiunuvua uwj .o.or-.w. ui ur (JUiO.iam. Tor I as- 

ifftS»hrtMnmnerre deficit” Commenting on the future years they expect exnendi- $209.72m» and pre-tax profit 
coming circular. Mr. Moir stated tore to continue at .roughly toe S10.97m. compared with S10. 
Tv^tw^fc^i Irro wn yesterday: Members win now same .level as there is little Attributable profits rose 

pnatiOn ISxlnS.lSl I US»^HO I. i M b liA cnnnliail wifh mmnlala ntiDUltnCr ronillromant fur rath tn t^R9m t#, W .11 TV. „ 

inv or manufflctTirme fnrrierv and a jlawrr 10 nucsuons «iicy nave i^ui in B uk men: »a 9 jii ms umuenu rmai is iz.o 1 

merchants nf sheen skin coats. ° asked concerning the company’s increase to net liquid funds of rents per stock unit eoi 

An ideal building in an ideal location 

Fbr further details and an invitation to view contact. 

Richard Ellis, Chartered Surveyors 6 : 10 Bruton Street London W 1 X 8DU. Telephone: OT-4997151 

C.tvo* London sr.o:l.>rd Ecl t jiiii^rraoa-’ w, -'' u i |1 1 -n. South AincAAojlrollJ, US A.CanaALSin;a6< ir «-l-^'''’*on^ ' 

.<dderaf!on to £50,000. to be. satis- 
fied bv £20.000 ca«h on completion 
and the balance in 100.000 Pawson 
Ordinary shares.. 

Net assets of Teff at March 31, 
1976. were £2£49. Since then the 
company has issued new shares 
to the value of £13.010. 

• Pre-tax nrnfits for the 15 month? 
to March 1976 amounted to £5,050 
and management accounts for the 
18 months to September SO. 1977. 
of Teff and Trentway, a subsidiary, 
were £33,277. 

secretary told me to plflygqlt A boss -secretary team, as in erTeiysuccessfu 

-ork done} partnersMp,nee<^tobecarefuIlyTnatcbedb 3 

bo sas e *P CTts - 

Consol. Signal 





Consolidated StgnaFs circular 
deending its past conduct has 
been delayed, but -It is hoped it 
will be sent out by March 17, 

Mr. J. W. Jones, secretary of 
toe company and one of two 
directors along with Mr. • David 
Rn-ftrland^l has. written 'tq"_ share- 
holders explaining toe reason for 
the delay. The directors, he 
states, have “ deemed It necessary 


^ ^ ' dreamctfseasmrgTcaiana^plicarirw^ 

fiist inet you and teken stock both of your 
-j individual personality and the particular need 

<v of the job. That way we manage to keep round 

n . . pegs well away from square holes. 

* j If you want a secretary who's right for you, 

| j we're the peopte you need to contact 
I I We also pride ourselves on having the best 

J | temps in the City. 

/ . J IblepJione Bridget O’Brien-TBrohig, 

y JoacnaDyson or Elizabeth Belton on d-606 IE 

■ i 

1 / Tl« 


'■hx.M if*’ 


SenlozSscretBiie^3/BTtiizDpStnotJo&&ii£Cava)D * 

Financial Tines Thursday March 9 1978 

Woolworth recovers and 
^ produces £6m. increase 

Near £5mw rise 
for BTR 


-Ssm. 'forthe “i? from t0 L6 P qet Per-25p FOLLOWING the recent disclosure scrip issue is also proposed. 

ialf, and Irom mS&iL £ so £x£ share n ^ final for last year that Dunford and KHj-rtt mused- The treatment of tax has 

■ ■ V & Sffi . ^.bid-time, profit forecast by a been^.vanedfrop past years by 

.ompared with £40.6im. fcg drive for grater efficiency 

.' Turnover indudine VAr-rose by 81,3 profitability, 
w ’per cent, to ! 7 B 754 aL The group’s properties were last 
. :f‘00.8Sm.) with a 14 ier cent. Professionally valued in Uarch 
nrrease in the' fourth garter.. *971. The directors have arranged 
"After current tax of £2LS3 zq *W them to be revalued hy inde- 
‘19.19m.) and deferrec. tox of J^ndent. professional, valuers and 
•.!*LB4m. fai54rn.) earrings are ^te results wiU be avaflable hy 
’ thown to be up from-e.lSp to 
j.oop per 25p mare and the divi- 
Irnd is lifted fromS35pto 4.173p 
lei with ri flnal of 295pi - • 

. Profits were struck after a 

: f ^ e Matt ■ Hark 

iRt time SL9fim. on Ireobld 'and V'lftlJl 

png leasehoyproperties 




January 31, 1970. . 

U.S. Results, Page 28 
See Lex - 

drops to 
£0.91 m. 

This time BTR,* the shock 
absorber concern which took over 
Andre SDentbloe last year, is 
claiming that SDentbloc's results 
were “ seriously inadequate.* 

SfieottfiDC’s interim statement 

stated that it had made profits _ 

of £527,000 for the six months to increase BTR earMwg? per share 
end-March ' 1977. . But now BTR by L8p. 

Tfce »sute iwSude the audited 

££>-“£ **»'“'* * *“■“ Sa “ tM « 


acquired Allied Polymer Group 
for 1977, which have not been 
consolidated are— sales £7D3m. 
pre-tax profits £3. 5m. and. earn 
jogs £ZJ2m. After deducting 
notional interest, tbe consolida- 
tion : of. these results would 



... *«mover ■ W&so 

.‘AT inchided . „ 

• - .'rafihig jjrofir jg*a 

" v JrorpeSBtinh .ii m - ... 7SJ 

• .. oicrwt .. s&t 

.• ‘ <W. and rent income _ UJ 
■'rani btob.. dtappsafct " sr, 

, ■ 1 .’rofit before tax. cw 

••-..rmTwit iax 'saa* 

.. Irrtrrecl tax " ' ivi 

.* to vrofit — 18,478 

— >S wiy similar to the JE2m. achieved 

-• - <etaiocd • : ' Y«i ' i/n * to the' year ended April 30,-1977. 

( Exviudfns sale and teaccbiacte. ' _ For the eight months ended 

5 .TO 

ALTHOUGH interim profits from 
wL Matthew Clark and Sons (Rold- 
' ‘ 8 , to. ISgs) have ' shown ‘a slight 
.'iue reduction the directors are 
expecting the year’s figtnre to he 

. . taken, but Barclays wrf 

OUTSIDE INDUSTRIAL action Merchant Bank, the SHentbloc YL 
coupled with a downturn in advisers, said last night that they 
interest rates resulted in adeclin® had received no notice of any 
in pre-tax profits of Nu-Swift complaint 
Industries from £928,549 to In the year 1977 sak& of BTR 
£908,009 for 1977. Turnover was tasabxmplZAm^o £24Wm. des- 
bigher at £&99m. compared with P*te Averse caBChange-fluctnations 
£7 .71m, ol £30m. compared with exchange 

When announcing first-half 2£^ i . tions °L ^ 9m - tnue- 
profits of £514,000 (£«LOOO), the pro frtsjvere ahead from 

directors said that the company t24Jtm. to £29m. after exchange 

Which makes fire extinguiSi }£** 

and extinguishing agents, was , I ? er 8 er 00515 xQ-Tbu 
well-placed to achieve a surplus l* 0 -* 1 ®-*- 
of over JOm. for the year provided . . 
it did not encounter any material 
adverse trading Annj fttin r\g_ 





Tax for the year took £487,222 

_ — - - - — — -- — - 7 — — ^ — — (£483,962) leaving stated earnings 

-. • fc ast year's figures hwe been December 31, 1977, turnover was down ironr 4. 84p to 4 .& 4 p per 5 p 
-estated' - to' conform wth- this up from £32. 13m. to £S4.43m. net share. A second interim dividend 
«urs prraentation and be- turn- of duty, but profit befbre tax fell of 0.906p net makes a maximum 
Shodesian subsidiary £37,000 to £L51m. 'There is permitted - 1.536p (!.4025p) total 
^nexclmied. • v £402,000 (£375,000)* minority — the directors forecast a main- 

' " ^ that vhile the interest on one subsidiary. tained interim .for the current 

• meet .or Uie compare tavBjnprove- The interim dividend: Is stepped year. 



VN 'V l 1 

f| );• 'jrO f ! 

Bristol Waterworks Company 




\ - 

The improvement lb the Company’&fmancial position, which hasbeen passed on to consumers . 
by redn ceddiajrge^for water, is commented upon by theChairman ofBristol Waterworks Company, 
Air. A-N- 1 rens, C JB £ ^ in his statement circulated withtheRepOrtA Accountsto be presented at the 
T32nd Annual Geneeal Meeting ofstbckholderson M onday^rd April, 1978. 

■ He points out that the dramatic improvement in the financial position wasduc lot wo factors which could not ' 
have been foreseen in October 1976 when the budget for 1977-was being prepared • 

Hr The abnormally high rainfall which followed the 1976 drought and which enabled the Company torevert _ 
earlier than planned Lathe greater use of cheaper water from the ^tendip>: •• 

tfe The hig reduction in interest rates which saved the Company substantial amounts of interest payable on. 

• • ]<?^s,hMdea to finance its activities. . 

, Fnucfel results '. _■ • 

• The significant features of the year'sa^)m]t^ arer * . i . - r Xl 

tSrbss revenue up by^^.^j000(^^ to £l 25152 iotIO <WjV* • : . ■ ■ 

Hf. Opcratingexpedditureupby£552iXX)(8%) toi:7,154jOOO ■/* r ’ 
ft Capital charges up by £295,000 (7%) to £4,4^000 / 

Hr Total cost s up by £S471XX)Ys^fl) l6 £1 1 .556D00 - ' 

Ba boce carried forwardaiphy £1365X100 to £1^03 JX )0 . . . _ 

Hr Fixed Assets at 31st December 1977 amounted to 141.588000. 

.Most'ottbC faigcf-than*expectcd surplus hits been tacd to reduce water raiesand charges as a contribution 
to the national eifbn lb bring down the cost of living*. *..-•*:•• ■ J.. 

• 5 |- Asalne*dyaimeuiiced,a»ew«ernitewlrhefifecifromist.IanBary1978liaslieeiireduced*oniI2opt#JJjlp 

mthe£ and the charge toindustrial coasqmers from 13B6pto 133p per cabicuietre.F(d]owiiig the cbasgiiig 
' of the Company’s drogbig year tocora ride with the practice oftbeRegioual^Viater Authorities and Local 
Goverument, these charges will continae forJ2 months ; to3lst March 1979, but as from 1st April 1978 there 
will be a further redaction in the water rate for unmeasured supplies to lOdip in the £ as the result of the 
Water Charges Equalisation Act 1977. 

Capital expenditure in JS7%£I. 6 million,- was below the average for recent years. _ 

Rainfall near average ; 

tit Rainfall for the year was 95% of the longterm standard average, but the Company gained considerable 
benefit from the greater flexibility arising from its continued policy of integrating as far as possible its 
major sources ah'd distribution 'mains. 

Hr Average daily ctyisumrtion at 289D00 cubic melresst ill reflected the economies practised by consumers 
during tho dfoyghtand was still affected by the absence of any upsurge in iuduitrial activity. . 

The recreational facilities on the Company’s reservoirs continued to be widely used. The number of trout 
caught (30j05I- average weight lib l2oz) wasihe,second highest on record, 

-The Chairman ag ain records his appreciation of efforts made by the stall in aH'dcpartment's to maintain the 
Company's objective of service to its consumers. 

Bristol Waterworks Company, 

W = ^ •== ^ — = = Bridgwater Road, Bristol BS99 7 AU. 

Europe UEU 

America* sub 

Ren of me WooStf _ - sia 

Andre SHmtWoc TL1 

Exdtanse less 18.0 

Profit bet ora ux 38.0 

Sorope - - 50J 

America* ' «A 

Rest of tbe World *A 

Andre snembtoc _ 6J 

Sidunge tosses Li 

Merger cuts 8.T 

Tax Jm 10.1 

Minorities 1 L 2 

Banrinss : 17.7 

Extra ordijury items ... *- 0.7 

tCaina. . - - 

Full year earnings are shown 
at.33.4p C28Jp adjusted) per 25p 
share on capital Increased by the 
£12m. rights issue last March. The 
final dividend is 4.02p net for a 
9.24 p . (6Ji>p) total which has 

Treasury consent A one-for-ten 


which cover a period of 15 months 
These have been 
confioUdstM for the 12 months to 
that date. apportioned on a Time 
basis after charging noti on a l in* 

The directors say that Andre 
SBentUocfs results were surpris- 
ingly inadequate particularly in 
view of the half-year profits and 
accompanying favourable com- 
ments pot forward at the time of 
the BIS- bid. Appropriate action 
has been -taken. 

In as unce rtain economic world 
ctiznata BTR continued to thrive 

and to broaden its base for further 

an* growth, members are told. The 
131.0 general im provement in operating 
2 b results was achieved despite tbe 
_ advene awing due to exchange 
ns* rate fluctuations and without a 
matching' benefit from the March 
2 £| rights issue until after the year- 
4 p end. 

— An encouraging start has been 
13.2 made in 1978 with sales and 
orders at higher levels than the 
L 7 previous year, 
u.o Mr. Owen Green, the managing 
i-i director sayts. however, that the 
group has no regrets over the 
takeover of Andre Sdenfibloe as 
the director® behere tbe ultimate 
potential walil be obtained. 

“We have got to grips with the 
situation," he states. 

■See Lex 

ICI’s inflation 

IN THEIR annual report, the «rf £l25m.{er 1973 differs from the 
directors . of Imperial Chemical figure of £210m. indicated in the 
Indnstries say they have developed 1976 directors* report principally 
their own method of calculating because of the charge for erosion 
the gearing- . adjustment for of trade debtors less creditors and 
current cost accounts, believing a change in the basis for adjusting 
that it is more relevant for taxation less grants, 
management aficonhtftiE and that An analysis by activity of sal«— 
it produros a- more -realistic ^Hbn. (£466bn.). and historical 

tiding profits shows; agriculture 
butable to Ordmary holders. They £g4Sm. (£845m.) and £lS9m. 
point oat that tiie method results (£io3m.); fibres £39Sm. (£422m.) 

In lower pre-tax profits than the 
Accounting Standards Commit- 
tee’s proposals. 

The group's . CCA statement 
shows trading profit at £352m. 
<£51 9m.) historical, less additional 

and loss :£ 16 m. (£llm.); general 
chemicals - 1858m. (£738m.) and 
£l46m. (OS8m.); industrial explo- 
sives £203m. (£173m.) and £&4m. 
(£22mr); metals and engineering 
products £41 lm. (£437m.) and 

depreciation. £182m. (£128m.); cost £83m. (£81 m.); organic chemicals 
of sales - adjustment for stocks £520nL (£45 lm.) and £55m. 

£5 7m. (£67m.); and erosion of (£88 hl): paints and building 
trade debtors less creditors £12m. services £409m. (£388m.) and 
(£49m.), ..leaving CCA trading 03 nt f£5m.); petrochemicals 
profits at £301m. (£875 sl). £768m. (£5 74m.) and £44m. (£74m); 

Pre-tax profits are. shown at pharmacentieals 1245m. ( £199 b l) 
£261m. (£238m.) compared with and £46m. (£34m.);'plastics £BQ2m. 
£483 m. (£540m.) historical After (£588nL) and £50tn. (£42m.); and 
tax less grades of £142m. (£113m.); misceDaneoes £83 m. (£73m.) and 
gearing adjustment of £59m. loss ££n. (fits.), Interclass Sales 
(£136m.); exchange gains on flnan- came to £662m. (1568m.) and 
rial items of £27m. (losses £94m.); royalty income added £22m. 
and minorities of £25m. (£18m.), (£29m.) 

A territorial analysis of sales 
JteB * * ***** “ aMnL «" d trading profits shows: VX. 
» m , M £2 ' 908m - including 

(£3l8nu) exports', andl 
f406m - (fSWm.?; continental 
c^pared With 45.4p (5*-4p) Western Europe- £T30m. (OTSm.) 

'i._o| v>d (f 7 ®*-); tbe Americas 

£72Sm - «*d £43 m. 

were £S J9bn. (£5.45bn.) and profit (£38m.): Australasia £502m. 
before loan interest, tax and (£ 433 and £ 45 m. /£33m.): 
grants as a percentage of average r ^mn sub-cOntinfent £125m. 
assets employed was 5.6 (5.7) per (same) and £17m. (£l6ai-); and 
rejd- ■ ... . other countries £2 17m. i f.ta am > 

£22 ™* Inter-territory 

innatioB of trade debtors mss came to £545m. (£475m.>, and 
trade creditors, based on move- royalty income added tty™ 
meats m prices of sales and pur- if 20 ni.) 

chares, should be char ged to There was an increase te net 
Ixading Profit m the m anag e ment liquid resources bf £83m. (1873m.) 
accounts, in addition to the depre- rb e year end. 
ciation and cost of sales adjust-' 
moots. This method differs from 
tbe simple approach suggested by 
the Accounting Standards Commit- 
tee. • 

The gearing adjustment repre- 
sents the total holding gains less 
losses for the year on assets effec- 
tively financed by net non-trading 
monetary liabilities (mainly 
borrowings less .cash). The ex- 
change gains or losses on the non- 
sterling part Of these liabilities 
arp then added, to or deducted 
from the adjustment Again, this 
method defers from the approach 
suggested by the Accounting 
Standards Committee. .* . 

The statement' does not deal 
with extraordinary items; the CCA 
treatment of which is still under 

Profit after taxation and grants 


(Incorporated in the Republic of South Africa ) 



Group trading profit, before taxation 

Minority shareholders’ interests in trading profits of 


Group's share of income after taxation, arising out of its 
interest in the Oceana group of fishing companies 

Preference dividends 


Number of ordinary shares in issuer 

Earnings— cents per share: 

Group: Excluding Oceana Group of fishing companies 
Oceana group of fishing companies - 

. 1977 



32 801 

20 625 


20 317 

3 350 

23 667 

11056 095 

412 235 

25 2S4 
10 149 

15 135 


15 009 

IS S75 

11056 095 






The above figures do not embrace the operations of associated companies except In 
the extent of dividends received during the year ended 31st December. 1977, and included 
in group earnings. If The undistributed profits of the associated companies in respect of 
their latest trading periods, covering 12 months, and in which at least 30°i, of the equiry 
share capital is held, are taken into account, the above group earnings in respect of the 
year under review would amount to 220 cents per ordinary share (1976—180 contsi. It 
should be noted that, but for a change in the accounting policy adopted by a U.K. associate 
in regard to deferred taxation, the said earnings of 220 cents would have amounted tn 
213 cents per ordinary share. 


1. The group turnover of R58S 637 000 for the year under review represents an increase 
of 43% over the figure of R412 235000 stated above, and excludes sales of associated 
companies whose turnovers totalled approximately R531061000. 

2. Commitments for capital expenditure at 31st December. 1977. amounted to 
approximately R15 000 000 which will be financed by retained earnings and short and 
medium tens borrowings. 

3. Daring the year under review tbe company acquired tbe entire issued share capitals 

Adcock-Ingram Investments Limited— The holding company of the Adcock-Ingram 
Pharmaceutical group. 

P.CJ?. Products (1964) tPty) Ltd. — A nut processor situated in Cape Town. 

Dogger Holdings (Pty) Limited — Fixed property in Cape Town. 

Mona-Rja Grootbandelaaxs (Edms.) Bpk — A trader and distributor situated in the 
Eastern Transvaal. 

In addition, the company acquired bakeries in Richmond and Harding. Natal, and a 
distributor in Kokstad. 

4. Trading conditions remain satisfactory and, subject to no unforeseen circumstances 
it is anticipated that this state of affairs will be maintained during tbe six months 
ending 30th June, 1978. 

On behalf of the Board, 
R. L. FRANKELi n - 
D. O. BECKINGHAMi Directors - 

Notice is hereby given that a final dividend No. 66, of SO (thirty) cents per share, 
in respect of the year ended 31st December, 1977. has been declared payable to share- 
holders registered in tbe books of the company at the close of business on the 23rd day 
of March, 197& This dividend, together with the interim dividend of 22 (twenty-two) 
cents per share, declared on the 16th August, 1977, makes a total distribution for the year 
of 52 (fifty-two) cents per share (1976—46 cents). 

The dividend is declared in tbe currency of the Republic of South Africa and warrants 
in payment thereof will be posted to shareholders, by the company’s transfer secretaries 
in South Africa and in the United Kingdom, on or about the 27th April, 1978. 

The transfer books and registers of members will be closed from the 24th March to 
the 7th April, 1978, both days inclusive. • - 

The effective rate of non-resident shareholders’ tax is 15%. 

By order of the Board, 

Registered Office: Transfer Secretaries: 

15th Floor, Consolidated Share Registrars Limited. 

Wesbank House. “ Libertas." 

222 Smit Street, ... 62 Marshall Street, 

Johannesburg. 200L Johannesburg. 2001. 

(P.O. Box 61051, Marshalltown 2107, Transvaal 1 


London Office: Charter Consolidated, 

40 Holbom Viaduct, Charter House, Park Street. 

EC IP 1AJ- Ashford. Kent, TN24 8EQ. 

0 *\ 



US. $15,000000 

. MedwTerniLoan . 

Guaranteed by 


Arranged and Managed by " • ; 


• • Provided by 


(A wholly-owned subsidiary of Manufacbirera HanovK Leasing Corporation 


AgentBank', ’7. 

DectnawtStt, . 


.- ///" f /! 
.K-r- W 

Union Corporation Group 


tn tfte annual statements to shareholders of Grootvlei and Marfevafe, 

Mr. L. W. P. van dan Bosch, the chairman, made the following points: 

# Strong demandforgold from the industrial sector continued forthe second successive year. 

All new supplies and that from tire I M F were absorbed by the market 

• East Rand Gold and Uranium Company has been granted the rightto remove and treatthe 
companies’ sixties dsns. 

* . Nigh labour turnover at Grootvfel has led to increased costs of recruiting and training. 

* Uhder present price and cost conditions it is estimated that Grootvlei will continue production 
fpr approximately ye&rs. . 

.* Since the year end die sale of 223 hectares of Marievale's surface rights, together with 
buildings; has been concluded. 

* Mining operations on the Main Reef at Mqrievafe should be completed early in the second 
quarter Of 1fi78;on the Kimberley Reef bythftend of the year. Indications arethat at current 
^jold prices profitable treatment of surface dumps can continue together with milling operations 
until approximately March 1 980. 

Results for the year ended 31st December, 1977 
(compared with results for the previous year) 




Geld . 



Ore Reserves 





Main Reef 

Kimberley Reef 



if 000 






cents per 

'000 . 









100 . 




























Ora reserves calculated at a sold price of R4£O0/kg. ( USS1 50 per ounce) for 1 977 
(R3#500/kg. (US$1 25 per ounce) for 1 976). 

C&kxcittofiflKpafTforthecwnpin^fsttdwi^ it incorporated In tha Republic of South Alfa?) 
fort/u yearsmted 3tstDtsxmber. 1877 are anBapte from the London Secretaries. 

Union Corporation (U/Q Luzrtcetr(ftef. GfMJ 35 Gresham Street. London EC2V7BS* 


Union Corporation limited 

•• (Incorporated in the Republic of South Africa) 


l * The consolidated financial statements for the year ended 31st December 1977. 

i . i * - . ^ 

• Operating income : 71*60 

* • Income from investments * 21,654 

■ Realised profit on investments ' ' 2*34 

* / Deduct: 

- • Exploration expenditure 
■ ' Interest paid 

Net income before taxation 

Net income after taxation 

Attributable to outside shareholders in subsidiaries 

Income attributable to ordinary shareholders 

Earnings per share - 


Interim dividend of 12 cents (12 cents! per share 
Final dividend of 26 cents (24 cents) per share 
Retained income for year 

The consolidated balance sheet at 31st December 1977 shows: 

Share capital and reserves — 

Outride shareholders’ interests in subsidiaries 

Long term liabilities 

Deferred taxation 1 1 

Represented by: 

Fixed asset.; 1 


Listed i market value R2 54.392,000; 

ISTti — R2 12.654,0001 

Unlisted (directors' valuation R100,340,000; 

1076 — F 96,039.000) «... 

Loons and loan portion of taxation 

Current assets 

Current liabilities and provisions 

*' »t asset value per share taking listed" investments at market 
<• value and unlisted investments at directors' valuation 







20*99 - 


■ 75*39 









62 cents 
15*00 - 

55 cents 

- 36*23 

- 211*76 



263,101 ' 









230 *28 







788 cents 679 cents 


1. Change in accounting policy. In previous years exploration expenditure was charged 
... direct to exploration reserve account which was credited annually by appropriations from 
income. With effect from 1st January 1977 net exploration expenditure has been written 
off in tbe income statement and “the comparative figures for 1976 have been restated to 
^reflect this policy. 

* 2. Interim Dhiriend. The interim dividend in 1977 was paid on an issued share capital of. 

‘ 61.151,757 shares (1976—60,876.757 shares). 

3. Exchange Rates. As a result of applying the rates of exchange ruling on 31st December 
?f)77 there was an upward adjustment of R1 ,310,000 in the net book value of certain of 
the group's foreign assets. This has. been credited to distributable reserves. 


* A final dividend No. 122 of 26 cents per share, in respect of the year ended 31st 

* December 1977 making a total of 38 cents for the year has been declared -payable to 
members registered in the books of the' Corporation on 23rd March 1978 and to persons 
surrendering coupon No. 127 detached from share warrants to bearer. 

The register of members will be closed from 28th to 31st March 1978 both dates inclusive. 
Dividend warrants will be posted on or about 2nd May 1978. 

The dividend is payable subject to conditions which may be inspected at either the 
Johannesburg office or the London Transfer office of the Corporation. 

, By Order of the Board 


* London Transfer Office: London Secretaries, 

I Kill Samuel Registrars Limited, L. W. Humphries, 

6 Greencoat Place, Princes House, 

S London SW1P 1PL. I 95 Gresham Street, 

* Sth March. 197S. London EC2V 7BS. 

Year Ended 
31 January 
1978 1977 

£00Qs £0003 

TURNOVER (Including value added tax) 
Deduct : Value added tax 

TURNOVER (excluding value added tax) 


Deduct : Depreciation on fixed assets 
Interest paid less received 
Add investment and rent income 

Surplus on property disposals v 
excluding sale and leasebacks 



Deduct : Foreign currency differences 

Add : Extraordinary Hems 






724*99 660,652 










20* 70 

<5 *18) 

- 40,609 

21,133 : 



• ' 762 


NOTE Last year's figures have been restated to conform with this year’s: 
presentation and the turnover of the Rhodesian subsidiary "has been 

O Turnover increased £67 million— up 9.6% on last year. 

© Profit before tax £46.8 million— tip’ 15*% on last year— but, allowing 
for building depreciation charge of £1*6 million (1977 £ nil), the. strictly 
comparable increase is 20%. 

© Properties are being revalued by independent professional valuers and 
results will be available by 31 January 1979. 

9 The Directors propose a final dividend of 2.95p (1977 2.725p) per stock 
unit, which with the Interim dividend totals 4.175p (19773.95p). 


Woolworift House, 242/245, MarytebonsHoad, London NWl 6JL 

Financial Times Thursday 

9 1978 

falls £0*2] 

A 1 *'" 

r, llf „ so 


- -r- -- m ^>4 . m ' HET -BY the £L22m. loss 'of wfll move l to profits in 1979, a: 

4. ■' m 1 n-mm M-i r-1 -mm r* -4~m n associate company British Tanners meanwhil prospects lor i 

SI 1 I. ninn I llrlllirvl I IllTl Products, . pretax - profits of remmnde of the Barrow gro 

m . tJ ill UIl it U till ' Barrow Hepburn Croup for 1977 are said 1 be 

1* . feifl to -fiklihn. This unhelpful last year, .with sot 

fotoftwed a forecast, at the begin- two-third: of trading profits at 
BY PAUL CH&SBllGHT ~ ring of die year of a further abro i, and the Chemift 

improvement in profits, and an side shoo l resume growth afi 

UNION CORPORATION. the Tnnoh Maxes, yesterday capped of the powerful CVRD would gtae £13a ? L :* 0 »Emm7S& 

South African mining finance a successful financial year with them a new lease on life. - . 12 raonthj .. te i 1 .. m per « nt. at 44p the mart 

house m the_ General Mining the declaration of a second in- . . Kifitek is a cautious stance. 


of the Barrow gro 
be biigfaL*terU&g w 
last year, with sot 
of trading profits at 
L and the Chemic: 
L resume growth afi 

group, yesterday announced a terira dividend of 34.S cents 
modest increase in the final divi- (7.6Sp), net of Malaysian tax, to 
dend on the back of a 9-8 per bring the distribution for 197? to 
cent rise in net profits for 1977. 528 cents. 

The final dividend at 26 cents In 1976 it paid one dividend of 
(15!47p) is 2 cents higher than S* cents, net of UJC. tax; and 
the 1976 final and brings the total- another of 15 cents, net of Malay- 
payments for last year to 3S cents sian tax. 

.midway. • out wim 

Turnover for the 12 months- fell per 
to £11428m. hat trading Is stm ta 

L at 44p the mart 
; a cautious stance. 

TTTV/TA T 5 c mivAil profit rose from £L33m. to foJ&n. 
UiVlAL S mixed Tbe tax chaise was £L74m. 

agaisat £L87m-, tar sated earn- 

prospects ■ ' ■ ft s 

* ' .. 2*99p for a 8.874p f3*456p) total- 

' Prospects for the current 
are mixed at Utah Mining 

compared with 38 cents- in 197R Net P rofits in 1977 were (UXAL), according to the. nanwer 

Earnings per share were 62 cents- Mf 10.9m. (£3Am-)_. sharpy in- annual report, released yesterday. Dwung profit 5J» 

against 55 cents. from net income in 1976 The directors stated that fixture *2“* 1 *“ 

Net ■ profits last year were ot -M$4.03m., « Tronoh took ad- growth depends oa the reSUmy . ■ % 

R5SS9m- (£8326 uO. compared taghmarket pnea on of steel taSustry production. B« SSR& mm 1 i» 

with R50An. in 1978, when the ssUghtly lncrea^d production. ^ f at has been no sign losses — - * w 

with R50An. in' 1978, when the « sUghtiy increased production. ^ fat has' 

partem of &e group's figures The shares yesterday m -London of this happening. ~ dcNor X^ nt T 

changed as a number of associated were 2p higher at 177p. _ . A ; kainimux »» nfainly to grreateT output 

C YRD proposes £ assSS OTCr ; 

ss M -Sirs tin consortium vrittl 5 K *£££ f ^ ™£°P 

companies h^soml sSess in lUi V ' UUW1 UUU1 roonths m I977 - down in comrection with the sites, as p t of its rattonalwat 

cutting costs and improving effi- BRAZIL’S MINERAL conglom- U3IAL is tbe company vriaide value of assets transferred to policy, on sance September 
eiency, as Mr.- BL Pavitt, the erate. Companbia do Yale do Rio for Australian investment in- tic form British Tanaiers Products and jg77 has sld or let the major 
chairman, said they. -would have Doce (CVRD), is about to pioneer L-5. coal company, Utah Develop- .costs' arising-' from the re- 0f *hc 2 ctanansworfli fact* 
to do if income was to be main- a system- which could have merit, which earned more net organisation of the group® ot«e r site.- The v» liability of this t 
tained. far-reaching effects on the profits in 1977 at &A1583m. UJC - leather interests. The arose tbahgh tbe reorsanisat 

Investment income, on the country’s mining operations, (£93 -2m.) net than any Australian accounts of one subsidiary in the of the g sup's factories and .■ 
other hand, detSined. reflecting reports Diana Smith from Rio de group has ever done. UMAL's leather division in the coarse of more of offices to Lons La 

the uneven performance of the Janeiro. stake is 10.8 per cent It has closure have not been con- E.C, with have now been sa 

group’s gold mines. Although CVRD is proposing that a also a direct 4 per cent. Interest soUdatsd. A «o4^00 provision, factorily rompleted. 
dividend . payments from Kinross consortium be set up to mine g ri d in Central Quee ns la n d Coal duo- net of tax, has been made for the Contra s placed for cap 

and WfukeOutak were higher, market the concentrates. Brazilian ciates, in which Utah Develop estimated loss of this subsidiary , ^xpenditi re at rtie yetn>epd 1 

those from Bracken. Leslie and production is now about 6JK10 ™*nt is the dominant partneE. ;- induding the coat of closure. •• a value i : £919.000 (£79.000) « 

paruy ownea suosiaianes. nimT\ 

The increase ta net profits came f V W II OTODOSfcS 
because of 'higher operating ^ u r vaw 

revenue, largely from Industrial • .f 

interests, suggesting that the (11) COQSOrtlODl 

companies had some success In 

» Jr < 

- “ The in 
^ £2i57ta. 
« 1976/77 : 
XA3 nsataly d 
the groi 
jjS direct re: 
77 expemknt 
sn last few 

paying off 

»ase- m- turnover fn. 
£27. 61m. achieved 
Aaronson Bras, v 
■ to greater output 
’s factories being 
It of the major capi 
e p ro g ramme over : 

ie year ihe group I 

f two smaR facti 
*t of Its rattanaUsat 
since September 
Id or let the majoi 
ctananswortii fact* 
vaUability or this t 
tgh the roorsanisat 
up’s factories and - 

St. Helena were lower. 

Operarioc Income 

Inresmieots income 

Realised oa invests. 

Uaktas ; 

ii>minn rti<in ezPeattmre - 

Interest paid 

Profit before tax .J 


Profit after tar ^ — 

Ontsfde sfaueJnlden 


tonnes a year. The annual report said that last ' . 

M77 wt. Deposits in three areas— year the rate of growth in earn- # comment 
mn Bora uii a. Pare, and Gotas -ar e the mgs in which U3£AL j^rtidpated _ A nrl , thn : nary 

factorily -ompleted. 

Contra s placed for cap 
expenditi re at rtie yeor<Mtd 1 
a value ; £919,000 (£79.000) ( 
o furthe £61.000 (009,000) t 

but unc oa traded, 
with - previously csl 

u.340 so.420 of pnvate mining companies, with in this respect the current year remaining e*P°snre J» * y^ars. 

a centralised marketing system, has not started well. Utah De- junited. The Cniup reteuut an ■> 0q 
ioint Planning, researdi and deve- velopment is in dispute wit* the tavestment of Om ® h they t 

87.747 38 jrn anH access tn the latest T,n?nns -JaZZ claims and 2m. of loan Stock in BTP. tM 

ting the directors 
confident of a sa 

than fn 1978. Mining at Warievale With a current tin shortage of and 
will probably stop in the last 20.000 tonnes on the world market tions, 

seamen to halt coal opera- still dS 

tact wa r „aM dhrMend, that In any event Barrow will con- i*w£ly 

ult 4bey 
rap roved. 

have s 


JU IUS iuiauai siatemenL, puousuea ‘■r— rv-ry.*- fact there are hopes that BTP mcreasea n rwn iv u.o* 

to-day. But treatment of the rationalise and modernise produc- was 11 cents. The shares Tester- lacl mere are 

surface rock dump could continue Son, meeting the demands of rhe day were 240p. I 

mining briefs Wm WMttm2ham set 

Grootvlei wfll continue production production. amglo American cdrporatioii— ▼▼ ^ ~ 

for two-and-a-half years on »he Furthermore, if the consortium C oal di vision sales' onroat far February 

basis .of present ‘price and cost « wiccessful,- it could lead -o Sj f n w | TIinrAVAlT) Dnt 

conditions. simflar enterprises for other IOi lllH/rU'V V lilt/ lit 

In London yesterday. Union minerals— an ideal solution. «7.i2S. rKrieii ks,6ki, .Biesbok . S8 ,«u, • . . . mr . 

Corporation shares were 4p higher experts feel for a developing Coronation *Bank» umss. wcw^bMsp HI TT IN G a confident keynote in whether or not funds are av 

at 284o while Grootvlei were I52p country with substantial mineral 1 his annual statement Mr John able. 

and Marievale were 87 1> reserves which would like to keep Wardle, chairman of William Overall stock and work m t 

P ' the exploitation of these reserves Whitttagham (Hoklir-s). tells cress ^hasshown a. reduction 

uirtr rmrrrviTvn in national hands. Tndumem cooiery m.iss. Aaorrwttier members that he will be dis- around £228,000. This is not 

HUtH DIVIDEND At the moment individual Ba^ CoUfwiei iB.oia Natal Aa&radte appointed if results for the cur- cause of a redutad level 
Tm/YHf THni\iniI Brazilian companies are short of Sh«i» rent year do not exced those activity a j ,®?*P l ^ r . 1977 ’® Ep i J^ 

; *HDM 1KUNUH funds and of know-how. There- Mine am. Monntnie colli ary so,c!5i reported for tiie year to Mr. Wardle, but because, a. 

• The Malaysian . tin producer, fore, a consortium under the aegis Grow total tsrtiM. October 81. 1977, -when the pre-tax result of the depressed conaiu- 

■ profit was £460.697 compared with obtaining a year earlier, work 

£491,678. However, be says that progress at ti»t tune was at 
the extent of the improvement unacceptable high level. L: 
cannot be accurately gauged until for development has shown 
later in the year. reduction but does not rep res 

_ „ .. • a serious erosion of the groi 

House building activities wfD be affective land bank. Certain s 
profitable and prospects for were sold which were bought 
industrial development are .much height of the boom and v. 
better. Although • phoU^raphic ^ directors view’ not in 
processing is not an easy industry, company’s best interests 
.step* have been taken to increase develop * 
the spread of customers and the- ^ at February 10, 2£ 

present trend is encouraging..- Hambros Bank Nominees h 
The balance sheet shows that 2027 per cent of the com pa 
. secured borrowings have been Scottish Amicable Life Assura 
JULA ■K-/AAAM A/VFkJ X/H^JUl reduced from £7.03m. to £t4Hn. Society 8.65 per cenL. Barel 

and at the same time cash and Nominees S.41 per cent, ITC P 

BRITISH PETROLEUM appears pany said that it had recomis- Canada Resources. He added that hank balanced have increased si on Trust and 

to have found oil in the Santos stoned its cumber eight pump the deposits yet to be discovered £233^62. At the preagnt time, 

Basin offshore of BraziL statdoc on the trans-Alaska pipe- would probably include a higher the chairman, ^pany ha* ittlnghm 6^4 per « 

Tea,*™. tbeBnUu Jtatt M.S j^ Ul ? te „_f a g U- ™ l J1 " rt> ™ of MDiral go, thao 

corpora ci on, has announced that building was destroyed by an wL 
writ l-SPS-9 indicated the pee- exptasnon and fire on July S during * . * * 

sence of hydrocarbons at a depth the commissioning process As a Further deposits of oil and 
of around 4£50 metres. BP pfcans result of the station’s retnro to gas have been found by Exxon 

ta continue dnStag to a - total service, the throughput of the -Production Malaysia in its con- 

denth of at least 5,000 metres. - line can now be Increased from tract area off the coast of 

The economic significance of 7 ^®* 0<J0 ^ engganu, 

tire dtacoveiy w4U M be kno wn * * * Encouraging quantities of oU 

U ntil thewett has beenepmpt^a qjj companies have discovered and gas have been encountered 
™ w about lobn. barrels of oil and during the drilling of the Tiong 

d*med in the ^ area. Xros is me uqu^js and 74 trillions (motion No. 1 exploratory well which was 

nraaoons) cubic feet of natural gas completed on February 22 by the 
to the Sanos ba sin. b0tav ®?° in Alberta and hydrocarbon drillship Wodeco VIL Tiong No. 1 
“i 19 ^7 deposing about one^third as big is the third successful explora- 

ex^oratory drhiuigB . .without remain to be found, accord- tion well that has been drilled by 
ppsrave resuKs. ...... . mg to Mr. David Smith, vice- Exxon in its peninsular Malaysia 

Alyetba Pipetine Sekv&ce Com- preetaeut. Exploration, of Shell - contract area since 1978. 

BP has drilling success 
in Santos Basin 

a;”**' and is in a position, ^lich has 5.13 per cent 

* • * * • not been tbe case for some-years;. The AGM of the company ' . 

Further deposits of oil and to tite advantage of oppokunities be held in Birmingham, 
gaTSe beenfound by Exxon as they occur without considering March 29. at noon. * 


Devebprnent^ JJLr^ 


L & G Unit 
tops £ 3 m. in 

this field. This announcement 
would indicate that the company 
has got off to a good start in 
achieving thi s a ta *. 

Mann Egerton 
to repay 

By- Eric Short 

A Most of this money came from • JAKonfiirn 

nromiumc angle preurium . business— tbe UcDcUlUlC 

premiums ^ a move which suggests 

_■ . __ . amounted to uJul, the fixed further acquisitions might be on 

By- Eric Short Hrterest fund £05m n tire property the way ^ Maim Eg^ton, the 

Legal and General Unit Assur- 2^5 Thf Jlf owned subsidiary of 

,ha .i«fciinfcnH iif» ® in d £L3m. The size of invest- Xncbcape. is proposing to repay 

S^S^hftireLe^^^Si^ vuL eQU, 5.®® te rather its 6} %rcentd^eHture ^eck 


investment “ is*? 

revealed by tbe rompony in its eqU4ty 

vlScrSf^the BSOfi<i . Tli eproperty ye} matter previou^ but Msm 

yesterday by the company. mvestad m any properties, and Egerton bought Lighting and 

Legal and General was one of the bufietui states tint tbe money Leisure Industries in 1977 “ in 
the long established ’ fradhSonal has so £ar been inverted in cer- order to broaden its industrial 
life companies which lest year tificates of deposit. But <it is activities.” 

entered -the unit-linked life assur- considered that tbe fund Is now it is against the background of 
ance field- At the time of launch large enough- to inwest in “growth by acquisition,” says 
the group emphasised Its belief in property and it is expected to chairman Mr. J. W. D. Campbell, 
the potential of this market and announce the first purchase that the directors wash to repay 
Its determination to be a leader in shortly. the stock. 

The Barratt Group reports continued growth during the si* 
months to 31st December 1977, together with an improvemen" 
Ln profit over the corresponding period last year. The following 
are the unaudited results of >the Group. 

Half year Half year 
ended 31st ended 31s 
December, December 

Turnover ................ ........ 

Net profit: 

On trading, including rental income 
On land sales 



Small assistance 

Bank of England fifimmum take out the full shortage. Discount houses paid 3$-6 per 

• Lending Rate 6^ per cent. Banks brought forward run- cent, for secured call loans in 
(since January 6, 1978) down balances, and the market the early part, and ' closing 
Day-to-day credit remained In was also faced with a substantial balances were taken at 4-4j per 
slightly short supply . In the net Treasury bill take-up to In the interbank market over- 
London money market yesterday, finance. These factors slightly night loans opened at 53-6 per 
The authorities gave a small outweighed a substantia] excess cent, and stood at 6H* per cent 
amount .of assistance '-by baying of . Government disbursements at lunch time, but fell to around 
Treasury bills and local authority over revenue payments . to the 4j per cent at the dose, 
bills from the discount bouses. Exchequer, and a slight fall in Rates ta the table below are 
and this was probably enough to the note circulation. - nominal in some eases. 


ferMtktttc turtwk 
nt ttepneitj 

HT8-53 6* 7-71g 

JHi 68a 7-7-lg 

B8J-6. 6¥?-S58 7Tg 

Local authorities aaj finance btrasea seven dsn’ notice, others seven days fixed. Loox-tenn local authority mortg ag e rate 
nominally three years IOi per cem.: four mars 10J-1N per cent.; five years Ifti-U per cent. * Bank bill rates to table are 
buying rows (or prime paper. .Buying rotes for four-momb tank bdls (3 per cent.; faupfnonth trade mi* 71 per cent. 

Approximate selling rales for one-month Treasury bals 3Un^n n par centu twranonib a per cent.; and threwnonUi 
3 u m-P , .o per cent. Apprarimme selling rate for onc-mootb bank bins 81% per 'centu two-month ft Per cent.; and three- 
month SUjtfl per cent, one-month trade bills 8W per cent.; two-month 6J-7 per cent.; and also three-month 7 per oem. 

• Flnanca House Base Rata f published by the Finance Houses Assodatkmi 7 per cent, from March L 1818. Clearing 
Deposit Ram Ltor smalLjapms at roves days' noticei; 4 per cem__ Cleai-lsa Bank Rates far lending 8i per cent. Treamry Bills: 
Average tender rates of dJK«mi S J&U per cenL 

As forecast at the time of the Rights Issue, in November last 
tbe recent upturn in the private housebuilding sector has onls 
affected these results to a minor degree. However- margins 
have continued to recover from the low point reached during, 
the second half of our Last financial year, and as mentioned 
at the time of the Rights Issue can be expected to work'' 
through during the second half of this financial year. The' 
excellent land bank, coupled with strong forward sales and 
supported by a sound financial position will enabJe the Group'* 
to consolidate further its position as Britain’s major private' 
housebuilder. > 

The gradually improving climate in contracting will also assist 
the Group while its involvement in commercial development 
continues to make satisfactory progress. 

The recent acquisition of James Harrison Holdings limited is 
not reflected in the above results but the full year’s results 
win incorporate twelve months’ figures of that company. The 
shares to be issued in respect thereof will be eligible for a 
full year's dividend. 

An interim dividend of 2-64p net per share has been declared 
which is payable on 3 1st May, 1978 to shareholders oo tbe 
• register at close of business on 5th May. 1978. In the absence 
' of unforeseen circumstances It as. the intention of your Board 
.to recommend total dividends In respect of the year ending 
130th June, 1978 of 8-0575659p net per Ordinary Share. 

I L. A. BARRATT . 1 

Isth March, 197S. _ Chairman 


Ertrarts front the Statement of the Chairman Mr. Barry Bafter.^- 

The pre-tax -profit for the year' to 1st October 1977 amounted"* * 
to .£225001 compared with £204,625 in the previous year. ) - 
Turnover Increased to £251m. against £2J6m. The total -C' - 
dividend for the year is QJ8«p per share <1976-0.75p per* . • 
share) the maximum increase permitted \ 

Trading in the first quarter of the current year was at 
record level. We look forward ta.tfie fatufe with quiet con-W»v^ 
fidesce especially.: as jour Company is. in an excellent position 
to take 'advantage of suitable opportunities for further 
expansion. - 



r M 

Iil >’ M'lvi, r , 

^ 1 !l s 


^ h|| .* .Sfnmgjfr T^effrThursday Man* 9 1978 

-2*i. Barratt Developments 


at £4:09nt so far 

' v ' ! ‘S0ti s 

hj: 1 it 

Showed a 8 per cent -deetiue 

UJ£l BOARD MEETINGS during the last— half- of -1977.1 

> ! iSiff contributing The taBowfca compacts haw uxi&ed Barratt Developments managed to , 

■ ‘ advance* v?*!? profits' jg»-€i Bona mepdnss to the stock push its own completions up by 

„• )i “Ovmiced trom £3£4m. to f 4.09m. Eschango. Socii meettnss . are onuOy _ . . , , ■* 

• : . subject to lower tax of -gay qqo <*' ftp ppqow. of cwfatoteg ^iri- near i? 8 per cent during that 
compared with ft .ggft QQQ :•* dnos. ofsdaf ladiretfwf .me not, w ait- period, the first half <jf hg current- 
The .in term dividend ■ is-. 2,64p taertn* .or 4470 units .. So perhaps 

f j P^'lDp " share against 2.4p sh8 *“ jgjy^we booed a ainti r on last the group is increasing its market n 






and in the absence of urfbreseen *“** anwUWe -^.v 
a totalof &0575659P ta*** ajulSSS* 

’ Beecham is planning to £*ke ever? .tea 'IGA shares; one NEIA -for their repayment at par in the 
over the -North American 8| per cent, convertible redeem- event of . the offer becoming un- 

share. Mora likely it is. the change I veterinary and an ’ T "»i health able - cnrrruWffve preference share conditional. 

^ AAg. PrtdBriiyCwiper. Gem- In the group's marketing policy business of Rohm and Haas, the of RI for each CCA 8j per cent- ... . 

»llt s yen Proto*? ttSwnfaM «“* ^ bestaitag to TO os. The U>N. SUMATRA. - 

.^U|P to mm. -^^s&aggg^. **“* * h °^ * “?* STbJ&s^&^TNBA ACCEPTANCES. 

lllVii.., ^ November ^S£ : ’5£ i . rwa-'eraa, rawr*. .™ do ™- md . “» and AostraUa. ■ - tor overy 100 PrSS* sbSS, MacLeod - Stoef has received 

£ fi !i» AW f£“ ni3 “**“» «» recent upturn m torsi. Davie* am ueuatKe, Eurit and Shortened the length of time that lie move is in - line with the an August 33, 1978 and/or May acceptances from about one- 
^ VII Lit P ri yate -housebuilding sector SZ 71 ** units are sold ahead of- compfe- phannaceutical strategy fonnu- 25-1979.' . seventeenth of the unc ommitted 

• >. S5 .» S-v..* * «■* g* ** JSSHS a !>»£% gca JJ per 


>, . minor degree. However 'margins 

■ •■. hw« .'■jp — r J “-T" VT ^* anoew 1 Hopai Latch Tuiiolfiiiti w> n, has Inxllt up. where none ptic t M EcodoqiIc perolopmcot Ccnmdl's cent. fttiercDce shares be coo- -"t — _ — ~rz — a — — r^y 

5522*‘ ®cn ^wapm iBS- Trttflns; In the previous first ***** Prices sectDr . working, party, which is verted ado redeemable shares and ®*“ 3 *** ??*“ °y5 # 

^ k iow point reached, daring'- the Tavener KnUefeB. Transom Dwetop. on ^ jtnit hate rLna seeking to stimulate UJKL drug, redeemed at RL20 per share. t0 , tal t Ordinary capital, - while 

■■*--. mmu tenth to mooo^hfld aSteV activity to the arS Ovidetxte are forecwtequal to geml^Madxx>dSipef rnv-n ^7 

. . t ejected to -work-through dor- RmmE DATCS crea^^r^^ovT rnnninp VTrmZr health sector. — . 28 oente per NEIA Ordinary for P® 1, cent. A spokesman for 

v ^ n S the second- half of this year. dSt .—■■■. : — search is 1 The purchase price Is $L85m. 1978. GCA P’otild pay an interim S£* m o$i 

. The excellent - -land ‘ • hank,. ^ Efaah — - ■ improved from theirlow point ftoAn.) to be paid in cash from of 5- cents and IGA 9 cents and r^J?® 3 ® - waS quite enconra *- 

coupled with strong forward sales g°°pr — U wrcfflL in' ^ »emd half Beecham’s own resources. Agree- NEIA _woidd pay a final of 18 iU „ n , 

•o. a P* supported by a sound fiaan-' §&1S?MS5ite^SalaSgJ£SM to M per to toerarSt ment fe has. been cents, ^ese are equal to- 28 rents SSaJSSJ 

"••' k ciaf position will enable too group effli? ISS first haftat the pre-tax iereUax reached by the twocdm paniesand per N EIA on basis of merger ^ l^er 

. ;■ 2 tasatsaffsawssE j- -5 a-S^-sSs swssAaw asms ““ apMEMris 

■ a?t A tSSf^Si S ^ JO^^-^hens XZfo'ZJSEAZSi 

7 . the ebamnan.-. . 1 Replacement land -has become a “ c T^ A : ' ACCEPT SIMON SrehoJto^waT^ut 6» and 

■ atP]« ' The off er for Harrison has be- «miy and the group’s overdraft *™,J?L t £t5 • SWon 'BBgfaeeifag has agreed the offer is being extended untB 

r .. . atp m contracting wifi ^90 assist come unconditional -. has risen by over 25 per cent, to abou t 818.7m. (£8.-6^). but terms for the take over of March 21 “so that shareholders 

the ^ group whOe its^ involvement .Acceptances have been received f24.5nu although that reduces by otwvymww moowSv?* 1055 ^ aboat Gloucester-based engineers Got- may have the opportunity to 
’ 'o comm erd^ dev^opment con- in respect of 4999929 .-shares £4 .38m. - with .last' November's - don Johnson-Sieptaens with both ' receive and cmisider the valua- 

-• i- _ nues . lo . satisfactory- pro- which represent 989 per cent of rights cash. But the group is on . Beech anrsaid^ yesterday that ft the Board of GJS and with West tion and other information which 

Kress, he adds. the capital. Acceptors In. respect target for a' £9.7m. outturn -for beueve s_ the business can . be of England Trust, the principal the chairman of London Sumatra 

Hie Decent acquisition of James of 7X742 shares have elected for the full year, before including a returned to profitability within shareholder which holds.- 42 per has stated will be available.” 

- -.. . - Harrison Hnirirngg is pot reflected the cash alternative, which is no first tiwf contribution of around t he firs t 13 months of ownership, cent of the capita L Shareholders The figure of 249 per 

:.\J in 'the results but the fuB year's longer . available. The ^ <ffter xe- £800,000 from James Harrison. . At Primarily by rationalising the accounting for 642 per cent of cent, acceptances was affected by 

• .-.v : results wiJI incorporate 12 month's mains open. .... 108p the shares yield 119 per P^ odnct range and by exploiting the GJS equity have irrevocably the late submission of an accept- 

. . figures of That company. The cent and s tan d on a prospective company’s poteastiaJ in inter- undertaken to accept 24p cash per a nce by one of MacLeod Sipefs 

, shares to be issued in respect • Comment p/e of 69 fully taxed on average MtlonaI markets. share — terms which value the concert parties. 

. ~ thereof will be eligible for a full Industry completions ■ in' the capital or 3J7 on a IS per cent ljASt ' noore than three- whole of GJS at £L6m. Meanwhile^ MacLeod Sipef also 

; l; year's dividend. private housebuilding ^ Sector tax charge. qUarters-of the total' sales were As part of toe deal. West .of announced yesterday that voting 

•r 1 - ••_••..: in the U9. The North American England Trust has agreed to buy m the yellow card was running 

- ._ ^ - ' " ■ operations, which include factories three sub si di a ries of GJS, M at thi a s at 40 to one in favour' of the 

r 'l ^ j,-,-,:. .,1 r . ■ ■ % . ~ • ^ *, : * _-. _ - at Me y e r st nw n. Pennsylvania, and Spencer and Sons, Woodberry London Sumatra Board offering 

■ "I pm Til A KOI* CPPC . TII5I rOTTI^I I nCA White Hall. Illinois, will be taken ChTDcott and [John Vessey and more infonnation. Yellow cards 
-A. Vlll l/AV . ijWiS . >» 11 Iff I . a Jb3V over by Beecham Laboratories. Sons. According to a spokesman for the purpose of voting on this 

• *-« which • is responsible for ^ or SimOB, they have been ex- point were issued by MacLeod 

These holders are thought to] 



Group profit 
before tax 

Group profit 



£50,834,000 £46,829,000 
£8*546,000 £7,164,000 
£4472,000 £3,528,000 


per share 4-41p 


Interim paid 
November 1977 
(6*3% with tax 

credit of 3*245%) 9*545% 

Final proposed " 

payable 29ih April 

1978 (9-81% with 

tax credit of 5*054%) 14*864% 







Bar sees marginal rise 

. It is anticipated that toe earn- sation and consolidation m9htid- compared with £490 per cent in h^^? 3 - 
togs of Temple Bar Inves t ment pa tion of - toe merger. . - The 1976. For endowment as sura n ces if. 
Trust, now merged-, with- Tele- directors principal object Is to toe new rate is £490. per cent. 
phone and General Trns^ wffl be remain, predominantly invested in compound against £490 per cent. 

profitable veterinary 

«w»i "*v* uuvwivnb iu^i^ku # wjtvv - air vu wv. ucw lAtti u. vlou .pu vcul Hrtgl»TQpff ” ~ — ■» yn KUTOT? 1 r f 

phone and General Tnis^ will be remain predozninant^ invested In compound against £&30 per cent. _ The latest deaL which follows LOMhl/WlljrALL. 

slightly' higher in the; current bigb-yieldifig UJC listed eqiffties. previously. - * *. ^eEurop^ operations wffl be theTbid^roto Comet Badio vision's offer for 

year. Mr. Alistair HogeX, the ; The aim is to gradudSy reduce However, the company has kept ..Animal simon 4ast month, effectively puts H® nr y VTJgfaO has been accepted 

Ch f 1 £? an ’ teU, -- m - ei ^^ era * : - ' V the percentage -', of "- assets the terminal rate, paid on death ^ B ““ L - • paid to speculation St a^otiier by toilders of 12 per cent of toe 

ev®n if holders of sub- represented' by compaidetf' vtith and maturity claims, at £1 pec , * • rival bidder may be prepared to Orilinaiy- capital Prior to the 

;sta.ntial amounts of convertible- large market capUaJiHatftms-.-Jn cent of sum assured and attach- -CLARKE CHAPMAN enter the -scene. P*®?* 1 ® 11 offer. Comet held 19 per cent. 
t ? ? . 8 eCU f C Ti 1050 stoc *5,i < ? p V favour of building np holdings in “K bonuses for each year in ATOTriV urocrt) • The GJS share quotation has Conaet yesterday sent to Wigfall 

convert, the company wffl at ^st medium-sised and, in some cases, ^orre, the tenth year m -which ArKItAJN MERGER been suspended since last August shareholders details of its 

be _ able to maintain the total under £20m. canhalised concerns such a rate has been' declared. - The African anus of Clarke when it was increase mid final offer which has 

I b, S t° maintain the _ total under £20m. capitalised concerns such ? rate has been' declared. 

IT*2?T» Cilf 5“ -i 01 ® *0 maintain the total under JE20m. 

1 1 iX l i i 30 dividend at the equivalent of 99p where * 1 
on existing capital. Or ^4.75p^tt yj rfd lhnBW 

*' even higher' Tifltial 1° this respect' the company's Chapm a n, 
lid be obtained, Mr. Policy differs from that of most P*hy that 

ntbor ll/o iwvmnew(Ao m NAtdbAm 

. i* rival bidder may be prepared to Ordinary ■ capital. Prior to the 

-CLARKE CHAPMAN SSceSi offer. Comet held 19 premt 

AFRICAN 1WTFRGFW * The GJS share quotation has yesterday sent to Wigfall 

Arniv,Ai> JWliKUIiK bfien suspended since last AneusL shareholders details of its 
The African aims of (Me when it was announcedtiSt hwrease Sod final offer which has 

These figures exdude exchange differences or 
£778,000. debits (1976: £1,126,000. credits) 
on translation into sterling of overseas net 

Share register struck for dividend 4th' April, 
report and accounts to shareholders 7th April, 
annual general meeting 2Sth April at 
Felcouxt, East Grinstead, West Sussex. 


guards your property 

’ S | C ha pman, the boiler making com- '‘material inaccuracies * badbeen already been turned dawn by the 

now foims part of discovered 

the wg£fiBftirM ggr Ste " 53T '5 SST nSrev^^kSfu 

ls ^ e iL eSeeted- - . _ . Already, of the UK. equity J* to keep the terminal bonus International _ pjmbnstkm (Hold- for Simon said that’the g rou p did 

Contrary to the Intention - 'holdings 46 nor cent bv value rs ®^®hle. togs) are to be merged following - not feef that it was “takimr nr 

expressed m the documents-flt the nowrheki to^ companies -with P e company .has also, made NET 6 had for ICEL The. merged my upknown problem*?*^* 

the merger, in August market capitalimSM^^ over substantial increases in bonus company. be owned by anew- Proposals wffl^be put to the 
1977, toe accounts for 1977 to-- noom. compared witt » percent r ? tea for self-employed pen- co mpany Northern Engineering hoMenrof the £149, S 15 per 
‘ ^ ud « AWf* for both compames laS^rShSTra^iSi'ao ««“. conttacts. On its series 1 hwestmente Africa. cent convertible tSScuied L?m 

"***. mvel&L shams for secured Loan stock 1979 of GJS 

- benefite of t^.merger;the chate- . and to £490 per tent compbdhd ^ . . ’. J . 

^ ^JXiLs£' ^ ccEt “ i 2 Pension funds ronsirior 

gross revenue of £2.49ml ££226m.t prepbsed... -....• Th«. tmxmii hm... lUHUd Ll/IiMUd 


gross revenue of £2.49m- f £296m.) -PrePbaed. 

. taxable earnings- for. ibe' year. Meeting 
advanced to JE29lm. . {£l98m.)—r Place, on reported on March. 2. Tim net 
-dividend was stepped np 10 99p ^ ■ 

(&5p) per 25p share.' . 

Liquidity at year end was down 4 — 

.£Ll9m. (up £017tn.) .with bank 
'. balances. and money at. call lower HITS 
,.a( £3SSi477 (£552999). .... '. “ • 

Of total investments of £3&24m,r -The- Cn 

The terminal bonus rate fori 

. True Tcmncr r^norf 

2. Tim net accrues bonuses for each com- -A. A Uv A dllllCL* I vUv-sl' 

np Ip 99p /*v plete policy year, together with a . , ,, ^ \ 

. .■ , l^rDSEfiCr variable bonus based on imme- . commitlee of the National expertise .apd the ^Jportunjjy tol 

1 ' • ■*“■■. • - diatc annnitv rates sr the rime of Assoaatxob oT Pension Funds explore new market ooDortunities. f 

North America the percentage 1977 again to recoi 
was reduced - to 8.45- (1495)' and whole life contract* 
elsewhere to 2-1S (295)^ is £4.70 per -cent. 

The year was one of xatumali- assured and attat 

bonuses 85m. .on 


. Liquidfly at year end was down ' ■ "W 1 **??■ V-"’ - effate annuity rates at the time of . Pension Funds arplore new market opportunities. 

. . £LlSm. (up £0J7tn.)- .with bank i»Pj: vesting. In- doing so the company ?j ten<, tr senes of meetings Hairlok incurred a pre-tax loss 

. balances and” money at. call tower HITS POHllS : has brought the terminal bonus yesterday to consider of £67,000 Jn toe nine months to 

..a( £353,477 .(£552999). '. t ' ■ -.U;.-.- -.previously applicable to socles deteiled report onTrueTemper, December, Sl, 1977 comparedwith 

Of total investments of £3&24m, : T3»-" Crusader ]hsuraneef<Gem-2 to relate to all self-employed “If. tows^ .company -£79900 pzMMnT the year to Biarch 

.. (£27J2m.) at valuation, the per- paaay.'a - J miMUttef bf the-BOWring-“P^nslpn contracts. w “ cn . Wtunnaou • - Matai is SI. 1977. The directors are re- 

...cqntage invested in the UJC was- group, has increased substkntially - ' \ prop osin g tn ony from Allegheny commending the offer although 

increased to 89.42 (83.4) white in its. reversionary bonus totes for TDllVRT JR Gff TST J^ ur “\ er . discissions on the .executive directors may be 

North America the percentage 1977 again to record learns.. On Xo±» the report, which has been pre- offered the option to buy into 

. was reduced to 8.45- (1495)' and whole ufe^ contracts ttef new rate - - Edinburgh. Investment Trust * t^m frpm merchantLSomerce] ndten the takeover is 

elsewhere to 2AS (295)^ is £4.70 per-cent.: qf the suin repaid a Euro-currency loan of SfnS? 5 11111 7?“!^ foltow ^ i e *• completed. Holders of just under 

The year was one of xationali- assured and attachtag bonuses 55m.. on Mar*.- 6. . WArr-sponsoreu . tnp to North 90 per cent, of Hairlok have 

— — — — — ^ • .iSGjVSJSSNS SH? Jnwe ^ 

: ^ V .. • ' ■ 

viSn SS E -Km E£-- I - The contents of -toe -' HJH Mount Charlotte Investments 

■ ... - ~ .--:• -■'■■■■!-: •••■.- Samuel' report remain a secret, has .bought 50,000 shares in 

-'IV-'.. “! -• • though the length of the meet- MydcQeton Hotels* raising its total 

-.Mluovale ... f Hiaroiralg . Rfi&adolieS mgs appears to indicate that -fbe stake to 125.000, or . around 89 

— flUIWUl* * ■ KBiracynes way to proceed is not altogether per cent, of the capital. A director 

iiistzisntzoxi • - - . of Mount Charlotte said yesterday 

l .■ , The controver sy ov er the deal that the investment should be 

;* • lte Another record year in sales md profits' ffUi a? tofpresSn^it 

y ■ 7. fbzfher-S^bWthin earnings persfiare Temper whiS^w^Sw Aneghe^ the^Sdin^afmther^M^&i- 

• Continuing increase inleved^ -.of investment lor efficiency. represenution - 

■ • ;• andgrpwth ?52 )w^ackson. 

, 1 — — — ■ ■■ * " * ■ *' - tog. have already said that they . ACQUISITIONS 

73/0 — urill not be voting- on toe ..Brown and Jackson has agreed 

. .-'r; '■/•-- - * _£ -. £• proposals. The institutioDaJ vote, to purchase Premier Construction 

Turnover - : . . ■ J ’ ••-.••' which cofiectiveiy amounts to for £L2 hl cash, to -be paid over 

11 kr ■: .. 103/189.000 ' S4.482JD06 around-30 per rent of the npItU; three years. Premier produces 

Exports from UX 1 ■' 21.IW3/100 OT 

Overseas , 114*488,000 108>1t3,000 Wackbum, Lmma- 

- I ___ SOMERCEL The vendors have warranted 

Z39978,f)00 210,774,000 Somereel. a company jointly that the profits - before tax of 

, . ■ ■ .1 ,■ ■ ■ . .■*!■ ... iii ... n .. ■ ' — owned by British Vita and L and Premier for each of the years 

Profit before tax ■„ J. Hyman, te to buy Hairlok for ending September 30, 1978, 1979 

U.K. Including exports 20990,000 15986.00Q £479900 cash. HairJok manu- and 1980 at feit £250,000. 

Overseas - - 5979,000 - - 8,567900 factures high -resilience flexible Brown and Jackson has also 

— — ■_ , • ■ polyurethane foams and fabri- purchased 51 ]»ei: .cent of the 

2S .689.000 214E3 DOO cates other foams. It -also- mann- capital o£ BernWI Painfri; Cron 

, ’ _ .,* ■ ' . _ o«M , ooo factures hair products. - for £426,000. Purafrey is a con- 

interest payable less invBstrnont income— _ • ZjOWi , *JUU . siHe prihripal shareholders In struction company operating 

• ZT~~f~Z~ . __T Somercel expects to benefit from mainly in toe east of England- Its 

23#49fl,000. . .. 199152.000 improved accea- to Hairlok's turnover for 1977 was £9,633994. 

Minerals « Chemicals . Re&actories . . 

e 1^77 Another record year in sales and profits . 
: . .♦ Further growth in earnings per share 


m pre-tax profits have 
increased almost 

• pre-tax earnings per 

Ordinary share have 

• assets per Ordinary 
share have increased 
from 36p to 11 Ip. 

• share capital has 

20%. " r~T 

PROFITS (£million) 

and growth 

Turnover - 

U.IC . . 

Exports from OX 
Overseas ’ , 

Profit before tax . . 

U.K. Including exports 

■ 71. 72 






Interest payable less investment Income- 

Taxation (ED.19Ba«s) 

Profit after tax L 
Minority interests. 

Preference dividends. 

Profit attributable to ordinary sheraholfters 
(before deducting exttabflfinaryitems} . ; ■ „ 

Extraordinary items 

Net earnings pair ordinary share 
Ordinary dividend 
Capital- expenditure 

20 . 690.000 





18 . 110.000 
^ 249.000 

124 ) 00 .. 


4 . 377.000 

■ 4 T. 61 p 

6 . 5051 98 p ' 

15 . 655.000 

The Bath ^Portland Group 

Copies of BteReportand Accourtsfor 1976/77 can be 

obtained from the Secretary. The Bain &. Portland Group Limited, I JK] 

20 Manvers Street Bath BA1 1LX. Vt > 





14^342,000 - 

"273,000 . 




Shipstone hits back at 
Northern Foods 

* Extraordinary items in 1977 induds.£2^m written-off goodwflfand £2m nefoxchange adjustments on 

Steetley is^ ^an internation^ mani^c^c^ and -trading group ’with 
operations in the UK, Canada* Australia and Westem^Eiirope. 

It supples industrial minerals, construction ma^pals,' ■; 

' • - • refractories, cfa^nicals and other products to the 
n . . . M vrorld’s industde's. ' ' -\'V- 


after March 23rd 1 978 from The Se cretar y. The Steetley 
Company limited, PO Box 6, Worksop, WotisS818AF. 



Hie Board- ef ' James Shipstone. 
the Nottingham brewers, has hit 
bade at the takeover bkl for the 
company .from . .Northern Foods, 
which it says is “wholly, in- 
adequate aod cannot be taken, 
seriously.” ;• ' K, 

1 .A ^defence document 'issued. 

yesterday, .through Kletmsort Ben- 

son, Shipstoue’s financial advisers, 
forecasts record profits for 1977. 
and a doubled' final dNideadr of 
ll.SSSp, making a total' for the 12 
months of 14p net p?r sharfe. 

Mr. R. i). Combe, the chairman, 
tells , shareholders - that - the 
Nortoern Foods offer **cah only 
be- -seen as an attempt to snatchi. 
control from you, the present 
shareholder^ at. a' ridiculously 
low price which is at a vast dis- 
count on the underlying asset 
value." The ‘ Board has " com- 
missioned a revaluation which 15 
exported to reveal “a vast in- 
crease. in the value of th? com- 
pany^ properties" ■ 

Shipstone further claims that 
Northern Foods’- c omp ari sons of 
income contained in ' its offer 
document are seriously mislead- 
ing and that the whole com- 
parison is. produced on “an 
imaginary basis."* 

The Shipstone directors,, who 
between them own 2S8 pin- -cent; 
of the company, together with 
their financial 'advisers, are 
advising' shareholders, to reject, 
the offer on toe grounds that the 
offer “ in so way representr the 
excellent future- prospects of jour 

S* A- -RICHARbsm 

S- A. Biehardson. the public but 
unquoted manufacturer of wood 
preservatives .which fawned off a 

. take-over bid from Carless Capri 
and Leonard to -January, has now 
received a second approach from 
' a-* 1 well known public company.'’ 
A- statement issued. yesterday says 
■ that, subject to tlm ^fulfilment* of 
. certain conditions; an ofler will lie 
forthcoming. '. 

- The • directors of Richard son, 

who have direct holdings of 
around 25 per ceht. of the capital, 
intend to recommend toe offer 
and to recommend other share- 
holders to do likewise; - 


G triteness Mahon; brut CtK, a 
member of GuiBhew Peat Group, 
his ' acquired, through their 
whofly-owned BrasUan subsidiary, 
a substantial interest in Banco 
Inter Atlaatfco'De Investimento, 
with offices in Rio De Janeiro and 
Sao Paula 

Banco Inter Atlanticb is part of 
toe interests of the Equrito Santo 
banking family -group. ■ ^ 

The investment » expected to 
form a base for further develop- 
ment of -the GnmnesB Peat Gyeiq^s 
interests in Bra tit - - 


• Acceptances of the offer by 
Coral Leisure Gnrqp-'for Poutto’s 
have now been.repwved in respect 
of 8A22 per cent of Pontin's 
capital. , 

■; The offer has been’ '-extended 
untfl March 15. Subject to the 
stock - proposals., being approved, 
as anticipated, at to e adjourned 
meeting of Pontiu> to be held 00 
March 15, it « totended by Corel 
that the offer be declared uncon- 
ditional immediately thereafter. 


Holdings Limited 

“Strong recovery in 
the seco n d half of 
the year...which 
I am convinced will 
now continue? 

N. G. Bassett Smith C.V.O, Chairman 
1 - profit exceeded £Imfor tiiefristtime, an increase of 16% 

1 Exports again readied record levels witii further increase 
in profits ■ ~ 

• Maximirm permitted dividend of 2j89pr per share recommended— 
covered 3V2times 

Loo^irwahecdtofuticre prospectSiitlhzAjmudGen&dMee^ 
mJjmdon on 8 th March 1978 , the Chairman said: 

*The Group has made its bestever start during the first fourmonths of thfc 

’■ trading year antflhaveno hesitation in confirming die forecast in my 
annual statement- ExpOTts show further improvement and die industrial ' 
division is doing even better than at this, time kst yean i am confident that 
next January we shall be reporting a satisfactory increase on 
last year sfigures? 

• B&mdeE'FbnnogZcbse HoUmgs limited, 

Yerfe Howe, 37 Queen Square, London^ClN3BL. , 

A gfmtprtf compani e s concerned with ^Henutm^accun of decorative 
trade, petals and industrial fb ushfcs . 


Financial Times: tfcitrsdax JJarch-; 19 I9 v 7S ; . 



Further U.S. 
takeover by 

Ciba-Geigy alter record final quarter wooiworth 

Optimistic Upside 

r boosts 

NEW YORK, March 8- 

REPORTING F, W. Woolworth’s 
Jibber 1977 fourth quarter 
results Mr. Edward F. Gibbons 

By John Wicks 

• ZURICH, March 8. . -- - 

IN--THE latest of a series of U S RECORD RESULTS for the final branches in Europe as well as . Earnings from Belgian opera- chairman and chief executive 

takeovers the Swiss chemical con- quarter have lifted results for throughout the U.S., suggests ttaa tions were slightly under last and Mr.W. Robert Harris, pre&i- 

eera. Ciba-Ceigy AG, of Basle. 1977 at J. C. Penney, the store Penney continues to move ahead year's, fiscal -level, due to in- dent and chief operating officer 

has agreed with the management and retailing group to show a str P D "^'- creased operating expenses and attributed the 16 per cent. - rise 

I**:** 5 «{» S!g “%SS SSfV company ao.d jUg 



income to 

CX Cbrooraflon an the purchase ''~Z;ZV* “T" io ?* ,e ? m «■=»■ si0res we « uaui * . curing xun me company som foreign currency movements 

of--thesSe commit earm 12 S 1 . 1 * ft® savaee we ! ther c ° n 0 ’ ^ Italian operations and dtscon- particularly in the UJ\\ where 

SLlJ earrftVi * s enure per cent higher at S9.37bn. ditioas, Penney turned in a 12 turned its duperraarket opera- operating results in local cur- 

^ Earnings .for. the fourth quarter per cent sales gain, compared tions. both unprofitable in recent 

Corporation is active in the were 49 per cent, higher at with gains .of only 4 per cenL to years. The losses Incurred in 
processing of colour photographs 3156m., with sales of S3.154bn. 8 per cent at other major retail- 1977 from these transactions quarter totalled s$9,lm. or 3234 
and the development and manu- recording a gain of 18 per cent., lug groups. were not material. : a share, com oared with -859.5m. 

facture of photo-finishing equip- the best improvement for any Commenting on outcome for The officers said they expect or wm a share previously 
ment and systems. comparable period for more than 1977 the chairman Mr. Donald V. another good year in 1978, with sales increased from Sifibnto 

The product range, technical 30 years, .according to the Seibert and the president Mr. particularly good prospects for ^ irh _ . The -..—gj., 'income 

know-how and capacity of the company. Walter J. Neppl said that J. C. sales and earnings improvements i ' i np ? u dAQ ai7im nf oahitv 

U.S. undertaking is said to “ com- The figures disclose a further Penney Stores- and Catalogue during the first half. They nit in™ w 

plemeni perfectly” those of upsurge after. the' strong advance were the principal contributors indicate that inventories have “* L^h «?«»<• it ar -Sr. 

Ciha-Geigy’s existing Swiss sub- reported for the third quarter to the company’s improved per- been built up 'to meet expected agmst 

sWaan. Greiag \C, of Regens- when .earnings were 20 per cent formance. consumer demand- for. late winter ““" e 5011108 111 ™ 

dorf. ‘to which it will now- be higher at JPT4.9m.. on^ sales 12 Drug stores and insurance sub- and __ -spring- ' merchandise p „ v _ .7 
a Quitted. 

Nomura Index Fund 

national said it filed with the 
SEC the Nomura Index Fund of 
Japan Incorporated to be com- 
prised entirely of Japanese com- 
mon stocks, reports AP-DJ from 
New York. The fund will be an 

per cent, higher at S2.36bn. si diaries bad improved earn in as especially with, the early easte'r For income 

The last trading report from and the loss from the Treasury this year. W3S «wL9m. or 53.W a snare 

the stores.- group, which has Stores declined .. moderately.. Agencies 

Sun expects Becton challenge 


NEW YORK. March 8. 

against 31083m. or 83.62 a share 
in 1076. Sales of 85.5m.. corn- 
_ pared with 85.2m. previously. 

The company officers said that 
in the consolidated companies 
although the quarter benefited 
from generally favourable levels 
of December business, earnings 
were - dampened somewhat by 
- higher operating costs and 

open-end. ■ no-load investment _ _ 

company but details have not SUN Company, the thirteenth the New York Stock Exchange SEC would be ait abase of SEC Canadian exchange rates. • 
been finalised. The fund is to largest U.S. oil company, and were not disclosed as re- authority since it would repre- Foreign currency fluctuations, 
invest in a portfolio of Japanese sa id that it is expecting the'qulred by securities laws in the sent .an attempt by the SEC to higher income takes of Wool 

j ,T_ » , n > c..- « worth c Gprmnn enhsidiarv and 

stocks based on the composition Securities and Exchange Com- U«S. relating to tender offers. Sun write new law rather than “ en- worth s German subsidiary and 

of an index-called the “Nomura mission to file a suit challenging has denied that its moves were for S290m. and considering lower operating results for toe 

1S5. Index." The fund's sponsor, its acqquisition of 34 per cent, in any way illegal, arguing that force existing law” ’ U-S. wooiworth and Wooico 

Nomura Securities International 0 f hospital supplies group they did not constitute a tender Reuter reports from Washing- divisions and tbe Richtnan 

Inc. is the 95 per cent-owned U.S Becton, Dickinson. offer, a concept which , is not ton: The chairman of the -Brothers subsidiary were citea 

subsidiary of Nomura Securities ] n what promised to be one clearly defined in UB. law. American Stock Exchange, Mr. as reasons for the 15 per cent, 
of .Tokyo. of the most unorthodox takeover Subsequently, influential Con- Arthur Levitt^ finds takeovers of m earnmgs , or ™ e 1UU 

moves Wall Street has seen for gressmen .wrote to the SEC de- small and medium U.S. 19 |J^?f ar r.. o ■ t r-w."«n»n 

several years, Sun- announced in manding an investigation. Sun businesses by foreigners “disturb- -jT„ ,e u S 

■Williams Companies said its January that it was acquiring Company, said. »'* fm m dollar, was partially offset by 

first quarter earnings will be 34 per cent 
“severely" hit by the coal moving 
miners strike, AP-D.I reports outstanding 
frqm Tulsa. “The continuation 
of the strike will result in a sub- built 

Peabody Holding trough Ich tions which did not go through Sun said such an action by the mittee. 

Williams owns a 27.5 per cent. 

Williams warns 

interest Iff Peabody Coal. While 
the. amount of this loss cannot be 
accurately quantified at this 
time." Williams may turn in a 
net loss for the quarter despite 
the continuing strong perform- 
ance of all other operations. 

Atlanta office foreclosure halted 

In the U.S., earnings of Wool- 
worth stores were depressed by 
losses relating to older units 
closed during the year and the 
absorption of higher insurance 
and other costs. Earnings of 
Wooico stores were affected by 
first year eosts of • the new 
customer credit programme in- 
development JggW at the start of the year. 


according to Williams chairman. FORECLOSURE proceedings Morgan and five other lenders The 5§ acre r 

n ' ■> • » T _iL hnon hnlturf fnp Thp time involved In' the project are seek- opened In the autumn of 1974 

Burlington Northern LMfJK J°L n „f ing to recover S76Bm. on two Omnl*s ’senior creditors have 

Burlington Northern has agreed De ™S on tne PAOum. umni_ mm ^grtgagg loans and an additional advanced about S77.7ra. on the 
to acquire Hart Motor Express, national hotel ana o£6 ce complex gMm. i n interest. . " : project Morgan Guaranty had 

of St Paul, and merge the com- in Atlanta, Georgia. 'According to the statement S36.7m. outstanding. Continental 

paav Into its trucking sub- Sate of tbe' complex had been which was" jointly Issued with Illinois National^ Bank and 

sidiary. BN Transport. Terms scheduled for yesterday but at Omni “negotiations involving Trust Company has $H5.9m.. Citi- . 

if ere not disclosed, reports the last moment Morgan the lenders and the borrower' bank ' First National TORONTO, March 8. 

Reuter from SL PauL Hart had Guaranty Trust Company, the are continuing with a view to a Bank Atlanta S6.9m. f First UNION CARBIDE, Canada's first 
revenues of SI 0.6m. in 1977, when lead lender for the project possible resolution of various National Bank' Chicago S3fira» quarter earnings are not expected 
BN Transport's revenues were announced that the sale would issues in connection w>th the and the Ford Foundation to match the $C3.9m. (SU.S.3.5m-> 

i»ne_ on — oeiu 

Union Carbide 
Canada steady 


not go ahead. 




This advertisement complies with the requirements of the Council of The Stock Exchange 
of the United Kingdom and the Republic of Ireland. 

Citicoip Overseas Finance Corporation N.V. 

(Incorporated with limited liability in the Netherlands Antilles) 


10 per cent, Sterling/ILS. dollar option Guaranteed Bands due 1993 

Unconditionally guaranteed by 



Issue Price 9&J per cent 

Hie following hare agreed to subscribe or procure subscribers for thoBonds:- 

S. G. Warburg &Co. Ltd. 

Amsterdam-Rotterdam Bank N.V. ' Banque Bru x e l les Lambert SJ£- 

Banque de Paris et des Pays-Bas Commerzbank Aktiengesellschaft 

Credit Suisse White Weld Iiimited Hill Samuel & Co. Limited ' 

IBJ International Limited Morgan GrenfeU & Co. Limited 

Westdeutsche Landesbank Girozentrale Wood Gundy Limited 

The 20,000 Bonds of £1.000 each constituting the above issue have been admitted to the Official List of The Stock Exchange of the 
United Kingdom. Interest is payable annually on I5th March, tbe first such payment bring due on. 15th March, 1979. 

Purtieulars of live Bonds are available m tbc Extci Statistical Services Limited and copies may be obtained during normal business 
hours up to and including 23ni March, 1978 from: — 

Cazenove & Co>, 

12 To iccn house Yard, 
London EC2R7AN 

W. Greenwell & Co., 
Bow Sells House, 
Bread Street, 
London EC4M 9EL 

9th March, 1978 . 

or 39 cents a share earned in tbe 
year ago period, according to 
Mr. J. S. Dewar, the company 

First quarter sales will show 
some Improvement over sales -of 
$C83.1 ul the previous year but 
it will -not be “significant," he 
said. Union Carbide Canada, 75 
per' cent owned by Union Car- 
bide Corporation is a diversified 
manufacturer of plastics, chemi- 
cals. gasei metals, carbon and 
related consumer products. 

First- quarter net income con- 
tinues to “suffer" from excess 
supply in plastics and chemicals 
markets and the fart that “con- 
templated growth" in Canada's 
steel output has not yet oc cured. 
Start-up costs and additional 
depreciation from Union Carbide 
Canada's new 197m. polyethylene 
plant will also affect earnings in 
tbe first quarter and remainder 
of 197S. 

Earnings for 1978 are expected 
to be “similar” to 1977 net in- 
come of 5C20.5m. or ifi4 a share. 











197® TV 

5C • 

• sc • 1 




Net profits 

40 m. 

32m v 

Net per share .. 

1 91 

* 1.53 ^ 





197® ^ 


S I 



48.0m. « 

Net profits 


2.9m. t 

Net per share... 


5.22 9 


Fourth Quarter 


I97S ° 


s i 



271m. a 

Net profits 

12 m. 


Net per share... 







937m. b 

Net profits 


28m. L 

Net per share... ‘ 


. 2.17 1 


Filin tli Qwarter 




s . 1 



136m. p 

Net profits -j— 

•1.5m. *508,000 c 



OTTO VERS AND, one of West this was more than offeet by tbe costs and “occasionally ruit 
Germany's largest mail order 13 per cent sales increase re- competition, Otto s ■ earn; 
houses, has reported an S.1 per ported by the Schwab subsidiary have kept pace with turn 
cent growth in sales during the i n Hanau, near Frankfurt, which growth, .said the prelinur 
year which ended on February took its turnover to DM452m. and report. No figures were given 
L ‘ . "the 110 per cent rise reported For the current yew-, OttJ 

Otto's growth rate was not ax by Heinrich Heine Versand of looking Rurward-to icootipuect 
high as the XOfi per cent re- Karlsruhe whose ,, turnover Acuities in the domes^mai 
ported by its rival, tbe Schicke- totalled DM2S5m. The 

Enz group. However, Schicke- Furthermore, Otto bad ems- from 
dam's sales were boosed toi^a siderable m&ej® a ^, road J, 

AiffSK ^ 

Sales rose__from the^previoiiqhaaa 35 per cent stake, reported monl I m i a .wait 

ySTvSlST^ IlBHB-riS Sr ’ ttiL riieTn afe.ii Gnomic upswing could be 
^fiaS o^thc iS^S 1 he i97fr77 busine^ year which Peeled and overall busteesi 

Hamburg-based Otto Versand, r* ended on June 30 1“^ yjrar. XU ibect^ntyMr wa* an ^ 

ported that sales had risen i Jar turooyer went up from DMl.OSbo. jTtiie ^ 

on front- 

on unspectacular 5.5 per cent to DM1.05bn- 
f rom DM2^3bn. to DM2 J 46bn. But Despite severe 



PARIS- March S. 



THE- French heavy engineering’ quarter of the group's business, 
and shipbuilding group AlsthOnb .and also because of political un- 
Atlantique maintained profit certainties but he forecast that 
levels last year, the first full year sales would reach Frs.lQbn. (over 
since the two halves of .'tbe $2bm). .-.| et | inm 

group were brought together, in Over 40 pgr cent of Alstbom- 
-marriage of 'convenience “In Atlantiques production is 
76. Sales expanded by 15 .per ported, which places it ai 
cent to Frs.9.4bn. <$l.»bn.), * France’s leading exporters. 

Profits were similar to .the * * , 

previous year's Frs.78.9m. for the " Credit lndustnel et Commeraal 
group, with all subsidiaries end- (CIO proposes a total dividend 
ing up in the black, according to for 1977 of Frs.10.50, compared 
M. Pierre Loygue, the chairman., with Frs.9.75. Net profit was 
The turnover increase is. rather Frs.40.72m. (S8fim-) against 

deceptive, however, .since - it in-- Frsfi9.37m^ excluding. long-term 
eludes deliveries of big ship capital gains of FrsJ.OSttu. 
orders made before the tanker (FrsJ.90,000). 
slump, which are not being The company will ask share- 
replaced with, new orders. holders for authorisation to raise 
3T. Loygue was cautious about capital in one or a number of 
this year's prospects in view of operations over the next five 
the situation in the shipbuilding - years to a maximum of Frs.500m. 
sector, which makes up over ' a from the present Frs.228.38m. 

Growing concern on Seat 


BARCELONA, March 8. 

THERE IS growtn gconcem in cipal causes of Seat’s decline 
Catalonia over tbe performance were the contraction of the 
of the Seat car companL which *** the adveQt of Fflrd 

has asked the Employment m s 2t commanded over 60 per 
Ministry for permission to put ^nL 0 f the local market at the 
its - workforce on short tune, beginning of the decade, and 43,2 
working a three-day week for per cent, until the end of 1975. 
three months, in a bid to reduce U has since seen its share fall 
its growing stock of unsold .rare. fn* 

Seat had accumulated - stocks 

of 85.000 cars by last week. * pUi * 2une 

equivalent to two mouths’ normal on . 

sales, and nearly twice, its *> P ?I 

normal marimum stocks. • r J? 23? £E? X * 

'Due +_ nu, An1 _ to revise downwards from, an 

S^in Stv, ! estimated 250.000 units for this 
y ear - while* it enjoys the i 
oC Fial ’ s teehnology. tt| 
STSmf does not . benefit from the 
economies ; °f scale that the 
e ia ^ - ? Turin 36 per cent^ mu itiiiationals can carry out, 
Spanish banks 15 percent, and at1( ) ^ dependant _ on Fiat’s 
the rest is in the hands of pn- innovations to make its models 
vale shareholders) comes at a more attractive. 
time when Seat's share of the sr. Antonanzas Sees two clear 
local market has dropped, while alternatives, greater participa- 
the market itself has expanded, tion by either INF or Fiat 
Seat’s managing director. Sr. believing the latter solution' to 
Antonanzas, said the two prin- be . more logical. \ 

Saudi InL 
Bank rise 

By MIdwd Bbndcn . 

SAUDI International Bank.. 
London-based international b 
ing group which has tbe Si 
Arabian Monetary Agency bj 
major shareholder, reporb 
slight 'increase in its opera 

The total operating profit 
from £1.93 m. to £l-96m. on 
basis of a substantial expan 
in tbe bank’s balance-sheet 
bank has, however, set a 
£555,000 to build up its gen 
provision against loans, and . 
result the profit before tax 
down from £1.7Sin. to XLfilm 

Mr. Edgar C. Felton, the ip 
executive, points out that 
earnings in the previous : 
were largely attributable to tr 
lation gains arising - from ' 
investment of a portion of 
capital funds in foreign, curse 

During the past-year the b 
issued the balance of 
authorised capital of 12 
shares to its existing sb 
holders,' and this was the v 
influence on the rise in sh 
holders’ funds, by £ 13.1m. 
£26.3m. Total assets incref 
from £227 .6m. to £416.5x0.. ^ 
loans, net of the general pr 
sions. rising from £14.6uz. 
£69 -5m. 

Bigger loss fin 
La Rinascente 

MILAN, March 
the largest Italian chain si 
groups, reported a loss 
L.4.9bn. (?5.74ra.) for 1977, 
from L 5.7b a. the previous y 
Most of .the loss, attribute' 
slackened demand and ri 
costs, will be covered by a di 
ing of L.4.4bn. from special 
serves,:- -■ 

The company reported ove 
sales of L.663w5ba. for the y 
175 per cent.- up from L5843 
the previous year. . 

La Rinascente is controlled 
Istituto Finanzlario Industr 
fIFI) the holding company 
Fiat SpA. Last year i f took ,< 
rtaliah-based chain stores ofJ 
Penney of the U.S. 



Increases in 
dollar sector 

By. Francis Ghflh 

THE dollar sector of the market 
had a good day yesterday, with 
prices up across the board by as 
uch as one-quarter to three- 
ghths of a point 
While dealers said some of this 

Oce Van Der Grinten 

INCLUDING II months for the 
Ozalid acquisition, Oce- Van Df»r 
Grinten reports a rise of 16 per 
cent in provisional net profits to 
Fls.37.7m. for 1977 against 
FIs .32.6m. Sales last year rose 
from Fls.751m. to Fls-l.lSbn. The 
dividend is raised to Fls.7-28 
a share against Fls.6.80. 

.The results of 7 Oce Van Der 
Grinten U.K. comprise pre-tax 
profits of £2.1m. (£l-28m.). The 
major influence on these figures 
has been the “reassessment of 
major projects following the 
merger with the Ozalid group." 
Turnover in this, division, is 
developing welL 

Hellenic Aerospace ; 

ATHENS. March 
A CONSORTIUM of foreign bs 
led by Citicorp is providin 
880m. loan to the Hellenic A 
space Industry (HAI) wind 
setting up aircraft maiatena 
and r^>air facilities- in Gre 
Under secretary of co-orddna" 
loannis Paleokrassas said the 3 
was approved by the cum 
committee to-day. 

The loan will be repaid 
seven years after a 3$ years & 
period. For the first three. s» J 
of repayment interest will 
three quarters of a point Mg 
than tbe prevailing 
Eurodollar rate. 

The 825m. bond for Panama 
as increased to 830m. and 
need at ' par by the lead 
isnager, Nomura Securities, 

during its first day- of 
ig. It was being quoted at 
having been priced on 

The Deutsche-Mark sector 

to recover in the 

The DM70m. for Tauernauto- 
ihn was priced at par with 

Trinidad and 
priced at par as 

ng s 

£20m. Citicorp issue was 
d at 99.5 per cent., with 
tions otherwise unchanged. 

Weekly net asset value 

on March 6th, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $46.12 

Tokyo Pacific Holdings (Seaboard) N. 

U.S. $33.62 

Listed on the Amsterdam Stock Exchange 

Information: Pieman, Hetdring X Pierson N.V.. HerengracM 2t< AmsfofC 

14.5J6= 700% 

PRICE INDEX' 28.T.78 7.3.7* AVERAGE YIELD 1 TS.X.7% 7.33 

DM Bond* 108.38 108.SI DM Bond* d.»l fiOC 

HR. Bonds & Notes 103.93 - 104.49 HFL Bend* &-Nom 7.S97 7.4E 

U-S- * Sort Bond* 99.77 . 99.9S LLS. S Sert Bond* 8.777 8.69 

C*n.-DolI*r Bonds 99.95 ■ -99-71 Can^Dotltr Bonds 9.301 9JS 



: T : J V ‘ i 


n J* 

•- - ^ . r 

An opportunity to occupy one of the last new 
major office buildings in Central London 


international FINANCIAL 



“export ; 
at MAN 

Another capital increase 
proposed for Montedison 


ROME, March 8. 

. By Adrian Dicks - ONE of the priorities of the ing short-term defats, according term credit institute had ex- 

.•fi-. -- .. . . sew IUUan Ooverament is expec- to Sig. MazzantL . tended a new credit to the 

i* — •' . ;BOivN; March._8, to herd major intervention While there have recently been troubled chemical group, it did 

: group ; <78 per cent* owned report by Sig- Giorgio Mazzanti, maintain the group’s “private” 8 eneral overhaul. But in the 

, ' ■«-. v ' *> ■GutehoffiuiQgshuettej ' said .chairman of Sogam-'-the com- character, Sig. Mananti’s T ePort meantime, both the banks and the 

•..rj'iday- that- new orders -daring pa ?f. grouping together the threatens the . Montedison chemical'conxpany had to create 

: •’ 1 - ' Sep second- taif of 1977 were P u Jiil s hare holdeti; of Italy's corporate concept. generally the necessary conditions to en- 

■ ; , : « fe'by one-third; favoured by the long-ruling sure the success of an eventual 

■■■' ,;.S' Wg* ** si Mazzanti indicafcs that * * f K °!f ry ‘ f’*"*"* ** ““ 

' ■ ^CriM wSeSA elSSS MoQte ^8on, . which' ..employs The LSOOba. injection of new tire chemical setSor. 

f aDip ^ ed niore than 240.000 'people, now funds he suggests would clearly Sig. Manaatis outline pro- 
;• • 'forn^tir. j j- ea ^. requires an injection .of some have to come principally from- posals for the chemical and fibres 

Saudi In,, 
fianlv rise 

;• • ‘romMitir. „;„V T JZ*z — . £ requires an injection or some nave to come principally irora i**hus x«j 

' ir'.aii fiht c “ f °n i m LSQffbn. {some 5840m.) of fresh the public sector and would industry calls for detailed co- 

capitaL' Tins" is double ihe so . effectively transform Montedison ordination between, the various 
-a? ' ri ii p a 5-- Far' unsuccessful L400bn. capital into a state concern. But Sig. chemical companies, not only in 

»M 9 nom •’S&'i increase the group’s board Manantis proposals for terms of their commercial 

ermani TWotfil , . est approved at ' its- last annual Montedison form part of a wider policies but also of future invest- 

,oi5^? y ' d “ nng meeting. context of initiatives for the ment programmes. 

ae first half of 1976-77.- 

In his* report, leaked to the troubled chemicals and fibres He maintains that the different 


%, . . iu »*« iconcu ure uuuuii 

\j« e2rp u r ^'?- ■ “ espresso " weekly n.ews'tpasa- sector. companies should preserve their 

•n™ iSafr me z * ne a®* published to-day. Sig. Indeed, it is now understood individuality .and intensify their 

“*? JJMl.PHfan._-tp --DM63jni. Mazzanti, who is also'. deputy that Societa Italiana Resine own specialised activities- 

«■ j ^ — v T-. wuuuiu, wau is aiso deputy iuai ouneia uauiuia awn specialised acuviues- 

urmfi me perftxL As a -result, chairman of the state oil-group. (SIR). Italy’s third chemical con- Mergers, he claims, would only 

IP pninnanv'c tnts .1 n« 1 » >uutb -ktivtt i, .v. - - . L. ■ 5 ... i an » . . - . < , i- 

i: >3t-this ley el. of orders in hand- Tosses last year, expected -to. ez- financial difficulties of -SIR. which programme should he based on 
• '« ;:i -Ps equal to -six months? work, ceed the LI72bn. of 1878. . . has some Ll,200bn. of outstand- the rationalisation of plants and 

Wt 1 ; it hinted that .the company The grono's accumulated debts ing debts with DHL - - a review of current and future 
■' jJ expecting a difficult passage totalled L3.500bn. at the. end of IM2 to-day confirmed that it investment programmes so as to, 
' :'1<* UJUJS ..the next few months December, some UMJOObh. of ir had received in deposit 80 per keep in line with limited market 
'• ■^r^J'Thed . that- the in short-term money. Last year, cent of SIR'S equities. Sig. demand. Sig. Mazzanti also calls 
, l :n ..JP cr s .posmou varies .widely-he- ihe group’s TndeMedndss rose by Giorgio Cappon, IRX chairman, for greater co-operation between 
‘ •'••r..-- j^“jn different: product .areas. L550bn., some L400bm represent- said to-day that the state medium Italian fibres prodneers. 

""••••; 1 . 1 some - of . these how “in * - 

: i,' 1 -; ,ffeot:^need .of supplementary . “ .-- a- “ • “ - • ; ~ • | ' 

■' ' ' I~ : nwfi SCANDINAVIAN NEWS 

:-t. - Respite this, partially rionded . 
r- r^jetnee.- the MAN ; Board -ex- ' . ' ■ ;•* . V • 

■ ; Setbacfcat Svenska Cellulosa 

.. Q.'Tipeti vi-ty - t hrough an Uwest- 

. . : BY WltUAH DULLFORCE •- . STOCKHOLM. March 8. 

- - EARNINGS of Svenska Cellulosa The profit on* the forestry and Company, reports an 88 per cent 

Is ^nected to -exc^o. .this rcrAl SwHpn’t TaTV«»t-' forest forest nradurt side include#; state imnrovemem in earnines for the 


STOCKHOLM. March 8. 

• •'* 4f.1V ura* {I. arum gs per . snare awn — “ — o n«s uumasm 6 

• r adjusting for taxes and 'allowing An earnings breakdown shows director; forecasts a more modest 

for -nop-distribiited profits in that only the packaging com- profit improvement of just under 
-*■ 'f&Vr&SZSSS SCA’s" associated complies come panies did better last year. The ^ » Rriimf» the 

• .""f medtom^ized 0tft at KrJ!9 against Kr.4fi‘a share forest and forestry industry ^ « m 

rocks jointly with Vollcswaaen.^ ^ rr : : whole financial vear endiDP AditI 

dividend of Kr.M a shares -v ' the Baakab power station com* production, aided by a good 
~fe comparison with many olherpanies dropped Kr^m. on earn-^ eet h arv ^t and extra income. 

By Guy Hawthr 

• Swedish pulp and paper makers ings to Kr^7m. from 

■ Ofgfisr nront ■■ and given the depressed state of . • Sal 

• -y. ‘ ■ w - the' ttat^et. SCA’s . I97T per- w i| wbid 

.from Linde • fmnance ^ strong- But tte Laroo wen awe 

IIU1M MUUC - . . profit faU toys accelerated since . - „ are 

'By Guy Hawtm : the eight monjh interim report, aheaQ SO lHY BrJU 

when earnings were running - ;!® ^ * ofAj 

' FRANKFURT. Marcfr 8^ per cent, below the 197fi-jevel, By Our Nordic Correspondent Thes< 
riNDE. 1 the -Wiesbaden-based and in --the last four months group , ' _ * opera 

ingineering;. -plant and construe- earnings totalled only Kr.94m..-, STOCKHOLM. March 8. parec 
r -don group, te one' ofriher few against; Kr^45m. for the Erst CARDQ. the investment company vious 
ompanies in West Germany to feigb.t'.niOnths. ‘ i ;) -which,' owns ihe^Swedish Sugar Mr, I 

- -.einart unchanged dividend for - * \ 

. 97^, Because nf corporation tax - 1 r T : ; \ . 

from exports of lump sugar. . , 
Sales by the production units, 
which include the highly profit 
able HiUeshoeg seed company, 
are expected to reach almost 
KrJL2bn. (S280m.) by the end 
of April— an increase of Kr.l30m. 
These units should show an 
operating profit of Kr J59m. com- 
pared with Kr.l07m. for the pre- 
vious financial year; according to 
Mr, Heislow. 


HELSINKI, March 8. 

.'. .97t, Because nf corporation tax - 1 r T- : : • \ " . 

...■ ■eform. this means that Gennan rro jg -tr% tv f 

Successful year fbr Oy Rauma-Repola 

■ v -.Fw 1977, holders are to - / -• • \ 

.1118 per DM50 nominal share, .. ,BY LANCE KffijWORTO \ ■ HELSINKI, March 8. 

I us- a tax coupon worth DH150 ■ • v 

■ 'Fhich -they -ean offset mwliist OY' RaumarRgpiola is 0 De of the division increased most in re'a- FMksilbn. Orders were un- 
. - -ieir personal taxes.- Therefore, few large companies in Finland tive^ terms, while the metal and evenly distributed between the 
lare holders will be getting a thit Tfas ' been' able to announce engineering division held its shipbuilding and engineering 
real” 25 per cent.- compared a successful result for fiscal 58 per cent share of the com- departments, which explains why 
ith last year’s 16 per-cen t - - 3977r toe -titird : successive year of pony’s net sales. many of the engineering shops 

Group gross profits ' increased, economic depression for the Exports accounted for 79 per worked at oniy 80 per cent, of 

wv 1L6 pbr cent, to DM29£2m. country- Turnover increased, by cent of R-R’s total invoicing' and capacity during the year. 
U’nV.ome S144ro->. - At the same 18 per cent, to FMks.2.67bn. 7 per eent of the value' of all . * * 

• v' mo-sales rose by TJ percent, (some $650m.) at the December Finnish exports. - 

• i -rather .less than the. forecast exchange rate; Even after In, spite of FMks.700m. in new EO-GUTZEIT OY recorded a loss 

-iper cent,— to reach. Iafl.67bn. allowing for- inflation, there was orders for the metal sector of FMks.S0m. (some 519m.). in 
5800m.), of which forelgd busi- a-yeal Increase of 9 per cent during the year., order books fiscal 1977. against a deficit of 
..r„ iss'-accounted for-, ffl ppjr cent - Sales of the forest industry thinned . ' from FMksJLSbn. to FMks.45m. in the previous year. 


^aSchts _ 

. oon ’ Australia S4pc IB88, 

' -iiiv Fpc uwj 

— . fitndla S*pc- 199?. 

- siraliaj] M. A S. Wu c V2 
• relays Bank 8*pc IMB-.:.. 
• - "water Mpe IB** >7 
n.-N. Railway Wpc- I9M. 
>fa[ional HilK 1S8B 
--^^^^nraarft Sipc 19S4 ........ 

— — ' S »pc 1995 ...........S— . 

S Bipc 1997 : 

U Sine IMS - — . — 

n 9] pc 1999 — ; 

cscon SJpc 1988 

to Spc 19SS Nov- 
Lakes Paper 81PO 
v V mersk-r 9fpc ISB2 -r- 
1 * iro-Cuebcr 9®c 199? ... 

8|pc 19S7 

c^nKmoeSd W ' 

. .n-sscy Fc reason 95 pc 1991 

, Sli* l8 ® 

J Hand Ini. Fin, S|pc *M 
ilonul Coal Bd. Spc 1*87 
4 . Wsunnstr. 9pc --J98S . 
4-roundland Bpc 1 WB -...“ 
.. -gc-s Kddi, BK. 84pc- 
- - -pU^’Wpp 

. -^tr* Hydro 81 pc -w*3 -- 
.. a 9pc 1SS8 - 

Anronomev Sue lWt 

^ — 1 CJnchw BDejmS- . 

^•^•1 SaskaidL Si PC ISM 
.- - - imcrnaUoaal *PC ISG7 

.. *-*" M 9pr 1893 ... 

... *oUo|J -ttt. SIpc IW* ~ 

. - oil Enskiida ffpc 1*91. 

.» rsucl 19S7 

.■ _ -dm /K'Jonit . Sl pc 19 67 
t .- tM. deoils {tac.tS® '- 
, " . vw *!K- i6S7 March ... - ’ 

MOTES - ./■ 

Australia ripe 1964 95j 

Bell Canada 755CH9S7 Mi 

■ Br. Cnlnmbia HTd." 7Jpe W 95 

Can. Pae. Sipc IBM 99* 

Dow Chemical Spe. 1984 BflJ 

ECS ripe 1988 97 

ECS-Vi»C 1*96 SH 

EEC 7ipc 1983 981 

EEC 7fpC im *5* 

Esso Gaze fc 84pe IfiSt ... Mi 
Gotawrt s en 71 pc 1983 .^... 971 

Kockoms Spc MS3 98 

Michelle 8Jpc I9S3 993 

Montreal Urban 81p<.19Sl 1001 
New Brnmwlek Spc J9M ... . 971 
New Bruns. Prov. SJpc •» 100* 
New Zealand ripe 1998 ... 9S 
Nordic Inv. Bank ripe IBM Ml 
Norsk Hydro 72pc 1982 ... 064 

Norway ripe 1983 .. 9ri 

Ontario Hydro Spc 1*87 -. 961 

Sinter SJpc 196? 99! 

S. Of Scot. BMC..SJ0C 19*n SSi 
Sweden flTdoml -7 »pc IBS* 98 
Swedish State Co. 7ipc "62 97 
Tehnu 9*oe 19M ....... 994 

Tenbcco 7jpc 19S7 May ... 93 
Volkswagen 7|pc 1987 . — 83} 


Allied Brewa. IKpe 1990 97} 

CounauMs . ripe 1W ' ss 

ECS SJpc 1889 — 88J 

EIB 9!pC 1988:-..:.. ; . 1M 

STB MPC 1281- 971 

■Finance for ln&- ripe 1887 68 
Ptnanee-ftr lad. ID pc 1989 *8} 

Foods Wipe UB7 . 191 

INA 'WDC 1*83' 87i 

Rovratfe* Wipe 18S8 972 

Sears liupe 1888 ■ - 97| 
Total Oil Sine 1984 . -s.... 973 


BPCB Upc 1938 100} 101 

BNOE M9C W88 98 981 

Denmark' S pc 188* 100} 191 

EIB «toe-!890 — 98} » 

Enratcm ripc 1*87 S9J . W0* 

Euroftaa ripe 1988 991 10« 

Firiaod SJpc 1986 »S! 9ri 

Karon ark* SI pc 1990 991 1001 

New Zealand ripe 1988 ... 99* 190} 

Noreera SJpc 1989 WO* ' 1C 14 

Norway ripe 1BS3 10U 103 

Spate 6ipc 1981 1*1* 103} 

Sweden . 4PC 1989 101} 1024 

tvq JFVwer Co. 8pc 1988 99} in 

Venestete Bpc 1988 ' nr 100 

World .Bank SJPC 1999 891 1DD4 


Bank o! Tokyo 19W 7Ujft pc 99} 99} 

BFCB M84 7pc K! 98} 

BNP..188S 81J6PC — 99* 10U 

CCF W83 8PC 991 100} 

CGlfF lflSt Ttpc 99} 961 

CreditansaH 19M 7lpc . . 99} 99* 

Credtr uomais.wm spc n* 100 

DG Bank iSSTHSuDC .. „ 9M 100} 

CZB 1881 riPC MW 1001 

Inti. Wsmmrer. 'M 7»iepc 99*- 100} 

Lkjyda.1083 7|pc 180} MO* 

LTCB U83 Bpc 89} 109 . 

Midland.. J982' Spc 100) 1011 

Midland 1987 7Hupc a Wt 

OKB -1983 7IPC 100 1001 

SNCF 085 Sipc 931 99} 

SSL and Chtsd. "S4 7H»pc ■ 9ri 10W 

Wms.'«a Gbm ’84 siMpe 991 Ufli 

Soared: While Weld Sednitiea. 


Amertran Express ripe VT 81 88 

AaJUand fee 1S58 W ' 88 

Babcock. & Wilcox SJpc *97 934 MS 

Beatrice Foods ripe 1883 
Beatrice Foods Upc 1992 

BefeCtmm eipe IMS ... 

Borden Spc 1983 

Broadway Hale 4Jpc 1987 

Carnation 4pc 1887. 

Chevron Spc 1888 

Dart 41pc 1987 — 

Eastman Kodak 44 pc 088 
Economic Labs, ripe 1987 

Firestone fee 1988 

Fort Spc 1988 - . 

General Electric ripe 1887 

Gillette ripe 1987 

Gould Spc 1987 

Golf, and W ester n Spc 1888. 

Harris Spc 1993 

Honeywell 6 pc 1988 

im upc 1993 

DiA Spc 1997 

tochcape Udc 1993 

ITT flue 1987 

Jnsco Spc 1993 - 

Komatsu 71 pc 1990 

J. Ray McDermott ripe <37 
Matsushita SJpc 1900 — 

Mitsui 7}pc 1990 

3. P. Morgu 4}pc 1337 .. 
Nabisco 5} pc 1988 
Owens Illinois ripe 1987 ... 
J. C. Penney 4lpc 1987 ... 
Revlon rise 1*87 .... . 
Reynolds Metals fee 1888 

Sandrlk ripe 1988 

Sperry Rand rise 1987 

Squibb ripe 1887 

Texaco 45 pc IKS 

Toshiba ripe 1992 

Onion Carbide ripe 1983 ._ 
Wsrofr Lambert 4ipc 1987 
Warner Lambert ripe 1988 
Xerox fee 198S _. 

Source': Kidder. Peabody 

Bid Offer 

91 83 

180} 102} 

92* *84 

118} 120} 

78 78 

77} 78} 

•7W 78} 

78 80 

83} - -Sri 

89 82 

76 78 

Wl} 103} 

78 4 814 

138} 1«* 

IM} 1064 
7* 78 
104} 105} 
113 114 
130} 133} 
133 U3 

18** Hat 
74} 70} 

1M1 10W 

81 83 

103!" 104*. 

00 93 

Second half 
helps Sun 
Hung Kai 

By Daniel Nelson 

HONG KONG, March 8. 
SUN HUNG KAI Securities 
bad a marginal ly better second 
half to achieve a consolidated 
profit of $HK41.4fim. (SUS9m.) 
for the year to December 1977, 
i against the previous year’s 

A final dividend of 8HK7.5. 
cents Is being recommended, 

which with the interim of 7 

cents will make a total of 14J> 
cents, the same as 1976. 

The group's total assets at 

the year’s end amounted to 
$HK1.045bxL, a 28 per eent. in- 
crease against the same period 
of 1976. ‘ 

Sun Hang Kai is the colony’s 
hugest brokerage bouse, and 
the sluggish results reflect both 
the decline in turnover on 
Hong Kong’s stock exchanges 
and the company's steady drive 
to diversify its activities, with- 
out which the result would 
have been even less encourag- 

Chairman Fung King Hey 
said that new activities started 
in 1978* including International 
bonds, UJ>. securities, commo- 
dities, insurance and hire pur- 
chase, all. made satisfactory 
progress.' In 1977 the group 
started broking business in 
Japanese- securities and trad- 
ing in physical commodities, 
and these t4>o had a solid start. 

- Fnng said the launching of 
the unit 'trusl, Snnbo Fund, 
had attracted interest, and . 
funds had 1 also been raised by 
the issue of promissory notes I 
and Hong", Kong dollar negoti- 
able certificates of deposit. The 
group had' acted as lead man- - 
ager In a ban syndication. 

He -. . expressed confidence 
about 1978 and said the group 
would continue to look for ex- 
pansion possibilities to Hong 
Kong: and South-east Asia. 

Q uiete r markets 

QUIETER - conditions will 
return to (he Hong Kong Stock 
Exchange after the current 
rally, Joseph Sebag (Far East) 
says in ;a. newsletter, reports 
Reuter from Hong Kong. 

While Financial Secretary 
Philip Haddon-Cave's recent 
budget forecasts Imply con- 
tinued momentum, the lack of 
sustained' economic improve- 
ment among Hong- Kong custo- 
mers gives tittle justification 
for share . prices to start a 
steady rise. 


Daiwa forecasts downturn 


Japanese companies quoted on 
the first section of the Tokyo 
Stock Exchange will show a fall 
of 8 J 1 per cent, during the six- 
month business term ending this 
month, compared with the Sep- 
tember. 1977. term, according to 
Daiwa Securities, one of Japan's 
big four securities companies. 
For the 1977-78 fiscal year, which 
also ends this month, profits will 
be down 6-71 per cent, compared 
with a year earlier. Daiwa says. 

Daiwa ’s forecast is more pessi- 
mistic than its last published 
estimate for the March-term 
business results (which came out 
in September and indicated. a 6 
per cent, fall in current profits 
for the term). It is very much 
more pessimistic than estimates 
being made during the autumn 
and late summer of 1977. when 
nearly all Japanese securities 
companies were still expecting 
profits to turn up In the spring 
of 1978. 

Despite this downward adjust- 
ment, there are elements in the 
profits picture, as reviewed by 
Daiwa. which make the real situ- 

ation appear even worse than the 
percentage figures suggest. : An 
important point is that steei in- 
dustry profits are forecast to rise 
hy 71 per cent, during the cur- 
rent six months, even though the 
steel industry remains basically 
in a state of deep recession with 
tittle immediate prospect of im- 

Daiwa says that its main 
reason for expecting, steel com- 
panies to turn in better profit 
figures is its assumption that 

most companies will be selling 

large amounts of securities in 
order to cover dividend pay- 
ments. Without such sales it 
thinks steel company profits 
would show a further fall in the 
current term, though perhaps 
not by as much as in the 
September, 1977 term, when cur- 
rent profits were down by 89 
per cent. Steel weighs heavily 
in the overaH profits perform- 
ance of Japanese industry so 
that “ window dressing '• on the 
part of the industry can have 
an important distorting effect. 

Looking beyond the March 
business term, Daiwa forecasts 

TOKYO, March S. « - 

a 5.1 per cent, decline in cur- 
rent profits in the next Septem- 
ber half-year., followed by a' 
- 16.1 per cent, recovery in 
March. 1979. Al the date profits 
will be running at about 90 per 
cent, of the level obtained in 
the March, 1977 period, the best 
half-year for Japanese company 
profits since the 1973 oil crisis. 

Daiwa's forecasts imply a fall 
in profits through three succes- 
sive six months business terms. 

Daiwa relates its profits fore- 
casts for individual industries to- 
the current level of excess inven- 
tories in the same industries and 
the speed at which these are 
being run down. Industries with 
very heavy inventories which are 
not expected to complete adjust- 
ment before the end of 1978 
include aluminium, aluminium 
sash, zinc, caustic soda and wool. 

In the next bracket (indus- 
tries that should finish runninz 
down inventories by the third 
quarter of the year) are colour 
television, steroa, and ball bear- 
ings. Industries with no serious 
inventory problem include 
cameras, watches, and small 
passenger cars. 

Dunlop Estates doubles profits 


offshoot of Dunlop International, 
doubled its profits for the second 
successive year, and .is declaring 
a dividend of 30 per cent for 
1977, compared to 18.5 per cent 
in 1976. 

Profits after tax for last year 
soared to SM15£7m. (SUS6.7m.) 
from $M7.4m. in 1976 and 
$M3.5m. in 1975. 

Although higher prices, par- 
ticularly for palm oil and cocoa, 
were the main reason for the 
good profits, there was alio a 
notable improvement in the har- 
vesting level of the two crops. 

The average yield for oil palm 
improved by 12 per cent, crop- 
ping an average of 937 kilograms 
per hectare, while cocoa im- 
proved by 42 per cent 

Rubber yields also improved 
marginally, so that at 21.470 tons, 
the crop was only 190 tons short 
of the 1976 level despite a reduc- 
tion of 218 hectares under tap- 

The company is currently ex- 
panding its second oil mill at 
Gamali. When completed this 
will add a further 10 tons fresh 

fruit bunches capacity per hour, 
increasing total capacity of its 
mills to 70 tons per hour. 

Dunlop Estates said it is 
cautious about its prospects for 
this year and points out that in 
line with the general trend, its 
oil palm is affected by drought, 
while prices are expected to be 

Fitzpatrick’s Food 
safe brings $M20m. 

HONG KONG Land's wholly- 
owned subsidiary. Fitzpatrick’s 
Food Supplies (Far East), has 
sold its 18-slorey building in 
Kuala Lumpur to a Malaysian 
property concern for a reported 
price of SM20m. (U.S.$&4m.)- 
. An agreement for the sale was 
signed here yesterday between 
Mr. Owen Price, Fitzpatrick’s 
executive director, and Datuk 
Lim Foo Yong, proprietor of the 
real estate company after his 
name. • 

Management of the building 
will continue to be under Harta 
Raya Sdn. Bhd., formerly Hong 
Kong Redevelopments, another 


subsidiary of Hong Kong Land. 

Fitzpatrick said with the dis- 
posal of its building, the com- 
pany plans to concentrate on its 
trading interests, and aims to 
expand Its supermarkets to other 
parts of Malaysia, apart from 
Kuala Lumpur and Petaling 

Datuk Lim, who is one of the 
biggest property owners in 
Malaysia, said be had taken the 
decision to buy the building, in 
spite of the current depressed 
conditions in tfac property 
market, because he expected the 
situation to improve very soon. 

Consolidated Plants. 

Limited, the Sime Darby sub- 
sidiary, announces that l.he 
Malaysian Capital Issues Commit- 
tee has accepted that the aggre- 
gate agricultural value of the 
company's estates is SM340.56m- 
(SUS78m.), representing an In- 
crease of SM93-55m. over the 
book value of the company's 
estates at end 1976. 

All ibese securities have been sold. This announcement appears as a matter of record only , 

New Issue 


The Dow Chemical Company 

\ \ 

• i 

8.625 v % Debentures Due February 15, 2008 

1 Smith Barney, Harris Upham & Co. 


The First Boston Corporation Goldman, Sachs & Co. Merrill Lynch, Pierce, Fenner & Smith 

- - Incorporated 

Salomon Brothers Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. 

Incorporated Incorporated 

Dillon, Read & Co. Inc Drexel Burnham Lambert E. F. Hutton & Company Inc. 

Inc or por at ed 

Kidder, Peabody & Co. Lazard Freres & Co. Lehman Brothers Kuhn Loeb 

Incorporated Incorporated 

Loeb Rhoades, Homblower & Co. Paine, Webber, Jackson & Curtis Warburg Paribas Becker 

Incorporated Incorporated 

Wertheim & Can ine. White, Weld & Co. Dean Witter Reynolds Inc. 


UBS-DB Corporation ABD Securities Corporation Basle Securities Corporation 


Wertheim & Cos ine. 

E. F. Hutton & Company Inc. 

I nc orpo ra ted 

Dean Witter Reynolds Inc. 

EuroPartners Securities Corporation 
New Court Securities Corporation 

Robert Fleming Kleinwort, Benson 

Incorporated Incorporated 

Scandinavian Securities Corporation 

SoGen-Swiss International Corporation Dow Banking Corporation European Banking Co. 

Norddeutsche Landesbank 

Mardifl t 1978 

Ultrafin International Corporation 

-M •II' 


— mA 

_ «■; 

•: 'll \ 

— » .* i imuiMiimtu. 

3 luiUmiuttifisj 

» w ^ mu fill 111!* 

55 gag r-r tiiiini j 







Financial Times Thursday Wan* 9 1976 : ' ( 1 1 C* J 

' 1 

aoc aemtouctjnrn TO TAiee kaobnoDiert: pa nPFtttONAL AOVirF RFFORE ENTERING INTO COMMITMENTS 

■S'S r 



There's a super 51,000 
" sq ft factory available, 

■ with the possibility of a 
five year rent free period 
Y saying you £127,000), at 
this attractive location in 

■ North Wales. All services 
are connected and the 
Development Board can 
offer a range of financial 
packages. Contact the 
Development Director now! 

Development Board for 
' Rural Wales 
Tadywell House Newtown 
Powys SY16 1JB 
Telephone: 0686 26965 

Make it in 
Iffid Wales 

Joint Ventures 

with industrial companies interested in 
establishing themselves, or expanding 

in Spain 

We expect: knowledge of the market, know-how and 


We supply: industrial buildings and land, eventual financial 
and a dminis trative support 

■Please send proposals to: 

CAMPEL S.A.Segre 27, 
Madrid 2 Spain 


Energy saving is a growing industry — 
Government backed 


Revolutionary world-patented system puts this much-needed 
facility within reach of a whole new section of the com- 
munity who previously could not afford it. Tremendous track 
record in the U.S.A. in extreme climatic- conditions; — both 
domestic and extensive commercial/industrial applications. 

Distribution/Installation licences available for Regions of 
N.W„ N.E., S.W., and S.E. of Greater London and adjacent 
Hpme. Counties. Licence in-going £5.000. Companies most be 
able to demonstrate a capacity to successfully handle this 
extremely valuable opportunity and to generate business on 
their own behalf. 

Full product and installation training provided. 

- ~ Principals only please: 




When nearing the end of a Liquidation the net cost of 
colicollecting the final realisations, including the Costs of 
possible litigation, may well exceed the value .of the actual 
amounts collected. We are prepared to pay cash for the 
residue of any reasonably sized accounts, irrespective of any 
future period of i time -anticipation; thus allowing creditors 
to be satisfied to the maximum, the account to be closed, and 
the Liquidator and his - Committee to be discharged, from 
their duties. We have prepared a leafier dealing .With this 
subject which .is available upon request. Write tiie. words 
“ send leaflet ” on your letterhead and post' to us at: 

Hayes House, 142 Greenwich High Road, London, SE10 

Hamburg— Berlin 

Offers: In addition to business activities in the Federal Re- 

public of Germany, long established contacts with 
state-owned enterprises in the German Democratic 
Republic ■ 

Available are: own technical mobile customers* service, workshop, 
EDV, delivery stores. 

For farther information please write to Box F610. Financial Times, 

10, Camion Street. EC4P 4BY. 


Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 

Full confidence and discretion 

Business Advisory Service 
3 mo Plerre-Fado. UffiW Geneva 

Toi: 3fi 05 4fl. Teles: K=U2 


Multinational trading company (pri- 
vately owned ) with office* and 
representatives throughout the .world 
together with muto-mlllion cash and 
property assets, are looking to mer^o 
with or acquire lor cash effective con. 
crol of public quoted company. Only 
principals are requested to reply in 
strictest confidence with breakdown of 
share control, property and assets 
trade engaged in. '• 

Write Bov G1J73. Financial Timet 
10 Cannon Street. EC4P 4BY 


Gty firm of Chartered Accountants 
have clients interested in disposing 
of more than 75 of a public com- 
pany (quote withdrawn) which has 
established Capital Gains tax fosses 
of £950.000. Company, which Is an 
inve s tment holding company with 
"cash" assets of approximately 
'130.000. should enable a company 
do solve a buiLt-in Capital Gains Tax 

For detain: 

Write Box G1571 
Financial Timet 
10 Gannon Street, EC4P 4 BY 




Excellent renal a lion. turnover 

£300.000 P-a. lor sale. Offers equity 
and'or majority holding. First doss 
personnel, coni acts and prospects. 
Write Box G.1343, Financial Times. 
10. Cannon Street. EC4P 4BY. 


Dncribumn and Dealers, required for 
Europe’s latest television and video 
projection system. The SI system 
beam mast others on quality and all 
on price. Exhibition in London during 
April -M7B. 

For hnrltatlon or further Information 
Telephone Linda on 01.629 6934 or 
send business card to: 

18/1 3a Saint George Street 
Hanover Square, London WIR. 9DE 


A going concern selling and renting 
food and dnnk vending machines with 
adequate servicing facilities with a 
view to expansion. 

Please reply Hi writing in rtriet 

confidence to: 

Messrs. James Pearson R Co. 

Solicitors, 48 Queen Anita Street 
London W1M 9 LA 


Consultant, resident U-S-A.. offer* 
services in product search, licensing, 
commercial intelligence and- market 
rcMaichL specialising in diversification, 
new business opportunities. 

Write Box 0250, Financial Times 
fC Cannon Street. EC4P4BY 


Copywriting, Translation ana 
Typesetting for Advertisements, 
Point of Sale, Brochures, 
and Exhibition Material. 

Contact: David Mealing 
pan-Arab publications Limited 
Telephone 01-58T 2171 


Young, successful sales manager avail- 
able ca represent or to become partner 
or distributor for your company or 
product. Open for all business proposi- 
tions. Experienced in consumer, com- 
mercial and industrial markets. Excel- 
lent references. Reply to: 

Boa F608, Financial Times 
. fO Cannon Street, EC4P 4BY 


Bought and Sold, in strictest 
confidence Shaw Cavendish & 
Co- < Bullion Dealers) Caveu- 
. dish House, Chester 24315: - 


Ex Marketing Excutive of major multi- 
national now establishing own agency 
CO be ip (miller manufacturers of eoti- 
sumor produce develop new markets 
(particularly EEC). Enquiries to: 

Box G 157.5. Financial Times 
10 Cannon Street, EC4P 4 BY 


Established small manufacturing 
conwnv engaged In the design, 
manufacture and sate of aoecfaiiced 
electrical water heating equipment, 
used In commercial a<*d letagra fceids. 
Minimum labour force required. 
Bail ness far sale with or without 
leasehold factory. 


Write Bo* G.1574, Financial Times. 
10. Cannon Street. EClP 4BY. 


Small and well qualified, will 
handle sales of new and non- 
technical products in the EEC. 
Write Box G1566, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 

Become a Po la roof Contractor 
—and get the Seal of Approval 
POLAilQOF is the hading liquid 
phase roof coating that scops leaks 
once and for all. As an Approved 
Polaroof Contractor you could be 
winning a big share of the roof itiaro- 
tcaance market. 

Write or phone for detail* to; 

Cleveland Road. Wolverhampt o n 
WV2 11U - Phonei 0902 53215 


Comben Group Led. wishes to expand res bunding activities 
by acquisition or merger. If this fits your plans, don't 
miss the chance to get die best terms today, if you are 
unhappy with your profits we also offer management 
expertise in all aspects of die house-building industry 
for your use. 


Please contact ; , ; 

N. Anton ell » 

26/32 Park Row, Bristol, BSI 5JL 
Tel: Bristol 297066 


Wishes to acquire companies in the following fields: 

We are interested in profitable companies or com- 
panies experiencing financial difficulties that would 
benefit from the stability of a larger group-where the 
policy is to ba4k individual company management to 
achieve . "maximum potentials. -Strictest -confidence 
observed. ' - ~ ■ 

Write Box G.1414, Financial Times, 

• 10, Cannon Street, EC4P 48Y. 


We have recently received Instructions to. offer for tale by Private Treaty 
an existing ■■ - 


(with bore hole and disease free stack) 

With a maximum proved capacity of 75 cons per annum to include freehold 
land and buildings, ail circulating machinery, tanks, labor a tory equipment and 
stock. Offered for sale ai a going concern.- Would suit investment company or 
wealthy Entrepreneur. Management expertise available by negotiation. Situated 
in West Yorkshire. Offers invited over £80.000. Genuinely Interested parties 
poly please contact Agents’ offices: da. W. Haririson ft Son, Auctioneers, 
Gown Court. Wood Street. Wakefield WFf-250' - Tel: 74491 


If you are in manufacturing and are the sole or -majority; 
owner and thinking of retiring within the : next five years we' 
could do a cash deal that preserves your company , and staff, 
and possibly a continuing interest for yourself. 

Brief details, which will he treated in the strictest confidence, 
to Box G.1578, Financial Times, 10, Cannon Street, EC4P 4BY. . 


Established 12$ Acre Freehold 


in the Malton area, licensed 
for 150 caravans. First class 
amenities including Bush 
toilets, showers and wash 
rooms. Ideally situated for 
East Coast resorts and York- 
shire Dales. 

For further particulars: 

Phone Horiey 530464. 


luma. Expanding Eon Midlands 
Established aver 7 yurt. Lavish 

witfc Sauna, 

equipment and fittings. 

■Tease ho Id -pretniws 
Freehold negotiable. £9,250 

Write Box G 1.572, Financial Times 
10 Cannon Street, 6C4P 4B7 


Are you obtaining the beet, price for 
your low-mileage prestige flio*br-c*rf 
We ' urgently require RoUvifoyce. 
Mercedes, Daintier. Jaguar, Vindca 
flu. BMW. Porsche. Ferrari, Mucnti, 
Lambourghini, Jensen Convertible. 
Rover. Triumph inct Volvo Cart. . 
Open 7 days a weak. 

Collection anywhere to IIJC Cash or 
draft avaibl 

Btariten* draft available. Telephone ns 
for a firm price or our buyer will call. 
Broekwood (04547) 4567 

with reasonably successful irtek record 
engaged in industrial, comm a mi a! and 
construction markets, seeks talas and 
production leads meriting above aver- 
age production and technical expertise. 
Joint venture or modest Investment 
propositions could be of interest. 

Write Bos Gf 577, Financial Times 
10 Cannon Street. EC4P 4BY 


Old established Ladies Skirt Manufac- 
turing Company, supplying exclusively 
to leading Chain Score Group, seeks 
proposals to link with Light Gechtag 
Co. for mutual advantage. 

Own Freehold Factory and land wtati 
Planning Consent for expansion. Near 
London wrth easy Motorway access. 
Good management and fuHy staffed 
and with own Pleating Plant. 

Write Bor GT579 
Financial Times 
TO Cannon Street, EC4P 4BY 


Company with . 
Capital Loss of £1.4 million 
, , For Sale 

Write Box G1580, Financial Times 
fO Cannon Street, BC4P 4BY 

are available 3n all para of the 
country for 


6 Old Bond St. W.T. 
01*499 8771 Telex 262350 


* Special 4-week intensive Courses for 
Company personnel. We specialise and 
teach ONLY French. For deufls; 

Tef: 077430-426 or write: Dept. F.T., 
31 Endless Street 
Salisbury SP1 3UH. 


brass tne odd ort unities In a lw» tax 
area- Wo ueciakse In tbfl formation 
« Companies Inducting nooifnee 
appointments. secretarial services. 
acneral agency work . telex and general 
tonsil nancy including commercial 

DUcernetiL Full details' from: 

LTD.. Victory House. Prospect Hill, 

_ . i rio of Men. 

Tel. 0642 2S661. Telex 628241. 

Shipping Agents. Clearing and For- 
warding agents. Marketing and Manu- 
facturers ftepreie natives, wishes to 
take up snipping and marketing 
agencies in Nigeria. For interested 
shipping lines, companies and mono- 
facturen from Gommonwaalth of 
Notions. European countries. USA. 
Japan, etc- For detail please write; 
Bax G147B. FlnaneM Timur 
<0 Cannon Street, EC4P 46 Y 

U-S. $1,000,000 loan required for new 
shopping cerrtr In New Zealand- Trustee 

valuation sz.bso.qoo. replacement 
$3,150X00. Excel tam cash now and 
owner’s watt*. first .mortgage security 
offered- SerfoiB enquiries only to Miss 
Henarn Tel. 623 6271. evenings ref 

CITY OF LONDON, prestige address, 
.ones,. tries — together under £3 wk. 
£1 separately. Q1-&28 4554. 




Merchants /Agent*/ Dealen/lnsnlleri 
required for high quality range of 
tolxr heating products. Technical sad 
marketing support provided. Interviews 
ore bring held in London on 29rit and 
30th March. Bona-fide applications only 
apply in writing for interview ‘to: 

Bax <71565. Financial Times 
10 Cannon Street. EC4P 4BY 


required for Spom Complex/ 
Councry Club, Midlands area, 
dose to Motorways. Seven acres 
freehold land with outline plan- 
ning permission. Estimated -cose 
of development £500,000. 

' Write Bp« Gf422, Financial Time* 
10 Cannon Street. EC4P 4BY ■ 


No caoltal required. Established orer 
30 vaars. Client* In 62 countries. Sand 

successful” 9 MARINE ' TRADER reeks 
additional capital. ES.oaa-CSO.opO. Futlr 
secured, proven results. ®1-S»4 6142. 
MANAGER with funds ava ilable for 
investment seek* active ■ podetotiw it 
an existing business, writ Bov 
Financial Times, la. ■ C*«aon Street 
EC4P <BY. . . 

for Growing 

If you are a shareholder in an established and 

purpose, ring David Wills, Charterhouse Development 
.'Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. "We are prepared to 
invest in both quoted and unquoted companies 
currently making over ,£50,000 per annum 
jg Sn pre tax profits. 



Charterhouse Development, 1 Paternoster Row, St. Pauls, 
London EG4M 7DH. Telephone 01-248 5999. 

Top class sales force 

available to sell good quality 
products on a commission basis 

We are a major international company currently 
marketing the leading brand in a very large segment of a huge 
non-foods -market. 

Our national- sales force, which affords full coverage of 
the. wholesale/retail grocery and hardware trades in the UK, 
has a capacity to undertake the selling agency for one or 
two additional products. 

We offer a great opportunity to generate significant 
growth for products which are capable of substantial volume, 
but which are not currently achieving full potential due to 
inadequate selling manpower.- 

Enquiries will be treated in strictest confidence, and- 
should be addressed to Box GI582, Financial Times. Bracken 
House, 10 Cannon Street, London EC4P 4BY. 


Hailed by the national press and women's magazines as die best value for 
money product launched dunns 1977. 

A boon ia Britain's eighteen million women wbo care about tb*?ir appearance. 
Estimated £150.060 turnover in foe first foil year of trading expected, wtth 
unlimited potential thereafter. £15.QM capital required In exchange cither for 
equity participation or high interest return. 

Write Box GJ5H, Financial Times. 19, Cannon Street EC4P.4BY* 

Small expanding Company with strong management, a modern 
factory and an excellent range of first class machinery, seeks 
the complete manufacture of machinery under Licence* or 
alternatively, the prospect of substantial regular sub-contract 
work lending itself to the facilities available. We have crane 
capacity to 10 tons and can offer all the traditional engineering 
skills. Principals write in confidence to Chairman, Box G.1576. 
Financial Times,’ 10. Cannon Street. EC4P 4BY. 



A world leader in this field, with 
a range of highly specialised 
equipment— currently in service 
throughout the world — sold only 
to the police, military and other 
governmental security forces, 
seeks additional products and 
introductions into new markets. 
Finance is available to bring 
innovative ideas and products to 
the market. 

Additional distributors and 
agents required with necessary 
expertise and contacts to intro- 
duce our products into new 

Reply in confidence: 

The Chairman. Box GT1570, 
Financial Times, 

10. Cannon Street, EC4P 4BY. 


is very interested in contact- 
ing manufacturers, small and 
medium size, of electrical and 
mechanical products, with a 
view to arranging, stocking 
and selling their material in 
Saudi Arabia. The above 
Saudi company is an old estab- 
lished firm with its own ware- 
houses and workshops. 
Interested parties should con- 
tact P.O. Box 497 Riyadh, or 
Telex No. 20426 Saudi Arabia.' 


Is hated ia rite heart of the GMctnant. 
Hli Dram provides prompt international 
coverage from its communications and 
finance centre: Frankfurt, nagodares 
and corresponds -for -you in English. 
German. French. Spanish. Dutch and 
Japanese. Available: Comprehensive' 
international experience. - Europe -wide 
contacts, legal and tax experts, secre- 
tarial and conference facilities. Open 
tx> any serious proposals, flexible and 
adaptable, initial enquiries to: 

Mr. Mens. Tel. (61031 64041 

. P.O.B. 201161, 6072 

Telex 417954 .. 

Frank Fort/ DrsMch. W. Germany 


If .yoar expertise lies in your product 
(or service), then leave the rat to 
me. 1 have tile qualifications and 
experience to manage aM commercial 
aspects of vottr' company's activities. 

My expertise lies- in .providing man- 
agerial support to small businesses, the 
objective being dramatic - profit im- 
provement and sustained growth, with- 
fees baled on results. 

Please reply to Box G1S81 
Financial Tlmat 
10 Cannon Street, EC4P 4 BY 


100.000 CIS Laoer 

100.000 QS 

--- JS non-alcotioflc beerwttti 
_ Enqitalif Arabic labels 
lOO.Ooa c.’S Eggs 

100.000 CIS Tuna Flan 

100.000 tons Cement 

J.P. 1 available U-S-A. & Europe. 

Performance banc) required 

5. Old Bond SU W.l. 01-629 BSB7 
Telex 263350 




with tax preference 
Inquiries to 

Cipher 33-118739 Pub I iotas 
CH-1211 Geneva/Swftzerbnd 

Three Well-established 

All capable of further development 
Apply in writing to: 


9 Sir Isaacs Walk, Gofchcster. Essex 



43/44 New Bond Strew:. London, W| 
Tel: (0I-) 491 4121 
A part of the TRANSCAR Group 
of Companies, Europe's leading car 

shipping speciaHns. Fatly comprehensive 

_ service and low prices. 

Write or call now for brochure 
and quotation 


Your Ford Escorts, Cortina and 
Gruudas (up to 2 years aid). Imme- 
diate delivery. From £85 deposit. 
Applicable to companies, professional 
and self employed. If you have been 
refused for any reason — ring us 
now and we guarantee to be helpful. 
NORTHAMPTON (0604) 714855 
9.00 ajn.-5 p.m. 


We are market leaders in our 
specialised field of equipment rental 
‘ Proven growth rate and un- 


linked farther Potential. For further 
partita lira to principals only with 

available capital , n excess of £250,000 

Write Box T4B17, Financial Tima* 
10 Cannon Street, EC 4P 4BY 


F *2?7Bi ec 2 ,rilO0ned guaranteed 
oy IBM. Buy, save up to 40 p.c. 
Lease 3 yean from £3.70 Weekly 
Rent from £29 per month 
Phone: 01-641 2365 

C OMPA N Y PROPu awc rare ora ante 
chenbtoJa exporting to over so 
countries- Price £250.000 me. Freehold 

prooerty. Purchase consideration can be 

fr*" 1 .‘gy va ra. BUSINESS Sales 
LTD.. IDS Comrnercmi Road. BOURNE. 
MOUTH :02CSI 293*03. 

O'”* ***-000 K1HOOL25 AND EOUCA- 

1 iAnTSgS: SurrB * RH1 3DM - 



concerned In historical and maritime 

Socks Interest-Free Loans 

from high cox pa yen. All loam will 
be folly secured and generous fringe 
benefits passible. 

Write Box G132I. Financial Timet 
10 Cannon Street. E C4P 4 BY 


30 Chy Road, EC I 
01428 S434/&/7361. 9936 


disposables. waolesalera'janlteMji 
ar ftutara wanted . Set; iwpn oimlSv, 
,-VMnded wtr towtiti w lnlng orodurtT 

£* "wiw. writ. bS 

* lm% ' 10 -CaiwS 




Our Client, a Middle-Eastern Private Monetary Pool wit 
U.S.S2-5 billion cash to invest wishes to contact industrial an 
Professional Groups capable of providing the following;— . 

Turn Key Project (including personnel training)— Tcxta 
Spinning Mill In Sudan— 100.000 spindles, 2,000 looms.: 

Turn Key Project— Cane Sugar Refinery in Sudan. 

Turn Key 

Project — Hospital Projects throughout An 

Twelve new general Cargo Freighters 14/18,000 tommi 

Turn Key Project— Four Hotels of 400-bed capacity etf 
in Arab Peninsula. 

6. Turn Key Project— Radio and T.V. Broadcasting Stalta 


Turn Key Project — Consultancy for the establishment o 
Dairy Farms. 

Joint ventures licensing and technical know-how proposal 

will be welcome with no obligation In the following areas 

_ . > 

KU1 UE nvnvms n«%— uv v—>a— «>• — h> i-j -f 

TeJ ccommnnicatf ons, Petroehemicate, Fertiliser^ Cemedl | 

Plants. Water Purification. Food Procewlnx.. fitona RU 
Systems or other suitable economic units. ■ ■ . *■ 


Complete automobile commercial vehicle plants lndadhul 1 
body building and finishing workshops- .’ 


All our present projects arc to be purchased against cash 

services and equipment and no terms. Selection of supplier! 
subject to observation of the- post performances by the users 
of their equipment and services by way of specialists. The 
specialists fees to be borne by the Interested parties and not 
by our Clients nor ourselves. Should yon wish to take part 
in any of these Projects especially In the manner mentioned 
above, then we will be pleased to put you on the list of 
suppliers of Turn Key Protects with NO OBLIGATION, NO 
FAVOURS AND NO COMMITMENTS. We will -choose the 
business groups around thu world Wba are! genuinely capable 



| you 


575 Madison. Avenue, Suite 1006, 
NEW YORK 10022 

Phone: 212-486-1467. 

Telex: 237699 and 125864. 


114 Eglantine Ave^ Malone Road, Belfast BT9 6EU 
Northern Ireland. 

Telephone: (0232) 663430/663439. 

T«ex: 747538 Belcom G. 

Structural sled 
fabrication business 

•The old established end well connected structural 
steel fabrication business of Robert Stevenson Ltd, 
is for sale. !i ‘ ' . 

This is an excellent opportunity id acquire a 
well respected independent business-operating from 
modern freehold premises on a 6 acrosite In 
Norwich. There is an experienced workforce of 
around 200 with a production capacity of 12^900 
tonnes of structural steel a year. *- \ : . - , - 

Robert Stevenson fabricates and setts structural:, 
steelwork and other.steei-besBd products, it offers 
a comprehensive design, fahricatian aAd erection ' 
service Including roofing, cladding and accessories. 
Major contracts both at home and Overseas hews been 
successfully completed ahd the business ehidyseri . 
excel lent reputation among specifiers and contractors. 


For further information please apply to:- 
C. Morris, Esq., Touche Ross & Co., 

27 Chancery Lane, London. WC2A INF 
Telephone: 01 242 9451 


Company \^.nted 

Medium size Public Company which has been in 
business for more than 80 years intends to 
broaden its base by an acquisition for cash. 

We are i nterested i n a private company with: 

(A) ANNUAL Pre-tax profits in bracket 

££ to £2 MILLION. 

(B) Growth Potential. 

. (C) Good Quality Management 

J (D) Products used by general Tridustry and/or the 
Building industry. 

If you are the proprietor or majority shareholder 
-.of a business within this broad category, and 
wish to sel I to a Company which respects and 

takes good care of loyal and enthusiastic 
employees, please contact us for preliminary 
discussion in the' strictest confidence, by writing 
brief details to: - 

' Box No. G1 559 Financial Times, Bracken House, ; 
V_10 Cannon Street, London, EC4P 4BY. 


•,to; f 


s A * 



|“ 1 pro ^ ts b ? f ? r F io the region of £800.000 ia 
merging with investment company or investment 

^SSXSSdi 9 SSi °S u ? t0 Adve™ is 

STJ “ y scarine aai hia “ 

Please reply .in strictest confidence to the Chairman Bos » 
.G 1-567, Financial Times, 10, Cannon . StVeet. ec 4P _ n1 L 



•^tav _ 

^‘i&anGisl Tiin^ ^^rsday Match -a* 1978 

: Jobs COLUMN 


Un » M lC 'H, 3 * NHCHAEt OIXON - 

iKi !• * ^ 

j u * , VH 1 J\ ... ,IMEs HAVE been better/ ctw. 1 
M UJ !is . . lp r accountants. Bufthe latest' 
*t\ y ‘'b ^atch emerging from, the long- 
£ 11}- ^^esslonal qualifying process 

\U V , l 1 , ay - take comfort that ; times 

INDEX OF DE^tAND FOR EXECUTIVES — (100=h?ghejt demand for accountants — one vacancy per 15 candidates) 



Job category 

‘ worker, ns jsiodi- ^°"»P*njr secrecarie* 27 . 25 . ■ S 18 11 n 15 "J ?i 

Bted by the Jobs Column's' Management services and computer managers -17 18 14 ' 14 -19 14. .9 10 il 

3dex of demand forexeeutivesr Systems analyst* computer progranws 333 45 81 95 S3 80 43 38 47 

v 'l uJongSide. Purchasing, • •• , . 54' ' 42 37 40 ' 30 29 30 24 24 

”■ The -index w ■ and »vluJtn*J relation* 50 24 . 24 34 18 21 27 is 17 

X lue-in^ has be^coiffitaK. Training - . . . /, 49 - 52 - 31 • •■ 14 25 19 21 18 

fa from the" nine four-monthly Marketing andralec management '15 15 ' ' 18 21 : ’ 14 17 14 11 10 

arveys so far published by representatives 58 . 55 ' ' . 70 53 . '57 41 44 - 38 31 

1 ft. £ward « which bases its figures *! "*“■ ra mSonc 17 n « . u .* 4 TO 3 5 

I IlflP 1 the lax £o numbers of caadi* 80 37 41 55 ' 3b 30 ss 30 24 

v||fates ' and Job-vacancies tresis- . 78 ' 20 . 54 78 r 29 . 14 32 19 T3 

W .with ^he GovSttSSt J?*?"*** : ' • 103 - 33 « 44 . .. 38 SV 53 42 27 

tansored-- ■ s -‘!KE!? t «***•** ■ - - 4* 52 57 43 40 57 92 58 64 

l„,. k „ _ professional . and Elcctnca! and dcctromc engfoeers. 159 92 130 135 “ 104 97 117 104 ' 75 : 

This colum e »? lWtine ^ t ag6 ? Cy ' 88 56 . .43 . ' 81 . 43- 46 204 33 69 

x ms columns regular? salary Clva and rtruetwal engineers 53 4T 42 - 30 25 17 21 15 15 

: Idicators based On the Reward Quantity turv«yon 125 ■ - 90 - - 74 - 100 36 33 21 29 42 

■ ■ ™y, in this instance covering draughtsmen . 183 83 100 80 97 £4 83 w 59 

' •■■'.KtoTier 3977 to January ^ this . "«»««*»«" - mai***™- - . 44 ' 44 - 47 - 45 - 39 38 36 33 32 

" ear, will be printed next-week.) " ^">tt*on (transport, «t&) . 35 34 • 27 . 32 24 ; 19 - 24 20 19 

“■Mai#,. . rr . - - ' General management - 10 9 ' ' 10 6 6 4 6 5 4 

'*• ^■><i7 1 '. T ?^ rfc . 0 . gt the index , 1 took Retail management _ ■ „ 64 32 32 16 35 , II « 10 9 

’ Me highest demand experienced ■ • ■ - - - ■ — 

>111^ Y PER for ■' '«ccoiintahts r "of ' ' 7 '• 

Se*7«®«1 qualified ag»inst which I have .«?alcipated sen ts 35 candidates per job, and . Well, not much for executive best measure available for 'the 

Design draughtsmen 
Production ■ ma nage re- - 

Distribution (transport, etc) 
General management - - 

Retail management 




F«b<- ' 









May . 

S «pt. '■ 



' Sept. 





. :1975 









.. 100 * 

' 83 

79 - 










61 . 

-. 46 






. 25 . • 

20 . 







- 17 





14 . 
























. 26 







49 - 

52 - 


• 28- . 







15 ' 

' 18 

21 ' 






58 . 

55 ’ 

- 70 

53 . 




- 38 





- 12 

. 6 







41 ' 

55 ■ 

‘ 30 





;.. 78 

' 20 . 



29 - 






33 . ... 



... 38 


















- 104 




75 : 



. &3 . 

81 . 








42 - 







125 • 

- 90 


















44 - 



- 39 






34 • 




19 - 





9 ' 



■6 • 









35 . - 





Kentucky one 

three and a half jobs chasing Airport, two as marketing and length, the marketing airec&r 
each candidate. . .commercial chief at Fairey will be responsible to MD Alan 

• Unhappih , too, demand -for- Engineering in good old Stock- Simmons. -• * 

managers and representatives port, and one as marketing head Success in selling high-cost 

in the marketino funetion is at at Fa,re - V Marine in yacht- equipment, preferably marine, To 
in tne marketing tuneuor is at Qpil ^ Hamble. -over»«is govern me ms is the 

Us naoir. la return fur about £'25.000 a main need here, though expen- 

Our accountant friends, how- vear pj, ls c;ir an( j h0 on> Q| C , enre of tnarkel policy-making- is 
ever, have ended the nine group chief will bring success- wanted us well, 
periods in much the same ful experience of running a group Salaries for the three sub- 
“ league-table" position, only of businesses and con sum ate sidiary posts are noi disclosed, 
chemical engineers having understanding of the engineer- but 1 would estimate about 
climbed ahove them. And as a in ? industrj“. There will he much £10.000. Perks include ears. 

'tspjssi ™ L d^'^jrias 

T \Z MLh ws ,V ^ sssr^ 'describe aS r as h manager' 

country seem to offer the best se jve s jn writing 10 Hugh Lang Mi <1 lifted 

demand for them. or the P-E Consulting Group 11. WITH U.K. sales up 47 per cent. 

For accountants in gpneral, Albemarle Street, London, this year. Kentucky Fried 
the average demand is by far WIX 3KFi. Chicken — part of the U.S. Heu 

the .highest in London. There- The pair at Fairey Engineering Blein group— urgently wants' a 
after the regional ranking **? responsible to the sub- chartered or certified accountant 
descends as follows: Eastern* sidiary s managing director aged about .'15 with hard experi- 
Mid lands: Northern: Southern; G ^ ge Williamson. ence of cash management 'as 

Yorkshire and Humberside- ^ marketing director must financial controller at its new 
J^u '..f Ceotiand™ cJ 1 th’ he ah,e to S P 01 and ,ake °PP or - oQices ncar Farnborouuh. 

® oul ^' tunities for new products and in Responsible tn Jim Johnson, a 
east; waies; t*oum-wesr. nPtt . markets, have copious Canadian currently over here as 

The corresponding ranking experience in negotiating hig treasurer, the newcomer will 
for cost accountants is also led contracts overseas for capital, head about *30 accountancy* staff 
by London, although Jess easily, including military “quipmem, dealing not only with the 46 

by London, although Jess easily, including military -quipment. dealing nnl only with the 46 
The ranking then continues: ant * have appropriate foreign KFC-owned shops in Britain, but 
Eastern: Midlands: South-east; t ' 0 2i acts - , , .. ... a ^° some -JOB franchisees 

flays be- ^Rdidates-to-vacaiiielM ratios m is higher than 100, there are job categories covered, the rurn The scientists and engineer- c^’ need experience of managing deni east of mind nnndidatcs 

' v *1 h>h l ; e f^f e ^2J ary 1 aI ™U~ ay j “p 161 ’ four-montk. periods proportionally fewer than - 3) of tills year saw 14 languishing ing people who might he asso- « Vs ® ies - . ' bcot " large contracts for similar, heavy who have successfully run a 

j, v k | ’ , e «sency ften bad- and the other categories^-'.,' candidates -for eaeh vacancy at their lowest level of demand, ciated with industrial creaiive- southern; South-west. equipment; and be able to' take business nppratmn would have 

■’* ®r 7 jacaocies for them In the The more candidates ftr each registered. (For the benefit of And while it is true that the ness arc at their lowest level, full charge of six sections provid- an -ulr.-miase. 

North-wVst: Yorkshire and Hum- T ? c commercial director will who lend to he of an indepen- 

rnifesd Kingdom as a- - TKfaole, vacancy registered. wj4b':PER, the oon-mjmeraie, the number of PER clientfelp, being' concern with the exception of median i- nirnAfn^r- ing support services for contracts. Salnrv around CB.nnn plus 

nd these were being chased by the lower the demand ior them, seekers per job in - : any category frated in the middle lo lower cal and chemical engineers— JLiireLUliS covering preparation and "ricnifii-aiii " profit-sharing. 

^ c ^.591^did4e?: aimpst exactly and so the lower thfi figure in during any period tan be managerial ranks; almost cer- the February-May. iflTT. leap . „ ru - mitrr av fne tSJdSrtl?"- 'taSriS- and Ir? r Sin iv ? , P f'? 10 !! 

“ r w **+LZE£r* ' lor ‘ "Job the index. ; A figure- oT SO rep- checked by dividing the index tainly paints an exaggeratedly to 206 by the chemicals, by the £an ”5 ft^Frirev -roup £ lefal SmpliraTions S T-imes Jhm' if p£ZS3 

si-1 ntio firaL thP .25. M SP* i7 !?K 10 ?'« nd maitiplying ®^ oomy picture of dfmmid for way, was due to a sudden explo- seeking four directors - om as At the Hamble subsidiary. 4«Dnin- 1-nne. Snil- 

Iuuun T his 3j.l raco forms the each job, of. Z5- represents 14 the result by 3-5). general managers, the Reward sion of demand in the south- P hiaf executive of ' 

^ t*}dnrld]1*fV 1 AH xvF 9^ia irtrlnw n*>nrHrlo9iio new nF 1A ninMk. su.. a - « .... r . « > 

The more candidates fhr each registered. (For the benefit of And while it is true that the ness are at their lowest level, 

inanmi T&o - i tt -wul PUT? tlia «i- , — _ p ti i.mi .\i. t i — - i.l. ,1 . . ■ 

full charge of six sections provid- an -i«H-.-inl:ise. 

£9.nnn plus 

ratio fon^ the ff”** and mulripi^ng gloo^ picture of gS^dfor way.waSdue to a sudden expi^ SEiBg four diwtoVs -°Sm « *1! subsidiary. 

-hju ^ j ^ iL» rat l 0 i. onn ® *“ e e*«* job, of 14 the result by 3-5). general managers, the Reward sion of demand in the south- P hjaf executive of the group which makes work boats and bull. w«*c» Midland, noi gfij— 

*k t . n TT - °? -^ e can® 1 "** 6 ? perj<»; « JO ^epre- Right then, what - do we -see? statistics seem likely to be the east where there were briefly based near London's Heathrow military-type craft up i n 19m. in 021-705 7390 or 704 2S51. 


qualified - 





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Wchave ovftr 2G-qffIccs throughout 
the U.K. serviiig.a Made range of clients 
— from gmall private companies to . 

laxge^ublic groups. 

And, when you meet iis r you’ll find an 
environment where your individual 
contribution will be quickly identified, 
encouraged, and rewarded. . 

for our Class of ’78 

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.. We can offer you direct involvement^ : . - If you’d like to talk to the people who make 
thedeydppment of our clients’ businesses e yr. us what we are, write to Kerrie Norman, 

Involvement iJiat wiltbring early responsibility;: y ; . •• Staff Partner in London, (o discuss . ' 

• - retffaiticaidevelopiniSri^add-clrarty'&dSfi^^' fif .cur^ot pppbr tunities in our U-K. 

career progrosida. - j o^fio». ' 

• Our acknpwj^iged esqiertise in / \kidspns, 

' spedalist areas will provide the X ^JTiWlTKK': ^Columbia House, . 

opportunity foryou to acquire and / .. 6B. Aldwych, 

dcvelopskiIls.inTax, Liquidations, twr f/ London, WC2B4DY. 

.' _..;v Gdnsultaiicy Services. * - 


We have vacancies for 
qualified accountants in 
our audit and taxation 

Our offices in the U.K. and Ireland 
include Belfast, Birmingham, Bradford, 
. Bristol, Cardiff, Dublin, Edinburgh, 
Glasgow, Gloucester, Liverpool, London, 
Manchester, Newcastle upon Tyne, 
Newport, Nottingham, Southampton 
and Swansea. Find out if you fit into our 
. . picture by writing to: 

David F.Praneo. 
Delaine & Co, 

P.a Box 207. 

128 Quern Victoria Street, 
London EC4P4JX 


We bring a constructive apprdach to our clients' problems 
and a willingnessto pursue technical innovation. . . 

Come and join usi“.; 

You'll find 'a range of experience and variety of work that 
will broaden your professional development. 

Contact Peter Manley in London for details of current 
vacancies. - ' 


Tansley Wftt & Co. 
P.O. Box 71, 28, Ely Place, 
London, EC1P IJEr 01-242 1666. 

Belfast Birmingham. Bristol Coleraine Doncaster Dublra Edinburgh Glasgow Gloucester 
Kilkenny Leeds Uvenwof Londonderry Manchester Newcastle Waterford Wolverhampton Worcester 

Now ■ you are * qualified the 
opportunities available an be 
confusing. Ensure your continued 
success with our guidance and 


21, Copt hall -Avenue. 
London. LC.2. 

Tel. 01-628 7931/4 


If you hr** iiut qaaMad and want 
: proper career advice-anil introduction! 

I to ebe best corn nail iet in and around 

Call lack find 

31 Pcrqf.Si' 323 OtU 

or Robert Dl«byt 
25 Lime SL Kj. tij 3544 





You need to join a firm which will provide the experience 
to enable you to turn your training into-prpfessionaf-"ex- 
pertise_ and develop your own personal qualities.; 

• We offer good salaries, first class trairiing; excellent 
. prospects for advancement and the opportunity to join a 
progressive and -expanding international firm; 

^ Quf United; Kingdom firm, and its extensive, associations 

<: throughout the world can give you the experience .that wHI- 
' . be the' foundation for your future. L> h ; 

- To find out more about us write to Douglas fussell, St 
! 'Pali's House* Warwick ' Lane,; London EC4P . 7 ; .. " ' T. 

i V ‘ V- cr ‘ M QO STEPH S & : CO:/.; ^ 


We are one of. ;he largest London stockbroker*. and ar* 
looking for newly qualified -accountants. After a period in 
our Equity Research Departtnenc successful applicants 
will have the opportunity of a career in research; selling 
to institutional clients, fond management and advice, or 
corporate finance. 

Graduates are preferred; we are also prepared to consider 
accountants In their mid 20s with some post-qualification 
experience. I&ltiai .salary, will be broadly in line with "the 
profession but there-ia. scope for rapid promotion. 

P/eosfc write, ‘giving brief particulars and a ' telephone 
./lumber ot wfudi you can be 'concocted, to fiox -A6289, 
Financial Tima, '10 Cannon Street, EC4P 4BY. 

Whinney Murray would like to give 
more scope to your career. 

If you join our development 
programme, you won’t just be a specialist. 
You’W be an all-rounder, with a 
businessman’s mind for financial 
problem-solving, a keen eye for economic 
and taxation developments, current 
events and any fundamental changes 
which may affect- your clients. 

And whether you eventually stay in . 
f he profession, mow to industry or go 
overseas, you’ll never be just an isolated 

accountant. You’ll be an interpreter, 
financial adviser and problem-solver, 
working wi thin the wider scope of the . 
general business scene. 

' So if your abilities match your 
ambition and you'd like to talk business, 
phone or write to : TV 

Arthur Hammond 
Whinney Murray & Co. -. 

. ^ 57 Chiswell Street, 

MM London EC11Y4SY 
«W* Telephone 01-628 6088 

AlMM-.\bcfdcm,Bt-Iftu a eire^hitt.L- M ei!£.D^i-t ,bcwl .Moniantar. 

kcw ik uj'-Z-TjVt, rwtlhua,p^_ • 



The position is twofold involving acting as Belgian Controller and 
as European Group Accountant. Working closely with local staff, he 
or she will control the head office and ris 51 million expenditure. Inrihe 
group accountant capacity the cccountant will monitor end 
investigate the European operations, and assist in further business 

Marketing hiah volume consumer products our dlent is 
undergoing rapid er-pansion. The European Head Office in Brussels 
controls 13 subsidiaries with five mere openinq in 19/3. Applicants, 
aaed 25-27, should be French speaking qualified accountants in the 
profession or industry and should telephone or write to David Hogg 
ACA. quoting refa r encs 1/ ‘653. 

EMA Management Personnel Ltd. 

Eurne House. 3 3 '39 ivgh Hcibcm. London, WCJV 6LR 
Telephone: C1-24 2 7773 

77 m Tz a antxmszs rrcaggr: a . zzzzzrz&z 

Grsdu s*3 Accountants 

up to £7,500 

^ ■T ’ 1 * noi P.t 

^ O U V* I I i#V \J> ^ ■ 

Sere ft Pros per Group Limited, 
a lssc ?r ir the ^=id of personal 
ffr?oc!a! services, is seeking to 
rccr-'jk young qualified accountants 
tc fili three vacancies which have 
arisen as a result of internal 
promot'crs and expansion of the 
finance function. The vacancies 
are for:- 

Assistant to Group Finance- 
P/isnager - City; 

Assistant to Group Controller - 
Gants Kill, ilford, Essex; 
Assistant to Group internal 
Auditor - Both Locations, 
jfcsse posts are all Initially of 
an invasiigslap/ nature, requiring 
t ie ability to review subjects in 
depth. 2nd to prepare dear and 
concise written snd verba! reports 
to senior management 
idesiiy candidates will be 
graduates who have two years' 

post-qualifying experience with a 
large professronsl firm. i hey will • 
bs intelligent and articulate and 
have the ability to communicate 
at ail levels. There are good 
prospects for career development 
both within the finance function 
and in other areas of this financial 
institution, such as investment 
management, marketing and 
administration. Starting salary is 
up to £7,500 depending on 
qualifications, and there are 
excellent staff benefits. The city 
office is situated just off 
Bishopsgste, and the Gsrfs Mill 
Offics adjoins the underground 
(Central Line) station. 

Applicants are requested to 
write with devils to Wr G. Dcvies, 
Group Personnel Manager, 

4 Great St Helens, 

London, EC3? SEP. 

Great! Ynu hr.*: jv-S’-cd vnur warns and you arc 
now lowing iur y» <ur til-xi job. A difnauir decision. 

You rr.zy v.-r.rd in move :<? a larger firm n-fricTt 
can offer you the '--vpc* you arc alter. Trainin’ in 
all th; variou . ..rpeer 1 * of accountancy including 
the Liu**.; joL /nioiie**; a '.vide ran^c :■!' client * in 
the different j-.i-’r*; industry, iranut'u: urine, 
trailing, ftn'r.c:. J;>ir:bution. catering; tl*c 
chance to wor k jorcv.ti and the opportunity !or a 
really worrlrrtiite i.areer in u firm uhici: iudecs 
people only *-n their capability and perfurmaruM. 
Whiie you appreciate the of a iurpe 

firm, you v,’Sve Hie uorking atmosphere and 
em'ditionj of ihe '•mailer firm- and w think we 
arc a .firm v --.idi combine 1 ; the benefit of both. 
\fe arc big- but - .w ere not t«»o big. YTe ere *t:tl 
‘,malj cneueh to ensure personal contact at all 


ir you ib :Jib y>u !:ave drive and :n;::at:ve and 
you sre now '•.••.'king fur experience, tralnmc and- 
a firm that can: - ' about vour career, omtae: 
for an inter- ic" or more ir.l'or.r.diion. V>r^7 fa.d 
tiut we can make ynur cnpeetath.r.s great. 

Write to: Christopher Keay, Sa£T Partner, 

irsaljuc La y ton - R =nn ett & Co,, 
.Metropolis Kou*«e, * 

Sft/-:5 Tottenham Coart Rond, 
London W1P RJL 
Or Telephone 01-fi33 7777 

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j.-rni! -MM •■itol ball is hot a particularly positive way of pknmisg iv • '« ‘ 

• u'j- fu.ure ^ 

\«l- nc«v.' ' _ 

T r. d-avclo? *. our r: .■fessionhl skills y.*u should obtain wide experience 

• it:-!r s t^abiiicaUv nmonstsivv tnd a:; intcmathmal enviriniRMlit. 

7 r.:e- v a''- 1 u; e !n iT.odenv aiiilit methods : 

■ S- h: a;ui urivnie companies in a hrnrnl range uf activities: 
r.P. P. s> “j .-nu and specialwork.’ 

0-jrnaJr-r , =: linn, with its partners thnnjohoul Kumpeand ehwc 
; :isi«iatii»is •A-o.-JCwida. offers lliis type of e'perience. plus opportunities to 
r<ii£cia!:!-e tni/Lvallon. uiJalvcncynr'niJinvencatconMiUancy. . . 

Vour 2 c!i -miv day could secure yrm: iiiturcloniuiruiv.. 

'.Vr’v 1 Ii's ch-'"»ne!*y.i« S>|. 3 hj.- s| r ,.t hii'iJoii. l-ifi V il>\ 

-r • rin ••n*i|allnMnQp(tr cmilavt "ur ••llo-r •i(livmn 

; ■ . ~r '. "TTT' ;T 7 T ‘ *T* ‘•' v 

Central Trnstoe-. 7i-. Bank provides Sirs*: C'cano; 
and investment r:.-i:cs sh-r ul,;s ugr < '.5 2 

cerrantJ/ cm; 1 ::: ; *7 '• s*af: 

T*-rG'j=h expin'ic-n. ;:» c*.ar#r'nr.i“/ 
li.e r:vrcv/ ?.nc c. • 
the B.-.nk. The-'i:- 
hc'.e an opyrr"" . 
e~r:';r in a bar': 
A sa’nry in cv; 
inT‘ude a canr:r:t 

Uii’ier :, !r-i*yn 

• :.■•; v In i* lUirvit — iLn-nj 1 .Cl.' 

■...-.'liJ i v ;->.i *i .*<!•■ PiroriMjIvi-i 2 '. »■•* 

• i— . '!. rjanr. 1 ! Mile f iiIi'Iht - Hlir> 'L limc.i>! • A • il S 

. i Inhi- uin.iil - | k - : 



Sr! M v V,| tlr-j.Ht r»iS 1THI 
H.ttv _ | nib HitiUI 

.\nU>mv t von - ^IjtiMcrtCII ,121 
.Mu ChivUarKi* Snttin™havn VSATI 

;s r?; i r.c •■■■■•■ 
. -? ;c:: a ir.'oi! st-.-.i >:!>?* -cr 

- 1 ; r r> : r.t of t. :cc >. -• .vit i .* 

-.•.■■rJ .i' ;;:c 17 1-j e*;.: 

^ doV^'rTl" ' *;■ ■ ■ICC*' 1 ; ■ ■ 

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£1* CvO •; c"v:s? *o J -""i b;--.':"'.! 
rr.r -com 3-; :-.:ian 

scheme anc! mcr--j /.■ .xb,\r/ schcr* 

Will ap, 3 ke;r. rlcaa? -v-i:c jivr f-ili rio-i: *. tc-: 

-5. M. A. V.n:--.; 

Ccr::r.‘ 7: Irtrrz Oat!: Limited 

?.0. Bex ?° 

C- G- 3 crc : -,i:»c'» 

Lor.dar, EC 1? ll 'l 

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£6.000 to £7,000- 




up to £6,500 + car 

Ee-McbeH Limited is an inter naltonal group 
v.iih diversified aciiviiies covering 
engineering, chemical and consumer 
products. The Group's wide-spread 
interests end rate of grc.vth resulled in the 
setting up. air riosi Iwo vears ago. of an 
audit team, responsible to the Group g 
F inancial Director VJe now have decided 
to strengthen line* teen*, with a Senior 
.Auditor, whose role will be to plan. 
sui>:mse and carry out systems audits 
snd special assignments. 

As Senior Auditor you can become an 

agent tor significant chan-g? provided /our 
approach is constructive, perse ariv? and 
di|:*!oi nai;c s'nce ,'OM will wort; closely wiih 
senior operational manao-airieni in our U!-; 
companies ThebrcadJfr, level oi cc-ntecl 
and influential nature ol the pcsiimn will 
attract ambitious qualified account anis 
wiio are nesv probably w-?rlnng w.fii a 
leading finn of chartaed accounianls. 
Tliev will be first class practitioners in . 
modem audit techniques as applied to 
industry, w.ll be mature in ihcir approach 
and commercially oriented. 

2AS2D, mm 

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l-Vnte or telephone f y an application form to P.G.D. Naylor, 
Gr&jo Personnel Manage. Ecslohetl UmHou. Slake 
House. Stoke Grew. Stoke Pages, Slough SL24HS. 
Teiophone. Slough 25171. 


y/S CA?t 05RB-TCU:: 

i A meiE vzriod client list and epoortunity for :i'f; 

ii Or-y.nissd training and p.i r:ic: ticn ir. Qja!::y 
Control for three months. 

iii A fri«?nd!y work'inf envir-onr-rnt. 

iv A startin- salary between il-.CCJ ana £-?.C "0 p^r annum. 

v 5 ! x-mc«; t, y renews of j-nirr pro '.-ess. 

vi El^ifcil :y for ■promotio" rn Sup'r-itor ?f:cr 12 months 

vii Manaromenc prospects wit'im :orte y:irs. 

W m lze la oi pa ,'iK. 

Brian Gedgr, 

ea: ler, soci;s a 

CiemOTt House, >? Aldwych, 

London. WCK 4JV. 

Td: 01-242 C 2 il 

Wo hiivn been p?tar.:- by .iu ; u HiwvNc clients, one in The Profession 
;it:cl i!.c nitur iu IihIiim;''. Awhtnrs for them, 

T'i- t?u:«-P>viiv.T> , i:i'/‘lMenln! in laoitlhn'a W'e^t Ithd, handles the 
an/ru- it" > i siSMtl .-.- I //dhain svu dients. The toid joh would also 
mvitlt : tiie stieeivsf;.! v i-'di.Iate in ;r wide of accounlinsi functions, 

: - : '!:nt»wli d:jj- »»l *un would be an advantage. Snlarj- Is up La 

II: r 

j. ■,!•.. si c:;.l iTieol, a m;\i«r aviation group, located in 
p i • jrnuMulii’y..- n i i he m tsfcirts of London needs qualified 
a.:.u ; .iritj.*t« to ion: ilisir audit team for assianment work 
v : • !i i n i!^ hu- v np?nii.»«:n cumpa iic.^ A .eiiod knowledge 
•r s;. s I ■;i’ ? /:;nuiivu:l conlroN is iiupi.rtu^t. Salary c^U.000 

r* : v.vhc nr ti lepivine Bill Ronch. L^We &• Co., 

i’i ::j Oidurd Street. Lnr.dua \V1R -AT. 

: ;•• : V; he I'rotn male or ferritic 

-ii n' 1 ' fn.vieri ns cnwrdeie 

.T,v‘ »*f tf'tntc ttef. ffM/li-Vi?. 

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Ssccu£iv<9 Appoi.itm?r:s 

We havir a number of U K. and 
Overmens positions for recently 
qualified Acca’un cants. 

Fer n» Iitne.i;a:* and eomrJemial 
flpP^-.itiBrnt contort oj ot; 

28a Dr*eiHWre 5*rrc:. Wl. 
Telephone 01-?35 3B15 

A t - 

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7 ^ ° 

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r~. <>r. 1 r ,fc . &*■' j '■*=?' ,-rs r^.r, *!*. ^ rf? 

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ii£iL(i <L* c— J -^3t : ■is? sssf 

n tO 

rs*~hm& (hrwp sjvrvi !I 


!c tr. MirhflPl Fn-.-.lp P«al Matv irk Mil '•Ill’ll ^ Co. 
I i'udafe D.j.ri, Blackfnjr:;. ECJ V Li-O 

C^crU K.cHf-W! inalndi - BTininrjham. Biadlwd Bn'IalC. mr«* C..,„W.Djriinnlwi. 
imbmh. Glj-r'- IC‘ Lmce-i- Lnr’-pi'«tMJ "'* , " !w - M,! ' r,ch Urnea'.Ve. tiiyvn- 
rionnghsni. Fnr.lon. fitiJir.-i. Si Ausiull EIwI'wW, Sooiwnpu... o-i Lent. Srtanic. 

lorvndi l . 

clients. You could Find yourself involved in 
national Jtid intern jtionjl concerns such js 
manufjcturin" retelling, advertising, fanning or 
insur.incc. You cun be sure your s!:ills will reuiiy 
be put to the test. 

to be et receive v.e have to be ^e-8/s$@£p . 1 ^ >' ou ^ >' ou ’ il Jei’elop with us. 

involved. IY.-B5.V Wc want you to succeed so we give you the 

\Ve are a steadilv expanding necessary iraiiiingand our Staff Dei-elop- 

firm witii a wkfc-ranyng'iist of " R meiU D ^ ,lItnierit 15 dlere t0 back >' ou * 

All right, you know you wi'j be bchind j 
desk som /ol 1 iie lime, but also you want to get 
cur, to get involved in the business you arc 
dealing with. 

That’s where we come in - 

Find cut more. 0 mucr h :!in V. • »rtt >:i • ir Rugcr Sutav vr.u”l:i .iw.iy at Baker Sutton & G > Odun Street Houh: Ftdon Sc. 
London LC2P 2AY 01-377 9377 or G -lin *i-»iuy Si : at HAcr Sutton t\ O) L-ucens i louse Queen M. Ipswich ilH 15 Vi’ tH7,3 217-t9L 


That won’t 
London and 

clvtu-r our client who i 1 * fl ;; ruuJl (iivt i r i : i End ana 
il -:n rf chartered accountant with vacancies in 

£77^ c.fS.fifi.l fur professional ^c-lf-stari.ors who can 
-J 7.'. y tu!;e ennlrol of ad client o^nianas i.aih large 
>7v_-/i and small. 

Cmi-jj 1 • John Branrr. A C A 

Such . appcw nt hents 
19. Conduit Street. London. W.l 
01-493 ST 55 


iWc arc tin at:oanpn<ir ret r cm t ,u Ow 


Fc- decu:: v ; yaunei.-i m :hc pr.-Ji-smu o' n : jmm-rce 
»rl;phoPfl Isn V'.]*Bn. A.C- A or Atidrcw MiKnail. A.C.CA.W 
T%«nio<i {C62 7 1 7(j?3l boiwtfi?n ? j.m amJ 8 p.m. cr w.-i:c to ua *1 

21 Tfw Cresconx, Tauptcn, Somerw'Tftl 4ES 

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£*ju U Wliii'J rf aWfivaJU L M'brfv 1 'J hsdd i 

p ; "l 

nlj J • 

j*\r\i| KI»RS^i ' 

wini 0 iii’ds 


ti' vii' Iii ka a b e3 b" a S ta U irti Lj iis'td 

If you are newly qualified or are seeking a change 
. that offers a progressive career affording the 
opportunity to gain considerable work experience 
and personal involvement - then we have a great 
deal to offer: 

e A wide and interesting range of clients in 
different sections of Commerce, industry, 
and the Professions. 

O Experience of working with sophisticated 
auditing techniques. 

« Specialisation in Corporate or Personal 
Taxation, Computer Systems and Financial 
Planning Services. 

• The opportunity to work abroad. 

0 Management and Partnership are open to all - 
Promotion by merit only and ability is 
quickly recognised. 

V\fe offer you challenging opportunities and the 
basis for progressive development - be in good 

Write to the Staff Partner, 
Southampton House, 

317 High Holborn, 

London, WC1 7NL. 




Wiltshire w 

The Bunriah-Castrol Company, as part of its sub- 
stantial refining and mar1(etingacfiyities,is.a lead- 
ing supplier of lubricants to industry and the retail 
market Our activities' are centred in a modem 
office complex set in itsoWn parkhihd on. the edge 
of the Wiltshire Downs. - 
We are seeking-a newly qualified accountant {CA, 
ACCA or ACMA) to join our highly professional 
team which is responsible for ayarietyoif Internal 
Audit assignments and other investigations to 
improve Company operations in line with man a ge- 
ment plans. Within a short time, you will be ex- 

pected to work on your own initiative and without 
direct supervision. 

tn addition to the negotiable salary, usual largB- 
company . benefits include a non-contributory 
pension scheme and relocation expenses where 

_ For an application form please 
/ Al telephone Alison Kennedy on 
I/Tnff Swindon 301 51 Ext. 2448 or write 
JuaSffuf to her at Burmah-Castrol 
wSBV Company, Burmah House. Pipers 
^lol r way. Swindon SN3 IRE. 

Graduate Accountants 

under 26 

Centra! London based to £7,000 

One of the most diverse multinationals with a turnover of 
£9000m>is looking for young qualified accountants to be 
groomed for responsible line positions in the UK and 
overseas. With a top reputation for career development, 
the company can offer a wide variety of opportunities. 
Successful candidates will be placed initially within the 
highly sophisticated audit department, 
H.W. FitzHugh , 
Male or female candidates should telephone i 

whose objective is to provide senior management wi l h an 
independent assessment of operating efficiency and 
controls for present and future company objectives, and 
in this position travel in the UK and occasionally 
overseas can be expected. After this period of 
mutual assessment, advancement will match ability 
and expectations. 

Ref: 20074/FT. 

in confidence for a Personal History Form to: 


Lists of Vacancies 

Salaries £1,500 to £3,000+ 

- To receive fone of our lists of vacancies for. accountaats just ring, write or 
call at our office. When you contact us please, mention the reference number 
!t of the list winch will interest you. 

i#?* • i^FT^Commerce & Industry 

A wide range of vacancies offering 
•VV- . ~£3.500-£8,000 + in the U.K. and * 
jtr overseas. 

^ -Ref. QFSO Over fifty jobs for part-qualified 
accountants and bookkeepers . 

Jfej. PF£ob -The Profession 

Positions at all levels In public 
, . pracuce in Britain and abroad . 
. U ■: offering salaries to £8,000+. 

to. £L500. 

Richard Owen Associates 

Cross Keys House, 56 Moorgate, London EC2R 6EL 

Telephone: 01-638 3833 (24-hr. answering service) 

Our service, which finds the right jobs for hundreds of accountants every 
year, is personal, confidential and free. Licensed m -accordance with the 
Employment' Agencies Act 1973 No. S£(A)94fl. : • 


A V 


British Vending Industries is a^ast expanding and highly profitable Public 
Company in the catering industry. As a result' of Group’s continuing 
-expansion a young qualified Accountant is required, to be based at our 
Head Office in Walton-oh-Thames. \ 

The post involves production of financial and management control informa- 
tion, development of Computer-based systems,, identifying potential 
• acquisition situations, investigations and staff management 

inie position offers wide experience and «*good opportunities for 
advancement. .• — :"v : 

An excellent salary is offeretL - .; . f \ 

1 Please write or tel^hone \ 

The Chief Acc^ntant \ 


.. . . Kestrel House 

r_;. 1/5 Queens Roarf, ; Hersham, Walton-on-Thames, ‘Surrey KTI2 5NQ 

Walton*on-Thames 29951 

a LONDON: 01-734, 6S52, Sutherland House, 5 [6 Argyll Street, W1E 6EZ. 

t*+Hoggett Bowers 

**-***-* Executive SelectbnCor^^ 


Recently-q ualified 

Financial Planning 

From rhe beginning of 1978 the prices paid to dairy farmers 
in England and Wales will depend on the Income derived 
front marketing their products rather than from a govern- 
ment guaranteed price. To implement this new situation our 
Central Accounts Division is being restructured to provide 
management with the necessary information. . 

The Accountants appointed will join a small team respon- 
sible fo’r controlling the overall financial plan which has an 
annual commitment of £!300m. They will control the total 
financial accounting for the purchase and sale of milk. 

Each position will provide an excellent opportunity to be 
involved with the development of new systems in collabora- 
tion with our management services staff. A new ICL 2900 
Series Computer is being introduced which will be at the 
centre of the accounting for this large national organisation. 
The appointments will be based on Thames Drcton. Surrey 
where all the facilities associated with a large organisation 
are available. 

For an application form please contact: 

■ FR Personnel Officer, Milk. Marketing Board, 

IUI Irli Thames D'tton. Surrey KT7 0EL. 

IVUULAJ Tel: 01-398 4101, ext. 341. 

Financial Accountant 

c. £6,000 

A mutual insurance company wishes to fill a management 
position in the accounts department In addition to the usual 
/unctions of a financial accountant, the person appointed 
will be involved with taxation, cash flow and management 
accounting. Personality is important: as the job involves 
presentation of reports and much contact with other depart- 
ments. There is plenty of scope for creative thinking and 
achievement especially in the development of systems uid 
procedures. The appointment offers a progressive salary plus 
attractive fringe benefits. Applicants should be recently 
qualified accountants. 

Please apply: — 
Timothy Hoare. 

7 Wine Office Court; 
London EC4A 3BY. 
01-353 1858 

If you have 
qualified well, we 
can give you scope, 



FV-noanel Cuusiaranrs 

If you have proved your ability in your 
final examination, now is the time to talk. 

What can we offer? A large number 
of options. Perhaps a promotion-pattern that 
should lead you to senior management in 
your twenties. Perhaps a secondment to 
one of our overseas offices. Perhaps a 
recommendation to a client, and certainly * 
the quality of experience you will need if 
ever you decide to start your own practice. 

* ^ 

You have worked hard for your 
qualification. We would like to think that 
you will use it to the full. 

Before you finally settle upon 
your career plan, come and hear our 
pant of view. 

Write to Jeremy Spuriing, 
Coopers & Lybrand, Abacus House, 
Gutter Lane, Cheapside. 

London EC2V8AH. 

Chartered Accountancy with (C S L 

i London 

V Bedtorf 

\ BnminpBin 

\ Cardiff 






NewasUfrupcn Tme 







-***-$*;. ' ' -V-; 

>r 'v d & v The Chieftamunit trust group was established in September i 

J976. Its tour trusts; dealingr in arerseasas ■ j wefl as IJJC markets, 

: ' m jjfove already ; attracted ' fands worth . over £7 _ million.— an | 
V ^exceptional rate of growth by the Jtandiirds of the industry 

& jp _\Xe_iirc . looking. f(^a_young, .recently qualified ACA, 

- preferably with a degree, to take charge of rhe accountancy 
(unction and to provide 'management control information. 

-r rie she will, report directfjrto tlx: board and will work in the 
congenial and stimulating imiosphere rif a. small but rapidly 
- bq»nding company • *. 

; • Salary is negotiable. Please write vdth curriculum vitae 
- i i» Mrs. C. Carter, Chieftain Trust Managers Ltd., 30 31 Queen 

Street, London EG4R 1BJL 


e; three 


Ihtree exocrianced PR Executives needed For existing and 
tew aSSSopc with BtLsiness/btduslrial/Financial 
Experience, Two for Technical/engineering accounts. Must 
be ex-journalists or established PR professionals with 
proven track records, ■ enthusiasm and plenty of selt- 

Ifcmad Publicity has been established for 15 years and 
fahs achieved considerable .acknowledgement or us 
Successful activities from Clients. Commentator amd top 
Journalists- in leading national, regional trade and technical 
media. It is about to. underso an -important expansion 
. phase which will present considerable challenge to every- 
(fee. on U|o staff- 

friendly working conditions. - in. pleasant Richmond. 
Salaries negotiable. ' 

fc, . Send c.B. tp^- 

S' Dennis A. Younp (Man aging Director) 


"-.vr-'iv Dome 'Buildings.- ' — • 

j .The Square, Richmond. 

Surrey TW9 IDT. 




- Earnings Package circa £7,0004* Attractive Fringe Benefits 

Our clients are a highly respected company on the Stock Exchange and 
are in the process of developing a very sophisticated computer system using 
a Hewlett-Packard which will eventually become unique in its application. 
They wish to add to their team another Programmer and would prefer to 
have someone with direct experience in the Financial World to reduce 
the learning curve that would be necessary with a raw Programmer. 

However it is important that this person has already been involved in 
Mini computer technology. Preference will be given to a person with a 
knowledge of Fortran, Basic or Algol. 

The position is regarded as an important one and it is an opportunity to - 
becqme a key member of their management team. 

Please telephone immediately for details of this outstanding opportunity 

or write to 



Greenock House, 19 Cuckfield Road. Hnrstpierpoint, West Sussex BNG 9RP 
Telephone (0273) 83384.8' . 


Crest Nicholson Ltd. is the publicly quoted holding company of a group' 
i turnover £30m.) with Interests in property, leisure and engineering. 
Due to current and projected expansion central management has been 
reorganised. As a result a vacancy has arisen for a Company Secretary 
based at Ashford, Middlesex, who in addition to performing the normi 
statutory and administrative role will assist in personnel matters. 

We are looking for someone of high calibre, probably aged 40 or over. 
He or she must have: 

— Professional qualifications (preferably legal or company secretarial). 

— Several years’ experience as secretary of a company, preferably. with 
• involvement in pensions and insurance. 

—The personal qualities required to deal with staff at all levels. 

Salary by negotiation. Car and usual benefits. Please write in confidence,- 
with detailed curriculum vitae, to 

N, E. Tomlinson, Chief Executive — Trading, 


• 91-97 Chureh Road, Ashford, Middlesex. 


The successful applicant will be responsible for the cash management of U.K. 
subsidiary companies and foreign exchange payments, positions, collections and 
currency netting systems. An understanding of the U.K. banking system, export 
collections and exchange control is essential. Some U.K. travel is envisaged. 

Age: 24-34 Salary: up W £7,000 

A small rapidly expanding inter- 
national bank recently opened in 
London requires the services and 
experience of a senior credit analyst 
with an international hanking back- 
ground and an understanding of 
eurocurrency lending. 

Age: up to 35 Salary: £7,000 neg. 


A major American bank is seeking 
one or two people* with at least two 
years’ Eurobond back-up experience, 
both primary and secondary markets. 
This bank is a market leader and 
can offer excellent prospects and 
opportunities io the successful 

\ge: 2030 Salary: up to £4.000 

These positions are open to male or female applicants. 

BSB BankingAppointments 

131-LB Canrni Street. Loudon EC4N SAX Telephone 01-62? 7?17 6 01-623 9161 
(Recruitment Consultants) 


A City based International Merchant Bank requires a Securities Trader to 
irk with the Investment Director, in a small but busv Dena 

The requirement is for a mature person of sound judgement and good 
education, who has had several years training and experience in the Euro- 
bond and International Stock Markets. It is expected that the successful 
applicant will come from an Investment Banking area, and now feels ready 
to join arid support mi expanding team, wherein the prospects for advance- 
ment are considerable. Usual Banking benefits applv to this appointment. 
Age is flexible, but it is unlikely that anyone under ’27 will have sufficient 

In tile first instance, please telephone H Jordan 


ri1/4.a London Wan -London EC2- Telephone: O1-SS0 07B 1 
(Recruitment Consultants) ~ 


Financial Times Thursday March -9- 197$/ 


c. £15,000 + Car 

Based in theWest End of Londoaour client isa very 
substantial public company, with diverse inter- 
national interests and a turnover which places it 
among the largest quoted groups in the U.K. 

fn view of the increasing complexity and signifi- 
cance of U.K. and international tax legislation as it 
relates to the group's employees throughout the 
world, the Board has decided to appoints Senior 
Personal Tax Adviser. 

to sufficient technical expertise to handle a wide 
range of assignments. 

These will cover, for example, identifying and resol- 
ving capital tax and cross-frontier problems, and 
advising on the tax affairs of individual executives 
both in and outside the U.K., on the law relating to 
such matters as incentives and benefits, and on-the 
policies for payinajemplovees working overseas to 
best effect 

He/she will probably be aged 35-45, qualified as a 
lawyer or accountant, and currently at Manager or 
Partner level in a large professional practice.The 
appointment-requires strength of character; allied 

Salary is negotiable around £15,000 and the com- 
prehensive benefits include a car.The prospects in 
a strategic position with immediate access to the 
Directors of a leading U.K. company are self- 
evident. - r _ . 

Please contact Peter Wilson FCA, in complete confidence, at 
Management Appointments Limited, 

Albemarle House, 1 Albemarle Street. London W.1, (Tel: 01-499 4979) . 



The- British Ncrticmi Oil Corporation, which is 
ploying a leading role in the development and 
commerdalisatTon of Britain's North Sea oil resources, has 
entered a new phase of te development, beebminga 
supplier and marketer of crude oil, bath from its own 
resources and on acquisition from other producers. 

To meet the growin g c o mm itments involved in this 
activity, the Corporation's Supply and Trading Department 
is looking to recruit additional staff in the following fields: 




ta assist in ship programming and chartering, the 
negotiation and administration of charter parties and the 
programming and inspection of oil cargoes. 

Applicants for the most senior of these posts should 
have hod at least 1 0 years direct and recent experience in 
these fields, and othersat least 5 years. . 

(Ref. SPA/FT) 


Management Appointments Limited-^ 

to assist in compiling short and medium term crude oil 
availability surveys, carrying out economic assessments of 
crude oil values and undertaking the general staff work in 
planning the crude oil supply and trading activity. 

Applicants should have a minimum of 10 years 
experience in this and related fields. Knowledge and 
ex pale nee of refinery and/or terminal operations would . 
be on advantage. 

(Ref. COT/FT) 
Trading staff with substantial recent crude oil sales 
experience in the European, U.S.A. and other markets. 

Applicants should have proven negotiating skills 
and a broad knowledge of the industry; preferred 
candidates will already have established reputations and 
be acquainted with potential customers in tne areas 
mentioned. Fdmilianty with the bulk product market 

Managing Director 


Lusaka, Zambia* To £20,000 Plus Benefits 

Our client, a major U.S. and international company manufacturing and 
marketing consumer products, requires a Regional Managing Director, 
based in Lusaka, Zambia, for its Central African Territories. Sales in this 
region are S10 million and rhe company employs 200 people in three 
African countries. The company has an excellent record of expansion in 
Africa and it should maintain and improve its market position. 

The person we seek should be a qualified accountant or engineer, who has 
at least fifteen years of experience of managing financial; manufacturing'or • 
engineering operations. A knowledge of the Airican environment, while 
preferable, is nor essential. The most important requirement is the ability 
to manage a foreign based operation with flair, firmness and tact. 

Remuneration is negotiable up to £20,000 and the post has attractive 
benefits in terms of free housing and a company car. 

Although the appointment in Zambia will initially be for a peroid of two 
years, it is antieipared that the individual's career would continue to 
progress within the International Division. 

Please telephone George Gtcmursut 01-437-6141 or 0 1-437-6037 or mite, 
sending fn ll career details to : — 


Paul R. Ray International 
Executive Selection 
25 Old Burfington Street 
London W1X1LB 


Financial Controller c.£20,ooo + 
Accountant c.£i5, ooo + 

Riyadh, Saudi Arabia 

• A substantial; rapidly expanding British company involved in 
large scale contract management is looking for an accountant of 
mature judgement to join its local management team in Riyadh as 
Financial Controller. 

• The candidate should have had at the least 5 years post-qualifying 
experience outside the profession in a position where a large measure 
of self motivation, discipline and tenacity of purpose have been 

• Also required as the “Number Two” to the Financial Controller 
is a qualified accountant wiih at least three years post-qualifying 
experience. A knowledge of computer systems would be 
advantageous in this job. 

• Apart from the basic salary (which is Tax Free) of c .£20,000 per' 
annum for the Financial Controller (Ref. No. 231) and c.£15,000 per 
annum for the Accountant (Ref. No. 232). the package will include 
free housing, recreation, transport, welfare, medical care, etc. 
together with an education allowance for up to three children and 
other valuable benefits. There is a generous leave allowance of four 
weeks every six months with first class travel back to the U.K. paid. 

• The initial contract will be for two years but there is every 
opportunity for a long career within the Group. 

• . Please write, incomplete confidence and quoting the appropriate 
reference number to the Consultants retained . to handle these 


Clive DevereU Associates Limited 

29 Buckingham Cate, London SWt. 

Technical Editor 

London City 

to £7,000 

This is an ideal opportunity for a Chartered Accountants play a partin 
helping to influence the development of professional thinking.The • 
successful candidate will be involved with planning a balanced journal ; 
meeting leading members of the professional and financial communities ; 
finding and developing potential contributors, expert in their own field ; 
shaping their ideas and discussing possible articles. Applicants, 
male/female, should be graduates who have a sound theoretical 
background and an up-to-date technical knowledge, preferably gained 
with a major professional firm. REF : 440/FT. Apply to 
R. P. CARPENTER FCA, FCMA, ACIS, 3 De Walden Court. 

85 New Cavendish Street. London W1 M 7 R A. Tel : 01 -636 0761 . 

Selection Consultants 

The salaries for these posts, which are open to both men and women, will be fully 
competitive and associated conditions of employment are attractive and include a 
comprehensive relocation plan. Positions are initially based in London, but some may 
subsequently involve location in Glasgow. ... > 

Suitable candidates are asked Ja write or telephone, quoting the appropriate 
reference, for application forms to: 

The Recruitment Manager. Personnel Department, The British National Oil . . 
Corporation, 1 50 St Vincent Street, Glasgow G2 5U. Tel: 04 1 -204-2525. 

}l! illHlMt;: 

.pul-:'- ,|K 11 


OPBcrtontrY tor 1 freelance writers. 
We re o c wslemr pobiiutera. We cikw 
up hrts of inforoutJon. It’s tftoesKd. 
trantltted and air mailed to execu- 
Uen ail o*cr the won a. We need 
J° l,d management: marketing, execu- 
tive skills material. Case histories. 
Jfwm have a Krona business writing 
he m, lets hear from yw. Freelance 
■»»snnienB ; Write us at Box F.6D9. 
EcS^iilY 1 ""**- 10 ‘ c-nnon Street. 



c. £ 10 - 15,000 

A major British international group with a multi- 
million pound turnover and extensive and expanding 
overseas interests is making important new appoint- 
ments in' Hong Kong and the United States in 
connection with its Coca-Cola franchise bottling 


MARKETING management 

An experienced marketing executive with a flair 

for consumer goods marketing and distribution is 
required for Salt Lake City, Utah. Responsibility 
will be to. the General Manager for the complete 
marketing effort of the company and also for liaison 
with Hong Kong and the Coca-Cola Company con- 
cerning strategy and objectives. 

Preferred age 32-36. A generous salary will be 
offered commensurate with age and experience. 


A second marketing executive is required for the 
Hong Kong bottling company. Reporting to the 
Marketing Director, responsibility will be for 
assignments dyer the full marketing range. 
Preferred age 28-32. Starting salary about £10.000 
plus generous overseas benefits including housing, 
education and 6 weeks' annual leave. 


The requirement is for two graduate engineers. 
Both will start in Hong Kong but after 1-2 years’ 
training and development there, one will move to 
Salt Lake City. Responsibilities will cover the full 
range of engineering including capital projects 
associated with -re-development of the bottling plants 
and building activities. 

Successful candidates are likely to have a minimum 
of 5 years’ post-graduate experience in a process 
manufacturing industry, preferably .in bottling. 

Preferred age 25-35. Starting salary about £10,000 
plus generous overseas benefits including housing, 
education and 6 weeks’ annual leave. 

Write in confidence to 
F. H. Scohie 

Management and Executive Search Consultants 
333-337 Grand Buildings 
Trafalgar Square, London W.C.2 




£9,500 + Car 

London-based company responsible for European marketing 
of the world’s leading spirits brand seeks an exceptionally 

bright, capable- am) energetic -accountant as Financial 
Operations Director. 

You will have overall financial control, including the com- 
pany secretarial function, and the company’s Administration 
Manager, wifi report to you. 

You will be directly, and creatively involved with market- 
ing executives, in compiling and analysing marketing data 
and developing sales strategy for world-famous products. 


P/ease apply only if you are a qualified accountant with a 
-modern outlook and demonstrable achievement in a 
contemporary commercial context. 

The professional environment is stimulating and challenging. 
A demanding -standard of performance prevails. As a key 
management . executive, you will need business acumen, 
communication skills and leadership quality compatible 
with this standard. 

In addition to salary and company car. there are excellent 
and unusual fringe benefits befitting the position. 

Please fiend c.v. to Box A.6290. Financial Time*. 

|0 Cannon -Street, London EC4P 4BY. 



<a'- x >crv 


Age: 30-40 Upt6£12,500 


* <t 

Our client is an international company which is expanding into Europe 
and it requires a Financial Controller for. res operations in. the U.K. 
He/she will report to the Managing Director and be responsible for 
rhe complete accounting function and for advising the Board on the 
financial implications of business developments. In particular, the 
appointee will be responsible for the design, development and installation 
of systems and the operation of a modern, efficient management Informa- 
tion system in line with ..the parent company’s requirements. He/the will 
prepare monthly and annual accounts!. establish and operate a budgetary 
control system and/produec cash flow forecasts as well as carry out 
investigations huo .potential acquisitions. 


■ > 

Candidate* should be qualified accountant* iq the. age range 30-40 with 
sound commercial and industrial experience *t «nbr level. They should 
have a strong personality and be ambitious and competent. 


Tha prospects are excellent. 

Please write or telephone for an Application form, quoting ref. 916/FT, 

R. J. Moreftynd. 
Touche Ross £*Co.. 
Management Consultants. 
4 London Wa ll Buildktgs, 
London. EC2M 5UJ. . 
Tel: 01-588 6644. - 

Accountant to train 


as Systems Analyst 


A firm of public accountants has 
vacancies in the City for qualified 
accountants to train as systems analysts 
in its Management & . Computer Services- 
Deparcment. The Department employs high 
calibre systems analysts and qualified 
accountants who are being trained to 
become systems analysts. The work- 
involves considerable variety — review of 
systems for audit purposes, development of . 
new systems, special advice. The emphasis 
is on the comprehensive study of systems 
including the computer aspect in that 
context. There is a comprehensive training 
scheme providing a proper 

C theoretical foundation .covering 
computers, systems and allied 
work, together with supervised 
■ fieldwork. The theoretical side 
involves day release using in-house 
courses and lasts a year for the 

basics with further studies thereafter. The 
fieldwork offers considerable scope For gaining 
practical experience of computers and systems. 
This combination of theoretical instruction 
and varied practical work can give you a - 
confident start to a career away from pure 
auditing or accounting. 

Applicants do not'need to have previous 
experience of systems work but do need to 
be systems minded and genuinely interested 
in systems, computers' and the business 
world. They need to be methodical, 
persevering and determined and with a goad 
command of English. If this is you. pieasc 
write with full details of education, 
experience, interests and ambitions to: 

A. }. Cornelius, Pennell Fitzpatrick & Co.. 

Lee House. London Wall, London, EC2Y 5AL. 

A full job description wilt be sent to those 
considered suitable. (No application forms 
will be sent.) 


' S' :' / i 


European Cash Management c- £6,500 

This is an unusually interesting opportunity within 
the Corporate Treasury of a prominept,.lT.S- Multi- 
national for a young hanker with btJfh comprehensive 
knowledge, and sound practical experience of the 
“mechanics*’ of international banking. 

Bank M’raent. Accounting to £6,000 

The prime function is to supervise The production of 
periodical M’ment Reports and Final accounts and 
the ad hoc provision of statistics, projections, etc. 
This is an excellent career opportunity with a well- 
established, energetic US. Merchant bank. 

Assistant to Investment Mgr* c, £5,500 

International Merchant bank seeks a young person 
with genuinely strong experience and personality to 
assist with the client contact arid the administrative 
aspects oE its growing Interests in All types of 
Euro./U.K. securities. 

Please telephone either John Chivcrtoni, AJLB. or 
Trevor Williams <m 405 OTIL 

> -w uMO i VU 

David White Associates Ltd. 

Hampden House. 84. Kingsway, London, W.C.2. 



American Bank requires : 

Internal Audtier for Its offic 

' iirxhe CityT ’ • 

Applicant must have previ 
audit experience, preferab 
with an American. Bank. 

A.I.B. or equivalent qualificatic x 
required.' Competitive ttlar N 
and fringe benefits. . ‘ I 

Please submit with full c.v. t*« 4 ■. * •*._ 
Box A £28 1. FImiicM Tibwj *.! j j f 

TO Con non Stwt. EC4P 4BY 


ratable to qiuliflad. uudont u*d 
experienced accounting fkrwniwl 
Contact Alex Moore or Brian -CeffiMt 
on 0M20 2691 



V lU N \I 

1 "Nt» 



- «,TWW#»TA AO» 

■H-j ^rM PtOYEP uin DMtur SW 
Jftre eshOMt the U.K. 
kHOWtonwi or the- MINt-COMHiT 
‘ " »« n 

p«ls Wll.nO Hvni-rnfnjxHWi, MWJ M 
iitp irejn cammlwen ol irrstaJ 

gree .For net»,ii wme Bex A.t»2‘ Ttmct to. cannon Stw 





Fbiancia] -Times -Thursday March 9- 197S 


cs -rEA*.,. ’ 

For an associate of a leading international bank. As Assistant . 
General Manager,- the successful candidate will be responsible 
for the commercial banking operations and the development 
of new business. : v .. , A . 

Aged 35 to 50, appKcahts.imist.liave international es^erience 
in commercial bilking at senior lercl They must be fluent in 
Greek and have some knowledge of French. 

Salary equivalent £16,000 to £19,000. Free housing and other 
benefits. “ • 

Please send relevant details — in confidence — to P. Hook 
reLB.26394,. \ 7 • 

ni3L Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1X 6DB 

Around £20,000 

Our diene, a mafor international insurtince Group, 
with strong American arid Continental affiliations, 
requires in London a thoroughly professional 
Investment Portfolio Manager. This very senior . 
appointment with appropriate status, remuneration, 
benefit and incentive package, is open to either 
sex and qalls for: — . 

# a demonstrably successful track record in 
international Investment Management . 

# complete familiarity with international 
markets and procedures 

# high personal- reputation in the Investment 
field id London and overseas 

Initial discussion will take place in the Strictest 
confidence in London during March ?979< Applicants 
Are invited to send a comprehensive history 
addressed personally to:— H. Ian Carlton. 



Executive Selection 

197 Knightsbridge. London SW7 1RN 

insurance services in Manchester 

Our client, a leading British financial . 
institutipri. is looking ipr an enterprising and 
astute mart oir woman to fake charge o! the' fi 
insurance services operation based in. 

new and existing business and expanding and : . 
.dr ventfylesfifte achvffies.of the utiit The . V 

planning arid research of policies, investments - 
and commission ierms is also necessary as is \ 
the control and .motivation of a small - ; T . 

professional team. and associated support s$afL 
.. You should be at least an ACU having at*-. " 
least ten yeare general insurance experience" ' 
with a latier emphasis.on life and investment.; . 
You must bea self-starter wiih AAftV 

well-developed man-management /VHjoi 
capabilities, a high comm^cial • |t>AI 
awareness and ehovp average ' .. . C/'lAjB. 

communications skills.’ 

An attractive salary will be negotiable on the 
' basis of qualifications and experience together 
with an extremely attractive package of fringe 
benefit. It is unlikely that those earning less - 
than £ 5,000 will have, as yet, gained sufficient 
experience to meet the demands of tha 

if you are aged 28 - 35 , and are keen to ; . 
advance towards a board level appointment 
. within a stimulating and progressive 
environment then write wiih full details to , 
Moron Dolphin & Kerbv Limited, Pearl 
Assurance House. 23 Princess Street, 
Manchester M 2 4 EN. quoting ret. no. MDK 1 1 6 . 
SOtat Applications v/ill be forwarded to 

'AUl\ the client concerned. Please list in a 

pi TTTV T covering letter any companies to 

rniiN which you would not wish to apply. 






Excellent conditions of tervtce. 
Age group approximately 27135 
years. 5aUry $18,000 per annum. 

PI Mac lalsobona, in corrfirf.scc: — 

• 0M81 8111 

Our planned 

created several opportunities 
within our firm. 

However, only Senior Members 
of the stockbrokingprofession, 
with first class experience, 
would he considered eligible 
for these executive positions. 

Fora preliminary discussion, in complete confidence, 
please contact: 

-Hairy France, Managing Partner 


The Stock Exchange, London EC2P 2JT. 
Telephone: OT-588 2868 ... 

c.£lipOO plus car 

An Industrial Accountant who feels at'home in an industrial environment will dissever an excellent career 

openiog in this large British Engineering Group. 

You will be directihg-the Management end Financial accounting operations which are fully computerised 
for a 10, OOO -employee enterprise in three major locations in the South of England. You should have good 
post-qualifying ©j?p^ncftinindustrial accpuntai^ which includes several years in engineering possibly 
related to. capitat goods production: The skin and personatityto lead staff and to co-operate with senior 
members of management in all locations is important, as is the ability to work on your own initiative. Age 
probably 35-45,-wrth recognised qualification (probably CAJ. The usual large company fringe benefits are 
applicable together With executive status fbrthe right person. 

P lease-write in confidence with' details of qualifications and experience, quoting reference 155DJPK/FT to: 


Senior Economist 

-for international issues 

. .: Shell is looking for a Senior Economist to join an international, multi-disciplinary 
‘ *- team based at Shell Centre, London. Working at the frontiers of futures research 
and its practical application, this unusual and challenging opportunity would suit 
someone probably in their 30's with a background in applied, or possibly academic, . 
p economics. . 

"3 n. addition to providing the economic input, and a broader critical faculty, to 
Group Plannings cyclical and long-term scenarios, the work will involve the 
assessment of short-term prospects for the world economy and the preparation of 
special studies on a wide range of major politico-economic issues. There is scope 
for independent research and preparation of papers upon which important Group 
. . ‘decisions may be made, ‘ 

Personal qualities required include imagination arid breadth of perspective, sense of 
urgency, ability to master a variety of complex data quickly, and above all an 
l exceptional intellect. We expect you to have the experience and standing to 
deputise for the chief economist. 

■ The salary, in a range starting at £9,000 p.a. and progressing well into five figures, 
will depend on age, qualifications and experience. The salary includes a London 
Allowance of £585 p-a. and you will also receive a range of attractive fringe benefits. 
Promotion prospects are excellent within the Royal Dutch/Shell Group of 
Companies and regular overseas travel is another attraction of the post. Please write 
giving details of your qualifications and experience or telephone for an application 
form to: . 

Shell international Petroleum Company Limited, Recruitment Division (FT) 
PNEL/22, Shell Centre, London SEi 7NA. Telephone: 01-934 4 !I 5- 


wishes to appoint an experienced banker at managerial level to assist, in the 
development of its Banking Department. 

The Banking Department is responsible for the syndication of euro-currency 
and sterling loans andalso for the Bank’s portfolio of loans to government and 
state owned entities: It is additionally responsible for banking relationships and 
works closely -with the Bank’s Corporate Finance Department in tbenegouarion 
of radii tics ro corporate borrowers in the energy sector. 

Accordingly, the successful candidate, ideally aged around 35, should have a 
thorough knowledge of the eurp-currency markets, with sound experience in 
syndicated loans and be fully conversant with the legal aspects of such activities. 
Applicants should also display the ability, based upon experience,' to represent 
the Bank and to negotiate on its behalf at a senior level. 

Please write, enclosing a curriculum vitae, in complete confidence to: — . 

P. j. Burg&t, Senior Vice President, International Energy Bank Limited, 
Winchester; I louse, 100 Old Broad Street, London ECsM 1 BE. 



dynamic Fortune 500 energy company is seeking a strong, decisive 
□tematioiistl finance manager . for its London office. The successful 
andidate will have extensive FX experience and current bank contacts, 
language 'skills and barter negotiations experience a plus. -. 

inly complete resumes with salary history considered. All resumes treated 
prifidentiSlly. Please write Bos.A-6291* Financial Times, .10, Cannon 
treeL EC4P 4BY. . - \ 

• ‘ An r«ual wsartomiy «a»l«rw 

Salomon Brothers International 


An experienced Clerk is required to join our 
London Clearance Operation. The work will in- 
volve close liasori in all aspects of settlements 
with the J-ondon Dealing -Room and our New 
York and Hong Kong offices. 

Please write or phone our -Operations Manager 
for an application form. . . 

One Moorgate 
London EC2R 6AB 
01-600 4151 



£12,000 ♦ CAR 

We are seeking a young qualified accountant preferably with 
experience outside the profession, to 'take complete responsibility 
for the accounting function of four branches (turnover £2. 5m.) of 
a UK based company engaged In a service industry. 

Following- -one month's training in "UK, 'the successful candidate 
.will be based at the Dutch Head Office, in Rotterdam. The chief 
accountant will be expected to improve existing systems I* Uoa 
with Group policies, manage the day to day running of the accounts 
department, prepare management information reports and annual 
accounts, and take responsibility for all financial aspect* of the 
business, including planning. 

Please write with full c.v. to: 

. ■. Box A&ZBJ.FmohuqI Times. 10 Cannon Street, EC4A4SY-. • - 

Department of Economics — Full-time Appointment 

The Governing Body invites applications for a full-time post as Assistant Lecturer/Col lege 
Lecturer in the Department of Economics. The appointment will be made at one of the 
levels mentioned according to the qualifications and experience of the successful 
candidate. It would be an advantage if candidates could teach Econometrics at least at 
undergraduate level though this need not be their main Geld of specialisation. 

The salary scales are: 

College Lecturer £5J15-£6.121 — Bar — £6,141-£7.430 p.a. 

Assistant Lecturer £4.403-£4.S05 p-a. 

Appli cation form and further details of the post may be obtained from the undersigned. 
Latest date for receipt of applications is Friday. 7th April. lf»7S. 

M. F. Kelleher. Secretary 



Our client, a leading American bank, is expanding its business 
development programme in Continental Europe. 

Suitable candidates are likely to satisfy the following criteria 

(a) should possess a pioneering mentality and be self motivated. 

(b) should have a sound credit background, preferably rein- 
forced with formal U.S. banktraining. 

(c) should have had good previous experience of development 
of eurocurrency lending. 

(d) should be used to considerable travel and be prepared to 
travel for at least 3 months out of 12. 

(e) should have fluency in at least one European language. 

The position will be based in London and will initially involve 
development of the Scandinavian market. 

The successful candidate will be joining a young team and ft is 
anticipated that he or she will not be older than 35 years of age. 

An attractive salary is offered together with good fringe 

In the first instance,, and in the strictest confidence, please i 
contact :-DAVJD GROVE \ 


Financial Times Thursday March V 


Group Chief Executive 

,c. £25,000 

Fairey Engineering Holdings Ltd. is ^profitable group of engineering companies with annua! 
sales' in excess of £40 rriiHlon r a capital .employed of some £20 million and more than 3,500 
employees. The group is made up of a number of autonomous operating subsidiaries, 
developing, marketing and manufacturing a variety of high technology products for 
world-wide markets. More than half the group's output is exported . 

The group was recently , acquired by the National Enterprise Board which requires that 
Fairey should operate in accordance with the highest standards of publicly listed companies. 
As a first step in thepursuit of this aim, the newly appointed Chairman wishes to recruit a 
Group Chief Executive. who, as a member of the main Board, will have full responsibility 
forthe profitable development of the company. 

The requirement is for a successful executive with a first class track-record in general 
management, including experience of running a group of companies. Candidates should 
have a degree or professional qualification but the precise discipline is less important than a 
deep understanding of the engineering industry. Candidates must also have a thorough 
grasp of all management functions: the creative flair to develop a growth strategy for the 
business; and the ability to build up, lead and motivate a successful management team. 

The Group Chief Executive will be based on Fairey's Headquarters at Heston, near London 
Airport, although a good deal of travel will be required, both in the UK and internationally. 
A salary package wiD be negotiated around £25,000, together with car; pension, re-location 
expenses and other-fringe benefits. 

Applicants are invited to write fully and iri confidence to: H. M. Lang,-quoting reference 

F4^[The P-E Consulting Group Appointments Division. 

1 Albemarle Street, London W1X 3FH. Tel: 01-499 1948 


London Merchant Bank seeks ah; outstanding young executive to . 
establish and manage tbe Zuiich office of its Swiss subsidiary. - 
The successful candidate will probably be aged 27-35, hold a 
professional qualification or university degree and already have 
had a number of years’ -international financial experience gained 
within a major bank or finan cial institution. Fluency in German 
and French will be added advantages. 


Familiarity with all aspects of the " a forfait ” market as well as a 
sound understanding of the financin g of international trade and 
foreign exchange are mandatory. 

Salary, future prospects and other benefits will be exceptional. 
Please write fully, in confidence, to:— 

The Managing Director, 
Box A.6292, 

The Financial .Tones, 

10 Cannon Street, 
London, EC4. 


A .jivC JJ. . ... . 

technical supervisor 

for its Technical Services Department in Brussels. 

U As a member of the management staff of our overseas division, 
reporting to the Technical Director, the Technical Supervisor will be responsible 
for developing, maintaining, ancf providing data, advisory and assistance 
services for the whole division, in the fields of operating methods 
and techniques, processes and planning, quantity calculation and costing. 

□ He will be responsible for the evaluation and preparation of tenders 
and for the coordination of technical activities for several sites. 

□The candidate should have a civil engineering degree and particular 
experience in public works (road, bridge, tunnel and dam construction) 
and industrial buildings. 

He should be no more than 45 years of age and should preferably have some 
knowledge of French. Experience in the construction industry overseas 
would be an asset. 

D Competitive salary area 23,000 Pounds pa. and attractive fringe benefits. 

□ Applications together with curriculum vitae and photo should be sent to 
C.F.E, Personnel Department, square Ffere -Orban 10. 1040 Brussels, Belgium. 


Since 1880 tft* Company has btwtod ki As ntajcmr of major pubic 
works projects m Belgium. Internationally fftft company has been wry 
| otMyttperticularfym Alrica- present oversoss account hr approx. 

1 SS *o oJ the Group turnover 

The Group hod projects m T377 valued BttB bBSon B.F. and presently 
unploys some 10.000 staff. 

Financial Director 

South \brkshire area 

in excess of -£10,000 + car + benefits 

Our client, M. Higgins Limited, a private company engaged in potato merchant! ng, 
storage, and (arming, is seeking a financial director (n participate liilly with the proprietor 
in managing and developing the business. 

Responsibilities will include the introduction of appropriate planning and budgeting 
procedures, the development of sy* lento to provide kcv numagcnientlnformaiion, tlic 
evaluation of business opportunities, the provision of financial advice on all matters 
affecting the company, and the supervision of ail accounting procedures. The successful 
applicant will be expixted to achieve complete familiarity with al) aspects of the buauoi 
and to assume full control of the company in the absence ’of the managing director. 
Candidates should be qualified accountants, aged 35 - 50 , with wide-ranging financial 
expertise • ---- • 1 *' 

be given 1 

s per rise and btidness acumen developed in a commercial environment - : Pfelcrcnce will 
c given to candidates wfth au agricultural background: familiarity with produce 

marketing and storage would he a particular advantage. Strong personal charaacr tries 
arc issctiual in particular the ability to command the respect iilsUiifaiaH levels. 

Remuneration will be negotiable in excess of£ 10 , 000 , and will include a non- 
contributory pension scheme. Relocation expenses will be paid. 

nee ■ 


Applicants should write, setting out details of their 
qualifications, experience and achievements, to 
DM Hancock, Price Waterhouse Associates, 
npEast Parade, Leeds LS 1 5 PX. Quoting 
mere nee FD. 

Chief Accountant 


c. £7,500 + car 

Our client, a heavy industrial service company 
vvitiinalageBTtematonaJ^iXjp, is currently 
looking for a Chief Accountant to be based at 
Bs London offices. 

office and have full responsfcityforpreparing 
monthly management and finan cial acc ounts 

andfbrn ^ -flainfriglharfltprBd 

levels. „ 

Fully quaffied, CAGA, ACCA, ACMA) 
you wil have a ntinimum of tiro© yeas poet 
qualification experience in at industrial 


proababiy be aged between 28 and 40. 

staff effectively is essential, 

Salary wffl be negotiable c. £7,500 and w3I be 
accompanied by an excellent benefits 
package, which includes a company car. 
Future prospects throughout the gmap,ar6 

Ref: Sf3864{FT. 

REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security Manager 
listing companies to which they may not be 
sent. They should include comprehensive 
career details, not refer to previous 
correspondence, with PA and quote the 
reference on the envelope. 

PA Advertising 

Hvde Park House, GO* Knfghtsbridge, London SW1X TLETefc 01-235 6060Telec 27874 

Livingston Development Corporation 

Applications are. invited from Chartered Surveyors or 
others holding suitable qualifications for appointment to 
the post of Industrial Development and Estates Manager 
of Livingston Development Corporation. 

Livingston, which is fourteen miles west of Edinburgh, 
was designated in 1962 with a target population of 70.000 
but also to be a focal point of the sub-region of 200 - 
250,000 people. The present population is just ever 33.000. 
There are now ICO industries. It is the second largest 
town in the Lothian Region by papulation and employ- 
ment and in a phase of rapid development. 

The primary role of the post is the attraction of industry, 
commerce and private housing developments hi fulfilment 
of the target population and the holder will require to be 
experienced and skilled in all aspects of negotiations with 
interested parties in the extent to which the Corporation 
can meet their needs. A secondary, but important, role 
will be the management of industrial, commercial and 
agricultural subjects owned by the Corporation. Housing 
management is not a function of the post. 

The Industrial Development and Estates Manager is a Chief 
Officer in the Corporation's Management Team, and is 
responsible to the Chief Executive for the complete con- 
trol. organisation and operation of his 'department. 

Salary will be in the range of £8,858-£! 1 .208 with placing 
according to ability and experience. Assistance wil! be 
given wirh housing and towards removal expenses. The 
post is superannuated. 

Applicants are asked to write, in confidence, net later 
than 23rd March, 1978 (please mark envelope ‘Industrial 
Development and Estates Manager'), sending full details 
to: J. Kelly, Esq., OBE, MA. LLB. Secretary and Legal 
Adviser, Livingston Development Corps ration. 'Livingston. 
West Lothian EH54 7AD, from whom further information 
can alio be obtained. 





The. Radiochemical Centre (TRC) is a world 
leader in the production and marketing of 
radioactive isotopes for medical, scientific 3nd 
industrial purposes. The headquarters and principal 
laboratories are at Amersham, Buckinghamshire. 
Growth has been at about 20 per centannuaUy and 

Group sales last year exceeded £2f million. 

i Financa Department has a crucial role to 

play in the company’s expansion and i: now 

ratified Accountant to lead a small 

requires a fully quah 

team which will contribute to the further 
development of its financial and reporting activities 
fora range of products. There will also be dose 
involvement inforward planning including pricing, 
costing and in capital investment decisions 
associated with the products as well as a 
requirement to give advice to product management 
on financial matters. 

To rfwer the challenge of this appointment the 
successful applicant is likslv to be around 30 years . 
of age, quaBried to ACA, ACCA or ACMA and 
possibly possess a degree in a related subject 

.. please write giving brief career details to the 
Personnel Manager, The Radiochemical Centre 
Limited, White Lion Road, Amersham. Bucks. 

fflie Radiochemical Centre 



A member of PA Wemattonaf 

Manager for new 
Gilt Edged Bond Fund 

We are currently forming a subsidiary. company 
to operate a new Gilt Edged Bond fund and we 
require a manager. We see the successful applicant 
as being aged 35 or over, personable and used jo 
dealing directly with clients at senior level. He or 
sne. in addition to having a full knowledge of 
market dealing, should also have several years 
experience of Gilt Edged investment in perhaps an 
' insurance company, a pension fund or a bank. 

This is a senior post. It carries a substantial saian/ 
and many attractive fringe benefits. It should also 
lead to early appointment to the Board of. the 
management company. 

For further fratortnation please send full details of 
your career to date, to: J. A. Pound, Secretary , 
Alien Harvey & Ross Ltd.. 45 CornhUL 
London EC3V 3PB. 


We have several places in the sui 
for chartered or certified 

Nassau an 3 Freeport m the Bahamas: Cra nd 
Cayman 300 miles away to the eoufli-wcsl - these 
are the places where we nocdyour.g qualified 
Chartered or Certified - 

'you would join us for a 
hvo-year (Grand Cayman) or 
Ihrce-ycjr (Bahamas! tour 
with air hires paid both 
;vjvs for you and your • 

family. Professionally the 
opportunities are great .. 

Tea'll benefit from applying 
the latest British and North 
American techniques to the 
problems of large international 

On a personal level, life 
is equall\-rcwarding.Thc 
climate is superb, and outdoor 
activities arc available all 
year round. 

\ou should be under 30. 
have a good professional qualitfifation and be 
confident you can develop your in very 

different surrounding*. A current driving 

The salary and benefits packages 
exceptionally rewarding In the Bahamas, you ' 
salary and bonus is BS15960 and there is no 
income tax. Tow got thicc 
weeks holiday a \ear and 
an imd-ol'-tour payment o 

In Grand Cayman yc 
r-lart at up to C5I4400 lag£p— 
will wit! ineumetax)arw - 
you get eight weeks Holid 
during your tour. ]! I 

In both the. Bahama^. t * 

CrandTIayma h a medical 
insurance scheme b in 

jlcase apply in the s 

firathirfancctorlan t'e 

Macphersoarncc Watahc < t . 

Southwark Ion ers . „ f-» * f . * 

VifnA *** - fz [London Bridge Street, £«•**' '* 

" London 5El?SY. ■ . 

- .Tdeplipne: 01-407 W8S*. vV- 


jee, . 



1 V* 







Philips and Pye Pension Funds 
LcttKlon,RC. 4 . 


We wish to appoint an additional Analyst in our Investment- . 
Department- Applications are Invited from-men and women under 30 
years of age who have experience of the North American market. 

We offer opportunity for job development salary commensurate 
with qualifications and experience. Benefits include ^ weeks annual 
holiday, contributory pension fund and life assurance; interest free 
season ticket loans and subsidised lunches. Assistance may be given 
towards cost ofielocation If necessary. 



Please send brief details of education and experience to: The 
Deputy Personnel Manager, Philips Industries, Arundel Great CourL 
8 Arundel Street, London, WC2R 3DT. 

*5500 cm 



Booker McConnell 
Public Relations 



Booker McComell Isa Jong established and 
successful holding company with wide 
interests ki Brftain and overseas; these range 
from food dstribttfcm,enrineeringand 
shipping to overseas trading andagricuflure. 
Annual turnover exceeds ESOOmflfon and the 
ffoup employs some 18,000 people worid 
wide. A Public Halations Executive Isio be 
appointed to provide a genera! service on 
external relations, and to assist the opersiing 
cfivisbnsonpu^rielattonsmattwsas ' 
requned. The person appointed, kteaBya 
graduate in h*s or her friHlies,wfll have. an 
active Interest in International business affairs 
and finance with several years appropriate 
**perience, preferabty in an industrial or 

commercial erwironmenL A thorajgh 
Imcwteige of P.R and the mecSa te essOTti^, 
wniisttiie atafity to judge the Smits to which they 

figure salary is envisaged. 
1 ^ocateC^ofLoncton. 

PA Personnel Services Ref: AA3 16341 /FT. 
Initial interviews are conducted by PA 
Consultants. No details are divulged to 
clients without prior permission, P/easo 
send brief career details or write for an 
application form, quoting the reference . 
number on both your letter and envelope, 
and advise us if you have recently made any 
other applications to PA Personnel 

BA Personnel Services 

Hyde Park Housed Kplghtebrit^ e. London SWlX 7LE. Td;0l.235 6060Tdex: 27874 


l Cl 

FinanciaJ Ttmes- liursday Mprcb 9.1978 

? an ^ c ® -»n Officers m charge of commercial lending 
Intem^aooal activities in specific geographical areas, 
®?£**!l ders ^ mainly for credit assessment and busi- 

Sli Al Sr^ Monetoy Agency and ness development. 

lading Iih.. AppBcanfg should be anabitious and 



ternatkmal Ranks. * 

As a result of con tinning growth, we 
are now looking -fcs- several people of 
graduate cafitae. in their 20’s. with 
previews banking experience, par&u- 
lan^ marog analysis. Aperiod of fcH Tw^i 
creffl: training would be most useful as 

have the potential to take advantage of 
ntmmng growth, we the significant career prospects which 
or several people of exist. 

m thear 20’s. with Salary negotiable in the range £6,000- 
expoience. par&u- £$,000. together with excellent fringe 
35. Aperiod of formal benefits. 

ild be most useful as .Please write, enclosing a detailed C.V., 

would a working knowledge of aioreigtt toiS^or^SdOffi^udi 
..... . International Bank.- 99 Bishopsgate, 

responsibilities will be to help London EC2M3TB. 

Saudi Internationa] Bank 


Large London-based UJK. division of major International 
Transportation Company has immediate opening for top-' 
level financial man. 

This position carries an attractive base salary of up 
to £12,000, plus numerous fringe benefits including 
company car, eligibility for management bonus, etc - 

. ... In addition to total responsibility for financial opera- - 
tions, this position also carries responsibility for all 
■ administrative functions and. reports directly to the 
Managing Director U.K. 

Successful candidates must have at least 7 to 10 years’ 
management experience in finance, preferably part of 
which has been spent with UJS.^managed companies. 

Please submit^ in confidence, a complete resume including 
current, salary and benefit package, to: 

Box A.6294, Finandal; Times . 

■ 10, Cannon Street, 3SC4P 4BY 




wiih experience in 
Private Client Accounts 
for EC2 Stockbrokers, age 25-30. 
£5,000+.. .. 

LJC Banking Appointments 
01-293 9958 



Britiih Economics Grjdiute — Aye 25 
yam ihriny in Madrid with good 
Spanish and understanding of econo- 
mlc/poUrfol tiouzjon seeks appoint- 
ment with embKsbed company 
operating in Spain and offering serious 
career possibilities. 

Write Box A. £295. Financial Times. 
tO, Canaan Street, EC4F 4ST. 

student rrvarVetJ nominee seeks summer 
position UK. none London 01-235 
243S or write airmail J. . Greenwood. 
21. try! no St.. Cambridge, Massac hu setts 
021 38 USA. 

TOP SECRETARY whose boss is Shortly 
retiring, wttt be available for 314 days 
a wee*. Write Box A.6288. Financial 
Times. 10. Camion Street. ECSF 4 BY. 



Hertfordshire ' 
c.£20 / 000 + benefits ' 

Our client tethe UK subsidiary of a successful" 

Dublin based public company engaged in 
housebuilding and plam hire. The turnover of the c 
UK company is approximately £1 5m per annum, / 

* The company wishes to appoim as managing / 

director a person in the age range of 35-45 / 

presently occupying a senior management position, 
gained from a proven record of success, who is 
capabfepf securing continued growth hi like and 
diverse activities. It is likely that, after a short 
interval, the successful, candidate wiH he invited to 
join the board of the parent cqmpany. 

* Candidates areinvlted toWrit^ in confidents, 

giving details of age, education, quelificatiops and 
career and salary progression, to: " 

C. J.T. Nangle 

Turquands Barton Mayhow St Co. 
Lynton House, . 

Tavistock Square, 

London WC1H9LS. 

upto£7,500 car 

group whose European internal Audit Department has been 
established for just one year. Owing to tofiemal promotion the poet 
ol Internal Aucfitbr has faBen vacant, Applicants lor this position 
should be qteffiedaccou«art9\Mihfluent Bench or German. 

„ The departn^ntsdutiw encompass abroad programmed 

- r. ’ I fa,- financial and operational aicfitfng plus a substantial involvement 
v» 5 in systems development and UK taxpJmoing. 


^4 be spem on assignments in Euope. 

_ SaSaryupioamaxtoiumofSTSMpiusa car and usual 

" fringe benefits. 




dale to: Andrew Walker. 

BuB Holmes Bartlett Lid., 

45 Albemarle areas, 

London VWX3FE 
Please Bst separatefyary 
companies to whom you do 
ratwsh your delate tobe . 



squired to run a. smilL editorial unit- which is 
esponsible : for sponsoring .and processing the 
ditorial output of one of Britain’s leading 
lanagement book publishers. Interest and 
spenence in the field of management theory 
nd practice is important. 

■reference will be given to individuals available 
ithin 30 days. • Salaty negotiable, 
ontact Caroline Bums at 24 Highbury Crescent, 
ondon, NJj. Telephone 01^359 3711. . 



Hanover Berkeley Securities have been retained by an Inter- 
;,««do n *l Group of Companies to inWte applications from 
, . candidates who must have had seven to ten years experience 

• as an International Steel Trader at the highest l.evel. 


In partial}^ the candidate must have: — 

|i) A strong customer following in Africa, the. Middle East 
and South America. 

_ "Steel mil] connections in Britain. Europe and japan.. - 

(iii) Expertise m shipping, establishing letters of credit and 
related administration. 

The successful candidate will be based in London and can expect 

to earn a high basic salary, which is negotiable in light of past 
!. . experience, plus an extremely attractive incentive based on- 

. Written applications with full details. ... 
i," in strict confidence, to : — 


(Reaiirtmenfc. Division). 

1*1 Chertsey Road. Twickenham, Middlesex 
• Tefephone enquiries Mr. H. Harris 01-892 0041. 


This, position is at the. head office' of Davies and Newman 
• Holdings Ltd. which is situated one minute away from Liverpool 
Street. The principal -actfvities of the Group are in aviation, 
sbip-brokmg and 'travel. 

Reporting co the Financial Director, the successful applicant will 
be involved in presenting group financial informal ton ' to the 
parent -company Board, discussions with bankers in- respect of 
the' Treasurers function and assisting in. the preparation of Group 
accounts and liaison with external auditors. Experience of. taxa- 
tion would be advantageous. 

■; Candidates, should be qualified A.C.A. or A-C.C./C, with good 
outfit -experience and’ be aged about‘27. The position would be 
suitable for an accountant who wishes to embark on a career 
in industry. 

The- Company operates a Contributory Superannuation Scheme . 
fwitfr.* non-contributory Life Assurance element) and we give 
Luncheon Vouchers, a loan for the purchase of a Season Ticket. . 
and we offer generous air travel concessions. 

Please write, giving details of qualifications, 
age. experience and current salary to: 

■ - *■ Paul Finnegan 

Head Office Personnel Manager 
16/38 New Broad Street. London EC2M 1NH 
. Tel: QU38 -4080. ext. 35t 

Stockhrd king 


Infegaafcioaal fiqa riny nf 
Oar client, a leading firm of Stockbrokers, 
seeks an cxperiaiced dealer to join their 
estabb’ shed International department. 

- It is envisaged that this position will appeal 
to an ambitions individual* aged 20-30, with 
proven dealing ahafity, a knowledge of 
French and, possibly* an appreciation of 

' German. 

Etease contact IV $• Stephens who will treat 

all emg nhiaB in the ebngfcesfc r>F 

StepheosS^ectm / 

’ 35 Porer Street I'OndottVhX 3R.\. 01-4530617 /m 



The above Company have vacancies in' their 
London office for experienced foreign exchange 
brokers to compliment their existing teams 1 in 
Short-date and Forward $/Marks and- Spot and ■■ 
Forward Swiss. 

Applications must be made in writing and 
addressed to: 

The Company Secretory, . 


Lee House, London Wall, London EC2Y 5AU. 

: £ 15,000 

A Well respected end expanding firm of Stockbrokers 
currently wish to recruit senior personnel for their outside 
institutional sales and gilt edged department. If you 
can demand a basic salary of up to £15.000, then contact 
Andrew Swift on 01-437 5811. for further details. 


54-*2 Regent* Street. W.l. . ^ . 

Recruitment Consultancy , 





- (IKerpo rated In tbs ? 

Republic el South Alrtc»> 
NO. 122 

3. The Directors have declared divi- 
dend No. 122 < being the anal 
dividend tor the year ended 3Ut 
December 1977) el 26 cents 
Republic ef South Alrica cur. 
renev otr share payable to mem- ! 
ben restate, ed at the close d 1 
basJntfS en 23rd March 1978. . 

and to persons surrendering 
Coupee No. 127 detached from 
Share warrants te bearer. 

2. This dividend f rcomes due on ; 
28th March 1976 and dividend • 
•warracna will be pasted on or 
about 2nd May 1978. 

S. All members with registered - 
addresses or who advise addresses 
In terms ol paragraph 5 hereol 
.. In Zambia. Rhodesia. Angola. I 
Mozambique and all parts ot the ! 
continent ol Africa south el the 
southern boundaries ot the said 
countries shall oe paid Irom . 
the Johannesburg Office and the : 
> warrants will be drawn in South ; 
African currency. 

4~ Members ether than those 
referred to in the preceding para- 
graph shall fce paid irom the 
London Transfer Office and the 
.- warrants will be drawn in United 
. . Kingdom -currency. Sucrr mem- • 
bets rrrav. however, elect to be . 
paid i> .South African currencv - 
provided that any such r roues! 

• is -received «t the Johannesburg 
- or London Transfer Office on or 

Registers of Holders of the ~S C ' 

ION limited each, fully paHf. »in be dosed from Mpprored by British Shipbuilders iwiionai. 

in toe ; the 30th -» the a 1st March. i»78 benveen Vospor Ship repairers . 

• i '"rib****, for die purpose of prepa.-- ami Vospcr ThornycnH't Mr. David Carter has been 

- dividend in< Iwi rnd warrants for the hair ihe following Board chnnijos are appointed pans snips niHim-er lor 

PON NO. 127 . ' 3, “ I. ,rS o JL n_ a »»cin* made: Mr. J. A. Wilde, in fpUD UK RRtTAlW He t;.Vu-> 

ie declared divi- • ' ” * “V . Bo4riJ addition to beiOR chairman and- Charge nf hard pans and aettv- 

*nr\nSd 5?»t G ‘ R ‘ W °le^urv chief executive -of VS. is re- series, the Mntorcnill "all mnki-s" 

i ei 26 cents Sheffield Road appointed u hon-erccuiive dirceior range and industrial engine ..ties 

« a bfe r t t « mem' i Sheffield. s» l M. of VT fU.K.I; Mr. A. P. Shaw, from 1 ho company's parts diet ri bu- 
ll the tvoseoi • ~ " • chairman and chief executive of. lion centre id Davoniiv m 

i M . a 1 h JSL ' ’ ' VT fU.K.) becomes a nnn-oxccu- Norlhainptonsliiro. Mr. -'Cancr 

detiSIS' tnrn ■ lon d°n a uCTKMLiA i n v ESTM ENT live director of VS: Mr. A. replaces Mr.- Lon Junes, n hu Kis 

'^T T - j 1 Mack esy. director of shiprepair- been promo led 10 :i non posiliini 

6 aM dividend i NO l I‘£ £ ,s HERERY given that duly inR. Briliish Shipbaildors, will bq with Ford of Europe parts opera- 

orated on of , »fSShSSU tra rSeiiid °S P 1 n 5 *p.m'' » non executive director nf VS: tions in Cologne. Germany, w here 

li-l register™ ■ 11,^3’' Mt - j * n * J off crson is appointed be uJll.bc rcs^ionsiblc Cor pans 
»ddresi» J rnSv^riS? -a sSwiid interSl^dhddend^di a director and ccocraJ manaser of sales m 13 European countries. 
EiSia 5 Ango*iaI I ^ * harrt to •* Baid VS; Mr. H. Mehln resigns ns Mr. Jones • nad been Fpj-d of 

all para or the i a.^. richter. Registrar. financial director CVS) and is re- Britain’s parts sales manager for 

ies^i thl ainS placed by Mr. C. E. iuhnson: and the past otaht years, 

ne paid imm . . "Mr. J. Grant as a director ★ 

dSw“ iTSbK ! and company secretary (VS) and Mr. Denty Krocli. deputy chair 


Westland directors 
for Board of Arab 
British Helicopter 

Westland Heiit-opicry has' made follow inn direvtura: Mr. R. W. 
appoint mems to the Board of flic Browninii. ' Mr. R. \V. Palchinc 
newly-formed AR.\E uftttlMl tuorkv), Mr. x Ansdi icxlcj- 
HE LI COP TER CQMPAXV, . . live). . and - Sir. R. K. Wild man 

The company has been created « executive;. The company i> a 
follouiog the agreement sisiied member -of the Eustace Inter- 
on February 27 bcliveen the Arab Hsrfinnal »reup. 

Organisation for Indu-Ntrialisation ' , + 

and Westland Helicopters .io hei The follwuing Board chanur.- a: 
up a Lynx helicopter iirodiiction B0USEY AND HAU'KKS come 
line in Egypt into effcci on May l: 5»ir Richard 

: Mr. A.-V. N. Reed becomes Vouna fo' 'be “deputy chairman 
non-executive vice chairman, amt >lr. Alan . (Uapham, srnup chief 

retains his position as commercial executive, reaches retirinu a-e 
director. Westland HcJlcopiers: : t> beuu; .'iicceacL-ii 
Mr. B. Baxter, formerly works by Mr. Anthony Kilby, who !::ii 
director. Westland been with rhe sroup for iii 
n cw managing director. Arab Mr. (!lnpham remains an evveu- 
British Helicopter and Mr. F. P. liw director. .Mr. Dennis Gillurd 
Stanton, who was enrnmercial will he direeinr'or market detel.ii*- 
jnanager ■ fexponxj. .Westland 1*1901 lo the group. Mr. Geoffrey 
Helicopters, is commeix'iii! direr- L'ox becomes managin'* direc’or .-f 
tor to the new company. Mr. Boosey anti H:\vUcs t 
Baxter and Mr. Siantun will be 'o-iirumt-nwi with Ur. Gillar.l 
based in Egypt. . rcmoimns , us t bun-man Mr. 

Follotvinc Mr. Baxter's move ***'&"! tirant lakes out ..s 
M r. J. Rower, formerly special “«nnsmt: flireeim of Bnuscy nnd 
director and d'rvi«ion:iT ruanaSer Hawkes tKlectrosunlcsl 
of rhe Weston Division of West- ' * 

land Helicopters. has been AB VOLVO hj>. esi.ibli>1u-i.l a 
appointed works director: West- : i.widoii i-otnp:my. SWEDISH 
land Helicopters. A 1 *TOMuT 1YB- PRODUCTS w-hicn 

■* .. will enneemvate en cotnnterci.i' 

Dr. Fred Collendrr has . been and Jinancla! .aspccls nf nn.-or 
appointed metals consultant : to DniuKieihin^ with develophi.- 
M. L. DOXFORD A\D ColIPANY. countries. and will pnmde 
London-based commodity brokers, 'j-ondmi repreuimiarion fur tchu 
Dr. Col tender has been chief internal lomt l . lletekipment far- 
mining geologist to Cenerah porstiluv of tritihenburu 
Mming Corporation, consultant *? ,cn ^ m Loiidni mil lw by 
ecologists to Rio TintoZjnc and Mr - ,a « If - Herbert. din*cl»r and 
exploration mattager. for ' Hxnnrr ' RCiwral manager, mid .Ur. i.cimart 
Minim: Company- He remains J*™ 1 *?* !»oveu to l»n-i >n 
consultant on mining sucut itic s [* ,n, P Sweden to become a director 
to Strauss Turnbull and Coro- ;V r ' - ,, y r J*i3 lJ,c 

hum. stockbrokers. -Croup on March 1 irom Reek it i 

* and Chltuun. He is nun •.ii.-e- 

As a result of an agreement . Dissident finanw nf \ olya mt -i- 
» ■ l •: ■ .u 

Sheffield Road. 
Sheffield. 59 IRA. 





and company secretory (VS) and Mr. Henry Krocli. deputy chair- 
is succeeded by Sir. D. Barclay roan and chief executive of AB 
as company secretary. Electronic. Products Group, has 

l * been elected president nf the 

sarurs&jruu; : ln ^ JUSTICE ™> DISTRIBUTION, ASSOC1 

V& J ChjnrciT Div?rioa SSL& toiri W „ _ . + . _ Mtn * 

or London TfFiwfer office on or : ih.* Manor or PRALBFVK co. limited Mr. Dennis Freeman has been 

brior* 1978. tm i and in the Matter of The Comoanlrs appointed to the main Board of Mr. 1 

2S.5*“7ihi-5SS ITlriWn . A v'n-TTCT: IS HFREPY GIVEY tha, a r - LEIA'ER AND SON'S, tilth from til 
SSSrK*3.^*u“^7w..i ,B ^ responsibility ror South American TRUST. 

tub AorjIig78. Payments In named Company by ttn- Hffh Cour; of operations. He Mill be based in 

United Kingdom currencv will be . JiKiU-r g-*« on ilw 2s :h (liy nf February Sao Paitlo. Mr. D 

SSPSJFu £Sr«3R ’“cwffVSw^aS? RMdftvrffi E PU» has appointed, the BOTHA 

currency. Sues Id there be *nv ; Manctiojrer Xtri 2-\l>. sod that ihe. sad 
daberenc# that -niay be regarded Pei li loo is direetfd lo he heard before 

. fhr Court sitting al thn Royal Courts ot 
— — n. , ■ rare ruling on mi- ; JusucO. Sirnnd. London WC2A. SLL. on 

*978. or the first day tiit«e*lter , the lOtb day of April 191°. -and any 
on which the South AYkJi) . cTerinor or corurU}ntnry of the jatd 
*S3T" i* prepared to sen Comp J nr dc.<irons lu support or oppo«> 

ot Order no ibo said 

currency calculated at the latter 
rata ol enehanoe. 

exchange at which South African 
currency' will be converted into 
United Kingdom currency will be 
11th Jhorll 1978. Payments In 
United Kingdom currency will be 
computed M a provisional rate 
or exchange of R. 169. 7BOS 

difference that -may be regarded 
by the directors as material 
between the provisional rate and 
Ectual rate ruling on lltfuAprli. 

as company secretary. Electronic. Products Group, has 

* been elected president nf the 

Mr. Michael J. Mellor has been EUROPEAN ELECTIinxiCS OOI- 
appointed a director or GLYN- POXENTS MA\"I'FArTL : RERS' 

+ Alfred Prom but. 

Mr. Dennis Freeman has been * 

appointed to the main Board of Mr. H. M. F.rsij has rclired 
P. LELN’ER AND SONS, tilth from the Btfard of the GRANGE 

• crerfiior or coatrUtnury of the (bid 
Companr dc.«irons lu support or oppos? 

' 'hi’ makinc of an Ord.*r no the su'd 
Petition may appear ar die Uni'- of 
riti'oV evchT^oel” "" * heart nit. in person or bv h:s mnnsel. 

5. Mem bam who desire to have their i lor tbai purpose; atvj a copy of the 
dividend warrants dnoatched to j^rirton win h.- furnished by Itu* untjer- 
orwho dieTre ' ^iCTed w any tredifor or mncnbirrorT 
to alter ifelrnctkim already nh-en . the- ffajtl Cmnpauy wsihtei; MX-b- 
Tn this eonnectioiT must give notice , copy on paymoul of tin- r etui 3 ted charze 

to the Corporation to that effect ' for the <amr. — 

— — ■»«— “ — - 1 SHAPPF: PRITCHARD * CO.. 

• 199. Kinssu'ar. 

Londnn V.-C2r RP2 
TW: URR. T--I: Ol-tHS 9374. 
SgllriTOT* for ihe PNltionei 
' NOTE.— Any persoa who intends to 

iao Paitlo. Mr. Desmond D. Flynn has been 

* appointed a director of ROW- 

E PLAN has appointed, the BOTHAM (REINSURANCE). 


ECONOMIC ACTIVITY — Indices of industrial production. Inanu- 
facturin? output, engineering orders, retail sales volume tI970 = 
100): retail sales value (1971=100); registered uneroDlnymeni 

on or oelore 2Srd March 1978. 
Member* mint, where necesiarv. 
h*vp obtained -he aporoval ol 
the South AJrksn . exchange Con- 
trol Authorities and. a aaplicab'e. 
ihe aoproval ol »r»v other Ex- 
change Control Auzhorltics having 

irJ522 to r. ! --- r ”?Sg.- ri Bf i appear nn rhn h<-anoc of dm Mid Peiii ; on Sept. 
Sawraph" « ^d 5 . on- or sr-nd by po« 10 . tSe Od. 

7. Dividends payable in respect ol ; above-named notiiT tn vntlnt of tus y ov 

Con oen No. 127 detached from 
share warrants to bearer and 

izueiMlon so In do Th- qoUc? mast stare 
■ the nano sad address of the D-rsen. or. 

lodged at the office of-the London, j ; |» B firm (V- nanir and addreoa of Ihe 

Secretaries on or before «th 
April 1978 Shalt be Mid in South 
Alrican currency on or alter 
3rd May 1978 in accordance 
with any instructions that ma w 
be lodged with the coupon. Dtvi- 
ri-nds pauabte in respect Of 
Coupon No. 127 lodged after 
4th April T978. shall be paid 
in sterling from the office of the 
London Secretaries bt accordance 
with a notice relating thereto 
which win be published on or 

; or fino. or but or their soHc-iror Hf any' 
l.apd to ns i be served, or. If posted, rand 
{ be soof hy post in xuffirienl rime lo 
■ reach the above- ontued no; laler than 
; foor o'fiork in Ihe afternoon of tbe 
”Cb day of April 19TS. 

\o wrsi or 197V 

mg noreto l. 1» «•“ CWBT OF JUSTICE 

ched oh or LChiorery Dh;slno Canrpanirs Court. In 

(excluding school leavers) and 
seasonally adjusted. 

Indl; "Mfg. Eng. 
prod, output order 




vacancies (000s), 

Retail Unem- 
value ployed 




■ - - 

1st qtr. 








2nd qtr. 








3rd qtr. 








41 h qtr. 















































about 13th April 1978. . ' the Tdatier of VF. RURAL CO. LIMITED 

pt.ldend prvmema wtlT fao subiect : aad In the Mailer of Iffie Companies 
to tax deduction wherever ncces- : ^ 

Ol'TPlT — By market sector: consumer sonds. investment goods, 
intermediate goods (materials and fuels): engineering output, 
metal manufacture, textiles, leather and clulbing 1 1970 = 100 1 : 
housing starts fOOOs, mpnthly average). 

ConBuroer Inivsr. Intmd. Eng. ’ Melal Textile House 
goods goods goods output dints, vie. starts 

‘Melal Textile House. 
Winfg. vie. starts* 

nry In term* of the law* of the 
Republic ol Sooth Africa and 
the United Kingdom. 

! Peuilnn for tbe Wind Inc up' of iJ»* above. 

9. In regard to aaeations relating i named Company by Ihr HieJtt Court or 
to the Myment Of dividends Justice on Utr 29:h day of F.-bn»ru 

Vnh?^n«L a irn 1 197S - pfr-seniod to ihe oW Court by THE 

Johannesburg. South African law i rnrurtt nc mr r-rrv or conn 

shall apolv and where ; payable 
from London. Engft&h law shall 

ID. T>e Rep dter of Member* and 
transfer boom ef the -Corporation 
will fee closed from -28th March 
to SIR March 1978. both davs 

II. Under the Republic ‘ ot South 
Africa Income Tax AcL 1962. as 
amended- a bap-resldent share- 
holders' ta* gf is per . cent has 
been Imposed op that . proportion 
pr the dividend declared deem— « 

! ot Civic Centre. Chnrlcv Road- Sulnroa. 
Mourhesrer AIJ7 JAD. and tha! fhe said 
Pefirion Is directed lo be beard before 
the Court slums ar the Royal Courts of 
Jualiee. Simnd. London WCSA 2LL. 03 
Die loth day or Aunt 1979. and acv 
ercdilor or i-onolbuiory of Ihe seld 
Corn oa nr desirous lo support or oppose 
•be makfno of an <>rdrr on llif said 
Pbitnon mar appear al ihr llrac or 
, heating, in person or by bis counsel. 

or ine oivioena declared deem— ( i 

to bo navabfe out pr promts l{ 'or that purpose: and a copy of *h« 
earned In South' Africa. . Accord- I'Pethion «1H bn furnirtevl by Tbe imder- 

inoly a deduction In respect of 
this Us at the efTeeilve rate of 
14.97 per cent will be made 
Irom distrioutiono of the above 
mentioned ffividaad » members 
whose reotnered addrexres i» 
outside tn* Reoubllc of South 
Alrica and to oorsons surrep-e-. 
•ire c otmo ns de-nched - from share 
w^r^nrs to bearer Irrespective 
of domicil- _ 

»v Order oj -the Pn»m 
- 'U-KJ LfMiTFD 
London Soereurie* 

: siened _lo am- creditor or rnmnbutorv 
I ot ihe" said Company reoalrins surtt 
( copy on paymnoi of tbe rerouted chare- 
I for the tam.'. 


189. Rinssivay. 

. London WCSfl « PZ. 

ReL- J4RR. Tel: 8I-W3 9574. 

Folia tors for the Petit I oner. 

EXTERNAL TRADE — Indices of export and imparl volume 
(1975 = 100): visible balance: current balance: oil balance; term* 
of trade f 1975 = 100); exchange reserves. 

Export Import Visible Current Oil Terms Rest', 
volume volume balance balance balance trade U5$bn* 

London Secretarial . 

Princes House. 

M Grecham street. 

Lo n don EC2V 7BS. • .- 

UNM) Transter Office 

Samvel Registrar* Limited. 
6 Greancoat Flaw. 

London SW1P 1 PL. 

8 th March 1978. 


! 4*o Redeemable Cuoailatiya 

Pref eranca tub-shaios or FL12 issMd 
i by N.Y. Nodcrlandscfe Adminhrtrme- 
, on Tiii fin ii U i, 

I ■ The * rco ns halt toarfy dividend for 
! ■-1977 or ffl.8.24) Serial No.. 63 
' will be pale on and after 3 April 
1978. To obtain tha dividend canL 
I Scale* must be listed on listing forma 
■ obtainable trm« -one of the foflowino 
* banks. Tbe 1 4 ting larji Includes an 
1 .undertaking to. mark , «io cortiffcaiea 
{ wMch need not b* lodged with the 

i Midland Bank Limited Now Issue 
Department. Mariner Home, pepys 
Street. London EC3N 4DA. 

Northern Bank LMiteg, 2 Waring 

Street. Belfast BT1 22E. 

_ A fifed irtsh ' Bonigt Limited. Soeuri- 
tfes DeoartmaOt. ■>» Faster piece. 
Duoitn 2. 

Clyaeidale Bank United. 30 .St. 
Vincent Piece. Glasgow. 

Fuller details of the dividend may 

i «u I ■ abore-nanfed nnrit-e In unims of bis 

. w. -numphries I ' mi^niion so to do. Thy notice muu slat* 

I tbe name and address of the person, or. 1978 
j if a firm the same and address of Ihe Jew iio - 

* firm rod man be sicned by U» perron « . ' 

I or firm, or his or iheir aolicjtor nf;anyt 

; and must be served, or. if posted, must ciMiMr-iTr’ 
f be sem by best in sutfideni lime to f LiAISUAl^- 
irHCh tbe above-named not later than ID Sterling TO t 
Libor o-clortt In ibe a/wraonn of the rate): dOmcstii 

)T*JjgjLg E5 LJg g- — r inflow: HP, n 

i Chancery Division Conwmd-s CourL In 
'the Matter of rvTBG RATED- RECL aMA-- Ml 


i LIMITED and In ibe Mailer o T Tbe ^ 

■iCmnpani.'S Act 1977 

, XOirce is HEREBY GIVEN dial a tj., mr V t 

iPeiillon for ibe windiRB up of the above- _™ 

• named Company by me Hljlj Court ol “ na W- “•* 

Justice was an ibe tst «lay ot Match. w«£ 3rd fjtr. 36.7 

Presented lo ibe uld Court by FOSTER jjh otr jl 1 
VEOUAX LIMITED vboffo r? {Mitred cL„* • 

nffiop is 91 Ton- Works. East Cfauudre, 

Shepwn Malieu Samarwi, rod Ulil tbe OCt. 35.6 

said Petition is direel <*d to be heart Kov 41-g 

before me Cow alSius At tha Royal n *n' g,. 

Courts of Justice, Strand, Londea WC2A ^ ZI -> 

CLL. od [be 10m day or April. JUTS, and 19«8 
j any creditor or oontfSburoty of the said Jan 24.4 

T Courmbt deslrons to support or Oppose p.v' 

: the tnakinE of an Order rni'lhe *ajd 

1st qtr. 




— 335 




2nd q(r. 





— 745 



3rd qtr. 



+ 46 

+ 495 

— 602 ■ 



4th rftr. 



+ -65 

+ 500 

—657 . 






+ 52 

+ 202 


101. 6 





+ 65 








+ 71 

+ 216 








- 71 

+ 74 


- .103-4 





— 324 







in sterling lo (he private sector flbrcc months' growth at annua! 
rate): domestic credit expansion (£m.); building .societies' net 
inflow: HP, new credit: all seasonally adjusted. Minimum 
lending rate (end period). 


' • % 















- 8.8 

5.3 - 











■ S' 



. 20.3 






14 3. 



• 1^85 






. 122 




















8JI * 







. 13.4 


38S . 


- 6! 

I hart sub-Sharep will be C LOS SO t 
from 17 to 30 March 1978 both ' 
( Hates inclusive. - < 

• Exchange at O rigin al ftiarag lor 
Certlhcates ef aoo vice 

! versa altar IS March 1 B78 will be I 
I on - El Dirltieo^i bom. 


ADM 4^sssr^s 

London Transfer OAec 
Uniiever House, 
ftfocklrian. ... 

London EC 4 P 4 *Q- I 

7 March 1978. J 

'S^mwK^o^VSliSf’rf.I commodity index (July T952= 100); Ihide weighted yaluc of 

ihe Tcgniairt charge tor ihe same. 

S’prirl. Un-ion ivrajl LIU. 
Ref: PW-'Flfi. Tel. 01-351 SKI. 
Aci'OtK (or Bmes S vim on & Co. 
of Bristol. 

Petitioning eredllun solicitors. 

sterling (Dec. 1971=100). 

most iirt? n or send by dost to the 
a bo vp -named, nonce In vnwig of bis ' 
{mention so 10 do. The ooriee musL me 
t&e ttajnv and address nr Hie peren, or. 1 
if a firm, the name and address of ibe 
firm, and must be signed by ibe person ■ 

I > or firm, or bis or ihctr utlldior (tf anyi, I 
rod must be served or. if posted, moot 
he arni by post in snfndcm time to reach 
\ the aboee-oauird not Ulrr utan rour 
i o'etoeK in the afieroaoB oT ihr Tib day . of 
l April. 1978, • 






.mnfg. : ' 

RPl 1 " 


Foods* comdi.v. 



1 ■ ‘ 

• • 

1st qtr. 








2nd qtr. 








3rd qtr. 






23 9 J 

61 .8 

4th qtr. 










338.1 • 


























273 3 





Jan. •• 

324 J 









. 224^6 . 



seasonally adjusted. . 



Financial Times Thursday March 9 HZS- ^ 

■ •' • • - ' -vi?-.:" 





r + ov] 








Steadier tone persists in early trade 


NEW YORK, Hard* S. 

SHRUG GL\’G OFF dollar weak- 
ness abroad and uncertainty 
about the energy and coal strike 
situations. Wall Street held to 
yesterday'* steadier note this 
morning with prices looking 
narrowly mixed at raid -session. 

The Dow Jones .Industrial 
Average fluctuated a little to show 

Closing prices and market 
reports were not available 
for this edition. 

no net change at 746.79 at 1 p_m_ 
while the NYSE All Common 
Index was unaltered at 54S.62 
after motie? in similar taxhion. 
TnrftOver increased modestly to 
13-S7m. shares from 13 Jam. at 
l pjn. yesterday. 

Anaijists said, however, that 
the steadier tone is not likely to 
tart, unless there is a sharp 
recovery of the dollar and a brea-fc- 
tlirough in Congress on the Energy 

Among companies reporting 

higher earnings, Woolworth rose 
} - to SIS. and J. C. Penney were 
up J at S34J: HL J. Heinz, which 
raised Its dividend 4 cents to 40 
cents, put on ; to SS7J. 

Actively-traded International 
Business JIachines. after yester- 
day’s $32 rally, resumed its down- 
ward course, losing $3} to $241!-. 

Gold Mining shares remained 
strong on the jump In Bullion 
prices overseas. Dome Minos rose 
li to 569. Campbell Redlakc 1} 
to S-tfi-I, and Rosario Resources SI 
to $22. 

Teiedyne fell 1J to ST 13 and 
Standaid. Oil of Ohio 11 to $60. 
Pa Pont, which is suing Beckman 
Instruments over patents, eased 
i to $1002, while Beckman shed 
! to S2SS- 

Value lodes regained 0.27 more to 
123.50 in reduced activity. Volume 
152m. shaves -(1.76m.). 

Houston OH and. Minerals, the 
\-olume leader on the ,Vmes, 
recouped a further J to $22$. 




S rocks Cloctnz 





Kermccorr Ccwoer — 




Tropicana . „ 



— ir 

Hovrard Johnson . 




Amor, TeL and Te] 




IBM' . 




Ryder Systems ..... 




Fort Howard Paper 



+ 1 

Onpral Motors 












Canada higher 

A further improvement 
occurred on Canadian Stock Mar- 
kets in a fairiy active early trade 
yesterday, with Gold* featuring 
strongly on higher Bullion prices 

-and advancing 43.2 to 130OS on 
index at noon. • 

The Toronto Composite Index 
added 1.0 at 1.021.2 and Papers 
0.25 at 95.19, but Utilities shed 
0.32 to 163.31. 

PARIS— With only -three trading 
sessions left before the first 
round of the French elections. 
Bourse prices retreated af**sh 
before recovering on late inter- 
vention by institutional investors 
to fin with a majority or gains 
on the day. 

These were headed by Sacllor 
and Usinor. which advanced 
around 5 per cent., followed by 
Schneider. Sagem, L’Oreal and 

BRUSSELS — Local Issues again 
showed no dear LremL. although 
trading was livelier. 

Intercom, which announced 
plans for a rights offer, declined 

10 to B.Frs. 1,835. 

VielUe Montague retreated 20 
to B.Frs. U156, but Sodete 
Gene rale Basque rose 90 more to 
BJrs 3j93 . 

AMSTERDAM— Shares remained 
irregular in flow trading. 

Hoognvens and Royal Dutch 
eased a 1 KtBe in otherwise un- 
changed Dutch Internationals. 

Banking and Insurance stocks 
held to a firmer course, with 
Rationale Nederland en ending 
FIs .2. 60 higher. 

Bo Is. Deli and Gist Brocades 
were notably easier, while 
Pakhoed. awaiting the 19< < 

results, held steady at FI&35.20. 

GER3IANY— Market generally 
closed in firmer .fettle after 
encountering some large pur- 
chases from major Investors. 

Banks were led higher by 
Deutsche, up D112-50. while else- 
where, Siemens rose DMl.iu. 
Rosenthal DM5, Harpener DM4.50, 
and VEW DM240. 

Dcmag added DM2 after the 
company stated that 1977 proms 
were above the previous years 
level, but Unde shed DM1 follow- 
ing news that Its dividend for 
15177 will he unchanged. 

The success of the medium-term 
Kasscn obligation Federal note 
issues, which resulted in accept- 
ances worth DMLTbn.. helped to 
stabilise Public Sector Bonds after 
recent weakness., prices closing 
narrowly mixed. 

SPAIN— Market continued test- 
ing new low levels, the General 
Index sinking 0.94 further to 89^. 
Galerias Pretlados remained under 
heavy pressure and receded 
another 4 points to 74, still reflect- 
ing disappointment with the 1977 

results. Pajsalera Espanola were 
also over-offered and declined 2.. 
to 47|. 

SWITZERLAND — Share prices 
rallied slightly in moderate 
trading -following the recent 
marked depression stemming from 
the- ban. of foreign purchases of 
Swiss securities. - 

In Financials, buying at the 
lower levels was particularly 


rr.y.s.E-tALL common 




Mar. Mar. : Mar. j- 

6 3 i 1 


Ruwsmd Fall* 

j liar. 7 1 Mar. (= Mar. 3 

RteH I !<■» 

. Mar. Mar Mar. , Mar. 
7 6 3 w 

Mar.. Pet 1 . 

1477-78 Sine* i-oflipitai'n 

48.52 48.67 48.B7 48.60 51.01 , 49.37 

i : «a.'l,77i . IMW 

lime? traded... 

1^37! 1J336 . 


m»e>_ J 



Fall? ■ 

919 ' 

942 . 


Voebanaed f 

484 1 



Xew Hi£h> : 




Sew Luits. 1 

. — 1 



1 ; 23 | High j Low : Hu>5i . Uw 

tn/iuifcnal '746.75' 742.72 74?Jl' 7«.<S 745J3 742. K 3BSJ& 742.12 I 1051.(1/ <1.22 

■ ■ i (i;WT •Se'i-tW U l-W. i£ ?,«■ 

H'meB’ndi*, 89.62; 83.E8, 88.60 88.46 89.48. B8.4S 307 «S M , - ! - 

. . • cTj9» k26/1 

, . (7&f k26/lr?8»; J 

Tnuuport-. 198.60 189.76 201.66 201.84 201.11! 201.40: 248.64 189.50 I 275.88 13.23 

Ltilitfe*. 'W.sei 182.72 105.86 102.46 105.65! HNU6> 118.67 ! 102.64 182.22 I0JSS 


Trading > 0 i: : 

O-Ve f 19 .990 17,230 20,120 20.280 21,010 19.730 - 

!/a2.-2-18'!aj'i4S. (2£.-M2> 




t Mar. " 

! 7 

Mar. ‘ 

Mar. ! 
A ; 



Hi^b ■ l*>ir 

! 165.01 
• 174.70 

1 74.60. 





I0E.47 717.3) { 13342 
H7.«5 09 >1-771: ie.60 



TORONTO (Ajoi[*r»it^ 1020. 1 




10E7.4 / 19./* ■ ?bJ.0 



' 206.1 


206.1 - 

203.4 1 


aw*/ | 


Ind 11 lira le 



198.8 ; 

i9?.2 ; 

214.4 >4-U7()' ! 184.1 

1 ailto 

* Hams of iMn efla ruled from Avrafl 14. 

* Mar. 3 

• Feb. 24 Fefc. 17 . tear ago ■ a ppr 



■ 6.14 6.13 4.43 


' : Mar. 

• 7 . 

d | 

Mar. - liar. 

5 2 ' 

Ibii-i: -yroro Ujmpi iai - n 

Mar.; Pot.. : — ‘ — *’ 

L ' 23 Bleb • I.n • Hl^i* . l>.w 

: 86.06; 

i » 

fComiKMfte 1 87.36' 

• 1 



90.16 es.02 1 

67.49 87.32 

8548 95.74 Ilew2i 95.52 * 134.34 ! a*2 
fo.I/Mi I ffi/STOi ;'11.*L.'15--3C>4;3ati 
87.19 97.04 19749 B640 i 125.4= 4.40 

•5(1 ’77t (6l3f?£) 711.1 '74* 14.33 

J Mar. 1 

Feb. 22 Feb. Io . 1 wr ns-.- -rappcA.i 

luLdiv. vield % 

1 5.67 

5.47 5.33 - 4.15 

In 1 . p.-h Ratio 


8.45 j 8.57 ! 10.85 

tonj 6 nvt. Bond yield 

• 8.23 

8,27 8.26 ( 7.76 



l-n-v till- i . I.-* I- 1! 

inur Uii'h J>>* 


t-re m i is I nn n 
ri’ifl- Hti>n ; Lra 

AaBtralia<V wi.2fi 
Belgium G 35.12 
Denmark ** * 37.53 


eonnaayiii £02.9 


430 j«l 


iglji 62.3J 
m. 591 Ji 

Singapore 1 271.7*5 


44L44 *i+. Ho »lceO 
fo I. leHW--S-7"f 
35.15 9a. 1? -AJ.-io 
I'lJH.Vf itil'l It 
97.25 UiAe *4.00 
:j, 6 , •.'B.'S.'ii* 
bl-3- fe.4 4.*.*’ 
.f"I 71}. tlotfj 
BwJ.l illJ . (ILx 

• ywr.di 
79.5 1 ftijf , n.» 

' (4 oi | fiaf.di 
421.80 425.17 I 5=,'.44 
\ 1 : {U,1 «• 
< 6 .U . z*J*J 
591.68 ■ jh 2^5 in..*- 
I >4 il; 

2i0.60 71.76 

.8(5(781 (5-0‘ 

SuaJn ><• . 95L53 £9.Gd 

-c-j.lia (5,<3/78| 

Sweden '*• 555.54 ; 2dl^Si 4_it.-sr . — 

Swit/eri'd 2£3x 

(28 o' .-:J4.-lli 
286.9 i'-si.i - ft0.r 
•(* i t- . a..- *77 


luniL..-> anJ baae darva tali r *«>r values 
UW -sL-epi NYSt All Cornmoo — at' 
SlaMarrls ana non — U 1 und Tanram 
tun- 1 .\Jtni. rhe Iasi names oased or 1973' 
r Hadialinu MHOS. 1 400 Indoicriola 
I 40U liM» . *8 Uuttnes. m KmaM» an.l 
2ti Traiwoorr. 1 5 1 Srtrn-: v All Orel 
iMRohiuo SE 3I/1S/83. ' Couennaaed 

.SE M»TS. ml Para Bourse 1961 
■ Comoit-nbanx Drl.. IS33. >;*' Amam 
dam. ludusmal 1950 .• >r »Hans San» 
Ranis 31*7 «4 Milan C'l/f3 .*i Toavii 
Nf» SE 4.i*w. Ibi Straits rinws lWi» 
«r» CUisr >dl’ Madrid SP Vt. iJ/TJ-bintfi 
and low lor UP* only Srodtlmlm 
Industrial I-P8A (f> Swiss Bant* Caro 
tn« Unavailable. 


Iov. $ Prem. at S2.60 to £— 83J% (85i%) 
Effective rate (at 1.9340) 373% (38%) 








’ I 



A Unx'ii Lit«> { 

AdrtreaaoKtapb —I 
Aetna Lue£Caw| 

Alt Frt^uuu : 

A tab.'. -« 

Alt'" I 

Allegheny Liaii.. 
Aile^benr Powei! 
Allied i.'bemfcal.. 

A i!m Ubaimen— 


Aniwada Hen*.... 
Amor. Alraw — | 
Auer. Brand- _. ■ 
A 'per. BmaduaH,' 

A Kiel. Lull 

Auer. Uyanamid 
Alntr. Ei«fc Po* - 
tuujr. Kvprew... 
Aroe'r. HnnwHrod 
Amur, Medina....! 

.1 :nw. .Nai. Uar... 
Aniu:. Srandapl.J 

Miior. rflrtltt* 

\inor. Iel.4 lti.. 

\ineles J 


AMP. | 

Millet— ; 

Ma-inv Hockinj;. 
\ubeuteT Bowb.. 1 
Atmeo -Steel ........ 

A.s.A... .. . — 

Auraen Oil. .. . I 

.law I 

AahmitdUik- ' 

All. Kwh Odd 

Auto fiai* Pit--.. - 

A VC, : 

AV» — 

AVt-vn PT'Iul'Ii.... 

Htu (4, Kiet*!.... 

Bank Immit..,. 
HanUntH 1r .S.V 
Haritn Oil. ....... 

Xaxier Tmr«iol.. t 

tfeairu-e V\- v l ' 

Keel on Pick «]**.■□ 
Bel. dc Horn'll..... 


Kfcwguei Lon, 'B. 
Kntijiebeni Mwl. 
black A Decker... 


IV.iiir (.'aailrit ' 

Kr^den ■— 

H-vi; Vanwt ; 

BranilP Inf [ 

Hiaacan 'V- 1 

Hmtul M.vm.^..l 
Hnt. Pet. .U)H.. 

Hruniwick ■ 

Hur^rna frie ■ 

Hurl. I 

Mu'.ova Walch ... . 
Uuriliupon Mho 

Hurnoujflia — 

> Soup... 

■'•Jiauian ftii'iA.-. 
'"ann i Randolph.. 

* uiulKui 

* an ict A Oeneni 

•barter Haa'iei ... 

*. I racial 

* BS 

• , e*oewL\.rr ; n...l 

* rabal & S. *v..., 
t. eruimw'1 . — * 

* anna Alrmtl . 

t NaaeManbaUan .■ 
(. (wnit'.*l UL.NY.- 
I’liteClirgh P‘-*nd.. 
’hiaifi*.' Bridge.. ... 


i.'hiyjler. j 

i % neranw 

Cine. Mllauron...,! 

L'Uwmik. 1 

Cain Service...- 
I icy Inverting— 

f.4va Cola — , 

total Palm. 

1‘olma Alkman—' 
i 'olombia On....! 
i-olumtm l*tn ... 
i.-o«bo«f»n Eng. 

* ^mhnatua Eq... 
r.'iuVtll £dl«*n 
I 'oitS’irtb Oil Re,': 
•-'Mam. SataHlte. 1 , 

Conrac.. .....i 

Coo. Bdiaon A.T.; 

Cauoi Pood* 

Camel Sat. Gaa . 
Conaoner Power 
Cnethtenul Prp.. 
Ceattnental Oil. 
Cab ttaenutl Tele. 
Cnatml I>*L . ... 
CAoper Indus. — 1 

621a , 
171* j 
2S1 S ! 


StMg - 
1 BU * 
181 a 

365a ; 

195# ■ 

24 Is : 

33 lj 


46 Je 
36A 4 
SSL . 
23 1 3 

22 T & 

27 la - 

18'. g 



34 If 

60 L 
16 i a 


l l : » 

23 -’i 


16 ij 
27. s 



301 2 



A. h 

4 la 

ana . 

0338 . 

*e ? B . 

ldif . 


2&J, - 
13 r B 
17i B 
5L ' 


32 L . 

luii '- 


16L ! 

48L ' 

44 L ; 

*6*4 I 

151* J 

32 ! 

28i* ; 
379a ' 

51^4 : 

45 : 

16/fi , 

236 : 

4Si 3 ‘ 
X23g • 
3fi*t , 
19ls ■ 

283* , 



35 L 1 
133* : 
37i* : 

213 1 

8 i» 1 

18. a i 

23 ■ 
k83« ' 
584 '• 


394 ; 

26 <6 
414 , 








445 4 
59 l 
24 4 
9I 8 
44 as 
34 4 




































32 f fl 



l UocnuiuG 
. UPC lotVuooal ! 

’ Cm nr 

Crocker Nat—.. 
Uuraniina Engine. 
Omt -Wright — „ 

Dana. — 

Dart Indnsinea.. • 


Del Meaie. 


Deatpply Imer... 
Derroli Eduoa-.. 
Diamond fbamrt. 
Diutapbooe. — 
Digiini Equips— 
Unmey DVeUi.... 
Clover Corjm. — ' 
llw l.!hemleni— .. 



Du (Vrtr — — .. 

PU-flCT ' 

I Laet Ain.ue*.. -. 
Eaelnun Kodak- 
6*1 ou— 

E. II.AII : 

hi Ihso Mill- Cm* 

film — ... 

Hnwrswn fc'leolru- 
hmbarl...— — -i 

Kru.-eibani — 


Ethyl - 


Kain-httd Camera 
Fe.1. Pepi.bnHe-' 
rtiesione Tins....’ 
PiL .Vat. Boston. 
Fie* 1 Van....—... 


Florida Poner... 
Fluor .j 

F. MA - • 

FuPl Motor 

Finent. at Ucb... 
r'ranktin Miut._. 
Fiefiwil Miners ; 

Frurbaui ..... 

Faqua InJj.... — 

U_\.K. — 

CBuneti— — 

(ien.Amer. Im...- 
O.A.r. A . 

t>eu. tatae— .... 
Con. DynanUct... 
Gen. fciuutnrt»._. 

U en ora 1 r<K-<J 
lieiipm. Mllia— 
General Motor" - 
Hen. Ptib-Utu — 
Ucn. blgnai — —j 
lietil Te>. tied...- 
Ueti. lj»- — : 

Georgia PacUu- ... 

Uetty Oil i 

Gtuene — 




(it. AttanfLeTe* 1 
Urt. North l.rcra... : 
OrGytanmd — — . 
liuir-s Weuecn.. ' 

Dull Oil. 

Hall burton . 

8*ona Mining... . 
Haimscbieger „ 
Harm Curp° — • 

UejtLs HJ — ' 

UeoUeia — w 




k4i fl 

















2b 4 

3b 4 
100 -*. 










2 ’, 







la- 4 i 






3u. a 




18i : 





22 .-, 



45l 3 














B4l a 




201 * 









02 .', 




67 ■* 
it 4 

M 3 




24n S 


13T S 







Mar. : Mar. 
7 6 

•J«lin<< Maunne,..- 
•U-bifei'ii Johnson 
Jubason Contro... 

K.Mart fawp 

Kal-arr ludu-tne- 

Kai-ei Step. I 

Kay ; 


herr McOce„ ! AVaifw..... 
Klmbeny Clark.. 
Kupjjerv..™....^.. - 

K.atl • 

luvger Co 

Len .Snails 


26 38 
314 , 
4 j* 

cl* . 
2/i* . 
48 • 
195* - 

294 • 
2c 4 ■ 

29T S 









27 4 



Ligseti (ritfup_.( 

Lliiy - Kill ' 

Litton In-iii-i 

Cuiiei^iar In.)-— 
L*>og l-fstul Ltd. 
Lunltlan, Mnrl. ■ 


Lunky Mure........ 

L'ke* Y'uligM'n u 


Macy It. II 

I Utr- Hanuvw.. .. 


! Minlbvii Oti.....' 

j Marine Midland.' 
I Marshal. Field .... 

28 1 0 
39»« ; 
13. 3 j 
1450 . 
16*8 ; 


32’b . 

27j a 


















2*i Je 
13l a 
24 4 
43 jj 

20. 4 
43 4 

- 18 1 8 


. 3&Su 

8 "i 
•42 L 


44J S 


a7; fl 




. 28=a 
241 b 
j 2410 
! 138 4 

• 194 

15t 8 



• 22o* 

Ml a 
36l s 
: 43 


Mai Dept. M ore- ■ 


Unl>onn>.>U.._ ...; 
McDuirnrii Dihjl- 

M.AItvw Hiu | 



Mpmll Lvin-ii... 
Mew I'euuiMim. 


51 iuiiMkvu-LMLu.' 

Mt^JI. t>Tp 


Morgan J. f* 


Murphvi.n ■ 

* SsMm.-" 

I Naleo Chemical..' 
' NatlonaJ Can ; 

elia • 
344 , 

£44 > 
lei* • 









26 >4 

14 4 ' 




14 L 
B 6 .& 

59 ie 

44s 3 







* 4 «0t>W 





ltd. tun Metai*. 

Hev rai.ila IJ. J ' 

liich'wjti MerreJt. 
K.vMwe.l liiiw..., 
Kohm* Haas I 



65*i ' 










Kuya Liuf-h j 

HTK .1 

Kins- Lue= 

Itvder S.vuetn — 
satemay ■•tt'irw-...' 
81. Joe Minerals 
51. Khrib Paper...- 
-saiita Fe I ml-.... Inca* 

•Tfnxen Inda • 

■ntIimi* Urenlmi. 



4or*t Fa|* 

•XWtl lira 

■Ajudr' Dikii V«rt. 

08 ; 

13S t 
58>a , 
264 • 
47 i 
34 ; 

1270 . 
89 | 

lb?*. . 

2Ufe I 
bU 1 











i “r 



• ICOTlHnrtli— .. 



! WvK 







' lai* 

iCniith Kadlr... 



I'.S.l tre? «-. l.-ri’ 


1 1 s.Tpf«?*4ilo.'iii t8l7* 


l.» Dar WIL.| 6.314 



64 Jg 



4oa C'«ila inert-...; 

Seagram _ 

-?carle 16.IC1 

San hawbuck.-., 


Shell OH I 


L'OI p ! 

■jimpib-Jt* PaU..l 

Singii'-.- --I 

-mith Kline. „...- 

Ssilron _... 

Mllfa-M II ! 

Snthrnoi',1. b«i.f 

soul been Co- 

-M111. Nou lie, . j 
bomhem IL. IH ., 
duiiMwm Katin ax • 

234 ‘ 
1138 ' 
245a 1 

5c 4 
111 * 
18 i 
1T0 f 
253* ' 
3030 • 



29 ’a 
30 la 

5U -i 
495 b 

Abitibi Fejjf*.. .-. ■ 

1 Ain»l«u Lae e ‘ 

i AtcnnAiumluiunr, 
.I'SmMn ..... 


Halik .4 IUlm : 
Hank .Vm n-lto 1 
tkisH- lie-out-et-..- 
Ben i«ie|.<h.-nc..J 
Bow Va,w-lud,fi 

UP Lsitcla 



L-'u 'tnrv Pu» er.... 

,'ainHr> Mine....... 

^mixtis Lenient. 
uaun.iH .NiVLamt]. 
tan ImpdnbL'-.fiTi: 
Lhmuia Imluid — 1 

LLn. I'lb ilK^ ...^ 
ltd. hu-ilii- Iov„ 
LWi. Hul«r Ol"i t ; 
Carling O' Keefe.! 
Jawlfir Au««iut0 

, .Nat. IJirtihen.... 
V*u 5cm. -e Ind.' 
.VsMunai Steel... : 

Nat. ens* 

nok. : 

Netduiie Imp... 

\.w Kurland K1.1 
Ni-w JsnplaiHl Id 
N'iBiitLni Muhairk 
Nuumra fbatv - 
■V. L. IwUlulnta . 

N. 4T. Rfi: IVeHpbrii 
> "rt b Sal. tide... 
Mhn Slalo l*«r 
Nrhttmi Airline- 

MhvM Uant-uri. 

N-irvm sHuiuu ... 

. U.-chJeniai Peuwi; 
! O-ilvy Mather.. 

jobiu Kdram 

Otm 1 

294 • 
94 . 
36(0 : 
25 >b 

ai’s , 

17 * 

2is* . 
IBI* . 
14i a 1 





















14i a 

Herrlcti Pwlatti; 

Holiday Inn« 



Hwrer.—u— • _ 

HuSon fliF-) — I 
I.C. IndnattlCo..-! 

ISA — 

loserwl — : 

Inland efcecL , 

IihUcdu...— ; 


I Wf.:.— 
Ind. Harvester 
IniL Mini Chew! 
lnt-L MulttWwi*-; 



IPG : 

(nt tactifrr.- — - 
In*. T«L 1 * 


lovaBMt— -- -i 
IL' l^ternawmal-i 
Jma'Waltet— . .1 

24 • 

llhr ' 

103* , 
254 ■ 
37ia '• 

9550 1 

124 • 







HI ; 


27 1* 
29 ly 




11 1 2 

56 l a 
' 127a 


' autg 

i 274 

: 3920 
. 2ls 3 
I 13l s 
I 35ds 

; 27 

’ S'! 

‘ 871, 

* -- 1 '« 

. 29» 4 
' U4 
I 2T. a 

Ovanea.i4hlp.. .. 
Ocvns Comhip . . .' • 
Owen-j llliHi(hL.,' 

-Paiani: Da*. 

Hu-Uh: Lurbtinjj..' U....: 
Patter Haonlhu. 

1‘ealvly Ini 

IVin.Pn-.* Lt- .. 

Potmznil 1 

1‘efple-- Diu*>... . 

People* li*« 

IVyulio. _ 

584 1 

1978 ' 
4 >8 
U14 ■ 
3350 : 
2bSs - 
74 . 
25 1 

207 S 










53 L 

Pertrtn Blmri.... 

. Pel 

( Pllxer 

! Phelps Dc«ae~...I 
I Philadelphia hie.! 

■ Philip Mtvtis • 

I Philips Pewnt'n.- 

> Pilabury..^ 

1 Pitney Bowes — 

l Pttwirm — 

Plaraey Ud AiJK. 

I7r P 


I7r a 
184 I 
18 Tg : 

214 : 
lflr 5 • 






06 4s 

2b 4 





Potarcnd ' 

Potomac Hlec^..; 
PPG loduttries-. 
Procter Ctamt'le,.i. 
Pub -4erre SleoU-j 

Pull roan.. .. j 

. Pure* 

| (juaber Oats... 

! AimrinoJ 


1 Rejmbln.- bled— .i 

7548 ; 
2113 ; 
i6k ; 
3lki : 
7‘( : 
557s 1 

24rl0 1 

893a i- 













.Hmuh Ian. ... 

1 Unn-luirrs. 
Sperty Hutuh. — 



sUD.Ixr.1 Uran-lr 
Sid. Oil Indiana- 
Sid. id/ ohm.. ... 
-Isiill Cbennuil... 

.•Merlin* Dm*. 

Slihidaur • 

'.nil U> 




i'e!il7>ejii ' 




24 I 



5430 . 
Z5 | 
1 :3 ‘ 
375a l 

*MB0 I 

6i ; 




a97 B 

54 1 a 

kS3» - 

23 7 2 

57 (0 
44 1 2 
12 70 


73i a 



32 s s 

5 4 

I'eaon. Pet roujuni' 

I'eui-v • 


LeKu I tun 

Iea> till A La- 
U-xes L'MlMic* ... 

I imv In#- - 

Tin>£« Mimir 


I nine 

1 iaa*meri.. i a 


Tnui» I'nion 

Tratntrav lut'rni 
Irene W,.ri.l Air. 


I'ri LoDtlnynUI .. 

n-4 ' 
15&s • 
23 is 
414* ; 
314 , 
1:4 - 
184 '. 
54 J* I 
1830' , 


















i.itw — : 

MihL-rauirt Fw 

L.VL. • 


LCrL...,-. . 


Ini levm ■ 

CmleverA V....... 

L'mod B*uotj.. ; 
Luir-fl CarMde.. . 
Liiuot I'oMincii* 
i-iivjo U|' C-eiil.. 
L'nkm llintir : 

19 Ja 
nr lo 
» 8ij 

4LI 9 
Bi Is 
at ia 

Lmmvai | 

Lnltfd Braude-. 

L'6 Hstvprp. 


C-8. Shoe.— 


I#, l'et Jim ikMpea.. 
C'V Iniiutries-.., 
Virginia bhsd— . 

W&Jsreen. ... 

Wsmer-Com ran..- 
TVVuTten-Luutwn m 
IV utcUnn'menli 
Wrt b-Fniajj 
Westerti Bsmun-. 
Western >. Amet : 
Wenern Lokn . • 
IVeitinatise Llfccil 







1 53, 

19 Tg 

3- 4 




28 3 q 
a 6 
45 ?8 

1150 I 
64 I 
85t b , 
174* ! 
48 _. 
1970 . 












In . 

17 ! 

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90 7a 




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L'-.mms.-'. ^ 

Ufiis UalhursL—:!. 
CedisuniPi |nhu»! 
L#*#;La ICeueituei 1 
C-w(itin IIIi-Jj.. ..,J 

Ltaniwn Mm** ' 

Lk-ni*. Mines 

l*.-iii* Ftnruleuiu! 

• '■' bn. lye! 
















- 23ifl 

• T t3* 

s9 4 


. 12s* 

: 167 B 

»ni lel.wtmJlB 
ib Oo Lauo-ta-I 
iwiier -ML c«n J 
"■'•mer 4 

OeilUHr ^ 

•.iinni lei.wknllB 

LrUb On 

U-iwker ■ 


K'juif un ’.I' 

Huii-^ii But M nxt 
HiMhui liny..,— ! 
H.hIvoh ij,'; n Uati 

i-.LC ; 

I I'M MX. - —I ' 

l/nporuti 'hi ! 



„ Sr * 

in.ia .'.-i- lulg 

lnlauu .Nil . Oa»:.( . 10 .8 
Ins ,.r \ HijwLlntf- ' |3Ta 
kaiwr lar'a 

Liunn'i FniLutT'i : . *4 
U*-«w L'lili. ■«.■! 4. 9'j 
Mc‘iiii..'n u»«tlM ' .164' 
M ''Sfr>- Ker^uMitr 1<.4 

.UcIliUri- | 224 

Mowe ijui|*i..-,.: an 
>>jraii'U Mioet...:’ 224 
A'.rwsn Liihi^* fib , 
AUhl. reidum....; 15^8. ■! 
Ann iu; oli a Uu 1 19ta 
LHkuuwJ Mttr'riJ. 9.00 ' 
HaiflMKUwvrM.' 1.88 1 

IV.-lh. Petni.eiHn’ - ; 8 ! a ’ 
l^u. C^u Pei’mJ *94 , 

Fa* in*. l.Ho-u ■ 

Ptojiie' Depi.S-'.t 4 ' 00 

Pis.T |-« \ til.- vj [2 : 

Plm.vrUe'eiofiitir 20 70 
POBerCoiiuirai’u'. 1U4 ‘ 

rtTv— U5a 1 

Vl'iebta- .-luracui l^O 1 

ItaUKer ( in ' 3678 

Hew I San 9 ■'■ 

III" Al^nni ' 954- 

ICu.VBlUL .01 Can.' 98 
Uoyai inni _i 17 •'! 


































•. -bl 
It# 4 
I. SO 




H’wtatli.u., f 

WeverhaMMM — | 

Wuiriptwl — 

wtrlte Goa. Ind ... 

Willteni Or 

nueomts kieet ] 

24 h ' 
214 ' 
Elia ' 
K04 . 

£6ag , 

03 t 3 

I67 3 


See [A re i{‘*otin 


dbdl Uanwin. 

Sberritti*. Mlutal 

Biebeun o. u : 

, Mm^eiDv ..' 

}3teci ut Canada-I 
^leepfiirj. Iren- 

Ttaaeo Canaiin.. j 

Fidunto Ltom-.yjf.T 
IratisCan HipeLn' 
Frans McmnLCNu; 

niML ( 

Cabin (ns -..j 

L-wLSibsw Mine's 

ffs/ker (fliniD-... 

. Vwt itan Tm-. 

1 lVnmi .. .-. 

3 . 

140* j 
4.43 f 
. 284* . 










14 Ts 
9T fl 



. 5a 


•* AswnriHJ. » BW. - A 
S Traded. * Kw Mock. 

active, with OerifkoQ-Buefarie 
Registered and Sodete Interna- 
tionale Pirelli staging a usefm 

MILAN — Stock prices wilted 
across a broad front in moderate 
activity. • 

TOKYO— Share prices were 
easier for choice in mixed trading 
with export-orientated issues 
making tbe worst showing follow- 
ing the Yen's appreciation agabxsi 
ihe U& dollar. Tbe Nikfcei-Duw 

Jones Average declined l&62 "to 
j. 190.62. Volume 350m. shares 

Toyota Motors lost Y12 to YSSS, 
Toyo Kogo YS to Y322, Victor Y60 
to YL2I0, Matsushita Electric Yd 
to Y625, and Nippon Kogakn Y5 
to Y3S0. ■ 

However, speculatives, in cla ding 
SBtsumi Electric, and Pharma- 
ceuticals, met selective support, 
while Foods also gained ground. 

HONG KTOXG — Secondary issues 
attracted buyers, but Bine Chips 
tended to weaken. 

Hong Kong Bank declined 30 
cents to SHKI7.20 on Overseas 
selling, while Jardf ne M atheson 
receded 20 cents to SHK1230 and 
Swire Pacific 5 cents to SHK5.69. 

New World added 2 cents at 
6HK1.54 in firm Properties. 

JOHANNESBURG — Golds were 
mostly firmer in fairly busy 

Elseivbere, De Beets featured 
with an advance of 28 cents -ro 
R5.55 on satisfaction with the 

AUSTRALIA— Markets displayed 
a firmer Inclination, with 
Industrial leader BHP gaining 
another 4- cents to SA5.-M. 

Woolworths rose 6 cents to 
SAL59, while similar improve- 
ments occurred in Carlton United 
Brewery, SALTO, and C. J. Coles, 
SAL85- ' 

Leonard Oil put on 3 cents to 
23 cents, while Wood side hardened 
3 cents more to 76 cents. 

In the Mining sector. Central 
Norseman added 16 . cents at 
SAfl.46 and Bougainville Copper 3 
cents at SA1.02 but Hammersley 
«hed a farther 3 cents to SA2.05 
and Utah eased 5 cents to SA2J5. 

NOTES : Uveratfi* gnea siuw& oeiou 
excltuta 3 [MBiuiisn. Belaaaa dtndBidi 
to* alter tviiUiiildina tax. 

4 D&I5D denont untass ortterwlsa ssatea. 
V Pus.300 damn, unless o»6en v lS 0 stated 
4LKr.i«9 -Oman, dries s o.Herwtse sratetf. 
v FrsJKO denam. and Bearer shares 
nUees ntberwise stated. V- Yec SO denoni. 
unless otherwise stated, tf Price at tune 
a» soapeastou. o Klortus. bSchnimas 
r Cents. J DmflOTjo alter psndmg njhts 
and/or sens issue, e Per share, i Franca 
a Grass, drv. %. h Assumed dividend alter 
mp aotfAir rtsbrs tssne. k After local 
taxes, in *• tax tree, n Francs: iwetnitina 
1'iiiUc die v som. a Share snttL »Dtv 
ud yield exclude soccul uaymen*. t indi- 
cated dw. h Unofficial aradiss- eUtnontv 
holders only, o Mercer pendna- * Asked 
* Bid. 5 Traded, .t Seller. : Assumed, 
tr E* ritflws. t«1 Ex dndttamt xe Ex 
wrtp rsnat xa Br aR. a Interim since 


Speculative pressure moved 40 8LS335-L9343, a fall of 33 points 

the Japanese yen in the foreign, on the day. . ' M _ 

esxshaage market yesterday, partly 'Gold- rose $2} to »88t-lB0. the 
as a reaction to recent measures highest ' closing level amce further ftCTslgh. moBey- December 30. 197L ... 
moving into Switzerland and fears 
that similar restrictions may 

ta fine otmnl 

ttnder consideration . in Germany.' p-Cj 

Interest has therefore turned 
towards the yen, since the scope., 
for a continued appreciation.' of 
the Swiss franc and D-mttk. 
against , tbe dollar is likely to be 
more limited. 

- The dollar opened . at . Y23S2o;- 
again st the yen, and fell to 
Y232.7S. before improving to 
Y234Jto at the. close, .compared 
with. y235Jfl on Tuesday.; 

Japanese commercial hanks in 
London may have intervened to 
support the dollar, as agents for; 
the .Bank.- of Japan, following' 
earlier intervention by the central 
bank in Tokyo. 

Market rumours about- a Tetimr. 
to work by some TJ.S. miners was 
probably behind tbe dollar’s late 
recovery against major currencies n iDocnirv RATES 
It rose to DM2.02374 against the CU BREWPt 
D- mark, from DM2.0 IS2^ on .Tubs- ' 

day, and to Sw.Fr8J.8825 in Qetms 
of the Swiss franc, from 


Mu. 8 














Sow Strc’fiDs. SSSta-eOta 
Ozd &yrttpiki?m«Ja-61ift 





l i 

CWdLCcto*^. ; 


. IlfclOO-lOii !«9944 
FwSOTten '5884-80(3 

Old 8otv’gWj1wB4-61 ta 
- !(£305*^14) 

833 Fwfttw— iS998^01 





Mar. 8 ’ 


1 * 1 



. CL 

I Spectali 

Morgan Guaranty's calculation SZJi'T 
of the dollar’s trade-weighted- de- Ss/S>1tar“- 

preciation narrowed to -5L41’. per Ckmcdu«ix 
cent from 5.47 per cent, but. its Ainmta «* — 
index, on Bank of England figures, 
feU to 90.0 from 30i - ... JSSSSSSS 

Sterling's index, as calculated Dou* guilder 

the Bai ' ' - 

by the Bank of England, was un- Fzeacti cntm-. 
changed at 63J, after standlzys at u»itan.um_. 
65J1 at noon, and 6i2. In the &£££*££ 

^The^pound touched a best- level 
Of 3L9390-L9400, and Closed at -Stria* franc. 

{ Rates slrest are for ccsracrtfiflc ft 
ntasdii mac % 


Mar. 5 : fcraokturt, Aew >ork j - Farik 

12540 wimoajo 

Sew Sm* ►- «i«-3S- ; - I 20884a 

traasmrlJ — 2J012540 

zsisa s.«».7e95-iPis: . 

HTOBeta : Lsj? 1E7 l.ilJMl [ 6fOS8 


Uoctanu.-! iJd d2 

imtfM. m . ■ Kff.iae-sa 2.1402-97 (44.0^ 
Ziirtrti, 83.445-SS! UB3S96\ 5B. 

UnuMla ; London 

1395405 3LS «?-«&. 
iitaiC^O :L9o6b-B57q 
16211-340 < 9^6-27 
- i «J.79-&4 

0OSJ-W I - . 

™E4064St054 JB2S-IG79 
l fi.0044-OS6l-3.t ; 6468658. 

A. mat'd' m i 4unct> 

9li«66 \VX£*-7S& 
465034 f 3.05- 15 
tt2^3-afl 2&3.4I-9I 
14.59 -66 { 1686-74 


“ ] 1 Kota* fiat 

Aigmtiiraj 7538-1S40 ti 

AoatraltaJ 1.6888-1 , , _ 

Brazil 1 BefetumJ 8 

FinlanU.Z?. 60D4L6! 1 

Greece | 8 a.W/-?l- 2 Sll( 

HooeKcoigl BJlUAStj. 

Iren ( QS-Ua | 

Kuwait OJOa-OHft 


\\ mV 




87A5M9t - 

CJs. 9 in Toronto CjS, 9 = 112.42-40 Cauadtan cents. 
Canadian 8 tn Sew Yorfc-ESJ0OS2 rents. l T J?. S In Milan 85L50-SD. 
SferliO" in Mitan 16SQ2K4fi&LcO • Rak* fur Mar. 7. 

Malaysia ‘ ... 

K.Z«alawLlA7tS-tt._ _ 
iwudlArey l.totbeiroll 

.. , -= -S54J6W|.NocwayZJ 

6. Afri».^1.668?-1.885ei^rta»J_| 

L'amda.*.' 1 RJwfta 

CS1 J, >UM.. 



Rate clwn for AmentUu Is a tm 

Mar, 8 . dtertlna 

UoUur ' j 

tdberi term 63a-6Sa 

1 days nut ii-t- 6U-64, 

Jlanti) — 6*4-7 

Knee nmarb^ VI«-74 b 
six OK-urtot. .. 4-8I4 

i>ni* rear 8 Ja-8-.t 






73,^1 b 


Out Men 

7-7 U 

bi b- 6 sr. 

A,l-6 U 

6i 8 -6ta 












T5nc nwntii" i tUreeimi 







Now 1'orkH.lD | 
SLwtttval .’B-tSa oiKii-JMSdW 

Enro-Frencft deposit rates: nra-day lOSie-llWts per cent; sewaNday OFffl py 
cem.; onc-mcmih US-143 per ccql: Uuee-montb DUu-Uliu per cent.; BPDtBQ 

13- lli per ccnL; one year 121421 per cem. . „ 

Loos-lerm ExuotoVar drawsli*; bra rears s-6i ter ceax,: time years S5a-fi3 » 
per asm.: four yean ai-Si per cent; five rears s«44 per cent 

Tbe (olUnnna nominal ram were quoted for London doflar certificates of 
damn: oor-mnnUi 6J&-7JI5 per cent.; tbree-montb iJJ5-rd5 par can.: ax-mnth 
7A3-TX5 per cent.: one- year 755-7.55 per cent. 

* Rates are nominal calUn g mea. . , ' /j 

t Short-lcrm rates an can -for iterunz, U^. dollars and Canulian dollita wo 
days* notice tor Bidden and SvUb francs. 

Aattut'itani 4 C40WI4 cJb- 
l!ruiHeln_;S pnt-5 0 dl* 
Cop' nhgn.j 715-94 ote-dle 
IVMK tnt > pf . un 

LJ*bon.„47D-iaO>. dta 
Madrid .^.'BO-lSOc. dll 

Milan ‘9- IB liredb 

Oslo )45j-6A| crodht 

Pam — c. Ola 
dteUh>’Itiii4-94 rradla 
Vienna — cro4U 
Zurich .-~J2J*-U* c.-pm 



1641 r. ran 

1V5J* pi. 
19Q-270 c 
17-26 >tra. 
43M3i a 



MS And. 
1678-678 O. ; 

Stx-month forward dollar lUSASSe 
12. month U3-T3c pm. 



Mar. 8 

Price-* + it .Dit. Vld. 
tint- - ' % % 

Mar. S 

(“Price*! +W Div. YM. 

I Yen I- - I S ! ‘ 

88.7 * ns 
483 +9 

157.9 +0.5 

1383 *0.7 
287 4-1.6 

323 +4 

165 -15 
231 -f 2JJ 


307.5 +0.5 

276.5 *2.5 
161 'h-B 

309.9 *2.5 
250 *1.5 

144 —1 


■Vlltan* Vewk-U... 



H»>ur. ' 

Haver H.vpo 

Hay ci 1 eretmblt 
•-'i (m I nt..\«I.trrT«" 





IHnitwbe Bank^. 1 
(J (valuer Hank..... Zwnt. 
fim eturffuun^i ... 202J5ld — O.S 

Huiat! Lift'd...... lid 

Rarp*TJ«r._ 273.5 +43 

H-m-iirt 1*8 ' *0.3 

Howi* : 

H.«ten : 

h«lii(a45alr .V 


Kitoiltni 202.5—0.5 

Kltcfcner Din ICO. 92.1 — O.B 


Linde ' 

Liwrnt<mu liW.... 



Man ln*mn (in 


Iloocbener lliu-i. 

l*reiMHi« D3l Uid. 

KliqinWeM .hied .[206.8 ah * 1.8 

wdiertng i 248.6-+1 

3i?niciB ‘ “' 

u>i Zuvker 

' 20 
. 20 
. 20 

6 JA 



18 A9 

44.8 +0.3 
121 tQ. 5 
w7.5 +0.5 
5:5 . -r2.5 















4. U 




2 j* 


5. U 


*6.5 - 

242 -l 
l.iOO— 30 

ioai - 0.4 


168 +1 
221 -2 
515 -3 
110 +0.5 

12 • 3.4 












Z96.7 *1.7 
Hoi —3 

rhyoren A.L— ....' 125 '+05 

l«rra...„ ' 

VbHA J. 

V'ereimdtM'ef+Bkl 305-' 

Vu!kK-imtt<si— ' 214A— 03 

176 »-2 
116.7 +1 

< 16 

1 16 • 

I 11 

J 14! 
: 12 
■: is 









| Asalii G lan 523 

Ubji.mi 447 

! C««iM 620 

Chifwn™ .391 

I Dai Siwot Pnnli 622 

Foil Photo. | 6S5 

Hitachi 1 220 

Hcada Mctorw- ' 658 

Howe Food. ,1.260 

U Dob 217 

Ito- Y oUadu ‘ 1. 180 

, 864 

4.A.L. 2.820 

. Kannl Fw^ 1^080 

! Komatsu — + 315 

) Katxxa_ j 279 

1 hy otO-L’eramir: „3,800 
1 Miicusttiu Ind.-' 625 
[ Mitsubishi Hank J 
■ 31 llnibtam Hetty 

1 Mitya Main Lutp.. 

! Mitsui A Co. 

>MU*U«cnbl.—— .. r 
| Ntpj.'oo Detuo— •. 1,240 
J -Sipjvn so in pan.. 679 

J Au+anMuCim ■ 797 

Fi-kuw..„ 1,440 

oat».w ElactrV.^ 2X0 
scLimii Pretab—. 840 

jdblmdo L190 

tSoOf. 1,6 Id 

Calibo Marine. — 2a 1 
raVeda Chemical., a 13 

TDK / 1.570 

revjtn ; 111 

rokio Marine > 509 

Iukk> btaut, Fow’rl 1.130 

1 n*yt> sfanyg r 273 

IWmjShibanre...: 130 

Toray 125 

ray ot» Motor 888 

i + 2 


;+ 2 o 

+ 10 

: 14 
1 .12 
j 25 I 
.20 : 

! 18 , 
» IS- 
18 I 

1 46 . 

; la 1 
; 30 • 
1 13 






I— SO 


+ 1 




I — 3 

I— 10 








10 [ 
16 : 
16 ; 
55 . 
2u ; 
12 . 

15 ; 

14 I 
is ! 

12 1 


] 12! 
. 50 
. 20 1 
4u ; 

’ 11 

: io i 
I 5l> i 

: 10 1 

J “I 

i “■ 

! IS ! 













Source Nikita Securities. Tonya. 


Mar. B 




Mar. 8 

AhoU — 


Aiueni butaF-JUu 

AflbV iFUOi: 

AuinjtnnB (FliC-i. 


Pok a ITw '(uth'.lO 
Uurbnnl etierulie; 
KlsevttrJ FLetfl....; 
Kn nia S.VJtauu; 
Euro Cum fat Fl.lflj 
tiut. UrteadeMFlL: 
Heineken (Fi2?>..j 
Hunter LuFi.lucn. 
1.H.C-. UoHkihI ... .1 
KXM. (Fi.l'Xfi...! 
Aaardefi fFt.IOI...* 
A ed L relHLiTI 6?' 
Ned MiUUk'KlJWt, 

Van Umnjerea ' 

i*atiH H*I (Pi-an.-i 

Philips flri. 10? ' 

Itjnrk-lj Vwf F 1 . Iu0{ 

Uut-oui Kl^X.^ : 

UuliiKu I FLcl7i_._! 
ICcnnitn fFi^Kil...., 
If'-vairiulebi FiJa)j 




i+l- Bi 

Lwn U— 1.402 
•B" L73S 

(I JUL C-emenl — .1. 1Z4 

Ujri»wii SB4 

UHtei .„2,5a5 

EhKltijtei .——'6.060 
b'abxtqae Nat— .2,400 
t'.B. Inuo-Bm — 1 1.855 

Uemeh —..1.256 

Hoboken 3,260 

Interoutn f L.835 


Tony.' Pac.nhla.5 1 
l miftvenFi.20i...i 

100.U *21 

£1.8 - - - 

341 ' +0.5 66 

81 +0.3 '.V-44! '5.4 

73.3 +uJ2 23.6 6.1 

81.5 +0.b ssd 5.6 
112.5-16' 7u 66 

66.5 —06 ; 25 : 7.5 

278.5 +06 .121 ; 1.5 

137.5 +0.5 : 32.6 4.2 

62 1 I 94jj1 5.6 

36 1— 1.1 , 22 . 6.1 

1046 +0.5 ! 14 J 3.4 
23.7^—06 106F 8.7 
31.8+0.6' 12 ' 5.5 

13.4 +0.1 . iO i 76 
126.7 +0.2 • - , - 

38.1—6 MB 96 
35.6-0.1, ZU 2.8 
108.1 +2.6146J! 4.3 
54.0 —0.1 ! 80 7.4 

186.3 +1.3 1 22 . 5.9 

156.5' + 2.5 J A34', 4 A 
137 +2.5 I 18 ! B-B 

356 31 ;tlJ3 

71 -0.5 1 16 - 

160.5 - jA26F 86 

1296'~"”"”1 14 : 5.4i-i^? , “! ura “ 

125.3 —06 + l.»BO 

+ or 

















— IO 



+ 2b 













r ■ ! ' 


■W ben Belgfquejl,M40 

Soflna '5,0b5 

■stntay L...J2.490 

rractlon bled [2.490 

CCB 932 

LolUn.ri'IOi — 4 "02 
Vielile M ootafiue 1.356 



; -J14U 7.+ 

1 + 5 I ;j6 6.7 
1 + 20 JA300 8.0 
162 66 





-20 1100 




I ft"** 

| -t-oel Dl+.,Y1d_ 

Mar. 8 

1 PnL 

143.7 -06 
96.8 -06 

1196- 1 Adi Jj 7.0 

■37.2. 1 20 : 16 


AaG; 8.0 
19 7.8 
87j 3.1 
30 : 0.7 

CO* G elgytFr.lOC', 1. 1+5 
' U6. ft. LertB^.' 630 

Do. Rea ! 650 

Credit ~m«e-.... 2.280 
LrecLxxjinu t _! L570 


Mar. 8 

Price I + or Di*. YM. 
Kroner • S 

+ ^t 
+ 1 


339 + la 

i3ig —la 

AthfentaoLca. — 

Auim’ai TV . 

Ilui+e Hull 1 

bain. Aiialb tv... 1 


For. Bj'ssmw ... 

Fur. Pa|ur 

KaadvltJank 1Z7lstf + is 

L..\’th(iH.(iir9.'i' ^65 ; + >< 

\'u«I lut|*-l 

OUctabcik .»... 

Privet bsnfe._ j ns ; 

>Sopb. Berendren.: 
auperfm ' 186 | + s* 

+ S « I 2.6 

+ 5 lu r 
+25 22 I 2.0 

1+do | 23 I 2.6 
;-2 | 22 3.4 
[+5 ' 16 | 3.5 

[+ 10 • ID ; 3 J 

fo ' ia'FLuberiUewseo 665 i-6 6 1 3J3 

38 • *•* k HoBmnii Picens.1 SO. 00 + 500.3BU j 0.7 

Du. pjroain [ 8 .LOO 25 ; 39 1 0.7 

Imertoal U (3650 i+250, 20 2.8 

-MmoU I'Fr.IOOi— >1685 ‘+15 ; 20 1,4 
Nettie (FT. ldflJ —|3606 :+5 +*5^ 2.7 
Du. Beg~..— <2640 1-10 vid&jl 3 & 

UerOKon BjFJSju 2.125 .+5 'ii 5 ji 7 .fi 
PunlUSIP (F.EOOil 270 {+15 15 I s.ff 

*UHtoB(FV.2aO| -<3.525 '+T23I 26 1 1.3 
■ 1*+ Pare Cerxa.1 460 1 . 2d ■ ,2.8 

442^?’ +We'. lb ! alfl^HKHerCftiFlM |10 




, 8.8 1 MIW '*i tt.UAft 
Si 1 ^wtwair (F6&IB. . 
o' a. ‘ ■'strtitbankiK.iro 

+20 f 9 j 1.4 

27 U B +3* 


. I4na, + t* 
1491*. + 3* 
379 ; + i 

‘ 12 

M2 ! 4.4 1 


g ^ 1 nanik T-iifi/ 366 

. — -- - — - +8 I 40 j 26 

3 ; j»Uj 3jj 

8 8 1 Zurich loa.. ....... ^9.900 j+BO | 40 [ 2J3 


Ff IhST :! S 

. 1+4 10 ■ 2.7 

1 12 ‘8trt«»(HeJ6oL4.j4^IOO l+r 
! a ilu.7 - 1 Bant— 3.090 J_| 





7.B j 
7.4 j 


Mar, a 


Price !+<* i ui>. : Ykl ? 


a* 1 _ 1 « 

7 ■ . 4 4 , 

- Vi 


30n — Id 



263 ; - -s9 


■S+iB.+a. - 

666 ! 48 



BO ’ 1 - 

rirsT Onlniler .... 

181 —1 | *7 


Self Maa nerd— . 

235 -2 * 14 


A ok. 


Pbu - 

Da Pri»-'.— 

F rodder 

Etaieemeni — 
Itaiakier .. — 

Mediohujca _„J 

Olivetti Priv..._ 
Plnrtll 4Ca._. 

Sina Vlucun J 



+ or iDtr. :yw. 
— . 1 Lira ! £ ' 




1,885 _|— 16 

1501 7.6 
180 A4 

ri ~ 

“ SSciigHi ® 

32.700 -200l iJ20o' 3.7 
183 /— 4.75i" — j - 
838 -12 j . | 
J-848 — 82 ! 130 56 

L SS !=S#I 801 7 - 7 




AusL S 


AC MIL <23 cent'. 
Acroff AintnUa. 

.VHlod Mnf--Trd ) i. Indira SI! 
Ampul UvptoretMm— 1 

-vmpol fbtroteu w u...„ } 


.AMoafulp Riper 51 ! 

Amoc.0m. tnauatriee. — . 
Ain*, ypoiklation invest— j 
■VaA.I — s. * M ^., “ 


Auat, Oil 3c Qnu. 

fO. 80 
*0.69 > 
( 1.11 
(1.55 : 



iHoe Metal loA~ 

BcDjw^o-me Cupper ^ (1.02 

Brofcra Hill Proimetary — k (5.40 

UH South 10.78 

Oartttm United Hitworj 1 — 

OSH (SI). 







Coo*.'OokUield Aml. 

Coil am Austral in— 



B6. Industrie! 1 — — 

Geo. Property Trust 


Hoofter. . 

I.C.1. Anatralia 

I Mer- Copper— — 

JennJnaa Industries .... 

JotKn (Darid)— — — .-I 

Leonard UU 

Mends Hxploretioo 



jtl.78 +BJW 
ri.85 i+OJM 
(£.68 1+042 
(265 ;+oj* 

rl.90 i+042 

(145 J 

U63 moi 

*1 nn I_a he 

(1.00 -0.06 
(1.85 +841 
(1.70 (+442 
(L33 .+» U» 
(2.05 U45 

(2.06 +043.1 
tO 29S ! — 
(L10 -441 

\ITPk— — .---M 

Ntebotaa LutenraUmuil...... 

North Broken H’dUua (61A 


Keukttt 4 Coftnan 

U.6.dhtf s b 

donibiaml Iftnhte J 

ToottafSl) 1 


Wtwwra-Mialuj; (COoeatay 

1 + 0.01 




(1.57 f+J4» 
U.04 U042 
( 1.68 












Air Uqidd J 




&ervmiii_. L 

Uaroetaur 1,369 S+i 

OWL; i 88O.0;-74 

O.I.T. Alcatel. aao +a 

Die >tan.nire 

Club -Med iter. 

Ctadit Cera PrVej 


Price i + or I lMv. 
Pra. j - ! Fra. 



79CL0: + 1I.6 

345 i+A 
250 1-3 
31941 + 14 
474 ;+14 

J 424 



Pr. patrclaiL I _ | _ ____ 

Hen. Otoidmtaicj 180^j— 0^ 

4ta! 0.6 



, 6.6 

24 ! 7.& 
- - - ,12J5! 2.7 
+4 .^146i 74 
■75 Bj5 
27.61 9-! 

363 +3 
112.9;+ LB. 
464 +14 

tU14( + A4 

J*«jues Sore! — 



Leuraud — 

Italian# Pbeabc_J 

47.8! + 1J5 

. 1+ 16 
1.380 j + 28 
763 | + 15 

. 9 

t»84f 6.6 
12 4.7 
64i 1.6 
18 414 
74! 1.8 
d.26[ 4.6 

SUobeiin --B” H.UB9 -IS 

Maes Kenoeray—i 373.G I 

Paribas ] 

I WIiliw t. I 

ttarood-Kkanl ~~ 

PeugeotrOltr .. 

Hodlo Tfidukiiw. 


Klwoe ftnjieoe 

8lda HtMtfiuol 11.420 H— 20 

suer — 

ToXsroeoaulqne — 
Ibauaro BnudtJ 


74.5, — 2.2 

20U : 

278.0 +0.6 
109 ,-1 
366 |+4 
021 +1 

639 i-l 
138 ;-4 
20 '!+ 1 

M. 77.11.1 
UL«7{ 2.8 
39.0; 5.2 
!3246i 34) 
124; 3.4 
3 : 8.0 
745. 3.7 
10 6.3 

294 7.0 
d4 ! 4 & 
S !16_5 

39 : 8.6 

«2J6i 4.0 

Mac. 7 


dasno Brest! PPj 

Banco ItauK*, 
U*jaa Araer. OP J 
Petadbca* PP. 
SeuntCros OP. 


"Ktae I -f or IDEIvl 
C rua I — Cturi 

- 1+39 


+0.01 J.16! 


— Q ,112k) .!«. 


-0.W4 .16 .— 

I 1 . 1 .I../ 6 JIJ , . f I ,, I 

— 0*05:1.15 

VoL Cr*.V>*m. 5barea’8S-Bn. 
Source: Ho Ok Janeiro SB. 


Mar. 8 





NorskH j-drokr4ra ire.^+3.6 

fitorabu m d — 









Credltbank □lOWidC*, -i It 

290 , 




12 ' 




Han* s ..Rand 

Aoslo American Ctatn. —■ 4.13 
Charter Consohdaied - — tus 

Bast Drielooteln im 

EWbuk ...... 243 

Hannooy 843 

Kinross - 640 

Kloof — 845 

Ruseeubao FlaOaam — . 

SL Helena 1134# 

Sooth Vaal 

S40 -3 

Gold Fields SA Sl.Dd 

Union Corvocacdon ^ 440 ■» 

De Beers Deferred — — :-4 

Blyvooruitziriit — AOO + "• 

East Hand Ptjr. >q k— . «-« ..“'d 

Free State GeduM — 
Prestd+ut Brand 
President Steam 
Stilton rein 

West Drtefootein 
Western HUdlass 
Western Doep — 

aeci' : - (sjo; . 

luhjiMF », .i,«n rf.i son 

Con - 

Ang!o-Amer. Industrial ... 748 t ^ 

Bartow -Rsnd — MS - 

CNA inresooents (LIB 

Carrie Finance — — . 040 + 

De Beers Industrial 848 + 

Edoars Consolidated Dnr— . (148 + 

Edsars Stores (ri-OB ; + 

Eeer Ready SA 11.73 j ■ 

Fuderalc VoDcsbelecdnsa , (1.4*' +. 

Cre ai+rm a n a Stores 1143 '. r 

Guardian Assurance (SA) 14& 

Hutetts £.« - '+' 

LTA 1.82 • + 

McCarthy Hoduray .041 . 

NPdBank 240 .+ 

OK Boxaara : 5.40 . *= 

Premier MUUns — e.00- ' - 

Pretoria Cement (2-75 

Protea Ho Minas 

Rand-.Minca Properties — — M . .r* 

Rembrandt Girms 340 . 

Retro : 047 . -! 

Sue HobSnss * 140 . 


c. G. Sndtb Sugar — (KiO ■ 

Sorec ; 042 

8A Breweries 1 1.19 + 

Tiger Oats and Nat. Utils. S45 • 7* 

Unisee L« + 

Securities Baud 3U.S.0.M 
(Discount ef 27 . 0 %) 


\ Mu. 8 

! ! +«i 

; Kmoe — 

AGA Aa(Kr4W»i 180 


BU lorad 



Iflnct’taR 'fi'IKed 

iJweite ”B". 


tfraov— .] 

Uaraboa : 

MoOub DorarioJ 

raadvu- A.B.. j 

a;K;F. *8* Kra._. 


SIraad KijrfiMa...: lil 1+1 1 
TaoletUr ‘B , Kr£D. 81 +2 

uVtfMMirai : 46.5—1 

Volvo fKr. 60t — , 68 +1 

Kr. i * 

5.5 3.1 

a [ aj 

5 1 6.0 






< £ 


HU M* S 


Banco Bilbao 

Banco AtlanUco (1,000) 

Banco Central 

Banco Exterior 

Banco General ....... 

Banco' Granada 01460) 

Banco Uis&atro 

Banco .tad. Cat. n.ew) 
B. ind. MedJierraneo... 
Banco Popular ....... 

, Banco San Under- fC30) 
! Banco VtouDo tt4W> 

t Banco Vtocaya 

* Banco BaraBnrano 


BaDW ADtbtluda 

Bsbcodc WUcax^ 



I . Ansraicau 

^papota jflnc , 
E*pL Rio Tiata 
Fecsa (1,010) 

CaL PredadM 
Ctob Vriaaqwx «») 






S -.8 




Olnra — . 

Papelrm Xtat mktno •„ 

PctroHber ' 

PWMleos rori 

2“*** Pawiem — 

Solace — r ... n _ t 

JWtWt . 12 b' ■ — • 

Telefonica 1949 ' — U 

2X2*1 H *NlKh — — 

Tttbacec f) — 3 f 

tiotoa . Etee. • -iW 


4 • t*”"t i- ~: :..y ; 1 VV- ■ 

■ «. ■; -l • . • ' 1; ■ 

ieclines J 

'■y Our Commodities Staff ... : - 

New surge in platinum 
and silver markets 


Buffion Market 
Spot Fixing 

U.S. trims 



By Richard Mooney 

THE US. Department of 
Agriculture estimates world 
coffee production for the 1977- 
1978 season at 68.5m. bags 
(60 kilos each), 2 per cent, 
below its previous estimate. 

It is now considered that the ^0 fJ^ench 2 Z, S 

had° ^w^^M^vride^howeveV be,ow its prev * yUs Primate, 
had grown too wide, however. Bpr ^ expend j ota j iSi st y| 

and. once buying inlerest was ^ above the 1976-77 
generated it uncovered an over- 60 : 

orilrt mnrbpt_ tioalftre u/hft hart w _ . 

sold market. Dealers who had! 
sold short were forced to cover! 

The department's estimate oT 

snon were torceu to cover] w exportable prodnccion 
fb «r Positions by purchases beeT^duced bv i.Vum. 
wbmh accelerated the upward ^ l0 jflJta. In 1976-77 onlv 

v , 44.4m. bags were available for 

There was a temporary setback export. 


•'■.led nmiaurs of sahstanS ‘ ceffee production for ihe 1977- 

n^n bUy, i ng i' 171 toe “morning ^ Q ^^ ri ^ ! t a ? n ‘ U'nn PMn> w '-*«*-'• - It is now considered that the }?? trfiS^eaeh! ?'n?r S’ 

... .v pondon daily raws price' was ^ gorged to 5 record £124.30 , ratio between gold and silver 

L fl .J 0W f r at f 100:5 a tonne an «w»ee on the London free CJItta*. had grown too wide, however. LtSted Laf ■! “mi 

.by the dose the Ausustpbpr ^^erdw.spurred by the- ■ ■ jllVCf and once buying inlerest *as 5^ i%-l~ 

s?“- futures nia deef to nse w in sold which also brought Jj J generated it uncovered an over- “ti U ■ 9 

.... • , r:5 lower at £109.05* turn*' a %**?.** WJfref P™et- ZW -Ak ' B utoftotai t- - sold market. Dealers who had The denartmeni's Pstimate or 

1H ' ■'j&rgs&ftfs m *?sy r e-jtsk*. rs: 

»-3 l , , t sst “ - 7 r atraxrassflE 

mis^on ansounred that ex- T “fcf • Federal ■ Preparedness Agency El Salvador and Guatemala 

-authorisations bad been London dealers. saif.4iifl W*V „„ .11 * confirmed that the Carter are mainly responsible -for the 

ted for 45-.000 tonnes of ? T t&M*. refflecied^ the upwad 250“ • f Administration supported the red need estimate. the denart- 

• : •i-'f £r-J?8ar. r . Compared with tre P“J n «ew- Tore overnight I - idea of a fund for the acquisition ment said. 

' ■ ; i:>knonnesVitWt weelC“ ~ ^ J“ e . CODti 5*f®4 sca 5^‘: ft * — and disposal of stockpile Despite the steadying iuflu- 

!. VJ- fc-<!ec]ine in the market tKS* SB ££- t - “ ■ defn -_ 4 ^-.‘ tar? «tr materials, since sUver is one of e nce of the departments 

:• ..V 'i-soems to-be due mort?o^ ^ in “ Japanese are reported to 240 ^ - ^ L- r t fflo 1 J the surplus matenals planned to announcement coffee fuinTes 
. le . than'canCTetefSI^ be eager buyere while the Soviet Octjtov Dec Jan Feb Mar be sold. The market, however, prices on the London market 

• taf-'news, 'Of wlldi tbeS Union-one -of .the main sup- ' - . . ■ recovered quickly. ended at new 18 month lows 

•'r 1 : been minhSUiS pliers to the. free .market— is 474.6ap an ounce, reflecting the- Also affected by the stockpile yesterday. .'The Slav delivery 

X LichtV increased esfimate^ ^ apparently still not selling., It is overnight rise in the^U.S. announcement is tin. which fell position closed £24 down on the 

^rronean heot^laritin^ ln- ««MJdeTed onliy a matter- df Loudon Metal Exchange cash . yesterday on expectations that day at- £1380.5 a tonne, after 
seed on' Tuesday : was%»m- Si®? b^ for e Impala wiB fo.llow silver closed ia the ' afternoon there is now more chance of the slipping to £1 £60. 

■ ■■-‘-rght to be- hffbeting vafnes 5? at enburg , s recent oovjo .lift ^t 2/S.3p an ounce; &2p higher Administration's proposed sales The decline was attribnted 

erfay and a slfebt cut in the ! TO ? Q ^ S20 ? ' t ? n n - he p f evi0Us - c,ose; • programme being approved hv by market sources to a mixture 

* ACTieulture-^Denirtmen^. 9«0 (£124£) now that the piati- f.unng the previous nee in Congress. Cash tin closed £30 of dealer, commission house 

6 .r uejiauia^nifr mim TnarVot Id m mnhr. nn'samn 2Dia <nlvt»r- irt>e lanralp ionnraif Ia.,.. ... rc ins . - a _i .... it: . - . . _ 

U.K. spends £lbn. on - 
meat, stock imports 

when ihc director of the U.S. Declining crop prospects in 
Federal • Preparedness Agency £1 Salvador and Guatemala 
confirmed that the Carter are mainly responsible -for the 
Administration supported the reduced' estimate, the depart- 
idea of a fund for the acquisition ment said. 

11977 1 1 >1978] f I 

Oct Nov Dec Jan Feb Mar 

and disposal of stockpile * Despite the steadying influ- 
materials. since silver is one of ene'e of Lbe departments 
the surplus materials planned to announcement coffee futures 
be sold. The market, however, prices on the London market 
recovered quickly. ended at new 18 month lows 

^Vow Stimaie vesterda? “"*** » moving up' again, sold, silver was largely ignored lower at £6.105 a tonne 
‘ mtie to rtUevevhe^ aoSt , Tbexise m gold was the mam- with U.S. speculators apparenUy contrast copper 

- ffttiVtS $Bzz3m7E3& fJSL’&s i 0 ? -raff. 

H^'oumess of ihe market ■ ' tb“^K 

a tonne. ' f and chartist selling which con- 

copper may bet tinued to reflect the lack of 

. „ r vw-ns previous estimate .-but 1 i 
. J4 per cent-above the 197MT 1 

• • The surplus over npnstingj- ; 

• .'• ■'’--i pot at tt^ines. 

feature behind a sudden-w^ preferring to buy gold since purchased for the stockpile. It co-ordination among mild 
in silver prices, to the highest industrial consumption of silver was further boosted yesterday coffee producers' sales policies, 
level since May last year. Yes-, remains depressed and there are by the rise in silver. Cash wire* Uncertainty ahead of lo-dav’s 
terday the_ London bullion spot plenty of supplies available to bars gained £7.5 to £63S£5 a meeilng of Central American 
quotation wag raised 12J.5p to the market. tonne. producers In El Salvador con- 

, “ , . frihuted to the decline. 

- — — : — — — ■ — 1= V. ’■ • 1 • The tnccflng has been called 

! ' '- .J ' -' . • ' to seek a strategy to halt the 

. , T T" ' 1 . — " w. - . y *"»- g* sharp decline in world prices. 

■kaiSres lot # Wool pnce guarantee frozen SKFSS 

$2 or S2.T0 a pound) and the 

i^kwvivu f •' practicality of withholding 

BY CHRISTOPHER. PARKES. • coffee from the market. 


BRITAIN SPENT £958m. last 
year on imported meat to cover 
the shortages tn home produc- 
tion. compared with £&17m. in 
1976. The bill For imports of 
livestock took the total cost to 
well over £!bn. for the first time. 
But thin was balanced to touie 
extent by earnings of £35m. on 
exports of meat and animals. 

Much of the extra spending 
went on href from Ireland. Of 
the 258.000 tonnes of beef and 
veal imported — 44.000 tonnes 
more than in 1976 — almost half 
came from Ireland. The cosi of 
all beef imports was almost 
E240m. compared with £l$2m. the 
previous vear. 

Lamh imports fell slightly. Fork 
purchases rose — this is surpris- 
ing. in view of the heavy home 
production and depressed prices 
fur most oi the vear. 

Bacon and ham imports also 
increased for the first time since 
Britain joined the Conimno 
Market, go in 2 up almost 4 per 
cent, to 27&.000 tonnes. 

The Danes still have >hp lion's 
share of the import trade, of 
course, hut Holland, a relatively 
new contender In the market, is 
[making rapid gnins. Imports last 
year from the Netherlands' were 
31.000 mnnes compared with 
25.500 tonnes in the previnus 
year and lft.UOO tonnes in 1P73. 

While imports from all other 
traditional -suppliers have been 
slipping relentlessly year after 
year, the Dutch are making con- 

• ... v - I S2 or 82.11): a pound) and 

. iotato default by par** 

7 ; v Washington, March s.^ J : * : 

: •' '.- V^poTATn'KTvr ** Mr THE v’PWCE ■ guar«m«pd- "to prised by the Govemment's were superseded by a Common Ricaar riCA in 
■ • ■ - Jnrt British rartners for their -hnnb restraint. One merchant specie- Market regime governing trade , *U 

rill* ■ -i* U Pu i er. UdQcIS v*ar hac hAAn I isinp in RriHch uifinl rut? irv choonmpa t nrnnnealc Pnr T T n » 

sisient sains. In 1974 Denmark 
had 45 per cent, of the U.K. 
bacon market and the Dutch 2— 
per cent. Now. according to the 
Dutch Meal bureau, the Danes 
have lost 1 per cunt, while Hol- 
land claims 6 per cent, of total 

The Dutch export about 60 per 
cem. bf their annual pork out- 
put of about lin. tonnes, and 
Britain buys about half the coun- 
try’s 100.000-ionne a year pro- 
duction of canned and processed 
piipneat on inp of its imports of 

Another interesting develop- 
ment last year was the .-urge id 
sales to France of British cattle 
for breeding and bull calves for 
fattening. Sales of breeding cows 
were about normal at iSm. head, 
but French purchases almost 
doubled 10 more than Sm 

All countries were attracted 
by the low prices of calves in 
Britain early last year. Farmers 
say the slump began because of 
the lack of confidence in beef 
production in the U.K. Then, 
as overseas interest increased 
during the year, prices began to 
climb and British farmers, who 
were gradual l> growing more 
attracted lu the beef enterprivc 
found thmii«elves priced out of 
ihe market by high-bidding 
foreign buyers. 

• The French were - busiest, 
taking home 192.000 bull calves 

to replace Those they had soitf 
10 the top-price market in Italy.' 
It is suspected that they trart—- 
shipped some of their purvhasiw-" 
directly, into the Italian nreihu;:-. 
rearing yards. ' 

Belgium and Luxembourg also 
increased Their purchases from ' 

50.000 calves in 1976 to 67.000. . 
And U.K: exporters managed to- 
cash in nn the Italian market, 
directly, sending almost fi0.00t> . 
head there. 

Ireland, inn. doubled its tra- 
purts to 2K.U00 head, doubtless 
to build up its beer herds, which 
have been seriously depleted by 
the heavy s laugh lerings under- . 
taken to supply the British beef 

As well as fattening up British 
stock to sell the animals hark" 
in the form of bun-hers' meat. ~ 
the Irish have been spending 
heavily on sheep from the U.K. 
Sheep farmers in Ireland have 
apparently started building up 
their flocks again after year- of. 
steady decline. Last year They, 
houuht 154.000 head compared 
with an annual average of 

55.000 for the p,.isr five years. 

With free access lo the French 

market for lanib guaranteed at ‘ 
least until Thg European Court 
of Justice clamps down, further 
expansion ran be expected this 
year. >-,> 

The Meat and f.irearoclr Co»u“ ” 

mission's monthly staiistieal- 


this year has been . increased, lising in British wool pointed out in sheepmeat, proposals for 


U.S. soyabean 
area forecast 

‘Scare’ Jaffas go for juice 


■■ hp r’nmnir.rit.v ch Me q to leave th e guaranteed a .further rise in the guarantee. t0 J r g tecf f an nesr by putting a thf SrsplS-'in S i; h s L I 

.LeCoSSL ? on y cJ, a 5d®I : So?. f kn 0 , '°° 1 UDCtm ^ r :^. P«- c CD t: of IbejaTT -floor- in the Toorko, win* J™® p™S^ a r Win'ISi 

Me men with default on I1 2£/ Mipixtrv >h fl * Si p l 01 ?’ p " l ee& are * 1 " I^ 80 ? deficiency payments to raise pro- 5reater ^ that pr0 jected byj 

.- delivery of about '50m; S?: SSUESf ahI b ^ w the guaranteed level, ducers returns on the rare the u. s . Department of AcrlcuU 

.hds of potatoes promisetnS j Altho « sh B T2!i b W001 has occasions when market prices ture in its January planting in- 

' •"veTy in May ■; S SlSr g ^?"Lft r8 f lt,y J ,Cq ^ red some scarcity drop below the guarantee. . tendons report, according to a 

-■ta” coaSiicS siid the SSJ^SfhSLt't Sg' ' S .Renter reports from Brussels -pedal report in the March 6 

allies were among- the most Sf^Jrent^seasSi ^rom^thS wifi fhe that Common Market plans to issup of the Ampriean Soybean, 
• fire it has lenefi..: ‘J ,, StuS regulate the mutton .and lamb AwM weeWy repoa ___ 

K ' Vl *" ;r with money -from times when 

J i!LT?? d s P endin 8 on support in the market prices of wool exceed the P L 

higher in Georgia, the report 1 
said. . ! 

- • , inti. . '.enuuui uc uvcjuiawjj mf -■f — - - *• similar uEure is expcciea m 

- toother trader. Mr. Peter Mr/ Wallet: El Bott. chairman balance is usuallv corrected bv 22 and then sent on to the j Qwa . ^ • 

--p.® i ?*S "dn be- suspended ; tot of. ihe _.WooL Board.- was dial. contributions from the Ex- Council of Ministers. » . j n January the department; 
p.years.: He was fined $15,000. appointed. “It’s sad^ that tbeje phequar. An early decision is unlikely estimated that sova bean plant- 

Israeli oranges “ poisoned ^ with 
mercury resulted in 2m. cases 
of Jaffas for the fresh fruit trade 
— between 30.000 and 40 000 
tonnes — being diverted to juice- 
making factories. 

However, orders are now 
reported to be virtually back to 
normal as Israeli growers look 
forward to starting the harvest 
next week of . "Valencia" 
oranges, the second most impor- 
tant type grown. 

Traders claim that unless other 
adverse circumstances, such as 
inclement weather or strikes, 
intervene, exports of fresh fruit 
should still reach 47 to 48m. 

Prices so far have been above 
Iasi season's levels on the 
average, and agricultural exports 
are one of the branches least 
affected by the decline in the 
dollar since only a small propor- 

tion of business is done in that 


Because of the diversion of 
fresh fruit. 520.000 tonnes of 
oranges will be processed this 
year compared with 480.000 
tonnes in the 1976 to 1977 season. 

That, however, -should not pose 
a problem as there are no stocks 
left from the last season, and 
most of the prospective output 
of canners. juice producers and 
manufacturers of pectin has been 
contracted for. 

Our correspondent in Johan- 
nesburg reports: Despite heavy- 
hail during January in the 
Western Cape, South Africa's 
major fruit producing region, 
the Deciduous Fruit Board is 
confident that exports of most 
varieties this year will exceed 
or come close to last year's ship- 

The Board says the export 

TEL AVIV. March S. 

apple cron is expected to reach 
10.8m. cartons this year, com- 
pared with last year's p»mf 
harves uf 6Hm. and 1976s 
10.6m. carton record. Before the^ 
hail, it was hoped that the crop 
might reach Uni. cartons. 

l'.4 " 

.This year's export pear crop.— 
is estimated at 2.4m. cartons, 
compared with 2.7m. last year. 
Since hail damage was confined 
mostly to the Bon Chretfcn 
variety, the main canning pear, 
it is likely that South African 
canned pear exports will also* 
be lower than last year. 

The Board expects, however, ■■ 
thai the export grape crop wttjr 
at 4.8m. cartons, be about 0.9m. . 
up on last year Plum and 
apricot exports should also be 
slightly higher, though peaches- 1 
are likely tn be down from 
226.000 cartons last year, tft 
175,000. - - v 



ACp IVfFTAl ^ at «■ «V 5^ g A «■ g£ . Wg"* . "gWRd g dote .if gliy allowed a rally as locals Mok £2S«. BID ES7. Calcutta sued, «t*ady. Cwesory U -».4iWS8. Holden Delicious »K 

. A JCi c 495. Cjjlwtra. three fflontiK £^9S AMO on tie laxe Ketb. .Turnover: 1.6U sroflis and ar a Heady close values ire re Quotations c and f UJC. for ready and Category I 3.0M.S6: 20 Hk Golden 

’ PPtn-Hkrtiflr jtfaln in hrl<* rradlnz "'.reoarB, IDTee monies I5^«. «.a w. loiHits- .. • np 10 lover from lur nidji. Dealers IfarcU smpmeuL IiMm. 4&-lod» ISM. Delicious Category I W 2. 60-2. M). 72 2 j> 0- pre*. 

%, srsa ar-MsT-ss >se j^ssJTgs- strTSs? Sr*rs5JrstfTS: gi %«• s,% *s -stifisr 'iaarsi.” sse 

- 2S -as aspaassa %£• cat ws-sr sss. « — gw--. -«-« — — - ««* 3 

-: s fDnpard malvnal to mate p«»otss , miwiK ous ill. kiks s» n m k ■ \-i«. i»\ o»ui qin«. t.oiden priiiiow o.ii-u.13. Granny 


2 :. - . ^ .. . - . iui uu-ui.. ut«n aiarcn wupmcnL jimiz. «hqch u* sm. uen 

• -M» utag.. flqjard. .cash .SS160- a3. said seaMronnt Is hestxantly heartab per 100 yards. ApriWtra.- S»<*a and .SJO. 
ftrre -mombs IttV- !t>. 2.^. 20. ,0: 3. njany looking for an overdue rally at £7.88. "B" onU‘ £23.01 and ca w for 72* I 
rrt'uo Um?e -“«“*■ i *- 108 - . UleW lewis. an? respective shipment periods. Yarn and 2.70 

«0. 35. 57. «. KorP: Srafldald. three UWbK ■ Ch ~* ; • -t J. U’W"^ RIIRRFR 555 

"TSk "fm****- -1_L: •• - I lW • SxTer o“« on the lamdon S 

UMme imleu othervise I 

U.S. Markets 

Golden Delicious 0.1 1 -u. 13. Granny 
fftnith 0. 11-0.13: Italian: Per pound Romp- 
Beauty 0.13. Girtdeo Del le Inns O.Tl-m?i: 
U.S.: Red Delicious S.30 9.M: Or-sim- 

Rot). Turnover: 13.BS3 tonnes:. .'...- •. • i «.dl 

■; ; ' • ' TIN j Oltlriai 

ripu'r ".tn. !+• "Tl , P-m.- t+oy — 

! (URcut ! — ! itnoCSnta — High Grade 

—r^r. oTa. — eisoiB 

. S ■ r | e . c 4 month*. 6IQ0 l! 
ibarai ’ 1 - • bettiem't. 6165 1 * or L r.m. 
Oltlriai \ -» ■ | l.<)r.|Ti,-i 

wn hi or copper^ndoced short covering io lead 1826.0-1580.0—15.5, IB 15- 1677 

jf*,y vhlth mqK forward metal op to £3H on 1 1SB0.O- I3B1 J3 24.0 1405- 128Q 

1 ~ )M * IW*I»S=IM StS 

prow-taKW aw. sedge smnr capped ietiterwer... '1J56JH25S.0 12.0 1 1233- 1280 

! Sorembe. ...'I iaUMlS8J-«Lfi[ 1198-1 178 

•-30 moufiln ■ Fnppon enabled. the i -BM *rv 11BO.D-116S.O -22.5- 11E0 

physical market. Fair Interest thro orb- Newiowns 8.00: Wasbington; Golden 
out the day. doAM onlet. l^-is and hoBiious 7.58: Eastern States- 7.30-S.M: 
Peat reported that the Malaysian gad own Hungary: Red Delicious 7.0fl : Danish: 
price was 205 isamei cents a kilo Spartans 0.10-0.12. Pears— Italian: Pur 
i buyer. April >. ponnd Passacra&sanc 0.12-0.13: S. AIrtcan; 


Hungary: Red Delicious 7.M: Danish: AWmtunim U6BQ Xb8 1 I 111 VjllVfr*r" 

Spartans 0.10-0.12. Pears— Italian: Pur , F»>* -Vlsrt« ate , >»;'•* ■ ....... bW55.€5 ) 114 * VI ^ 

pound Pdssacra&sane 0.12-0.13: S. AIrtcan; ”fl ,nt **li' v . Bti-.-;£oao.SB. + 7.5 ;Vo. 9.7a j 

Williams Bon Chretien AM. Bcorre Hardy ?. n V n . r,w ‘ ,0 - l^ri T & ^ Z B i* 5 * 42 - 75 I -« « • 

340-5.50. Clapp's 4-2M.-10: Dutch: Con- V*- h fTAln mioao 

lerence per ponnd 0.16 Plums— S. African: » »'wihs ,|u. . .:urtr». * 7J *©3».2s , Jtljlfl MvPv 

GaviotAS 023-0J7. Red Ace 0.21-0.25. ^ n,, ')-;v-....Ct"v w.. >l»9.6a *8 78>W6.625 j t>V*-lLA I IJV-O 

Kelsey 0*3-0.38. Grapes— Californian: Red I* - ^ -t ;lh««.> 

Rranerpr per ponnd 0.36- S. African: Ben - — - |t-501.625+fl.57W:320.25 J 

Hannah fc.00. Mohonse Lavollee 7£». 5 J- — . % • - %K " '° Kk - M Jr=fl 1 

Waltham Cross 7^0. Bananas — Jamaican: mtrt Mr'...,*l.H6 SILVER ,-hxM.ti limn an nr. «,-jri *»;ce 

Per pound 0.15. Tomatoes— Per 6 kilos. I uunnnmon tluus.- bnvinv -tuolo-,, a>iyn:ir 

Canary: 3.30^50. Meloas— Chilean: Creen I'latiuum irov .v_. riita.s mo chants' Oiuiiu uulo wan «;nv 

S.00. white 6.08: S. African: 4.00: tls.SO 1 Ca6 ni/het r>4li-cfina :n-. . -tur , iui._-m mvr *n-- 

Colombian: 4.00; Senegal: 330-4 W. Free M-rset U124.30' +5.48 VI lO.Sa | • •“•nnums -vmI «rw- *:.'..a«-r n j- arm 

Cucumbers— Canary: 7-1*: Dntch: 3.40- Vum.»h>w iM.i.i. e ics.dr > . , ;>>|au-a. ItoKmciiu rei*»rtN ,ii arm o i.t-irt:---t m 

6150-B +J7.K-6100- 10 -30 intnmy 1180.0-1165.0 -22.5; 1160 

blQO 15 1*37.5* 5057-65^33 r t0 , U-rcli 1125-0-1150.0-20.01 _ 

gigs . a.*)- - _ . . . iraniOB was Oder with forward metal • 

iImmJ ; . hMt b^m't A155 . | x 2fi ) ■ • — «. !• * ^ auiob ™4S 

656.6- 8 j a 7.6 638- J p+7^ -stmSard ' . ' ! 1 • ! fjJ*' ,a! * K ^- Turnover: - . 

gluj 649.5- 50- +7.B r 651^-2 L.7^ owh 6150-5 W-27.B; 6100-10 ^30 6.5S» tonne g. 

n'at, 636 1+7.8 -. a- ; dmunthK, 6100-10 l+a?.6|60ST 60 .—38 ■ s.ln. '■ - 

odes I 1 .>••• • ;■ “•* -Settletnt. 6165 +25 1 — ' . I.FaD OSkHs 

628.6- 6. +6.6: 628-B +8. . ritmtoX.. t*lo40 i+-8 f ' “ ' 

ilhs.. 6S9-.5 +6-5, 641.5-2 j+7.5 New*Eiirk: : 1 . 

oi’Dii 626 |+6.5, j -— jft £83. 'Afternoon tratUng was featnred t'a*!'.---. 297-^5 

•ml. _ M -farther reports rosaitltas the CSA a d>mjI1is.. 3M-1 

hhnmiled Mrtat Tr«0»a reported sfoefcpDo releases wtteh mympred nervous ‘mpt affJ.5 
n Hie luonting three months wirebar* bull liquidation down to £6005 beforo the v 

i buyer, April*. 

Xol i YesteMuj ■ 
l{_S.S. ’’lOIK 





_ Limit gains 

stfA in Silver,* 

lii - ttiSB.K + 7.5 lo- 9.75 1 

Vi 0«51 76-^7 8 =6642.75 _ • 

JcriAA +8.0 '6t> 19.25 ! /TA 1J 

;t:o4 1.75* 7 J -JK63B.25, iJfllfi flCPC 

>183.628 + 2 784-1 #4.625 I liJViJ 

Sale*: 2^44 r4.M8i tots Of S tonnes. 

.v-u dmontittsii 6100-10 ]+a?.6i6057 60 .—38 
-•* ‘ - Settletn r.| 6156 +28l — . 

+8. ft-treta^..; t*lo40 i+6 f' “ 1 

+7.5 ,\ewTnrk:- • — 1 : ...... 

i*.m. } + »» 
.'onfll'-M — 

- ‘ ICO Indicator Prices lor March 6 IU.S. Aon i ij.dtu* go 4a.05-48,TB l — 

_ cents per pound i: Colombian MM ~ 43 yu-oelgCi 48.SO-48.7t' — 

-.1?^° t/J/t, 00 ' 1 ^ WStaZl ^ ApAnTnp. s8.M -8.S0, 49^5-43.40, 48.0-4 

. 1 •- i £ ‘ it I' 

i-li -2Q7-J [-298 9 1+1.26 

b+huTis,. 300-1. ! j301.o-.7S i+^78 

•r+'im'ni 997.5 ; ...... i - : 

S.Jf - u 1 

Mortttaef Cush t?8SS, 96. 67. three 

cents per ponndt: Colombian MM 
Arabics* 17S.00 tlS5-00«: unwashed 

Arablcas 1«3.00 flM.60): other -mild 
Arabfcas 10.17 fl7L071; Robostas 135-aO 
(same). Dally average 164-34 fl65J9>. 

LONDON ARA8ICAS bad Ibelr qaieteel 
day so far as v aloes ieM slightly, reports 
Drexel Burnham Lambert. 

prices tin- order buyer, seller, change. 

0 -1- Deci 87 56-67.4' 67.88-87. 

.Index Liml red 02-2515466. ' Three month SUver 279^-?81.6 gjjajaiu. »»• 

, .. .j I im+nn cW]Q nxTC - " £300. £309^, Kerb: Three, months- £260.5. 179.00: JnoO 182 .. j-163 00. —I Lai. 163.00- 

JUBOOt Roaa* -London, SVrlS '-- Ctwi. csotns. Afternoon- Three months 162-5S: Aug. 18L58-1S1.7S. -0A3. nfl: OCT. 

0.00- - Sales: 215 i!72i lot" of 15 tonnes. 

OCT. Physical closing prices t hirers' were: 
Dec. Spot 48p f43jpi: March 4&SP «9.I5 pj: Potatoes — Canary: 25 hues 4.20: - uhir:jip»._ 679.55 +12.45' is 7 5.- wilitiit 

Cyprtot: 3.W: Egrptlao- 4 j0 Celery— tin I'+Mi U:o 105 — 30.0'£;.5 trao>. stliin-+ . 

Sp anish ; lb'SG'S 3.60-4.70; IsrsCli: 4.73. -t nvHiiii* 058.5—38.0' tb.. -65 dJlwn. Bdi+le 

Capsicums — Kettyati: Per pound 0 23: A'otiranits^uls-ieii'OlnB-aA l+lbo-af Cscoo— Mar< 

World Commodity 

£305. IS. L 1A 1.75. Kerb: Three months 142.0fr-ltt.75, -6.12. M2.03-14fr.60: Dec. Spot 4Sp MSJpi: 

£301.5. L * f m.0O-t3t.5O. -P-90. K«.«: Feb. 126.8#- April 4fr.73p Mfr.Opl 

ZtMC-FJrw and mainly reflecting tbe 13 J nU: - 0 A ?^ CAVA DEi 

Gains Ip copper. Forward metal rose ro “. , M ' ^ Sak,: ■ l29 '^S* 1015 LJto JL/X AtSt/ 

£283 on -the pre-ma riser bur thte trend was Kllos - Maxtret opened £2 

reversed- In' Bjb rings as hedge seRln* f; R A I \'C Chicago prices an 

pored the -price* to- £2393. In the after- UlaAll'l Soyabeans to Eure 

noon Tables edged forward as the Sedge LONDON FUTURES {GAFT A) — Alter initial Iona Uouida 

Wt 48p i : March 48^0 <49 I5pj; Malawi: 0.25: Cuban: 0.1a. Ontons— ^uu- .*»n JI260 

mil tt.73p I49 0p> • Spanish: 2.30-3.00: Dutch: 1.30: Polish: : monih.-_ L‘360. 

, w 1.30-7.50. . . Prr»luvi*r* iJOU 

SOYABEAN MEAL wl E ™;^™fl5r4 w *'iS:214 , S ?"■ , i . 

Market opened £2-70 up reflecung steady indoor luj-ijjo. Cahhane— Per i-bag K ”** 11 1 , 1 — \ 

-mhu ■. n. n.i cl'Ml iitiii’ il-i-tn <<n 
rad-, m -I ling Sugar i-j4'.d urj ..-ontir.u-J 
raO>. ».Iiiii'+ Jiift ' rninmuaiau llnii^c- ‘.iqiji- 
Ijtwn. Bdi-hr rcuntra 
Cecoo— March I'.i.ii y. 

“S fllft , * ,n " ,, *> 40 ’- July WHO.’ si-pi. 1 Ib-ij. 

L"J onlh -*— «. 1360.75 + 4.0 £251.5 | Lh-v 132 60. Mnr.-h May t.S.jy. 

tratmsw ijoa £. S55frSOOj.iui> t2mll Sa»+. t 16! 

j ’ Cpflee— - C “ Cuntriui. Unji.iiUn-*. 

reemed- Ifl the rin^ as tedge s cnJng fiRA|\C Chicago prices and shortage of afloat Prirao 0.60. Kcemwii— Per 26 Bs 0.?0. 

pared me -price to'CSSJ. in the after- vaaarami v Soyabeans to Europe. In suite of rtie carrots— Per bag 2* lbs 0.40-0.60. Onions— 

noon vatocs edged forward as the hedge LONDON FUTURES (GAFTA) — After Initial long Uqmdg'ion prices conormcu u* 0 .70-L30. Swedes— Per bag. Yont- 
■*«“** dried bp with 'on+art meta l opening nnchanged prices improved 20p their upward drire soon to trade limit up 040, Devon 0.70. Apples— Per 

closing at gao on the late Kerb. Ttrru- to 30p across the board on short covering remaining near the highs for the rest of pound Cox's 0.12-0.22. Brantleys 0.11-018. 

over: ii w tonnes. — ' — — ■- k— - — ■ — *•— * — - -»— — -*■ — — — — 

PrrriiniM-f %joo 

Btatoes— Per 36 lbs. 

Lcuoce — Per 12. . 18 f 

Abhane— Per Mwg L«*mui ilta-n 1 646 

e— per 26 c»s 'o-vo. V, r 

iq 0,40-0 GO- OnloffH — OhfHtfpi — .* 304 

,+ lOAJtot.7.5 
(+9.0 *871 
1 + 24.0 S5U7 


It your business interests demand 
regular information on any ot the • • 
world’s cdr^moiiities, just blip your - 
business card to this advertisement and 
return it to tbe -address below-: - we will 
s"£nd you a sam'gk : copy. ; 

Send to: .. . : 

.'SutffipriptionsPept (WCIl), . 
Financial Times Ltd., Bracken House, % 
10 Cannon -Street, London HC4F 4BY. 

1. £ 

IWl — ^.| Z57-.5 
^ 10.10I ha. ,i 25B.S-9 

;+2.75.'3 69.8-60.6 j + 4 

and same trade boring, bm the maritei the trading session. 

was seen thin and mth do fresh features — , 

emersttw little change was men for the • it,^ 

Tea of the' day. The one exception was 

March wheal. wtfeb saw some UunifULiwi ;c,-n.n 

hi the morning and finished flic day ISp ,~,i 117 so. l 

1.70. Apples— Per 
Bromley's 0.11-018. 

lrM.-l-l « 

It.—' — I 

Laxiotw 6.10-0 12. Pears— Per pound. i D 

Conference 0.12-016. Sprouts— Par ponnd iSST-wn rtei — 

0.06-0.06. Parsntps— Per 2S lbe 0 70-0 to. BBe - 

Tm-nips— Per 20 lbs 0.66. Rhubarb: — Par 

pound 0.24. Cucumbers — Per tnty 12T2's Grains ■ 

+ 10,0*390 
j-6.0 8239 

. . , — 1 ■ _ OVWIl. 7\ll ULDCf ' 8*4 f 

^bO-a l ;+■♦ 35p up. reported AeD. 

857.5 litaj - (TJ- ^- up - 

rtin. ^V««| - ; — • __ 29 _ p wheat 

....117 JO- 17.9 * 5.45:1 16.SU-T5 40 3.00-3.50. Mushroom*— Per pound 0.30-0+S. l>U , 

Morning: Three months £261.5. 81. 60. 

59 S, ». 3B.&'- Kerb: Tbr?e months £259. ai'uUi 

58. S8A. SB: AAernooK Cash 058. tbn* 

months £239, 60. 60^. Kerb: Three M». 
moo tbs £386, SfrJ. 68. Mar 

-Cams DOunu. tOn areetma ®?**- 
unnBictai dose ; 1 ju per Picul. ^v- 


ttMUndavVj^- e. l tefcieolav , » 

-.. tf!»6.3 

'+1.0 iite5.4 

82^5 *-0-2H 
84.85 +0.18/ 

82.85 ; + j-H; 
84.80 :+-+»] 

0.18/ 73.05 

. Jail. : b7.i a 1+ 1.2a; . 03 .G 6 :+OJ& naoso rnoi an a lonnt PIT for March- 

jULVeR Bwtoess dM»^-"Wbeafr aiarctr^Sll5. ADr ^ *hl‘e «wa r d8l)7 price 

~r\ ■ „ „ . 82 Aa. May Si.BB^4J8. Sept &L3. Nov! w ***& « fl08 -« 

Sliver wag .Sxe<f 12.13p an ounce Wgber SL7VSA.55. Jan. 87.1567 06 Saks af lore. ^-sduy was 

for spot deBVery In Ihe Louden hullton Barley: March 7130.71 is Mar 73 io.r>cs repi_-ar^d -ycHi-niay »” ; a teen sefllng at 

ipartet yeandgy. at 274.63a. U.S. com. sew. 77.7>77.40. Nor. stuia-Sd bo Jan! ^ op«ww tinduu only acanered buying 

eotuvateats of the ExJuj levels wete: 82.S3-82.S8 Sales 65 loth. scaJe+iown and losses of 200 paints were 

spot SSSjc.. up 24Jc; three-mouth 541C. IMPORTED— Wheat CWRS Nn 1 is* w^orted before support was an core red. —— . , r ,- 

OP Ste u ax-ffipoth 331.4c. up *3Att And per CT nf , yard, r& TUburv U S. Darifc Yw+ ouorauons laler pnce more sfj? .!?, b 1 , 6-7 96 ceal " J*"- *"»™i u °»-r«i 

15-mfrfflh 59£ln,-ap 35Jc. The metal Northern SprLos Vo 1 14^-' ,al,ed i0 ro !«« ten extent ol «««»' l* 1 " 60 - 7 P 1 Lal - HuU. n April rilmWonl 

-op«»d- AT-2J1W73.7D fSJWCSicJ «« dediw and t)p prompi May ptwRlon • , , rwvnrmrc AD £. Aprtl-June. u- m 

Closed" at l!5.«7Mp <58M34»c). Sast! ^ThS' Wtnt^wdi^S wSt b ? cd 1M «" :n “ Trtaa ,0w * bm WOOL FUTURES nAwlMlay. r slay. a Per 

r— ; T j Australia fat} NSW 5W u*a. NSW ‘Prime **& “SL "fWWl 

AM Othe r : prices closed 15 to 4^ H5.10-1S S -.4A5'U5A3-ti.(W MIX Forecast raws ol U.K. monetary H-mm F inure- „.'C7L.4 +Q.2&B72.65 

ueuev^ .IM.80-15.5 +4.Mill6.0+- 12.90 comoenaatory amotmts the week from u*y* — 

sober 113.50. 14-5 +3. 15'1I53B March 13 (previous week's San res in Fien. 1. sn.iriuu _.. £S»6.a 

eewmber :I10. OO-H.O +2.7sl — brariirttl: Fresh or chiltod beef car- »Uo*i 

ftwiMrv 1 103.50- 15.0 +2.80: — cases: Sl.tto . a BB *31.tti. Green .Vj.i ii»i Sum- ,88 '+I.04o5.4 

prii 109 DO-15.0 -r 9.25' — bacon sides E2B 12 a tonne 7339.131. AiajLUai-iti uilei- . . ■ 

C . — — MEAT COMMI5SMMI— Average fatnortt (ui £ u-» m* m . .a+ jmk, 

.Sales: 5K f9S> lots of 1M tonnes.. prices representative markets March 8. a*** 1.799 +lBJ»ji:i 570 

C11GAD CB cattle 6S.74p per kg.l.w. 4-6.431: fuiMw gA, ,1732 to Ririnl 1 

MJuAK U.K. sheep 1M.4P per kg. est. d.c.w. c.+tre ei.i,^ +9.5 [BUM 

“" D ?" D " L T tSF&J&ffSr Jlsii' Win 

.lUi;u»v„. ...... 114.60- 13.5 +4.n>115.0+- 12.90 

Uaoler - +3.1S , lJS.5fl 

D«wmber....:il0. 00-11.0 +2.7al — 

r'etiruarv — 1 109.50- 15.0 + 2.80: — 

Ap ril 110 9.00-15.0 T _2.25^ -- 

Sales: 5 K fUSl - lots of 1M tonnes^. 

Copper — Match v:*> Apr-, 1*20 
<so 3n>. May ari.w .July S-n* on,'-.i. 

Dv-i a]. so. Jan. bJ to. March 43 ;n. M iy 
dJ in. July 63 to. A.-pi ,ri 18. Dl c 41 nV 
,ian +4 in 

Csuon— Xu 2: March jH-iOjoi-v ■ ii aii, 
>Ih» .* hi-.V. **i 'ji Hit., Jiuj n.a. 

oo.ln Dec. wj>-imj.4v \|urch o: wi Mjv 
0: iu-tk li. lulv 6.'.hA-4J.ilO flairs -yki otHI 

*GoM— Lnarailsnie. 

Xe» Vork prime Mvj/tt 
rsjw traded 1 

retails— ^larch ixu-ssu 


;+OJ6 2160 30 tool 301 a tonne eir for' siarcb- ' *521 LtSlun'T'iTiT^Tijbviga.' Tois'bbia- 

■* *93.o I D«- .'-Si-SlPt. March 2*«-2«. 

! SPiaUnom — Aon I 241 ■«> <2 !1 9n. Iu:y 
73* +9.6 <81.S6».6 1 j*»9n <245.041. Oc< '49JM. Jan. 2iJW] 

! ibid. Apnl 257 98 bid. Julv 24:.P». Saiy$ 

.380.5 — 84. 1411.678 j 4.4W 

-311. ■ 




. Soot 

■11 »Hi. 




ADriL v April -June. 
uAprU-atay. r Slay. 

. Viler - * }'IH>< 

- r «U* laKUbur 

bAunl ■ FAh - 
tr March-Mav 
a Per itio. 

SI LA 1 HR Bullion 1+ or) LJlX + or 
per. - tision j — I ek» — 

trovfl**. ^ pririnn j , 

. ' r 's 1 \. 

•pt»: I274.6S? 1+12.11 275. 3p j+BJ 

3 xpootbLJ 278.65 p [+12. 4: S80.4p +9.© 

.6-WWth».j 285^p [+I2.E — | ...— 

?.ip l+ia:7- — 

SnwMb'SiM.'S ^nife 11118 «■«. C, 

Mnilug and EEC tag aD tuwtioied. G8arnJfclw reponed 


• mi can naSa»~ moMV^ln eoaunotfitieL . That ft '»* 1 

* non yhv ltwwtore of-31 ddferenreoa twite* mbscrite ■ 

■' out w+*kly cmnfnodrtwt^tMOl* fcnd'enrreneis* setvks. 
j re wins »iiM b« . tfmHed ch * rt V 8r J*? 

. idfng-judiettar* of-.-tho specific lAterprcCationr Juk ' 

;' *e of tho r eaa n n i why «iu .strvioe- pay* for 

si for a tinifc trW. £1t0 


.ftmtwtha.J-285Jp 412.61 - | . "et* — es*fara 

id l»4it^02S7.1p [*12.7 - Maijdl S-OthtertTO 

• - - - — - — — • — — = — — 2HJ-WJ. Pear wwac 

LMB— Tmuhver Mb 12321 lots of 18.M8 Feed barley SBS.PO 

teal**: Ui/French March £100. April ->u^, 
£101. transhipment East Coast, soars Prer. , 
African Yeflow April £70; Kenya Crude ivsin. 1 
Three. April si 15 fob. ’ Uin, 

Barlsv, SdrBhum. Oats: Unqnfrud. J 

HGCA — Ex-fora spot prices for 

flertterd . 

ao.00. Pear wheat; Hertford £76.00, rz - — 

• : { 

Prer. [Vnt'iriBvV Pievitius [ 

-vQtre.l Ck»e . Llr»e 1 Done 

LONDON— Marker was softer reflecting 
overseas advices, Bacfte reponed. 

(Pence per kflo> 

'.liMnimJfriHi>m * ■+, uu-:ue» 
brean-. w««i l Ctore I — . I + me 

for Man-u 2W.0-22.0j .... 

ol. V*-® -- -I JJ5 ■ 10 Afi J0[ 106.40- 06.561 108.78-03.60 S’tBo ! -5i” 

w Auv-iWj.flMa.wj: I D4rt5r-OT.o»S - 5.0 

ounces. Morning: Cash £».& three Tta U.K. ratmeiant coefficient for the iw ItnaMlinS S'S D »-»mh« : - 

months 2S0.4, SO, 79-3. 9-9. SO- X X J. .4. wt*k from March 13 is expected to be Mireh 

s. .7, 8. ii tote fhSe‘ mStiii- unchantea - “ M«nh J1/UM.2l.75|IS4JW-i4JBn« 0022.00 x]T ""‘ 

M0.5. 30.7.' 80A SI. Sli Afternoon: EEC IMPORT LEVIES effective tor m S 

Tbrrc m oaths 38L5. L4. S0.9. SOS, today In order: current feyy phis April, -^ u g- - 127-00- — — ■ 

80.7. »j..*0.4. Kerbs: Three months Mar and Jtme, with Pterions in brackets, lots nf ,. nM _ cvwmw 

*1 * S8-3- JU. “hits of account per. Common ^ 

M.O 8501 -5-0 
«-0 36.0 -6-5 
38 .6- *1.0 >-5.5 
58JM2.Q ;-fl.O 
36.0 *2.0 -3.0 


As the IniTfal selling pressure 
rloas rained strongly .to .flwei 

SlgfSiSSgf&r b £m£n buyer. 

irti^Tfrl^ M. ISO IjS jams™?" ^ ■?* Lyle ^ vretwr r pn« for seller, business, sales V-Mleron camracu 

in. 3 .2or 0 ™i5 “ *52? ss s&JHMJZr » 

IOC CHANT wiuno arost-raWcs wbldi eroded the ■ cains, «,Tna "Tj' Tr^I.7 

— — 

1 . u la. 710 775? [““f 1 a } mae lor b£m3,J trad* and 343.0. 343.2. S4S. 0-344.5, 74: July 350.7. 

i selling pressure nnhsftted. L28 1 26 'vkn ita'hb 'IJ“.30V for eM. S31.D. 331.0-351.7. 16: Oct. 334.1. 334A 

srrondy .» fliflflt- renewed . I W t r oiU o yl Susar AmwmMtr-fDdtca- 3544-3SS.S. 40: Dec. 356.3. S3&.5. 336.3- 

rbitdi eroded the Bains, ^ “ii »r prices (tli cents ner pound Into and S3: March 3M.5. 367.5. 36A3-3B7.0. 

l fcih-lnre 

XU a G'.niJf i 

| boroUCH 1 1«*» ;.JB88.(F89.6 UlE.75 I71 B.o-1bB 2 wheat a»d rya Itoa 

I I “ UDtEY . METRtWJLITAN BOKOUV^i 4 Sopc___.h6S6.g-n£' (+13* TC70.1L763R ' lWte-lS4A7. VS.3S. 
j ‘M.vm. BW* Mujjd gOi^Ma«b. ^|4|- Os.: —Jl&IS_ l M6.6 I+K25 .1867.u-l6l0 ;• rfrt^AAI 

® Jwv ’+1 J* ‘ »■ *«*■ COTTON 

[■touT outttaixtlno was fi*J)50m. 

ind Dnflns: tdlfroild nSt^njff 1 * ,? Sr n 0 ^' 1 Cartt * wan ^. rtl «***» fr May 3n.2. CT.M70.5. sS: Jidy 

— Hsssprprnsssrr. *™* gf K5Mnj - »■ 885 

1.4 , cion — • Dmir dfrl, 0 JO, OSil. Mllte-62.«. ran nil EEC IMPORT LEVIES — Effective jo+jay 

1 n 5, JCTTUivm — SS 65. no nn for denatured and noo-deaatnrfitl sugar 

i I . ‘ <5^g>el. Floor levies— Wheat or mteod in units of account per 100' kUw iprevtans 

OJJ-K.O re8^0 1660.0-1870 wheat and rye Unpr 039.27). Rn tn bteckettil- White; 23.88 ItoAS) Raw- T •. j 

imo 1+ajo ,176B.U-17M . nwt-uLM «a.ui. SlmSi Raw ' InHl^ IITinOrtC 

*.«S.S ^reWo-leg . wteht a-d rn (tour 136> «a-7. Rye .arTri' /,rrr nrirtt ^ 1UUM ilU P Ul 

financial times 

Mar. 7T5fiFf b :m -ik|i 7 7iTi+i , ... 

231,86 (380:1 7 ' 2t!7.?7 | 366.09 
tBa»; *ol* i. tBEiiii 


Mar. 8 1 Mar. 7 jMiuibi -U.+ VAu b^i 

1880^11884,1 1 14Q2 1788^6 

nsa»: septenbiH 16. iKn=iaai 


I ii*r. t Mar. j u) v'Vat 
Jooi> | 7 j fi - ! | , .. 

3l«t ^..;3S3.99l S3 3.3 5'35 1,0845^07 
Future jjAStogSgjLSa 334.06 Iggg^gg 
<Avef»w I K4<25-38= tooT* 

Uav_.«_-..jl781.CL6L0 1+9A0 , 1768.U-17IA . fto«t— 124.57 f 123.63 1. 

' lutv ..,lBM.ir89.5 .+16.75' I715.P-1 bE 2 ' wheat and rye Item 

brack ere': White: 23.83 (’25.43). Raw: TwaJIr. Iwtixnnfr, 

.52 is La*. India imports 

extra aluminium 

l B<t.„._...: fte6". g-62J r— sj» 1575.0 , . 

Sales-- Mffl cs.884) bnc at io mnnes: 

. tei^rnattoam Cecoa , Omateaztoo 4UJ 
cents nar sound)— Dally price March -7 

-- .COTTON, Uv ei ya s l O pot and 
m«n . gal«. anwmed IA 1SI . 

COVERT GARDEN— tricas ta- nralim 
per package except where otherwise 
Stated; Imported Prmtnc n Oi aus e * — 

■. ■_ „ .■ 1 ri >**««>■ Gram sorghum — S8 65. rest nf! for denatured and noo-denarnrert sosar 

TJtWTAND . PIIRMC NOTICES -• 3 I -I „ «s*we>. Flour lerics-WIieat or mteod hi rails ir account per 100 ^kUt^TSre^ns 

'ak*j«k?HMr - < rUPUL 1 »vw ilnreto,-....Jmoj|.K.O !+ajfl |lgW.0-78Ul wheat and ore Hour uS« n&.m. Ry» to brertereirwhhcr 23.88 T 

■ , ■ — ■= dudlct mctr^olitan JS’^ bSSw^ilj!- wB' '*~ '**■ ^ MEAT/VEGETABLES ^ 


Wtitr sets m.ytoCK - ■ ■ : ■ '■■ ■! ■ — Sales-- A«E n.aao totsot in tonne® - ™«n . anotsted to in. mimes spa me: fj««Isl6fr^-2fr. RtoodLinooM 7 

lkYA.-790kYA sxetu-CIIV. COUfkiL K14S' ■ IWwlRN Ctcoa.Onmtattaii «JJ.- hrtnang. the total for tta wtk so &r Jaffa: 3,63-4 W. Cnff**'- VaSeucla Latw 

i iv Vrertr from tbs ,.iU n . ifuch « r « ri .-^p, Hvuwl frit. M»rrt-J97s. ««» SejiffiCtoSS! ^5!; J*™ 0wlB apprta. K kflos MWs Wnnes ( 

i In &brc runitP^ . tmni 7stsltod;t1.S00.000. .8W0.0OO Blue 1 3+1 ay «Craga TSL78 fl38*8i. 23-dgy wemha trwc tmtler renew in African tad 2 7D-2.9S: Moroccan: 2-9M.10. Awns*— - . e . 

.’ • . - . ■ *«»»■»« OMI.V LartfaAmcrican so lea. F. W. Tanenalh fiSfiT iwSSTToM JO: traded 

.. 01-785 7581/001" — • — — — — - rnUCrr fepor y < + . c p«nu - 3ji^3^n- Grapofruh— OOUncefi 

;• : r. Till* W . SOUHULI.NiETRQFOI.ITA>* BOROUGH . LUlTtt . TllTp Cyprfot:^ xSl tilnfr 2J0-2 60. SO idlSl* The < 

* -'--I £1^00.000 snis-dM on' 7»h june’pv^ RoWstas again slipped u new tore in 3.40: Jaffa: 20 kune 3.0OJ.JS. SsUa mas — f Qr ,ipn 

'.iXAtOM z-stfoe KVA new mm iisea were otiwo on #» MWerelre trade selling « UK pre-hznch DUNDEE JUTE— Onfct but very firm. Spa nia: 3.90JA0. Wlftfuss-Spiaia: 

r /Md^tv ainiiabm. .Kfivn carepetulm wre • H *JEL* t 4 fls OM om dan Drtxel Burnham Laintien reports. Priws e and f OJL for MarehApm ste> 95-2*Ste sjo-lso. Apples— French: 4a. As AlignsL 

* "£« Ltfl. ttS7ASZ2l 30SS. to the afternoon a lack- of any further ment: BlfC C93, BWD £236. Tcssau BTC Granny Smith Caiesory I I8O&8Q. BeUler' 



; 1 s 

■ '■■nun . 096.0089.8 : 896.61 *62.7 

iDetMbber 31, i83I=kmT ” 

IOU1 wmaflQ/na — — - - - - .cotton. UvetVMf-Spot and sto- staled; NEW DELHI, March S- 

■ ■ ' 1 * - — • — — r— — — — — - • 6a]C5l '5JSS (S.8843 lOtC Bf 30 Tpnnefi: - MB . OHd. ■ amounted 16. 1BI - Mmw &MBU. u In |. 3 WM-20, BlOodA 3.IU-.1 Sfl- a. 

CKETU-cilV council sills ■ CtcDt.on*i««taii 4U-S. bi t a zins the total for the week so &r Jaffa: 3.63*4 06: Cypri« : v *lmli um INDIA PLANS to import 10,000 

£400.000 nut* Kin** frif Marrii- J9 78 - MiS? inmSie i/ erc 3JM - T0 ' 0wlB 16 *Uos SWs tonnes of aluminium in addition 

ISS SBg^ l «ga* ggr > 10 toe 20.000 tonnes already con- 
IreVuKtandino.. . average 13LS fiaUOV. Ltfta American styles. F. W. Tangnafls iuRm* imSsTmm' ijn cyp^™2^ traded, the Government an- 

- — 1 1 - - ~ ' ^ r frjFFFF ■ MS: spams: BJiM-aL Grspofrnit — oounced here. 

SOLIHULL metropolitan hoftouGK WArtL . _ TiiTr Cyprtm: is idiot 2J0-2M. so wins The extra aluminium will be 

AM wnir mis fth In rtfo lOTfL' Pfr Afi CtflC bmM. iUmwA m Hkw Ia w 4*1 V V A In e ifh Nlfs ■ tel Wine 3.00-i75_ 1 Raliiiwo# - — • 

HIDES— London. tar wfcto a poor ' 

ctearance. 0* 31^5* gjlfre 44p dot kilo, i 
rMfrj kflos wtthtfrawn 4#-5p. 22.25 koes 
irtiMrawn 5S.5p. Ugh! cows, wlttefrawn 
SLfip pec lam. No call offered 

GRIMSBY FISH— Supply sand and de- 
re sad fair, l Prices i now 31 ship's ride. 

r ‘ Silver — M ’J rob j-'j.Tt) •Mj+Ul. Ap*jl. 

1 5i% H> *S0S 10 ■. May :.T, <+». luly «- «. 

• < Sept 548 krt Di-i .ii*> .’ll. l+n frij US. - 

'Merck Slil.Ou. M+y 1i».|B. July *•-*.' .10, 

; S* pt .V94.M1. Dm- blK> S' 1 . Ian ■i’.O *J. . 

j SovatwauL— Uarcfi TC:+>il' May 

■«1«I9 ;rmj i. July 4us. iNu 

jSupl bJoH>13. Nov Bl>4+»jj, .I d ||. a:;. 

‘ i Huron 

i i.Soyaoean Heal— .vi-n* lta.itMEJ.ii> 
jlW+frl. MlV Wi.lW-lij # fltCddi. Jot’y 
I67.31I-16J.-W. AUfc. 167. M* Hit oo. iepr. 

‘ 1M.30-I6j.ufr. Od 16], Dec. !C.«. Jan. 
j 1BJ Dfr-lfllaO. March IBfi.iW 

i 5oyabNn Oil— M+rcn '3.HH5.11 r;i , 
; M»v M^3-!4.«D 1 71 Til. July ^4.55-;4A6, 

I Aog. UAa-aSO. Sepl. 53.lj-2S.20. Ocu 
j 2LS* DM. 27-50-2 7.43. Jan. JU3-515P. . 
; uarch Jl.+u 

Sugar— Xu. 71! May S.36-S.3} iy4ir/ 
July S.7a IS SSI. Sept, VJfrS, Oct n . 
Jan. 9.700.73. March' 9.SM.U7. May 18.04* • 
ig.ig, July IU4&-10.S7. • - 

Tin— Unavailable I544.S004D.M aakrttt’.L ' 

•*wh«t— ftlureb An t'JTfrt. May jsuk 
2w; t272i', JWy 2ra-£7M. SepL 2tej-2a4,- 
Dec. 2912. March 25s. 

W'fNNfPEC. March 7. nRye—Mar 
11(1.00 bit! (109 20i. July liVt.tio riOT'-W 
! asked). Ocl. 107.60 bid. Nov. lud.0fr. g 
{ riOil*— May 7S.T8 bid GV.Mi. July rfi.rifr 

erase wfr>. net 74.30-rj.2a bid. 

tjfiarlsy— M+y th.7fr bid (Ts totnai. Jiily" 
75 10 bid iTS.Ofr bid), Oct 77.00 bid. Dec. . 
75 80. — 

SFUutteCri— M av 224 « bid tiis.jfri.' ^ 
July 2 3M0 bW '227-00 asked). Om. jjljfr : 
hid. 232.40. Dec. 331 .00. 

jfWteu — scwrs 113 per cool pmteU'- - 
i CDfllynt Ol St. Uwrenet IsC.lH tt3s.TJi- '• . - 
j Ail . emu per ponna rs-warenou^ "" 

1 ._i. u iii at hairtmcai CTfifHd - _ ‘ * ’ 

atnt 49 3g 22.25 kOtm «n | «' s Mated. -Js. oer troj-'*' 

Ugni cows BjiMnwB nwwih— lea auw ? Iuls - 7 Chicago lops? 

0 0" ,w « AS. onu-v cut? 

ffJFFFF • MS Spania: lOMJfr- Grapefruit— OOUDCed here. 

. .... - JUTE Cyprfot: « wiiifr wiaa 2aj. The extra aluminium wi 

Rotmstas again sliPBCfl to Btov tore in 0 u L 3.40: Jaffa: 20 kUoc 3.00^.73. BsUa mas — f Qr +-nwrv hPtwPPA Mav 

tgresslre trade selling « the pn-hae& DUNDEE JUTE— (Met but very firm. Spania: 3.9CU40. Witting*— Spinia: . YCry Delw “ en 

JI ■ nous day. Pnnre Strain i.o.b. NY bnUl-' 

rn ... r . ir „ rant carA 1 Grots per 36 lb hnrih-i ' 

mS5' r «—d Mfl de- «-nrebouM. a.0W bnsiipi lute, jj, ;■ 
4 -Sf c t« a i R 8M,> . s * Ub ' «w ounce far -i0 ounct- units or 90.9 u?r - 
™ etf i w> cem. purity frMwtrt NY * Gems peri 3 

lings 13.6(L£8.00. large haddock £4.30. rroy otraw ex-warehouse HKpw 

VHafTllxm haNfUirtb n fafl f*4 fMI n— u h- ■ • p . _ • _ _ *■ 

hk* tftoy BUis eutKaiMing- 

sny fnnher meat: BWC SS93, BWD £239. Tossa: BTC Granny 

(Stitt. Beuter’ 

Kfj». sxiniKa aoKDm urae w.JO- medium r* Cents per 2* to bushv! c. Cents 
£*.00. ItOH Kdes £130. rockflsb, 38 lb bushel cz-mrehoaae, 1JJC0 hnibel 
s&itiic £U0. lots. 55 SC per tonne. 

- 40 


Financial Times Thursday March 9 JS7S 

Busier Gilt-edged lead markets 

Equities below best but index 2.6 up at 446.7 after 450.3 



-rim iMciara- uisc Account «« • 

Dealings ttons Dealings Day recently 

Feh 27" Mar 9 Mar id Mar 21 ta P Exche| nier 8J per cent. 1933 sharply forward to touch lllp 273p per share. Elsewhere in the , , 

* "* r * 3 OTar ' lu dosed a shade better at 96.%, the before closing 8 up on balance at Electrical sector. Press comment Misc. leaders belOW WSt 

Account Dealing Dates creased trade and although the Higher first-half earnings and offer from Comet RadUmskra official confirmation of a report Awaiting to-dajg amm^ r^ Mt^ - 

Option shorts dosed fractionally below the Board’s optimistic views on which was immediately rejected- that instant lotteries nm on aneQ enpoiinterea o« ac ianal . 

•First Declare- Last Account the best, gains of 2 were stfll second-hali prospects helped With Come: currents stand"** at behalf of some chanties could be smaU buyrng and 

* illy issued Barrett Developments move IMp, the offer is worth nearly liable to extra taxation. 22*/ deare L aI .Jr™?? 1 

■ — — * *•— - ntnuttn were a relatively -qmet 

market hot still managed to -edfee 
"resuiir^elped BSR ' " ~ up a few pence to 72&P- Among 

a3wv.-hile Racak up The ICI chairman’s gloomy re- the speculative North Sea issues, 

for stock. Longer Downing which rose 8 to 213p 5 more at 212p, continued to re- marks about 

fram 9J8 a-rn. two batons din earlier. maturities rose as much as l and after 214p. Elsewhere in firm Beet a broker’s circular. MK prevented th? mlstttencous able after the 

came for Electric were again supported at industrial leaders from dosing at back to various advert^rhmTOre 

id Tunnel B, ]4Sn up 5, and rises o? 3 were their beat. However, improve- and reacted atr»h to t70p |b«foe 

developed late on Tuesday on the i below the GB’s last com para the a' similar ‘amount* dearer at 230p. seen in Fidelity, 72p. and Ward of be , n ' recoverlngto^ wtUe at 173p for 

iLw- rt.i nnapqtinnal nripa Raifhnnarv a r> aIacatI 7 nn »* on4 ^aViMara Oq^ \ inftflf 

H.. IQ M 4 _ QA M n „ 41 II auacu « WUG UCUCI a i LUC. WtlOlC UUMUl^ U UH UU WUi U UWg AlVk U 4WA« KU 

r ’ ,7 level at which the Government lofe, while, a good interim profits on the annual 

• Apr. 3 Apr. 13 Apr. 14 Apr. 33 broker is expected to be a seller, performance also buoyed G. H. improve 3 to ! 

* “ Hew lime tfcaPras may uh puce if tested for stock. Longer Downing which rose I 
irwn we lh. two businost din earlier. maturities rose as much ?s 5 and after 214p. Elsewheri 

: Stock markets fully maintained the tap here. Exchequer 101 P cr Buildings. buyers c 

the firmer tendency which cent. 198a, gained l to 911. only Harley, up a at 79p, and TunnelB, I48p, up 5, and rises 

:ted February operational price. Reactionary ap Cement closed 3 up at 232p. ami Goldrfoiie. 89p. Amo«S . stall achieved by a foil of 4 ontalanca. 

. British funds lendencres appeared in both the ra rurn ed down from an leaders, GLEC rose jo 233p before PWdireron 43ap«wBeMm Ove rseas Traders to“akrfjtfo- 

.wad and ended at shorts and the longs, but the stock tailia i firm level of 342p to S33p settling at 230u for a rise of 3 on “^J ncInd< ^ 

the day’s best with widespread coming on offer was eventually reaction to the chairman’s balance, but SHI ended without «t , 1Mp - James Ffalt *3V 5 

gaL i^endhlg to i^rod vrith absorbed to fresh demand and vievk - s on the outlook for world alteration at 146p, after 14Sp. a rise of * UL S»P. higher at twp. . - 

toft tap stocks at. or near, the ^te « «» «“SL tradc before «“**»* ■«*«* SMdeley pushed ahead J£5Z.-?dfiB . ^vestment .Trusts .made modest 

better- ftan-expected 
banking figures 
provided the lead 

levels at whdeh they are ejected «« ^ further slight pro- 

gress. while the longs were again 
to become operative. equalling the day’s best, scattered 

The Government Securities ^ all satns occurred in Corpora- 
mdex Improved 038 for a rise of tj ons vrith the notable exception 
0B1 in fte last three days to Q f recently-issued Grampian 
7327, the announcement of the joj p Cr cent. 1985, which rose a 
upturn in the underlying inflation po j nt to 98|. 
rate revealed in the .latest Price Although trading within a 
Commission indices coming too narrour range, the market in in- 
late to affect sentiment. The vestment currency had a particu- 
strength of the Funds hetped to }ar1 brisk morn ing session. The 
sustain the equity leaders which, expanded business reflected two- 
although ending below the best, va y arbitrage operations, which 
closed with small rises on balance. in turn stemmed from yesterday's 
Up by 62 at noon, the FT 
Industrial Ordinary share index 
was fina-lly 2.6 up at 446.7. The 
morning rally was checked by 
the ICI chairman’s remarks about 
the poor prospects for a pick-up 
in world trade in 197S. ICI shares 
closed a penny off at 337p, after 
342p, while fairly numerous gains 
or 3 and occasionally more were 
posted by other index constituents. Hambros hptter 
The overall tone in equities was 

increased interest in South 
African -Gold and other mining 
shares, together with a well- 
balanced institutional trade. The 
premium finally settled marginally 
higher at 83,* per cent., after 
having fluctuated 5 either side of 
that rate. Yesterday’s SE conver- 
sion factor was 0.7269 ( 0.72701. 

dearer at 196p. 
after” 197pTaud MMtabf 

amount higher at 17Bp. after irap. revived. Capital issues tad- :*r 

Further consideration of fhe adV ance and City and 
Fourth-quarter profits helped Lni- 

I [ourth-quarter prosn t vma cm- ro5e 5 w s3p helped by ite latest 

J I ! _ >ff «L barde ° ~ T t0 fffP; set asset valuation, whole Dial- 

h I hut r?ovn ran hark from AB early a .p«_ aa4 

but Glaxo ran back from an early ^ 

level of 32Sp. to dose a pm T^pm^n 4 apiece. 

easier on balance at 522p. forward 2lTO o2p. In 

BeechamrelinauBtod 2 to Mg. ^ ja^ien TajTor rose S to. fife 
after SSSp. Eisewnere, Avon — ■- - ■ - • — — -- 

financial times stock indice 

"StoE ,”lUr. ~NlmrT 

8 t . 7 6 



. 2 



g o w e mB R a tS wl -. 
sHxed laurel -—.. — i 
IndiNCzul Oidhwy^; 

Gold Ulae* 

tint. Utv. Ywfcl., ] 



4A9*; <k284j 

63.bfii 69.81 



73^7 74^89 TA8B 74.46 74.44; 74.52,’ 
77.41 1 77.3ff 77.87; 77.17; 77. 52; 77.46J .; 
446.71 444.1' 443j| 456.2 : 453.4* 445A, 
168.6! 1*9.0, 163.2; J62A« 162.^ 168,1; i 
6.0S 6.09’ 6.20j 6- 17; 

KumnK»ykl%m>U)(*lj 17.7fl| 17JKk 17^3; l&3ft 

PtX MMinUK-n 7-fiS, 7.W 7^8; 7.64 

UMURKtnuTleA J «T7j 4*74^ 

• Kqulty turaow fciuJ " j 61.86! 46.30; 87.77j 
KqoUy hMKpfaa tetaU' ’ ^ hs.T0tt M J»8:_9.943 11648; 11.4 

‘ - — : is aim. ULS. ii woi’ «7.r.' "Now «is. l'pjoT -Mas.' " 

• tun. «8.6, 7 pm. «7A 

Litaat indax BH* ms. 

• Based qo S jer eeaL c er p or aitqn tax. ; Nii=«jn. - 
Uasw Tto Con. . Secs. 15/1048. Fixed 1st. 19ST loll. OnL LT/33. 
Mines 12.9.55. SE.Actmor JUs-Drc. IMS. 



ItPih _ . i4lnr«. ' Coin yilul kill J 

Hifjb j Low - 1 Hlgb 





ilo\ usees..- 

Fixed iui.... 

IaL Ord 

Goal Mine*.! 



id’ll Al) 
649 JB 

60.48 127.4 I 49116 

&U flrtrfe |i#litol 

60.49 1 160.4 > 80.55 

(*>1» i2S/llf4i^ 

357.6 | 549 JS i 49.4 

(l&ll Wflini. ftBlUMOl 

167^ Vl 

! — Ueiiv 
, CalU-lutJtvl 

loHurirte*. , 145.1' 

' 6peciM(lv4J 53/4 
' teu 103.5 

• b^xy .Wnn.' . 

Cltt^dwdTL.. 163.7 
| ImliHirlah _ 144.6 

95.1 442 J • 4M i AvoWiW.... 4A8 
ilifi j (£8»im;2f >10*711 i kniMiliic.l 10i_l 

ob revised consideration- -of.' 

shares settled at a new 1977-7S The strong performance 
high of 329p, for a net gain or 7. “free market" platinum 
Anglo American Investment Trust Cape 

Rubber added 5j to ' results, but small nervous. wong 

newed specvlatgei J™ to front of to-day’s resttlu Towered 
BTR rose 4 to 213p fonowrog the Yn le 4 to 79p. 
results and proposed 10 per cent. amm** Tmtnm ini_~ 

scrip-issue. Pboto-Me Inter- South African lnd«Ms 
SHaTfirmed 13 to 300p in a contrasting movements 

th'n markeL By way of contrast. Oats, a easier at 300 p d espfte ___ — — — o— — — . — - 

Stcetlev shed 6 to 168p in reaction announcement of mereaaed CTrn- Corporation put on 4 to 2S2p and in contrast with South £ 

to the disaonointing profits which mgs. and &A. Bre we^cs, 5^ better Union Corporation the same Issues, london-regisleredn 
fell lira, short of earlier fore- at Tip on buying m a tnin market, amount to 284p, the tatter In front ctals were quiet Neves 

ensts. Dealings were resmned In Guthrie came to the tore In 0 f the higher profits and final Gold Fields rose 4 to IS 

William Press which closed at J?p Planjat/ons, rising 10 to 28fe- on dividend. Rio Tinto-Zlnc 3 to IGSo. 

after a good business: dealings in small buying in a restricted 
the shares were subtended on market. •■*... 

Monday following news of **>e 

countrywide search of . the com- Golds StjentheD 

finish only a penny lower on the to close at the day’s highest of pany’s offices by tax inspectors, 
reflected iifihe FT-ActUarteVwift Merchant Banks gained ground day at 337p. Albright and Wilson ISOp, up 6 b« other Engineering 
only two of the 46 group and in thin trading. Hambros, 9 higher added 4 at 103p and Hsons edged Waiters flashed .a fewf^nce 

ln«n r&ptot&plr $ 173p. WJ^*?™5S_2!5 2 “ M8Pl ^ £5Stt“£i P ‘£SS ! S tot* .teuton 

jritons md Distribotors lock i SoyK AWa» Ool A ' wmt 
_ , ’ -v . a hatiar hoinori hv ahead for the srxtb successive 

able losses. The All-Share index Mercury Securities and Schroders ._ t 

ended 1.1 per cent, up at 196.61. both improved 5 to 116p and 355p WOOlWOTtll please 

The ratio of rises to fails in ” '*■ 

FT -quo ted equities widened from 
52 the previous day to 9:2. but 
the level of trade remained dis- 
appointing as measured by official 
markings of 4.546. 

Currency hedge buying further 
boosted the gold bullion price 
which jumped 525 to SJS9? an 
ounce. The Gold Mines* index 
mirrored the strength of South 
African Gold shares with a rise 
of 3.6 more to 165.G, which is 
6 per cent up 
of last week. 


Lloyds Brokers protided the Elsewhere, good results and a dearer at 99p and Babcock and proved 3 to I37p and Dally Mail demand for gold shares, 
since Tuesday main movements in a lethargic Proposed 25 per cent xrip issue wneox a shnflar amounf up at " A " 4 to 272p. Elsewhere, THUS Buying of golds cwne (horn 
Insurance sector. WlUis Faber Prompted a rise of 3 to 31p m m-p. i n contract, the chairman s and Allen gained 16 to 167p. most quarters and profit taking 

put on 7 to 2R2n as did Alexander Martin Ford while, re^Kmdang to cautious annual statement property shares took a distinct was negligible. Heavyweights 

Howden, to l6S'p: the latter’s pre- Jbe reduced loss for the year, prompted a fall of 3 to SOp in turn for the better as buyers scored gains of up to { as in 

liminary results are due to-day. W. L- Pawson hardened l^to 29ip. Record Rfdgway. began to show a little Interest. Western Holdings, which moved 

Gilts near tap levels 

Encouraged by recent indica- "“Breweries ““flljctaa ted narrowly Buyers rente for A. Goldberg "fn _ WWQS . Dtuu _ 

ti^ns that the gronth in many an d closed little changed, although foe deaKng» and helped the • anot h er 4 a * iq^p on further headway included Apex; 220p, other issues to register new 

sunnjy had slackened the Gilt- n**«« Charr*«Tton finished 2 up at price unmove 4 to 68p. Strong consideration of the preliminary Chnrchlmry. 250p, and Property hiehs included Randfontein. j 

edged market resumed the pre- i4Sp, after 144o. Elsewhere, and Fisher, 6 down « 60p, were Small buyin~ lifted Rown- Holding*, 317p, all of which gained firmer at £38 and Free. State 

rious days late rise an<| such was A. Bell rose 10 to 214p for a two- a notable casualty among Shoes Mackintosh! 9 to 363p. while S. Stiff reflecting the projected GednJd. i better at £I7|. 

the force of the movement its con- day specujative gain of 14, but m reaction _ to the sharp con- ^ or ^, ern Foods put on 3 to 77p, bid. Property Investment and Medium-priced issues 'were 

s - & did Associated Dairies, to 215p. Finance improved 4 to a new' 19* 1- featured by Winkelhaak, 29 to the 

tjri nation to-day could see both Matthew Clark fell 8 to 128p on traction in firnt-hatf earnings 
laps in operation. Both ends of disappointment with the Interim H. Wlgfall closed 14 higher at vvrniam 

report 2l0p. after 2l5p. on the increased 

the sector experienced an 


Ttra M towing table shows the percentage chaagcst which -have taken place since December XL, 1971. In the principal 
aeutty sect toils of the FT Actnarles Share Indices. It alu contains the Cold Mloes Index. 

Hire Purchase 

Contracting nqd CnnstracUon 
Ele ctn wdcs. Radio and TV ... 
En gi n e er i ng Contractors ..... 

Office Equipment 

Property ...» 



.... +77.M 


... . .... .....a +MJ7 




■nfiding Materials +S3JI0 

Consomcr Goods t Durable 1 Gniup +S2.BS 

Wines and Spirit* +49.09 

Capital Goods Gnrap +44ja 

Metal andl Metal Forming 


Newspapers and Publishing 
Motors and Dlstribators .... 

Food Retailing 

Goto Mloes F.T 

Insurance (UTc) 

Insurance (Composite] 

Kinanciul Group 


+39 Jj 
+39 JIT 
+37 41 

Packaging and Paper +35.25 

Consumer Goods (Non- Durable' Group +34.74 

iRdusuial Group .~...rr_ +34.4* 

Household Goods '.. +30-5S 

Insurance Brokers +32-41 

Eatartalnmant and Catering +3BA2 

Toys and Gamas +28-52 

All-Share Index +27.64 

awshan? Index +27 JO 

Merchant Banks - +2IJ0 

Bonks ... +2445 

Discount Houses — +23.07 

Overseas Traders +23.71 

Ncchaa*cal Engtmeriag ... +2300 

o;her Groups +22.77 

Chemicals +10.66 

Food Manufacturiag +1V32 

Investment Trusts +12.72 

T abac cos + 9J6 

Shooing + 5J3 

Mining Finance s + 147 

Oils - - - 3J3 

* Percentage changes based on Tuesday. March 7. UTS 

Notice of Redemption 

’vimberly-CIark International 
Finance Corporation N.V. 

8 \x % Guaranteed Debentures Due 1986 

NOTICE IS HEREBY GIYEX that, pursuant to the provisions of foe Indenture dated as of April 
15, 1971, under which the above described Debentures were issued. First National City Bank (now 
Citibank, XA.) as Trustee, bus drawn by lot, for redemption on April 15, 1978 through the operation 
ol the Sinking Fund provided for in the said Indenture, $1,200,000 principal amount of Debentures 
of the said issue, at the redemption price of 100% of the principal amount thereof, together with, 
accrued Interest thereon to llic date toed for redemption, of the following distinctive numbers: 


8907 10046 11143 12483 13481 14343 15436 16665 17866 19075 

8939 10055 11144 12489 1346 B 14384 15463 16666 17867 19081 

8948 10084 11145 12508 13491 14361 15482 16678 17871 1B09S 

8971 10112 11150 12523 13496 14376 13518 16683 17874 19100 

8991 10118 11182 12628 13511 14381 15523 16688 17881 19108 

9046 10140 11227 12555 13522 14393 15530 16631. 17887 19150 

9077 1Q143 U230 12556 13528 14419 15554 16693 17895 19154 

9078 10143 11238 12558 13546 14450 16562 16713 17926 19212 

9106 10152 11248 12559 13553 14454 13610 16724 17943 19234 

9192 10169 11261 12572 13582 14473 15614 16748 17956 19348 

9203 10179 11300 12646 13616 14480 1SG48 16763 18022 19250 

3207 10193 U314 12bG4 13631 14481 15673 16781 18029 19281 

9212 10200 11337 12865 13632 14499 15674 16791 18057 IS 385 

9238 10201 11382 12674 13661 14510 156T7 16832 18096 19286 

9248 10219 11384 12631 13670 14580 13678 16862 18100 19234 

9257 10245 H393 12697 13684 14581 15684 16889 18142 19314 

9336 10356 12394 13729 23701 .24606 15700 26921 18160 1332S 

9337 10383 11408 12731 13713 14891 18743 16332 IB 189 19352 

9348 10401 11430 12724 13737 14710 15768 16961 18190 19357 

9355 10402 11434 12750 13738 14837 15789 16968 18303 19369 

9358 1 0404 H453 12753 13745 14857 15810 16970 18210 1337S 

9365 10409 11«6 12795 13747 14864 15845 16987 18231 15387 

9366 10454 IH80 12817 13785 14B66 13856 17000 18241 19437 

9400 10485 U485 12849 13811 14873 15866 17009 18282 19443 

9401 30489 11501 12858 13815 14876 15667 17019 18294 19480 

9409 10301 11627 128Q9 13828 14881 15882 17047 18309 19490 

9410 10509 U541 12876 13831 14898 16898 17068 18333 19505 

94U 10528 11549 12877 33854 14916 15927 17085 18337 19522 

9420 10348 11879 12880 13866 14918 16974 17103 18463 19546 

9423 10550 11^02 12888 13876 14921 160X7 17130 18460 19548 

9433 10585 H653 1 2 892 13877 14938 16018 17135 18461 19500 

9433 10592 11658 12905 1388G 14941 16038 17145 18471 13565 

9434 10602 11G77 12936 13897 14959 16053 17188 18500 19583 

9435 10617 11678 12943 13918 14969 16070 17233 18531 19613 

9442 10624 H679 12945 13935 14989 16071 17238 18554 19628 

9463 10627 11683 12949 13989 15009 16076 17239 18663 19629 

9472 10639 11086 12973 13993 15018 16102 17262 18588 13645 

9515 10677 U6B7 12978 13394 15019 16103 17230 It 

21 1446 2587 3878 5290 6751 7977 

38 1456 3589 3898 S3SG 6760 7980 

64 1508 2604 3933 5340 6772 79B3 

65 1543 2606 3992 5343 6775 8004 

75 1544 2612 4024 534* 677G 8045 

99 1545 2628 4033 5346 0800 8060 

125 1545 2630 4087 5365 6822 8100 

13G 1547 2685 4105 5377 6826 8105 

158 1549 2699 4108 5381 6829 8117 

171 1550 2700 4124 5332 6857 8122 

197 1624 2757 4126 5121 6893 8128 

201 1625 2765 4125 5438 6909 8157 

=41 1628 2795 4149 5440 6911 8210 

249 1649 2803 4189 5444 6920 8219 

263 1674 2821 4331 5449 6962 8221 

204 1678 2827 4233 5450 7005 8237 

266 2696 2923 4239 5451 7 003 3233 

2Sti 1697 2939 4280 6458 7019 8238 

400 1733 2974 4290 5461 7045 8239 

420 1746 2994 4300 5466 7068 8247 

441 1763 3004 4364 5537 7073 S251 

444 1773 3008 439K 5S3-J 7091 8280 

451 1780 3010 4417 5551 7110 8261 

465 1784 3033 4450 5353 7125 8387 

483 1809 3035 4453 5600 7140 8303 

512 1810 3053 4484 SG12 7153 8310 

513 1827 3054 4485 5673 7201 8316 

513 1830 3077 44S8 5079 7214 B323 

539 1856 3106 4614 5688 7231 8334 

601 1858 3117 4533 5694 7240 8362 

622 1869 3134 4550 5700 7243 8354 

737 1900 3154 4555 5704 7273 8370 

745 1941 3161 4013 5731 7273 8387 

746 1069 3164 4670 5751 7208 8392 

835 2006 3183 4677 5772 7336 8418 

381-2,008 3200 4688 3778 7344 8435 
896 3)14 3206 4693 5787 7347 8444 

926 2020 3212 4694 5793 7378 8445 

929 2035 3223 4701 6739 7373 8450 

963 2036 3247 4731 5906 7380 84o2 

098 2044 3353 4752 5930 7385 8459 

1012 2061 32G8 4767 3974 7391 8475 

1029 2062 3269 4732 5990 7400 8477 

1030 2077 3286 4854 6005 7416 8481 

1038 2078 3301 4863 6027 7446 8469 

1042 2114 3347 4885 6043 7460 8450 

1111 =116 33G6 4927 6045 7S1X 8632 

1116 2137 3373 4932 6067 7519 8545 

1119 3147 3434 4980 60SB 7S23 8534 

1144 2151 3446 4987 6078 7641 8553 

1149 2156 3453 4990 6111 7665 8614 

1165 2158 3502 4992 6112 7686 8625 

1176 2173 3533 4994 6117 7709 8634 

1178 2176 3540 3008 6139 77*5 8667 

11M 9241 3545 5068 6150 7729 8661 

1198 2242 3578 5067 6315 7785 8683 

1213 2255 3531 5074 6451 7760 8698 

UllB 2291 3592 5083 6507 7798 8728 

1220 2293 3595 5105 6508 7793 8744 

1=1 =324 3599 5107 6521 7802 87SS 

!223 2337 3600 5108 06=3 +903 87B6 

1224 2357 3601 5115 8555 7816 8798 

1229 2370 3614 514* G5G3 7313 8797 

1240 2380 3628 5146 6590 7856 B82a 

1246 2336 3040 5205 6596 7874 8826 

1248 2334 3661 5230 6598 789= ™32 

1272 2404 3664 S233 6804 79«l 8835 

J357 3550 3680 5240 G6S2 7301 8838 

1368 2566 3722 5244 6G98 7814 88« 

1371 2579 3857 5277 6720 7951 8862 

18500 1S65T 

9530 10743 11698 13019 13995 15020 16113 17291 18593 19666 

0540 10744 11702 13020 14035 15041 16149 17294 18646 1969S 

9565 X0755 11709 13026 14071 16044 16X53 17336 18676 19694 

9GG6 10762 11710 1303B 14078 18055 16186 17339 18092 IS 637 

9586 10769 1X803 13040 24087 25073 26165 27352 28695 19638 

9807 10773 11856 13053 14101 I5C8S 16167 17358 18696 29744 

9613 10783 U976 13060 14111 15087 16172 17369 18698 19753 

9639 10803 U981 13090 14122 15101 16181 17400 18721 19754 

9640 10813 11986 13091 14126 16112 16210 17428 18731 19757 

9846 10814 11995 13110 14128 15114 16223 17442 18743 19770 

9653 10824 12021 13118 14133 15133 16246 17457 18758 19880 

9661 10629 12032 13130 14134 15154 16247 17480 1 8775 19809 

9678 10846 12043 13187 14149 16170 16249 17492 18778 19815 

9702 10&93 1=055 23198 14152 13180 16265 17435 18778 19819 

9704 10907 U062 13200 14175 15194 16280 17496 38779 19855 

9716 10964 12063 13226 14190 15234 16313 17497 1B80X 13907 

9759 10965 12087 33231 14138 15230 16351 17515 18806 19918 

9796 10972 12072 13238 14139 25252 16374 17528 1 8828 19923 

9755 10973 1=077 13364 14201 15268 16412 17554 18829 19940 

9767 1099S 1=078 13276 14212 15271 16432 176S6 18840 19959 

9769 1101* 1=030 13287 1422* 15282 16*42 17557 18848 19960 

9777 11023 12114 13288 14225 15334 16456 17570 I 8852 19961 

9789 11024 12143 13327 14=32 1534= 16462 17583 18868 19974 

9732 11047 1=145 1333B 1434= 15347 16463 17617 18894 19983 

9802 11050 13146 13341 14247 15369 16484 17632 18895 19989 

0893 11078 1=306 13342 14252 18371 16469 17633 18934 19995 

9939 11083 12347 13350 14267 15379 10499 17637 18355 

9962 11107 1=350 13384 14294 .15394 16602 17691 18965 

9963 11115 13369 13333 14301 15405 16566 17701 18997 

8977 11125 12410 13400 14309 15406 16570 17753 19000 

9991 11131 1=419 13411 14317 15439 16619 17735 19014 

— 9992 U137 13425 13413 14331 15433 16659’ 17815 19033 

1445 =586 3873 5284 67=8 7926 8898 10029 11142 13444 13418 14338 15446 16660 17833 19071 

The Debentures specified above will become due and payable and, UPON PRESENTATION AND 
SURRENDER THEREOF (with all coupons appertaining thereto, maturing after April IS, 1978), 
will be paid on redemption date at the W.C.GL Bond Window* — 2nd Floor of Citibank, 
nJl, 111 Wall Street, New York, N.Y. 10015, at the main offices of Citibank, NA. in Amster- 
dam, Frankfurt/Main, London (City Office), Milan, Paris, and Citibank (Be lgium ) S-A. in Brussels, 
arid at the ™ain offices of. Kredfe thank SA. Loxembourgeoise in Luxembourg. On and after said, 
redemption date, interest on the Debentures specified above will cease to accrue. 

Coupon due April 15, 3978 should be detached and presented for payment in the usual manner. 



March 9, 1978 aaTrwtae 

Morrison continued 1978 peak of 106o. Gains of 4 were good at a new high of T74p and 

firmlv in Supermarkets, rising 4 also seen in Stock Conversion. Kinross, 28 up at a high of 39Ip. 
to lS2p for a two-day gain of 9 l 234 p, and Property and Rever- Among lower-priced stocks Reel* 
Trust Houses Forte featured rionaiy. “A." 297 p, while Dacian, kraal hardened 5 to 104p. 

Hotels and Caterers with a jump firmed 2} more to 72 } .p and Gty South African Financials also 
of 8 to 177pv after 17Sp, on fur- Offices were similarly better at registered strong gains in 
ther consideration of the chair- 56p. Among the leaders. Land syrapatbv with the bullion price 
man's optimistic statement on Securities closed 2 up at 209p, and Golds. De Beers continued 
prospects which accompanied the after 21Qp. along with HEPC. a to draw strength from the record 
full report and accounts. . Lad- like amount higher at life, after profits and Increased fihal divl- 
broke rallied S to life despite 119p. dead; after a heavy tnrnoyyr; the 


DEALING DATES central, English Property 

First Last Last For spar * Ultramar, nUsi 
Deal- Deal- Declare- Settle- 

lap, u.B ^on mm gffp-ngy i sgy is • 

Mar. 7 Mar. 20 Iinu S Jan.21 lntcir tahii ait tvni& 
Mar. 21 Apr.lO Jrm.22 July 5™ 

AW- II APr ftT/uly * JufyW 

For rote truncations see end oj and Qty Properties. Pu& 
Share Information Service taken out in Boots - and 
Stocks favoured for the call International, while double 
included Brittania Arrow, Pre- arrangwl in Burmah Off, Pi 
mier Consolidated Oil, Ladbroke Consolidated Oil, Lu 
Warrants. British Syphon, Trl- Warrants and Fitch Lovell 


The renewing MeorlUcx ouster! in the _ _ Mi: 

Share Information Service, rw i m b y RamWontcth fas. 
attained new Higta antf mm tor 1977-78. 6RGO - 

NEW HIGHS ( 37 ) 



a**™ me. 

Federated Und 


Rama TeutlToa __ vemon FasMon 
- CNCtNOSmC (3) 

Cooper iF.t . Tace 
Habit Precision 


Black Arrow Photo- M« Inti. 

Hyman (1. & J.> Sandhurst Marketing 


Heatn CC. E.) 

NEWSPArCRS 171 • • 

Wchstcrs Fobs. 


L. 8 P. Porter Mills & Alien mu. 


Seitwav- _ Prop. in*. A Fib.' .. 

/ Oaelan 


S^» Blew*. r 

: TRUSTS 12) 

Daw nay Day- Mpjedto Invs. 

CttoUd. Plants. 

Lib* non 

. *«, Gkdofa . 

WottS™ HKtarf 



_ nmnnuusm 

Imperial Coat Cat 
_ . PROPERTY (11 

Cap. omttaa vm. 



KumE icffiaiM 


BrUtoh Fundi 

Cotphsm Dm. ato 



Foreign Bonds 



mdntrteb ... 



FlnsncW Mtf Prap. 




. 15- 





Mbros i..„ 



Recent Issaas 













. Stock tion 

marks price (p) 

on day 



BP £1 



■+ 2 • 



Shell Transport.. 25p 



~ 7 



GEC 25p 






BATs DeEd 25p • 

• 10 





E?.n 30p 






GKN £1 






ra n 



- 1 



Barclays Bank ... £1 






Distillers SOp 






Press fWm.) ...«. 5p 






Reed Inti £1 - 



•+ 2 



Burmah Oil £1 



+ 1 



De Beers Defd. ... RQ.OS 



+ 7 



Grand >fet. 50p 






Trust Hses. Forte 25p 



+ s . 




These Indices axe the joint ceopOaSen ot L the Financial Times, the Institute of Acton 

and tiie Factd^ of Actuaries 




Figures' in parentheses show number of 
stocks per section 

The above list of active stocks is based on the number of barpams j 
recorded yesterday m the Official List a«d under Rule 163(1) (e) and] 
Reproduced to-day fn. Stock Exchange dealings. 














^ 5 2*: .• 

•w**’ {«: r = j5 ~r - — I 

: «s” — ' Hi*n | 


• e 



j £ 

' f ' \Z% ; 



I fi l H 

z* .-5- 

di- li j ii* 1 * 

Xs& j 

II Cl F.l\ i-Jilt 

1 Hu f !■$£ 1 

1 \ul< nwtwl Sen. Uur. Cum. riT-I -.152 ! 

- F.P i 84,* 

*• r.p. ‘a* 

699 P.P. 




U» l joaney*.or Y<mtahuv l^Cum. Prei — - 106p' 

■•bj : .enlrepuy U« Uiim. Pn4. >U6ip : — to 

90t4j.ini Kuc. U-i* li*-- 9&5 t nj +7 

11 rifei-"?. 

KlJu iao : 24jal w-3gj ieu»iii!-li« s tniei 

Jl iii F.P. — ; 1CK?U luCilr! I’i'Hin- i 

“ U1 1,38/7, l£Ul & IfW-e-iiwe* Water 7* Kent. Fit. IXS. 

* rti ‘ •iti.t i 105 "*'+ii ras. Iuij^ ru. V1IV. Ifl IWlMI 103 

r.p • - ‘SB- Shell ml.. k»n. .\,V.rl%-.u»r. UAifaWI* 

iS9i« jU • ■ «*- :i-..«»l.l* Vartahte ISPS 100 . 

-.9BU £50 '3a*» . 'BJ5s: 471a 1 . ik>. I0T91 Ke«t W-t> : 50 ’+ l* 

F.P. i<K Z ■ . lOS».;rt hheWmi-eiG.UI^c>mi IV^r ’ 103f.' 

58 : + u , 


iSl 8 - — 

BafidlaglteteririU (77) 
Contracting, Construction (26). 
Electrical* 05) 
EcgmeeringOm tractors (14) 
Mechanical Enjdneeriiu; (71). 
Metals and Metal Punning (17) 
(DURABLE) (52) 

LL Electronics, Radio TV (15) 
Household Goods (12) 

MotOT and Distributors (25) 
Breweries (14) 

Wines and Spirits (6) 
RrteriBinmeat, Catering CUp 
Food Man ufacfarring (M) 

Food Retailing (18) 

Packaging and Paper (15) ' 
Stores (38), 



■ VMH 



< i 

Krruuv - j 
Halt.. ; 



15/3] 4/6] 


f. i-. 

o ij l-<«. 

»-k Wi| 



8»a; 51-51 


t.» . 







r .j ; 


11,3'. 7/4, 



i. .’ 1 - .'i 

Hi -Ii U« 

, Pnee + 1 

i *»: ! 

it*p 1 1*} 

21 Ui is 


Uhdiu. nana m AiuiraiuL..... 


x iL-K.i.. InicrnalHiin 



| z& | »toiiiljewerG«m't«._ | 

iJO : -H.IIHII \ pant, ■ 

! Jdr.i, 


80 l+l* 
i 3812'+ lg- 

24 f J 

342 +1 


85 i+I 









.Br.'Govt Av. Gross Bed. 



British Gov eminent 






xd aflj. 


xd aflj. 



Low 5 years...,. 

Coupons 15 years. 







to date 


25 yean. 




Under 5 years 

1 W .55 

+ 8 J 8 

' - 




Medium 5 years. 

Coupons 15 years. 



9 AS 


5 - 15 yeara^_. 

12 L 2 S 

+ 0 A 5 



.25 years 

U .15 

112 ? 


Over IS yeas’ 

l 12838 

+ 0.74 


232 . 


High 5 years... 



1 ' 




+B. 4 Z, 





Coupons 15 yean 

1 " 25 years 

1 X 84 




■ s 

All stocks • 


— ■ 




107 t 



Krrnuiuaiiiiii a*re .awwllv last uv tor aealnui rrre of damp duty o Kiguresj 
Diiarrl w pnspectua esmnau? a Assumtfl dinduui and vnta n horwa*: (ttnuanfl; 
iwi basrfl an arcmipr veer's earuimis v Dividmo ana twin Desert on Drwpoaual 
uf irthur affinal caliinai*^ for t*79 g Gross i Kluurin, aanunud I Cover allows | 
'dt ranvoraun at sfnrea Mt* Raw rvnttop for Jivtdenit of ranCfns only for rennefafl 
mvnSeaOS < Placing prlcp hi pun lie m P*aiw unless . ntbrnnse mtUcaten. 5 issued 
b> lender (! Oficred to !»!«>■» w Orrtinarv atures a* a “nghis." — RleWa 
b> waj of cafniulrtallno n Uunnpnn lender pclco 55 Kointrodoeed S3 Issued 
in ednoMiion with recrvanisarinn rm>n»r nr <*itr-osrr W| inTroflacTKin "j Issued 
to lormer Prelpronee hoBtini ■ <U!onneoi lerers «or ruto^HLd). a Protlsioaal 
pi partly -part allotment toner* * With warranis. 


"ti'afl- Mareii C 




j Jl outlay 

\- * :\ 


Xh, : 



is 30-yr. Red. Deb. & Loans (15) 




60.59 . 

16 (Investment Trust Prefs. (15) 





;Coml. and IhdL Prefs. (20) 



76.86 1 



Pn Say 



-31oid 1 




UiMuln,\ . \ 
. Krtu 1 i 
1 2i K»p 


80.69 I 60.65 | 60.77 

B6A7 ! -67.07 ( 57.07 
1 I ■ . 
77.00 J 75.95 77.03 

60.72 [ 60.90 
S7.07I 57.07 ; 4J 
77.10 ! .27,10 j > 

t RadeiBptlBR ytaifl. High* wtfl laws rtterfl. toue to** •to values and csnsUttient diknsea arv'^hiUu.d 1 

* <W L 2 ^ constituents is pvalUMe from the Publishers, the FlemcHil rtron, BraSeT+«a^o 
Stoma, Looflsu EC4P «BV, pdfe*>* 22*. • Cmtou: Hard. 9 217^ 7^' 




y>^3> (j* 






Ncrt nub March 21, Japan Glh Kuort. _ii21 33 2255 — 

Australian Selection Fond W ' uSSP&A^ScJ^TttS^ -A'd 7 ’ 

* King ft Sbaxson Mgrs. : 

l-SSl S»t»N -P} S13S - ] _] — 1 chorine L’rW. SL H.'lior. J(Wi-, 

Nrt as-ct value Mareli 3. ] Tiuimu* Siren Dnui'la’;. He of Va^ 

m Bank of America International S.A. liiii'TxTjVuf i^i i ' [ijiSj Zi!!l !is 

a tn 3i boulevard mfi, liUiLintmiin i: » lilt Con. Srrv lit. 

flffi Uldvaveftlneoe^WSW* »SI .... t %fe EirftKinljfUi ,H5£! — — 

Price* jl Marvli 2. \etl Mb. day Narrb 3. * -lr! ‘ * nl * - — - •* 15183.33 .. — | 

{ Bnfc. of Lndn. ft S. America LteL KleinworS Bcnsen limited 

Wfib". Queen Vicuna SL.RC4. 014502313 20.FiothurchK. LC3 iJI-SMMfl 

Alexander KunJ ^|S1. '5 C EUrsaval Ijuc. F. I 977«f _ j -)> JJ» 

Nl-i a*vt value liar. \. (.ucrawytne BAG M« — } 43 * 

iueratcvlnr 5AE Mil „ '43S 

Jn.Aecura. M3. 73 6| 43S 

Banqne Bruxelles Lambert KBintL FbruTfjl.’J sushis “Z. iw 

LfiMr^-Kpa? SHfe- Tffijt, “ 
K«£SS5US^ ^ 

ni-CMir rn«mw_(«6 MS .. 11020 Uoydt Bk. IC.l.) irr Mgrs. 

U nldol lar Tcu5 _..MlUZ ^ _ U 5^-m.OSl *19: lervcr. D 

Do. .VcT'ire- . 

KB Far lain Kd , ..' 

KBlntL Fund 

KI1 Japan Fund . 

KJi. USi Girth. F.t.l 

L'ntdoKar Trust. 

•Subject id Ira and witbbuldtnfi lasts 

*5®7 HO. fan 19S. st. Hriit'r. Jcrvrr. 

Lloyds Tri h'm-uj |48 0 SO S! .. .. 

Nc\t iJoalinjE date «orrh 15.' 

gS? Ban: tact's Unicom InL «. o. Man) Ud. •' ^ <teai,nr. daw? Harrh ift' 

5JS7 l Thomas SJ. Douglas. ixiJL 0G344I&6 Lloyds International Mgnmt. SJL 

I'ltiram Aiut EiL gtl 

tw AuscMin 22 B 

TV Grir Pacific 54S 

Uo.InIL Incon»_„ % B 

Do.l of Man Tst. 439 

Do. Manx Mciaal..-. 216 

£3 — ! 7 R H 0 da Rhone, PH. Bo* 179. 1211 Geneva It 

•wd Ltovda InLClh-FJ UTCTia OTfeJ 1 110 

jtffcjZtMl U0 Uords Iul Income. pnOUD J11K) 1 6 40. 

M & G Group 

Three Unavv. Timer Hill UC3R 63Q. 0I£&-&)& 

. .MIsnncUvMar 7- M'«» 57BI....1 — 

wait Ausl.EvlLir.S it SI 71 199 .. I — 

_ tVJtlEs «jr a ... H '-J3 ■ _ 

~2 k-'lMld 1M 3 10991 »0.6 •LBS 

“ «.Vceum I'niifi M3 1S3 if -HJ-aj ?• B6 

11 Samuel Blmtagn Ldu. Agts. 

11-1. Old Bro*t St. E i.\T 01-5aaBtM 

, Apollo Kd Frh. 2fl-l>K43 K 4S7D,’ 1 A00 

• 47J^ _ 
2£M -D, 

Preference Fujul— 

lAceum. Coftst 

Capital Fund., 

-Commodity Piiad _ 
(Aceum. PnlM.„. 


Gloota F nw 
iftmrmlinlLi J. 

lACcnm. Unitn)„_. 

forrtan Glh- Fd 

Eastern tljuLFd.. 

iB» WdrwLUts-J 

Foreign FA. ■ 

N. Amec* lot. FCL 

Bidmpsgale Commodity Ser. Ltd 

P.O. Bo* 42. Douglas 1.0 31 002942: 

ARH\C* FWi.fl . _] SU536 69 I I - 

rA\'RHfk^Feb.0_ a 010 - 

COUNT** Fell. 8- _| LZ 334x1 | ... | - 

UriginaUji iuucd at *MB jnc ”tL00. 

615 Sju Ctobs FtebJO 

i# We-ssrm 

18 5^1^; 

3 66 *Foytax exempt In nets only ' 

111 Hill Samnd T Vnft Tst. Mgrs.f (a> 

Rothschild & Lmudes MsmU <ai 

SL Sxrit bins Lane, Lda.ECL 01 -6284356 

Bridge Management Ud. 

P.O. Bos SOB. Grand Cannon. Carman Is, 
Vbaahi Mar I_ | 3T4694 { > ...| — 

i. uw . Muuuii-'.wjr i — >• 

0S594239U Ausl. Lv ILir. S Si Si 71 

7~~ itold Ex 34jr a ...Y'Tta 

■ — “ Island 103 3 

" '■'j __ i.Vccum .1*4 3 

"I L00. Cimnpl 1*. 

New CL ESBWW— 1013.0 IMa] 4 573 np n FVv aw. lionc Kohr 

Price on Feb. 15. Nest dealing Mar. 15 Nippon FA Mar. S.^H'sUM "i52q*U8| 

Sevan Unit Trust MnfiL LuL 

tic Stock FpliL 

f'Jg « Beech SL.EC2P2LX 
fhlBrtflthTrost — 

(olnt-l Trust.: 

t-ii (gi Dollar Troit— 
1Jn <b) Capital Trmt_- 

Archway Unit Tst Mgs. Ltd.V (aKc) 

217. High BoJt»m.WClV7NI- 01-8316233. SocnBritF&mt 

Archway Fund J7« T9.« l 607 fblHfihVfcW 

Prices at Mar. L Nest sob. day Mar. 15. j H ui ■ 

1522 +L9 
34 0 -*02 
683 -rOJ 
29 On -+Q5 

01-8288011 Clty-Gtaellse- Finsbury Sq.. ECO. 01-808 30BB j Britannia Tst. Mngmt. 1 Cl k Ltd. 

cm. R0wanA1n.Mar.l-. 99 0 615 

Rowan Sec. Mar. 7 14* J 1515a; ..... 

5tS RawanHc.Mar.2_W9 523 

i-S? lAremn. L'nit&i — _ 68 5 720 

Run. Mm Mar.S — 67 O 10 J, 

JSb CAcriim. Units' [81.7 861] 

1— 3 SORafhKS.. ia. Ilelicr. Jersey. 

2- 59 • Itoutfa Invest 128 7 313 

Archway Fund p« T9.0t l 607 IblHlgb Vield T*t 

Prices at Mar. L Nest sub. day Mar. 29. TnteLV (aXg) 

22 Barclays Unicon. MMgWc) 

Unlearn Ho. 262 Romford HA. El. 01-5315644 . 

Unfeecn America— I28J 30 Aj +bjj 2JJ. Key Fund. Managers L 

Do.AusL Aec 54.0 58.71+03 251 ZSJJUkSL.'ECZVaJE. 

Do.'CqpHaU w" 64M+M 476 KepSMfW'IliJU- 

«» Do.EwnirtTsL__ 10L2 .-185.4 41-2 630 

Uo. Ejgtu xocome _ 26J 207) +0.2 836 

Da-^nencia] , 5A2 SOfl +0.9 &« Key FtMtaLML. 

IK>5<W — —643 69M+03 636 Vm Rmnll (In'* Flrf . 

m Murray. Johnsloae ilnv. Adviserl 

■M3473 U4 1®. Hope S:.i;UiB«v.*.'2 iM 12ZK21 

1 AM ■HoprM S.I I S' 538 80 I- I — 

I!*" 100 ’Murray Fund _ . SI Wt\l [ _..j _ 

■ — i 1 iircrvcun invest to t «miu l V « '« v * 

— H ’gllninlFd. 60J 65 Iw . 100 * Murray FunA .. | 51 h9 17 

1 IS [JworlSieiTSTs.. 1323 1432-4 ISO FebnlOH 2S. 

— 1 Ur.lvsLuir.TV $4.70 4*0 — v-11 e v 

I I UcivKl.STst.Sle - 5200 210.. 100 

Value March 3. Next dealing ^lutb 13. 

274 +0A 8JB wran-MUia! pu., «.-U I Uriv^STst-Stc 210 .7 1 : 

-O-R .3-56 Royal Tst. Can. Fd. Mgrs. Ltd. Value March 3. Next dealing Wi B 

,T“ , ..... BA Jermm Street, S.Wi. 01R23S2S2 Butterfield Management Co 14 . 

SS-TI,) ! 

§6? Key Fund Managers Ltd. (awe)' Sa^ & Prosper Group rnees at Kcb. e. S'«r rub. day March : 

2|1 ESJflltSL.’KavarE _ OI«M7O70u Capital International S.A. 

4^6 KSRS£nfS£J'l60 6 g'3:?f| JS Satmfis U? 01 ^mSb 39 or (BN236 rai 27 rje Nnirr-Ikame. Lmemhoiu-fL 

|| SSrSSS^^i lS|:?:3 12 Sa«T Prosper Surfti^Lri SlKlM5 »■ -* ‘ 

5.42 JIS +Q 4 ,KS lutowOoml Funds Charterimuse Japbet 

P.i 1 Uu< 13S. Ilacullon. Evnnilda. ■ **la. 

Buttress EquiD' 12 03 1 571 _ J 2 09 Bank of Hern 

UultrrM Inrrane... .11 99 19y._.| 7.49 NAV Feb 24- 

mees at Kcb. B. 5«r sub. oar March 13. .. ... 

SB Do. Growth Acc— f 
Do. income Tst— h 
•Do. Prt .Vox TSL-t 
Prices at Feb. 28. 

Do. Recdwsy : t 

Do. Trustee Fund— 1: 
_ Do. WTdwide Trpuif 
*2 BTsUnFdJnc-^f 

Do. Acemn- . [1 

KaySumUCo-sW-PM 65*4 ioj| 740 — 

443 Kleinwort JBepson Unit Managers^ Univ-CrowthTl — [no 
2Q.Fencbuzeb8e.KC3. 01-8228000 Increasing Income Ftmd 

dem mcTdey itofeaT K-B. Unit FA Inc. -[76 a B32d 1 • 4.78 Hieb-Yield J51.9 

♦EJLBnitFdAc-.teiA 1 ! - m*. Income Tunds ' 

K * C Unit Trust Management Ltd* Hirtjtaurn 159 6 

5S.q-fO.71 S96 

| g L & C Unit Trust Management Ltd* High Ream 
The Stock EehungC- ECSN I HP. OT-S8S 5800 
S05 LAC Inc. FA. -[126 2 130.14 1 779 W-K-FBads 

Prices at Kcb. B. Nnt rub. oay March 13. 
Capital International SJL 
1 27 rjc Nnur-IUnc. LtnemhOkirii. • 

( Capital InL Fluid..! Sl'fOSSS f J 

Charterhouse Japbet 
3.26 1. Paternoster Row. EC4 0I-248309B 

444 \diTppa - [UOagl JlUf-OlOj 5.70 

Z2& AtUvertu D5MJ29 Sa^*0.2tf 533 

Fonrtak DM31 60 JUDi+OOB 601 

Fundls tiUHW :ioa^0jra 619 

Emperor Ftmd 5i’S258 i*s 1 — 

gw Hlspnnc PUS077 ■ «g| 193 

&82 Comhill lus. (Guernsey) Ltd. 

j i I’ll' 

7T A ■ ■ ^ ftjtr 



DcAceom.,--^-^ .*M**.BM ^ .... J T79 j™ ^ ^ ^ 

SSTm ^ ^ ^ ¥<aHCl ‘ 8LH.-0* 283 IWt. croup 

nlfn sc* u ill S? 83 George StiEdSnB argh EH24JG. 0314383011 J«»“ P.O. Bos 3012. Nawan. Bahamas. 

ESSa inccl l^ni *Raw. Material* — 34* 3661 716 U ^~— 1 42 - 7 67ddJ +0J[ 3 JO Della Inv. Fcfc. 28_[$128 L3»[ .1 

Do.Attmn.-_— .11.98. 206S L9| 382 jiAecuto-Unittn — 385 41 0 7J6 Sector Finals _ 

Next mb. day March 22 -Growth Fund 517 56.2 350 r»mmndlty — l63fc 68.4d +0.7T 482 Deulficher Investment-Trust 

Bisbopsgate Progressive Mgmt Co* T^S^Sl |o gj ~ US SBSSwKST^Bf Tgi $£ 

HBUhopumULElCZ 01-6888=80 -0.2 B^Mtatenna Fa^S S“SStatoi.Sr:KS 

B’satePr.—Mor. 7— 1618 172.01 J 355 Select InlemaL pi** 2284*2 41 291 — 1 

196.7 a|3__q 355 715 wls ™ K^+o4 783 Dreyfus Intercontinental lnv. f 

SKjFehaat: ini Tlta 251 ■ DtaL * Mon - *»«a Ttwed. irburs. “Fri. Sestbits Securities Ltd* £?;-??* 'S 3112 * x KS?!» Bab ^ , 

Next nob. day Match 16 —Match ZL Legal Se General Tyndall Fund? Scotblta. [35.6 384 *041 484 Ml 3 IWS12K 12IS( — I 

Bridge mud MamgeraMaXel os-.a.< ggSSr”® 

, KlngWHUom SL.EZXR9AH 0 1-823 4flSl Tif ’ ""1 5^3 SeoCEx.r,th*C p.999 20934 -Z.71 ZM 

BridTOlae.- M45 «.« „.J 7.42 Next Enf day Mar^5 4 S*^&Lyid.^--ll469 153^-134] 788 )mJl +0J ‘ 

BridScSfeV- E.9 HS=Si IJ3 Leonine Administration Ltd- e ' ?T? “* ^ ■*" a F. & C. MgwL Ltd. lav. Advise 

Bridge Kp&BpLT-. 121 12^3 623 2, DukcSt. InudonWlM 6JP 03-488 5ES1 Sc^ efi i I lg er Trust Mngrs. Ltd- (a)lt) J ZLa urau iePouataey Hill. EC IK OBA. 

sasasi^ fflasgSSzzjB sa -TH ««nSaaL-iM ^ , 

Wta* March 7&a Deoifa, -tW tw«L ^ u±f M aHj +0.1 IS Fidelity MgmL & Res. (Bdaj LI 

Britannia Trnst ManagemenUaKg) Healxtrnr** Gonng-bv.Scu. Kxempt Wch V7<t* 23.0 25J 9.M P.O. Box Bio, HamUton, Bermuda. 

3 London WuD BuDctlngB, lijodon WalU Worthing; WauSuMe*. 01-8231288 SI - ■— ,5^5 fflSIiS l' 4a f 

LondmiECJMaQL . nmn |2« < mtacd.i._^«.4 fi^SfcgzZ: nl • *405 9.S FidehBftm^FrL-Il lu^S I 

Baring Brothers & Co. Lid.* taMx> Lg WSon Sees. Ltd. 1 
W.l«adanhallEt_E.C8. 01-5882830 e3 Genme BL. Edinbarsh 

Bisbopsgate Progressive Mgmt Co* t^^SdWmxtt. »o 

9.Btahop»J»te.E.C2. 01-6888280 fAmcrlqmFd- WA 

B'gatePr.-Mar. 7-11315 1720} I 335 

4Sffi3S.k-.SI ^=3 IS 

tAccnm. > Feb. 2&„ 2695 laojl .„.J 271 D»aL *Mbn. -nwa TP 

Next auh. day Much 16 -Mulch a. Legal A General Ti 

283 Delta Group pn.Boxs 

151 p.o. Box 3012. Nassau. Bahama;;. ®*l 2633 

3J0 Delta lnv. Fch. 28 -BUS U4| .1 _ fS-FTJW 

lOO. rtL M 

a fey Deutfichcr In vestiMn t-Tra st ind. Fd. f 

126 Con centra IDMH3B MMJflUOi — ^VOl I 

InL Rcntentondt, [iHUUS 78.7a[ __7| — P.O. Box 1 

2<n . 7LT Tnl*L 

733 Dreyfus Intercontinental lnv. Fd. iltiut.i 
P.O. Box K3712, Nassau. Prlcos a 

aM NAV Mu- 3 J5CS12K U0( — I — Save* 

7T5 Emson & Dudley TstMgUrByXtC. DeaUna l< 

13. Ilia limilL-iuni Royal. I.uvcmhourg 

NA\' Mar 3 _l SI ^U.Sa J I — 

’ . Negit Ud. 

209 Bunk of Hcrmuiti BldiV-, Hamilton, Prm-ia. 
7A9 NAV Feb 24. . . |£4 B2 — ) „J . 

Old Court Commodity Fd. Mgrs. Ixd. 
T'.O Box fa. S! Julian hCf.Gui-ra-d-i 0481 28741 
• O C Cm Tiu l'i-h * 1117 7 124 71. ..! 5 W 

— O C.LHlr.Cm TbLT— IS25 34 26 9S|-0W} '- 

•meu' c*n Kt>b H N.At th-aling Mar 14 
tlTirt on lldTi'b 7. N'i-xi dcsiliuf doit' March. 

1 3030 21. 

f ffi Phoenix International 
&fil P0 Box 77. St. Peu-r Pon. Guernsey. ’ ' ' 
619 IniebDollur FuaJ..fSUSU9 2j6( . . ,f -w- 
197 Property Growth Overseas Ltd. " 

28 klih Turn. Ill Bra bar . iCibitlOS 

U5 Dollar Fund . I Sl'StM.27 I „ I — 
SturhagFund- - I U2880 f ,.| - 

— Rfflthfichiid Asset Alunagemeat tCJ4‘ 

PO. Box 58, SlLJuluKuCt-Gucrnscv. 

0481 26331 

Eq.Fr. Fbh 28 1494 5251 .1 258 

ine.Kd.Mar.] 044.3 158 21 ... j 689 

Inti. Fd- Feb 15 [86.5 *Cfl3 i — • 

Sm.Co.Fd. Feb. 28 ..(1319 140j) .. 4 35S- 

Koyal Trust |CI| Fd. Hgt. Ltd. 

P.O. Bos 1M. Ro>nl TkL Hsc, Jersey. C33427+II 

R-T.lntTKd -Bl'59J6 4 S3 .1 3 00 

R.T Lnl'l. Llm-.iFd. [M W . , | 321 

Prices at Feb. 15. Next deal ins March lj. 

Save & Prosper International 
DeaUnK lo 

PO. Box <3, SL Heller. Jersey. 053420501 Brood SL.Sl Heller. Jersey 

fjg I EJ3J.C.T. . 

3182) +0J| — 

IF. & C. Mgmt. Ltd. lnv. Advisers 

irf i 01-623 4680 

(0306k BB441 OaK-Fd.M«ch t- 

254dj -fO.’ij IS Fidelity Mgmt. 


UnvdoaEClMSQL . Bl43&<muorr9 FtittfBabKd.).-^. 

ACMCs ——1621 .66.71 +0.9J, 532 Do-tAttunU- 

Capital Act— 165 50 0 +08 64S SacondtCap.)^ — 

Comm 6 Ind 48.9 523a +08 679 PojiAry om.)-- ; — 

Commodity 663 • 715 +03 589 

Domestic.-:..— — JS.0 375 +08 451 

Suwwa nt 963 +03 8.44 gwcthtExlne.)— _ 

Extrolncome— ... 575 40.0 .: +03 9.97 Cto-tAceum.) 

Far East. 162 17An -0J -615 rTnvrPii Life Ih 

Financial Secs 615 661 +35 451 “^° S ^ 

GoUAGoneml— 194 1069 +15 259 7280. Gatehouse Rr 

Growth — - 715 764 +18 450 Equity Acenm. 

Inc- 6 Growth W5 73» +12 755 „T „ 

Inf] Ctwth— 515 569 +03 287 M * G Groupf 

ImcsLTktShanH- 58. « 415 458 Three Quays. Tbwar 

ISSSg^S=SS OS 886 

Ncwlssne— — — 125 365 +05 486 /r^X. ro^^V~~ ~ 

Eeaa f^R. 

Property Shares Z 138 335a +0J 253 " 

Shield----.- 8L4 443n +0.7 489 #a~, 

Stains Chance. 263 285a +05 535 touoSScroSttT 

UnW Knars, _ #3 2*1 

The British Life Office Ltd.? (a) §£E^°° lnc --— 

Reliance Hse, TUnbridge Wells. KL088S22271 <jkcmn. Untoj 

BLBriUshlate 46.4 49JI+0JJ 581 

BL Balanced* STs 46S 5.79 1 

BL. Dividend* Ko 4J8j 4 943 

♦Prices Star. L Nwi deollagday Mar. 8. i 

Inc. 10*4 WdrwL— [ 
IntnL Growth—— i 

in “2 +M 2» bJkTrwruSSZZSS 

SS5‘^SS!!=z§? d SI tn 
Is fel S5 |S ^VcatTroSZai 

9.97 tw-CAccttm.1 (615 66JJ-r05( 882 Property share*— 269 

Lloyd’s Life Unit Tut. Mngrs. Ltd. g | 

259 72-80. Gatehouse RtL, Ajletboty. 0296 5041 UJC-Grtb.DlM.. Q7& 

Zs 2 Fidelity Mgmt. & Res. (Bdaj Ltd. 
9.14 P.O. Box 670, HamUton, Bermuda. 

458 Fide lily Am Ass 5US29.60 *8261 — 

IdS Fidelity I ql F und. 4US1K58 _ 

9.94 Fidelity Pac. Fd.__ 5US4051 — 

- Fidelity WrW Fd.... SUS1233 *086 — 

J-g Fidelity Ster. Fd*. . - _.... — 

587 Series A l In wtl. £351 — 

481 Series B (Pacific i— £644 — 

.5“ 5«?ri« D (AmAa&i £2358 +HJ5 — 

rjs DillK^dcBonbJtMl Postfs 
DlrFxdJnl—Mar 1 ..[954 998 

Internal- Gr.'t.—-. [6.12 662 

Far Eastern*! [34 30 37 OS 

North Amcri can *t.|3 36 3.64 

Scpro— t --&2B6 1605 

afrn.rA Mwl.ilm i PBnds 
Channel CapitalO-1205.9 216.8 

Channel Islands^- IU&2 1455 

Cummodiu Mar. 3-IU2.7 1188a 

L 3— 119.9 12 

Channel Islands*- {1385 14551*0.3 512 

CkmuDodllv Mar. 3-112.7 118813 . ...1 -» 

SLFxd. It Alar. 3 |ll 9.9 . .. J 18,95 

Prices on "Mar d “Mar. B. —Mar. 2. 

t Weekly Dealings. 

Schlesrnger International Mngt. jUd- 
4 L La MoUe SL, SL Heller, Jersey. 053473M& 

Kfcz~B» a -da 

£38 First Viking Commodity Trusts 

I C* Co CoMaah 1 . ۥ YaIT 

+XO 450 Equity Accnm pJ70 X4H2J +L7| 459 *N«t : 

+05 2n M & G Groupf (yHcND J. Henry Schrm 

HjV 5^5 Diree Quays, Tower BBL EC3R 68Q. 0T63B 4SB8 12D.Cheai>side.K.C 
Tflo »■? .• See olio SbickJExdianat DejdlMB. Capital Feb. 28 

TSS JS American— Q9J\ 4L9rf +Djq 1XB f Accum. 

tS^ M6 (Aocwa-Umcy: fioi 42.R+04I 

+“ J32 A u o traUrian 698 4L9d —J 


Status Chonce- 

1 m f Accum. 

101 Income Fub.2H 

258 'Aecnm. Units). 

426 — Z58 GanerolMorehB 
665a +01 483 C&ceorn.Ualtoi. 
69 5 -m.l 483 Europe Feb. 9. 
4(5 +05 628 (Aecum. unltsi 
KL2 +02 3.98 WCby Feb.a 
K4n -0.4 1084 “SpectEs. March 
1126 +05 857 «J&coroy_ 

2888 +1J 887 

J. Henry Schroder Wagg:& Co. Lid* mlv^ribWp^'.'BSo liij -3'i^ iJn 

• TL2J Fleming Japan Fond SJL 

lU-01 ..’ J 256 S7. rue NotroDomc, Lnxombourg 
JS3 ■— ■ 1 Z-S FlmR.Mar.7 — SUS4UB f — -J — 

GUI FA... 1239 24 

inU. FiL Jersey l» 1 

lniaLFd-Lxmbrx.. '19-56 M 

7857 Schroder Life Group 

280 Enterprise House, Portsmouth. 

180 VnlFmoflmnl Fimdi 

24 W +0 
Ul] +1 

+0 jJ 1141 

& L“ 


For tax exempt funds oat. 


LEquity.— — ^ [1060 11051 -151 — 

SEquitr 1128 1208) -0.71 — ’ ‘ 

£Flxed Interest ,139.5 1WO . .. +- 

SEvxedlntereut— . 1027 10T2j -O.fl -m . 

fManaced 12L9 1293-0.91 * 

SMonogcd— 1187.9 114.7] -0.4j — 

J. Henry Schroder Wags & Co. Ltd. 

mCbcapside.E.Cffi 01-56S40W 

S5S»,*JteJmZ| >Mii ra 

Asian Fd Fbb. 20 . ITSHS UH ..... *«■ 

DnriirwFnd. KA168 1W| j 5501 

Japan Fd. Feb. 33— ISUSS.71 fcilj O.M 

256 87. rue Notre- Dome. Lux 
735 Flmx.Mar.7 |_[ SUI 

+L2 350 Free World Fund Ltd. 

I ++ £|S BntterfleJd Bldg, Hamilton, Bermuda. 

:Z‘ L29 NAV Fteb.28- — -'— | 5US16665 | f - 

-78 429 G.T. Management Ltd. Ida. Agts. 

- 5.48 Pork Hoe- Jfl Finsbury Circuit. London EC2 

nty Tel: 01 +*28 813 L TLXi 998100^ 

Scottish Eqnitable Fnd. Mgrs. LtiLf gt.McWL..-.| J n<su.73 I+0J4J - 

^SS^'zzP 3 

Brown Shipley ft Co. LtdLf • ^md^i^TstaZT 

Unenr.FbundeniCL.EC2 ' 01-0008320 JAectm Upits) SM 

rrj 506 {ftsSrS^F 1 ”” 



345a +0.i 
I7.J +0J 
43.1 +0.t 
367 +0> 
289n +O.I 
Ui ..-. 
22.7 +0J 
17.0 +02 
533 +01 

3- “ HjgbTncnme 91-5 

. „ (Accum. Units) 1OTJ 

4.4B Japan Income - ■ 127.7 


|| iSsa^ziP^S 

352 (Accum. Urrits> 2365 

Recovery- 69.9 

3-W lAceum. I) flits — 70 6 

§30 Second rien. 1968 

581 i Accum. U nils) 2182 

5-74 Special 1368 

m<l +0.9 
241.1 +L4 
975 +03 
1585 +08 
1365 +87 

136.9 +08 

156.9 +03 
2562 +0.7 

nu S * 1 ' ^H traTEh <1B QI 035 '^ 5 ? e» flf’Birmuda Frimt SL, Hamttn. Bmda. Sentry Assurance IntecnsUonal Ltd, 

1 s=«gsewJBl=i 13 ES~ & ■ 53 -i » 

554 Sehag Unit Tst. Managers Ltd* ia> gk of Bcramda. Front Hamits, Bmdo^ Singer ft FriedJander Ldn. Agents ' 

Hrenmnl brtcnutlMui Ltd. 

kg 359- 

91 5J0: 

il . — O.M 

POBtMB]LBcklbry.H»e,E.C.4 01-2300000 I ^ T ^? cF I~ "l J-S 20. Cannon SL. EC4. 

2-S KphaoGanitnlFH . B12 3271+071 XUUl 1 *' " 0 1 5 L «» I 1 0.79 Debafivnds 

B. Lincoln's lun Fields. WC2. 01-831 89389 G.T. AriaF (SHWJ& MB .... 

iGthTstAec--|2L9 234) -Ofl 4.01 LG-T-BoodFUml. _[ SVS12J8 | .-. 

IGfhTstlnc — |l9J 205) -05j 481 IfIT MlM MWnt (Jf*4Ty} Itl 

(Aecum. Ufllts) [172J. XB3JI +41^ 

Canada Life Unit Tst Mngrs. Ltd-f gemmed Rud. ^ """ 

aafflehSL.Fattaro Bar. Berts. P. Bar 51122 TriatM W7-5 1M51 +051 7AI B«8 13331 +8.7 

ejeSSsrH 5 tat|| l£ SBSr ill S3S2 

Do.lnc.msL S3 35.oj +o.d 776 Omrild.Mar7 — 1328 1348 .-71 843 San Alliance Fund Mngt. Ltd. 

Do. Inc- Accum pZ3 4*% +0.^ 7.76 . j|| ;;H fg Sun Alliance Hsc. Horsham. 040 

Capel (James) MngL Ltd.* . . . _ MannUIe Management Ltd. wfie^wnlSFEtiZ^” 50 

ZOOMd Broad SU EM41BQ OI-MSCOni ftOwnV Way. SrorMa**. 043338101 Target Tst, MngTJf. Ltd* WKgl 

027 Sebog Capital FH. - B1J2 327) +0.7] 395 1 1 

ifZt Sebag Income Fd.. SB 29.61+031 G.T. MgL (Asia) Ltd. 

Security Selection Ltd. Hutchison Use- Harr curt Ri, Hong Kouc 

J-jg 1819. Lincoln's Inn Fields, WC2. 01-83109389 g-T-Asla F - MHO* 7J9J I 

451 UnvlGcbTOAec-KLO 234) -Ofl 4.01 ^T. Bond Fund . SVS12JS | 1 

7.g Dnvl GthTstinc — 1193 205) -05) 481 G.T. Management (Jersey) Ltd. 

3 A3 Stewart Unit Tst. Managers Ltd- lai Royal Tst, Hse- Colombcrie, St HbUct, j« 
5J3 «. Charlotte Sq, Edlnbunch. 021-2383271 G.T. Asia Slm-linJL- |O084 U47| — | : 

Stewart America Fuad Bank of BmnnU (Gucruoc 

standard Unit* [54.7 5811 I 155 J 5 ' 31 L* Pallet, Guernsey. 

Accum. Units B8.9 627) J — Beri 

WitijdrxrwaJ Units -f458 47.9! — J — ^ . , 

Stewart British Capital Fund Anchor InJsy 

8« Sun Alliance Fund Mngt. Ltd. Gntnme Fluid Magi, (nr East) zii 

? 3? Sun Alliance Hw. Horsham. 0403 541+1 ^ Huteh^n Hsc 10 Sarcojm Bd, RK 

Kwa s BSKiMObJ : 

Dckafonds IDSfZSOfi 

TokjoTsl. Feb. 28..| SUS3 

0CI-2383271 G.T Asia SterlinJt.- |OB84 
Bank of Bennada (Gomtar 
J | 155 31-33. Le Pallet, Guernsey. 

Anchor InJs>'. 

2ft. Cannon SL.EC4. Ol-SfilOiAS 

073 Dekafnnds |DX2506 2&4W-OJO] 644 

Tokyo Tst. Feb. 28.. | SUS3LD9 | | 2.00 

ms Stronghold Mcnageumt limited 
LW P.O. Box 315. SC. Heller, Jersey. ' 0S34-T , .4B) 

530 Commodity Trust _[S845 9331| — I — 

G.T. Management (Jersey) Ltd. Sorlnvvst (Jersey) Ud. (X) 

Rtjal Tst, Hse- Colomherie, SL Balier, Jersey P.o. Rax (8. SL Heller. Jersey. 053473672 

G.T. Asia Sterlin*.- (0084 UL471 1 L74 American lud.T:C.-U583 8971+aon 143 

Copper Trust kg 93 101«+ftU) — 

Jap. Index Tcu. — 1£931 950)+oi^ — 

j}™ Sarinvest Trnst Managers Ltd. (x) 
334 40, Athol Street. Douglas. 0624 23014 
The Silver Tra< —.0069 107.91 +5.R — 

I. -KichmoudBondOT.firai 19&H +0.3 1030 

fiSS==B Si3 :::/j iS 4U| ' 74 T ^ 

Prices on March L Men dealing March 15. Mayflower Management GO. Ltd. Target Commodity. 
r „ 1M .. u Mj 18 Gresham S l, B 22 .V taxi. oi-enaatao 

Carliol Lnit Fd. Mgrs. Ltd.* (age) income Feb. 2l — H78 Iie.9 tit J 842 & 

MU born Haase. NewcastkMtpan-TVse SI 165 General Feb 21 — (648 • .6824 j-J 5.44 eD?Attfl'nKs- 

Sf ISsru^-.rgl S| rzi SIS “■ ' 

Do. Hiah VleM B8X 4UI — j 8B9 30. Grttharo St_ EC2P2EB. 01-6004595 Tareet Inti 

Do. Acetm. Piriro -J47A 49.« ...._} 889 M«rc.GenJ«areb8_U561 363.901 .._.J 580 Do.Rclnv Units 

Next dealing dots March 15, Arc. Ut*.Mnrch8_ 2005 Z13U 530 Tameclnv. 

Mare. Int March 8- 57.8 U3 L93 TarpetPr.Mar.8_ 

Charterhouse Japhetf K-?, ‘ ----- i-W tcl roc.. 

cJmSSh ^ ccam - t;iJ! -^ cbJ 33 ® &9 2^1™.] 489 C^ne Growth py 

Accum. Units ZZ- 233 24 J +o| 35a Midland Bank Group Target Tst.- Mgrs. (Scotland) laKb) 

WJfiJfe 25 ^ +0-^ 756 Unit Trust Managers Ltd.* ia) iP.A0»icr«ceni,EdhL8 oai^assea 

5/Kum_trotaL — — Sxl '’"j jfl ' Cpmtwood Bouse. Silver Street. Head. Target Eagle — ■ ...122.8 245) +0JH L 

»8 ' Sain'd ‘SheHlBltl. SI 3RD. TH.07I279S42 Target TTiisUe ,.071 39.« ^OS\ b 

Accum. Units 27 1 28M -OH 622 CWM l m lltytCeiL .157 0 6L8I +D.7) 5.99 Extra Irwaruc Fd....(KfA 614^+0.4116' 

Price March & W deaiiSTlareh JB. K J : | s3 3} J IS Trades Union Unit Tst. Managers 

Ld. Gsrtmerc Fund Must (Far East) Lid 

0403 64141 150 3 Hutchison Hsr 10 Harcourt fid, : 

Sn| Tn HKA Pac.U.Tri — W'STSB 25W— .. 

-l3 409 J-'p“Fd.„ = — Gcsam ou 

,JW N. American Tn — STEMS UJH-tLW 
(«<i lull Bond Fund — (STOM2 HJM 

Charterhouse Japhetf 
1 . FWcrnoster Row, EC6 

CJ.lnternan K08 2L 

Accum. Units— OJ 26 

CJ. Income 535 3A 

C8.Eoro.Fln 258 26. 

JVccum-Unlts.-. 28-8- - 30. 

C J. Fd.Inv.1M. — ZS8 25.1 

Accum UnVts SOO 3ft 

Price March ft Next dealing 

BWSaSlSSf ?« Tokyo Pacific Holdings N.V. 

J-S ™ ■"”* 5 "' fl Jn turns Management Co. N.V., Ckint 

Hambro Pacific Fund Mgmt nil ‘ nav per share March ft SUS4 

+051- 1 60 

+02J 350 Midland Bank C 
+ft« 786 Unit Trust Man 

■■"j f-S ' CpmtWDod Bouse. S 
J2 Sheffield. Si 3RD. 
-Offl a m C Wffim llgtGei -l! 
larch IB. c alffir™ 1 | 

DeaUnfiE:0S969S4l Gmlmmc lnwrimenl «to*L Ltd. 
33W+nri am P.O. Box 32, DouglORfoM. 
mi . 5 , 2m roterDaUiwal fnc~M2 2U 
378 +08 e“ Do. Growth 1*3.7 57. 

JJg Hambro Pacific Fund Mg 

126.1 +ll 3 0 2110. Connaught Centre. Hang Kong 

W J>= +»■« 507 Far East liar, ft— ISXUB W 

24-2 +ft| 2^3 Japan Fond (tLSftB U 

263 -hQ3 3 7\ 

2S5 — 3.91 Bambrog (Guernsey i Lt<L/ 

^298 ia4 9” Hambro Fund Mgrs. (CX) 

16.2 ... 16 iso P.O. Box 8ft Guernsey 

161 +0 5 679 CJ.Fkind [1282 136* 

DO. Gold Fd UC25 Mftffl +l_a — 

Do. Em. 97/0286.-. [1728 18L6| .. „j 1152 
TSB Unit Trust Managers (C.I.) Ltd. 
Bagatelle Hd- SL Saviour. Jersey. 0554 734W 

Jersey FUnd W* 438) I 444 

Gueruscy Fund .... (ul4 4331 . . | 4 44 

Pnces on Mar. 8 Next sub. day Mar. Ul ' * 

7 7C +0.4 5 07 For Enst Mor.ft — (SDSB HW+0891 — 

263 ^63 Is ,a P aoF «Kl W.SWZ ilq -Z{ - 

205 — 3.9X Hambros (Guernsey) Ltd/ 

5g Hambro Fund Mgrs. (CX) Ltd. 

16.2 ... 1980 P.O. Box Si. Guern se y 0481-28521 

liil +05) 679 CJ. Fund -J1282 1369-2.* 400 

IntnU Bond . SI'S 10380 1067H .) 350 

land) lallbl InL Equity 5US 984 uim J 2.50 

031-2296621 (2 InL 6VGS- *-V SDS1.8X 154 J 680 

2461 +0JM 188 DtLSvea 'B' SUS 0.99 Itc] 280 

-r-08| bOi Prieec on Nor. S. Neat dealing Mar. 15. 

3461 +0JH 
TiM -05 

■*“ l ]n turns Management Co. N.V., Ouiucao. 

it, Hil ‘ NAV per share March ft SUS4612. 

<ag Tokyo Pacific Bldgs. (Senboardi N.V. 

+0891 — Jntimis Munogcmeni Co. N.V, Curacao. 

' ” NAV per share March ft SUS332C. 

Tyndall Group - 

P.O. Bax 1296 Bmailua 5, Benaute. a«w3 ■ 

0461-28KI OverccuMcr l-.-IRW-W IKrf 1 630 

-m 400 (Accum. U dUhi kL'!U5l 1M..J — 

1 350 3-Woy Int Feb 16 -gl'SZCV 2iS} | — . 

I 2NnrSL.SLHriin-.Jkney 0034T733V3 

I ®-g{ TDFSLMar. I... _ Jt6^ 67Crf....] 600 

-ri-l 1 Accum. Shared ... [£9 UO 30 4ffl 6 00 

JMf. 15. TASOFMar. I )76 0 88.0) — 


; A3.N. Bank ..... 

■ Allied Irish B aafes Ltd. 

1 American Express Bk. 
.Amro Bank 

.“A P Bank Ltd. 

Henry Ausbacher ..i... 

Banco de Bilbao 

Bank jjf Credit ft'Cmce. 

Bank of Cyprus 1 

-.Bank-. -of N.S.W. 

■Banque Beige Ltd 

(Basque du Rhone 

^Barclays Bank ......... 

^Barnett Christie Lid.... . 

B remar Holdings Ltd. 
^ Brit. Bank of MW. East 

Brown -Shipleyi.i'..* 

. Canada Permanent AFT 
Capitol C & C Fin. Ltd. 

CayierLtd ..... 

Cedar "HoldinRS. 

■Charterhouse JapheL.. 

Choulartons — 

,.C- E. ; <k>ates 

Consolidated Credits... 

Co-operative Bank * 

Corinthian Securities... ‘ 

^Credit; Lyonnais- 

The Cyprus Popular Bk. 

: Duncan Lawrie f 

Eagil Trust — 

y En?lbh Tranhcont - . 

First. London Secs 

First Nat, Fin. Corpn. 
First Nat. Secs. Ltd. ... 

Antony Gibbs ........ 

Greyhound Guaranty... 
Grindlays Bank ......:..t 

.Guinness Mahon 

Hambros Bank' 

■Hill Samuel ........5 

C. Hoare & Co. . ,t 
Julian S. Hodge 

Hongkong & Shanghai 

industrial Bk. of Scot 

Keyser Ullmann 

Knowsley ft Co. Ltd. ; 

Lloyds Bank 

London & European ... . 

London Mercantile 

Midland Bank 

■ Samuel Montagu 

■ Morgan Grenfell 
National Westminster 
Norwich General Trust 
P. S. Refsou ft Co. ... 
Rossminster Accept'cs 
Royal Bk, Canada Trust 
Schlesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

ShenJey Trnst 

Standard Chartered ... - 

Trade- Dev; Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whi teaway Laid! Aw ... 

Williams ft Glyn’s 

•Yorkshire Bank 




9 % 
.« % 
7 % 

•Yorkshire Bank 64% 

B Members o I uw Accepting anuses 


■ 7-dv ftepasia 3 f «. i-mamh tlepodis 
- a«i. 

Y 7-Aar diftMJta on Bttnro « U8,0K 
and under 3ft. op (0 S5.M0 SP.v 
and over OS, 000 4)!.’,. 
t Call deposits over £1.999 3ft. 

3 Dun and 'deposits -4ii. » 

S Hate also 'undies to -Seriina Ind. 

. sees. 

Chieftain Trust Managers Ltd.«a«g) 

2tU31 Queen SUEC9R1BR. • 01-3462832 Do Aecum 254 

American HtftW 20« +0.3 T.95 Imroroe «a 

Hl«h Income OT5 423+53 9.76 po Accum. 525 

rorrrnwional T«— fe»Z16 352 haw ntUoM 1 39.4 

Basie Resflee. T3t_tZ32 - 248) +6^ 562- Dp AttHm. 417 

High Yield S7J 

ninfMipmHiM FnnAe Mot T JA M 1.1 Do Aram ... 59-1 

364 +0 4 Trades Union Unit Tst. Managers* p.o n««N4 , na. Nassau.! 

386 +a5 3.44 100. Wood Street. E.C4 01 -638 Son Japan Fd. PS47 

WJ +0J a 02 Tul ' rK " r - ] }9S.B ua8< _....| 587 Pneeson Feh.22. Ncxtr 

9.4a t w TransaUanltc and Gen, Secs. Co* HtU-Samael ft Ca i 

rot •sir *.v aaioi isa :rj tis **s 

lot Svga -B' SUSjo.99 Ira --.J 150 “ roi 

PriMf on Nor. ± Neat dt a liS Mr. 15. TttOpiwSMuJzK! 

Henderson Baring Fond Mgrs. Ltd. 

P.O Rea N4T23. Nassau. Bahamas - i Non-'J. Acc. 2S2 

text Aoll ng da tie I 

Gilt Fund Mar. I 
i a i.Xcmim Shares 1 

»■ ...17b 0 ta 0 . ... _ 

r I — llE3 6 1948 780 

ts.l— [2526 2676 7JJ0 

.1— U08 112 £ ... 10.64 

-11392 K1 1C 64 

6 W TransaUanltc and Gen, Secs. Co* HSU-Samael ft Ca (Guernsey l JLtd. 
669 BI-S9 New London Rd. Cbelmsfard OB4S51D3I 8 LeFcbvrp St- IVter Port Guernsey. C.I 

6a* +oj 

ConfederotMHi Funds Mgt. Ltd* (a) S n ^^mpi-~~t90o uaS^I sis E i ucknLl ff i ‘, i ”~[^9 2 
50 Chancery LIUM.WC3A1HE •. .01-W802ffi ^ 0 1^3 7."J IS 'j&S&i'iSSA-- gj, ' 

Growth Fund P68 ..■ 386T 1 *84 -Frleos « Feb. af Next dealing March 3L JffiS ^ 

_ _ _ . „ Wimtcr Fnnd Managers Ltd. ' Cumld.Uar.8 496 ! 

Cosmopolitan Fnnd Managers. «Zf.7n IZI.ZZftx ^T, <Areimi.i;niu» ... .. S3.o ; 

3n Pout Street. London SW13C BBJ. 01-23S8SS. "j 3 5^ ; 

• 174 ..-.1 «-■ BSSffiCS.-KJ SI ::-1 2S SSSSI &— iSi ! 

Crescent Unit Tst. Mgrs. Ltd. faKg) MLA Unit Trnst Mgemnb Ltd. \5SS5kESBr3C: mI ol 

4 Melvlile CTOs- Edinburgh ft 031-2264933 OKI Queen Street, SW1HBJG. 01-8307333. lArrum. I'nilsi 5*5 f 

Cresceci Growth— [2S4 ' 27H+03( 4AL. MUlUUte— — |S«0 3SJ] _...| 4.76 VWHy^arT . «6 £ 

SS!^jSS.Z:w8 9» Xntoal Uoft Trust Hungers* fatfg) uSnliSSwib o>. < 

Croa. Beserves — .^8 ■ 4824 +o3 466 m, Copilwll *ve.. EC2R TBU. 014W64803' 7!^"^-?.-. 2? ^ 

JWsttnal Sec. Plus K58 . 583 +0J) 7.10 . SI s 

Discretionary Unit Ftmd Managers {£^g£.%=~N! 1 II ?-S SS ISnm _ir wi .. i 

I6M !LT^ ■ £31 d U ^ndall Managers Ltd.* 

National and Commercial i&canpu?' Read. Bristol. 

E. F. Winchester Fond Mngt. Ltd. 31.SLAadr<rw Square. Ediiibm^h C31-5568151 Income Mor.e. [916 % 

Old Jewry. EC2 - 01-6062167 {wmbr. I R398 .-...I &J6 U 

Grrt Winchester, 07 8 19.4rf...._| 629 ^ H S 

»3..-.J « SSK'fc-ISSJ ;H|:d iSSSKBS£^ffii H 

Emson ft Dudley Tat Mngmnt; Ltd. Vxtional provident lnv. Mngrs. Ltd.* fonynpe Mar. a-j-fti 4 

20.ArBagtDuSt-S-W,l.- (U40876S1 48i<3t»e*eh»ntihSt.EC3PSHH' - 0l«34am irtjSirSSa'' Hftb ' « 

Enaan Dudley Tsi_|6CU '£581 J 5Jfl NFJ,Gth.Un,Tst„.)W.4 47^ J 3 75 fAcnSTl'nlS;„Z^2 - 3 

i Aceum. Unltl'* — [538 56 b ,„.J 3.7S Scot-CdD. Mar. 6—11236 12 

Eqnitas Secs. LUL Watt;) • xMOie^Tr^t .Ewa uwa 1 3 jo tSnmVMmZZrbM* is, 

41Blshflps P ga.ECg_ - 01-5882851 ^NiLct: t^Sn 'Mich » " ^ “ 

Progressiro JSW 6161+0.71 485 -Prices rSb. 15. Next dealing March L 7 

fjS Bwbiran Mar. 2 — 

S’4q lAccnra. Uni is. i 

SS BarlxEuro. Fkib. 22 , 


lAicvnu-iron** 1 

CoJemeo Mar. 3 i 

Vlctoy Moose. Dotglss. Isle of Hon. 0624 2S0S9 
Moused Fob. 16—11258 132.4) 4 — 

Cosmopolitan Fnnd Managers. 


1U.1 ._... 

M 8 ....- 





52.7 .... 

Guernsey T*L... H42J 1522J +L9| 361 Utd. IntnL Mngmnt (C.I.I Ltd. 

Bftn Samuel Overseas Fnnd S-A. K Malcosier Street. FL Ildler. Jersey. 

*29 37. Bur Notre- Daror, Luxembourg U.f B Fund J SU51Q0 I I US 

«9 ht26 16.91] +083) - United States T St. lna Adv. Co. 

AM International Pacific lnv. Mngt Ltd. K Rue .udriucer. Luxembourg 
4W PO Bax R237. 9& Pitt St. Sydney. Aust. C8.Tst.Inv.Fn5L. | SUS9S1_ 

■ L 7 _ni 4 , 7c * v »«9 AIIH . 

50.1 7_ „ S W Javolm Equity Tsr. 15183 1.B) — 

K? JJS.T. Managers (Jersey) Ltd. . 

528 ! 387 PO Box 1M. Royal TsL H«- Jersey0534 27441 

46 Be 390 Jersey ExtraL Tst -|125a 133 0| ....) _ 

578 3J8 As at Feb. 2R Nest sub. day Mar. 3L 

SI.4 ^08 ATC Jardine Fleming ft Co. Lid. 

_432 -08 A7B 46lh Floor. Connaught Centre. Haag Kmi. 

57fwt ..... 541 JardlneErin.TSt...| SHK2U69 | j 31 

S2 JwdioeJ’fp FA** SttfOfflJM _ J 11 

JordlneKEA. I SL'SUK ...!..[ 2^ 

73.SJ —.4 M4 JardineFlemJaLt.l SHK3.94 l 1 

' sub. day Mar. 3L 

1 Accum. L'nJtsi. i 

■ Wick Div. Mar. S...J.S 
Do. Accum u 

1-8. Tit. lnv- Fn A. | 5VS9 51 1+OJ^ 0.95 
Net asset Mar. T. 

S. G. Wasfrarg & Co. Ltd. 

33. Gresham Street. HS 01-600 45S5 

96Zrf +0. 
1716 +0. 
137 6 .... 
3632 ... 


3532 ... 
932 -4>, 
115 B -c: 
254.4 +0. 
1298 -3 j 
182,11 -Li 
1548 .... 

+021 8.02 

Jardtne Brin. Tst-.- 1 SHK2UA9 | I 3« 

Jjrdine J'sa. Fdi* $HK233JM [ 1 iu 

Jerdlne S EA. [ SDS13.89 | 26J 

JardineFlemJnLt.l SHS9.94 l ...J _ 
NAV Feb. 9 "Equivalent SUS8L40 
New suFMareh li. 

Semp-Gee Management Jersey Lid. 

ng Worbnrg Invest. Mngt. Jrsy. Ltd. 

J J3 1. ChormR Cross, a Heller. Jfiy . Cl OSH 73741* 

OIF Ltd. Feb.fti . . S4S12J7 136W - 

268 iTMTLld. Ffeh.23 ... £1262 liSS .... 

— vn.tolsTst.Feh. 16. D093 33201 _ _ 

TMTFebJ.— tl&Sb 95« .. . . — 

TMTLld FehD- 943 9J5? __ 

World Wide Growth Management* 

-J 4% Kt^GeeSSlJSBA . • £m| Zii 850 wuriduide Gib Fd) Sl'SKTJ |+0K) - 


an brogh pensions Linnted 

1-43 MxddrntSLLthv. Win 9LA < 

PngraUm }SW 62.6) +0.71 ‘Price* Feb. 15. Next dealing March L 76 

Equity * Law Lg-TT. M *. CaKb«c) % 

Amersbam Rd., HI ah Wycombe. 049433377 ^CbMpdde. EC2V BEG. 01^6 8» -_Dd ..^cctunk. [Sa 41 

a*** 1 — Wfl ‘ « Mg=±:B -- MS i ttszzJk % 

Fmulington UnU Mgt Ud. (a) SSS&ZZZT. |||+l| If g 

I ghe^Vard.ECjBSDH. 01-MB^l |-® Special Sro. ^3 29 

01-4884B23 SSSllSzZZ:^ M zJ fjg .V«dv«*UFitidJ-.l479 Jl^+O.l] 3JKJ TSB Unit Tmsts (J-> 

Lm. Growth Fd. — BM 96* ZT) 2.67 NJX Trust Managers Ud* (8Kg) 21 . Chantry Wxy, An dover. Hants 

Do. AttUflL — r’ 2 - 4 - . ^ Mntcui-Coun. Dortdrift Sums. »ll lV _.. ®“, Ubcs ,A?, 0MI4 

76 3{+05| 6, 
-7B.1 +D5j ft 
375 +04} 10, 
417 +0d 10. 
164 ■*■05 4. 

556 Rnw» do n« include i premium, cuept where indicated * and are In pence unless otherwise 
556 uuUctflcct y ie)a» tsluwn In last column) ailm*' for all buying expenses a Offered prtcea 
952 . include all ctpruvs h To-day's pnres. e Yield bared on oiler pncc. d IStimcictL g Ttwlav s 
npenuR pnre. n Distribution tree of u.K. ta*i« p Pcnodic premium insurahec plans, s Single 
fc*7 PWniuiu Insurance s Offered price includes all cvprnACi escept afitmis eammission. 
la 2. SPerca pncc melmles all npeater If bouchl Uiroush monocen. x Previous dav't. price 
V ftcr of lax on realised capital earns unless i ndicaed b>' ft 5 Guernsey gross, p Suspecdcd.' 
fitai . ♦ VteW before Jersey Ltf. T Ex-subdinslori. 


Oft flw* - 

G.T. Inc Fd Un-i_ 
ar.T5.-4Cm — , 
G.T, Japanft>ien. . 
♦Ct. FiL-_ 

G.T. lmT Food 


IM. Growth Fi HM 96* ^_J 2.6J NFL Trust Managers Ud* (ftKg) 21. chantry Way, Audowr. Hants. 036482188 

Da. Aecum. —I* 14 - - -4 f67 MDtorrCourt. IXrtlnc. Surrey. 3011 jh-T^Rr^SSl^^Lu?! 0284 am 

Friends’ Provdti Unit Tr. Mgrs.* +S| al i i taf 4'g 

G.T. unit Managers Ud.* . L^r BWikV (a) - 

llJ^C^-ZCMTZV OX+mmi <iroopT<F(l._ -ii»D •323.(b4+4ftl 546 Waring S*«ct, Belfast. 

sfffl5^=a. jh- is 

cT im- Prt n n - 1482 .3376* —.. . uo mMi+ttiiwn wi+iviek ■ ■ m wmm I rift Trust Account ft Mgmt- Ltd,. 

g;5^5£2s"g3 S3 IS wS-F SlIfTS Kh«WiUlamSLa-flt»AR cn^o+851 

5^ AgMmUniL-. ,B4ft S3 +o3 b37 Prior* Hse. Fund— flNUJ 13701 1 496 

C®tad m li«B ZZ ud PcSlUm. S9.5 ,sm+03 im Wfolm-Grth.Fnd._teA |fi§ — Jig 

Kwdi. ^ “fiSz 7“ g g sgffss — m Sills til ^: A r m - — 7 m ** >* 

. FcUcan Unitt Admln._ Ltd. rBKwj SS^SSSSSSl 0W234K1 

S63 +0.71 403 
595 -*-0.7) 7.44 
60.9 +0A| 7.44 
753 +0.4) 233 
7MI+0.4 iS8 

*&. ft. A. Trust fa) (g) . FcIJcan Units AdmiiL _Ud. fgXs) a^wjiiS.aw4R9AR oi« 34 sbi 

5,'RayieighRiLJBrennmod. (02771223300 81 Fixwwin St, Manchester. (KB-2MS685 lncSiie Units. gg.Tl ■ 1 3 re 

G. ft P3i 3331+031 45S FfcUcanUniQ te* Anaan.3^iUS — Ipft* 32^ 3.U 

1 Royal Exchange Ave.. London EC3V 3LU. ToF.: 01-3S3 f’*' 
Index Gnide as at 7th March, 1978 (Base 100 at 10.77.) 

Clive Fixed Interest Capita! 135.S1 

Clive Fixed Interest Income 122.63 

- CORAL INDEX: Close 445-150 


t Property Growth 7*% 

f Vanbrugh Guaranteed f-43% 

• Afldrvss stttnra uwjvr Jnvu-jncv and Proponv Eoud Table. 


PHOPES.TY— Continued 

INV. TauSTS-Cootinned FINANCE, UND-Centinued 


jPrup L Hw.iA'_ 

HegaKan r 


Ixi -.V 

-fcj! 4 TtaipioEs 
Saamel Props.. . 

ItaJDMtat » 

Slack Coorersn.. 

Ssire Properties 

ffown tCSljlOp. 

•TrsfforiHari: — 

UJi. Proper^ 

Cid-ResJ Prop... 
WarwrEsiate — 


Vranaer?. yp, 
Kinston J£3ts-._ 


+ or 


























86 ni 
































k? n 





































Hawthorn L50p. 

Sicti HnntPrf 1 

Vespa - 

Y antra Sip 



Brttacmn 5fti. 

Canons Bras. aflp. 



Hunting GitaafU 

. JacofcfiJ.LittpJ, 

57% 1.30% Lm.0-Sesi.PmnJ 3% 

;72 Imi iitfaat 1 ® 

1 6 HereeyDLtJmt; 

.46 MiHard Docks £1 
(122 Oceuu Transport 
95 P.taDrfdSL 
Reardon SrtSOp 

Do, ' A' 5ft? 

97. HmjcimanrX , .)_ 

















2S112M 43 


Lambert Hit 2 jc% 
Xewbold k ftrrn. 
Oliver (Gl'A' — 
Pttt^nl Gnu. . . 
Stead 4 Sira \V _ 
Strong 4 Psha- 

(StrioSK** , 


Wart White J 


= fftya 



,4 M3 


2. SO 





0 . 9 J 1 20.1 

4310.? 32 

9.7 6.6 

7.0 4.6 
63 6.0 
92 85 
6.9 45 

1X9 52 

9.8 52 
6.7 $> 
U> 4.1 

112 3 4 
5.6 11.9 

8.9 5.9 
62 47 

3.0 7.4 


Anglo Am. In. TO 


Sold Fids. P.Zfec 

fafulett's Cpn. RL 

(OS Bazaars S0r.. 

Primrose lOrts... 

{Bex Traeteo -AaGq 


(TiEerQaSRI — 

84 E) 


♦ 7 



















































High low 


(-whrlar _ 1 




, CUytCnalnc.. 
Gty&For. lm- 
atyoIOvksrt ... J 

. Ovdesdaleini. 

■ Ba-B' 

rotenulSeet rx"4. 

• cwndoslnt 
, pjwe'lne >i»pi 
' DfriCajUJOp... 

i Dosaiaioi&,tte| 
Drayton Pom c! 
Da Cons 

• Da Far Eastern | 
‘ ftj. Premier 

Da Capital £i 

• DwtdeoiLwi,.., 

' 3fiflJav.Df.£j. 
n lav fit.. 
.L*Gen , 

j tlrift nuil I 


Eng. & Scot. Inv . 


Eootfylnc 50p. 
Estate EUtles£J 
1 f.ACBiromisL 
42' FsaMnv.Tst. 

69 first Seot. Am. _ 
117 PbretoiCo) — 
29 F.Oj£ETjR025i 
25 FtatHnvestlnc.. 
43 Do. Cap- 
9312 GXiipan... . 
92 Gen * Conrad. 
60 Gffl.Ctoddl4 
99 General Funds... 
77 Do.Com-.I0p. 

74 G«.Dn*sora- 

& £IS£“!sii 

76 GtagnvStUfti: 

S* ESdll 
tb 2 G £OT av " 

71 i3obeto 

42% GorettRurope.. 

49 Qranfffius . . 
7*2 Gt.Northnlm_ 
61*2 GTMflfriailnv... 
24 Gresham lav. 

38 iSroBptoestorr. 
56 Gur&ulnt Ta. 


Price [ - 


C*VT Gf* 

High Low 

i - :n: 

8 X 


^ 1 - ! - I - ! - 






8 QnfafldiSj. 


(Allied Textile 

Beaks (J.l20p — 
Beckman A lOp. 
_ Bond St Fab. JOp 
271 a Bright (Johm — 

HTTT M1lg |fll 

Cdrt (DundeeCl 


routs Paons — 

1612 Cadi 

89 rocrtaulds. 

£6CU Da 7% Deb 8277 
28 CrowtherU.) — 
49 DawsmlnO.^... 

4812 Da ‘A’ 

24 Dixocfliavidl — , 
Earir iCj k X. 1 W 



■ v I OUuiJ ly m . 

2tP z mrg«rtbM.20p. 

17 Da‘A'20p 

26 Ingram j£»10p_ 
3M, PenaneiHldgs.)- 


& — 

Martin CA.530P-J 

Ilnaiff 111 1 I 

Notts. Manig. 
Nova Jersey S3p- 
p’artond'A’ — 




RkiardslOp — 


Scott Hobertson- 
Sekeralnt l(to— 



Sink: ; — 

Snail ifidmas. 
Da fin. 12200- 

I ti. nkift/iTK 

Tootal 1 

291a rorwYjDL.. 

13 rradortCapets 
0-U. Texts. sOp— 
Vto-Ta2to" — 

334 , 
h4.49 1 

, u 

If 33 III 

52 75) 




— 1 dLQS 




+ 1 ' 








15 j 5 





1 35 



iim if 



li H IS 

4.3 4.B 55 

li i ° 

2.4 7J 
24 ixt 

TiiSi ti 

" 84 7.4 

115 3.4 
95 61 
5D 25 
, 6.9 6.9 
3.7 7.0 125 

X^ID.I 9J| 
"" 85 35 
t ♦ 

7.4 f 51^ 

b2 29 
42 3.9 
5J 29 - 6 , 

s3 4.4 


2211201 S3 
75l A0 
«S 5 


7Z*2 1 


(235 fBATInds 

;t4 11351 




3.71 65{ 46 
65 36 5-4 

7.4 45 


Investment Trasts 

'Aberdeen Ioto- 
(Aberdeen Trast- 

.ilsalnv. 1. 

Alliance Inc 

4[Hanro T nnr 
Do. Capital 50p. 

Da Cap 

28i z American 
79 An£ioAm.Secs^ 
An^a-Int-Dw — 
Da Asset Sis. _ 

ro.Cap.50p — 
Argo In. 4.41)^ 

Aandowslnv. . 

Atlanta Ball. MpJ 
AllaKie Assets -| 
Atlas Beef. 
Bankertfta. — ( 
Betry Trust. 







■m 2 




t 036 


■ +1 



22 . 

3 ! 

49% Kritirii Assets- 
74 BtitI«t4Ges.. 

tW2* pndj ^gfp'i 

64 Bnainerlw_ 

42 arjtuunsc 
.43 cikPJm- 
}l87 . Caledonia tas. 
55% CafedcotaiTa- 

2 Da-B" 

57% Cambmaaoitka 
95 CJneutalmi.lDp. 



iCadioUfiv^— _ 




, 65 23.0 
■ 22j 65 217 
" 4.9 30.9 
57 4 


02 M 4^297 

na'I * 

IJULO 13.7 

Ill 5 J 
55 26.4 
; 56 25.8 
25 51.0 

5.7 267 

4.8 285 




_ '.Tsl Jsyil . 



_ eSirHES5i| 
Jersey Gen. II 
28>« JM^lifingS- , 
28 Jove in. Inc lOp 

2 Do. Cap. Op 

83 Kps»«lm'.50p 

31 KiMridelnv 

66 UJwVirwlnv 

7A lame felon. Im 
69 Law Debenture... 

ff - SSEfc 

3 * £%SS 5 ^::, 

limJr AUn PldSn 
Lon. Atlantic — 


Urn. 4Prav. — 

jm Pmrf wtf - al 

Lra!*S^k ._ 
m Ttt Did 



4 H ISSKfc 

40 Mont Boston lOp 
16 Do. Wrrta 0_ 

24 Mool ojattlj 

47 [Moariieliiv — 

m NeptS.V5DSl 
11^ Newllinwlnc- 

24 Da Cap U 

5 DaNnVbrta. 

26 N.Y.fcCamno«. 

160 1323 Imest 

75 ?ltL .Atlantic Sac 
71% Ntbn. American- 
66 NorttemSas— 
48 iW4A3MC.Inv- 
38 Outwieblnv. 
87% Pentlaod In. , 
63 Prae-Se.Iw.Sfld 
16 PnmndalOfe" 
98 Raeburn 

25 Reateogbtov.-. 1 
Rights* Isa Cap 

_ RirertMerc. — 

88 ' River Plate Def.,., 
,£46*i RobecofBriFBO 
467 Do.SubSh'sF15 
1 £32J 2 RoUncnNVF150. 
1^5 Do.Sab.5ki F15-J 
69 RomneyTriat — 
42 Bceedimocxi Inc. 

*1 fei®: 

S8 SL Andrew T*._ 
58 Sect Am In. 50p I 
35% Scot & Cord. Inv? 
90 ScoLfStitt'A’— 
(103 Sern.Ean.Inv — 
Scot European _ 

Scottish In 

.91% Scrt.Mort.iT5t 
pH Scot National — 
WO SoLNartbesa_ 
[104 Scot Ontario — 
7Z% ScotUtd In — 
71% Sc«4. Western — 
65 Scrt.Westn.-B-_ 
.43 Sec.AllunreTsCj 
61 Sec. Great Nthn., 

, 57 Do. “B” 

1E4%[1<3 Securities T.Se_ 
— POO Setatadlsr.RSlj 
Shires In. 50p_ 
Sanreawp — 

Sphere In 

SPUTCap. lOp—l 
Stanhope uen — 1 


18% Ito^awSZl 
60 DaOw.£l 
42% rhrneciorta 
[E70 Da Loan- 
48 T«. Invest Inc- 


— # 3-4 


=a n 

6.1 236 128 

6.4 J. 187 

5.8 231 966 
5.0 275 79 

_ , 63)21.7 83 

b2|H6 66 ' 

1.9 « 34 

3l245.II £2BU 

5.4 A 553 
&9 20 6 HO 
37377 12 

73 18.4 45 
63 i 195 
62 4 £109^ 
97 147 418 
58214 M 

7.7 163 326 

4.4 29.0 23 
33 36.9 £25$ 

81 4 3% 1 

5.8 4 £5f» 

4.4 4 712 
6.9112 635 
9.7 15.4 69% 

— — 350 
15 50.4 £66 
6.2 23.9 204 
7J> 192 266 
56 4- 151 

— — HO 

5.9 34.9 110 . 

62 15.4 *99 J 


3.4 44.8 








02 % 














, 38 
K 55 




N HCJnes CTyi j 
Fd sht Iffcj 
Paras be 10c> — 
Fprl: Place fis-- 

?rat*:s yws)- 

Snjwraeltlp _ 



SniinBroi , 

Sc=.Paa I53te 
Suez fin. NTMO. 
Tran? V,lTrt.Ie.! trt.2uri 
pula Cntte lOp— v. 

Astoekfo 112* 

,R.T- Borneo Ito.) 136 
ft) 8*.FL£2— 


Jt«CCPMi iesu . 
Kictisyllh) — 

JitFr Ps^tksE -i 
(ncbiaoua — 




Hapet ."ralj 10c. 

Oil Evpi :ft> — 

t r ^n ip- f riK 5p 

Rage Oil— 
Rmalaslw Jc. 
Sconce Res.. - 
Shell Trans. Reg. 
Da7*iP££l — 
JnSehesiiV &'£1. 

(Tti central - 

Lltra ma r 

E Da TprCn.. — 

I'eeis \a* lPds 

in ps on. itt_ 


nd On Sea 


(Hitachi Shipbuildings Enginsering Ctntpaay Limited 
B44, Ednbon" * cbnnte. TJisbi-kp. Osai 3 S50. Japan 

MINES— Continued 

African Lakes — 305 
LAust.Afzic.SOe- 64 
feensfo.-d.S.4W.*- 196 




pBwa . _ 


DaANiVlOp- 1 
Sanger JUi fa. 
.oSin* Dartiv lCp 
(Seel Eros. 5to _ 

DaBpeCm- Bl. 
1' C^tj Mere. 10p. 

Do 10pcLn.l8p 



| rial 


1 D:v. 

1 >4 


F.-Jrrn 3;i c<V.-_ .... 



|Cf 9 e 


RtminCi*.-,-. u>;.p 




RiUB Cl - !'.' . ivi . ... 







Du lTvf.Vo 



P.aiitivfCil. drtl_ 




ZaaiCf^SI.Imi-% . 




\CT«DCk- -. 
E«i5ia;L:ici*.'r 1 ii 
911 warh . . 
k'rnfji'f Xv 


SkIjdD. W. . ... 
H1AI Eltv-Sdr- 

Ikcn! Lu): 25c 

[Nrsraeui .. 
Xm'np Hliroc _ 


khkheKtelA) — 
jtticUi? 1 -wer 
Pane on i li-.- . .. 


|V."i.Jtn. V.i-iti; :v:. 
























W ‘.Be 












L7l 43 

5 i 










































( 10 a 

652 , 

li 2 ? 57 



5.1 292 ‘-Z* 


62J24./ £D 
7.W2L4 ' S 
66 20.7 M 

9.4I161 g 

t 5 .D | 1 . 0 | 8 . 9 ( 19.6 


6JX241 ^ 
85176 28 

(izSiaO 245 

“ 420 



_ ir^si 


S» f»k 

Bertim Cons. lOp. . 

Bird (Africa) 

CasUefieki lOp — 
Gsdek Malay IW— 
Grand Central ]Dp. 

Kaghl ands JBOc — 
.Kuala apwsMW. 


UtL Sumatra 10P- 

12% (MnurRberlOp"~ 

33tj iPbautiop HIdjrs. lflp 

Price | — 


Anal Vi^irij — 
A>erH-.;nmITOI .... 


Ferauua) s.v. I — 
iGenvr - 




jlilnf lup 

|J iTI«::r jilip 

jKfliimJ)-:!.' . . . 
(l'j|jr[irejAUig>MI .( 
Ispahan;;— -... 
PoiL-kaicnUp. .. 

FCttifflLlSMi ( 

[Saint rtnn_ 

South Ooi'.i 1 top . 

Sonth KintnJJ*ai50 
ISihn Malayan SAD. 













• c% 
















b 5 



Hi *9 















^ vatic 




74 I !JQ3Cc| 19[ * 

HI 198 | 70 (MessmaBOfO | 


Bunna Mines lT%p 
fcriby Mines :-H _ 
(Cons, idorrh. I0c._ 
INoTthsueCJl — 

R.T2 — 

^Sahmainds Cji__ 

tTaraE renal 1 

Muk'n Co3s.Cs! 







Q50c <• 


4-5 ' 



ts! q31 

— % 




in 25 


<27 c 4 




3 A 



Inittfl asd Bangladesh 










(Asara Dooars D — 
Assam FrontiH-H. 


tonplre Haas I0p. 

KcLeodBusselil - 


&n«U) Hldgs. lOp _ 

Warren Plant- 





22 % 











10.0 • 

t o! ess oCberwtse Indicated, pri c e* uni eci dividends are Ut 
. . 7.9 pence rad denand<ic:iaas ore ZSp. tsUsclcd pris^esrnin0 
16j 6.7 ratios rad raters ere bated on U l M t an ims l tcjottsrail snwrai t s 
6.8 rad. where possible, ere updated on ball -yearly flsure*. P/Ea rro 
3.7 olcalart on the basis rt net dtacribadon: bracketed flfarw 
6.2 tndlcarte 10 per c eat or mote difference If calcelntrd on “a IT* 
jj dlsaUntloa. Cheers sit based on unulm un-* dist ri b ut ion. 
cl Yields are hracd on miudle prices, ace stun, cdlusicd to ACT of 
3 c 34 per cent, rad cEmr for nine of declared dkritanui rad 
- - debts SeenridcB srlih drneniaBtloBS other than sterling ore 
denied JncfnsiVB of the Intestmeat dollar p en l m. 

Strrliivc denominated securities which include invesunent 
dollar presuuco. 

•Tap- Stock. 

Hichs and ton parted thus have been adjusted to afloW 

I tor rights issues for eosh- 
t Interim since Increased or resumed. 

* Interim since reduced, passed or deferred. 
tt .T» iref to nra-resiitenra on epplVcaiion. 

1 4 Figures or repair awaited, 
tt Unl.-^.-d sezurily. 

J» Price or luce id suspeo-io". 

9 Indicated dividend after pctvlicr Scrip ond'w rifiMs fasnaf 
cover relates to petrous divtocad or torecan. 


133 1 *• Free re Stomp Dnry. 





Sri Lsnfca 

1 59 l%uKiva£l- 



133 1 1 55 ( ♦ | b.b}5 


BlanfyreEl — 

430 23.35 ( 10] 8.2 

140rt 13.0 ’ 





, 5.4 25.6 

(^ 1 478 
53 243 06 
8.6 162 207 

5.0 2^9 
8.0 173, 

65^7. g 


43 316 ^52 
5.0 29.2 391 

KH 4 P 


S3 27.7 774 
43 346 © 













Durban Deep El __ 
East Rand Pip. Rl- 
West Sand Rl 



' ^ 












Bracken Rl 



ftnotvlei 30e_ 

Kinross Ell 

Leslie Sic 

Marteva!eBH59 — 
E African LI 35c _ 

\TaHontein Rl 

Wm£olnaal HO 

WiLNisriaic f 

35] 7.3 1 ♦ Mepger'hiil or re. iniam ration ta pragrras. 

♦ Not comtvrafcle 

♦ Same laterim: reduced final acd or reduced earnifio 

Forecast dividend; cover on earnincs updated by latest 
interim rtaiemcm. 

Cover alitnvs lor co.nersion o£ shan-t trot now raaldtif for 
dividend.' or r.inldne only for restricscd divide nc 
Cover decc ual allow for • hortf which may 2l»a tank for 
dividend at a fucuiv date. No P - ratio tuuaLy provided. 
ExciudLca a liaat dividend dvrlarounn. 

Beciona) price. 

No par value. 

a Tbs free, b Fleurr.1 hasj.l on f to^pectos cr other oil: rial 
CNttmcle. c rcaLi. d Dividend r.ito 'uid or paj'^-ie on pat 
ol capital, erver bated nn aividend on fail capnai. 

| <t> (14.1 1 f Rudcnpuon yield. V r a-uht..:! dividend and 

'yield, b .V-iuewd dividend and v.vld niter * .•rip icaue. 

J Payment iron c. pllal Mia-ces. k k.'"j» ra Irtenm higher 
than prcviouA toto) n Hi.; .iti «-«e ,-vnd)n£ q Eartis^ 
baaed on rte!imiuf>- fipure- r .tuAsliu cmmril 
s Mriderd nad yield usdude a special phynrat- t Indicted 
dividend: cover relate.v to previous dnideKi. ? E run, haiod 
on Iciest annual wmins . ft Vice:M iiiiHrad. cover booed * 
on previous year : earning, v Tu free up to 30p in the £., 
w Yield all**' for cjrrrnrv clause. > Dividend and yield 
based on mirper wm' x Dividend and yield include 
SpeetsJ rsirmcnt; Cover docs nnt apply <0 .pei-ial poj-mcal. 
A Nel dividend nnd yield, a Prciercnpe divndetbl passed or 
deferrevl C Canadien. D Cover and PEipL-ivescludc profits 
olUIC aeru&P.::* rulsldinries. t: lx.uc pnee. F Diildced 
acd yirid hsted on ptospecius or other ■•tficial cifiiwicv for 
1877-78. G AmKMti dividend and j.eld dL: penCms scrip 
acdi'or n.;hU Itfuie It Duidfear! and vici l tdsvd on 
prospectus cf othv-r affirial cstioiK js fer litTU-TT. ti F.jpirc* 
based on ft««p«ita or other official crtirualc. fa.- IBTC. 
15(17.5 >* Pividead ami yield tetd <’n prospectus or elixr official 

esttawtev i'ic IP73 X Dividend and yield baicu on leuspeetite 

4_5 or other ohirlal ••stiiruicv Fcr r- Dividend and yield 

94 based on piropccu:. or uUivr «<riu'iul us!n;:r: lor 1677 
n] c'i Q Cross T risure.- .n utr.evl 1. No : iiroJ'icr-nf Vonwraa.ia 
i"_2j 4 q T to1 


5*3 1 



Z Dividend total to date-, i-'. V»lf i<asud oit 

ampUon TreuoUrj £ii! Rale ..toy- ute .tirised until ir-ilrnp* 
| of stock. 




53 27.9 

, 4 -5 

10 ] 95 lllLw 


29J I Abbrevfaiion.' dev div uletso: sc; sjr.p issue ires rifhia: aet 
0.6 1 oil; il ox ccpital du"w-ibuucn. 

“ Recent issues " end •* Hi^hts " Page 40 




rrnst Union 

IVieskielev , 

Ipdownipr. — - 
,13 ltd. Capttolfi— . 

ta* attste 

.(600 US'Oiait Ftimf SI— 
i 68 \'ikiBiR«tws«*- 
44 W.CsU Tews Hip. 
1218 Wanj«— 
(141 Whaerbotum — 
ffltantav— ■ 
Da. H B'_- 
Toz&& Lana.. 
2 ’ VatgrtWJdP-- 
1 49% |\'oansCo"sI/t>XL 


So* 2 


Finance, land, etc. 

168 Afatwj &su there 

3 AmwurTsL K>P-; 
123j AutbonSvlnv a^i 

6 Brit«mia.ww, 

10 . Cfcaddeflr— ■— 
102 ChaDeiwCrpSI 
42 cteiteraocseu-p 
850 Common MktlP., 
196 DalgefrD 

33 DownayDay-— 
12 EdiaJncFLlftP. 
27 HGroMjiiglOP- 
36 Enijne Boose— , 
12 EkUudsHto-- 1 
15 Exploration 

64 FashKialGea-EP-. 
17 rmiflee&Iulllvl 
2% FStiroj- latest — 

8 GrimsBaaea'P-. 
19 Eoshrolrtsl — 

4 HanpMnTs.5p4 

25 Haw Per S. 51 — 

9 itirestmeufCa-l 
48% Katoaie^— -- 
14 Sittb’n.TiylB-'lBp 
14 Ktratairo— - 

8 Usual Set. lOpr- 

26 UmnSecsSOp 
10 Um. Euro Grp. _ 

34 ' Lan. Merchant— 
£0 iSUG.Bliifi5.3P, 



Deeffcraal BH33. 
Donrnfoatetn Rl 



Hartebees! Rl 

Kloof Gold El 
SctSbvaal 50c. 

Stafortem50c 1 

Vaal Reefs 50c 



Western Areas P3. 

{130- jZandpanRl- 


Srte State Dev.50c 


UraioeRi— _ _ 
Pres. Braid afc™ 

Pres. St^n 50c 







TWs service is avrtiaWe to nitv CoEjany dealt in on 
23| 8.1 (Stock Excbaases thrcurxoji tee V'ciied Kicytdiua for a. 
1.4] 86| . lee of £400 per zonxsi fcr each security 


2.4 Tbe'follotvin,--. is a telecwm o! London quotations of shares 
5.0 previously lifted onlv ra regional i.urtek-;. Prices of lnsli 
5 2 issues, most ■>' which arc not ofnciaDy listed, m London, 
11 are as 'quoted on the Irish exchange. 

33 A1 5«>yIri-- , 4i)P 
Ash SplnnJB t r. 

Beriaia. . .. 

6.7 EdjTwtr. Ea. 5ft’ 

Clover Croft . . . 

Craig & Rose 1 1 
Dyson iTL .». 1 A 
Eitls & McHdy 
Brans Frik )frp 

7.4 Ev«red.„. 

83 Filet Flo rce.. . 

_ Finlay Pkg. sp . 

7 7 GralgShip £!. 

3'n HlgwmsBre*. 


V7 HoUlJoilSfio.. 


«7 I " vuu. VHUBsniii 

o-olpearcotc, jj_,_ 

— ] Peel Mills. . 

6.9 1 Sheffield Bnck 







.. . . 









. .. > 










Sheff.Rrirvhrel. 51- 
Shilali Snmn . .] 19 
SinMi»m.i..| B5 


Com Pl'UOSi. 

.Alliance Gas 

Arnott - ..... 

Carroll 1PJ.1.... 


Cuneixie ^TOiL. . 
Honon iMldcr.i 
la- Con».._:.„ 

Irish Dopes. .... 


T.."" G .. 

V ra dare 









. . 







72 r! 


[370 Aug.- Am Coai 5Cf_ 
195 AcQoAmer.lOe^. 
;€11% An^ArtGoldR]. 
[621 Ang-VMl50c.._ 


(Eas Rand Cwl lOp 
^en.5Jhriu|R2 — , 

jPiaiJioN'VFlsS _ 




pDvaal.Cons. InRl 

IX Invest Rl 

Vogels s-c 

465 si 
£ 12 % 





7j A. Brew 

7.4 A. P. Cement.. 

7 q E-S.R 

cy Barieoch.. 

f-i Barclays Bant. 

Q-S Beechain 

J-® Boots Drue 

4-8 Bowatera*-. 

8J BJi.T. 

2.9 British Orvipen 
103 Broom {J.i 

6.7 Burton 'A' 

8.0 Cad bury g 

1AJ Courtauids 

4 1. Debenhumt... 

?7 »lStUlera.._ 
oi Dunlop 

“ iSj°~TT| if 

Ccn, Electric. 

DIAMOND AND PLATINUM i Graijd5leL 1% . v 



iwoab Call Rates, 

I.C.I. . . 

fc.’J-lrapi — 



Ll] 75 (Guardian 

* L 53 |CXN.^ 

IB ?(1L3 i SowoIRaer. 




invcrc^k. ......... 



L*ltoiSr»3ua. . 
to*x Service . . 
Lloyds Bank .. 

“Lofs M 

tomdoii Brick 

Lonrho -I 

Lucas Jnds. 
Lyqi.biJ 1 _ 
-Slrtac" . . 
Mid laud Bent 


Nel W«i heni:- 
Do Warruntr 



Reed Irttl — . ... 

Spill era 

Te:.ra_— _ .... 

32 |Tnwt Houses..] 


I nltever 

L':d. Drapery. 


Wool worths. _. 


Em. Land 

Cnp Counties.] 

latTRurnpcoo , 
Land Sew. — . 



Scmuc! Props. 
Town & City- 




6 Soli — 
Ult ramar , 


Charter Cons., 












ter Cons..] 32 1 

‘ffld 3 { 

A selection o* OjHtotraiW :s gn-on on the 
‘ London SlucL £acnaa^u Repmrt page 



Thursday March 9 1978 


Reservations: NorwchTeM0603)4nD36 

^qsaUljrdMzikiiUa&nntetekq; ' -« 

PJ.faM,to*lQW^»M». Cw B te rt , HM l^g(agQ; ., -f 

.**■ ■: 

sales of foreign 
e to calm market 

Bid to cut 

the lex column 

'pay rises 

BYjOHNWYLES NEW YORK, March S. j-*- v 

TTO FEDERAL Reserve and the to the end of January. th«» dollar January 4 the Fed often had strain of trading on a 24-hour j |10 
Treasury sold a record had fallen 21 per cent 'against been adopting a high profile in basis had taken its toll. 

°i- for *‘? n e *S&® n ,S e dur- the Saiss franc, 10 per cent the market by dealing with banks ** Everybody in tbe exchange | 

against °? e Japanese yen, 8 per direct on a bid and offer basis racket is thoroughly ^orn out. Q{ Industrial Editor 

thl i quar * r a t . check cenL gainst the German mark instead of using banks as agents, and some traders are shrinking. Yi 


th(> ' rlnllur . “‘Misuuvu uuu mw juiwiihij cuu^huuju^iiiiuiim, ; U1C AU per 1.U1L. pay V, 

aouar. aimed at restoring some order in a nd claimed that this point of the U.S. authorities during the several hundred senior execu- 

Alraost all of the sales — the market and that it was not view was often expressed by a November January quarter were I tj vcs j n nationalised industries 

Sl.4Si.ibn. — were of Deutsche- directed at establishing a rate or trader “who has a position he more than double the previous j W ho earn more than £13.000 a 
marks and more than half were a target range of value fior the can not unwind with the central record for a quarter of S793-2m. year# 

sold after January 4 when the dollar against other major cur- bank.'* of foreign currency sold between | The position of Board members 

Fed and the Treasury announced rencies. According to Mr. Pardee the February and April 1973. . -J is not. however, affected. Cabinet 

a new swap agreement with the *• vre are workine with the market in November and Decent- The sales were financed by : Ministers have decided not to so 

Wp«l Harm-m RnnJach-inl. ^ wutwug wiui uic * . 1 i„ J ; e, mn ,i .c ™ C rvn I 1 

West German Bundesbank and markets as they are We are not ber was “the most disorderly drawing of marks on | back on the Prime Minister’s! 
the adoption of a more forceful (jymg to indicate we are setting market I have ever seen” and the swan line with the Bundes- 1 announcement in December Uxat] 

“ rbu ! e “ t Period for aC fc5 r or t j, e Federal Re- spreads and prolonged absences Bundesbank. • These two decisions further | 

YoKffiriaU-Sed^ ^d the OS. S bids and offend An additional 53.6*. of marks [complicates Ave-year^ orerj 

day that the eSeits oF the nJw m £oreign eJ£chaDge «£■!■“*£« . fo J ei ^ "® re Mld f ™ m Federal R^ive | g^P^^^be AnMJBg; 

policy hod -slowed the decline of ®P eratl0ns - central banks had been intense, balances. The 18.9m. of Swiss | u {n manv ^5^, 

central banks had 

bn lending 
cuts call 

Protests over shelving 
of Companies Bill 

Lltli3 tail BY MARGARET REID |j 0 £i2.000-£ 13.000 a year or more. 

By Michael Cassell, THERE WERE protests from including loans to directors and distinguishing between public! TOe problem^tart^ wito 

Building Correspondent the accountancy and legal pro* directors' interests in contracts, and private companies. (Callaghans uecemoer 

f ess ions last night as it became A spokesman for the Law Mr. Edmund De!L Trade; that in advance or a spea lai 

BUILDING SOCIETIES are div- c i ear that the expected Com- Society' said they were dis- Secretary, lias also very much report on puolic sector t p 

ided on how to react to the Gov- panies Bill, which it had been appointed that no company wished to bring more major pro- salaries due in the spnns. rn 

eminent's call for a reduction in hoped would make insider share legislation would be undertaken visions, in accordance with the chairmen and noaromerooere 

their lending levels. trading a criminal ofFence and this session. No major clfenge recent White Paper on Duties nationalised industries s..oui 

, When building society execu- tighten other controls, had been had been made in company law of Company Directors. have immediate pay nses of up 

uves meet in London to-day to she ived for the 1977-7S Pariia- since 1948. and revisions were These would have banned J° 10 tSS 

discuss the request, opinions will mentary session. lone overdue. insider trading the use of con- less than V s000 - ??* 

be divided on whether or not Mr . X lan Hardcaetle. chairman „ the Quwn , s “d„Sd by comply ^ove 'ha. fisure would receive 

Si^^rt«dth P e-ng^rwh”n £ XnlS Speech” ta NowSber^tt” InrtdSS to ’E“" shares* f/r only 5 per cent. 

the ftill Council of the Building institute of Chartered Account- ■®SjJj*5°? MmnatwlS? W-htly-^rbe^'ioMS b by' ram' Anomaly 

S =s Association meets to- gj. £S XtoS. ““ No „ given, how 

The Government believes disquieted that very important the Parliamentary timetable will Now, to the considerable sur- lever. -to the anomaly of top 
that, unless mortgage lending Is and much-needed changes which Pf event “Is happening before prise of many observers, it j executives below Board level re- 
reduced from its current record | had been identified as necessary the autumn - appears clear that not even thejeeiving tbe full 10 per cent-U 

level, house prices this year i have been postponed.” The minimum expectation has most limited Companies Bill will 1 they earned more than -J3-0W. 

could rise dramatically. j Some needed improvements in' hitherto been that a Companies be introduced, presumably for i until the issue was raised wx*.a 

Most societies. believe that the [company law bad been spot- Bill would make provision to fear that other amendments \ the Department of Industry oy 

Governmenfs intervention inj lighted as long ago as in the bring British law into line with would be proposed to it, increas-lthe Post Office Corporation. in 

the housing market is wrong. Jenkins Report of 1962, he said. European Economic Community ing the call on Parliamentary all, some S00 ta 90fl senior execu- 
But there is deep concern that Later developments had exposed requirements, as it must by Die time in what may be an election j tires are thought to be involved 

some Board members. 

No official announcement is 
being made about these latest 
decisions, partly reached as a 
result of staunch trade union 
opposition, especially from the 
Electrical Power Engineers’ Asso- 
ciation. against any pruning of 
top executives’ salaries. 

The association and its counter- 
parts in other nationalised indus- 
tries. such as coal and the Post 
Office, negotiate in some eases 
for senior executives earning up 

The horse came to the water's 
edge but it did not drink. Last 
night the FT Government 
Securities Index reached 75.27'- 
the highest level for a month, 
and while the long tap Ex- 
chequer 10} per cent. -1995 
closed maybe l of a point short 
of the Government Broker's 
next supply price, the short tap 
Exchequer SI per cent. ' 1988 
pressed right up to 96 9-16, the 
price at which the GB might be 
expected to be active. 

Meanwhile, the fourth quarter 
balance of payments, figures 
confirm the role of the foreign 
investor in the gilt-edged 
market last year. Non-resident 
purchases in October-Deceinber 
totalled £489m., much of whidi. 
must have reflected a statistical 
■sp iffin g over from September, 
the peak, of the boom. In the 
last five quarters foreigners 
have' bought gilts to -the tune 

of over £1 bn. 

Index rose 2.6 to 446.7 


I MmWM. 


1973 '74 75 76 77 

By Michael Cassell, 
Building Correspondent 

failure to heed the Ministers' weaknesses in the law on matters end of 1978, particularly by year, 
views could provide them with 1 J 

serious problems in future re- — 

lat'onships. * _ _ _ 

£S£i^S. Svenska Vary loses £250m. 

tives believe, be brought much 

nearer if they refuse to cut lend- BY WILUAM DULLFORCE STOCKHOLM, March 8. 

ing. Others feel that the move- 
ment should state its case against SVENSKA VARV, the the larger shipyards despite casts given only last November 
any lending cuts and attempt to “ umbrella company for the strong union opposition. of Kr.LSbn. 

. , . j _ .l _ c« j: ,r_ a __u r m, _ • . . . 


STOCKHOLM, March 8. 

in the country’s nationalised m- 

Suggestions were then made m 
Whitehall that it would be fairer, 
and would show how strictly the 
incomes policy was working, if 
rises were held down. Efforts to 
do this were then made witn 
senior executives of the British 
National Oil Corporation. 

Mr. John Lyons, general sec- 
retary of the Electrical Power 

stop the proposal to reduce the {Swedish shipbuilding industry, Mr. Nils Aasling, Minister of Those figures prompted the Engineers’ Association, which 
availability of mortgage finance last year of Kr^^6bn. fabout Industry, said last month that Government to start a new in- has just concluded a full 10 per 
before it takes effect. last year of KrJ2.26bn. (above he was postponing a decision vestigation of the industry less cent deal for technical and 

Some society leaders believe £250m.). untiL June, but that was before than a year after it had managerial staff in tbe electxi- 

that their hostile reaction to the The State -owned company, the full extent of Svenska Varv's announced a Kr.l7.4bn. support city supply industry earning up 
Government's move and argu- which was formed last year, 1977 loss was known. package. , to £10.600 a year, intervened. He 

ments against a lending cut-back, takes La all the country’s major Tbe _ critical position of Swed- This comprised new capital, objected to suggestions that his 
have already established consid- shipbuilders except Kockums, ish shipyards is compounded by loans and guarantees to see the more senior managerial mem- 
orable doubt in the minds of the only large shipyard still the fact that the Ship Credit yards through to the end of 1980. bers who now earn up to £12.500. 
Government officials as to the under private controL Board has almost exhausted the It assumed that shipyard jobs should have their 10 per cent 

advisability of such action. When the loss was reported Kr.4.4bn. in loans and guar an- would be cut by 30 per cent rises trimmed above £13,000. 

To-morrow could see a move to-day by the financial weekly tees it was authorised to allocate To-day's estimates Include He met Mr. Anthony Wedg- 


Wool worth "V 

Last November Wool worth 
reported that its pretax profits 
were a tenth lower after nine 
months and people '- were 
seriously doubting that for. the 
full year it would be able -to 
better the previous year's 
£40.6m. So a 47 per cent spurt 
in fourth quarter profits, which 
pushed full year profits up to 
£46.8 m.. sent the shares "5lp 
higher to 68p and set people 
wondering how it happened. 

The Christmas quarter is 
traditionally by far Woolworth’s 
best, but the 14 per cent rise 
| in sales during the period did 
not seem all that exceptional 
| given the heavy spending on 
advertising. Woolworth argues 
that its business is very volume 
sensitive and thanks to the way 
its growth in operating costs 
was held down to just under 
i 10 per cent last year the 4 per 
| cent, rise in volume in the final 
quarter led right through to 

Too much should not be read 
I into one quarter's results; there 
I have been false dawns at 
Woolworths before. The 
company is not denying that 
margins in the current year arc 
under pressure and, although it 
has operating costs under tight 
control, there is still little sign 
of the anticipated consumer 
spending boom. 

However, the decision to raise 
the dividend for the first time 
since 1974 implies a measure of 
confidence in the future especi- 
ally since the group's capital 
spending is running at close to 
£20m. per annum whereas 
i retained profits and depreciation 

oyer the last couple of years 
have only averaged film, per 
annum. . WoolsWKth’s O.s. 
parent's decision slightly earlier 
to increase its dividend for. the 
first time since 1969 might have 
had some influence. 


BTR's profits have emetgtMl 
slightly on lhe - lower side of 
market expectations at £29 m. 
The group says the results 
would have been better if the 
Silentbloc acquisition had lived 
up to the expectations 
generated by the ~ company's 
1977 interim profits of £527,000 
and “accompanying favourable 
comments.” Shades of Dunford 
and Elliott? 

But despite this and the 
impact of currency movements 
profits are still a fifth up on lag 
year. And margins have 
improved iff most, areas. 
Europe, which accounts - tor 
around two-thirds of - profits 
showed the greatest increase. 
Hero the U.K. was one of ‘he 
best performers wilh volume 
growth of almost 10 per cent., 
but Gormans’ was disappointing. 
American profits almost doubted 
to £6m., thanks to a 12 per cent, 
gain in volume and an 18 per 
cent, improvement in the total 
value of sales. At 23 up ;he 
shares are on a p/e of just 
under 6J . and the yield is 6.6. 

been confirmed once agah- 
The accountants and In', 
have good reason to be t; 
at this outcome. They V 
spent a great deal of thd . 
the past five years respoc.h 
to requests from the De I f 
meat of Trade for proposer 
reform the existing cob S 
law. They had been & 
believe that the much-tie 
major reform was a real j * 
bi tits’. And even when ft 
made, clear after the Qa 
Speech that only a mitf 
was on the cards the prot 
of significant amendments 
still encouraging. . . . -•> 

: Now, not even, theij 
limited legislation, wbfc 
necessary for the ILfL-to 
ply yrith its ^nunitmenfr 
EEC is to be. enacted 
suggest, that -it wiU be;ei 
for a Bill with these prpv 
to be at least . introduced 1 
an election" is hardly 
At the same' time fcEC ^ 
tion much. . marie • impel 
than the Second Directives * 
which the UJC is-suppoan 
bring in legislation nptj' 
than the end of . TS^-wfL ■ 
piling up. . v. ' If 7 ' 

Companies Bill 

Insider dealers 2hd directors 
who borrow money ^plentifully 
from their companies can rest 
again. There is to be joo new 
Companies Bill In this- session 
of Parliament, and probably not 
even in. the present Govern- 
ment's remaining term of office. 
The - widely-held belief that 
company legislation carries a 
vezy low political priority has 

ici VJ 

ICI s balance sheet undel 
the steep rise -in its 
spending programme areS 
next couple of ys^rs. Iol 
the group sanctioned a£ 
crease of a third m new caj 
spending and in 1977 the fit 
was over 56 per cent hH 
again at £S04m. -At the eh> 
last year it had coma# 
toclf to spending £lbn. on- 
plant and equipment m 
compares with a total in* 
ment of £2^6bn. in new if 
assets over the period 1961 

As Sir Rowland Wright • 
at pain» to point out yestep 
the immediate trading oufi 
is far from buoyant and, , a; 
from the problems of soft pr 
and relume in Europe. XG. 
suffering from sterling's ret 
appreciation. However, 1(5 
gambling that ito heavy cal..** 
spending will pay off when- ~~ 
chemical cycle picks up in 

This strategy .worked • 
during the late 1960s and e. 
1970s, and this .year’s inv 
meat of £700m. or so in fl 
assets can easily be covered 
liquid resources of a sim 
amount now that.IGI has dip 
into the UA debenture imo^: . 
Nevertheless Id could eg 
suffers «rih outflow of £fi 
or more in- 1978, and ill 
were to continue it would « 
under pressure to scale * 
its ambitious spending plan 

by the societies to postpone any Veckans Affaerer, the company last ywr to rtimulate orders Kr360m. in operating losses — wood Benn. Energy Secretary, 
final decision, so that their rep- said: \Ve do not deny the from Swedish shipowners for the difference between the pro- and this meeting emerged last ; 

resentatives can go back for .. , ne y ^ es *?! s - _ . . . _ , duction costs and revenue of week as a major factor behind 

more talks. They might also The estimates come shortly Indirectly affected is Kockums. ships so icL the decision not to interfere with 

comoile figures to show that before the company is. expected It has just applied [for a Kr.600m. Min* of the balance (about top executives’ pay rises. 

prices senerallv have not been j 1 substantial capital* credit guarantee ; to enable it to Kr500m.) is made up of un- 

mnvin" as the Government injection from the Government, burid- a third liquefied natural settled claims and the cost of 
susnocts As a result of last year’s diffi- gas (LNG) tanker on its own producing for stock— a practice 

Id snite of widespread misqiv- cutties— the loss was tbe largest account and secure production which started tore years ago as 
incs h still seems likely that ev ? r made a by a Swedish at its yard. a recession-bridging measure and 

societies will eventuallv agree to com P? n J~ tll e Government is -The latest Svenska -Varv£oss whidi has been severely criti- UJC TO-DAY 

Sme reduction in mortgages “P«««l to close one or two of estimates greatly exceed the fore- cised by foreign shipbuilders. MOSTLY rainy, but E. and Scot- 
from April onwards. 1 land will start dry. 

We can’t afford 


Continued from Page 1 


Kagan raided in currency probe 



MOSTLY rainy, but E. and Scot- 
land will start dry. 

London, SJS. England, EL Anglia 
Early fog, becoming rainy. 
Cent. S., N. England, Midlands, 
Channel Is. 

Rain at times. Max. 11C-12C 

E. NJ5L, S.W. England, Wales 
Rain or drizzle. Max. 11C 

a computer! 

! CUSTOMS OFFICIALS yester- Control Act 1947. The mag is- “Search warrants .'have been or drizzle. Max. 1 

I day began what is expected to trate issued warrants after an issued under toe terms of the „ , . . c™* 

hn n Inn?. inuodinoHnn th« application by a Treasury solid- Exchange Control Act and «.W. England, Lakes, 5.W. 

Yes you can, 

market dosed an hour or so chairman is Lord Kagan. 


The offices of the textile, group records. 

company shire and elsewhere '"to" examine ; 

and where necessary' remove 

In the futures market, u here and Lord Kagan's three homes Customs and Excise said company records." 

toe rate for dollars for deUvery l0 ^ ^ K agan exports ^?Sd * do TOt toOw Whai 

ahead Teached documents: ^ ^ e throughout the world. Our S* a'n “out We haw 

^'i^iff'jaL.ainnmpnic Tniinwod .The investigation is into toe 1°?,®“® nothing to hide. . Officials, have 

Scotland, Argyll 
Rain at times, hill fog patches. 
Rest of Scotland. Orkney,' 

Bright at first, rain later. Max. 

Is. of Man, N. Ireland 
Rainy. Max. I1C (52F). 
Outlook: Changeable. 


miinuiMi ‘“ Y caugaLioa u miu me — rr - auuuofi iu mae. nave 

Those d *\ e ' op ““ ls Moll d av . s alleged u-ansfer of money , out country- Jt is likely to be a long been given access to- everything 

only two days after Monda> s 
hectic trading, when toe yen 

of Britain in contravention of investigation. 

v’dar i 
Mid-day I 
«C "F» 

hectic trailing, wneu ineji.** exchange regulations during the A Customs statement said that Lord Kagan, who is 62. was 

rose a most two potots a^nsi operation of ^ group , s ^0^. Customs investigation officials, born i n Lithuania and' came to 

tbe dollar In spite of ramoiueu blls i ne ss. under the authority of toe Britain as a penniless refugee 

they wanted to see." 

•C -F 

j Amstrtm. R s 43 'UttemUr*. C 5 41 1 

AlhmiC S fil UnrlHrl C It fit 1 

support operations by the Bank 
involving toe purchase of some 

Bahrain S 52 72 Manchslr. CHS! 

Barcelona s 14 57 atelbonrne C 9 St 

Beirut S 22 72 Mexico C. S 23 73 

Lord Kagan based his business Treasunr. were making inquiries from a Nazi slave labour. camp 1^*,, ^ | s-^ 

““U ““SiJii oasea uls onsiness . . "V. . ? ; a noil stave Rjmde C S 41 Mantrval S — a *? 

on toe Gannex raincoat, often mto the alleged transfer of after the war to study textiles at B«run r e « Moscow c i it 
_ „ worn by Sir Harold Wilson. He capital fro™ the XJJR. in contra- Leeds, He founded his York- Btrawnm: c 1; « vemeu s s 4j 

, rnSS^hu was knighted in 1970 and raised vention of toe Exchange Control shire textile business with capital c S “ SwM c-^ 1 

ket of SKom^was rollow^by to the peerage in lfl76 ^ Slr Act 1947 and the Customs and of less than £10. The Kagan suda^ s ? « SSS a, T m 

to-day s Sopim. turnoj er— an Hajold’s resignation Honours Excise Act 1952. The inquiries group includes Crabtree Denim, b. Abw s 23 77 Pans 

exceptionally high level. list. were in relation to toe export of which received the Queen’s SSS, 

Michael Blanden writes: The The raids ww authorised by textiles. , Award for Industry .for exports £“j^ 0 g ^ 

speculative pressures in ine a magistrate under the Exchange The statement continued: in 1975. coiwmu c 10 50 urn d 

Michael Blanden writes: The The raidg were authorised b> 
speculative pressures in the a magistrate under the Exchange 
European exchange markets 

were concentrated on the — 

Japanese ven which rose. . . 

S3£ SSSl®* doU ’ r “ Continued from Page 1 

The markets remained vola- m j a 

Sa l M 
F U 52 
C 38 82 
S 7 43 

Sooner or later 

you will detide, 
to switch your 
accounting to a 
computer. With staff 
costs the way they are, the sooner 
the- better!' 

tile and nervous, with the 
uncertainties reflected fn a 
further rise In toe price ot 
gold of $25 to $1892 an ounce. 

MPs attack new City watchdog 

Cardiff C S 48 Prsunw S 7 43 

Chicago S —1 38 Reykjavik V 4 38 

ColOtiTU! C 10 50 Rio diy.J’o S 30 86 

Copnhagn. SI 5 K Borne S 15 59 

Dublin F 11 32 Singapore S 31 58 

Edinburgh P 12 H Stockholm C 3 36 

FranUart. F s 41 strasbrg. C s 48 

Genova F 6 43 Sydney f !6 tS 

Glasgow - S 71 62 Tehran C n 52 

ReliOnkl Sd— a a Tokyo R 13 56 
H. Kong C a 68 Toronto C — 7 IS 

JO'buia C S3 77 Vienna S S 46 

Lisbon S 33 59 Warsaw f: 3 37 

LOfldon C It 32 Znrlei S 5 41 

Ifyou decide to buyaKienzle outright, toe 
cost is under £10 jOOO or on a five year 1 • 
rental contract, £55 a week. ■ 

The Kienzle2000 Office Computer comes 
complete with systems covering Invoicing; Sales, 
Purchase and Nominal Ledgers ; Stock Control ; 
■Payroll andburiness management figures. „ 

These systems are developed to suit. yottr company 
■and actual programmes are demonstrated to you 
beforeyou place your order! 

is an office computer. 
Just move it into your Accounts ■ . - 
Department and away you go. 

Easy to Use 

We will soon show your staff how to use 
- your Kienzlc. Two months from now it - 
could be running inyour olficoiwith the 
minimum of -upheaval. 

Seeing is believing 

Visit some of our users and sector your- 

self just how a Kienzle works for them* a 

You will be under no obligation. . 

Just give us a call or use' 

the coupon.. ■■ 

!lU' : 

i II s "’ 

4 m.lli 



Jersey c 9 48 
Los Pirns, s 20 68 
Locarno f 9 481 

the' Swiss moves 10 stem toe 
inflows from abroad. 

'■ The dollar closed slightly 
better affalnst the West Ger- 
man D-Mark at DM2JJ237J 

and the Swiss franc at 

The pound slipped by 35 

project would be riven toe ulti- oacnjencnere. , Igaorea, IQDU^I mey uoi, Borteam: V 13 55 Majorca 

mate "o-SS imlfSTthp GovSS- At the Bank of England meet- legally binding. Bouknme c 7 45 Maian 

SSnt°^d d, “!^c^ed ^ in « y«t®rd»y under the chair- The only significant question s 1; « 

'accepeance. Mr Dell made m,ans kiP bf Mr. Gordon Richard- left is how toe Council, to cost f i B ei Naples 

it clear in October 1976 50 U* toe Governor, toere was £500,0004750.000 a year, is to be Dnurarauc fu« Nice 

that he was looking for- gemsral agreement ter the financed. The bodies ^ con- ^ J g J SE 

improved self-regulation of various associations on the plan sider possibilities! such as con- nucha] s is si saizbnrc 

security markets, to stand along- for the CSL Bodies represent- tributions by thrinselvfes or a Gibraltar s tj 63 

side legal controls in the com- toe banks, investing institu- levy on share dealings and g | ^ r 

s is s* 
s it a 

F 17 83 
S 24 74 
F 15 59 
C 15 59 
c IS w 
S 9 48 
S IS 84 
S 14 ST 
F 13 59 

Kienzle Data Systems Ltd, 224 Bath Road. 
SloughSLl 4DS Telephone; Slough 33355 ' 
Telex: 848535 JUENZLG 


NOW 30% 

Branches also at 

Bi rmingham , 
Bristol. Dublin, 

and . 


pany field, rather than a legally- turns, accounting institutes and report hack next week 'to the f Inverness s $ 4S vafenda .cun 

k.oh.J T - ... Y .... .r ..'..u ,L. II ■ .... a.J.. Ci_ Tl Al Uu I! In- M C in u 

points to $1.9340. bat Its trade- I backed market supervisory sys- others, as well, as toe Stock Ex- small planning. group PAder Sir X J' »i Venice s in » 

weighted Index was unchanged i tein llke the U.S. Securities and change and the Confederation Jasper Hollom, toe Banks s— sunn^ c-cmwiy. r-Fair 

al 55.1. | Exchange Commission, It of British. Industry, have Deputy Governor. - -j Dr— Drizzle, so-suw. si— sim. 

gvflatfrad at lhu Paw Offlw. PriwcC Hr St. CIcmm tN n^-., 1 "J. 1 I" 

by ih L - Finm.dai Times Lu.. Brartum Hdubi 1 , CstJi^^rSSPgS 

SI THU FJnaauiat tubos lih. wii 


FJoanuat tubcj Ltd., jsjsV