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L Austin- Crowe 
0604 34734 

No. 27.306 

Friday March 10 197 S 



From only 
£150 per week 

** Iri 







in oil 

rig sub 





Two men were trapped last 
night 245 Feet under the North 
Sea in a mini-sub with no hope 
nr rescue until to-day. 

The men were working no a 
North Sea oil installation 7fl 
miles cast of Lerwick, Shetland, 
when their 26- foot Ion", ci-bt- 
foot wide submersible. PC" a. 
became entangled with a cable. 
P A- 0. which owns »he mini-sub. 
said tlip men were in telephone 
contact with surface and " philo- 
sophical." They had food and 
water for p.izhi clays. 

PC 3 was working From the 
P & 0 Subsea Two on a well 
head. Last night Subsea Two. 
carrying mini-sub Mermaid 
Three, left Monrose, Tayside. for 
the scene 

• EQUITY leaders opened 
cautiously still reflecting the ICI 
chairman's remarks about the 
poor outlook for world trade. 
After genuine buyers appeared 
the FT 3t>-SI?are lndc.v closed 
at 45(1.5. up 3.S on the day and 
up 6.3 on tbe Account ending 

• STERLING was steady at 
about S 1.9300 for most of the 
morning before falling to 
SI. 02 3 5 in the afternoon. It 
closed at SI. 9270. down 70 
points. Its trade weighted index 
was unchanged at 65.1. Dollar s 
trade weighted depreciation 
narrowed to 5.18 (5.41) per 


a GOLD fell SI to Si 88.625 in 
nervous trading, FT Gold Mines 
Indcv was 163.6. down 5. 

9 COPPER prices ad'anccrt 
strongly for the third day in 
succession. Cash wlrebar? closed 

peace effort 

Britain and the U.S. are tn 
mount a joint diplomatic effort 
aimed at promoting talk* as <non 
as possible between Rhodesia’? 
internal black nationalist 
leader.? and tbe Patriotic Front. 

Despite remarks by Mr. 
Andrew Young. U.S. Ambassador 
to the UN. suggesting that 
Britain was “running out" of 
Kbndesia. much as it bad pulled 
out of Palestine in 1948. it is 
understood that no siEnifieam 
difference exists between London 
and Washington 00 this policy. 

Meanwhile, amid signs in the 
Commons of a closer aeeard 
netween »he Labour Government 
and the Conservative Opposition, 
Mrs. Margaret Thatcher. Conser- 
vative Party leader, gave public 
support to efforts tn associate the 
Patriotic Front with the internal 
settlement. Parliament, Page 13 

700 r£ per tonne- 


660 r 








Schmidt speaks up 

for Carter’s 

defence of dollar 

up 1.1% 
in U.S. 


Somali army 
to withdraw 


Chancellor Helmut Schmidt made a determined bid to-day to repair West 
Germany's badly-eroded relations with the U.S. He told the Bundestag that 
he was certain the Carter Administration would succeed in maintaining 
international confidence in the dollar. 

The Wpst German leaders 
gesture was returned by Presi- 
dent Carter, who telephoned 
Herr Schmidt this afternoon to 
express his full agreement lhal 
American - German relations 
remain fundamentally sound. 

According to the official West 
German spokesman. Herr Klaus 
Boelling, the Chancellor and the 
President agreed tn keep in 
personal contact heiween now 
and their next scheduled meeting 
— in Washington for the NATO 
summit conference. 

Herr Schmidt's remark'? were 
contained in an apparently 
impromptu prologue tn a speech 
largely devoted to the state of 
relations between the lw 0 
German States. 


H® told the Bundestag that 
what he referred tn as " the 
German - American consensus ” 
could not be shaken by short- 
term exchange rate dislocations. 
The West German Government 
was sure that the U.S. Adminis- 
tration would succeed in con- 
solidating international con- 
fidence in the American currency. 

Tbe dollar was still under- 
valued. .said Herr Sihmidl. a- 
President Carter him.-elf had re 

Yen at new peak Page 3 ( 

Herd ted. 

On llv Frankfurt foreign ex- 
change market to-day. it was the 
D-Mark (haf cam® under .-ome 
?clhng pressure because of tbe 
looming strike threat in the 
West German engineering indus- 
try. The dollar recovered in 
DM2.03D2 from DM2.0030 yester- 
day without any intervention 
frn’m the Bundesbank. 

Herr Schmidt said that agree- 
ment between the two countries 
covered not only outstanding 
economic and trade policy mat- 
ters. but also the ran sc or prob- 
lems covered by the norlb- 5 outh 

Herr Boellmg said this even- 
ing that the Chancellor in his 
telephone conversation with Mr. 
Carter, had expressed his satis- 
faction a( the rlOf** consulta- 
tions over arms control 

Herr Schmidt’s move conics at 
ihc end of several weeks of quiet 
diplomacy on more than one 
front to pin an end In the cm- 
harrasoins exchange of increas- 
ingly irate declarations between 
Bonn and Washington over inter- 
national economic policy. 

Senior German official? nave 
heen ai pyins to insist privately 
that neither the state of official 
inter-CiOvernmcntdl contact* nor 
Hie personal relationship between 
•he President and the Chancellor 

> ' U.S. cnal strike Page 4 

was anything like as bad as both 
the German and Foreign Press 

On a more formal level. Herr 
Klaus von Dohnanyi, Mrnister 
of State ai the West German 
Foreign Office, returned from a 
five-day vi»u to Washington last 
week wilb a much more construc- 
tive view both of the U.S.-Gcrman 
relationship and of the wider 
American approach to inter- 
national economic affairs than 
has been commonly held here 
in the pan few months. 


It is noL clear whether other 
heads of government sympathetic 
to hoth the U.S. and Germany 
have aLn played a role, but Mr. 
Janies Callaghan's concern at the 
cnpiinued strain between Bonn 
and Washington is believed here 
to be one of his main reasons 
for Ilyins t«» Bonn this Sunday 
for a private dinner with the 

For H«'rr Schmidt, mindful 
above all of the economic dimen- 
sion of the argument, the aban- 
donment by the Americans of 
the “ locomotive " approach, 
returning additional German 
rcflitionar; measures, removes 3 
major irritant. 

• The questions America is 

WHOLESALE prices in the U.S. 
rose 1.1 per cenL last month, 
providing a sharp reminder of[ 
the inflationary pressures atj 
work in the economy. This is the < 
steepest increase in more than 1 
three years. ! 

Tbe message was reinforced! 
by Mr. William MiMer. new chair-; 
Qian of the Federal Reserve 
Board. He said in his inaugural 
testimony that while the overall 
economic outlook was not un- 
favourable. there was “less 
reason to be sanguine about pro-) 
gross in curbing the rate of 
in flat ion 1 

The principal and predictable 
cause of the surge was food 1 
prices, exacerbated by the severe j 
winter which has affected the 
supplies of certain items. The 
food price component of the 
Finished Goods Price Index — the 
replacement for the old whole- 
sale price index — rose 2.9 perj 
cent. — other commodities -rose 
0.4 per cent. ! 

The statistics also showed; 
motae inflationary trouble on the 
way. The indices covering the 
prices of goods at intermediate 
and crude stages of processing 
rose 0.9 per cent, and 3.2 perj 
cent, respectively. Non-fnod j 
ilcms rose 0.S per cent, and 1.0 ! 
per cent. • j 

Although the Administration isj 
hnldins to its view that the; 
economy is not about to he, 
afflicted by a dose nf double , 
digit inflation, there Is concern j 
about the continuing increase in! 
prices at rates well in execs-? ofj 
those in the economies of many 
of America's major trading] 
partners. ! 

Officially the underlying rate] 

Continued on Back Page 

from Ogaden 


SOMALIA IS to withdraw its 
regular forces from the Ogaden 
region, it was announced in 
Mogadishu last night. The 
decision conies after a week in 
which Ethiopian forces, with 
Cuban troops said to he in the 
front line, have inflicted heavy 
defeat on the Somali forces in- 
cluding *h<?. capture of the key- 
town of .Tijiga- 

The decision to withdraw 
appears to rule oat any -possible 
Ethiopian invasion nf Somalia. 
The Government said the move 
followed calls by the "big 
powers" for the withdrawal of all 
foreign forces from the Horn of 

In Washington, President 
Carter welcomed the Somali de- 
cision which, he said, had been 
conveyed to him by President 
Siad Barre on Wednesday. 

pressing Somalia to withdraw 
from tbe Ogaden and sue for 
peace in recent months. It has 
simultaneously obtained a com- 
mitment from the Government 
in Ethiopia not to cross into 
Soinali territory. 



asking about Carter Page 20 

But he said the U.S. would 
require a “ tangible demonstra- 
tion “ that Somalia was withdraw- 
ing from Ihe occupied Ogaden 
territorv plus a firm Somali 
pledge ’ not . to infringe either 
Ethiopian or Kenyan territory 
before Somali arms requests 
could he considered 

He added thta when Ethiopia 
had regained control of its land, 
“ the withdrawal of Soviet and 
Cuban forces should also begin." 
All foreign forces, he said, 
should be withdrawn at an early 

The President offered U.S. 
support for the Organisation of 
African Unity in any mediation. 

The U.S. has persistently been 

James Buxten writes from 
Mogadishu: Somalia called on the 
“ big power® ’’ to ensure that a 
withdrawal of foreign troops was 
maintained tn secure the accep- 
tance of . the right of self-deter- 
mination for the people nf the 
Ogaden and to “ urgently 
initiate the process for bnnging 
about a just and lasting settle- 
mem of the conflict in the Horn 
of Africa." 

For the first time Somalia 

explicitly admitted that ii had 
committed regular troops to tbe 
support of the guerilla groups 
fighting in the Ogaden. .Its troop 
withdrawal, it said, was in res? 
ponse to the Ethiopian bombing 
of part of Somalia. 

The Government decision to 
announce a withdrawal which 
may already be taking place 
fellows fivn days of almost con- 
tinuous discussion by the ruling 
Central Committee of the Somali 
Socialist Revolutionary Pariv. 

The wording of th« statement, 
which did not mention either the 
Soviet Union or Cuba by nam*. 
appeared to be directed ’.it 
achieving the best possihle term? 
for the Somali people of the 
Ogaden in any peace agreement 
between Ethiopia and Somalia. 

£13 up at £651.2 a tonne and 
graph moved higher in late kerb 
trading. Commodities. Fagc ,'1 

I Carter pledge 

O IV ALL STREET dosed at 
“50.00. down 0.87. 


Confiscation threat in 
Buchan deal 

Pre-ident Carter, vhn is shortly 
tn have further talks with Mr. 

.-.Yenahem Begin. Israeli Prime 

-’Minister. «aid that the U.S. rnle 
in the Middle East peace negotia- 
tion? remained th3t of an inter- 
mediary. There would be no 
special pressure on Mr. Begin. 
Page 3 

♦ PRESIDENT Carter sought a 
court injunction ordering sinking 
coal miners to return l" work 
for 3 d SP-day cooling-off period. 
Page 4 


Public sector 
borrowing down 



Firemen restive 

• CONSORTIUM nf & leading 
Italian banks appro? ed a salvage 
operation for Soeieta Generate 
fmmobilaire. Europe’s largest 
construction and property group. 
Back and Page 28 

Firemen in Greater Manchester 
vho voted yesterdav i»> ?tsri a 
scries nf one-day strikes are »n 
he a«ked by the Fire Brigades 
Union headquarters in freeze 
their action. The London regional 
commit tee which is also thought 
to be considering industrial 
action is to be asked to defer 
if. The -trike? aro threatened 
because of delay w implementing 
pa>- rises. Action is alsn hem? 
considered ip Mer«?: side. West 
Midlands and Tyne and Wear. 
Paso 1 1 

More closures 
after E. Moors 

• AGREEMENT In dose East 
Moors steelworks. Cardiff, is to 
be followed hy union and 
management talks nn two other 
big iron and steel plants in 
South Wales and the Midlands 
employing more than 4.000. Back: 
N«*ws Analysis. Page 11: Parlia- 
ment Page 13: Editorial Com- 
ment, Page 20 

Kidnap trace 

Trace? of blood were round to 
the underground car park where 
Baron Charles Frachr. 63. who 
disappeared in Antwerp on Tues- 
da: ■••a? believed to have been 

• PEACHEY Properly Corpora- 
tion reported a 1076-77 loss of 
£1 lm. after tax and. exceptional 
ch.irgns. Back: Property news. 
Pace 39 

Lynch call 

Mr -lack Lynch, the Irish Prim?. 
Minister, said nn ITV lasl night 
that there could b*’ no permanent 
peace >n Ireland so Ion? as 
BriUin remained in ihe North. 
He abhorred the Provisional 
IRA’s idctrcs. hut agreed with 
their dc‘ir? to break- the British 

• OFFICE nf Fair Trading has 
drawn up a list of 17 pacts 
operated by companies in the 
semee sector which it thinks 
either will have to be abandoned 
nr referred to the Restrictive 
Practices Court. Believed tn be 
nn ih<* list arc arguments affect- 
ing th<» Stock Exchange, travel 
industry and advertising. Page 8 

Brief ly . . , 

Three ringleaders of tbe drugs 
plot smashed by Opera non -Yulic 
taavn hegun a court batile m keep 
£450.000 Of th» conspiracy pro- 
cents held m foreign banks. 

Men and Mailers, Pace 20 
The remains nJ 3 huge dragonfly 
—wingspan eight inch**?—' which 
lived rtOOm *ear? ago have been 
found m Enlfmer collier;-. 

• FIERCE competition and slug- 
gish growth in Lite petrol market 
took a further mil of garages 
open rn niniorists. More than 
I.O0O U.K. site* stopped selling 
petrol last year, ihe Institute of 
Feu-oleum raid. Pace Ifl 

• AFTER .several month* of 
inactivity there was a surge of 
new doUar-dennminHied issue- ip 
Mu? international bond market 
Five issues worth 5300 m. were 
announced. Page 28 


Sir Roy Harrod, th*- economist 
has died. He “as 7S. Obituary, 
Pair IO 

Mr. Ranald Macdonald, chairman 
of the International Press Insti- 
tute. rejected moves hy UNESCO 
to restrict the freedoms of inter- 
national news services 

• TRANSPORT De* eiopment 
Group prp-lax profits 10 second 
half were £?.12m. (£7.?m ) 

P 32P 22 

• CORAH ore-tax profit? were a 
record £3.32ni for last, year 
ffl.lSm. previous 53 weeks). 
Pace 22 









& Co 




Treai I4pc 13SC ...£lt3^ - 
7 reap 15jpr I9D5 ...£123; - ! - 

Allied Reraiter<. 197 +■ 

Auit and Wiborz ... 32f + 

A\on Rubber 1M — 

BTR 22S + 

Bell (A.) 222 - 

Common Bros 147 — 

Costa in fR ) 252 4- 

Croych 1 D 1 sfi — 

Dsei-sn 77- - 1 - 

TJavij Metactafe A ... -72 -h 

Finlay i-l. j 27n + 

Furness Withy . 2 x 5 —• 
Grand Met. . . .. Pfi + 

Hay'-j Wharf 133 — 

lohnson-Rcnrd*. Tiles S4 - 
-larrhwiel . . C33 + 

.lip? and Aden Inrnl. 173 — 

.'eodloi's . 30 — 

Sharpe *W. X j . . .. 
Status Discount 
Thomson Org. . . .. 
Trust Houses Forle 
U'agon Finance .. . 
Wilkinson Match .. . 
Oil Exploration . . .. 

Ultra mar 

Dc Beers Dfd .. .. 
Western Mining . 


Kv ifc -Save Discount 
Newo.v Group . . . . 


1 i roots lei v 


Randfontem Est.-. 
Rustenbur^ Plat 
Soulh African Land 
Ve.trrn \rea- 

2 78 
1 74 

■+■ 14 
















21 1 

given Government perims?«nn in 
exploit the Buchan Field in the 
North Sea. But in an unprece- 
dented move the Energy Depart- 
ment ha? warned that ir viU 
take the field away from the 
BP-lrd consortium if it i- 
noi satisfied with production 

Commercial quantities r.f 
crude oil could be flowing from 
Buchan at early as September 
next year To save time and 
money BP and its 10 partner? 
have decided not to install a 
fixed production platform but to 
drill wells from a converted 
semi-submersible ns- The rir 

van be easily moved from the 
field if the producing character- 
istics — still very much an un- 
known — prnve disappointing. 

Thi* i« why ih*» Energy 
Department has reserved the 
right of confiscation. It ha? told 
the companies that it wanb ar 
much as possible of tbe reserve* 
in be recovered and that it wnuld 
object if the offshore group 
creamed off ihe most profitahic 
part of the field and then moved 


A* a result, the partners ba'e 
been given permission to pro- 
duce oil for an initial period of 
four years only. Production 
methods will >c reviewed in the 
summer of 1981. IT tbe Govern- 
ment is satisfied with the tech- 
niques hem? used, the com- 
panies will be allowed to '-on- 
tinuc production after the initial 
four year?. 

Bui if there is 3 major 
disagreement he tween the part- 
ners and the Energy Department 
the field will be taken over by 
ihc Government four years after 
the production siari-up. 

While it i? emphasised within 
Whitehall and the oil industry 
Inal ihc confiscation provision 
arose from special circumstances, 
11 is thought that (he Govern- 
ment might reserve similar 
power* ori snnie future Be Ids 
tbar are to be exploited by 
movable production system*-. 

Buchan hds been an extremely 
difficult ’structure to evaluate. 
Recoverable reserve* are thought 
to be annul 1 50 m. barrels 
alinough industry estimates 
have ran zed from 65m. to 300m. 

parrels, making the field one of 
the smallest commercial reser- 
voir? m the North Sea. Tbe peak 
production rale is expected to 
be about 70.000 barrels a day. 

The us? of a floating produc- 
tion system and offshore loading 
facilities should make the; 
development programme one of| 
the cheapest off?hore the U.K. A 1 
cost of about £130m. bas been! 
mentioned in the industry. I 

The conditional production I 
sanction coincides with a State! 
participation agreement signed | 
hy companies in the Buchan! 
group. Ten companies have I 
agreed to sell in Ihe British j 
National Oil Corporation up to . 
51 per cent, or their oil and gas 
'iquids as well as to provide the 
Corporation with an effective 
vote in Ihe operation and 
msnazement of all commercial 
field? held under the Buchan 

So far. 41 companies have 
asreed tn participation. Outline 
agreements have also been 
signed with another seven ICI. 
Mobil. Amerada. Texas Eastern, 
Murpby/Odeco and Amoco. 

North Sea Oil Review' Page 12 

A SUBSTANTIAL undershoot- 
ing of public sector borrowing 
below the forecast level is indi- 
cated by the Idlest figures for 
central Government revenue and 
ex-pendJture with only one month 
of the financial year to gu. 

That provides further support 
for hopes that there should be 
considerable leeway for reflation 
in the April budget within the 
borrowing ceiling for 1978-79 
agreed with the International 
Monetary Fund. 

■Hie Treasury announced yes- 
terday that central Government 
bon-owed £319m. last month 
compared with £624 m. a year ago- 

Over Ihe first 11 months of 
1977-78 borrowing totalled 
E3.08hn.— ■ 35 per cent., lower ihan 

at the same time test financial 
year, in contrast to the -I7f per 
cent, rise in 1977-78 forecast in 

the budget last spring. 

The trend is better than ex- 

pected in the City so tftaL 
analyst? were yesterday again 
revising downwards their esti- 
mates for the pubic sector bor- 
rowing requirements in the 
present financial year, 
of spending on the refinance of 
fixed rate export credit). 

That compares with a rise of 

similar basis in the Iasi budget. 

Expenditure during tbe 11 
months was 11 per cent, higher, 
slightly more, than the projected 
M)4 per cent. 

. Continued on Back Page 

Because of its influential 
position in Ethiopia, the Soviet 
Union is best placed *0 obtain 
a settlement for the Somalis. 
Moscow made, no ’ immediate 
response to the withdrawal* hut 
some kind of official statement 
is expected soon. 

Mo?cow ‘ has persistently 
nressert for the 
of -So mate 'for res ' as a pre- 
reftoisiie for peace talks in the 
Hnrn. - - 

The Ogaden war began in - 
earliest last -Tidy. Until a w*e°k- 
a go. Soma!!’ froops and guerillas-: 
o erupted almost -the entup terri?/ 
tory which i? almost whoUjr 
populated by other SomaHs ; 

Attack “irreversible,” Page 3 


1 r h, Me* Vnrb 


" Match 9. 

Previfins " 

■ Spnt 

. S1.S0KV926O 


1 IThHlth ■ 

X I -Wpm 

O.'t? »1is-i«r 

3 jrjnnrb- 

i >. '2 •’ i0 .ii 

••0.17-0,1? dir 

t** ih.-n'h 

' ■»g ■ 7 -ii 

0JKU).7a *tis 

Longbridge may cut 1,800 jobs 


LEY LA '.’D CARS 1 ? thouzh» to 
hr .-coking a cut of nearly l.son 
jobs ai H? Lonzbridze. Birming- 
ham. plant as part of 3 113 . 10 :- 
productivity drive. 

The exorcise is hems under- 
taken throughout the ear: divi- 
sion a; a step inward? arhicvmz 
manning levels cnniparahlp vi:r. 
world competitor^. 

The company ?aid ;a-: n’rh* 
that management “ examin- 
ing jobs which might he -urplu- 
ln wiiremcnu.” 

k reduction in manpn-rr 
••■nuld he hy naiur^l v.-anaze. 
«aid But it refused tn dicrys* 
thr mmi her* mvnlvrd 
Mr. Michael Edvardc*. Fri-”b 

Le laod chairman, has made it 
dear ihat ;'nc labour force must 
be mined down to meet Ihc 
lover sales larreLs anDcipated 
:hi? yea r. 

H p indicaied 10 trade unions 
la-ci nmnih that he would be 
iooVinz for n saving cf around 
.1-.5O0 jnh^ -hie year. 

*■ a Tress conference in 
'■r.-.r.mry yesterday. Mr 
Edward?? refused to he dr.i'vn 
on numhur?. hut confirmed Miai 
; hc closure of ibp SpeVo assembly 
7-)»nr nor part nf the nriemal 
economy nro grain me. 

\i Lr-nzbndge. Airh a CO.nrm 

«?nr,n; s-'orfc rorre. rh? company 
- cvpecicd to oroV a reduction 

nf 1.200 jobs in tbe body 
assembly areas and 5S0 in the 
engine and transmission section. 

The economies will he sought 
over the nest few- months, but 
workers will he put in a “labour 
poof" from which l hey will be 
available to stand in for absen 
tees nr leavers. 

Shop stewards fear the pool 
••ill grow to tbp pnin« where re- 
dundancy terms v-j|j have to be 

Mr. Eddie Me Gary, senior Tri- 
umph steward at the Can Icy 
plant. Coventry- -'aid last nighi 
thai around 250 job* had been 
dispensed with by mutual agree- 
ment over the past six weeks. 


European news 2 

American news i 

Oier.seasnens -1 

World trade new? . . .6 

Home news — general 8. in. ]fi 
— labour . . I! 

— Parliament ... 15 

Tcrhnftal page 14 

Manasemeni page 17 

Aris pase l<j 

Leader paze 20 

l’.K. Companies 22-26 

Minins 26 

Inti. Companies 


Wall Street 

Foreign Exchanges 

Farminc, raw materials 

... 28 
... 27 
... 27 
... 33 

U.K. slock market 34 

Mr. Carter apd ffio riniupx 
umkne-cs 20 

Politic? To-day; Aerospace 
and Europe .... ... 21 


A depressed and 
disillusioned rily . . 2 

•Vnrwesian Oil Rr%icu . .. 12 

Is the RIM manazin* to 

make itself heard? .... 17 
Around Britain: Canals bid 

for a comebai-k IS 

SC.l: Italian bankers breathe 
again 28 

aacoinimcMs *d»H. 
Bank P.ciurn 

Ousincssns Io* 1 Sa<«* 

SiO!ninm« Cu»d€ 

PT.A'ruarlcs lflditM 


He" and H^jferr 
Moni-jr HsHrri 
R jetn-j 

SH»f» InFenmVJt’ 





F nr '.CiC.t Shop 

T»-dajr's Events 21 

TV 4nd Rndla ... » 

Unll Trusts ;5 

Weather JS 

Caillford Srirniey 2S 

HanuiSBn Indiij-.rlu 25 

Mc^nlnstcr 22 

W. of En-Unsd Ts«. 25 


A. Am*r. Coal Cpn. 


Drayton Montagu 

Alexander Hrwden 

■m Lending Ratas 

Index ’phone 01-246 

mmm.mmmw r ^ 1 








Full particulars from the Sole Agents 

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Tugendhat hits 
out at Bonn 

on EE C 



MUNICH. March 9. 

IN ONE OF the sharpest public media and elsewhere ” both to 
attacks yet delivered against an allegedly inflated Community 
Vest Germany's EEC policy by budget and to Germany's sup 
a : member of the European posed -role as a " paymaster of 
Commission, Mr. Christopher Europe * from which she gained 
Tugendhat to-day accused Bonn Mrtie return, 
of criticising the costs of the He noted that the EEC budget 
. I1 A 9 rfe S* ul * Policy amounted only to about 2.5 per 
wMIe Itself acting to in- cefl t. of the national budgets of 
crease them. member States, and be stressed 

- Mr. Tugendhat, who is one that an per capita terms, Ger- 
af the two British members of mans paid less into the EEC 
the Commission and Cominis- coffers than the Dutch and 
sioner responsible for budgetary Belgians, 
affairs, took note of West Ger- Turning to' agriculture, Mr. 

Chancellor Helmut Tugendhat pointed out that the 
Schmidt s remark that the CAP biggest part of CAP expenditure 
wits present form was " a mas- arose in those sectors with die 

hi*"* - and that the 

*» — “ 

3V ear- The l^n Government he 
•*»* had persistently refused 

WHty for the banner hTSbicb £J£ ep £*2 r Sgl“ ati ^ as of 
CAP emenditure continues re- wbicil _Jf as oot 

morselessly to rise, and that »»>“Panjed by a corresponding 
Germany’s farmers are among u^oase in common prices. Ai 
the main beneficiaries" real rates of exchange, support 

Both the nlace and timing of Ge "? an ? w «« 35 P e J 

Mr. Tugendhat’* speech were cent " lu « her tt! “ ,n France and 

considered significant here. He P. er «»t- higher than in 

was addressing an audience in Britain. 

Munich, canital of Bavaria a ln apparent reference to an 

key West German farming re- argument frequently made by 
giori and homo-state of Herr the Agriculture Ministry -in 
■Topef Ertl. th*» West German Bonn, Mr. Tugendhat agreed 
Agriculture Minister! that the price increases received 

His remarks come as this by German fanners had been 
rear’s EEC farm price review lower than those received by pro- 
gets underway in Brussels. With ducers elsewhere in the EEC. 
agriculture alone taking up But he added that Germany's 
about 70 per cent, of the EEC rate of inflation bad been lower 
badeet Mr. Tugendhat has the too. 

keenest Interest in seeing price While Mr. Tugendhafs com 
increases held down. ments are thought bound to 

He was careful to introduce evoke a sharp response from 
his critical remarks by a review Herr ErtJ and the powerful 
df what he called “ the remark- German farmers association, 
a me and beneficent role " which they are dose to a line of argu- 
lAest Germany had played in the meat used privately not only by 
past evolution of the Commu- Herr Schmidt but also by other 
mty. But he went on to deplore members of his Social Demo- 
German references “in the cratic Party 

Primacy of Community 
law reaffirmed by Court 


BRUSSELS, March 9. 

THE OBLIGATION of oational law.” National judges were not 
judges in the Common Market entitled to demand or await 
countries to ensure that the P r ' or elimination of national 
enforcement of Community law ' aws ^ ese instances before 

1 T "rte Court of Justice decision 

ffSSgJ *£f ne ™ r ? e t T,° are * foe first to deal with both the 
unequivocally re- primacy of Community law and 

2K^r5 £ZJ HL’tILKEP* 8 " its ***« appUcability. It arose 
Court of Justice in Luxembourg, from a - case brought .by an 

The specific object of the 'Italian, ‘company, Simmenthal, 
Court of Justice’s decision Is the which . charged that sanitary 
Italian Constitutional Court, inspection taxes imposed by the 
which has claimed the right in Italian Government on beef im- 
recent rulings to pass judgment ported from France were an 
on the compatibility of EEC law obstacle to the free circulation 
and national law before the of goods and violated the Rome 
former could be applied fully Treaty. 

by lower national courts. An Italian court in Susa ruled 

• ^° ur * Justice stated: in Simmenthal's Favour and 

“ The national judge charged ordered the Finance Ministry to 
with applying ... the provisions repay the taxes. But the Ministry 
of Community law is obliged to refused to do so, arguing that 
ensure that it is put into effect the Constitutional Court must 
fully while taking it upon him- first rule on the compatibility of 
self, if necessary, not to apply the national legislation under 
any contrary . provisions of which the taxes were imposed 
national legislation, even where and the relevant articles of the 
this is subsequent to Community Rome Treaty. 

i.Spain progress complaint 


A STRONG hint was dropped for rapid action with the more 
ttwday by Sr. Cavalo Sotelo, the “ serene ” workings of the Com- 
riewly-appotnted Spanish Minister munity. Spaniards must be shown 
for European Affairs, that his that real progress was being 
Government was becoming dis- made or they' would become dis- 
satisfied at the slow pace with enchanted. 

Which the EEC- was dealing with He gave a cautious but posi- 
ks application to join the Euro- tive welcome to the idea of in- 
pean Community. volving Spain in the political 

r-Sr. Sotelo, who bas been in co-operation sessions held by 
Brussels for the past two days EEC foreign ministers before it 
tJfr discuss the application, indi- became a full member, 
sated that he was disappointed Sr. Mario Soares, the Portu- 
» the Commission’s suggestions guese Prime Minister, has also 
that it would not be ready to suggested that his Government 
publish a formal opinion on would- be interested in taking 
Spain’s request for about an- part .in political co-operation 
Qther year. before EEC entry, where the co- 

- He said that one of the most ordination of foreign policy and 
difficult tasks before him was to other issues outside- the scope of 
tjfeconctie Spain's “impatience" the Rome Treaty are discussed. 

future seen for 



economy in 

STOCKHOLM March ft. 

ONLY A miracle can provide 
tbet Swedish people with any 
increase fn real income over 
the next five years, according 
to Mr. Erik Dahmen, Professor 
of Economics at Stockholm 
University Business School- 
The inbred economy — the basis 
for Swedish affluence over the 
past quarter century — Is lurch- 
ing into a form of ” collectivist 
capitalism* 7 ' he said. 

Painting one of the grimmest 
pictures yet of Sweden’s situa- 
tion, he dismissed as Inade- 
quate both the . Government s 
belt-tightening measures, and 


file demand-etimulatln g 
posals of the opposition. 

The Government programme 
might restore the foreign pay- 
ments position, but at the co*»t 
of economic Stagnation, he said. 
The restructuring of some in- 
dustrial branches, to which 
considerable hope was attached, 
would only partially correct 
the problems. 

Professor Cabmen’s main 
thesis Is that (he Swedish crisis 
derives not only from the 
currant recession bm has 
deeper roots. Tbe solution lies- 
in a powerful Increase In Incen- 

tives for businessmen with 
ideas and initiative.- Industry's 
problem was not shortage of 
capital bat lack of promising 
projects and new . business 
ideas, he said. 

- Tbe four main items in the 
professor’s recipe for restoring 
growth potential and allowing 
the mixed economy to function 

• A sharp redaction in the 
total tax burden, which was 
prompting taxpayers : to seek 
increases In purchasing power 
“logically incompatible with 
the political decisions about 

vrhat taxes should pay fori* 

• Creation of greator moMUty 
in the labour market as a step 
to promote new development & 

• A stop to tbe “ playacting •* 
of the national wage- negotia- 
tions between employers add 

. unions,- which only, inflated 1 
wage packets with air - cod . 
boosted - companies* payroll 

• An acceleration of research 
and development 1 q the' com- 
panies themselves. 

Professor Dahmen especially 
emphasised- the need for tax 

reform. M qualified eomr 
pany executives tw-a*ar 
incomes after tax which were 
2S-30 per cent lower than in 
-1967. Over the s*n» P*™«> 
their companies 7 payroll costs 
lad' grown by iW ’per emit 
The profess®* - bas recognised 

that his recommendation, might 
iSt be politically rwlfaableULn 
that case* it was t®** 6 ® to talk 
of rescuing the mixed economy. 
Sweden would have to choose 

capitalism run either by the 
state or a corporative, trade 
union organisation. 

Mr. Constantine Kanq 

Summit of 
Left looks 
more likely 

By David Curry 

PARIS, March 9. 
THE PROSPECTS for a left-wing 
summit meeting immediately 
after Sunday's first round of 
voting in the Frencb general 
election have hardened following 
a slight move by tbe Communists 
towards the Socialist position. 
Previously they had been 
emphasising the need for a 
meeting before the first round of 

Toe two main parties of the 
Left are still bitterly divided 
about what the summit would 
discuss, however. M. Francois 
Mitterrand, the Socialist leader, 
has repeated that tbe only item 
open for discussion is an arrange- 
ment for tbe mutual withdrawal 
of candidates in individual seats 
to maximise the chances of a 
left-wing victory- 
M. Charles Fiterman. tbe Com- 
munist Central Committee secre- 
tary who floated tbe idea of a 
meeting on Monday, again 
emphasised that It should 
hammer out a joint government 

M. Mitterrand has held out 
against Communist demands to 
update the left-wing programme 
for more than six months and 
cannot now afford to give way 
without throwing to the wind any 
claim to be a moderate. The 
Communists for their part could 
not acquiesce in a simple election 
arrangement without clear loss 
of face, although their attitude 
towards a mutual withdrawal of 
candidate may well be atiedsive 
factor in -determining the final 
outcome of the election. 

Tbe pressure at -the moment 
is on the Communists as M. Mit- 
terrand will throw the blame 
for an eventual election defeat 
on them if they fail to withdraw 
in favour of Socialist candidates 
who are best placed to beat Gov- 
ernment supporters in individual 

But M. Mitterrand’s own posi- 
tion is vulnerable because it 
seems certain that substantial 
numbers of Socialist voters will 
refuse to follow his recommenda- 
tion to support .the Communist 
candidate in the second round 
where he has emerged as the 
stronger performer after the 
first round. 

Doubts about the election re- 
sults gave the franc a difficult 
day on the foreign exchange mar- 
kets as there was off-loading of 
francs, mainly from overseas. 
The dollar moved from 481 to 
485.5 though the deutschemark 
remained relatively stable and 
the Swiss franc lost some ground. 
Dealers put the level of official 
intervention at a relatively 
modest S20m. The Bourse was 
also in nervous mood and fell 
3 per cent, on the day’s trading. 

Meanwhile Le Monde’s direc- 
tor-editor, M. Jacques Fauvet 
who has always been identified 
with the Socialist cause, to-day 
gave in a long editorial a strik- 
ingly ambiguous reception to the 
prospects of a left-wing govern- 
ment 'He .emphasised the risks 
a. left-wing victory would entail 
and. while criticising the present 
government strongly, went out 
of his way to exempt President 
Giscard d’Estaing from many of 
bis remarks. 

threat in 
W. German 
print row 

IG-Metall calls for 
strike in one region 


BONN. March 9. 

By Our Own Correspondent 
BONN, March 9. 

THE NATIONAL executive of the TG-Metall national executive 
„ w IG-Metall representing workers for two reasons, and was reached 

tot vert GERMAN nrintine >° the West German engineering only after a meeting that lasted 
SSsot disnute wwwSSd a**d metal fabricating industries, more than five hours. . 
3!£ W aft!? the Newsnaoer decided unanimously ro-nigbt to First, the union accepted wttb- 
pfbikherf ■ Association a strike irom next w «toes- out precondition the employers' 
threaSES the printed im ton. in North Wuerttemberg- offer of frwb talks before ihe 
T^Druck und Panier with a North Baden, where it represents strike is due to take effect 

national loek-out unless what It 111 ore 300 - 000 Pe°P le - f^an* a n° Nnrrit'nv 1 

called “annihilation strikes” At the same time, however, 

against five newspaper houses the union* national executive £ a5 

were called off said it would take up an offer more than 400,000 members, has 

Tbe publishers’ association, of new talks with the employers been put off Indefinitely. ' 
the BDZV decided on this action made only this afternoon. This In their offer of fresh wgotia- 
at a specially-called extra- has led observers here to the tions to-day, the engineering 
ordinary General Meeting in conclusion that Herr Eugen employers gave no clue to how 
Frankfurt. Delegates voted for Loderer, IG-Mciall’s shrewd and far they may now be willing to 
it unanimously powerful president, has once move beyond the 3-3} -per cent. 

Herr Detlef Hensche, a mem- against been able to still more pay increases which they have 

ber of tbe IG-Druck National radical voices within the union’s insisted up to now were a "final 
Executive who is generally seen top decision-making body. offer.” in view of the depressed 

as a militant in the current A decision to strike had been business conditions of ', many 

dispute, called the association's regarded as inevitable following member companies, 
decision a “menace” to the the strike ballots held earlier IG-Metall, on tbe other hand, 
union He declared that IG- this week both in North Wuert- has been careful to maintain that 
Brack was open to new peace temberg-North Baden and in the its claims in ail regions of West 
talks at any time, without pre- country's biggest wage bargain- Germany for about 8 per cent, 
conditions — thongh it has dis- ing region, North Rhine-West- more wages were in no .sense a 
pa raced several prominent pbalia. In both regions, union final offer. Privately, the union 
potential mediators ioclnding members, representing about 60 has even let slip tbe figure of 
the head of the Federal Labour per cent, of the total workforce 5-5.2 per cent: as a ranee for 
Office, Herr Josef StingL in the industry, voted by close which it would be prepared to 

At the same time, the union to 90 per cent, in favour of giv- settle. This would be comfort- 
called strikes at two more news- ing the national executive power ably dose to tbe West German 
paper offices, at Mainz and Wies- to call a strike if it thought fit. Government's desired 5£ per 
badeu, and was organising To-nights decision appeared a cent increase in 1978 in the 
ballots at several other plants, victory for the moderates within total national wage income level 

to boost 

Ecevit assess 
differences a 
Swiss surnnje 

By David Tange 


By Our Own Correspondent 
STOCKHOLM, March 9. 
THE SWEDISH Government is 
tripling its investment in energy [ 
research but cutting allocations’ 
to nuclear development, Mr. 
Olof Johansson, the Energy 
Minister, unveiled yesterday a 
Kr.lbn. <£110m.> programme for 
research and development, 
mostly of new energy sources, 
over the next three years. 

Only Krl4m. will be spent in 
the nuclear field and most of 
that will go to safety research- 
Atomenergi, tbe state nuclear 
research company, is to change 
its name to Studsvik Energi- 
teknik and will switch Its work 
from nuclear to other energy 
fields. It gets KrJ68m. for the 
next three years. 

This emphasis is In line vrttn 
the oppositon to nuclear power 
within the Centre party, to 

which both Mr. ' Johansson and 

the Prime Minister, Mr. Thorb- 
joern Faelldtn. belong, 

% Greece's Ministry of Industry 
has given the. green light to tbe 
Public Power Corporation, the 
state-owned electricity company, 
to proceed with preparatory work 
for the establishment of a 
nuclear power stations in Greece. 


Depressed and disillusioned 


CUT-PRICE American cigarettes the dramatic advance of *he succeed.' But Naples, a$ one which In terms of deposits Is the 
are hard to come by in Naples Italian Communist Party (PCI) leading party member pointed $£tth largest bank in Italy, has 
these days. It's a sign of the in the local elections, ur June ia. out. is a city facing a crisis far <me largest staff of any other 
tim e$ r The. city is near to break- it received an unprecedented more dramatic than any other Italian bank after the Banca 
ing with more than S per cent welcome by the population. It town in Western Europe, let /Rationale Del Lavoro. When the 
of its L5m. inhabitants officially promised the beginning of a new alone Italy- and thp Mezzogiorno^ Communists came to power, the 
unemployed, eking out a hand-to- era for a city which suffered The Communist' Party’s edneern municipality had^ accumulated 
mouth existence in 1 conditions years of progressive degradation over Naples is clearly reflected debts of more than Ll.QOObn. 
that have transformed this under the mis-government first j D their efforts in recent weeks MHwm.1. Italsider currently 
southern Italian port into what of the charismatic monarchist, t0 s00lbe the growing mood of lw ȣ WObn. a year, 
some unsavourably and unfairly Achille Lauro, then of subse- frustration and unrest of their AB ^. Su *!“ “P ected to ,ose 
describe as the Calcutta of the quent Christian Democrat-led base j t ^ i n no VAy a coincid- over Wre 75bn. this year. Since 
Mediterranean. administrations e ■ accor dtn- to Christian 11 <=«ne on stream in the early 

There was an air of depression tl ^£h cire P p« c ti«llv erere in Naples, that SI* *S 

in the old "quortieri” the old a usi0 " e u Practical ly e very g nr ico BerUnguer, the Com- reaching a peak 

Bourbon quarters where large ^S^ts 31 ? he munist Party General Secretary. 

families live, work and re pro- ^i“led on walls has addresaed tw ? poplar 

dure in some 7.000 u Bassi ” or SSS” w5?retonTto tSSre” ralIies in city already this ®{ 

street level one-room dwellings rtJtaJSt dLth m y car - STLSP 1 * p ? dlere 5 °®*'^ to •?* 

£ nB iV'°»r SiS WpSfS iSfc JB &' MM For the communists, the fact 

i 1 !* infectious diseases. The unem- that Naples remains the am SnJ the lowSt^u Saly/The 

. * 



assess ssgss'sss 


ing chairs, mending exhaust pipes 
or turning their hands at what- 
ever odd job is available. “ The 
cigarette smugglers have gone on 
strike," one old woman muttered 
sitting outside her "Basso" in 
front of a make-shift stand 
erected with a few empty card- 
board shoe boxes. 

In a climate of extreme tension 
an dextraordinary security pre- 
cautions, the trial of 49 
members Of the subversive 
” Red Brigade” left-wing move- 
ment finally opened in a Turin 
barracks to-day, writes Paul 

Betts. The trial has twice had 
to be postponed— first follow- 
ing the assassination of the 
Genoa Procurator General in 
1376, and then last May when 
.the court was unable to con- 
stitute a jury. 

opening' of the Suer Canal which 
has released shipping uito the 
Mediterranean, has never really 
picked up. 

But all the country’s political 
forces and the trade union 
leadership now appear to be 
moving ' towards a long overdue 
concerted attempt to seek a solu- 

® int0 foeir own union of the un- despite a left-wing Administra- tion to the problems of the Mez- 

By going on strike against toe emoloved. Thev have omiaiRl Hnn linm 107 s <vm<m carii>„d« tnMAmn <mi ■— *■ 

fim P l °y ed - have occupied tion since 1975 could seriously zogiorno and particularly of 

restaurants that have been jeopardize the Party’s attempts Naples. The Italian caretaker 
ESSS H?5p° f So 8 ?wriiS SC S forced to close. Just by the town to extend its electoral support Prime Minister, Sig. Giullo 
teP^ruifSfNMlel haU * thay oc Sa? i,d G1 ? rist - m foe traditionally conservative AndzeotU. has indicated that 
SSS^Sn iw St MimiJ;'' “-S’ M^ogio™ Is gen- asior pro visions »-i».be made to 

unique economic 

rarn _ r . ^ . _ Grand Hotel de erally regarded as the main his new Government programme 

Londres, one of those . tradi- battlefield of an eventual gen- to promote job creating Invest, 
social tional palaces of marble and eral election. In the north, the^ ^ ments and the industrial and 

W rQlllinTlS. U/hl<»h PlACAfi Hot . tuna n < Attrirniltriral raaAvMm 4S.I. 

structure of the city, it is columns, which closed last June. Communist “Party is^untikeiy^to agricultural recovery "of this 

umn The unemployment rate keens nvnnnri area. 

S M l Sn e ? ipl0yment rate teeps ^' d "Tte already rab£ntl5 W . „ M , 
indirecttv S-om the d a nd p!5f! n ^» . . „ . -gains of the past. In the south. Ironically, while Slg. Androottl 

tnairecuy. trom me mgarette ana From ttar beginning, Naples Jt could secure a sizeable new **ure<L the week-end Com 

smuggling trade. The . Communist represented for the Italian Com- jjerrentage" of’ the popular vote. laraVst support for his pro- 

" n-lniMa (n hnnnln* in 

mayor of Naples, Slg. Maurizio munist Party its greatest chal- 

Valenzi, rays that tbe majority lenge to show its^ ability and adm In t»tiatioa the ^ * t «mn try’s 118 ^sever?- w^i kS d 

°i« Ne ? P i 0ll ^ ns j hose exlst ^ lce readiness to govern. From the Government crisis, in 'Naples 

ultimately depends on smuggling beeinnins the CommnnUK nnrf resolve tiie city's chronic fhorp am sipnc that tfia in.,] 

regarf it no, « „ illogal^odl SSldS* ScS' Si ’S 


Call your travel agent and ask about TWA f s 
new Standby fare. 

' This fare is available from April 1st subject to 
Government approval. 

, rtVAc«rne»inflrisc'rwiiDlcd pa5sen^3rsarto?ttheAIIanh‘rth«n any other aI rune. 


No.l across the Atlantic 

sl- a-asrtftss 

appealed to the authorities to soueht^ to r ^5S 8 Policy by the 


dramatic unem^env It M ^ Neapolitan, who. stiU WntiTtiTe 

important to give at least the ^rrSSSS^ZnBST S .- The *T* bal1 ltsel - f * ls the decline oTthed^g status from 
impression to thousands of Christian Democrats refused. As Stiff? in ir wf n ^l d « et *5“." the Kingdom of the 


P«°Ple that they are doing a 

Communist mayor 


nonual job.” be’e^Uins.- marb,d“— were"^ So 

now increasingly caning under r The ‘communists now admit, at &T' "la?* 1 ®!* “? S * SaD . G « DDa ro. 

5f™ When lt was «le«ed nearly least In private, that they held Poratiliano D’An^m P thf T ^ 1 S at *? n sa , tnt whose 

three years ago i„ u.e wake o, a Utopian belief that they could suburbs. The Ba™eo Di Napolb to^v^year "* ularlr “■»» 

Trade talks 
for Tito 
in London 

By Roger Boyes 


, . of ■ Yugo- 

slavia flies to Londotr today 
from Washington for talks on 
East-West relatione and’ inter- 
national trouble spots such as 
the Horn of Africa. He is 
accompanied by Mr. Milos Minic, 
the Yugoslav Foreiga Minister, 
who is expected to discuss with 
Dr. David Owen, Foreign Sec- 
retary. the vexed problem of 
Belgrade’s trade deficit with 
Britain and the EEC. as well as 
broader bilateral issues. 

East European sources believe 
the 85-year-old‘ statesman’s latest 
round of international visits is 
aimed, at " . underlining his 
country’s determination" to stay 
Independent. The West has. in 
turn, been" concerned - about a 
possible pro-Soviet shift in- Bel- 
grade’s policy after Rreaident 
Tlto_s- death and the visits to 
Washington and Lopdon ,are 
intended to allay these fears- 

Belgrade ends with rights attack 

BELGRADE, March 9. 


SS'ttS &3L^ iB8 . de S ed Go XS R . obe ^ ^ 

of detente came today in the Soviet Union aod tom coodudin S document. 

nf Cnuiat i4oln • .. “__*** “IB 

c0 “ cl “ din s speech of Soviet dele- effectiveness of the Helsinki * Colu * «dds from 

gate Mr. Yuli Vorontsov. — •* — * — — - - - - “ ,n Ki 

understandings and note with BcrI,n: E ? st Germany’s news- 

a. i — - " 111 nwnAM tn.rlnr* a . • . 

He launched into an attack on ^ at foe Relgrade papers twlay pubiished the full 

the human rights position taken rne * tJn 5 the Final Act has been text , of ^ ,B .% ,grade flna l docu- 
up by Western and many neutral ?J£ te - rted , a8a 1 ! nst . al * atte mpts at ment 61,60 * >e 1 ^p 6 conference 
and non-aligned delegates at the J‘ evis,n S.>L changing its content w3 iV over ' . T^ e East German 
35-nation “confer*!!*, which or * nean,n - cojfarencedelegateswereappar- 

ended here to-nieht. by criticising 15 ». satisfaction shared by ““J ? e do . cu ' 

those who attempted ?to sidp- n ®ne of the Western, neutral and t J u !i llain refer * 

track the meeting into the path ", t j n ' a ] , 2 oed delegations, nnr by S21 S Sf S2S l, l. r W n8 t ? r> 
of psychological warfare, to turn countries in Easrern “ 00s "~ 16 Helsinki Final Act 

it into an arena of ideologic^! 5S Jg? JjE. « * ol % ^firmed 

confrontation." He acenseri Mtrm 6? te - Mr- Valenun Ltnatti. m.-irio continuation of detente. 

confrontation." He accused them ?| ' i, Val ?ffU n Lipstti, made 1116 continuation ol 
of .dodging the main issues and ji?'.! JlL s ..^, 0V6 . rtl,l vent East European newspapers 

"challenging the 

SHE alsopublfehed the iSdSTK 

•hta «m«< document purely In the interests s inki Final Act in 1975, includ- 

countries -on human rightu and Ur puC6l y *, n toe interests sinki 

nwjperation in humanitarian 3° d described it ing the references to human 

fie|ds- H filowVh? ^.S2&5 loiyandfar Wi measures. Afterw 

- Those wbo *re hawking the RaSInim p5pta? °“ ° f flle ^ ese mca8ures were ““ d 


Turkish summit berrvl 
in sombre mood. Tbt^ 
though unlikely, wtrau 
it bard to repair Na to 
eastern flank, and 
though Indirectly 
■ road to « wanner 
relationship between s 
• and the West, will W 
beginning of the long re 
task of tackling th^ 
problems between th» 
putative allies. • 

Nearly 20 years have - 
since the last summit b, 
democratic leaders o ' 
tw> countries. Jq : 
period they have four 
approached the thresfat 
war: the present « 
therefore wUl take- 
against a haefcgroond of 
ness and mistrust. 

The mood on the two sk 
the Aegean has lone » < 
totally different, in a'- H* 1 
there U concern that ij* ‘ 
may have wt out on an i 
sionist road which 
eventually threaten the 
ownership of tfc e Greek u ' 
off Asia Minor, fluthi X 
J?” 6 ^ Wvf not 

that, the Greeks rafuj. 
recognise justttibre vita 
teres ts but .tb« .they ser . 
become a barrier bet 
Turkey and the West. , 

The issues to be ntad n 
summit ire Bnmeronij' 
complex and negotiation 

, unlikely to take plate' as i 

This is to be a meeting 
the Greeks tall * acbuabm 
ship* 1 and vddeb As ? ■ 
hope wBl explore what- *- 
behind the disputes of t* 
years. ' 

Both countries see that ^ 
tloulng the recent dialogu f 

- the deaf bis led to an 1 
race which neither can a£ 

and which perpetuate® 

potentially explosive situat n tfl * A 

menu- capable - of til 
initiatives. In foreign polk 
The post-war period has t 

- unique in that for the 
time in their histories Tur’iJ 
and Greece have beei In I 
same alliance. Recent y« 
have seen the cornerstone 
their relations, the 1923 Tie 
of Peace signed at Lausar 
undermined by Wo wfor©v 
developments, Cypm and ' 
changes in the law of the s 

In the Turkish view the Cypi 
issue has bran largely sett) 
by the force :of its arms. 

Mont re ux the Greeks expect 


? -C'S 

tolk , 

See jet loud 

- U*-' 

be briefed on the proposals i 
! wll be handing 

Turkish side 

- JDr. Waldheim." and see the 
proposals as the first test of t 
. goodwill of wblcb the in 
Turkish government talks.". 
The Aegean is more crucial T, 
arguments here' involve >t 
space, the sea and the ec 
tineotal shelf. Tbe two coo 
tries have - failed -to iw 
agreement on the flight Infoo 
ation regions wblcb eacb-Sn 
should have. They argue ^ 
whether Greece would aK4 • 
don its right to'- extend vt 
territorial sera from 6 tp 1 
miles— a move whidi wot'; 
effectively deprive Turkey -i 
access to the open sea. ; Ah 
" they are at total odda W 
dividing a continental *be 
which has still Co be sbowpjt 
-contain exploitable oU. 

Tbe tortuous arguments in voire 
are less important than tfi 
underlying fears. Mr. Kan 
mantis has long said that * 
allow Greek islands to be to 
eluded within a zone of ew$i 
sive Turkish economic aw 
strategic interest would apti 
the unity of .the Greek state'.' 
As lor the Turks, they arc I«s 
worried about the Aegean’, 
doubtful oil than about afo 
steps which would make'-* 
“Greek lake” out of what^if 
a thoroughfare for world shifr 
ping, and a vital lifeline jo 
three-fifths of their indust^ri 
i As he left Istanbul to-day, Kr. 
Ecevit promised to end delays 

in -tbe issuance of passports "to 

the loaders of the Grt'gk 
Orthodox Community, in" 
Turkey, the rapid approval cl 
headmaster appointed to Grriek 
schools, help in tackling the 
fiinancial problems of these 
schools, and a pledge that Ms 
Government would cooperate 
with the leaders of the Greek 


neat™- bomb to E„opo . mo ^OSSGS. olo^ ffiglSK 

,nd,V,dUl1 ” “ Id - can « "SSt*, comment P age » 




v m , 

attack ‘irreversible 


ALTA'S admission that its 
3 ^ ave had to abandon the 
**«• to wn of Jijiga in the- 

• * B the closest the govern- 

' : . ■ has come to admitting that, 

t.. tost independent observers 
5 believe, its troops -have. 
■ ■ « . # red a serious defeat and 

the tide of Ethiopian, 

* and Cuban advance may 
»\-j r rreversihle. 

s ' <; =l?]'lh!l? official statement issued 
" , ■ • ‘-'lihe Western Somalia Llbera- 

1 V ' » ii . Front, which is . stated 
f 3,':v 'W a]J y to be doing the fight- 
the Ogaden, ©aid that 
. ■ , 1 '‘■Mi’' 3 * 1 guerillas would carry the 

. Nv, I, u - «to the mountains and the 

,NS * T ^ s . may Indicate that 
;• Mifalia is close to abandoning 

Possibility of continuing to 
^ st the opposing forces with 
... rent ional warfare, and is coa- 
sting on getting its troops 
• • in as good order as possible, 
ere in Mogadishu, about 550 
as south of Jijiga. there are 
few indications of the crisis 
•; country is facing. - The tak- 
of Jijiga by the Somalis last 
t ember was the high point of 
. it rapid ■ .defeat . of the. 

' - iopians, and the popular 
' >d here appears despondent. 

: ?re is however some frustra- 

- ■ i at lack' of hard official 

urination about what Is going 

■ io far there seems to be little 
-■•..deucy to blame the govern- 
:-nt for the critical situation. 

/ . e Som alis defeated the 
,iiopians, it is held here, but 
• ■ :y cannot be expected to 

- Feat the Russians -and the 
bans. “How can a country, 
e ours stand up to a super- 

power ?“ one Somali asked me. 

The Ethiopian counter offen- 
sive, directed, the U.S. Govern- 
ment believes, by. Soviet generals 

and spearheaded by up to 12,000 
Cuban troops, firat began on 
January 21/22 with probing 
attacks in and around the Ahu?*r 
mountains between the towns of 
Dire Dawa and Harar at the 

M J- Wl^Jir ■■■ II 




***** i 

northern fringe of the Ogaden. 
There appears to have been a 
lull until the last few days of 
February, when predominantly 
Cuban troops were airlifted with 
armoured vehicles, to a point near 
Genasene, 28km. north of. Jijiga 
on the plain at the eastern end 
of the Ahmar mountains; ' 

This move, whiah. demon- 
strated. the immense ’ logistical 
and offensive capability; with 
which Russia has invested- in the 
Ethiopian, and Cuban forces, was 
intended to threaten Jijiga from 
the direction from which an 

MOGADISHU, March 9. 

attack was least expected. The 
area north of the mountains was 
occupied by Somali forces 
designed to prevent an overland 
thrust from Dire Dawa. 

The Somalis appear to have 
defeated the first Cuban bridge- 
head at Gehesene helped by un- 
seasonable rains which pre- 
vented reinforcements arriving. 
But the second Soviet airlift on 
the night of March 1 seems to 
have been more effective.' The 
force assembled and rolled 
south of Jijiga which Ethiopia 
claims to have taken on Sunday 
March 5. 

At the same time Ethiopian 
and Cuban forces appear to have 
advanced eastwards from the 
Harar area, foM owing a road 
running south of the main road 
through the mountains. This 
thrust may have cut off Somali 
forces in the mountains to the 
northwest' of Jijiga. Another 
drive was launched up the rail- 
way from Dire Dawa to 
Djibouti and is believed here -to 
have reached at least to Adigala, 
more than half way .along. 

Though they seem to be 
advancing rapidly, the Ethio- 
pians and their allies still have 
to reassert control of -the bulk 
of the Ogaden. which is entirely 
Somali populated. Virtually 
everyone there is armed and 
those who have been fighting 
with the Somali guerillas have, 
■in the past, shown great tactical 
skill. Cadres of highly trained 
men left behind both in the 
mountains and the bush could 
do considerable damage to the 
Ethiopian war effort. 

Zaire security chief ‘in plot’ 

Zaire's internal security chief 
is among foreign-backed pk»t- 
rs striving to overthrow 
*e9ident Mobutu Sese Seko, the 
fichu news agency said to-day. 
Major Panubule, standing triad 
• g ether with 90. other' Zairean 
jople (most of tibem hagft-rank- 
:*£ officers) on. charges of high 
eason and conspiracy against 
le state, was quoted by the 
gency as admitting to having 
- [aimed an attack against Pres- 
ent Mobutu's palace here. At the 
pening of the trial before a 
dietary court yesterday, Major 

Paruibofte- said tds plan was to 
launch an armoured ‘ assault 
against Mobutu's Mount Ngaiiema 
palace, the news agency; iAaap 
said. • .^'L' ' ' 

•• The plan, winch was to :have 
been put into' effect last, month 
just before the plotters..- were 
arrested, also involved, according 
to “Major Pannbule's testimony 
quoted by the news agency, cut- 
ting off all -links be tyre en gajre 
and the outside worl ttfbr,a*i am- 
ber of days while the! plotters, 
took control of the cotmtey. v : 

According to the news-asepey 



iav haha on iusl 

three jetloads of voters 


IHE 0UNNYWG aid of Spffth 
Pacific politics, Premier Sir 
Albert Henry. KBE, ia facing the 
toughest fight of his T2- contro- 
versy-filled years to retain 
rontrol of the idyllic Cook Islands 
—the former New Zealand 
'dependency in the South Pacific. 

Premier of the 15 islands 
nation, population 22.000, since 
New Zealand granted it internal 
self-government in 1965. Sir 
Alhert has called a snap election 
for March 31, which he ctiuld 

Known as “ poppa " by his 
supporters and decried a* a kind 
of Polynesian “godfather” by 
. bis opponents, Henry bas so far 
managed to survive widespread 
allegations of political patronage 
and flagrant abuse of power. 

But an upset by-election defeat 
last year has been compounded 
by a recent split, in his -own 
ranks, with Health Minister, 
Josepb Williams and two younger 
Cabinet ministers, resigning 
because of wbat they term .the 
increasing "nepotism and 
authoritarianism'' of the Premier. 

Located 2.000 miles north east 
of New Zealand the Cook Islands 
comprise a land area of only 93 
square miles, scattered . over 

850.000 square miles of ocean. 
Its inhabitants have complete 
internal self-government " in 
free association ” with New 
Zealand. The Cooks derives 32 
per cent of its budget from New 
Zealand, and depend largely on 
NZ as a market for its chief 
export — oranges and bananas. 

Cook Islanders enjoy New 
Zealand citizenship. This is 
important since New Zealand's 
tighter immigration policies on 
Polynesians. . 

Last financial year New 
Zealand provided more than 5*8m. 
in aid to the Cook Islands. More 
than half this ($3.3m.) was in 
budgetary support; New Zealand 
accepts responsibilities for 
defence and foreign affairs. 

Cook Islanders took favour- 
ably no Britain and Sir Albert 
points to the 600 Cook Islanders 
out of a total population of 

20.000 who served in the British 

forces during the Second World 
War. ... 

Sir Albert Henry s reign has 

f «• I 


i f ' i\» 



I mi » 

| election in 1905. 
j - 'The infant nation’s ennstitu- 
■ turn was hastily amended by the 
i New Zealand Government 
( because Sir .Albert was wthm 
a .whisker of the two-thirds 
majority enabling him to re- 
write the constitution himself. >. 

■For seven remarkable years, 
the Henry regime reeled from 
one. financial crisis to another, 
constantly being bailed out by 
the New Zealand taxpayer until 
Wellington imposed tighter 
supervision over spending aid 
money. , , - 

He has always bad at. least 

Yen climbs 
to another 
high against 
the dollar 

By Charles Smith 

TOKYO, March 9. 

IN ANOTHER day of ex- 
tremely heavy trading the yen 
broke through the Y235 
“barrier 1 ' against the dollar 
on the Tokyo -foreign exchange 
market to-day to close at 
Y233.6Q. This was slightly 
below the point reached by 



Saudi Arabian leader gives 
terms for recognising Israel 

KINSHASA, March 9. 

Major Panubule, who was said 
to head military security, also 
admitted meeting the Libyan am- 
bassador here to ask his country’s 
assistance to overthrew General 
Mobutu. •• | 

The agency yesterday reported | 
a similar statement In court from i 
the alleged ringleader of the plot, 
Major Kalume Hamba, that. the 
conspirators had been preparing 
to attack President Mobutu’s 
palace and had sought Libyan 
support in their attempt to over- 
throw the President. 


the yen at one' stage on tbe 
London market on Wednesday 
bat reflected a gain of Y1J 
against the Wednesday closing 
rate in Tokyo. 

The Bank of Japan inter- 
vened heavily in the market at 
first in an attempt to bold the 
rate at Y235 and later to slow 
down the pace of appreciation 
as much as possible. The 
market opened at Y235 against 
the dollar but stayed there for 
less than an hour. Turnover 
on the slock market during the 
day amounted! to $672nu up on 
the previous day's $55 lm. 

Hie yen appreciation Is 
stimulating a frenzied search 
by the Government for effec- 
tive counter-measures which 
would help to stabilise the rate. 

In this context tbe Governor 
of tbe Bank of Japan, Mr. 
Teichiro Morinaga, told the 
Press this afternoon that the 
New York Federal Reserve 
Bank had been buying dollars 
on behalf of the Bank of Japan 
In New York. 

SAUDI ARABIA'S Crown Prince 
Fahd is "quoted as saying his 
kingdom would consider recog- 
nising Israel in the event of a 
comprehensive Middle East peace 
settlement that provides for an 
independent Palestinian stale. 

Fah4 who as deputy premier 
is regarded as the strong man 
of the Saudi Government, 
emphasised in an interview pub- 
lished here that the settlement 
must be “within the framework 
of a unified Arab stand and with 

the agreement °f a ti Arab states.*; 

Although' Fahd placed strict 
conditions on Arab-lsraeii detente 
his statement was regarded as 
significant by Middle East 

Fahd told the Kuwaiti news- 
paper Al-R&i AI-Ain that “if a 
comprehensive solution is 
reached that ensures Israel's 
evacuation of all occupied Arab 
lands and restoration or the 
legitimate rights of the 
Palestinian people in their home- 
land, including the setting up of 
their own' slate, then it would be 
possible to discuss the issue of 
recognising Israel within the 
framework of a unified Arab 
stand with the agreement of all 
.Arab 'states." 


Jure k Martin writes from Wash- 
ington: president Sadat of Egypt 
bas called on President Carter 
lo use his influence oa Israel 
to break the current impasse iu 
the Middle East peace 


In an interview given in Cairo 
to James Reslon. of the New 
York Times, President Sadat — 
concerned about next week's 
talks in Washington between Mr. 
Carter and Mr. Begin, the 
Israeli Prime Minister — said 
that the U.S. should now 
“ risk " its responsibility as “ a 
partner and not h mediator" in 
the' peace negotiations. 

“Peace is much more pre- 
cious than a piece of land.” he 
said in a clear reference to 
Israeli settlements policies. “ 1 
should tike President Carter to 
apply what he has already 
declared in the field of human 
rights and non-acquisition of 
others land by force. This is a 
moral issue." 

However, the Administration's 
ability successfully to bring 
pressure on Israel has been 
called into question by an 
internal dispute which has 
prompted the resignation of the 
White House aide responsible 

Kuwait minister questions 
pricing of oil in dollars 

MR. AU Khalifa al-Sabah, was 
to-day quoted as " saying his 
country would not object to the 
dollar remaining as the currency 
for oil payments, but that oil 
prices might have to rise if they, 
remain expressed in the declin- 
ing U.S. currency. 

In a statement quoted by two 
Kuwait newspapers, the daily Al- 
Anbaa and the weekly Al-Hadaf. 
be said the question raised by 
the slump of dollar values in 
foreign exchange markets was not 
whether the oil producers should 
continue to receive their oil 
revenues in. dollars. “There is 
no other currency capable of 

KUWAIT, March 9. 

shouldering such large payments 
as those required for oil," he 

11 The question is whether we 
should continue to calculate oil 
prices in dollars." Ali said, add- 
ing: “We do not object to 
receiving oil payments in dollars. 
But setting oil prices in this 
currency is the main problem. 

" That is why ■ we may resort 
to a basket of currencies to 
calculate oil prices because this 
would preserve real value. Other- 
wise we may be pushed to 
increase prices if the system of 
setting prices in terms of dollars 
is maintained.' 


KUWAIT, March 9. 

■ for relations with the American 
Jewish community, Mr. Mork 

Mr. Siegel has quit because of 
general policy disagreements 
with Mr. Zbigniew Brzczmski, 
tbe national security adviser, 
and because of specific opposi- 
tion to the Administration's plan 
to sell sophisticated military air- 
craft to Egypt and Saudi Arabia. 
He has said he felt be could 
no longer “sell ” Administration 
policies, in whose formulation he 
had little role, io American 

It is considered quite possible 
here that Mr. Begin will seek 
to capitalise on the fragile state 
of the relations hptween the 
administration and Jewish 
Americans when he conies' here 
next week. 

If he is successful, it could 
make much more difficult the 
already formidable task of secur- 
ing Congressional approval for 
the Middle East arms sale pack- 
age and could also draw the 
fangs of the U.S. attempt to 
persuade Israel to take a less 
intransigent attitude in inter- 
preting UN Resolution L'42 as it 
covers withdrawal from the 
occupied territories. 

] U.K. warning 
on debt relief 

GENEVA. March 9. 
BRITAIN to-day warned a 
United Nations meeting that 
' general relief of debts demanded 
| by Third World Countries would 
raise acute and insoluble difficul- 

Mrs. Judith Hart, the Minister 
of Oversea.® Development, told 
jdelegaies from more than 100 
I slates, including some 40 govern- 
ment ministers and deputy 
ministers, that generalised debt 
relief would be likely to make 
commercial banks hesitate to 
lend money in future to develop- 
ing nations. Nor. she said, could 
governments of industrialised 
countries which extended 
development aid to poorer 
countries take on the responsi- 
bilitv of subsidising repayment 
of debts." Reuter 

dollar link 

By Richard Nations 

BANGKOK, March 9. 
IS A MOVE to forestall a looitH 
tng balance of payments crisis 
Thailand bas untied the taht 
frnm the declining dollar and 
jacked up tariffs on a long list 
of “ luxury '* imports. 

Last night's announcement, 
which took most bankers and 
traders by surprise, has been 
prompted by growing official 
concern over dwindling foreign 
exchange reserves and a grow*, 
ing merchandise trade deficit: 
“ At the present rale of loss; 
our official resenes will Tall 
from $1 Jlbn. lo just under Sihn.- 
hy the end or the year. lev 
than li months or imports." m 
finance Ministry official said." : 

The policy or linking the That 
bain to a bundle of currencies' 
or Thailand's major European 
and regional trading partners 
plus SDRs is expeclrd in finan- 
cial circle here to lead to a 
significant revaluation again sf 
the dollar. This is exported trr 
lower import costs in baht 
terms and have a stabilising - 
effect on domestic prices, cur- 
rently rising m an annual rat'd 
of nearly 3 per cent. 

gold sale 

JAPAN'S Finance Ministry and 
Bank of Japan officials .said 
to-day that the ministry will 
sell 1 111.3 metrir tons Q f gold 
metals — valued at about SXfim. 
— (o the Rank of Japan. The 
action will he made in response 
io the abolition of the Goirrn- 
raent special aermmt for 
precious metals effective frnm 
fiscal 1978, which starts on 
April I. 

The 389m. in gold will he put 
Into Japan's foreign resen eft 
accounts at the end or illarrhr 
officials said. As a result of 
that, the outstanding balance 
In Japan's cold as of the end 
of March will rise lo mnre than 


one relative Jn his seven-member wins control there are plans to 
Cabinet arid Henry, personally sell large areas of the islands to 
controls everything that matters. American control, for the 
His Portfolios include: govern- development of a wealthy resi- 
raeut and central administration, dential and tourist resort, 
external affairs, police, immigra- .Last .year sir Albert also 
tian," civil aviation, national claimed he had uncovered a plot 
development and housing: and involving NZ businessmen to 
.he. reserves. .control .of the legis-. assassinate him. Although it 
■ Jature ■ and .the. juridical appeared, a somewhat Gilbert and 
service .commission- . Sullivan plot, there was a New 

• The' Island's newspaper and Zealand court case '.associated 
radio station are unashamedly wth plans to take a weapon into 
partisan^ The Opposition party a |. Co 2,fc. Is J* c ! ds - . ,, . 

how. publishes its own weekly Sir Albert is not on the best 
paper—d is closing such things as 

Prime Minister, Robert Muldoon. 

■ At least twice in the past six 
G(u»wt - ■ months New Zealand Foreign 

fc- \ j Affairs Minister. Brian Talboys, 

■ ” i v, Bas publicly rebuked Sir Albert 

'?*?" % and suggested if the Cook Islands 

•y \ want complete independency, 

8 i. a T f i\ t New Zealand would be happy to 

■ J - \ B^ant it. 

■write fSrf .Under the constitution, written 

-»« p ■■ “ v by . New Zealand, islanders can 

N^b WI Goofcls. only vote if they have been on 

(Mm :■ CooE Island soiJ during the pre- 

i Vious three years, and they must 

travel to Rarotonga to do so. In 
I I- • 1 I "tmumu. the days before an air service, 
jom us expatriate voting was almost im- 

j -possible. 

y? / vilm. The opening of ah Interna- 

'‘w-iV / t» 5P Q tional airport at Rarotonga and 

i_ _il 7 r T,d — * \ *"*""’*—* a daily air service from New 

Zealand changed that 

Nat year’s massive -increase in .. There are 20.000 Cook Islanders 

“.TrSarted* Q,her ' “tter’e = 

W1 Henrv nt claims P °hiB power is Dr.' Davis claims most of these 
frnwf^triiKt and* resnect a™ Democrat supporters who 
derived from ***»* JJgS could not, or would not, live and 

Sunit^thi* -r£fc of ‘defeat in w °rk under Sir Albert’s Govern- 
about the nsk of deieai in ment- -Two or three modern jet 

The‘ four-vearlv elections are ^aft could carry sufficient 

ballot ™ Dr 

TOt ^om^sSn<u r V°hMdful tll of Davis are unashamedly campaign 1 
on some islands a nanarui u* , . N Zealand 

families can sway the balance. Bemocrate plan to charter Air 
Opposition- leader, Jfryear-om jj aUru Boein 7n 7 - s w get voters 
Dr. Thomas Davis, believes less t(} thfi ^ >t a ^ of 5245 
than 30 votes ra key electorate each Aq Jrate Sir ybert has 
could give power to his Demo- declared that as Civil Aviation 

cratic Party. . Minister he will refuse permis- 

The Democrats have whittiea &j 0 n for the planes to land. He 
away Sir Albert's majority tor jf j, e can charter an aircraft 
the past six years. It began witn he will By his own supporters to 
Dr. Davis' own win on Rarotonga Rarotonga, 
in 1972 when he returned from ' The Democrats mounted anair- 
his space medicine career in the iift in 1974 providing a cheap trip 
U.S. with the avowed intention home for supposedly Cook Island 
of wresting political power from Democrats living in NZ. AH 
Sir Albert. . verted at Rarotonga airport. When 

In 1974 the CEP seats dropped votes were counted Sir Albert's 
to 14. Last year Sir Albert’s party candidate had 112 and the 
received a severe by-election Democrat candidate 92 ■ 
shock, losing a traditional CIP Democrat voters had 

seat by less than 30 voles. apparently changed their minds 
Sir Albert, who unashamedly and Dr. Davis was left with a 
looks after electorates which S.NZ17.000 bill, 
support his Party, is deeply com- the forthcoming,, election, 
mined to preserving the tradi- every voter flown from New 
tional culture of the Cook Zealand could affect the result. 
Islands With some misgivings. This will mearf more than just 
he agreed to join with Air NZ which party controls this some- 
and with the- NZ Tourist Hotel what remote. Pacific group. The 
Corporation to establish a granting of fishing rights to the 
modern luxury resort style hotel. Soviet Union in a new 200 mile 
He insists that any native enter- fishing zone, for example, could 
tai anient or dance must be cause considerable heartburn in 
authentic Canberra, Washington and 

He claims, that -if Dr. Davis WeHinfiton.' ■ 


UDT-thfiShip-bas Refinance to getbusinfiss expansion 
flrifl development programmes moving 

Forever fiffyyea^s UDT has hdp&btismessmeiito fmaitce their 
owD/ and their customers? plantixi^iiiueiyaiidvehid^ and to expand 

UDT oftere competitive rates fbrdeposits to otherbanks/busmess 
concerns aod^ thegeneralpublie 
' XIDT through its e^arttinaiicehoiiseis a major provider of 
financial packages designed tohdpBritains exporters. 

UDT finance canhelp your business to growandbeajmeinare 

So xviienyon need finance,hail the Ship. 


•RrUato’sT padtogmdtT mdCTTffiriauc eTifmsf!. 


StEflStchrapf lxmdf^EC aPfiBL.THiQl-taZa 5020 


. i 

Financial Times Friday March'- 10 1978 



nsiders application f™« r a o s v ^ 
miners to work of Europe- 


Rise in discount rate helps Canadian dollar 

THE CARTER^rrarion 
today went to Federal court in 
Washington to seek an injunc- 
tion to try to force sinking U.S. 
coal miners bach to work. 

Earlier in the morning. the 
three- person board of inquiry 
appointed under rhr T.ift-Hartk-y 
Act to look intr. the -trike sent 
its report to President Carter. 
By law the report bas to be pub- 

The decision to seek an injunc- 
tion requiring miners in return 
to.. work for up to SO day- was 
announced three hours before 
President Carter v as due Jo 
appear at a televised Pro** con- 
ference. It came in spile nr pub- 
lic' statements from' leaders of 
the 160.000 striking United Mine 
Workers, suggesting that thou- 
sands of miners would defy an 
injunction if the coun made 


There are some hones ihat out- 
side the most militant union 
districts in Appalachia there may- 
be a partial return to work, par- 
ticularly in the strip mints which 
Cain be guarded more easily. 
But few observers are expecting 
miners in places like West Vir- 
ginia. eastern Kentucky and 
western Pennsylvania to co back 

to work. For one thing. It wilt 
require only a small proportion 
of in i i itan t m i ners to set up 
pickets and hiock a return to 
work since there is a strong 
tradition of not crossing picket 

There is always the chance 
that i lie court will turn down 
the Administration's request for 
an injunction requiring miners 
to return to work. The Taft- 
Hnrtley Act requires the ,.\d- 
ministration in make its case on 
Hie grounds that a strike tor a 
poteni ial strike i threatens 
national health or safety. But 
eo?y oner* since the law came 
inin effect in IP47 has the court 
ihrnv-n our a request by the 
President for an injunction 

What the President says at his 
new- conference will un- 
doubtedly be influenced by the 
contents OF the report from the 
Board of inquiry. The Board 
is not. however, empowered to 
make recommendations on the 
Administration's action. 

The strike is hitting harder in 
regions with low coal stocks. The 
rirst mandatory power reductions 
werr made yesterday in West 
Virginia and Maryland. The 
V.'e<t Virginia Public Service 
O-irmssion ordered a 30 per 

cent, cutback in eie.-iricir-- to 
industrial and commrrcial 
rusiomers of two Jarse electric 
power com panic.- in the northern 
area of the -late. In Maryland 
reductions were made of 30 per 
cent. for industrial user* md 
20 per cent, for commercial 
customers nf Potomac Edi-on. 

The Labour Department to-day 
produced evidence m reinforce 
orh^r indications that lh*> .-trike 
is only harm: a limited impact 
on the economies 0 f the II nid-st -. 
vulnerable slates 

A survey by the Department 
showed that only about 25.50n 
factory worker® were laid off for 
part, or all. of last week a® -i 
result uf coal and riertruoty 
shortages — an increase nf 2.900 
over the previous week. 

It said that aggregate hour* 
worked during ihe v.erk were 
reduced hy l.j* per cent, in manu-. 
faciuring and 3 per cent, in : 
trade. It said that about 45 per j 
cent, of thnsp laid off in manu-i 
facturing were in Indiana. Pen- 
sylranin. Nlinois. Maryland and. 
Ohio were next. Thprc are some; 
preliminary suggestions that the 
proposed cuts for West Virginia 
could increase unempinvmenl in 
that stale by around 20,000. 
according to state sources. ; 

fiy John Wylej 

NEW YORK. March !*. 
i tic l-J!. airline has- asked the 
Civil Aeronautics Board for 
approval to start ii rut -stop 
HiahU between Paris. Amster- 
dam. Frankfurt. Madrid and 
Dallas-Fori Worth in Trxa«. 

The application iim- »»t 

the CAB's emerge n i-> exemp- 
tion authority. im*b*r which 
route awards can *•«■ made In 
spcriul circumstaii'-f — Braui it 
is claiming that iln- r ;'* <» v cr 
fares between the I -S- an *I 
British authorities — which pre- 
vented Braniff rroui startmu a 
planned service between 
London anil Dallas-1 nrt Mnrlh 
— constitutes such special 
circumstance*. _ 

The airline has a «n<-inc 
standing idle h*•t•all■»• , nf *"** 
dispuie and it arsur- Dial 
••idle resources." plus customer 
dematitl. justify it nemg 
e ranted the new route*. 

It is asking th*- *• -‘ R * or 
exemption anthnrity for one- 
year, after which it would 
probably srek an extension of 
the authority or permanent 
allnralinn nf the routes. 

Guards held at 



j THE CANADIAN dollar rallied 
:« little in the markets in 
I response In the Bank nf Canada 
•decision to raise ihe discount 
i rate from 7J ici.S per cent, effec- 
! live In-day. 

I After a hart day on Wednes- 
day. it closed at 8S.68 U.S. cents 
Hy in a m. yesterday the rate 
'had risen to SS.89 cents. 

Mr. Gerald K. Bouey, Governor 
!of the Bank of Canada, said that 
! short term interest rates in 
; Canada, which had been four 
percentage point® above those in 
‘ihe U.S. in late 1976 (when the 
[Canadian dollar was quoted at 
a premium above the U.S. 
currency*, hart lately been only 
; hair a per cent, ahead of those 
: in the U.S. The closing of the 
[gap had bepn a cdntributnry 
; factor lo the decline of the 
I exchange rate. 

I The Bank or Canada has 
; announced a targpt for monetary 
! expansion of between 7 per cent, 
land 11 per cent, a year. Mr. 
Bouev said that money supply 
| had been growing in the upper 
. ha if of ihat range. In the Bank’s 
| judgment, there was room to 
i raise short term interest rates 

without prejudicing an accept- 
able rate of monetary expansion. 

The Canadian Government has 
already announced measures to 
support the dollar: it has made 
its first drawing on the line of 
credit arranged last year in 
Eurodollars, and intends ^ to 
borrow an additional SL-.S.730ra. 
in New York. 

Air. Jean Chretien. . the 
Finance Minister, annotmeed 
that the offering will be made in 
three equal portions on April L 
1983. October I. 1985 and April 
1. 1988. The underwriters will 
he headed by two U.S. firms. 
Morgan Stanley, and Solomon 
Brothers, and Iwn Canadian 
firms. Wood Gundy and A. E. 

W. L. Luetkens adds: The in- 
crease in the discount rate was 
reflected in a quick quarter 
point rise in rates at the short 
end of the fixed interest mar- 
ket. That may suit Bank of 
Canada tactics, since the autho- 
rities are strupeLinc against the 
sluggishness of the Canadian 
economy. High interest rates 
are not desirable fmm the in- 
ternal viewpoint- Because of 

Mr. Jean Chretien 

OTTAWA. March 9. 

The final balance nf payments „* 
figures for 1977 were announced ^ ‘ 
in Ottawa yesterday, ami proved 
much as expected. The key ri 
figures in billion Canadian dot. 

Jars (1976 in brackels) wer»: ' 

merchandise trade -*-3.0 ( + 1.1). 
*crvices -7.5 <— 5.S). act Iran*, 
fers -t-0.4 <+n.5>. current 

account —4.2 f — 4.2). long term 
capital —4.3 f-t-7 9). short term .. 
capital —1.5 f — "2> and chanijo 
to reserves — 1.4 (— ffSt. The 
service account Included net o 
oiitgoin«*v of R3.4hn. For interest 
and dividends. 

In principle. Ottawa clings to •> 
the idea that the dollar should 
he allowed to ftoaT. and that it T. 
ought not to be shored up hy 
measures likely to inhibit domes- r 
tic recovery. But there arc poli- 
tical dangers io the decline of 
the doliar. The decision lo raise ' 
the discount rate, like Lbe pie* f 
vinus decisions to borrow ‘ 

abroad, looks as though it wax 
forced upon reluctant authori- 
ties by market forces. 

Reuter adds : Toronto Point' 

the riuRsish economy and the Reuter acas . toromo tiotnt- 
dancer Thai inilatmn. which has nion Bank said it was raising 
hecn reduced but not contained, prime 8? per cent. T*" 0 ™ P er 
will break out again. cent., effective March It). 

Firestone Tire in safety probe 

S. Africans troubled by Carter 1 


<w m j • • 4 ! Quebec town negotiated 1 o-rt: 

; -ban m strategic equipment ; 


THERE ABE growing signs that 
the ban last month by the Carter 
Administration on the supply of 
strategic equipment and know- 
htn/xothe So utn African defence 
force and police is seriously 
affecting commercial ties between 
the U.S. and South Africa, par- 
ticularly in the electronics field. 

One large South African elec- 
tronics company reports that two 
of its U.S. suppliers have warned 
that they are ixj louger prepared 
to’ : deliver equipment to Soutlt 
Africa for fear rhat it might 
eventually find its way to the 

The embargo covers both direct 
and indirect supplies, and contra- 
ventions could result ir. U.S. com- 
panies losing licences to export 
to. other countries. 

Moreover, the South African 
subsidiary of Motorola, the U.S. 
trlecv-mmumea lions company, ha? 
told .*»me of its local customers, 
known io he suppliers J.o inc 
army and police, that it will not 
accept new orders for certain 
equipmcnL Kodak, which manu- 
factures photographic goods, says 
that it has already turned down 
two orders in terms of the new 

On his return Trom the U.S. 
to-day. Mr. Chris Hen ms. the 
Minister of Economic Affairs, em- 
phasised that no retaliatory 
action was planned against U.S. 
subsidiary companies m South 
Africa over the tighter ban on 
military and police equipment. 
However, South .Africa nsources 
report that some local companies 


which supply th« drfence force; 
are trying to cancel flier con- 
tracts with U.S. suppliers, fur fear 
that deliveries may later be dis-i 

Cnnwuler companies are parti- j 
cularly worried by the riamp l 
down on technology transfers, j 
pointing out that it is virtually , 
impossible for them to prevent j 
the army ur pnHc? obtaining! 
technical dita. or even computer I 
time, from tiiird parties Execu-i 
tires are hopeful, however, that 
Washington will not enforce the 
restrictions to the letter and will 
take a lenient view on the many 
grey areas. In the meantime, 
many companies are still trying 
to unravel the complicated 

■V-. - 

+v : 

ST. JEROME. March T. 
Quebec town negeiiuu'd to-day 
with four armed jiri'-oners. one 
a double murderer, fur the 

release of six guards and a 
prison official whom IhfV arc 
holding hostage. 

Bruno Fcrracanr. 23. one nt 
1 lie prisoners, tolti ihe Canadian 
Pre-s hv lelephnne that they 
wanted i.'8lon.WHI and -a r r pas- 
sage to Rrarli in csrhauc* Fur 
their hostages. “ " r g"t noth- 
ing to lose.** he said. 

A convicted double murderer. 
Edgar Roussell said- ” I would 
rather die than do 20 >ears.“ 
The prisoners were reported 
to he armed with five pistol*, 
anil 10 boxes or ammunition. 

A Quebec police spokesman. 
Mr. Ronald Brunet. *.airt that 
pullee bad no idea how the 
prisoners got a 45-calibrr pistol 
which they used to try to 
escape. The guards were taken 
hostage when they foiled the 
break-out attempt yesterday. 

z%, r 

V v - < ■■ 

j T H E NATIONAL H ighway 
Traffic Safety Administration is 
! investigating possible safety 
j defects involving Firestone Tire 
j and Rubber tyres. 

] The investigation concerns 
} Firestone-500 stecl-heiicd radial 
! lyres. 

! The agency said that the 
! investigation results From more 
j than 500 consumer complaint 
j letters indicating blowouts, tyres 
j that are not round and tread 
separations. These reports in- 
clude. 10 accidents involving two 
injuries, the agency said. 

Firestone contended in a court 
action that the investigation was 
j produced by converting an engi- 
; nearing analysis of the perform- 
ance of steel-belted radial tyres 
from the whole lyre Industry into 
a probe into Firestone tyres. Tbe 
company said that it had- been 
co-npvrjting with the safety 
agency in thp engineering 
analysis, along with other tyre 

I Yesterday. Firestone obtained 
I a temporary restraining order 
i in Federal Court in Cleveland 

Army may end 
poll confusion 
in Guatemala 

THE ARMY appears poised to 
intervene in the chaotic after- 
math of the Guatemalan general 
election, highly-placed political 
sou rces said. 

President Kjeli Laugerud told 
a news conference last night that 
rumours of a coup d'etat were 
false and that the Army would 
defend the constitution. Gen. 
Lnugerud said that he would 
protect members of the electoral 
tribunal who have received death 
threats and be appealed for calm. 

m ^ 

£3S,-- v ; "1 

■ J 


preventing the agency from 
releasing a related survey on 
the Industry’s original equipment 
steel-belted radial tyres. That 
survey is critical of some Fire- 
stone tyres. 

Firestone says that the order 
is necessary to save the company 
from Irreparable harm. It 
charges that the Agency’s survey- 
conducted last year is "illegal, 
biased and unfair.” 

" Many consumers will refuse 
to buy Firestone steel-belted 
tyres hecause of misinforma- 
tion/’ the company states. 

In the survey, the agehey con- 
tacted the three major U.S. car 
manufacturers and received the 
names of 100,000 people who had 
bought new cars with steel-belted 
•radial tyres as original equip- 
ment, Firestone said. The cars 
were from the model years 1975 


to 1977 inclusive. ! 

“Although tbe survey was! 
ostcnsiblv for the purpose of 
evaluating the quality .of all 
steel-betted radial tyres. installed 
on new cars, it was designed so 
that approximately half of the 
people contacted were owners of, 
Firestone tyres.'* the company 
said. The remaining owners 
bought cars with steej-beited 
radials of other original equip-, 
raent suppliers. 



OPEC buyers lift staice in. 
equity mark cl; Wanaraaker 
agrees bi • dfrom Carter 
Hawley Hate; . Prtjobras 
shares trader pressure Page 28 ! 

Guyana backing 
for Belize 

- By Our Own Correspondent 

; GEORGETOWN. March 9. 

! PARLIAMENT in Guyana has 
■ given unanimous support Uj * 

; resolution expressing concern a; 
j reports that the Belizean Govern- 
intent is. under pressure to eerie 
1 territory, to . Guatemala as Ihe 
I price for independence, and has 
j affirmed support for indepnnrt- 
I enee for the British colony with 
[its borders intact. 

' The Premier of Belize. Mr. 
George Price, here on a visit, was 
! in Parliament when the rejobi- 
i tion was adopted, and he was ;ire- 
; sentpd with a copy afterward*. 

! • Guyana has named Us first 
rwidenr amhas=ador lo th* 1 Sovi't 
Union. He is Mr. Elvin MrPavjd. 
a former Information Minister, 
and a senior nfticia; »»f tiie ruling 
People’s National Congress 
party He is due later this month 
! to assume duties in Moscow. 

Call your travel agent and ask about TWA’s new 
Budget and Standby fares to Los Angeles and 
San Francisco. These fares are available from April 1st 
subject to Government approvaL 

TWA carries more scheduled psswngBn across Oib AlUnttc than any othor rtrUns. 


No.l across the Atlantic. 



Icacf TTiacs 

If you applied to renew a vehicle licence 
between 30 March 1977 and 14 April 1977 you 
may be entitled tc a partial refund. 

Do you qualify 7 ? 

If your vehii’le'r exci-r- licc-iv- ‘ ta a disc'- was 
due to be renewed from l April 1977. liie Driver 
and Vehicle Liconsi ns Centre may have «enl you 
a reminder and application form over prinmrl ’If 
the rate f if ta:-: is changed in the Budget, the new 
rate mast be paid! 

•Some people wore inisied b" ihi.--. Tlicy 
thought it mean *• that if they relirc-n.-ed before the 
Budget and the Budget increased the duty, thev 
would have to send more money m iuver ti i^ 
increase. Thej- decided tn wait for thu Budget on 
29 larch to see ii there was going to be an 

The Bud iet did increase the duty and. 
between -0 March and 1 -I April inclusive, the^ 
people paid more to n liivnst- their vehii le? t han 
they would have done if they had made their 
applications before midnight "t: Budge; Dav. 

Now. r'ol li .wing a report by J i ie Parlian iKU ar>- 
Comnij-sioru r for Admir.i.-ira' i«:" i. ;Jjf 
Government ha^Hrcidtr! that anyone misled in 
this way will !e repaid the extra dutv. 

If: Vour I icem-p expired on 31 lUarch. and 

you received a reminder, and 

you were misled by the words on th e 
reminder, and 

you applied to reli cense in the period 
30 March 1977 - 14 April 1977, and 
you wish to claim 

y?.v .*&■ •n-‘i >: r:- ■ -f ■ [> '. 'J r - - -.-q 

SAM :BlJr r c . ^ - f ; A-.v-. -h. : 
rcquejfl'.v ffchi:.- -ft: ?■ ‘.'V- 
h> !oi-\ V-. -.7 r,;.,.- - . r . y, : •; fj i 

hr/r.r,' 7 A .'v,' 


tne;o ;ia«r- rer.-- 




P *->? t'.’-ld^ 

R n< urn Tiij«-;!ip rp.Ti-j-. P\"l.f 

SA9 1 * ' Rl . h**fnre7 April I^TS. 

Gen. RJell Laugerud 

Tbe sources said there bad been 
reliable reports of plans to 
assassinate leading political 

Army units were in evidence 
in Guatemala City and, the 
sources said, Lt was possible that 
ihe general staff would press The 
President into declaring a state 
of siege. The sources said that 
fhe Army Chief of Staff, Gen. 
David Cancinos, had already 
raised the possibility with the 
President who bad so far resisted 
the idea. 

The much-delayed results of 
ihe election, held' on Sunday, 
•.vere to hv announced this after- 
noon in an atmosphere of crisis, 
following charges and counter- 
charges nf intimidation, fraud 
.md manipulation. 

Official results so far put the 
Government-hacked Presidential 
candidate.. General Romeo Lucas 
Garcia, narrowly ahead of his 
extreme right-wing rival. Colonel 
Enrique Peralta Azurdia. 

According lo Ihe latest figures. 
Gen Lucas lias 173.237 votes, 
compared with l6S.QfiS fnr Col. 
Peralta Azurdia and 124.053 fnr 
Gen. IJtcardn Peralta Mendez, 
■.•■ho represents groups uf the 
I'enrre. including the Christian 

The head of the electoral tri- 
bunal. Sr \rturo Maldonado de 
!a I'eri- -<;d th-it liu-te figures 
renresen’eil .■Iiuiki i tip- entire 
h.iltni out-uk of tin- capital. 

The results from ilie cil> itself 
vere Leing recimn'cd behind 
i-r’rf-il rloiuv .ifi.-r allc jalimt- nr 
■ ole nsgin-j 

or sin- J Sin ri-si-iered vnrers. 
some iiit per cent vere estimated 
to al'ftnned from voting. 
liem-T ! 


In compliance with the Trust Deed constituting the above-mentioned Debenture*. Notice is hereby 
given that the Board of Directors of Credit Suisse will propose to the General Sleeting of Share- 
holders to be held on April 4, 1978— -subject to the necessary approvals — that the present share 
capital of Sfr. 890 Mio. be raised to Sfr. .995 Mio by the issue of 168.750 bearer shares of Sfr. 5f>0 
nominal value each and of 2062250 registered shares of Sfr. 100 nominal value each; these newly 
issued bearer and registered shares shall be entitled to the 1878 dividend, expected to be payable 
in April 1979. 

In addition, tbe Board of Directors vrili propose a further increase of the share capital tn 
Sfr. 1.047.5 Mio by Issue at par of 84^75 bearer shares of Sfr. 500. nominal value each and 
of 103,125 registered shares of Sfr. 100 nominal value each: holders of the existing hearer and 
registered shares will be invited to renounce their pre-emptive rights to the shares to be issued 
at par as it is intended to reserve such shares for the conversion of the debentures mentioned 
under sections (a) and (b) of the next paragraph: 
ft is proposed to offer for subscription: - 
(a; by the holders of existing bearer shares: 

Units, each consisting of one new bearer share of Sfr. 500 nominal value and one 
convertible debenture of Sfr. 1.000 nominal value, at the ratio of one Unit for every 
8 bearer shares, at a subscription price of Sfr. 2,250 per Unit, 

(bj by the holders of existing registered share sl 

Units, each consisting of one new registered share of. Sfr. .100 nominal value and one 
convertible debenture of Sfr. 200 nominal value, at the ratio of one Unit for every 
S registered shares, at a subscription price of Sfr. 450 per Unit 
ffo'ders of the 41% USS Convertible Debentures 1976/1991 of Credit Suisse (Bahamas) Limited 
wishing to convert their Debentures in order to exercise their subscription rights are invited to 
do so by lodging a duly completed Conversion Notice together with the complete Debentures i 
including a cash payment of USS 175 per one Debenture with Credit Suisse Zurich. Department 
Wke. bfi Monday. .March 20. J97S at the latest. Shares delivered upon conversion will not be 
entitled to the dividends in respect of the 1977 calendar year, payable in April 197S. 

No Convertible Debentures tan be lodged for Conversion during ihe period from Tuesdav. March 
21. 197R in ihe publication of an additional. Notice in ' regard to the adjustment of the Conversion 
Price: it is expected that such Notice will be published in this newspaper on Wednesday. April 26, 

Hcltler> of Convertible Debentures who do not elect to exercise their right of conversion will he 
romjtcn.iated Tor the loss of the subscription rights by a cash adjustment as described in the Terms 
aad Conditions (reduction of the presently prevailing cash payment of USS 175 per Debenture in 
ease oF a conversion by an amount equal to the average of the last paid daily prices of subscription 
'•luhU as described above and expected to be traded on the Zurich Slock Exchange from April 10-21, 
19. js ind convened into USS at ihe USS/Sfr. exchange rale of April 21. 1978 ». . 

Relevant consequences of the recent bah on purchases of Sfh denominated securities hy non-residents 
of J-vrii zcrianil l Swiss citizens resident outside Switzerland are not affected): Based on the Swiss 
National Bank regulation-, non-residents of Switzerland are free to purchase and- sell the USS 
convertible Debentures in the secondary market:- they -may also convert the Debentures into bearer 
> hares and hold and/or sell the shares. .Rights which may arise front shares as a result of eapital 
increases may be exercised tn the extent that their number permits the subscription nf a full new 
f!*^". s “£h subscription ris-Ms may also be sold. The purchase of additional subscription rights 
to 2nain the number necessary- lu subscribe a full new share is. however, not permitted. 

1 he repurchase or shares of Swiss entities once sold. following- a sale is forbidden. 

March in 197 ft 

-l”-'. r! ?rV : .?i u V Credit Suisse (Bahamas) Limited 

f p«* — ?.* ■rj.'iei !>»-.■ 

-I). < ■ « •..-'.-Iff. c*1 ' 

■■■ ’•? ;■ ' '• ■»!• *91-11" 

V.M 4 cla*» rj-e ai Sew "i X -i 

Credit Suisse m 

9 \^r x / : \ '1 »\ 15? 


V -Si-"* 

•v« ; ^ 

W*. •**»»-**'*x' r<o*** 


^W.V^XfW.JWW'.V^MW.W.V'f.^ W WWV, 

? : mjs&S? 

They just didn’t make a cab to 
compare with ot^ new Super e G’ cab. 
It offers.the kind of comfort and 

>u expect to tinn on a 
premium specification 38 tonner. 

Yet, we’re fitting it to a whole 
range of Leyland trucks, from 6/2 to 
28 tons. It’s going on theTerriej; 
Boxei; Mastiff, Super Mastiff, 
Chieftain, Clydesdale and Reiver. 

The colour scheme is the same 
as the Rover 3500: a combination of 
nutmeg and coriander But, the 
appeal of the Super £ G’ cab goes 
much deeper than sheer good looks. 

The new instruments are sure 
to catch your driver’s eye. They’re 
beautifully designed in non- 
reflecting black and displayed so he 
can read them at a glance. 

He won’t have to search for 
switches either The washers, wipers, 
headlights and indicators are right at 
his fingertips, mounted on the 
steering column. And the rest of the 

controls fall just as readily to hand. 

The entire cab is more 
functional. And more comfortable. 
We’ve fitted a function-coded fuse 
box in the fascia, new grab handles, 
larger flush-fitting sun visors 
and eye- ball fresh air vents to keep 
the driver and his mate cool and alert. 
And we’ve put a purpose-built 
unit behind the seats for documents 
and a vacuum flask. 

The driver isn’t the only one to 
benefit from the improvements 
we’ve made. As an operator you’ll 
benefit too. Because a better cab 
means a better; safer driver And that 
means more efficient and more 
economical operation all round. 

The new Super ‘G’ cab is well 
wOrth looking into. Especially when 
you consider we can still beat most of 
the competition on price. 

So it pays to sit in the best seats. 
Post the coupon, today. 

I like to sit in the best seats. Please send 
me more details of the new Super t G’ cab, and 
the name of my nearest distributor. 

Indicate the G.V.W. of the trucks you're 
interested in. 6 1 /: “9^ tons □ 9^ -16 tons □ 
l6-24tons □ 26-28tontractors. □ 

To: Marketing Services Dept., Leyland 
Truck & Bus, Leyland, Preston, Lancs. PR5 1SN. 






Financial 'limes Friday March ^ i^Ts 


gets $230m. 
Iran order 

By Andrew Whitley 

Japan in emergency plan 
to halve 1977 surplus level 

TEHRAN, Marcfe 9. ' TOKYO. March 9. 

A CONTRACT worth S230m. for AN EMERGENCY import pro- The 1978 emergency ' Import the Japanese jfint '$4.3m.}. 
a big electric power transmission gramme designed to help reduce programme would bd a sequel to Japanese ’officials began work- 
Une in Iran has been signed Japan's current account surplus one drawn up last autumn by Ing on an emergency import pro- 
between the Japanese company in the coming fiscal year to half HITI when the first strong gramme last autumn as soon as 
Furukawa Electric and the the 1977 level is expected to be upward pressures developed on it became clear that the current 
Iranian slate electric generation completed within the next week the Ten exchange rate The first account surplus for fiscal year 
and transmission organisation, or ten days, officials at the Miii- programme, worth a little more 1977 was going to oe far larger 
Tavanir. istry of International Trade .and than. SlbiL, is due for completion than the revised government 

The contract, signed in Tokyo, Industry revealed to-day. at the end of March and includes estimate of ' 3&5bn. (it is now 

is for a 4S0km.-Iong high-voltage ' The programme will probably the following items: additional expected to exceed $l2bn,). 
line. Finance in the form of call for stockpiling of basic raw imports of oil (4.6m. kilolitres The programme was explained 
government - backed supplier materials (or in some cases for worth SiOOm.); advanced pay- to U.S. officials during the 
credits is still to be finalised. advance payments on materials meats for uranium ore imports earlier stages of !be bilateral 

Import cut 
Italy deficit 

U.K. exporters less 

first-half prospects 

By Paul Betts 

ROME, MarehS. ;' 

A SIZEABLE decline tn imports! 
combined with sustained export [ 

ISSF'tSL "KJL BRITISH exporters are iuerm-: world demand and lorn of price 

Pessj™* 3116 ab0ttt their competitiveness with the increas- 
thp° ^taTi an* 1 Prospects for half pf ing Strength of the pound. 

Statistics |tIus year. Sales abroad -are HW of the main findings of 
tsureau u>iax to-oay. . : »vno/*tpd to rise- bv’onlv i .ui* tv., nimw _ 5 k on. 


In monetary terms, imports in- ; survey. . 'first half of tht< year to - he 

by fJ« y las, t The results are In line with" around 8 to 9 per cent, higher 

German consortium, will itself (Parliament) that be thought covered by “residual Import Relations, Mr.-Nobuhlko Ushiba 

be fuelled by the Sarrakhs gas- the chances of Japan’s buying restrictions" (roughly S200m.); U.S. response to the pro- 

field in north-east Iran. the European A300 Airbuswere and advanced payments on gramme, however, was poor be- 

Four separate transmission “about 50-50." copper and nickel imports by cause it was felt that 

lines are to be built to Tehran “emergency" imports in 1977 

from Neka. The Japanese com- ^ - a . a might mean lower imports of 

pany Sunitomo is already work- Vamit rillY7’C I FI A TtldflPO .the same products in sub- 

ins on one. kJl/U V HP U j O JIU r\IIII/l ICd sequent years. As a result the 

Japanese companies have been emergency programme received 

playing a leading part in Iran’s BY our FAR b^tor TOKYO, March 9. little pnblfcity In the otherwise 

power transmission programme, widely publisised U.S.-Japan 

now being pushed ahead as fast S0N y CORPORATION is to weight and size to about half trade settlement of last Janu- 
as possible after the widespread, import airborne navigation that of other video cameras. “7;,^ ’ _ _ . . . 

systems manufactured by Global Sony's -imports of manu- MIT1 offcials roade clear 
summer had exposed eartier Navigation of the U.S., as part of factured goods, ‘ handled (for ? ar * y ^r 15 year ^ at tf * 
Mitsui is work- programme for importing small items) by the retail chain, £ , P an ® e „ convnt account 
It 8 . or l a ®®0 km line in the manufactured goods from coun- Sony Plaza, and (for large balance showed signs of falling 
Masbad area, while Sunitomo ^es M ^ market s for items) by Sony Trading Corpora- t0 "b" 1 * *? «bxu the officially 
Shojl is wortdng on a big trans- its eiports . don. are currently worth about Projected figure: by “natural 

mission project in Kerman. The systems, which will cost YlObn. a year, of which about 5? ea 2, s during fiscal year 1978 

, The. ^ re . c ^ ot i y - announ< L ed Y12m. to Y15m. each in Japan, half comes from the U.S. the ftiverament would be ready 

budget for the Iranian year be- M be aold to airlines> the Sony’s imports from Britain t0 rtep m ^ another emer- 
gmnmg on March 21 increased aa donal coastguard service and are claimed to be worth about ^ocy programme, to adjust the 

electricity allocations by a third Japanese companies operating Y2bn. a year. They include ■ ,» it. 

compared with the current year, aircraft or helicopters privately, whisky (Harrods and White and Tt < Sj a J n *p7 appeared, how 
Power genera faon was given The import contract with Global McKay), china (Mason Stone- ££ r - W0l i ,d , onIy L e 

Rials 198bn.($2^.hn.), and trans- f 0 u 0WS Sony’s decision last ware and bathroom accessories d ?J) e . ^ fiscal year 

mission Rials 68bn. (S966m.). summer to start importing the (Silverthprue Houseware). *J„ cb A ?. n hi 

• Thomson-CSF has received American - marketed Dassault Volkswagen sold 12,861 units v 6,1 ha ® now 

an order worth FrsSOflm. from Falcon business jeL In 1977, compared with 12,468 be ^ n , decided bave 

National Iranian Radio and Tele- • Sony has developed a small, in 1976. General Motors sales ^ ad . v - ’ he 

vision to supply equipment tor light colour video camera for totalled 6,845 units compared t° conn,era ft 

a short-wave radio station in general use, Reuter reports from with 7,016 units. Ford Motor the ^ ejected ly sharp upward 
Tehran, Reuter reports from Tokyo. 6.937 units In 1977 against 6.786 5™™“ t be Ye " ‘, h f! 

Paris. The contract covers the it lias a new type of semi- units, Mercedes Benz. 3.431 units de f® e pasf feV L da - V ® 

supply of 16 transmitters of 500 conductor that helps to reduce compared with 2,730 units. “ 

gw each, a complex of antennae 
and an automatic switching grid. - 

Renold opens 
Tokyo office 

By Our Tokyo Correcpofideift 

French car curb denied 

TOKYO. March 9. 

TOKYO. March 9. 

In the 1977 emersency im 
port programme, which is about 
to he completed, additional oil 
and naphtha imports resulted 
from “administrative guidance” 
by MITT tn the Industries con- 
cerned Other Imports resulted 
from direct action from govern- 

THE JAPANESE Automobile 42,881 units, down 2.1 per cent, ment agencies (such as the 
Manufacturers ' Association has from 50,950 in 1976, with the Mint’s advance payments of 
denied a report that Japanese market share falling to 2,6 per cooper and nickel) while yet 

car makers have agreed to freeze cent from 2.7 per cent, in 1976. others resulted from import 

RENOLD, THE British maniH their share of the French car Japanese vehicle exports to liberalisation (concessions on 
facturer of timing chains for car market this year at last year’s France, including trucks, fell 39 imports of beef, orange Juice 
engines, has established a sales level of 2.6 per cent. per cent, to 45,488 from 75.311, and citrus fruit juice announced 

company in Tokyo to promote The association, commenting in 1976. they said. In the Strauss-rishiha corn- 

exports to the Japanese market, on French news agency reports. The sharp fall in export ship- munique are estimated to he 
The sales company, opened at said Japanese and French makers meats last year was due to an worth S7.5m. by the end of this 
the beginning of the month, plans have not held talks on market adjustment of inventories in month). 

to seek outlets for a wide range shares and shipment controls, ft France, they added. For the 1978 programme more 

of Renold products including is not necessary for them to con- Meanwhile the association drastic methods may he required 
gear components. The target Is elude a market share agreement said that overall sales of im- to make any real impression on 
to increase annual sales from as sales of Japanese cars to ported foreign cars in 1977 the trade surplus. Those might 
£400.000 (in the fiscal year which France are orderly, it added. totalled 41,565 units, up 0.8 per Include the establishment of a 
is Just ending) to about ten times Japanese car Industry sources cent. fFom 41218 units In 1976 government corporation to lease 
that amount within the next said sales of Japanese passenger to 43.090 units. European and UB aircraft tn 

three to four years. cars in France in 1977 totalled Agencies South-east Asian airlines. 

97 g' nM ...nt r., r T n a i follows a volume rise compared with a year earlier, are 

M P* r betwwi ^the^ .'two agaih somewhat lower than 

JUS- halves of 1977. The previous before. They are estimated at 4 

DoT s urve y in October last year per cent, in each of the three 
“r ? °*S £L SrJSw suggested a 2 to 3 per cenL rise quarters of 1978. 

® ,hc flrst half of thh$ yew* Indications for the third 
1 T&e maio constraints on quarter present the only note of 
! exports, again consistent with optimism In the survey, showing 
a CBl’s findings, are expected that companies expect a slight 

threatening a balance-of-paymentsi ^ ^ ^ continuation of weak increase in volume 

Portugal trade 
gap widens 

Kraftliner dumping move 


BRUSSELS. March 9. 

. _ . ,THE European Commission' has to-day that it has opened an anti 
deficit ^decided to impose provisional dumping - investigation Into 
Govern-. and dumping duties on kraft* Swedish exports to Britain of 

LISBON. March 9. 


widened to Es.8.9bn. id _ 

ber from Es.82bn. a year earlier. E jj^r exports’ from lhe~U^7ind Talf oifrosirT. a chemical product 
the National Statistics Institute 1 has obtained voluntary undertak* derived from cellulose and used 
reported. . mgs from producers In’ the hi the manufacture of certain 

.»i?„ porls , totalled Es.l6.8bn ! EFTA countries to raise' prices types of paper. It is alleged, that 
(5420m.), including costs, m- >0 f their exports to the EEC to these exports, have been sold in 
surance and freight it. November, [•* satisfactory " levels. the U.K. at up to 50 per cent, 

up 30 per cenL from November j £ t , s hoped that these moves, less than on the Swedish market. 

^ Exports were EsTilbn (taken with the tacit consent of The kraftliner investigation 
(8197.5m.) free on board, up: mQ5t 0 f the third country ex- was opened last December after 
56 per cent, from October. 1976 f por ters affected, will lead to a French producers complained 
The institute said the trade ‘ sw jft recovery in the depressed that American exports were 
deficit for the first to months of | ewcl of E EC prices for kraft- being dumped in the EEC at 
the year was Es.96.4bn (S2.4bn.) I |j nWi a packaging material prices of up to 18 per cent, less 
and widened 38 per cenr from » . The Commision also . said' than on the home market, 
the deficit Of Es.QO 2bn (SL5hn.) j ... 

in January-November 1978 ; 

Economists say imports rose! 
last year to meet the 11-12 per! 
cenL increase in industrial i 
growth and food needs created 
by a poor harvest Exports rose 

more slowly a9 exporting com- _ 

panies in the private sector the EUROPEAN Commission’s the steel sector. 

Thyssen backs Brussels 



suffered the effects of a Ugbt ■ measures to stabilise steel prices Thyssen regarded Brussels's 

j as a means of helping the in 

credit policy.— AP-DJ 

dus- intentions with “scepticism,” be 
.try to live through Its continuing said. It was doubtful whether a 
I slump were given an unambV- central body could decide which 
)guous welcome to-day. by parts of a company's capacity 
Thyssen, the Community's largest ought to survive and which ought 
steel producer. to be reduced. 

Making that clear to a Press Herr Spcthmann said that in 
! conference here, the . Thyssen addition to its recognition of the 
HONG KONG. March 9 ! chairman, Herr Dieter Speth- benefits of the Davlgnon system 

HONG KONG manufacturers i mann, nonetheless warned that for the European steel market* 
expected an overall Increase ofjhe still strongly opposes -.the Thyfsen cautiously endorsed the 
about 3 per cent, in real terms f Commission’s more ambitious Carter Administration's trigger 
tor domestic exports in 1878, 1 pl*ns for structural reform . of prige structure, 

HK expects to 
export more 

N. Sea oil 
cuts EEC 
energy bil| 

By Margaret van Hatttm 
BRUSSELS, aiarct 
Sea oil production- wtU sui 
tially reduce the EECs e 
import costs this year, fit 
the fact that total energy 
sumption is expected, to 
1976 levels. . ] 

According to figures pubi 
to-day by the EEC Coranji 
the Community's oil import 
expected to drop to 455m. t> 
from 484.9m. tonnes in 197 
518.6m. tonnes in 1976. Ri 
consumption is expected u 
to 540m. tonnes from ; 
tonnes last year. The diffc 
will be made up by EEC ol 
duct ion. concentrated in 
North Sea. which is expect 
reach S5m. tonnes compared 
47.4m. last year and 21Jr 

The drop in oil Import: 

? :ether with smaller rcduc 
n imports of solid fuels 
electricity, is expected to 
weigh a doubting of nature 
imports (to 32.5m. tonnes 
16.9m. last year) bringing 
total tonnage of Co mint 
energy imports down to 
from 532m. 

Energy supplies were 
constraint on economic g ri 
In 1977, the Commission 
But. despite.the increasin 
tri burton of North. Sea oi 
foreign exchange cost of 
ported oil- will continue to s 
the Community balance of 
meats and; It warns that 
optimistic 1978 forecasts 
cause for complacency. 

Oil supplies, and 
prices, will be subject to lnt 
pressure over the next dec 
it says, and calls for Incrc. 
conservation measures, pro 
tion from conventional 
new sources, and dovelopn 
of alternative external supp 
In particular, it urges m 
ber Governments to 'T 
appropriate action, inclrn 
making available to the pu 
obieetive information on ouci 

• French crude oil imports 
January declined 12.5 per c* 
to 9,855.677 tons from 11.265. 
tons a year ago, according to 
Bulletin de ^Industrie Petrolii 
AP-DJ reports from Paris. 

Taiwan-Saudi project 

Saudi Arabia's Industry Minis 
Ghazi Abdul-Rahman Al-Qussa: 
hsixned a Rials 106m. contr. 
with BES engineering compa 
of Taiwan to build the flrst sta 
of a two-square kilometre ind; 
trial complex near Riyac 
Reuter reports from Jedd; 




according to a survey 
Census and Statistics 

The survey, based on views 
from 500 leading manufacturer* 
in ten major industries, pre- 
dicted little or no change in the 
export demand for products of 
the textile and clothing indus- 
tries in real terms. 

Raw material prices, as export 
prices, were expected to remain 
toirly stable, but wage rates in 
manufacturing were expected to 
increase by about 6 per cent 



Hotel Inter-Continental, London 
APRIL 6-7 1978 

The Financial Times/in association with the Institute for Fiscal Studies, is 
organising a conference on the Meade Report at the Hotel inter-Continental, London 
on April 6 and 7. 

Professor J. E. Meade, chairman of the committee which produced the report 
"The Structure and Reform of Direct Taxation", and the Deputy Chairman 
Mr. D. J. Ironside together with their colleagues, as well as Mr. Dick Taverne, QiC., 
Director of the Institute,, will be explaining the proposals and giving answers 
to the comments that will be made on them. 

City, industrial and trades unions' views on the Meade Report will be presented 
from their individual standpoints by leading speakers from these areas. 

The conference will allow, substantial opportunity for questions and discussion * 

Brazil in U.S. 
textile row 

By Diana Smith 
BRAZIL IS battling against the 
oossibiliry of a successful bid 
by American textile manufac- 
turers to have surcharges im- 
posed on Brazilian textile ex- 
ports of -menswear. children’* 
clothing and bed linens. The 
U.S. has long been the largest 
customer for Brazilian textiles 
ftaking 60 per cent, of these 
“Toorts in the early 1970’s. In 
1971 the ttS. imposed a quota 
I of 30m. 39m and 8m. yards 
'*'spectively nn Imports of 
Brazilian cotton threads, cloth 
tnd finished goods. 

Europe trade ‘unfair 9 

j Australia’s Special Trade 
| Minister Ramsley Garland 
accused the European Economic 
Community to-day of unfair trade 
practices In relations with 
Australia, Renter reports -From 

Call your travel agent and ask about TWA’s new 
APEX, Budget and Standby fares. 

These fares are available from April 1st subject 
to Government approval. 

TWA carries more scheduled pussangcn across Use Allnottc than eny o(W airlift*. 

No.l across the Atlantic. 

To be completed and 
returned to: 

The Financial Times Limited, Conference Organisation 
Bracken House, 10 Cannon Steel London EC4P 4BY 
Telephone : 01 -236 4382 Telex : 27347 FT Conf G 
Please send me further details of THE MEADE REPORT CONFERENCE 






^Financial Times Friday Rfefch lO 1978 

•i-. fliV.vf 

*T - * 

•^4; •'7 ' 

^ yArvaeh abusinekman wants to use a banks 

jprgpositkm in mind: -an 
ii^ production line 

swifter arid safe? 

■■■■ •■ ••••;. 

management team to put that 

>. It take^our management team to answer it 
Y \ Put y£>uE proppsiti an to your local Midland 
Bank manager He and his team will, help you 
find the right answers-even if they’re not the 
ones you were originally thinking of. 

Export credit finance backed by E.C.G.D. 
may be available at finer rates. Leasing may 
have considerable advantages over outright 
purchase. Or perhaps instalment finance could 
best solve your problem. 

Your local Midland manager can help you 
answer all these business questions, and more.. 

Group, a powerful team of companies special- 
ising in businesslikesolutions forindustry. 

And they’re all as accessible to your business 
team as a call to your local Midland Bank. 



' :&%■] 

.»**»_* ’ 









- v . 

iViiJr’ - .. 




Midland Bailie 

Midland Bank limited 

Financial Times Friday March 101978" 


Questions raised on 

17 trading pacts 



No. of complaints 



Motor vehicles 












Watches, docks and jewellery 



Motor rehides accessories 




Motor vehicle servicing 


Inadequate offer of redress 



Lack of consumer information 



THE OFFICE of Fair Trading 
has drawn- up a list of 17 trading 
pacts operated by companies in 
the service sector which it thinks 
will have either to be abandoned 
by the parties concerned or 
referred to the -Restrictive Prac- 
tices Court. 

Among them, it is believed, 
are some affecting the Stock 
Exchange, the travel industry 
and advertising. 

The existence of the last was 
disclosed yesterday in the report 
oE the Director General of Fair 
Trading for 1977. 

The report, which covers the 
whole spectrum of the office's , * ... ~ ,,- 

activities In competition policy enough to exempt them from a logs when the restrictions were 
and consumer protection also l° n 6 drawn out court hearing. insignificant ' He had done this 

showed a rise of more than a He ““to it clear that his in respect of 12 agreements so 

quarter in consumer complaints Power to recommend an far. including those operated by 
last year. exemption was very limited trad e as sociations in the shoe 

It 'is not clear from the figures under the legislation, which was industry and some sections of tbe 
whether this reflects greater dis- extended to cover services for hotel trade, 
satisfaction or a greater reach- tbe first time two years ago. All the restrictions in another 
ness to complain.' “Any agreement which tncor- eight pacts had already been re- 

• The office yesterday refusM to P oralcs ' f °r example, recoin- moved by the parties concerned, 
name the 17 agreements which mendations about the level of while trade associations in sec- 
will probably have to justify prices or charges (including com- tors such as the travel trade and 
their existence before the Res- mission), a collective exclusive cold storage, had agreed to re- 
trictive Practices Court dealing arrangement, onerous or move some of the major restne- 

inequi table standards terms and dons in their terms of xnember- 
AT]nraf-innc conditions or restrictions based ship. 

ruiuuiuuua on | err it or j a ] allocations is a However, in the case of the 

However. Mr. Gordon Barrie, matter for the court.'-* travel industry, the remaining 

Director General put a damper Wider considerations of. the restrictions are probably import- 
in his report on the hopes -of public interest which might ant enough to warrant a court 
people in several sectors, such justify a restriction were for the hearing, where the onus will be 
as advertising and tbe City, that court to decide. on the parties to prove that the 

the obvious consumer benefits of He could only recommend an agreements operate positively in 

their agreements would be exemption from court proceed- the public's interest. 


Institute of Purchasing seeks 
inquiry into steel bar cartel 


A PRICE-FIXING cartel In the a market share for each mem- said last night It had been 
British steel reinforcing bar ber. It also bans imports from approached by the Institute of 
industry might be referred to outside .the EEC's free trade Purchasing and Supply but in 
the restrictive practices court if area. any event an agreement could 

a request from the institute of Details of the cartel are given he referred to the restrictive 

Purchasing and Supply is - in this week’s Issue o! the maga- practices court under the law. 

accepted by. the Office of Fair 2 ine Contract Journal. Members Tbe director general of the office 
Trading. of Qj e cartel who accept oiders bad a statutory duty under the 

The agreement to fix prices at prices below the minimum or RMtrlctlve Trade Practices Act 
and share markets between 12 who exceed their market shares 1970 t0 do so, provided he did 

members of the British Re- nay penalties of £20 a tonne, not regard an agreement 'as 

ioforcement Association is regis- They cai avoid this by extending insignificant -and that parties to 
tered with the office. The com- delivery dates or by transferring a cartel did not remove restric- 
panies say the aim is to support supplies to another manu- tions 
the Davlgnon plan of the Euro- facturcr. 

pean Coal and Steel Community The magazine gives the names 
to restrict steel imports. of the cartel members as British 

The plan also aims to enforce Reinforced. Concrete Engineer- 
compulsory minimum prices for ing. Stafford; Engineering 
standard lengths of straight re- Design and Construction. Lon- 
ioforcement bar, merchant bar don: Hy-Ten Reinforcement, 
and hot-rolled coils. Richmond. Surrey; GXN Rein- 

Opponents of tbe cartel say it forcemeats. Warley; Helical Bar. 
takes protectionism much fur- London; Johnson's Reinforced 
ther than Davlgnon intended. Concrete Engineering, London: 

The Federation of Civil Engin- Jones Reinforcement, London: 
eerng Contractors, the National Reinforced Steel Services. Shef- at.t TRADING <mace in the fra it 
Federation of Building Trades field; Rom River. London: Square ~ 

Employers and the Institute of Grip, London: CL Walker and and ve «* etab,e a °? lhe 

Purchasing and Supply say the Sons. Blackburn and Kings Lynn flower market at the New Covent 
cartel sets minimum prices for Steel. Garden Market In Vauxhall, 

cut and bent bar and enforces The Office of Fair Trading London is let. 

Banks to consider 
giving more help 
to small concerns 


to help Government 



tion - with the 
could be “a cheap price fe* 
pay to avoid controls turf: 
keep, the societies* main 

LONDON’S leading clearing night was lhe financing problems 
bankers last . night agreed to of small busi nes ses and the' 

consider what further -help they bankers agreed to give whatever > ness out of the toils' of 
mm give to small businesses help they could to Mr. Lever’s l Monopolies Commission ' _ 

facing problems in raising work and to further consider the] the Office of Fair Trading^ 
finance. financing Issue. f says Mr. •' Norman Griggs, 

This emerged from a meeting The bankers have already] secretary-general or the Brfrf- 
between Mr. Harold Lever, acknowledged that the operation Log Societies Association. 
Chancellor of the Duchy of of the clearing banks does not > Mr. Griggs says that societies 
Lancaster, who is the Cabinet fully satisfy the needs of small j had to recognise the “ vast 
Minister responsible for co- businesses. • problems'* that governments 

ordi nating the Government's In their. evidence to the .Wilson faced In every field of housing 
small firms policies, and a dele- Committee on financial LosUtn- ■ and that they should do what 
gation of bankers led by Mr. lions last June they said, they ; they could to help resolve . 
Gordon Richardson, Governor of knew that small businesses! them. 

the Bank of England, and Mr. suffered from a- -lack -of risk} « Interference " In the socle- 
Anthony Take, of Barclays Bank, capital, even though tfca banks ties* affairs was always 
who is chairman of the Com : bad taken steps to help both by! resented and It was easier to 
mittee of London Clearing developing .their own equity! Let someone else worry about 
Bankers. finance subsidiaries and through i problems like loans on- poor- 

The meeting was tbe latest of tbe Industrial and Commercial j quality housing when . there 
a series which Mr. Lever is hold- Finance Corporation. ' was plenty of good business 

Ing with various organisation They also said that they; about, but the movement had 
concerned with the problems of believed there cotild well now be : * 0 hear in mind the consc- 

small businesses. Fresh Govern- a “proprietorial gap” in the 1 -* — - — * — 

merit proposals to help them are financial system because of the 
likely to emerge in next month's diminishing role played by the 
Budget Individual entrepreneur and 

The main topic discussed last private shareholder. 

quenres of not assisting the 
Government la overcoming 
problems, 'he says in the 
Building Societies Gazette. 

Mr, Griggs* comments comb' 
A a time when the societies 
will decide on whether or not 
to comply . with Government 
request to timtt mortgage lend-' 
Ing in an -effort to ciirb house 
price rises. ' 

- He was not referring -spect- 
. fically to the latest difficulties 

confronting the building 
society movement, - although 
the prosper! of further Govern- 
ment Intervention, in their 
affairs will play a major part 
in a decision at to-day's meet- 
ing of the Council of tbe 

- Building Societies Association. 

.While ihc societies bellere a 
decision to cut mortgage lend- 
ing Is wrong, most feel that 
some move towards meeting 
the Government's wishes must 
be made. 

Sir Raymond Potter, chair- 
man of the Hall Tax Building 
Society and the Immediate past 
president of the association, 
said in London yesterday that 
the societies faced the dilemma 
of making mortgages more 
difficult to obtain and keeping 

people out pf the home tna 
ship market or take the riffi 

a price explosion. . 

“Nobody wants fc 
explosion. - The 
what Is a price 
Is It going to happen? 

“ l think there b 

said for the argument 1 
house prices have stm 
moved back to their appim 
ate position In the scale 
costs.* 1 

Sir Raymond added l 
there were “ certain Indi 
tions” to suggest that pr 
movements might not be c 
fined to the " levelling 

'Last year, the Halil! 
achieved a record ] 
figure of over £1.3bn 
143,000 new mo: 

Nearly a half of aU 

advances went to people 

ing £4,000 a year or below. T 
assets of the Society at the e 
of January were £6.5 bn., a , 
a rise of 2&3 per cent orer I 
previous year. 

R nr 

Last quarter improvement 
in company liquidity 


COMPANY liquidity showed 

Government ‘could boost hous^* 
production immediately’ 

. ___ . 1 A SCATHING attack on the The report gives nine examples two months. 

COMPANY liquidity showed a even faster m the itou^ quarter. pres€n t planning system Is. cam- of bow planning delays through- ” The bousing market need- 
marked Improvement in the last waen seasonally aa-i taine ^ in a ^ 0 ^ commissioned out the country have added to plentiful supply of land res 

quarter of 1977, taking It up to __ . • _ iby some of Britain's biggest builders’ — and housebuyers' — with planning .permission now 

levels not seen since the easy in llnT on ,v^ !hoase builders, Michael Cassell costs and provides an example meet demand. Almost 70 j 

money days of 1973. This Is writes. In which there was a five-year cent, of the British populati 

shown by™ a Department of T ^ ,e "WF* **** delays are delay before any bricks were have said they would like 

Industry survey of over 200 com- * \ ^ g? ta5nI£eS' tB,wg millions of pounds. Gov- laid. home a E their own. but only 

panies published in “Trade and f_ r theorists I ernment action could improve The report says that local per cent have achieved tf 

jdustry" to-day " ,“ q Sr Ttmi hi? 1 lh e system immediately and authorities should be made to aim. 

x?f«* fin* S 1 hoost house production, since identify five years' supply of "If more are to have th< 

demand is particularly high. . building land for housing, wish Rrantedihere must be sox 

The authors, a town planner Builders should still submit radical. non*polttfcal changes 

our planning system. Del 
cost money and It is the ct 
sumer who pays for that delay 

'political reasons and invariably mission exists, scheme details PUnming /or New Homes l 
ignore central government should he delegated to the Plan- Ninel Moot and Robert ijmgio 
\ advice. ning officer and approved wilhin 175 Piccadilly. London \ Vl. 

survey began In 1970, current 1976 and early 1977. But this may ; 

figures). But liquidity increased company profitability. 

State pension opt-out 
by 10,000 employers 

Full house at 
The Garden 


Leyland fears components 
shortage may cut output 


MORE THAN 10,000 employers contracted-out and so far there 
have decided to opt out of the bad been no further evidence to 
new State pension scheme and make him change that figure, 
make their own pension arrange- Lord Allen of Abbetdale. chair- 
meats for employees according man of the OPB. also emphasised [ 

to figures issued yesterday by tbe that employers still awaiting ; _ „ . . . . . - . _ _ . 

Occupational Pensions Board So submission of applications should ; SUPPLIERS OF components The French -had reached agree- basis of commercial logic— ant 
far more than 4,300 contracting- do so under the emergency pro- i rather Chan the British Leyland mem to restrict market pesetra- that . is the basis on which th< 

out certificates have been issued, cedures unless the pension i workers might be mainly resfron- lion to only 3 per cent.: did ibis now Board haa accepted the chal 

The Board pointed out that, scheme rules were of a standard ,sible for restricting car output mean that the French industry lenge— then it must not be pul 

though the new State scheme pattern agreed between the ; this year, Mr. Michael Edwardes. w.-js in three times the mess, of a* jl commercial disadvantage 

the company chairman, wanted the Bririshj«tQt?_M£ Edwardes by tmdug JftUe' control over Its 
yesterday. a??Ked.. * investment progrrfhme..once th 

Speaking in Coventry, he There - was- discussion ^JWQOng pfw»pww.ha*. been accepted 
expressed concern that suppliers businessmen about the aggros- the NEJtt add Government” 
to the industry did not believe sive Japanese sales approach ^ i* Pok™ 

manufacturers' forecasts that over a wide range of products. SioooJjf 1 r^aonniihF 

U.K. sales' this year could be The deal struck between Britain ?5[„22f * ( «SmLwi 

.boat X6m. mu) Japan on car Import.. «a» ^Mnon 

"My. colleagues who run “moderate and sensible." ' 

British Leyland cars tell me Mr. Edwardes also spoke out * n 

their biggest anxiety is not out- strongly for reforming the com- SeSjjJS JSrfav bv ^he 

put from our work force, but pany's finances ^nd warned of by the 

the ability of suppliers tothedangerofmaklnRtberelea5e DepartroentofInd,, ® try ' 
support the increase in demand." oF funds conditional on "good Commercial vehicle producs 
Mr. Edwardes was optimistic behaviour. 0 '■ non was down" to a recorded 

[about progress made since his (seasonally adjusted 

“■ ' 2H.400). romparbd with 33^00 

iwere down; quality, output and ' “f . .. -f^pasonaHy __wfl juried 33,300) In 

started on April 6. there could be Board and au insurance company 

another 6,000 employers who had 

still to send in their applications. 

However, the Board could not 
say how many employees were 
covered by these schemes. The 
Government Actuary some time 
ago estimated that about 9m. 
employees would eventually be 

Equal Opportunity 
is not a mate of opnm- 


When a woman applies for a training course with a 
company she must not be discriminated against on the 
grounds of sex or marriage Nor must she be discriminated 
against whilst she is taking the'eourse. Discrimination 
against men is also unlawfol. 

Employers can, however, discriminate in favour of 
their employees of either sex in one area of training. Where, 
over the last year, one sex has predominated in a particular 
job, employers are allowed to provide access to training 
facilities for the opposite sex. They can lawfully encourage 
women only or men only to apply for the work. Once training 
is completed employers must recruiter promote the best 
candidates regardless of sex. 

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

Equal Qp portaiffiep-A Guide fop Emp ires 

The employment provisions of the Sex 
Discrimination Act explained in straightforward language. 

Equal Op partunil y 

Rfliciesand Practices Id Emtilc f Tment 

Practical advice on implementing the Act in your 

• Send for and read these booklets and you will have 
the best general advice available on the Act Of course, If 
you have any particular problems we’ll be pleased to give 
you all the assistance we can. All you 
have to do is ring or write. 

TO: Department CL Equal Opportunities 
Commission, Overseas House Quay Street 

Manchester M3 3HR Telephone: 061-833 9244. 

Please send me Hie loUowing pubtica tions 
In the quantities indicated: 

copies of H Guide for Employers’ 

. copies ofEtpaiOpportOTHly Polities and 

Practices in Employment 1 



Puffier? — 



« J Opportunities 

Commission ™ 

tamvMUBMnHMHiBueaiiai J 

lobby EEC 
on prices 

By Our Consumer Affairs 


out Europe are lobbying Euro- 1 

pea n Parliament members to j arrival "last November. Disputes New PftnifV 

increases onj were down; quality, output and * _ 

foods of whichthere is a surplus: saigg were up _ “I may be stick- British Leyland is believed February, 1977, 
in the EEC. Their -demands are . j n g m y neck out. but believe to have lhe support of lhe' 
broadly m line with those of the --- -- - - - - - - 

British Government and coetej 
in the week before the Parlia- t ___ 

‘nonsense" The id"ea that*” the five-year programme agreement between the British 

Japmese had Imposed a volun- Mr. Edwards said ." I believe it and. "Japanese Governments to 

ment is 

due to debate farm 

The move is a further step inr ra ry io percent restriction upon has generally been accepted by put a cellfne on car and conv 
J® 10 J™ Co" 1 : imports because the British the political, parties that if the werdtl whlcto " tmoorts this 

A deputation of Dataun car 

munity decision-makers to take 
consumers more seriously by pr & 
sentins a united frmt. 

All the eroups affiliated with 
the Bureau European des Union* 
de Consnmmateurs have written 
to their MFs asking them to bar/ 
demands for: — 

• A freeze on tbe support prices 
of products in surnlus. such as 
dairy products and sugar, and 
restraint on all other guaranteed 
farm nrices: 

• Reductions In EEC farm orlce* 
to compensate for anv chanzps of 
ereen currency rates whirh 
otherwise ra'se averaee EEC 
nrices and add to surpluses: 

9 An end to the 3p a kilocranimp 
tax on the sugar substitute. 
Isoglucose. • 

industry was “ In a mess.” 

company' is to go forward on the year.- 

vehicle Imports 

Public backs 

MORE THAN 50 per cent of 
people covered In a recent 
survey believed that the Govern- 
ment should provide tax benefits 
for employee sbare ownership 
schemes, according to a report 
published last night by Market 
and Opinion Research Inter- 

The survey, carried out after 
the publication last month of 
the Government’s consultative 
document on tax incentives for 
share ownership schemes, 
covered 1,612 adults. 

Stockbroker had £2m. 
available from banks 


EXTENSIVE share dealing by Moscow Narodny Bank to draw 
former stockbroker Mr. Alan funds up to £500,000. and other 
Hannan, 34, was described at facilities with the Midland Bank 
his Old Bailey trial yesterday up to £250,000 and with Williams 
when he denied conspiring to and Glyh’s bank up to £100,000. 


he q f?re ty it t0 SZ ^ jjam mered* "fn SaOWWoSo* 1 ^ “ P thS 
before It was hammered in Slaler Walker group. 

_ e cr, — v, __ , Slater Walker used to advise 

The trial of Mr. Hannan and ws— u:,. : ‘ „ 

thrpp nthpr rlpf^ndanN Mr ” Tax.alMlrs ADd it was 

G?oie Miner. 38? M? Ra“h ?' S* ““f 

Clarke, 50, and Mr. John Good- Sw* WaUcer bankin « fed- 
sell.- 35 has lasted eight weeks. uue5 - 
Mr. Harman, of Putney Heath DeFence counsel Mr. Richard 
Lane, Putney, said that before Du Cano, QC. asked him: “You 
the collapse he had facilities up *? ere not a l° ne 1° having faciii- 
to £2m. available from banking ties ot this sort from various 
institutions and finance houses, banks?” 

but he did not use them alL Mr. Harman: “The banks were 
“ I never used funds provided falling over themselves to give 
by Chapman and Rowe to finance these facilities and everybody 
any of my dealings. All my I knew badthem. The facilities 
dealings were paid for either by were granted long before the 

08811 °L/ ro ? funds downturn in the market in 1973- 
raised by me outside the firm's 1974.** 

pa ui ,e v S r . • , The hearing was adjourned 

He had a facility with the until tb-day. J 


Steel demand 
shows no 

depressed. The British Steel 
Corporation and- the British 
Independent Steel Producers’ 
Association reported yesterday 
that no discernible improvement 
couH be seen in the underlying 

February steel, production in 
Britain was 6.7 per cent, below 
the level of a year ago at an 
average 396,000 tonnes a week. 

The one bright spot Is that 
some British plants have re- 
ported an improvement in their 
order books. The main reason 
is thought. t^.be~ the impact of 
the Davlgnon Plan, which came 
into effect in January 

£1.6m. computer 

Marks and Spencer has ordered 
an ICL 2970 computer worth 
El.enr. It will be, installed at the 
company's computer centre la 
West London this month. 

Marks and Spencer operates an 
ICL 1904S which Is working to 
capacity.-- This machine will run 
in parallel with the 3970. 

Defence order goes to Canada 


G0V - fqr_« ? _e contract h,a.l« S d 7 been 

cycles with a Canadian company BSA ,350cc B40 machines u«ed 
after E. Cotton Motorcycles, of for lightweight duties. 

2n'i^^SSV. 1 S??8Ll* nKK a.S'cbICMO, in 

Cheltenham, Ote mV British An “offidaf tenderwu placed SS'JFS J " * F* »' »» Slflt bankf- do no? 

d spent fip«.qpo last Jill, and machines could ^dtecMs™- heHeve in tbc Brltlsh motorcycle 

contender, had — •-me ■«*. »*HJ ohu uikuiiiu COUia ran rllcnna' Its mihlU'i ----- - . vvv winiau HltM-Ul 

develop, n,a machine tn win ate "- supplied from April MB : |e 

The order for 87? lightweight . Last July Mr. Wilson was lold WI ‘ h -* Bnttsb infract would have paved the 

by Norton Villiers triJmphT ” but Mr. Wilson believes the main ^JM K i7ewSS TSSr S 

Mr. Terence Wilson, managing so , thSt mSufe J*** was ^ to 15.000 after “u? /ears, 

director of E. Cotton Motorcycles, accounted for 75 per ceSt. of^hl hflitv Cotton Inatea J d - prototype motorcycles 

said It was a public disgrace” contract nriee. biiity oF E. Cotton Motorcycles prepared For the police, for mill- 

k^MtU-UalM “®FH^ "onWtoe^ei 8 

The company bad been notified Wilson 

by the 

t , «hn a ica , i%e"Sls “«-n>raaln on t hc shelf. 

as good as The company would concentrate 
Finance for the tooling needed machTo^s^ speciaIised racing 





:Tlmes;Friday JVIarch-10 1978 





British Airways 101 depa mires '' 



Every day up to 101 British Airways flights leave 
HeathroWj Glasgow, Manchester, Birmingham, 
Bristol and Cardiff for 58 European destinations. 

For you the businessman, more flights mean 
that we can slot into your schedule rather than you 
having to squeezeinto ours. 

You’re often able to make an early start, 
complete your business and be 


Europe,fly theflag,feel atho^S*v~ 

British WAf 
airways f//j 

Vfle’ll take more care of you. 

. : j.* 

. , j: ■ r ’ 

:- -; T 

Figures show fcaaed eo plumed schedule far Monday April 3 rdJ 978 . 



in postal 


British Caledonian 

plans £69 U.S. fare 

CBI talks; Fierce competition 
on pay j. petrol sites to close 



business is showing a rise in 
productivity rates, after some . 
years of falling output. 

However, the inland letter ser- 
vices — which account fur 55 per 
cenL of the postal business's in- • 
come— remain consistently and 
increasingly unprofitable. 

Over the past financial year. . 
which ends this month, the , 
postal business will be able to 1 
report that it has handled 1.5 ! 
per cent, more work with L600 
fewer people, while operating . 
costs have gone down by 0.6 per j 
cent. Mr. Denis Roberts, manag- 
■ ing director of posts, said 3t a 
Mail Users' Association lunch 1 
yesterday. , 

. The major success has been , 
in the inland parcels section, 
which has historically been ! 
what Mr. Roberts called “a- 
disaster area." In 1975-76. parcels . 
lost £43m.: in 1976-77, they lost 
£23m. “This year, however, it 
Is a business worth having," he : 

It Is understood that while 
parcels will not make a profit. ! 
.they will cover their direct costs. • 
plus a margin. ; 

Inland letters, however, have - 
proved to be less amenable to • 
aggressive marketing, though ; 
there was considerable scope in 
this area for the future. [ 

The problem here was that the '■ 
old ratio between growth in gross ! 
domestic product and growth in | 
letter traffic, which had been ! 
roughly 2:1, could no longer be j 

The postal business is ex- 
pected to declare a profit of' 
around £12m. in the present I 
financial year, half of last year's] 
figure. j 

Since inland parcels and over- 
seas parcels and letters have im- ! 
proved, it is clear that inland ! 
letters present the corporation I 
with a major headache. i 

Mr. Roberts said tbat as new I 
electronic communications came] 
on stream, and as their price; 
began to fall, posts would face ! 
more competition. j 

While the mail mechanisation I 
scheme had been delayed, it was j 
now likely that 60 per cent, of all • 
mail would be mechanised by i 
1983. I 

BRITISH Caledonian Airway's is 
proposing the cheapest trans- 
atlantic scheduled air (arc of £69 
single between -London and Los 
Angeles as-, part of its plans to 
resume flights on this route. The 
lowest fare now is £269.50 for an 
economy class single ticket, or 
£127 for an Advanced Purchase 

Excursion return ticket. 

The airline, which has held 
rhe licence for the Los Angeles 
route for several years, stopped 
flying on it in 1974. as part .of 
a retrenchment scheme. It is* 

seeking to be “ re-designated " 
as the second British airline on 
the route, in addition to British 
Airways. A public hearing before, 
the Civil Aviation Authority is 
set for next Thursday in London. 

British Caledonian is facing 
touch competition from Laker 
Airways, which is seeking the 
Los Angeles route with a Sky- 
train senrice of rhe type already 
successful on.-the North Atlantic 
to N«»w York. Laker's proposed 
sincle fare to Los Angeles is 

The British Caledonian rate of 
Sfi9 single is the lowest in a 
*■ package ** Df new fares it is 
□Bering! It is equivalent to 1.26 
pence for 2 A US cents) per pas- 
senser-mile flown, and is thus 
claimed to be the cheapest trans- 
atlantic fare yet. 

The airline is aiming to offer 
this package from August 1. sub- 
ject to it being declared the 
o'icial second British airline on 
the Los Angeles rou’e by rhe 
U.K. Government, and its fares 
a':> heine approved by the US. 

The other fares it is propns- 
ing include a first-class single 
rate oF £556.50; an executive 

Mr. Alistair Pugh: Aim is to 
streamline transatlantic 

“ full facilities " class of £269.50; 
a slightly cheaper, less luxurious 
executive class at £220; a thrift 
class at £200; and a “ bottom 
dollar" fare of £80 single for 
advance purchase (no later than 
30 days), with a “late-save ” 
instant-purchase (within 24 
hours) fare of the same amount. 

The British Caledonian £69 
fare is called the “ Eleventh 
Hour” rate. A passenger will 
go to the airport two hours be- 
fore departure, pay his fare and 
get a “ wait-list” card. One hour 
before departure he will be told 
whether he has a seat; if be has 

not been allocated fine he will 
be refunded his money. ■ 

Mr. Alistair Pugh, deputy chief 
executive of British Caledonian, 
said the aim was to streamline 
transatlantic * travel by cutting 
the number of available fares. 

British : Caledonian does not 
believe that the needs of the im- 
portant transatlantic market can 
oe bes.t served by a onc-class. 
low-fare service which employs 
the British flag designation to 
discriminate- against the legiti- 
mate requirements of normal 
business travel and the develop- 
ment of international trade. _ 

Because the proposed fare is 
not likely to be used before 
'August 1. it is not expected lb 
complicate. the current Anglo- 
U.SJ transatlantic fares discus- 
sions in Washington. On the 
contrary, it is expected to help 
the U.K. negotiators in that it 
shows that at least one major 
U.K. airline is anxious to get 
fares down. 

No details are yet available of 
Laker Airways' response to the 
British Caledonian cheap fare 
plan. But Mr. Freddie Laker, 
chairman of Laker Airways, has 
already said he regards the uuh- 
lic hearing; as giving the U.K. 
Government, through the Civil 
Action Authority a “ last 
chance "to show that it is willing 
to accept the principle of cheap 

British Airways is expected tn 
he represented' at the public 
hearing, brit it has not yet lodeed 
any objections to the Laker plan 
for a Skvrrain-type ‘=erv i ci» Tn 
Ln« Angeles nr tn the British 
Caledonian package. 




FIERCE competition and sluggish in new outlets. 21 ri S£ntrv l 

growth in the petrol market has Keen competition on garage the country. Iff »cnota}. w 

.taken a further toll. of -garages forecourts is likely. to. continue. ^oW in *e MidUod^and 
open: to motorists. - The institute points out lhat the North of England tt-.5p * g, 

• Just over 1.000 U.K. - sites pump price per gallon has more expensive than -In 

ny iauu ellidtT MDUSTRi stopped selling petrol last year, scarcely moved IB the past two Greater London area. 

BY JOHN ELLIOTT, WDUSTRi stoppers* of ~“ rs . Between March last year The ianlUM reports that 

TALKS BETWEEN CBI leaders Petroleum's latest statistics. In and January. 197S, the avenge prices can hardly go any, l tt 

: and Whitehall civil servants are Uie past seven years. 7.758 sites price of four-star petrol rdl from oil companies may decide to 

tn continue during the next few have been closed,' leaving fewer 75,50 to 73.Sp a gallon. , up forecourt promotions to t& 

j... -i .. ,i.„ nr mi- annnn in nnmtmn ' jhnK< fh->> neinx tr:irv tain salpj and market Shame 


days about the insertion of pay than 30.000 in aper&uun 
policy clauses in Government In that time, however, oil com- 

contracls following a tiro-tour panics have increased the 

meeting last night involving number of self-service sites.^Last 

Ministers. year, self-service pumps were _ 

The aim of the talks will be to installed on 632 sites. 

, solve as many detailed problems The average throughput or 
about the clauses as possible* garages has increased suDstan- 
! before the CBI's monthly coun- (tally. The Institute says that 
cil meeting next Wednesday, each sue sells an average or Shell 
‘ which will consider whether it about 165.000 gallons a year, 

'clauses . 

* During last night's meeting, at Petrol ,, h _ M . , 

which Mr. Roy Hattersley. Prices 2.2 per cent, compared with a Mobil 
Secretary. led the' team of rise of 5 Jl per cent, in 19T6 and Fina 
Government Ministers, it became even bisqcr increases in tne Total 
dear that there are certain points ; early 1970s. Burmah Group 

which the Government is not pre- ' A furtner modest ^ me is jet (Conoco) 
pared to concede. These include , expected this year, a' lihou»n tm- Elf 
a right to be the arbiter of what Insttinte feels that it will not be 1C! 

is allowable under the pay policy enough to prevent more closures. OTHERS 

and the fact that the contract At least another 1.000 sites could 

Statistics dhow that prices vary tain sales and market shares, 


Number of sites 
Total SaKuenricc 


icil Will ■ubihit ll auuui r - „ . ,aaium . ... . 

!ht to issue its own rival compared with just oyer 100,000 British 
ises to member companies. gallons in 19*0. Natwrwi ^ i 

urine lair nieht's ' Petrol sales last >«r rose b> Texaco 

anu nit: uuu me comraci .n t qtaL 

clauses will be draFted so as to disappear this year, though inac* 

. cover future phases of pay poliev. pendent suppliers might invent . 

phases of pay poliev. penden 
Talks with civil servants will 

try to meet some of the CBI's' 

detailed worries about the word- 
ing of the clauses no iss'ies surh 
as the responsibility of a enn- ' " 

tractor for sub-can tractors and 

the definition of a pay settlement 



22 '■ 



2 U « 



HL9 i;U 



7.2 ' ‘X 







1 ,0$* - 


■ U ‘ 



n «fr' i 






145 . 

x* ... 











foitiiuc* of Petrol 




PETROL PRICES (four itar grade) 
pence per gallon 


Apr. May 

June July Aug. Sep. Q«- Nov. Dec. ft 




N« H h'r,f OT »“ dtoE*. £3. «« .<*"«***«*> 



















British Airways wants 
landing aids study 

..“But mechanisation only! 
affects one-third of our costs. It ; 
is not a solution to the problems I 
of the Post Office.” . 1 

pean airlines to be cautious about 
new landing aids. It urges them 
not to be stampeded into accept- 
ing the “ time reference scanning 
beam ” or TRSB favoured by the 

B.A, in a letter to other mem- 
bers of the Association nf Euro- 
pean Airlines, is suggesting that 
a meeting should be held on 
March 14 and 15. to consider 
developments in the battle to 
find a new landing aid fnr the 
future to replace' the existing 
Instrument Landing System 

The struggle to provide a world- 
wide system lies between the. 
U.S.-supported TRSB. and the 
British - supported Doppler 

system. A final decision is to be 
taken by the AH Weather Opera- 
tions Panel of the International 
Civil* Aviation Organisation in 
the next few months. 

BA feels that any premature 
adoption of the U.S. TRSB 
system could mean risking sub- 
stantial sums with no guarantees 
of aghieving the operational 
standards required. 

Accordingly, it is suggesting to 
its partners in Europe that the 
whole question should be 
reviewed again in depth, and that 
the International Air Transport 
Association, representing all the 
airlines, should be prevented 
from what it feels would be a 
“ premature ” adoption of the 
U.S. system. 

link trials 

to acquire 
station site 


Authority will, carry out trial? - 
next Wednesday of a proposed 
helicopter link between Gar.vick 
and Heathrow Airports. 

Using the U.S.-built Sikorsky 
S-61N helicopter, flown by British 
Airways Helicopters. the 
authority will make three out 
and return . flights between the 
two airports- to take noise 
measurements, and to test the 
efficiency of tbe service. Flight 
time will be .12 minutes each way. 

The authority hopes to intro- 
duce the helicopter link on a 
regular basis Before the end of 
this year, to allow passengers 
to make connections with other 

By Rhys David 

MANCHESTER 15 tn use the 
Community Land Act to acquire 
compulsorily ihe 23-acre Central 
Station site in the city centre for 
development as an exhibition 
and. conference area. 

The station — the interior of 
which was similar to St. Pancras 
in London — was closed by 
British Rail nine year*: ago and 
has since changed hands several 
times. But successive owners 
have been unable to come up 
with commercially viable 
schemes for redevelopment, and 
it is now being used for car 

The latest owner i- George 
Robinson, a local demolition 
contractor. which paid a 
reported fT.45m. for the nation 
last November to English s*nd 
Continental Investments The 
later had bought the site v.ith 
the help of the Crown Agents 
during the agents' til-fa led ex- 
cursion into the properly 

Demand for factories™ 
‘indicates recovery 


RECORD demand for new 
advance factories indicated Ih3t 
jhe economic recovery had 
started. Mr. Geoffrey Rablnsun. 
chairman of the Government's 
English Industrial Estates Cor- 
poration. sa;d yesterday. 

Mr. Robinson, who recently 
succeeded Sir Horace Heynian, 
sa:d in Doncaster that industrial 
inquiries for l he factories built 
for the Department of Induslry 
in the assisted areas of England 
had trehted tn the past two years 
and were still increasing. 

Existing factories accom- 
modated about 500 companies 
employing 114.000. There was 
potential for anniher 17,300 jobs 
in newly-built units and. those in 
the pipeline. 

The workload or the . corpora- 
tion Involves spending £5*ni. on 


land and engineering. 

Thp corporation did nut expect: 
any great difficulty in letting the; 
factories it had or was planning' 
tn build in the next two years 
in Yorkshire and Humberside 
••The number of inquiries for 
factory space in the past 10 - 
months h3s been higher than fnr 
any time since we came to tins; 
region eight years ago." 

There were 79 advance fac- 
tories employing 765 worker*,', 
but capable of expansion tu 1.S00 
workers. Those being built or- 
planned could create another* 
1.250 jobs. 

J(Ir. Walter Be van. chief execa-j 
tiie. sai 

... said the corporation had; 
rJiuglti enough land In South; 
Yorkshire to create up to b\OOQ ! 
new jobs if there was the. 
i demand. 

s: - ROY HARItoO. one nf f 
tain's foremost economists, 1 
died at the age of 7S 
He made hts reputation in 
Inter-war period at Oxford, d 
mg which tithe he wrote 
most Important academic wo 
liii*»ruiinoal Econnmits 
However, he will probably 
be- 1 remembered for his clas 
biography of John Muync 
Keynes, which was published 

' Sir Roy. who was knighted * 
1959. served in Sir Winst 
-Churchill's private statist ii 
staff in the Admiralty in 19 
and in the prime Minister's ofli 
From 1940 .to 1942. 

He was economic advisor 
thi International Monetary Fut 
from 193243 and president 
Ihe Royal Economic Society. 


Property Market Indicators 


IWV7fiMflH 77 JUl OCT FEB 78 


• A poll by the Royal Institution 
of Chartered Surveyors 
RICS member firms und 
incepting institutions in all , 
regions i cere asked if there 
teas a rising (R). sialic <S) 
or falling f F I trend in rents. 
investment yields, capital values 
and investment activity for 
, different classes of commercial 
I and industrial, property. 


toalr j^jj miiiic 



i p h H 



HOV *76 MWB7? JUl OCT FEB 78 


,m> m* 

MAH'77 JUl OCT FEB '78 


IM J - 


MflP'77 JUl 


Funds lower their sights 

The shortage of prime quality 
Investment properTies is heitin- 
ning to force many institutional 
buyers to lower their sights and 
consider secondary, and longer 
reversionary properties. But at 
the same time, a number of 
funds have abandoned tbe mar- 
ket rather than dilute their in- 
vestment criteria, and those still 
willing to buy remain highly 
selective in their choice of pro- 
perties. The classic definitions of 
a * prime” property are being 
blurred by the weight of invest- 
able funds. But there are no 
signs of the indiscriminate 
scramble for properties that was 
a hallmark of the 1972-73 boom. 

These poinst emerge from the 
seventh quarterly poll of busi- 
ness indicators in the property- 
market carried nut by the Royal 
Institution of Chartered Survey- 
ors in conjunction with the 
Financial Times. 

The poll reveals a striking 
unanimity amongst RICS mem- 
ber firms about the strength and 

scope of recovery in the peo- 
'!>•; But 

perty market nationally 
once again the poll confirms a 
marked difference between the 
regions, with Loudon and the 
South East leading the way out 
of recession, and markets in the 
Midlands and the North only 
now beginning to come to life 

Firms in London and th* 
South-East reaffirm the trend of 
rising office rents and capital 
value? throughout the region. 
Ynr thp first lime every firm 
untied reported rising office rents 
in the City of London, and West 
End And rnnflripnf’C in ibe 
ler.frii mark"*! m-r-rsnilti inm 
ifi*> office :*!!|i-Vpf of the South- 
East. $s a whole. 

In July last year only II per 
cent ot firms polled believed 
that office rents in the South-East 
were on the move. That figure 
rose to 31 per cent, in October, 
and to 50 per cent, in the 
February poll. 

A similar trend emerces for 
prime shops, factories and ware- 
houses. And even secondary 
shops are beginning to show 
signs nf rental movement. 
In the October poll only 36 per 
cent, of firms believed that- 
secondary shop renls were 
rising. 63 per cent, saw a static 
market nationally, and 1 per 
cent, believed the rents were 
still falling. By February: 43 per 
cent, of ilnnis saw an Improve- 
ment m secondary rents, 
although the balance still 
rcsnrt a static market. 

Tbe sharp increase in indus- 
trial land values noted in . the 
October poll is carried through 
to the February figures. 

On a national basis 75 per cent, 
of the Anns polled in February 

report rising land values against 

71 per cent, in October. And 
any doubts about the strength or 
the market for land in the south- 
east seem to have been disoeliecL 
with' 100 per cent, of firms report- 
ing rising values this time com- 
pared to 79 per cent, three 
months aao. 

The East and West Midlands 
continue to lag behind the Souih- 
East on nil fronts. Reviewing 
office rents; over SO per cent, of 
firms bplievi? lhai the market in 
both regions is still static. And 
firms report a slight fail in invest- 
ment activity in the two regions 
over the past quarter 

One pal tern "merging from 
recent polls is that, the further 

from London: the more fragile 
the market recovery. 

In the office markets of the 
North, for example, 18 per cent, 
of firms reported rent increases 
last July, a figure that jumped tu 
45 per cent, in October but which 
fell io just 30 per cent, in 
February. That rise and fall is 
mirrored in the figures for invest- 
mem activity- in ihe north with 
67 per cent, of firms reporting 
increased activity in July, 92 per 
cent, in October, and only 75 per 
cent, in the latest poll. 

Regional variations apart, the 
overall trends of .investment 
activity, rents and capital values 
are still on the rise nationally. 
And this- rising market, which 
has yet to generate any aignifl- 
cam flow of new development' 
■activity, has created serious 
supply problems for the investing 

RICS Member firms replying 
to the February poll were asked 
whether the weight of Tnvestab.le 
funds chasing a declining supply 
of prime properties was Torcing 
institutional investors to accept 
secondary and longer rever- 
sionary properties. 

The firms' replies suggest that, 
although lower vields have forced 
some funds io withdraw from the 
market entirely, most institu- 
tional investors arc now reluc- 
tantly considering lower quality 
properties than usual. 

This trading down process is 
not as clear cut as a simple divi- 
sion’ of the market into " prime ** 
and "secondary" quality would 
sucgesL As one firm comments; 
'* Wo fool that the whole market 
h.i< tn hp seen as a sprrtriim of 
opportunity with first, second 
and third class propositions 






; Sff 



-j — — 





















Compared With three months ago: 

. -- ■ 



What is the trend of rents f 












8 .' 





(a) Offices 





























o - 








15 ‘ 













(b) Prime Regional Shops 





6 • 





















0 _ 























(cj Secondary Shops 












- 9 






. 0 







- 0 





■ 0 _ 




. 3 















(d) Modern Factories 








































- 7 



14 ’ 



2 - 



(e) Modem Warehouses 


































Wh« is the trend of investment 


v ' 

















(a) Offices 



* 1 






' 4 


4 • 






F. • 














_ 1 


















(b) Prime Regional Shops 






























9 _ 












• 0 







(c) Secondary Shops 









10 v 








































(d) Modem Factories 









3 • :' 





4 ■ 



F • 








1* ; 







157 ' 

(e) Modern Warehouses 
































36 ■ 









16 ■ 









What is the trend of capital 
values ? 


(a) Offices 














6 - 















6 ' 




















(b) Prime Regional Shops 






























i 0 . 



















(c) Secondary Shops - 













8 - 

- j 



















' ’ 1 









. 0 








* . 









15 - 








(d) Modem Factories 







- 4 




3 ' 



















0 . 



.(•> Modem Warehouses 









15 - 







'2 - ■ 


2 . 









’ 4 

s • 


48 • 



0 . 














(f) Industrial Land 


5 . 























- 6 
















0 • 








Activity in investment markets 







14 • 










< 5 



















• 0 












- i 


merging into one another- as 
there are so many variables .con- 
cerning quality.” 

in practice, firms note increas- 
ing interest in properties with 
longer ■ rent review • patterns, 
although there is still resistance 
to longer leases where reviews 
ar.e sei at intervals of 'more : tban 
seven years. 

London .firms report interest 
in previously unpopular invest- 
ments. such as department stores. 
They also confirm that the tradi- 
tional discount for larger pur- 
chases had been abandoned, and 
that funds arb wilting. to .flay a 
premium for ihe opportunity of 
buying larger prime unit* ,hat 
absorb £5m. or more, at a' tmie._ 

Demand for properties the City 
of London and the West End is 

forcing funds to look to the 
fringes of their normal invest- 
ment criteria to flit portfolios. 
BuL as with the general pattern 
of letting and investment activity, 
the pressure -to buy and the 
pressure to consider other than 
prime properties, eases off away 
from the CapilaL. 

in the South East firms report 
only, very selective trading down 
to tower erode investment pro- 
perties. Firms report “a greater 
willingness to consider sale and 
leaseback deals with good and 
average quality covenant.** But 
“ whollv . secondary propositions 
are «Uill fliffimilt to olace." ' 

East Anglian firms report 
limited demand fnr hi'sh yielding 
snrondary Investments frnm 
private properly companies. But 

the institutions’ paly concession 
to a tight market in the region 
ha* been to extend rent review 
criteria from 5 up to 7 year 

One Humberside agent, under- 
lines the funds’ differing views of 
the market, commenting that 
some u are very keen to consider 
anything, and others are Mill 
very choosey And a Leeds 
agent writes that there has been 
a slight relaxation of investment 
standards but * the Tact that 
there is a .shortage of proposi- 
tions and the current low levels 
of yield, must however, be an 
indication ihat fnstitutions are 
generally Keen to maintain 
investment criteria as far as pn«. 
sihlo. and are not prepared tn 
accept secondary propositions." 

Where funds are relaxing stan- 
dards, the agent feels that this 
ts in “ the acceptance of lesser 
covenants rather than poorer 

in tiie north arid north west. 
Arms report isolated instances, of 
properues with longer rent 
review periods becoming accept- 
able as institutional investments 
But overall, one Manchester firm 
comments 'hat “ there is ao wide- 
spread dilution of quality 

Scottish and Welsh agents 
report a more relaxed institu- 
tional approach tu properties, 
with Instances of property with 
tcn-ycar rent review permits 
becoming saleable. Rut ih<* down- 
grading of quabiy criteria slops 

short of badly located property. 

The very selective lowering of 
inatiiuuunst' property investment 
Criteria for completed properties 
carries over into rhotr increased 
wtuinsneft* iu. finance develop- 
ment propositions. & llt evidence 
Irotn the poll unjj elsewhere sug- 
gests that runds'sttil ttubi shy of 
lung term financing commitments 
preferring 12-momh industrial 
building projects, and lS-numih 
tu two-year shopping centre 
schemes. Only a wry . few nv- 
stituiidns Iijvi* committed iuur 
anu five-year money to new oilier 
development, a point that 
matches their rnrrpn't unwifhni- 
nc «\ tii chase high risk, high 
yuMdtna, wholly honimiary pit* 
pertit'K m the exist property 

• ' * ; *. » . 





•giS&ncfkl Times Friday ‘March' 10 1978 






•_ - . 
Ait . ; 


* u &,i 



~ 1 '** i. 



... V 

t ‘e;; 




i *■* 

Ji k , 


■ . j 





e \1I against fourth 
)ay phase— Gormley 


• 2 raiaos' .con- and other recent executive ffect them into line with the retlre- 

-u* » 0,UT,Qn fa* slons are expressed jn the con- ment scheme for underground 

«»?i° “y phase Four ferenee agenda reviewed by the miners recently won from the 
les policy would probably executive yesterday. Coal Board. 

Tflf d S?" 1, “® usl 7- ***- Joe A resolution from Yorkshire The South Wales resolution 

wwker, - ** CaiU ? g . f & r J 0m ? ulsQ Z? “P"®* rejects “any proposed 

workers president, *ud yes- ment at 60 of union officials was extension of the social contract 

i* . . -. ■ ■ ruled out by Mr. Gormley.' who into Phase Four" and calls on 

' s * t ,? ea C?T^! ltference rsfccted » over 60. -He argued that the the Government to stimulate 
J . lhe T uc 5 12-moo lh rule, motion also said there dionld be demand by removin'* restraints 
' Union executive later fell no loss of pension, and- that was on wage bareamme° 
rtfc the TUC majority and for the pension fund, not the ~ ■ 

on to accept a 10 per cent, conference, to -decide:-' ^ m . e Ministers are believed 

rise in keeping with the He won a vote supporting his , “s looking for an opportunity 
■ rnmenfs unilateral guide- ruling. The executive is propos- *° DSeet TUC leaders formally 

ing a rule change to allow offi- J® dis«MS what they politely call 
e hostility aroused by that cials- to retire early, bringing arrangements on pay after 

July 31” but the TUC has so 

■ far .avoided an encounter. It 

is anxious not to give members- 
the impression that it is ready 
to consider a deal on wage curbs. 

Wages are not expected to be 
a major issue at the conference 
—to be held in Torquay in the 
first week of July — because of 
the bonus payments from area 
incentives schemes. 

Mr. Gormley said yesterday 
that the Yorkshire area's demand 
for £6.500 a year (£125 a week) 
CHESTER firemen y ester- formula, for officers similar to for faceworkers would- be 
threatened to stage a -series the one which ended -the-, fire- achieved anyway because of 
one-day stoppages unless men's strike. bonuses. 

e is a swift settlement , of a Mr. John Bodder, FBXT Greater Other areas are looking for 
officers’ pay claim which has Manchester secretary/' : said U P to £135 a week as the top 
J lingering since the fire- yesterday . that his men -would basic rate, while Scotland wants 
,’s strike. -'ask the uni on’s executive to incentive payments" consolidated 

?pr€sentativeg . of" London approve lightning strike?;.'-* into basic rates. 

Manchester firemen 
hreaten stoppages 




’ r V,, 0 ^nen are due to meet to-day But if approval was not given The Kent area wants the N0M 

— V. ■ ~ similar calls for industrial the action would still go ahead, to support compulsory re- 

—■ ->on are expected to. come, and strikes would be called With- selection of MPs before each 
nrjiy. n the meeting. out warning. . ’ . - ■ general election. 

tJofFUAtJY ffidals of fhe Fire Brigades’ “All FBU officers were on 
on were last night urging strike with us and- we received 
men not to take action until the increases while they ercstitt j 
,- r a meeting of the fire waiting. We have waited tong 
ijrers’ committee which has enough." 

■ n arranged for next Friday. Mr. Dick Foggie, FBU ,assm- 
10 per cent, pay rise for taut general secretary,: fia^d fast 
[hers has been agreed by the night that final agreemeaf on 
O. which represents .- a the officers’ claim could take 
lority of the men involved, some time, 
not by the National Associa- The union hoped, however. 

. i of Fire Officers. that progress would be made, at 

he association will not accept next week's* meeting and: that 
money, due from November, members would refnain (from 
il negotiations have been industrial action' in the. mean' 
lpleted on a future pay time. 

Sir U 





By Our Labour Staff- 

THE PRIME Minister yesterday 
condemned in the Commons, 
hospital telephonists who have 
been interfering with telephone 
communications in pursuit of a 
pay regrading claim. 

At the same time, Mr. David 
Ennals, the Social Services 
Secretary said be “ deplored ” 
any form of action which could 
harm patients and advised the 
telephonists to return to normal 

The British Medical Associa- 
tion was sympathetic to tbe tele- 
phonists’ case but claimed that 
the interference was affecting a 
wide range of essential medical 
telephone calls and could have 
serious consequences for medical 

The telephonists have been 
“ pulling the ping ” on incoming 
and outgoing hospital calls they 
consider to be either personal or 

The action has been carried 
out at hospitals in various parts 
of the country but is now centred 
in the West Midlands. 

The scale of disruption appears 
to vary, with some hospitals hav- 
ing almost all non-emergency 
calls cut off while others have 
seen only personal calls affected. 

Mr. EnnaJs said yesterday that 
employers and union officials 
were studying tbe problem of 
telephonists’ - grading. • 

Job losses ‘inevitable 

THE agreement to shut the East 
Moors steelworks two years 
ahead of plan has sharpened 
union and management aware- 
ness that further redundancies 
are inevitable as British Steel 
pursues its programme to restore 
the industry. 

The IB-hour negotiations on 
special redundancy terms for the 
plant's 3,IW employees ended 
early yesterday morning. Redun- 
dancy payments are expected to 
cost between £9-£10m. 

Dr. David Grieves, BSC’s 
managing director for personnel, 
said that both. union and manage- 
ment sides realise that “it has 
to happen again.” 

BSC faces a projected loss of 
around £S20m. this year and has 
indicated that. thousands more 
jobs will have to go if the indus- 
try is to achieve the international 
manning levels needed to restore 
its competitive position. 

Beswick plants, including Ebbw 
Vale, which was originally 
scheduled for cutbacks in March 
1979, could prove the easiest 
part of BSC'S programme. 

BSC has not said bow many 
more jobs are at risk. The 
Hartlepool closure brought 
BSC’s workforce down to less 
than 200.000 from 22S.0OO two 
years ago. but it seems likely 

workers felt they should all 
receive 42 weeks pay. At 
Hartlepool, the emphasis was 
on higher benefits for long- 
service workers. Prospects of 
further employment also have 
to be considered. 

East Moors was the largest of 
the BSC works given an extra 
lease of life by tbe present 
Government. Under the Beswick 




Closures at Ebbw Vale— ex- 
cluding . tha modern tinplate 
complex — will almost certainly 
be discussed at the next joint 
steel committee meeting on 
March 20. Dr. Grieves also 
expects ' the future of the 
Shelton .plant at Stoke-on-Trent 
to be discussed in tbe next two 
mouths. ' 

The disappearance of 800 
jobs at Clyde iron. 1.700 at 
Hartlepool and 3,000 at East 
Moors means that most of the 
work on early closure of major 
plants on the Beswick list has 
been concluded. 

The negotiations on the 

that at least another 20,000 
redundancies will have to be 

The Iron and Steel Trades 
Confederation, the biggest union 
in the industry, has agreed to 
talk only about closure of higb- 
eost plants not mentioned by 
Beswick. The craftsmen’s and 
blastfurnacemen’s unions have 
still not declared their position, 
and negotiations on high-cost 
plants not already destined for 
closure are likely to take a much 
tougher turn. 

BSC believes that severance 
payments ranging from around 
£7.000 at Hartlepool to maximum 

S ayments of £17.500 at East 
Loors should set the para- 
meters for future negotiations. 

In recognition, however, of 
differing local aspirations and 
views, the corporation is tackling 
problems one at a time rather 
than under a declared overall 

At East Moors, for instance. 

plan, it was not due to close 
before January 19S0 at the 

In compensation for advanc- 
ing the closure, yesterday’s deal 
gives East Moors workers the 42 
weeks’ extra pay on top of BSC’s 
normal redundancy arrange- 

The total package is worth 
between £5 ,800- £17. 500 to each 
worker. Top payments will go 
to long-service employees wbn 
are approaching retirement and 
cannot find another job. 

They will be entitled to earn- 
ings- related payments totalling 
around £6.500 over the next two 
years from the European Coal 
and Steel Community’s re- 
deployment fund. 

The maximum lump sum 
available under the East Moors 
settlement is £11,000. Tax Is 
levied after the first £5,000. 
About half the workforce has 
more than ten years service. 

The East Moors men. many of 

whom live in Mr. Callaghan’s 
South-east Cardiff constituency, 
are unlikely to find alternative 
jobs easily. Male unemploy- 
ment in Cardiff is now 11,500— 
10 per cent, of the male work- 
force. More redundancies, also 
induced by the steel crisis, are 
under discussion at GKN (South 

The deal fell far short of the 
initial demands of the East 
Moors Works Council for 100 per 
cent, compensation for loss, of 
earnings over the next three 
years. They were evidently per- 
suaded by their co-negotiator!, 

the TUC Steel Committee, that 
the eventual settlement was the 
best they could get from BSC. 


The Hartlepool closure re- 
sulted in ex-gratia payments of 
16 to 26 weeks’ extra pay, depend- 
ing on service. Tbe East Moors 
deal was bound to be more 
generous since Hartlepool was 
due to close this year under the 
Beswick timetable. 

BSC’s losses at East Moors are 
said to have been about £15m. a 
year. BSC can probably expect 
to save around £20m. by the 
early closure- Tbe annual labour 
cost saving is between £l6in.- 

All major units will be phased 
out of production before tbe end 
of April and demolition will 
begin as soon as possible after 

BSC proposes rapid clearing 
and restoring of tbe site to pro- 
vide more than 100 acres of 
industrial land. 

Call for change in AUEW 

• ; . 

noting to speed mergers ^ 


LANGES IN the Amalgamated 
ion of Engineering Workers’ 
licy of periodically re-electing 
its officials might be necessary 

brine about amalgamations 
th other unions. Mr. Terry 
iffy. Righ t-wing candidate for 
.AUEW jrgidege*. 


The AUEW. alone among large 
.kms, submits - all- full-time 

iciars to re-election every three 
five years for most of their 

U might, Mr. Duffy said, be 
cessary to consider alternative 
•tbods such as once-and-for-all 
•ction if other ulnions were to 
pursuaded to join the AUEW. 
The AUEW is discussing a 
■rger with the Electrical and 
imbing Trades Union, which 
23 not share the same struc- 
« as the AUEW. If this amal- 
nation -proved successful, Mr: 
Jfy said, he was convinced that 
aller engineering unions would 
m join to form a new organi- 
Jon with more than 2m. 

“Iam hoping to see fulfillment 
of this dream in one or- two 
years,”. he added. 71 ■ V-7* 
Mr. Duffy is facing Mr. -Bob 
Wright, the Left-wing candidate' 
in the election to decide -wh 
succeeds Mr. Hugh Scanlon ; as 

He criticised the present am'ap 
gamation of the AUEYT s <t&r 
-sections and said it was ini port 
ant to obtain a true- amateama 
tion. He. .was convinced that 
TASS, the AUEW*s Lefte&ing led 
white collar staff sectimL did not 
want a full amalgamation. 

He found “ great ^difficulty in 
disagreeing” with Mr, Scanlon’s 
position and did not think there 

We’ll pay to 

would .be much. Immediate differ- 
ence in policy -If he succeeded 
him as president. 

In the past Mr. Scanlon had 
been dictated. to by an executive 
that , was not acting in the best 
interesXs.dE the union. The pre- 
sent executive was far more 
responsible titan the one of four 
or Aye years ago. 

Courts overturning labour 
aw aims, says Murray 


al secretary, said yesterday 
;at new trade union legislation 
is working out reasonably.-welj, 
t there bad been judicial de- 
. ;ions which caused irritation 
' overturning the intention of 
a law. 

The temptation was to respond- 
'those decisions by; demanding 
f aoges to make the present 
*/s tougher, he told the North- 
n Ireland Committee of the 
sh Congress of Trade Unions 
Belfast He said amendments 

would be necessary in some 

But the. introduction of more 
law into industrial relations 
could be a double-edged weapon. 
It could encourage a future gov- 
ernment to introduce provisions 
detrimental to the trade union 

Trade unionists did not want 
to refer crucial uiao nmatters to 
the courts. There was dong ex- 
perience in tbe trade union 
movement of hard-won rights be- 
ing eaten away by judges’ 

Birds Eye refuses 
to drop dismissals 


through the 
Enei^y Survey 


CRDS EYE yesterday, turned 
»wn a request from the Trans 
■rt and General Workers’ Union 
■ reconsider its decision to dis- 
ls$ 1.200 workers at its meat- 
e factory in Kirkby. Liverpool. 
Shop stewards and manage- 
ment representatives continued 
Iks last night after a day of 
■g’otiations on proposals worked 
it with local union officials for 
retnra to . work at tbe plant 
id, union leaders hoped, a with- 
-awai of the dismissal notices. 
Mr. Bert Ray, TGWU national 

secretary for food, drink and 
tobacco, yesterday approached 
Birds Eye on behalf of the union 
and asked the Board to recon- 
sider Us decision. . He was told 
that, ft was nof prepared to do 

The TGWU, the Amalgamated 
Union of Engineering Workers 
and the Electrical and Plumbing 
Trades Union will now seek a 
joint meeting with Birds Eye 
Board members. 

Parliament Page 13 

Need for women in unions 

MS. Marie Paterson, chairman 
the TUC Women’s- Conference 
id yesterday these was a vital 
-ed to involve more women in 
ade union work because they 
ere the largest group of low 
iid workers. 

She told the conference meet- 
K in Scarborough: “This ex- 
altation not only represses 
omen but is an obstacle to the 
salisalion of the rights afid 
miration* nf all workers;" 

She regretted the decision by 

some unions to boycott the con 
-ferenee on the grounds that it 
isolated and side-tracked 
women’s problems. 

Although the trade union 
movement bad been well known 
for its concern with improving 
old-age pensions, R was not 
only the old who weris hit by 
poverty-. “ The expense of 
.bringing up children is all too 
often a crippling experience for 
parents^, and even mnre.-so for 
the vast majority, of one-parent 
f amities.” 


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I -TSL J| 


■ i fi , " 

Financial Times Friday 





The politics of speeding up the 



PRESSED by its current econo- 
mic difficulties — illustrated by 
the February 10 devaluation of 
. krone — the Norwegian 

t .Government is taking a' hard 
J-jtook at the chances of speeding 
•sap oil exploration and develop- 
ment In the North Sea. 
f ''"Politically it will be a difficult 
"decision, for most Norwegians 
^Tiavc- become attuned to the 
.^Labour Government's " go- 
-slow" approach and there is 
-.considerable opposition to 
faster oil development in P ar- 
mament from the centre and 
^extreme Left parties, and even 
£.£rom within the Labour Party’s 
;o\yp ranks. But the Government 
command a majority, if it 
:jan steel itself to accept the 
support of the Conservatives. 

A. step-up in pace need not 
,be dramatic. The latest long- 
-term production forecasts show 
^tfiat Norway stiH has a long way 
q.tb; go before It reaches the 
^indicative ceiling of 90m. 
tonnes oil equivalent (toe) a 
'(year set by Parliament (see 
.■table). ' New safety and anti- 
ijpoDution measures in the pipe- 
nine and the report to Parlia- 
ment oh the Ekofisk Field’s 
Bravo accident should help to 
Convince the ' environmentalist 
■.lobby that its cause is being 

An acceleration offshore 
'Could provide more jobs at a 
time when the Government has 
■to think about curtailing its 
^employment subsidies to 
.unprofitable areas. ' Most 
important of all perhaps, a 
more dynamic attitude to North 
$ea development could revive 
morale throughout Norwegian 

■ VThe shortfall of the actual 
from the forecast oil income has 
been a significant contributing 
factor to Norway’s enormous 
payments deficit Last year, for 
Instance, the planners expected 
oil and gas production to, fall 
within the 20-25m. toe range: 

the Bravo accident and other 
delays cut the figure to 16m. 

Income was Kr^.7bn. (£3 5 5m.) 
instead of the Rr.6bn. expected. 
This year, revenue will probably 
be around Kr.8bn. compared 
with the earlier estimate of 
Kr.lO-llbzL The Oil and Energy 
Ministry, which came into being 
on January i, has already down- 
graded the income forecast for 
the 1378-31 period from over 
Kr.BObn. to Kr.52bo. 



The revised production profile 
presented last month to the 
Minister, Mr. Bjartmar Gjerde, 
and bis energetic young Junior 
Minister, Mr. Trygve Tamfaur- 
stuen, showed a swift growth 
over the next two years to 65m. 
toe in 1980. After that, output 
would stay on a , gently varying 
plateau above 60m. toe until 
1989. The profile covered pro- 
duction from those fields 
already under development — 
Ekofisk, Frigg, and Statfjord 
with their satellite fields. 

Some of the blocks opened 
for exploration since these fields 
were discovered have proved to 
be Interesting but none has yet 
given good enough test results 
for the companies involved to 
declare them commercial. New 
structures must be found and 
that means exploration must be 
extended. . Allowing for a time 
lag of eight to 10 years from 
find to full production, the 
profile for the 1980s seemed to 
be fixed. 

-LJ 0 

This was the position when 
the Government in December 
asked Parliament to authorise 
the fourth concession round. It 
would open up for exploration 
15 blocks and the so-called 
“golden block” 34/10. which has 
been earmarked for Statoil, the 
state oil company, with Norsk 
Hydro and Saga Petroleum 
taking minor interests. 

The Oil Ministry’s original 
intention was to start by 

licensing five blocks in addition 
to 34/10 and to wait some time 
for results before opening up a 
further five, with the last five 
held in reserve. The current 
plan, subject to Parliamentary 
approval of the BilJL would be 
to start in the same way with 
34/10 plus five blocks but. If 
34/20 does not show any promis- 
ing structures during the winter 
of 1978/79, all the rest of the 
15 blocks would be licensed in 
the Spring of 1979. 

The Ministry hopes Pail la- 
ment will approve the concession 
Bill in the first half of ApriL It 
would then need about three 
months to negotiate licences 
with the companies and could 
hope to sign contracts in the 
summer, providing for drilling 
to start some time in the 
autumn. Drilling on 34/10, it is 

thought, might even start In the 
late summer. The main prob- 
lems to be resolved for this block 
are whether Norsk Hydro and 
Saga should have 10 per cent 
each instead of. the 5 per cent 
proposed in the Bill and for 
Statoil to negotiate a technical 
assistance deal with a major oil 

If the first exploratory welis 
on 34/10 fulfil the geologists’ 
expectations, the Oil Ministry’s 
accelerated programme would 
have it in production in 1987 or 
1988. This would open up the 
prospect that Norwegian off- 
shore production could, after all, 
approach the 90m. toe ceiling 
before the end of the next 
decade. . 

Judged by past performance 
this timetable might appear to 
be too optimistic, even if 34/10 

does come up with a bonanza. 
But what is significant is that 
the Norwegian Oil Ministry 
is seriously planning for 
accelerated development. 

The national economic situa- 
tion is a strong motive; but 
there are others. The failure 
of the wells drilled on the 
blocks licensed . in 1974 and 
1975 has demonstrated the 
hazards of exploration, even 
when the geological premises 
are favourable. Similarly, the 
constant delays to the develop- 
ment programmes have under- 
lined the fact that unforeseen 
obstacles crop np when com- 
panies are pioneering tech- 

The squeeze on the expected 
return on investment in the 
Statfjord field from inflated 
costs, on the one hand, and the 

downgrading of the recoverable 
reserve estimates, on the other, 
has contributed its mite, in 
January, the Petroleum Direc- 
torate again lowered its 
estimate of total recoverable 
reserves on the Norwegian con. 
Oriental shelf south .of lbe-62nd 
parallel to L33bn. toe. ... 
.. Lastly, it has been realised 
that increased spending bn 
safety and anti-pollution ^safe- 
guards will also erode eatnmgs. 
Here again. Statfjord provide* 
the example. Norwegian . Coo-, 
tractors has Just been give&.ftie 
Kr. 800 m. contract to bcild r &e 
B platform after the Stated/. 
Mobil team had finally per- 
suaded the Petroleum Director- 
ate that its safety requirements 
were being met 

The delay and Increased (tost 
prompted one oilman to tezriuk 
sourly that Norway was putting 
a Ear higher premium on hhjnan 
life offshore than on itr.-nwds. 
A harsh: judgment, but the’ high 
price paid for safely af&bore 
does reduce profitability and 
thereby reinforces the argu- 
ment for swifter exploration 
and development V 

The Oil Ministry- has not yet- 
decided which five blocks of 
the fourth concession round it 
will license first It has to re- 
concile conflicting claims, of 
which the principal are . the 
need to explore the blocks- dose 
to Statfjord and to test blocks 
elsewhere which might contain 
gas reserves. Some time before 
the end of 1979, the- Nor- 
wegians will have to make up 
their minds whether they will 
join the British in building a 
joint gas-gathering pipeline or 
whether they will go it alone. 
Before then, they must have a 
better assessment of the gas 
reserves south of the 62nd 

Despite the appreciation 
within the Oil Ministry of the 
need for faster action, it iz now 
fairly certain that exploration 

north of the 62nd parallel will to drill about two holes eJ* 
not start before 1980. . The during the summer season, 
hesitation prompted by the The most recent product; .* 
Bravo accident and the Labour forecasts from the Oil Min^ 
Party’s desire not to risk the reduce the earlier estimates 
support of the North Norwegian 1878 and 1979 by 6m. toe a 
fishermen in last year’s general 3 m. toe respectively, j 
election have, contributed to the reasons are that some c t\ 
delay. satellite fields in the Eko$ 

The new report on drilling In area are expected to start 7 
the North, for which Parliament later than scheduled and \ 
has asked, will be ready after Ministry is becoming nx 
the summer— probably In wary about the ability to toil 

September. It would be too tain regular production t 
— shore. 

Poll’s disfavour 

Only one in four Norwegians 
favours stepping up the tempo 
of oil and gas exploration and 
development, a public opinion 
poll shows. ‘ 53 per cent on 
the other hand believe off- 
shore activities should be held 
at their present level. 

Those favouring increased 
activity say this would help 
solve Norway’s economic 
problems, reduce the coun- 
try’s big payments deficit and 
provide new Jobs. Those 
against say safety offshore is 
not yet good enough. They 
cite the danger of pollution. 

In the Ekoftsk area, pnaft 
tion was started up *t Mg 
Ekofisk at the end of No 
her and on the Cod field .atf 
end of December, while 
field is due to come on atret 
before the end of June.. 0f { 
remaining' structures to ’ 
linked to the Ekofisk compk 
Eldflsk and AttmsJtfaH « 
limed to start up daring % 
first half of 1979. and fift 
during the second bull £kag 
is scheduled to peak In 19$K 
some 660,000 barrels of oft 
day and 17-lflm. cubic mate 
of gas a year. 

Drilling of production^ wg 

and the need to conserve both on the Norwegian side of. u 
biological and mineral re- pngg field started last 

sources. The poll, taken In 
December and just published, 
was commissioned by the 
Trondheim newspaper Adrcsr 
sea risen. 

and the gas treatment and cm 
prossion platform is expected ? . 
start deliveries to St Farg} 
during the second half of ® 

_ _ . On. Statfjord, more deft 

to expect Parliament to and cost increases can aired 
handle Aere^rt and give a ^ foresccn . Production drfflir 

~ “f “ft?? 

contracts and to start drilling in J 

the summer of 1979. end of 

The Ministry’s programme for but a amount i 

exploration north of the 62nd ^remains to be done on ft 
parallel remains unchanged. Of A which was not fttf. 

the four areas delineated, the mounted and assembled whe 
two most northerly, off the towed out The intention no 
coast of Trams and West Finn- is that the B platform shag 1 
mark, would get priority. To fully equipped before it lean 
begin with two rigs would be the coast: the tow-out should t 
employed and could be expected some time in 1981, 

A chance to explore 

In a little more 4ft- yPSjffvMBr 

than seven years the ' 

North Sea oil industry has 
gr own enormously, both in 
offshore exploration and 
production, and in ancillary onshore ^ 


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orles ‘would implement Select Committee proposals’ 

We have 








« : »l 


tit it 




1*1 S* 

• , .ng reductions in-manning' levels. 

oust be met by the British Steel 
y corporation before .it is allowed 
" r r ° rai« further capital. Sir Keith 
^ Joseph, Tory industry . spo&es- 

Ban, argued fn the- Commons 

aat ni gh t . , 

•• He was opening the debate on 
Conservative motion calling 
■" ■- >a the House to approve the 
v ’epprts on the BSC which were 
..^■nade by the Commons Select 
'-ommlttee on Nationalised 
, ''MHfustries. 

• J .; Sir Keith declared: “There is 
v >10 costless -way of rescuing 
t .British Steel. Only by their, own 

• they achieve profit- 
_ v .jbiaty and competitiveness. -■ I 

ir jay categorically we would do 
w the Select Committee recom- 

: r.' The committee was severely 
^rritical of the way in which Mr. 
■>3r1c Varley, Industry Secretary) 

‘ :.tod Sir Charles ViUiers, chair- 
aan of BSC, had handled the 

• ^ Lnancial crisis facing the Cor- 

r ,1 'loratlon. . 


No rift with U.S. 
over Rhodesia, 
Cabinet assured 

Give Bank 
of freedom, 
says Howe 

By David Freud 





■- J"- One of the key criticisms was 
'■ Jiat Mr. Varley did not know, 
ffhen he spoke in the Commons 
' “'-.m July 22, 1977, that the Cor- 
. • > 0 ration was already internally 
....... ‘orecasting a prospective : loss of 

• :443m.. for 1977-78. The cbmmit- 
ee said that accounts of a meet- 

Chancellor, yesterday argued 

DR. DAVID OWEN, Foreign There were some sign* in the * hat Ban * of England should 
and. Commonwealth Secretary, Commons of a closer accord on ” e Slv f“ a ,T egl S E of in °epen- 
assured his colleagues at a Rhodesia between. Mr. Callaghan flc H” J“) ra *7® - re4S , ury ; 
as kidney machine*, might have mii:rT COMMITTEE rhatanan Cabinet meeting yesterday that and Mrs. Margaret Thatcher, the »v . a „ se ® ma v D Londo “ 
^ ^ (Ub. fSSS thef e was' no nft between the Conservative leader, who has that a Conservative Government 

. to he foregone. 

Defending the Government's 
record Mr/ Varley told the 

and Heston) said Xt SSsbte ^anTuJ ^vemmenTovTr f^^y^n¥ghiy criticai of a 

and Heston), said that the S ote a Htoae— settlement despite an the Goveroment’s failure to give ®« Bt > ? ” S“^J35M2r 

House that It was not until T? diJSt°tbrM W re[^& a on embarrassing outburst of Mr. whole-hearted backing 

January this year that the BSC I rSEi'Z Andrew - Young: President internal Settlement. 

, -> * — was to emoarrass Ute envoy to the UN 

"“*■ govermnenis. 5 


internal document foreshadowing ~ Hf poSle 
losses of - £466m. was leaked to 
the Press and MPs.- The docu rt from office - 

ment had been draws up by 

the tios for re sular and public con 
tart between (he Bank and the 

For the first time: the Tory aPP™Pnate ParliaraenUry QOm ’ 
was leader gave public support to the 171 Jijv' 

. M . . .. claimed, were taking the attitude efforts being made •** —•*-**♦- inis 

He and. ms labour colleagues at this stage that they ought the Patriotic Front 



BSC ‘on July 14 but was . not oh the committee would resist neither to support nor condemn temal settlement “ We 

am 4Va fkA ft i4iian ra b m a f (ha DnnfioL i _ __ •_* a j. u u_ « 

(n oewlafp in,s ' v °uld strengthen the 
with the In- 5f_ nk ‘ s ,_P 0W ^ f V rslst J nterf « r - 

acknowledged to- the Department the “ siren rails “ of the Opposi- the proposals for an internal accept it would be best 

would cncc from ,ho Tr|, asury in its 
policing of monetary policy hr 

of Industry until a month later, don and vote with the Govern- Rhodesia peace settlement. In- Nkomo and Mr. Mugabe were- in- a 

But even on July 28, the Board ment— despite their pride in stead, both would continue to volved but many of us feel that P la J 1onn v men be anes not nave 

of the' Corporation had rejected their own reports. urge a n the parties to come this internal settlement is the »JK? nt consUtution * ) 

this figure as quite unacceptable. . The whole steel industry in together, including the repre- best hope of peace in Rhodesia a i 

The figure reached the Depart- the West ted been in a depressed sentatives of the Patriotic Front, there has been for a very long h _ A 

ment of Industry in the normal state for- the past couple of years, so far excluded. time” she declared. ® £** Si-, *« .SSJKS 

quarterly report on August 12. Against IWs background. BSC’S Every effort was being made Mr. Callaghan welcomed her * lie 

At his meeting on July 18. Sir performance had been “neither in Whitehall to dampen specula- attitude and commented: “It is JJhLv ' eS nMiB? 0 E?*2 

Charles had told Mr. Varley that good nor bad— around the tion that there had been a important that it should go out E/ndurted "Si J-Ww 

he hoped to .be able to contain middle.'’ serious breach in Angin-U.S. from this House— from both sides rarter^h J?fSr KSS 

the losses to £350m. but he had The committee had most cer- relations. because of the accusa- —that we want the Patriotic lor short-term 

by Mr. Young that Britain Front involved in the settlement/’ Geoffrey 5 ®* expressions of 

belief in monetarism 

also warned that he. did not see tainly* not accused Sir Charles tion 

a significant upturn in demand Villiers, the British Steel Board, was. “running onl" of Rhodesia. The Prime Minister strongly c ."‘‘ 

for steel or an increase in the nor the Indostry Department, of The explanation offered was upheld the handling of the wereroucled with as 

pnee that the Corporation could villainy or anything remotely that Dr. Owen had returned to Rhodesia issue by Dr. Owen. He to h ow d^n 2 he 
charge. tike it, he said. London — 1 « — » ♦*.« v — e— ^ lD n V w neep ,np treasurrs 

Mr. Varley argued that these Mr Kprr said the wnwt thinv on 
facts vindicated his own conduct j£ at ’coajd be said against Sir burst, but because he had com- lutely right.’ 1 

, . ,, His J » ^ orosu ^>ecre- commitment to monetary policy 

account of Mr. Young/s out- tary’s position had been abso- extended. 

AAIeu Athwood 

t - unexpectedly early, not declared that the Foreign Secre- 

ted that these 
lis own conduct 

af'oSSi^SJjrS -" vJ 5 £«* 5 . w »»«« 

action was appropriate in the 

He quoted extensively from a 

Mr. Varley . tfaets 
vindicating ay action' 

Sir Keith . .- . ' bottomless 
• purse of taxpayer' 

circumstances. He * wanted to 

WUUIU MW IVIH Sir - KaH -news 

1 really don’t believe « I wou w never be a party to Anglo-UB. agreement 
a report which was hostile to the highest level. 

ing that he should have told Sir 

Mr. Varley claimed that the 
Industry was 

_ argued that 

jeing mentioned. ’ " " _ ” 

/ But last ni g ht , Mr. , Varley farther capital- for BSC without seen such an authoritative Select 
i reused the T Onu of using the a specified rate of demanning as Committee report 5T btosSlraare "and *>“ DOt understand how the 

jsL«si -S3- •? * — •«- ^ 

ttack on the Government 

that they were “neglectful of He bad spen five hours with the Government’s difficulty in Wass. Permanent Secretary to 

their duties to the extent that Mt - Vance. U.S. Secretary having to resist pressure from the Treasure to suggest that the 

know if his critics were suggest- ^ bfid “L understandable o f State, and had also met Presi- the Opposition to back the in- Treasury still regarded fiscal 

SXfhfffilS reluctance .to be the harbingers fjrtCjrtj* Jhere was. , twos policy as or primal importance. 

stressed, complete and absolute African states to go in the reverse „ „ c - 

at this direction. “ It is our responslbil- “* d - , t £‘ r 

ity to try to extend th^rea of ° f „ 5 at ** cal and 

steei IndiKtty or the steel worker No decision has yet been agreement lo bring in those now ninnptar y policy must be eom- 

r ___ and anybody who suggests that reached on whether Dr. Owen outside. 

Labour members have been sold should return to New York early “ If we do not, and if this new 

aCUUD TO .L. d. I n novt wsalr -fn 4oI.ii rvt.4 in flu. 

patible with each other. But it 
is difficult to be reassured by 
the order of priorities implied 

posed that -there should he no. payers. Seldom bad the House path by bpposltira mem- next week to take part In the sole w born, it will be boro in j; e h^tateme^thiV M? Pl Sr 

— =-- contain we sinmuon. roere nau fe f ^ committee simply final of the UN debate on a period of conflagration and the J" that. if. Mr 

a reduction of 3.75m. tons — jJ2T!j rci nh nrfocia war go on," he declared. instance, the monetary target 

He To* losses were equivalent to the city since April, 1977. 

: naimalned that Sir Charles had totai tax ’ revenue from. North The only other action would 

'•lehavSd ^thabrelutoprSrSy ?SSent^rogS^ aS^c^h fff wo ^ ^7® » pov, , a : tere beenforhim to come to 

- n providing information ^ the toe torthcoming.the House and announce the 

‘■&3S? 10 and "CT 0 ?Sgh^bH a c Gorernment 

assess .sr^awsaLsr ot 

»ther Ministers of dealing with 
he affairs of BSC on the'aasamp- ■. 

Ion that they had access “to the" 

purse of the lax- 


Let’s stop arguing, says Heath 

of person I am. " 

Mr. Kerr said the Prime 
Minister had seemed to imply 

last week that the Select Com- 

plants which- the mittee' extended its terms of 
had promised- to reference when he said during 
Commons question time: “Those 
on: the sidelines always think 
they : know better thaw the 
players in the middle." 

Stop Birds Eye 
grants, says MP 



Pripie Minister to decide what to do about Sir 
ith said that Mr. Charles and the auditors. 

SB being concerned 
steel industry. 

But he warned: “With great 
respect to the Prime Minister we . ^ 

are not going to be intimidated A CALL from Mr. Robert Kiiroy- not for me to intervene m 
or prevented from doing our Silk, (Lab. Ormskirk) for the -matter nf this sort," be said. „ #liuuiii 

with the fiuty by remarks of this sort, withholding of Government *5* Kilroy-Silk had urged that velopment Council might be the 

r«. *» - B Ms Bye group S “ attLSSW ^feri^gScol 

monetary target 
were not consistent with the 
fiscal stance, the consequences 
could be intolerably high interest 
rates, with all they would imply 
for investment 

Sir Geoffrey added: “I see the 
case against high interest rates, 
of course: but I should want to 
be confident that monetary and 
not fiscal policy would be 
accorded primacy in the conflict 
to which Sir Douglas refers. 
Fiscal laxity should not have 
been allowed to cause the con- 
a flict to arise." 

The National Economic De* 




In the case of a nationalised Former To 
ompany like British Steel, no- ate Edward 

..l east ” J*?: Var ^*yariey had ' denied: j* "he Mr. Heath referred to Labour’s “instead 'of arguing about may think, we. on the com- Birds Eye until the dispm 

epartment seemed to care. -deliberately misled the wHouse nationalisation of steel SO years public and private ownership— mittee, are not mere spectators , y 1 -200 workers settled through normal pro- trv’s understandi na of* monetarv 

From the reports. Sir Keith .“and J son prepared Itf^accept ago, the Tories' attempt to bring and I am absolutely opposed to at some esoteric game. We have ln **■ Mrkby P 1311 ^ 00 Mersey- cedures. He said the company poiiey i n this bodv the mainr 
bought that Mr. Varley and the’ that in', these circumstances.” it back into private ownership, any extension of public owners a vital part to play and we are has been settled was wanted to dismiss the 1/100 participant** in the economy 

dimeter of State for Industry, The question of whether In* was and re-nationalisation in 1964. ship— we ought to look at what determined to play it.” rejected by the Prime Minister workers without offering them J^uld consider together the ini- 


Gerald Kaufman, bad taken negligent oz not was for?.the 
rliament and .the taxpayers Prime Mmister to decide. ,^ 
absolutely for granted.’’ , . Mr. Heath said it, wfe *!^uK 

The conditions in the Corpora- usual " that Mr. Varley anttifte 
ion, with . projected losses for BSC chairman had 'not 
be year rising rapidly from -realised at lhe time the 
, £250m. to an .eventual £520bL, .were brought f orward 
*ou!d have stimulated Ministers, were eQ much greater. . \*zy . 
'nto encouraging; BSC fo take im-’ * If a propeftL-" relation^' 
nediate action to stop the rot listed between .«ent tber-.ln 
□stead, said -Sir Keith, Mr.-Var*. mation should baye been 
ey had been inert, while Mr. to Mr. Varley. ' If he 

Both sides had made, mistakes. 

“We should not continue 
arguing about private’ ownership 
and state ownership, but about 
hpw we are going to ensure we 
manage what we have got and 
ggt a larger share of world 
markets. 1 ' 

Kaufman had made -a statement criticism to make; it 
that he must have known was the speed with which 
alse.” ination-'was passed 

Sir Keith hoped that .there was again for theT 

Government bo; 
pressure on 

we have to live with now and Mr. Kerr added * I appeal to in the Commons yesterday, 
concentrate on that ” all . backbenchers — ana par- 

Mr. Heath said that in the past ticirlariy Labour backbenchers — 
decade . we had experienced to exert the proper rights of the 
decline in the steel industry, the' Commons to scrutinise, probe 
coal -Industry, the- shipbuilding and curb the powers of the 
and ship-repairing and tool executive." 

»• . w. .. ....•- 2 . making industries and in the car 

Mr. Heatn added: “ I donl industry. ’ 
believe the Select Committee has “ To those who say * Let them 
found, the answers to the prob- go to the wall,’ I say what 

lems i^f the steel industry. He happens then to our balance of .THE COMMONS rises for 
criticised the system of triple trade? What happens when we Easter, recess on March 23 
monitoring with the Department have to import the steel we need? will return on April 3, 

-But • it of Trade and Industry, the Trea- We have seen what foreign cars Michael Foot, Leader of 
Minister sury and the Select Committee are doing to our markets House, told MPs yesterday. 

any redundancy pay. 

The Prime Minister said: 

plications for their 
the Government's 

policies of 
fiscal and 

Easter recess 

Mr. Callaghan said he had been would say that, on the present monetarv noiipv 
studying the dispute, involving evidence. I would not think it y y y " 

a refusal to accept the firm’s at all right that anvbodv should 

Ulster housing 

Postal votes check urged 

probe ordered 






to Liberal 
tricity Bill 

Lords defeat on shipyard 
redundancy scheme 

THERE should be a random 
check on postal votes given for 
medical reasons in Fermanagh 
a nd Sontb Tyrone constitu- 
ency at the next election, Mr. 
Robert Adley (C, Christchurch 
and Lymington) said in the 
Commons yesterday. 

He said that 14 per cent of 
the votes cast there at the last 
election were postal ones, com- 
pared with a UJv. average of 


‘ • -y 

HE GOVERNMENT^appears w Drex?’» 

mittad tft-ratifv. 

gned to pustting^ through Parlia- chfusea ehdorsing EEG nuclear their independence and separate 
lent a much shortened verekrn^ m mean s that t he parxy is. 

f its Electricity B1U,. -mnittiiig 
reposals for a sweeping reorgan- 
ation of the Industry to which 

te Liberals TOnain firmly legiaa tive programme 

aposed. Easter recess.; As well as the Parers.; . - accounts for 10 per cent, of the 

Mr. Michael Foot, Leader of the Finance BUI, considerable work However, Mr. Steel and bis industry’s labour force. • 

under 3 per cenL Mr. Frank 

THE GOVERNMENT was de- criminate against ID per cent of Maguire, the independent MP 
feated in the Lords yesterday as tbe workcra? ” ; ■ '** 4U “ — ••»•—-— «— • 

peers studied the outline plans c Scottish 
for the redundancy scheme for Khutor-General, aid Am bad 
. . "1 j /.- never been any attempt to con- 

workers in . State-owned ship- «,*! tiiat the BIU was * dis- 

• criminatory. People would be 

__ Voting was 109 to 42 (majority hound to be left oat and the 

unlikely to be oersuaded'to droo 671 for a Torv nronosal dnrinc scheme was desi^ied to .help 

power station, and The Liberal desire to affirm 

for. the constituency, had ob- 
tained only a 4 per cent, maj- 
ority In Fermanagh and Sonth 
Tyrone, he added. 

Mr. Ray Carter, Northern. 
Ireland Under-Secretary, said 
It could have been that all the 
postal votes had gone to the 
loser. He did not know, as the 
records had been destroyed. 
The Government would wel- 
come any evidence of Irregu- 

Mr. Enoch Powell (U.U., 
Down S.) said that as postal 
votes were based on physical 
inability the Government 
should institute an investiga- 
tion into the “ catastrophically 
lower rates of health ” In Fer- 
managh and Tyrone. 

MR. ROY MASON, Ulster Se* 
retaiy. has appointed an investi- 
gatory commission to look into 
allegations affecting the Northern 
Ireland Housing Executive, MPis 
were told yesterday. 

Mr. Ray Carter. Under Sec- 
retary, Northern Ireland, said in 
the Commons that the Commis- 
sion would ** inquire, in the light 
of allegations affecting the 
Executive, into the placing and 
management of contracts and the - 
payment of grants by the 

Judge Robert Rowland, a 
county court judge of Northern 
Ireland, would chair the Com- 

Mason sent note to Dublin 

MR. ROY MASON, Northern that a previous approach to the Our Dublin correspondent 

_ Ireland Secretary said yesterday Republic had been made three writes: The Dublin Government 

dal legislation he said: ‘There that be had sent a diplomatic months ago. confirmed yesterday that it had 

is no prospect of the proposed note to the Dublin Government Mr as ^ e( j W h e tber it was received a file giving details of 

, ^ ■ , , . , _. r . , u _ _ _ . change being accepted by the about cross border” terrorism. true jv, at on Mondav afternoon terrorist operations across the 

ouse, also confirmed to the remains to be done on outstend- wlTeagues refute suggestions Lord Campbell of Croy, Coo- Government in the Commons.” h* told Mr n*rr* Fitt /sdf p ** arfiniftmatL IT. border from Mr. Mason on 

ominous yesterday that .the inff stage* of the Wales and Scotr ttet ^they are attempting to loll wrvative spokesman. Bid the ^ a proSby Lord Arw 1 cimm5 thp d rl™ Stl 

anned Companies Bill contain- land Bills, off DraxB. Bill was unfair between nun and mJmSbTc&V vXoMked-“fo 3£?tL»iL 0 

S.J^ ider 'w 11 The stand taken by the Tbe companies legislation has man ^the samf e fodustry bfr a threat, a practical move or day before he ’ spoke in the borde^fctfvities and tiiat^he 

^ »ock ’Exchange wUlMlbj LfbenOa bas annoyed Ministers met - the same fete as ttecam^e^^sdi^wouJd what7 » debateon Northed Iretend ^erLenUnDubUn hSTvectlm- 

;.-j •ougbtforward thaasessioit— and power industty unions. It Merchant Shipping BUI, which be rMfricted entirely to tbe pub- Lord McOhskey ; replied: nm-i™ that ' mrcrh u,hu>h pletely rejected that note" 

■ ! r impHratton pwbahly wrt be- ; the poor relations was also o«lii£dTu November's ^ sector. , “What kind of pressure is being ■Jg*£' h jS£i P V 1 DOte ' 

re the General Election. ._ between the Liberals and Mr. Queen’s -Speech. Although it “The .private sector employs put on the Government from the- Mr. Mason said: “Information 
A truncated Electricity 'Bill Anthony Wedgwood Berm, contains international commit- about 10 per cent of the labour Conservatives who have brought governments, mr. aiason concerning the wider use of the 

'v ould be confined to provisions Energy Secretary, who is accused 
, >r the " ‘ v JS " ”” 

' early ord«-*of *the . Lf b-Lab" pacti"* 7 *** ’ ~~ ~7~ minster. • ~ Why should the Government dis- The committee stage ended. ’ Mr. Mason told MPs yesterday speech on Monday." lation. 


Mr. Michael O’Kennedy. 
Foreign Affairs Minister, on 
Wednesday called on Mr. Mason 
to either produce bis evidence or 
drop his allegations. 

Commenting on Mr. 0 "Ken- 
nedy's lack of reference to the 

contains international commit- about 10 per cent of the labour Conservatives who have brought Sojeronwnis air. mason concerning the wider use of 

a D e coumea ra provisions imeivy wcretui, «uu meats, Ministers are satisfied force and they are jnet as vainer- large numbers of. their built-in SSf?* 1 , -v 1 Republic was conveyed to the file a Dublin Government spokes- 

the compensation' of the by liberal MPs of disregarding there is no urgency for Their able to the world recession in. majority here to-d^y to vote to Dublin authorities .three months man said yesterday that it con- 

rS° El^dtt GenSuttoa the rensStation previ*£S of thi immediate appeal at Wert- shipbuilding as the public sector, this amendment?. withdrawing sonth of the obrder. ago^c indeed before mytainednothingmorethanspecu- 

^ mlnstwr - . Whv Khonld the Government dis- Th* committee steee mdeA ’ Mr. Mason told MPs yesterday soeech on Mondav.” lation. 


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• energy yarn 

Heat from outdoors winder 




used indoors 

&: THOUGH both the Electricity 
Council at its Capenburst re- 
*k- search centre and the Harwell 
lawraturfcs nave been worrang 
p' on the heat pump for some con- 
£ siderable time, use of these 
iO“ inside-cut refrigerators" that 
Intake outdoor heat for indoor 
; ^application, but for domestic 
- 'rather than commercial and in- 
s’ dustrial premises, appears to be 
•. • moving .very slowly. 

'*.? The reason is. according to 
■J^'-Lenoox Industries, which is 
wSbiuIdrag large-scale industrial 
^'heat-pumps at its Basingstoke 
S: jplant that targets set for effi- 
^..-.ciency of domestic heat pumps 
. are very high. 

The Electricity Council is 
k- 'understood to be aiming for a 
{"' coefficient of performance (COP) 
t 'of three before it becomes really 
l»_ interested. But, at present, the 
best that has been achieved using 
an electrical drive is a COP of 
2.45. Tn other words, this is a 
system in which for every kilo- 
watt or energy used the pumps 
-.^and circulators will draw in 
^,..“.5.45 kW rtf energv from other 
/; ... sources. The latter level of oer- 
v V fprmancc has been achieved In 
^ ,‘Jersey under the somewhat 
\.: ; soecial conditions prevailing 
l. 1 ", there, where power and gas costs 
ml leave little to choose between 

r .y.- Lennox, which is the only 
hnilder on any scale of heat 
^.Tpumps for industrial and rom- 
-mercial use in Britain, and is 
.-.l^seeking to become the sole 
':n.-suoplier of Lennox designs to the 
European market, has been work- 
ing for some time on a scaled- 
down version. 

Smallest commercial unit is 
rated at 7 feW and the domestic 
version would develop about 
5 kW, which is reasonable Tor the 
average house, providing circu- 
j^latod .warmed air. 

“ -No decision has been made yet 
as to whether this is going to be 
a through the wall or split circuit 
f -^design and it will take some IS 
' 5 -months to reach a conclusion. 

W'- But the problems will not stop 
J°;then. since the equipment has to 
be precision-built and while it is 
^JfihJy reliable, fully qualified 

staff are needed to Install it if It 
is to work properly. At the same 
time, to get costs down, the manu- 
facturer must be able to set up 
a large production line. But who 
can, at the moment, guarantee a 
sufficient market in Britain, even 
though this is one of the surest 
.ways to make the best use of 
available energy ? 

So far as .Lennox is concerned, 
there. is'. very little more .to be 
learned about the beat exchange 
technology on which the pumps 
are Based. Markets and' man- 
power are the real questions. 

It is possible to couple. heat 
pumps with solar panels, giving 
a boon to the whole system, at a 
cost, and Lennox has done some 
work along these lines .in the 
U.S. At the forthcoming Hevac 
show in April,' Sinclaire Air 
Conditioning (Denco Holdings) 
will be. showing domestic solar 
heat pump equipment. 

In die meantime. Philips is 
involved in a two-year experi- 
ment to show -that a domestic 
bent pomp driven by a small gas 
engine can be made to work 
efficiently, pulling in from the 
environment some 40 per cent, 
more energy than that expended 
in the motor. 

Siemens is known to have some- 
what similar projects in band. 
But on the other hand. Brown 
Boveri, deploring the amount of 
capital the. average householder 
would have to -spend to run has 
own heat pump, would prefer to 
see a centralised area power and 
pumped heat Installation relying 
heavily on the technique to get 
as much energy as possible out of 
the generating cycle to provide 
low cost' district heating. 

The situation is Quid in the ex- 
treme at the moment. Even if the 
provider of heat pumps and/or 
solar panels can claim — as he 
well may — a capital cost covered 
out of savings in. five years, based 
on a notional price increase in 
fuel charges of ten per cent, 
annually, and much lower hot 
water or heating charges there- 
after. the buyer still has to raise 
about £1.000 and pay the interest, 
with no encouragement at. ail 
from official quarters. 

ONE OF the secrets- of good tex- 
tile processing ^is _ to have -a. 
- package of. yarn. •'that' is wound 
yery accurately and evwfly. A 
high proportion of packages are 
wound as cones- with a .degree 
.of taper and to build* up the 
layers, a traverse is used. This 
.has to reciprocate at ever in- 
creasing speeds as winding rates 

Now a new type of winder has' 
been developed which could 
take winding speeds into, a much 
higher range. The model PS pre- 
cision cone .winder lias- been 
built in . Switzerland by 
Mafichineo/ftbrik Scbarer (British 
agents: G. W. Thornton and Son, 
10 Eden Place. Cheadle, Ches. 
TeL 081-428 4271) and is now 
undergoing evaluation trials in 
the Department . of Textiles at 
I) MIST (University of Man- 
chester Institute of Science and 

Where the machine differs 
from old type winders is that 
the traverse motion is no longer 
reciprocal but comprises two 
counter-rotating discs on each of 
which are either two or three 
blades. The yam, is being 
wound is first caught by one 
blade and taken across the face 
of the package and then caught 
by the opposing disc and 
traversed in the opposite direc- 

If a narrow traverse of say 90 
mm., is required then .- three 
blades will be used, while for 
traverses up to 130 mm. and 
which are correspondingly 
slower 'in traverse rate, only two 
blades will be used. The nmchine 
is capable of winding either at a 
fixed winding rate or constant 
yarn speed according to mill re- 
quirements. The rate cf winding 
can be up to 1,600 metres/ 
minute and a .bobbin up to 350 
mm «»an be produced. 

cards, heavy and embossed paper, 
punch* cards, and self-adhesive 
labels can all be counted on the 
Optomat S& introduced by 

Multiple photocells differen- 
tiate between the varying light 
patterns of individual sheets and 
the interleaf space, to provide a 

digital display controlled by a 
microprocessor. At a speed of 
3 in./sec^ accuracy in counting 
cards in a stack is said to be 
better than 99 per cent. 

Table size is 41 x 16* inches, 
but larger sheets can be counted 
if supported— smallest size that 
can be counted is 2 x 1 inch, and 
maximum' stack height is 12 

Another, type of counting 
machine is called the Mark Six 
and this is a mobile unit, which 
is wheeled up to pallets stacked 
with paper ranging in size from 
20 x 30 inches up to the largest 
commercially available sheet- 
maximum stack height is 4 feet. 
Electrically driven, the machine 
has a maximum counting rate of 
l.$00/nrin. depending on sheet 
thickness, while tabs can be 
inserted at pre-set quantities 
from 20 to 999. 

With, the latest counting bead 
the machine’s capability has 
been extended from its standard 
30 to 170 gsm to include card 
weights up to 220 gsm. 

Another hew machine from 
thiy company is the 41 Band-o- 
matlc ” designed for the auto- 
matic handing of currency notes, 
postal orders, and other small 

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* i * l * i t y ' 

_ generators irur,: 
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‘sv. . 

This machine, one of the latest produced by Vacuumatic of Harwich, Essex, wiU 
count cards, labels and similar items at high speed. A 99% accuracy is claimed. 

packages, of similar size — it will 
bundle notes, for example, in 
quantities from 5 to 100. ' 

The banding cycle (4 secs.) 
compresses the bundle between 
two strips of paper. Coated with 
pressure contact adhesive, the 
strips bond to each other but 
not to the bundle. The strips 

can be p re-printed. Up to ten 
bundles/minute can be banded. 

Vacuumatic is now marketing 
the range of ABC baling presses 
made by W. Green Son. and 
Waite, an associate company. 
The most popular model Is Said 
to be the 860 vertical box baling 
press, which can deal with either 

shredded material, or unbroken 
cartons, cans. etc. Bales size is 
48 x 24 x 36 inches, and the 
machine can handle up to 1 

Details fro*" ’ Vacuumatic, 
Harwich. Essex, CO 12 4LP 
(02555 3101). a Portals Group 


Speeds orders for books 


^Amplifier is simple 

-A TELEPHONE attachment 
which amplifies dialling and 
-/"ringing tones and the distant 
.£i?oice simply slides under ihe 
telephone to act as a base. The 
-■y pick-up coil is connected by a 
~ r suction pad and operation is by 
* i; Nk single on/olf switch and 
volume control combined, 
s;--’. Ampllfone- allows telephone 
- f calls to proceed without holding 
•i.v*he receiver which enables the 
.^caller to work while waiting for 
2 answer or while a particular 

«j. . . . . 

person comes to the distant 
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on and waiting for information. 

The distant voice can also he 
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where Amplifone is in use and 
a call can be tape-recorded 
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levels can be attained to help 
the hard of hearing. . 

Southern Developments. -120, 
High Street, BlUingshurst, 

SOFTWARE Sciences has 
reached a decisive stage in nego- 
diations with the book trade oo 
the design and implementation 
of the national book n Teleorder- 
ing ” project. 

This has been the subject of 
investigations over the last IS 
months by the joint Teleofder- 
inp Committee of the Booksellers 
and Publishers Associations. Fol- 
lowing the submission of three 
proposals, the Committee agreed, 
in November 1977. that negotia- 
tions should be pursued with 
Software Sciences. 

Senior executives of both the 
Booksellers and Publishers Asso- 
ciation have now signed agree- 
ments to use the service on be- 
half of their own bookselling 
and publishing operations and 
the company has signedan order 
with Texas Instruments' for the 
supply of - the terminals which 
will provide booksellers with 
access to the service. These 

events are a prelude to a major 
seminar staged by the Booksell- 
ers Association, which will lake 
place on March 15 when It is 
.hoped that the book trade as a 
whole will .indicate its commit- 
ment to the service. 

Teleordering is a nation-wide 
distributed computing network. 
It is organised around a book 
database (derived from Whitak- 
er's British Books in Print) 
which enables orders to to raised 
either by author/title or by the 
book’s unique International Stan- 
dard Book Number (ISBN). 

Orders would be recorded and 
stored throughout the day on a 
Texas Instruments intelligent 
terminal installed in the book- 
shop and programmed to hook 
trade requirements. During the 
night a polling system at the 
Teleorderhig computing centre 
would automatically call up each 
terminal, 'extract "the orders 
ready for : T transmission, and 
accumulate.' them on magnetic 

tape. Subsequent processing, in 
batch mode, would take place on 
a second computer where orders 
would be validated and ISBN's 
expanded, to fuli bibliographical 
descriptions as required. Orders 
would then be processed against 
publisher and bookseller files 
and routed to the appropriate 

Confirmations could be trans- 
mitted back to the bookseller, 
together with an indication of 
any errors, queries; or other 
action taken. Publishers could 
receive orders on similar termi- 
nals to these installed in book- 
shops, but since many are al- 
ready computer lifers a number 
of options would provide on-line 
or off-line interfaces with their 
own systems. 

High level 

WITH THE introduction of com- 
pilers for high-level Cobol and 
Fortran. Zilog Corp. soon will 
have six languages for all of its 
iricroprocTSSors. including the 
Z80. the Z8 one-chip controller, 
and the ZS0O0 16-bit machine 
Business and scientific versions 
of Basic, and two members of 
its own high-level family of 
svstems-oriented languages 

called- PLZ, have recently been 

The reason for the move, the 
company says, is that high level 

Watches the plant 

languages will be absolutely 
essential in the next few .years 
as microcomputers, get designed 
into more complex systems. “ If 
you don't offer them, yen'll be. 
locked out of the market* 

Zilog is going to I igMevei 
languages because In any micro- 
computer system. software 
amounts to most of the cost. A. 
high-level language lets a user 
cut those costs. Zilog agys, add- 
ing that most - microprocessor 
companies offer only tow-level 
assembly languages that merely 
instruct the processor through 
routine and branchiae routines, 
with no block structuring. Such 
inflexible programs cannot cope 
with increasingly sophisticated 
applications, - 

More from Zilog U.R., Nicol- 
snn House. Maidenhead, SLID 
1LD. 0628 36131. 


• metalworking 

Heavy duty 


HORIZONTAL. Vertical j 
duplex milling machines in i 
latest range built by . Has- 
Tokyo.. Japan, are all construct 
on the same basic bed asawab 

The machines can -he » 
g rammed to give 14 dUfot 
automatic cycle*, indofl 
variants of pendulum mflfij 
The table is 2.000mm Ion® » 
a -travel of - 1250mm, aetd e 
handle components up to m 

Separate motors power ft 
and traverse— eight feeds i 
standard, but this Pan' 
Increased tn 24 ranging from 
to 2.000mm/minute. 

Each bead, vertical or bo 
rental — is powered by a 22 k 
motor, and tools up to 50Qn 
diameter can be used. Tju 
arc 16 spindle speeds, from' 
to 750 rpm- 

U.K. marketing is hy Els 
Machine Tool Company, B 
House, Victoria Road, Loud 
NWIO (01-965 8911). t 

of cylinder 

CAPABLE OF producing . 
components/ hour, a special pi 
pose,’ twin spindle verticil mi 
ing machine has been instalh 
at Perkins Engines, Pets 
ho rough, for initial maehloina 
a. cylinder head- for a six-cylind 
diesel engine. 

The feed table has a 1.8 met 
stroke and is powered by a 4 1 . 
motor. Feed rates are hetwet 
200 and 800 mWfflln., and rap 
traverse is 8 raetres/min. 

The table .. passes under 
bridge carrying the two mUUr 
beads, each powered by a 40 t 
motor. To facilitate tool chan 
ing, a cutter load/unload arm 
fitted t° each head. A componei 
is completed at each stroke < 
the table. 

- The miller is made hy Kesme 
and Trecker Marvin. Crowbun 
Road. Hollingbury, Brighter 
Sussex BN1SAU (0273 507355. 
a subsidiary of Vickers. 

-vu C 


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A NEW microprocessor-based 
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vide 24-hour monitoring of un- 
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subscriber telephone network, 
has been developed by Delta 

This gives the process control 
and other industries, as well as 
water authorities and public 
utilities, an inexpensive method 
of remotely monitoring un- 
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Programming is easy for a 
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A basic system consists of a 
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The new technologies Di- 
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This information is preceded 
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The out-station recognises 
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cess instrumentation. A standard 
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mains supply, but a 12-volt 
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By using the system it is 
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Delta Controls. 145, London 
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Chops up 


cutting waste plastics, the new 
range of Wasto hydraulic guillo- 
tines built by Fogg and Young. 
Gravesend, Kent, is said to be 
suitable for other sections of the 
reclamation industry. 

Vanesco. the company market- 
ing the machines, suggests 
applications in the salvaging of 
paper reels, rubber products, 
textiles and other materials 
which must be -cut to a man ar- 
able size. 

There are three machines in 
the range. The smallest is 
powered by an 11 kW twn-staur 
pump unit. It has a cupaciiv 
under the blade of 650 x fioti imri. 
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minutes. The larger machines 
have capacities of S50 x 850 nun. 
and 1,050 x 1.050 mm. 

The »»o-speed hydraulic 
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operate at pressures of HO and 
35 bar. The low pressure pro- 
vides the fast cutting speed. The 
down stroke is made at 35 bar] 
compressing the materia! rn i,J 
cut until the_ resistance exceeds 
35 bar. when a relief valve 
switches in the high pressure 
For liaht material this may net 
happen, and the machine win 
operate at high speed until n 
encounters resistance. Tn reduce 
heat builff-up 500-litre hydraulic 
tanks have been fitted 

More from Vanescn. Ifis. Garth 
0101) Morden ’ Surre ? (01-330 



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?•.»: r ■■ 

£***«■ •! V V.-1- V- . 

• •; ■:;>«& .: ->»V: . .. ■ 

l ? Hardy by Robert 

* *C;j\ V|! {gj* **?*““• aa 3« 

J'Jnn/ rm? lder by Robert 

4 **'{|haf P n ? e £' Heine mann Educa- 
* 4 y^^tJonal Books, £6.95. 344 vases 




The Collected Letters of Thomas 

i 5!!? y : i_ VoL 0ne - 18404892. 
J Edited by Richard Little Purdy 
and Michael Mitigate. Oxford, 
£12,50. 293 pages 

An Essay on Hardy by John 
Bayiey. Cambridge, £5,95. 237 
• . Pages V- 

. Thomas Hardy’s Wessex hy 

, 5™“™ ■ Lea- MacmMian, 

£4.95. 3 17 pages 

• Robert Gittings is a daring 
- biographer. Not for him the 

string of Carts decorated with 
alternative interpretations. He 

has a thesis. In Young Thomas 
Hardy (1975), now published in- 
. paperback, he argued .with . in-" 

• spired use of what records 

. remain after the bonfires of- 
■ • Hardy himself and his -second 
.. wife, Florence, that 'Hardy’s 
'.. childhood experiences In the 
: " practically medieval ” small 
town of Pnddletown were the 
major source for his writing. He 
retold the events Hardy recalled 
in later life such as his view of 
. the banging woman, “how the 
tight black silk gown set off her 
shape as she wheeled half round 
and back.’’ He noted that “his 
> father's enjoyment of nature was 
Iflmatcbed by his mother's extra- 
-ordinary store of local legend 
i and story.” Above all, he empha- 
sised how concerned. Hardy was 

to disown his 1 close relationship 
to the people and events which 
he was able to disguise as fiction. 
- Now, in The Older Hardy, Ur. 
Gittings carries forward the idea 
and shows how it affected his 
later years. Thus, he uses his 
.final paragraph to give the date 
.of the death of his sister Kate, 
“the last repository of the Hardy 
-family secrets.” He also un- 
covers a whole new and less-than- 
jfiattering area of his relationship 
with women which' culminates 
iir the brilliantly recreated death 
of his first, disregarded wife, 
.Emma, • 

* Such a strong point of view 
makes for exciting': reading 
although op occasions one can’t 
help feeling Mr. Gittings is over- 
.statlng.hls case. He believes that 
Hardy deliberately disowned his 
roots. Yet he also admits that 
Hardy kept in. constant; contact 
with his family -and wen when 
the death of his mother and his 
favourite sister, Mary, left him 
with the less dose Henxy and 
Kate, he “ saw them frequently.** 
Nor is it ' surprising that he kept 
them on a low profile at Max 
Gate. There are many- perfectly 
sensible reasons for keeping 
family separate from smart new 

On the other hand,- Mr. 'Git- 
tings' explanation of Hardy's 
attitude to women; seems totally 
plausible. Like an adolescent he 
was susceptible to -the remote 
woman. In Young Thomas Hardy 
Mr. Gittings even speculated that 
Hard; was not., fully - sexually 

“ ; . . delayed dr; Imperfect 

physical development is quite 

consistent with sexual curio- As Ur. Gittings comments (and 
sity, an attraction to the idea perhaps it is the reason he seems 
of love without the power to generally more appreciative of 
fulfil it. Hardy's continual the poetry than the prose) .“He 
speculation about almost every could realise io poetry what he 
women he meets, and his appar- woulcLnot admit to in life.” But 
ent habit of passing from one then, be could ' also change it 
to. another virtually without Mr. Gittings quotes Hardy’s 
conscious volition, suggests friend Clodd’s view of him: he 
such a pattern.” “was a great author: he was not 

Once the woman of his dreams a great man: there was no large- 
was in his grasp he fell out of ness of mjuL” It is sad to be 
love. Until; as in the case of poor forced t«» .igree. 

Emma, she died, at which point in some ways it is a relief to 
he became totally besotted. . get' to a study purely of Hardy, 
At the age of 72 be began a the writer;. ' John Bayley's 
series of SO poems In memory closely-woven An "Essay on 
of Emma- and this at . a time Hardy contains a long section 
when be was supposedly in love on Tess .which is particularly 
with her successor, - Florence, fascinating in relation to 
Poor Florence, transposed from Gitting's findings. Tess, 'Mr. 
“ literary lady” to wife, found Bayiey says, is "a triumph Df 
herself not even worth the price non-realisation,” “ a visionary 
of a hospital bed. But then Hardy figure,*’ or to put It yet another 
was not only secretive, selfish way “My Tess." as Hardy used 
and physically unprepossessing to -call her, “became both the 
but also mean about money and girl of his youthful dreams and 
ridiculons on the subject of of his adult-sense of a lost and 
critics. Mr. Gittings does not regarded past -. . ." Mr. Bayiey. 
reveal a sympathetic Hardy. In- argues 'that this unreal quality 
deed the picture - be paints is vir- of Tess wa3 very aiff eien ? froi £ 

H? all L- D I sc ^° phrenja between ^ other heroines who are 
th e art i st an d tb e ra aa ^ ^ naturalistic in a much more 

^ obvious sense. He examines 

"MSMSS.* L“K-^V p £ , i?5 le ? s 

vnn riimhpH the stair much to Hardy s attitude to 

After a languid rising from Uvin S aS t0 flctional women, 
yoiir chair.* For Hardy's own view on all 

which he simply altered to: this one might turn hopefully to 

‘And that evening when you the letters. Unfortunately the 
walked up the stair, . first of seven projected volumes 

After a gaiety prolonged and of .Thomas Hardy's Collected 
rare.' Letters edited by Richard Little 

Purdy and Michael Mitigate are 
deeply disappointing. As Mr. 
.Gittings, .commenting on Hardy’s 
pseudo - autobiography, says, 
“Hardy . writes his autobio- 
graphy in tbe same style of 
commonplace naivety as his 
letters." In fact, there is hardly 
cbanee to Judge even his style 
from ' this collection, for tbe 
majority are business communi- 
cations to his publishers. One 
can only note with surprise what 
a very tenacious agent he was 
on his nwn behalf. 

The few occasions when he 
comments on - his work either to 
his friend Gosse or in reply to 
a favourable review of one of 
his works only serve to remind 
us of what might have been. 
There is his famous remark to 
H. W. Massingbam after the 
publication of Tess: " Ever since 
I have begun to write . . . I have 
felt that the doll of English 
fictioa must be demolished, if 
England is to have a school of 
fiction at alL” Or the suggestion 
to Havelock-EIIis that novelists 
“ are much in the position of 
the man inside the hobby-horse 
at a Christmas masque and have 
no consciousness of the absur- 
dity. of its trot. . . The editors 
maintain encouragingly that ‘the 
later letters written to ‘Walter 
de la Mare and Siegfried Sassoon 
among others .when Hardy had 
reached the secure defensive 
position of Eminent Author are 
more revealing. Mr. Gittings 
has thrown doubt on that 
security but let us hope that it 
prevailed in the letters .as it did 
not in- life. 

A stronger flavour of Hardy’s 
world comes from Macmillan's 
reprint of Hermann Lea's 
Thomas Hardy’s Wessex. Origin- 
ally published in 1913, its 
blurred photographs of “The 
Green. Great Fawley” or 
M Brickyard Cottage* AfpuddJe 
Heath ” are accompanied by a 
topographical commentary 
which from my own Wessex re- 
searches is still remarkably up- 
to-date. A student of Hardy 
might get closer to the master 
by a hard day's . walk with 
Hermann Lea at hand than 
straining his imagination over 
the letters. 

John Bayiey talks about 
Hardy’s “ literalness " which 
“ proceeds out of & hidden source, 
or rather a blankness, an endow- 
ment of not seeing himself.” He 
points out bow normally it is the 
novelists “ acute senre of them- 
selves - • . which afford their 
powers of explanation." He 
likens him to Gogol and notes 

“ He had something of the 
same uncertainty in relation 
to the culture and intellectual 
fashions of tbe time, the same , 
uncertainty — in the context of 
that culture — about where he . 
"was and what doing. . . . There 
is a sharp commit in it be- ] 
tween the physical perceptions \ 
which are always his own and , 
the opinions and ideas which 
seldom are.” j 

Mr. Gittings has made tbe same ; 
point, both in general and in 1 
particular, quoting from the 1 
letters to show how often Hardy l 
precedes any view by tbe humble. 



mkrOmSi -y pm 



Hardy and Florence on -the beach at Aldeburgh cl 900 — from 
* The Older Hardy ’ 

“ it is considered." He has given 
us a greater understanding, 
even a reason for this attitude. 
There still remains ihe simple 
explanation that the novelist's 
instinctive urge to protect his 
genius from the destructive 
eyes of the world found its most 
exaggerated example in Hardy. 
In other words his secretive be- 
haviour was nor only lugical but 
also essential to his genius. With 
what relief be turned to poetry 
where he was relatively sate 
from such prodding critics who 
termed Jude, the Obscure, 

“Jude, the Obscene " ! 

It is ironic, perhaps, to cele- 
brate the fiftieth anniversary of 
Hardy's death by bringing out 
just the sort of biography Hardy 
dreaded. Ycl it is impossible 
not to be fascinated, if horrified, 
by Robert Giliinqs' superb .study 
and to feel closer to the nun 
whose neuroses, if that's 
they were, produced such 
images as Sergeant Troy flashing 
his sword round the mute figure 
of Bathsbeba or the sleep-walk- 
ing Angel Clare carrying out Tess 
from the home of her ancestors. 

Great European BY (AN DAVIDSON 

— ; ; — - — r — — - :■ Paris, Bonn, Rome, 'Washington, long morning walks before going 

itlemoirs by Jean Monnet Collins. — was argument and . per- to work in whatever office 

£13.00, 544 pages suasion, and yet more .argument occupied him at any lone time: 

11 ’ and yet more persuasion.’' He they will learn that Monnet,' as 

. Jean Monnet must, by any never held, nor'.- even . sought, a true Frenchman, regarded an 
standard, be one of the - more elective political ' office;- .from, official ‘ dining Tootn - as an 
remarkable men of the 20th time to time he assumed - the essential tool for changing tbe 
century. From the comparative status of a civil servant, for world: that his wife; paints 
- obscurity of a minor brandy France, 'for Britain; ^fln. r the pictures; that the Monnets have 
house in Cognac, he built himself second world war),' ..far'.' the two daughters; but that is an. 
a career which made him one of. League of Natioas,for me first This discretion as to Monnet’s 
the most influential statesmen of French Plan af ter“Wcdd. War II, private life carri es over into his 
our epoch. Yet it was a career for tbe newly - formed High public narrative. Not merely is 
which falls outside all ordinary Authority of the European Coal there no humour, no joys and 
categories, and tbe only thread -and Steel Community;' but for sorrows, even over the great 
which appears to bind it together most of .the past 20, years he achievements, the great defeats; 
is that, at each moment of .his sloughed, off aD the TbrinS of there is not even any sense of 
life, he tried to tackle and to solve, officialdom, and emergedfn his differentiation in Monnefs rela- 
the problem which, as it seemed, natural, unadorned a tions with the officials and the 
to him . at the' time, was most private, lobbyist — perhaps V the statesmen whom he met in a 
pressing and most important most influential one-man \ lobby quarter of a century of public 
In the hagiology of the post- that there has ever been. • 1“®* . . . ^ 

war world, he is known as “the Because of his , extraordinary , AH those who worked with and 
father of Europe,” and there can reputation, as the man Whose 
-be little doubt that it will be private • persuasions challenged, {$“»“• 

tireless, loyal, intelligent. Even 



Australia comes into its own 


. ■ sell Drysdale, Sidney Nolan, loved? The answer is somewhat idiosyncratic Hal Porter, whom 

The Literature of Anstralia Arthur Boyd, and their juniors, odd. Moscow! Russians may titerarv Russians have taken to 
edited by Geoffrey Dutton. . The literature hasn't evoked the have had political hopes of their hearts. 

Penguin, £3.05, 612 pages. same positive response, certainly Australia, In which case it was Whv we s _ convo i accn t 

not in . this country or America, one of their raisjudgments. But a bout rentainins in ignorance'’ 

Capri cornia by Xavier Herbert “JS* honoured name, there is nothing mistaken about TOere ^ nothing invincible about 

Angus and Robertson, £5.50, Patrick White- is known, of their admiration for the writers. ih e ignorance. Dutton's is about 
510 pages course, but hu work hasn’t per- Many of the most eminent Soviet , s _ Euid „ bnDk _ _ ta i t 

colated very deep. A. D. Hope, writers have taken the trouble 2® e ?enthSsiastic and nut of ore- 

. . . James McAnley. Judith Wright, to visit Australia. Russian poets nnHinn ' in nlaees which isn’t 

..A would have to be a are among the best poets now have translated Australian poets, surorisine— as exists for anv 
distinctly perfervid Australian -writing anywhere, but they and vice versa. Hope, who- ought modem titerahire There is a 

— ------ — <i. uuajs uue ol uiose repruacnes siasm ior wane, paruy necaiise and now re-issued renresente an 

a remarkably creative country, that one gets tired of making. oF his political attitudes, but also iSport^nt stain 

and he would be righL There The work stands in front of one. because they have tilerary iSSSSun? undented lS 

are less -than 15.000^000 people easily accessible. Here is an ex- doubts about ihe value of his ma nv of their own academia 
Hvinsr in Australia F«vr a nn™.. „n..« „ many or meir own acaaemic 

J” some or me oest writers ana prose writers woo are read, , n( j a h ou t flftv nlots It Ls vin- 

teyel, by world standards, in critics in Australia, edited by studied, esteemed in Russia, on f ent wiS intense feeiinc fnr the 

science, - painung. literature. It Geoffrey Dutton, one of the most a bigger scale than anywhere nrimeval frateMt and Se 

antagonist in the post-war era, Monnet: man of vision 

_ benefits frpm almost tbe same 
£ bland , charity. .At ne point is 

? there any suggestiert that Monnet. By a patina of old age. In two 

for hid rtrelpsc urnmotiun nf Hip ^ oreiess. loyal, lOTeuigenr. Lven u«w»iuw II ueo&rey uution, one Ol me most a Digger scale man anywnere nrimeval landscapes and the 

an i„ SB ^ ve f’ • tta de GaulleT his principal is arguable that in the past 30 gifted of literary impresarios else— among them Christina nEmhic S whn «U1 «n?r 

. . pnbtic Charlsma^^er^ge ^ tag0 ^^ thT post-war era. man , Won y?ars n0 smaI1 P®P^^on has and, incidentally, a good poet Stead (to me one of the three 5 ve 

^^oiybTOkr^lS^^the^tiSl £££?’ fc benefits frpm ^most tbe same J M net. man of »i n done as mpeh- Hungaiy might himself, submerged by his best Australian novelists living ‘ 

■S' £5 ^. 0 Ify LSSJ wSt £ bland, dharity. At no point is - . Je. mosj, formidable competi- passion for promoting the' work or dead!. Frank Hardy. Alan Mar- Anglo-Axnencaus could write 

^thereany suggested that Monnet. By a patina of old age. In two ^° r ;;' ■ >• V 1 o^ers. There is no excuse shall. Dymphna Cusack; Kylie many of the aesAetically 

^ afraid they will be doanSomrad. wa ^ ^ doubt, let alone world wars in tbe recons true- rAbout science, there Isn t for Anglo-Americans taking no Tennant, Judah Waten. Some elaborated novels which some 

- ? n e - . T*?* <* mmnrtrsW in, SSitted thfpuS 5Ef Srep^ta tte7S25d£g ? ny d 2 nbt r hWew , r v ^ P al ?t- notice. 0 { these have an inherent social .young Australians are. now turn- 

^SnSStlS^te^ntSSSlffS^iS 1 * ^ ® utt J nQ, ^‘ y ’- a of European integration. ' ofsSnce, & the lauSng of heen '"^rnationally Where does one have to go, interest for Russlans-but there ^8 to. There is nothing wrong 

: .M«nUra tm worf^Ira - ? £ ^ Historians of the twentieth the European Coal and iteel SeSSW JiiS me ?6 ,g i 11 ® 8 « UtS1 ^. Aurtralia ’ *° flnd this are plenty of others, different in about that: for many of those 

* c p eraura^iri two^ woriri behind the .legend: it public, cent ury wIlL of course, mine this deflned Australian School, Rus- fine literature understood and kind, such as the extremely young, wnteratius may be a cpr- 

: .. i. W . “S?' ^tian ollicia 1 ap°lo# pro nta book for information, and they oST iii^nS in J P! - ■- : rect choice. But there are also 

-to the conclusion that , a .tract to .Jkplain, in wiU no doubt find revealing SStSmJ?!- P ,c ^ , OII some Australian novels, and some 

primary problem was shipping*-, narrative form, th Revolution of additions' to their store of know*- „ _ e ** re “ ucet ^ to __ of the best, which no Anglo- 

and the primary task: to achieve Monnet’s. -perspecWve on inter- ledge. But they will also know vainK^tih^thp ^ n «ttrhTHont C^i n + /l »T/* sJ Jl/. _ / • American could possibly have 

an unprecedented degree of, national relatips, and his- that they are -dealing witha work 1 iTl/iP V T rl C /t / W ' written or win write - ' n6s 13 ° ne 

; i r r '^S? en S, 1 , i ,T r S^S mrthod iojjRrcoming th.. XaordldTot^ out" D IJ ICf d l/lf fCiC J If LG ofxlll *f <Hem. 

I Of Shipping policy between resistance Of ft* ftanaw-minded tell tiie whole truth, but rather , e starteo. 

.France and Britain, in ..the nattonalistis^fiVork, persuasion was bequeathing to us a political rt is 03 certain as anything BY 1SOBEL MURRAY I 

i second world war, he beueved and arguiny j.. on and on, draft testament. can be that future generations 

some Australian novels, and some 
of the best, which no Anglo- 
American could possibly have 
written or will write. This is one 
of them. 

aircraft requirements of the . 
allies, and thus of the production'- 
effort that would .have- to- he , 

.... • . ' yet fantasises about women, 

uiing story, starting j oa n included, is chased by his 
seduction at age II best friend's wife, and sleeps 

I made by the United States a ' truly peasanHike .belief in that his book has been largely he so brilliantiy launched has =r—-rrr— , . . J 1 / her 4^year-old coasin. the with Richard's unhappv sisier at 

.^•during that long delay before perseverance hi place of anythin g ghost-written by bis faithful become once more immured in ™®y° r oI Boston, rais relation- jhe wedding — let Ben Hodge I 

.-UUIUIS *•»■*»* .*“6 — -J — ». » [nil Bt , el cln ; G ill O' v UU gurarnimcu uj uu luuiiui mbwuiE uuw uivie luuuuicu U1 PIJ-.K/ith Ma«*V p_i . . — - UiC BTUUJUo'— ICL DCII nuu^u 

, America finally entered the war.. so -facile as 'optimism or assistants of three decades, the inertia of nationalism, and vf *■/* U0± " slup was l S 9? ntin, i? for some f or t h e problems. These, 

- In both these wars, his only pessimism. Frangofe- Fontaine, Francois that there is do new Monnet tanra- ivu pages ten years, oaring which the on- an( j t j, e S0C j a | attitudes of older 

weapon against the entrenched Those who. look for the naked Duchene and Richard Mayne to step into the vast gap left None Dare Call It Treason by. Jop 11131 ® ““d became a beaut i- peop i e> t |j C colonels and Vicars 

.k.miinicm nf nafinnal ' aitminrs- hurmm h»ino fn these memoirs fwho is also hie t-ranslntnrl'* hv the retirement nf T ftan i a—- lUI W0tH8lh™IUKI 3iS0 D&CaUJC 0 _ j ....l p rt - 

chauvinism of national a dmihis- human being in these memoirs (who is also hie translator)? ' by the retirement of Jean 

tratinns — which. reganDes® ■ of will not find it They will dis- Whatever role may have been Monnet himself. This is not a 

all experience, is still alive and cover that Monnet prefers to live played by his disciples, those great book: but it is the book 

,. well to-day, and living in London, in the country, and used to take -happy few. the book is overlaid of a great man. 

r >-*'■> j- 



Catherine SVl. fiBT.3 S'- ST gmr far s; 

StouBhton. tut. 385 pages ^'ticWaMmp^s'efand^a "“'f ^ , 

In Little Sisters, Fay Weldon very fragmented, complex atti- an 'd J i^^reflK^s^ w m w“e£ 
has produced a very' adult fairy tude to sexuality, somewhat sur- ® Gather^T n«vin\ None 
tale, not necessarily /or very prisingly including a penchant Coli 1 1 Onre 

corrupt adults - but certainly for older men. S Dr G aSTSS loits be? 

about them. Its main ingredients Like Fay Weldon's, this story J* n experi ence m a 7 iS war 
are money, sexualky, jewellery, is not told in simple chrono- corresoSndent^o « ^ ? taut 
sophistication and madness. Two logical order, and , again the ^ ^ Kre ScE Resistanee 

of little, girl ^little boys he sd- night: but although he added friendships,” hfe iUustrators,. bis ? n T novel! ^Slog^Stiie ionSoS ^ters-and iheir resistance to 

. nr a dom befriended— had any remote many fresh ideas which 

Lewis Ca null, r ragmen is or a a( j u | t 6exua i desire to spring from tbe 

- ^°??^ nS ' G ^ aS8 .. c i wnifi. wonld have astonished and stock, " every snch id 

GatWgno tiunslated by Rose-. appaned bim. nearly every word 

mary Sheed... Allen and Unwin, His contemporaries, though dialogue, come oj itsel 

£6.50. 327 pages «, e VDte{ i him - mUd eccentric, ' Professor . Gatt^ano's 

ms iUustrators,. bis one novel, and ihe wicked witch by monologues- of the conscious- d f G au ii . “ r*) nr f h i ‘ P nl 

^ . ■;*wL games, bis 0 f tbe one was. in -the past; If ness of a man paralysed by a ^ 

^ original juven Uia, the Liddell family, his not the innocent' victim then stroke whose identity is for n f 0 ,?*' 

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- . appear to have been singularly ^ r0flT ’* eTI * s ft ° ^ 1 “ ber curious theories — j the motif of -in amputated finger we discover, the nasty Major of 

* When one studies the Victorian readied ! bearing suggestively decadent Boston: he had a stroke after 

: moral code and the restraints it j ” ? *_!»SlSiSir£lf 52 ® I thfe^iSSSnhv?^ * 0D ® 1 n usl0D that Carroll sj threads through both, the Starr’s death and only lived 

.-^imposed on. human conduct, the distinguished mathematician, t0 ® ome ex ] ent - a self- fujj explanation being suspended seven years. “Lucky man our 

;line between what it sternly for- who occupied pleasant roomsa* demands ml \us . t an . d ' P° ftra J t, 1 . a Picture of himself as un til the very end. patient is -promised he may last 

: hade and what it generously Churcb where he went one can only answer that it is he would have liked to be*— Tt is a < biemre as it sounds years more. 

p?ralUed is often somewhat hard hann;^ way. and w^ron- .TO&ing of tiie kmd—merely a their tone is usually judicious, if not more so. ; And it is brii- J This is inevitabiy a rather 
to follow. Perhaps .because tinned tt Art ' th™uR b . '• i - c . arroU a “d Alice ijantlv written and constructed, depressing book because of its 

.-^moralists were either more world until he died in, 1898. will find the volume well worth n - 1S horrific and -funnv and subject and the treatment, but 

obtuse or leas imaginative tiian Trae: IWrs: Liddell, consort of . wlt i no .J 5 ??” 1 s * udyi ^ s ' .? stains a quantity humane, and carries the voice of the treatment is brilliant. The 

« thev have became tOrday^ their • the. unpopular Dean and mother tor ■ebronqlogicaJ order. If skips of unfamiliar material and a an authentic novelist different pieces of narrative, 

? j definitlDTi ol ri&ht and wrong was of the fascinating Alice, found '“«Wideri^Iy across the years; host of mvid minor details that in Some UnfenowH Person chiming apart, stress the mes- 

\n very often strangely simple; and hi* courtship of her child, and “ M a ^°. uat of “d. her bring the artist and -the man Sandra Scoppettone Is also cen- sage of the book: that no one 

fpj a great many extremely odd 0 f Alice’s sisters, Lorina and;PM®ob Js succeeded by a sketch alive, and help to illuminate his trally concerned with an unusual knows anyone else,, that guilt is 

fishes managed to, elude- their net. Edith, mysteriously disquieting, «-™«son s childhood and of 19th-century background. . Could and dramatically interesting universal in one sense and un- 

( Fnr example, the Key. Charles j n 1^55 began to cut short Hodgsons peculiar genius have woman, Starr FaithfuL who knowabie in another, that people 

Lulwidgc Dodgsou,' .ah. innocent jjj g C allsi - But, three years '. J H 16 FfOfessor- discusses grown and nourished in any age existed in fact and was can be destroyed and can destroy 
predecessor of Nabokov s Hum- ear iier. he and the Liddell girls • correspondence, bis girl- but that of Queen Victoria? mysteriously drowned in 1931 themselves and it takes a wise 

bert Humbert, obsessed by a and a friead of hfe named Duc x. — i ^ — _ ■ 10 1WA ' (or fooUsh) man 10 be sure he 

plaionic passion for tirue gww wort i, bad enjoyed their famous T QjJ j - / — ^ 7 Tt J i r knows the difference. 

about the age of .1/— river-party, 11© had told his com- tfl A flf) YT.*m m § /] T *7 fJV] fl i\A d 7 • At the same time It evokes the 

are so thin, he explained, from pg^^s a i 0P g fantastic talc; Al l-. .A-//A-LA/ t/ 1/ KA'i l%Ar J. VJ_ C/l3 C- Ks Vv world of the American Twenties, to ten "—whom he emer- and A j ice had sa ]d,. w hen they ' _ the Jazz Age and the drunken 

tained. drew and photo^pneo, returned to the Beanery. “Oh. Tb e story of Jazz edited bv 2 rt i ga , y . Ga&sert 's on posl-Stalinist architecture A Prohibition era with skill and 

now and then in famj dress, t Mr _ Dodgson, J wish you would ^ Joachim-Enist Berentft Barrie a mon S j the intellec- pily that the book does not have economy. Sandra Scoppettone 

occasionalJy quite nakea. 1 v^te out Alice’s adventures . . . ^“and Jenkins, £5.50. 182 pages gnst '. ® er ® l * dt <|oes. how. (could not afford?) colour photo- « “ accomplished and indivi- 
wish, "he told hm r««raxor charies Lutwidge Bodg- - ...yeyer. eonvmcmgly postulate the graphs— it is dot Just SL Basils dual writer - 

Harry Furniss, I dared dispense son wa£ happily reborn as Lewis The title ls self-explanatory, view that Russia and other Cathedral that must be seen in ,n contrast Elizabeth North’s 
with all costume; naked enuoreu Carro jj. . and his love for Alice What marks ' this out from countries are hostile to jazz full regalia to ■ be abbreciatecL Everything in Hie Garden is a 

are so perfectly pure anaiov r. j^a^ed its right true end in previous brief histories of jazz is because of its inherent spon- There must also be some conflict ver? t J u5 * t book - Her character 

but Mrs. ^Grundy wouio tbe composition of a work of that it is written mainly by taneity, citing Lenin’s statement between the historian's desire to istlc sub i ect is English social 

Turious ... art ; Germans, being a translatibn of .that “ Communists have no room treat architecture chronologically comedy, and her characteristic 

• vnt in nmt«on himself there . On Lewis Carroll seminal a lflTO-publisbed German book, for spontaneity." (as here) and the traveller’s method effective understate- 

,. Ye v J:-,.iri M« ( vh of Mrs. ideas descended with brilliant Not too surprisingly, the KEVIN HENRIQUES desire to have ft treated ment: please adjust your nerve 

Grand*- and ampng his unexpectedness. In' 1874 The approach, is heavyiaaded and rr r._ blf _ 1np3 , geographically, But with frequept en i ngs ’ . , 

favourite schemes was to pro- Htmiinp of Ihe Snark would ultra-serious. Seven writers Hfctay byTCatUen bSS? black and white mustratiorSwell 1®P» are «msduusly 

rtn^n edition of Shakespeare develop from the void— cover the well-trodden path of studio Vista. SS Sss SS chosen, and passable (but only evoked in the little Doreet 
S^t-fhV for Idris’* by exds- I was walking on a hillside. Jazz, history, repeating some 356 133 ges just passable) maps. 'the book is country town, where the action 

tn* all « Oblectionable matter.” alone, one bright summer’s apocryphal stories and doubtful No .longer forbidden, Moscow a literal eye-opener, -nor only to place, , and will add an 
iWoted to the stage, but day when suddenly there legends, at tbe same time affira- is still a forbidding city 10 the numerous small churches that esm attraction to the book for 

lamented that a play was came into my head one line of ing^ belief. in the durability of the visitors— bleak winters, a strange preserve ihe past and the the nostalgic. Country lanes and 

Entnfirimiv 1 Wealthy" or “spoiled verse— one solitary line: “For blues and extolling tbe- validity language, drab suburbs, Soviet scattered experiments thai recall bicycles and sweets just off the 

th? Vp'iMiiir FreneJi element, the Snark teas a Boojum. you of free ana rock jazz. philistinism all conspiring to hide the artistic freedom of the ration and no parking problems. 

?r «.«tinnlrivo to another man’s see" .The historical chapters are its architectural heritage.- Yel. twenties, but most of all to (he But problems. Everything in 

seven to ten’ 7 — whom he an d Alice had said. -when they I’ 

mined, drew and photo^pnea^ returned to the Bfeanery. “Oh. Th e story of Jazz edited by O^Sa y Gassett’s ReflcctjOTw on posl-Stalinist architecture 
now .ad JIM la ta-Q- arras, l">t Mr Dod g Son , , wish yon would - /oaclii^Bnijt Braendt^rrte among the intellec- pily that the book dora notl 

occasionally, quite naked. 1 write out Alice s adventures . ... -- aa * Mjn ia3 mpm tUal snst- Berendt does. how. (could not afford?! colour n> 

occasionally quite nasca. » %-rite out Alice's adventures . . .• 
icish," he told Jw fSSJS Thus. , Charles Lutwidge Dodg- 




SSaMe “y“Sd^ Twra Miking on a hillside. SmT SmTmiSim some amlu0 "S SfL ™ country town, where the action 

,,, u obtoctionable matter.” alone, one bright summer's apocryphal stories and doubtful No .longer forbidden, Moscow a literal ej'frbpener,.not only to t**? 5 place, and will add an 

2?", Aptfoted to the stage, but day when suddenly there legends, at tbe same time affira- is still a forbidding city 10 ihe numerous small churches that ex'™ attraction to the book for 

lamented that a Olay was came into my head one line of jag-belief in the durability of the visitors— bleak winters, a strange preserve ihe past and the the nostalgic. Country lanes and 

ontnniiiiv “healthy" or “spoiled verse— one solitary line: “For blues and extolling the- validity language, drab suburbs, Soviet scattered experiments thai recall bicycles and sweets just off the 

Ew fh* VhmiIw French element, the Snark teas a Boojumi you of free ana rock jazz. philistinism all conspiring to hide ihe artistic freedom oF the ration and no parking problems. 

?r n «tinnlovp to another man’s see" .The historical chapters are its architectural heritage.- Yel. twenties, but most of 2 II to (he But- problems. Evei^thing in 

!ii«* He also abominated —and around that enigmatic sandwiched between an introduc- as Kathleen Berton points out in persisted and often thankless the garden is, not, we discover, 

roles and would line the p9em crystallised tJoir and epilogue by tbe book’s this comprehensive- study, -there work of the conservationist lobby lovely. Richard and Joan. 

n f fhe'-Uieatre' if a" SlmTlafly. Alice’s plea and his editor, .the most widely-known is a surprising amount left, out- >n the USSR, faced by the brutal articled clerk and architect's 

..iVnpared in oetticoafs.' delightful riiemorles’ of the pro- and committed of European jazz side as well as inside the familiar redevelopment '. programmes secretary, conduct 9 desultory 

* Pum." nnd “impure" were vious afternoon, hot- haey, writers. Berendtis epilogue will Kremlin walls, often tucked away pushed through by Stalin and by courtship and a far from desul- 

-rr'lI-iivArf that he frequently spangled with water-reflections, cause- the most eyebrow-pucker- in private courtyards, masquerad- Khruschev. but now fortunately tory sex life, oblivious to the 

anjlicuven m , j wi e Viarninp't innr Ins liilh nnmSTftil5 all»trinns aT>rt in? JK TAtlSAiims r«- du'nnfKil V,w in Ihp IStMdimcv. fn r tWe f^nl thai arnunri thorn mornoa. 

least suegestion that 

16 MARCH AT £4-50 






• this is 2 new appobitiDcnt in a predaon-cngineernig; company, 
European leaden in its field. A range of technically sophisticated batch- 
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• maintaining the company’s competitive edge requires progressive 
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responsibility, giving a strong voice in the overall direction ot the 

• a chartered engineer is needed, almost certainly with a good honours 
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• salary is negotiable about £13,000. Location is in the Sou&.of 

"Write in complete confidence 
to J. E. B. Drake as adviser to the company. 






Financial Director 

for a successful public group with, sales expanding past £35111, 
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• THE requirement is for a Chartered Accountant with broadly based 
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Write in complete confidence 
to A. T ri ng-land as adviser to the company. 



20 HALLAM STREET ^ LONDON w ijn .ouj 



Large London-based UJK. division of major International 
Transportation Company has immediate opening for top- 
level financial man/woman. 

This position carries an attractive base salary of up 
to £12,000, plus numerous fringe benefits including 
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In addition to total responsibility for financial opera- 
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Successful candidates must have at least 7 to 10 years’ 
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Please submit, in confidence, a complete resume including 
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10, Cannon Street, EC4P 4BY 


Our clients, a major firm oF 
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HAvARD Business SCHOOL. Graduate 
Stnacnt marketing finance (ecus sum me, 
WM ti on U.K. Phone London 0I-33S 
2*36 or write airmail- -j. Greenwood. 


Financial Times Friday 


Is th 


ro I*' 

The French office of an International Insurance Group, 
specialising in Middle East business, is seeking someone » 
fili a positjonln the underwriting service of its Engineering 
Department based in Paris (contractors all risks, erection ail 

risks, machinery breakdown etc.) 


Priority will be given to the candidate with an Engineering 
degree or background. Some insurance knowledge desirable 
but not essential. French is an advantage. 


YOUNG people are . being makers, setters, skilled ^ 

deprived of the opportunity to borers,. Instrument makers and 

try for skilled jobs in industry so on. Is it not grossly unfair industrial , * 

by .the attitudes of SS that children are not- being 

teachers; who see a career i*. educated in such a mannorthat a Mcotton In UMitUfe To Jj 
industry as second rate, ar a they can sra*P these oppor- J JSSfySS 

last resort- foe less able pupils, tunitles. .... . fiwn oSSnsS 

Mr. Alan Devereux. -chairman of*. “What is better..! child wip arts degw. even from 0jbrid«| 

the -GBl in Scotland, said Tester- a smattering of a ® aden [“®JP oV ' 2JL£|9 JkSL "° ^ * mQl0r 
day:- - ; - ledge with no Job prospects, or assembly line- 

He' told a conference-- (ri * child with slight academic Mr . Devoreiur added that i 
Glasgow that some .'teachers knowledge who t Britain was to survive as a maos 

deso^sed an industrial or positive contribution to the com- f acrur ing nation “we must gg 

TOWridSnc society VJrt raw m ™!W \ ‘^critteiifd crt ,^„ wltb ,he “*»•«*” 

their . task, not in servicing; edneation. e dvca u °P* 

industry's needs, but in the h _ ^as inferior to “ First* an ability to mM 

encouragement of the capacity Jj"* RLSfjL „ nd prance, write * nt * atW up, with examtni 
for personal and aMtante".^ w „ u 3 c h of industry tioim «» measure ability .Second 

development. down by outdated. riRornu* higher rducatton* 

“Fine ideals, but where tfoes^Sade union protectionism on th ® ^olninn h fal^rthB 
all this liberal education lead, "one side and by amateur mans- public 
1 will Ml! you — to the dole gore on the other. And I would cal edtaenttnn 
Oneue— We have 15m. ife- delude ' in my Ust of amateurs ** Jf 

employed- in this country rad, 'many of those who have attended 

simultaneously a huge and .fin. business administration courses. best .rewarded to tne elite wh 
, satisfied demand for tool- “We love the concept of a make it. 

Salary in excen of £10.000 per annum. Preferred age 28-40. 
Interview* m London or Parte. Usual fringe benefits and 
removal expenses. 

All applications will be created in strict confidence. 

please call Miss Rita, Paris 359 16 34 for ad appointment 
or write to: ■ ’ 

Masco , 

Nasco Karaoglan 
(France) SJLR.L. 
6 rue de Bern 
75008 Paris 




Deeding with hxryday Problems 
12th-13th April 3978 

plans new 

Tins is a course concentrating upon the handling of 
day-to-day employer difficultly arising from poor 
individual’ performance, bad timekeeping, misconduct 
and other disciplinary matters. 

. It is specially designed for managers who might be _ 
-uncertain of the immediate channels open to them in 
. doiling with employment problems in today's complex 
legal setting. Mistake* can prove lo be vers costljt us 
some companies have discovered. 

o launch engineering and teefc 
lira! decree courses ibis year- . 

The courses, in conjunction 
with Falkirk College of Tech- 
-tology. will be in management 
.cienre and engineering add 
echno!o* economics. 

They will he ordinary degree 
-morses, but honours courses may 
ie developed. 

Japanese companies 
to fund £2m. 

LSE study centre 


Jjcottish Education Deportment! ap an international centre for 
ipprovai is needed befura. the] economics and related dlsci- 
.uu'rccs can be launched. -j p u n< . b a i the London School of 

A decision should »e known by > Economics and Political 

he end nf this mnntti. 

Computer for 

Partidpaiion and practicality are the twin keynotes: 
anyone responsible for managing peoplcor handling the 
Personnel Management function as an additional role 
will benefit considerably from this course. 


TWO JAPANESE companies, and within a month had per- 
Cnri.irv "and Toyota, have given suadeti Toyota and Suniory to 

hnntury anu iojuia, ^ nwssarj . ^ 

mure than t-m. O Ibn. to set Jimpanlejt give considerable 
ap an international centre lor support to cultural activities ln= 
economics and related disci- - j 9 pa n> but Professor Mori- 
ptincs ai the London School of sbima said his “ old school 

Economics and Political tic " associations also helped ' 

Science. him raise the money, ne was. 

nMan (hl _ at the same high school u 
The centre wUl Mr. Kcuo SAIL chairman of 

aniuun. It win nntfertafce Suntorv> 

research into the . .Japanese 


The centre will open Ibis 
'aniuun. It win undertake 

economy and carry out com- 
pa rathe studies of Japan's 

Attendance will be strictly limited to 30: ensuring full \ 
involvement by tho>e attending, and thc'charge tor the 
2 days, inclusive of lunch and all materials, is £120 per 
person plus VAT. Tnc course will be held at our London 
Conference Suite. Baker Street, London Wl., and the 
programme will operate 09.30-1730 on both days. 

Appl ica ti o ns, accompanied by a cheque, w SI be dealt 
with in arid order of recei pt Cheques receiv ed after the 
course has been fully subscribed will be returned to the 
senders immediately. 

Leeds Polytechnic has installed a ! pcoaumy and the economies of 
Honeywell computer costing] 0 (h«*r countries-notably (he 
*500,000 to extend course tuition • u.K and EEC member States, 
and study facilities. Studies of economies In 

The new system was built at wbicb japan has a Mg trading 
Honeywell's Scottish factory at or political Interest will also 
Newboupe, Lanarkshire It has |,e made, 
hocn installed in a centre which The centre is the brainchild 

wilt indude a laboratory far lhe ; „r Prutevsar Mlchlu Uorishlma,. 
instrucrion of students in pro-i yniiessor of economics at (he 

cramming software applications, j^se. Professor DSorisblma satd 
ind the techniques of computer- yesterday that. In the past. 

After acceptance, if non-attendance is subsequently 
notified in wtiting not less than 14 daw before the event, 
there will be a Kill fee refund - less a £10 handling 
charge, 50% of the fee will be refunded if notification of 
non-attendance is received in writing not less than 7 days . 
before the evenL Thereafter, no refunds will be granted. 

Medieval job 

A DESERTED medieval villaee 

Japanese funding of academic, 
work abroad had always been 
limited to studies of Japan's 
iraiiiiluual culture, 
lie u as anxious to extend this 

at Lower Court Farm, Lona j to Include economics and other 
Ashton, near Bristol is to . be 1 sciences. He felt this would 
•iurveyed and excavated by 16 benefit Japan In practical ways 
People under the Government's! ayd In- terms of International 
job creation programme. : at a; arcdmnlc prestige. 
rost of more than £27,700. ' ( He visited Japan last summer 

The money for the centre 
will come officially through the. 
Japan t'nundaitou. which Is: 
the Japanese equivalent of the 
British f^innetl. n»e Japsp 
Foundation and the donor com- ; - 
p antes mil gue Uk- m. te . 
complete freed ->m Hi t'« rhoire 
of research studies and in Ua 
appointment of stud. 

One visiting scholar from 
Japan and one visiting scholar 
from another country— possibly 
the US. or an F.EC State— will 
be Invited to the centre each 
year. The fund will also pro- 
vide for a number of research 
assbtantshlps . 'and student- 
ships the holders of which wtll> 
be chosen from among the -', 
students at-LSE. 

It is expected that Professor 
Morishima wUl head the centre*- - 
at least for it* first few years. 

Cheques should be made payable to Bcckwell 
Consultancy Services Ltd., and crossed -Account Payee 
Only- All applications please to: 

Charles Stewart BJSc. (.Eng), M.LP.M.. 

Ti 1 77 Consultancy 


Management & Selection Consultants, 

Telephone: 01-487 5761 (24 hr Answering Serviced 
Telex: 263526. 

Why working mothers 
will stay at home 








Roaring Rate Notes due 1983 
U 5 -520,000,000 

| A MOUNTING threat of absen- border, which Is now roushly by the change in legislation^ 
teeism faces employers, partieu- £2L*bn. a year. Since incrernen- Public and private employees, 
larlv of women, throughout tal creep ts csrimated to be add- expenses have been, treated in 
Sne'lani and- Wales in the week< inc 1 per cent, to ihb, bill, only the same way for many years; 

before and after the Easter 9 per cent, is left over for the But the issue came to light In .. 

school holidays. The reason is April 1, increase. the general review of locaL 

*hat the two biggest teachers* offered the 9 per cent, in what auihonty payments. . 

unions, together representina the unions interpreted as a "take • The Inland Revenue^ iff, 1 
about three-quarters dF the or j^ave it** spirit, they de- challenging car and subsistence; 

434 000 school siaff. are inprea-:- C ided to leave it. The NUT set allowance? some local auihortne^- 

ms'v withdrawtnc memhors from about organising the withdrawal, pay* to secondary school teachers 
“ voluntary “ work, thus puUin-y for activities be.vuod nurmaF 

im il.ii n 

:iV>i ■; f j { 

NOTICE IS riEktBT GIVEN chit tht 
rit» ol mMrelC for (Im period iron 
March 9, 19/0 so SepwraWr II, !97b 
hu been fixed ai 8,% P-a. 

The. Truitee 



'Company will be held in the 
Head Office, 3 GEORGE 
TUESDAY, 21st .. MARCH, 
1978, at 2.30 p.m. 

By Order of the 
Board of Directors . 

General Manager & 

7th March. 1978. 

Additional Business ■ 
Resolution fixing remuner- 
ation of the Directors in 
terms of Regulation:^ of 

more responsibility r>n tn 
■jarpnP. especially mothers. 

The sanctions include not only 
evening attendance at parnn- 
’eacher meetings, and so on. but 
itso the supervision nf nunils 
luring the lunch break Unaiile 
ro disrh^rse resnonsihilily for 
•he safely of children durin.' the 
interval, a goud many schools 
will inevitably decide in shut at 
mid-day or even not to open at 

Closures have been increasinc 
ibis week as the 245.000-strnnj 
National Union of Teachers has 

School dispute 
. background 
by Michael Dixon 
& David . Freud 

for activities beyond norma t 
school hours About 50 lucaC- 
authorities make the^e pavments^ 
accnrdim; to the. NASIIWT. i : 

The payments are relatively,,: 
new. having started In the past, 
five years, and very title muney 
is involved. Accomiiig tn the. 
joint union -teachers are. paid 
mileage at* only a low rale and ■ 
the total monthly expenses of the; , 
average teacher Is about £5. ■; 

The dispute hinges on thes; 
interpretation of teacnern* normal, 
working As th* law stands an*.. 

dill hn !'n 

notice IO members ,l- I Ti. -j,b K The NAS-UWT was also ex Dec- W0 ™ 0 » 

annual general MEETING this week as the 245.000-iirnn 2 . j „ „„ rf „ „ payments made to ernp o^ees im 

National Union of Teachers has Aspect of costs of *raifto and?; 

ars&^ss was ^rtfTsu. ” te , n ^l'L 3 w Ji5 d r a « al fr T, lx Sii tK disruSnuo frnm ' h,s p lace nf wt v rk are ^ 

siren, jonanneswirg. on Tnureaay. Auri- uF its 588 branch areas on Mon- ul<11 f-. 1 , , a hle under Schedule E ? 

6 1 97®. >1 12J.15 tor -ho ioiumkmq j_ v t0 a r ore n a c t minimum of would, cease soon, particularly ao ‘f U|,ner arae “* “ 

ousiness: 10 <* lor ^ Lasl urinimiim or ■ , ■ Flnwnuer manhurs’ contracts- 

nn*. ano. consioer tM . anno, no mis* SSt weS the sDre a °d since thc main employers' asso- However, COTtng* 

srsy«safcSi wr- or 7 ortfftior, sSSL*™ JK? ° n D n 

a To «i«« director* m accoraante = iir. f th vrnr hrino« in Fii-thor consider making ao improved oudcs are invoneo. II me 
we owiiKMis o' tn* comoanv* artKien aieastnepiui Dnngs in further ntfes out of normal school hours?. 

mTwirhdrawRl ..When on Thursday the NAS- JJI 

-Miwion aa an aratnarv resolution started hv the inn non-mem Hof UWT. announced its plan Tor sioerecl part 01 their wont con 

"TMt y tiie aurctors are < wnn antaeriMsi National A^ociatinh- of Srhooi- sanctions, however, it revealed tract, , then clearly expenses 


■'Tnar toe ahretnrs are 

masters and Union of Women rhat ^ «« ion . w “ (C bein 8 T ak .r n “S?" wn iJ ,d M b ® 

the ums&ued (KOiniry shares of 50 cents matiFers and UniOD Of Women 
I each In (he capital -at the company ai such Tpnrhpre 
time or times to such oerton or persons a ‘ 

eompaw or comoanies: uooa soch terms The reason why the NUT and 

over" an entirely different issue. Among the activities In the' - 
This is the Inland Revenue’s de- grey contract area are parents*: 

SUrUdMVSiiie NAS-IIWT .rr im™*!; clsion to tax certain expenses meetings, open days, speech; 
ootemSsL sanctions is relatively obscure K P a, *l ro teachers Eor working out- days, governors meetings, spurts; 

15i .rs y 0 »s^. s H iaf the normal ^.oo, hers. actjrtttei stjir - meetlnss. p« S 

xxuuauvi.w uu.n -■ ill] to malK arrangements on such terms 

Resolution fixing remuner- ^ 
atlon of the Director* in 

terms of Regulation:^ of -mm 

the Regulations Of the- Lom- mhob ol anv iractlonai entlileinena tn 

^ Inflllpnop ' School disruption over this preparation mMtings.sodal- 

«M»M ,> tnM- , SSr “ *“ “* °*™" w ISISIUITHLC issue secms - bound to go on occasions and music or dram*'-, 

^S?v«TAT';; The trouble started with the longer than the NTTTs ^sanctions Performances, 

rosoeci o* air* shares Issuea in Pursuance meeting of the Burnham n,u over tile pay nse. ine KAi-UW l v-- , - 

w suff^aSjV** can -B£yj v in " iSE negntiatine committee In London says lX T0,,in R members R^SOIldblfi 
S2& on February 27 at whi^h the ^ , 

& h -«rn,.r « % n r f^ployere made »he»r offer nf W 


notice ro shippers »»rir« and the net pmcwis oi am. sai- the latest annual rise to he aI ^ focal education aucnoniy tton Aumuritles has told the 

wbimSU.- rh,,, “ ,h * 1 ' ho awardPtT to all teachers m Sivfa a clear assurance that thpsp inland Revenue that toacliers’ 

5 rwos v.ijX " m English and Welsh 'schools on dul, f s , are , nnl . ? arl , of ^ contracts were quite unspecific 

niBAriiEY adiuctmt-nT FACTOR mwiofti- 9t The company mn_vme tow* . _ , ,lS ,n taiAhufc' mniMphia wnrk. — i 

of tary”' duties unit! their parlit-u- The Council for Local Educa- 
u lar focal education authority tion Au'hiiritles has told the 
‘ )n ?1vea a dear assurance that there Inland Revenue that toacliers' 

Maine. Hampton Roan. viminiA. n ,, 5iS;57 ra , i "2., K-ngusn and Welsh schools on . . *T . c«»ntracis were quite iinspecinc 

cuRHENCYADjiwTM^.PAcroR ^ g”S3 April l. ^* s teachers' comractual work- anrt there was nu wtevan , case 

1. P^olur* 1 mKmmSBSi*imh Ta 'S^'entmen to attem- ano .The rise comes on top nr The tax row has emerged law as to whether such extra- 
iiui currwtw. w* mc-moar nnea jw«h »t »» '1 SinSS"?).? tlie salary-advancement nnsi because.' of a general review or curricular activities were part of 
S£ GSW3* a ln ms stejd. a wrojor 'ired noi m * teachers gain .each year simuiy payments -to public sector em- a teacher's oblitm-tinns. 

S!! M Ir» l mSSp£? ( ffiE aa SEMSM SSr an m ** n ° er tbernr, h y growing older and so mnvmq ploypen that the Inland Revenue However, employers generally 

Sffi* iSS*' *«|" wSScncioB m an guo_ a n cor tor ation up their incremental salary ‘s cunducting. expected— and teachers generally 

iS?w *V m Ma l ?. M Si 7 s , . cni, ^^ 0 Swhwiv . B 's ec r tar ‘*' scal .e*- This incremental pm- In the coming weeks and accepted— the expectation that 

grsi i«SMA 7 J DSfri Wb?"iS senior dKSio«i j s 4 «S" ^ s > however, is currently also months many other employees in within reason teachers would 

^ , n SraiTstSSt* add, . nR to l,ie fora l cost or th^; public sector are likely to attend -uch activities, the CLEA 

Dt teachers' pay because, fnllowmc find expenses and similar allow- admitted. 

in.tiw um ol grtne r &£+ ™ 9 970 : — the exnansion of education i n ances that traditionally have been This admission has angered 

Tor tStiir infaTOtvn^Sn^r^S"^ T t^dFng L compan? p ?i , mi feo D rhe 19fi0s - there are many mure uniaxed- being challenged. the NAS /UWT. The union .-my* 

o“m»"SSSr ,ta ' ,e ‘ ! aBlT , ; — — , v° un ? teachers moving up the The review is due to a little- it means that all such dulW 

-fiS3S« B &55» r L Li£ E .1 ll,an } l1ere , arp older nnliced provision in the 1976 would In future he regarded as 

sSs‘«' c, L “ a;- irv.'BSi.'g .^.ssr -ttsst. ^ Fi M"“ A ,",^ , ,‘' h r n r<, "? h ,' |,arl of "* '™ s 

KStflMS in,. Sgr rhe wr 1 ? 7 » pt a aaap ecr r 5o The incremental creep is a public sector into line for the contract, nnd as such the UX 


T'l.^ war 

■* — A ■ - ' * 

T v Vi”,ir 

‘ ! ‘Li 

4d)mt*d in the imHh ill onher fkicma- 
tlo"S in the . International rate* nl «D»*St 
For tart Her information mease eont^-t 
tbo oniioniioiiitlonM Hn« Bioir «wo. 
or tfiis office. 


Afitwrean Enoorr Lines uk . 
'AtlentK Con:»nwr Line >G.4-E>1 

Notice i» nerefry ai»en tint Ine uanster 

21 . .rem, St- CmOr.ooe. M« U *huMM j "Tfflf"! 

"AUentK Con:»iiwr Line >G, 
Dart Conf^lhi , '"‘"f Co. IM 
H»naB-L: ‘» rt AG 
Sea-Lartif Servlre |nc, 

Sr-3 train rn'.p-fiavnnai l.a 
umrart Stutc^ Lines Inc 

! SSSSSS V mSSm* Pp*W®m. IO The ..BumlHira em- first ume with the private sector payment- wimSd b e .wiling a 

lui. IOTB Hi. u .ll I .... hIau.m' A III. L ... ... k.iAnfll.- ITnliT li... . . ^ 

02138 USA. 

g.OO ojti on Z 8 th Mercn 19 
9.00 a.iti. on IRih March. I9#8. 


Bv O-0e> 0* the Board 
R. E fHILV. 

General Munsoer tor me 
United KimjOom. 

Lonflon 5W1 a 
Issued; 7 March 19TB 

Casey, genernl 

EVE- I Oh Revcn: Street. /MMfb. Aid 
Carte or All-in Menu. Tnrec Spectacular 


Nonce is nereliy qiiw tMl Wt Stflislw 

SSSSRmmi Norm aEv** wesioounn Ma* i97D h« c d^uh-nn ».ii he nloyers* panel Althuiigh Hip un frince benefits Until then «1an serous lirt-cedenl 
p TS% c, fflSr« n -t - ’ For trnmierecs to nxerre avs am. local authurliy represent alivt-R IcjislatioP making such benefits \j r - Terw Cusev Leneinl 
J ' “Hr c^^rredX'r.^.rr ^ ^ n.t- direct employers „ f taxable had. not applied to cent ral secretary oF the joint unii.n, 

issued . 7 March 7B. ? — umjteH MMtp ma «o- -.-v teachers and Ujeorrric.iU.v ,-n,. (.Iivernmmi. local authontn-s ^td rgmonlav that the sanctions 

Nu-swirr industries LTD- ^oa no- jami th.« loo o.m oe B iflth powered id effer .whal they wilt, an d nnn-prnflt making and non- were bi'inu upplked bceause “ \»e ; 

notice is HEPEBY given «i« me- ^SHABE warrants ro searer ‘ n practice the panel is hpnvily L-uminercial or&anisations. want to make it safe for teacher* 

iS.Jfpj by lhe Depurlra<inl ° r The Finance Act legislation in he genurmts wtthnut mearih® 
3!mi March. 1078. to ii» April must to wjr liov« Bane i-im, ten. Education. came into efiect in th«: current they are enlarumc (heir cuh- 

1970. brtt* Gw ^nc'us've . ■ aku ii Ink( eIpu iUm bu In makinc itS Offer acnmst the t:,v vfiiir su manu nf thn Inii-timi nhll.v.iinn. ” 

HOOT Shows 10.JS. 12 AS and 1.45 and w Transfers « me ibove-naiMd ComBam 


require lr*oe-s in Grams. Proleini I _ _ _ 

Cwo*. Code*. Sugar Meuu ChK. Also j AaU^^LboSHSSSw'' 1 

Trainees And Assistant* »r UK. THB GREAT BRmsH^SSlP^ 

Curop-v D.S.A. JIM Mqng Karnj. Tel , Snm> at Mwwgn: and 1 a.m. j 

Granam Siewart. 01-AJ9 1701. _ I Mo*T,-Fn. Closed Saturdays. 01-437 MSS 

««fit be cMM from rhe 22na Match. 
1978. to «*th ADHI 1975 berth dJlo* 

incliisire. OfO*, or me Board. 


oirecioriSeu-eMrr ■ 

gin March. 1978. 

Bv Order of the Board. 

Nu-Suufr Factorv. 

Efland. W. Yorkshire. 

Transfer 0*fe» . 

Hoee Aoar ft Co.. 

Eawprfh Hw* 

25-55 Cltv RO«d. 

London EC IV 1AR. 

8au ihwi nve c (ear'd* vs f to?°rttdm^ a B In making its offer 'against the us year, so many of the chances tract uni ohItcatlonh. M 

I5^«sr BK n-B,- . Wh MM T™* ^mand fgr 12i per cent., a implied are new-as the end The CLEA said that II did nol 

*’<***% Mapvey !,nn l J m etfJ^!?^ipn. Si? !° ? r lhe • > w HPProaches— consider the issue closed amt 

•’ cwnpanv BeA'oiam, iP pl ? Xo , *»«»■»« notified tu employees. was still negotiating with thn 
urnm* ’sli tna. Si!!: !2 inh^ 2n The specific issue nf teachera' tnionri Revenue to make lh« 

9ih Marco. i9»8. toachoES south of the bcoitish expenses is nw. m fact, affected expenses nun taxable. 

Bv Orrt*r nf fno Bnarn 


• , Company Secretary, 
Shell Centre. 

London $E1 TNA. 

9ih March. 1978. 

J*-F*i*U ^ 

F,instiieial Times March 10' 1978 



IS. i .' 


Is the BIM managing 
to make itself heard? 

1 A 

■ 2 r 


TO SPEAKS for Britain's 
Hon-plus managers? The 
hsh^lnstitute of Management - 
b 57,ooo members certainly 
imed to do so at its second 
tional convention earlier this 
But in a slightly different 
•text so would a number of 
■ ©ns, since they are recruiting 
re and more managers to 

^ er wee ^’ s convention, Jason Crisp looks at 
nai people .the. role, of the British Institute of Management. 

gest growth area; half of last - . ■ 7 

t SSTS! , !Tfl , ! r «2S and assesses its effectiveness since it decided to go 

• ice that John Lyons. General 

iretary 0 f the Electrical. . POlltlCcd tWO V63.TS E20, 

:#er Engineers' Association, ~ a 

ently changed the name of that many of the ececutlves oq The BIM first decided to dustrialists, top businessmen 
* union to Engineers .and platform. at. tbe BIM con- enter the political fray two and entrepreneurs! had been 
nagers Association. ' vention occupied a similar posi- years ago at the firsr National through a difficult financial 

-* 16 BIM itself has rejected tton at the' CBI’s first, headline- cunvcmion-rhcld in the Royal crisis which coincided with an 
.. * r notion of acting as some hitting National conference in Festival -Hall — after' an over- ambition -to become a political 
m of real or quasi'fepresenta* ® rlla * Q *t the .end of last year, whelming vote by the 1,600 force. Its director-general, Jan 
of individual managers on a Of the foiir , winding up delegates that the Institute Hildreth, has succeeded in re- 
ion-type basis. This is not speakers at fee BIM convention. should take on a “ representa- turning the institute to financial 
agether surprising, since a two— .Fords. Terry Beckett and tional role." Up until then the health, but he has not yet been 
istantial part of its income is Trevor Holdswprth, deputy BIM's main role, had been lo able to establish It as a body 
-ived from its 13,000 or so chairman of GKN— Appeared on promote good standards nf man- of much political significance, 
■porate members. - the; rostrum at the CBI confer- agement. It also provides ex- Since the BIM’s melamor- 

cnce. With the possible. excep- tensive research facilities and phosis occurred, the CBI has 
Dml! tion-of Leslie ToUey, chairman advisory services. risen swiftly back into a posi- 

*7 - -°f Renold. the winding-up it did not become represents- tion of influence under the no- 

i-faving rejected a union* role, speakers on the motions' — who, tional until the end of 1976. nonsense leadership of Sir John 
‘ BIM is left with an 1 uphill given the way BIM runs things, partly because it meant casting Meihven as director-general and 
L a k in establishing . for itself are probably more, important off its status, as a charity so ii Lord Watkinson as president. 

dear function and identity! A than the original , proposers — could become “political." And And although, by the very 
niiiar cry from the leadership wcre picked because they are in November of that year, to nature of its members, the CBI 
fi/rxnmi. f° r ft t° he reckoned by gov- well-known industrialists. Terry celebrate the BIM's coming .of does not have the political 
V ^‘tTBn , fl UI,enl at least, and perhaps Beckett is a stimulating age. the Prime Minister spoke muscle of the TUC — talk or 
public as well, as being on speaker aod a natural- for a encouragingly to members gath- “ investment strikes" always 
level footing with the TUC quick slot ift the nine o’clock ered for the BIM annual dinner rang hollow' — it has regained 
cl CBI. That it- is not seen as television news. The timing oE the adoption 

ch is- abundantly dear. Of all the BIM stalwarts, he of this more aggressive stance 

One of tbe handicaps facing can probably, claim to have. most is interesting, first because it 
2 BIM in its attempts to in comon with middle managers, foil owed an ebbing of the CBI’s 
-4-hieve the level of- political but is still somebody .with whom influence, and secondly the In- The BIM appears in danger 
Suence it so ardently desires- they would not necessary gtitute of Directors had also just of falling between these 
that it so often- opines, out identify. - decided lo stick a toe in the two stools. By comparison 

.unding like the CBI. itself. Perhaps the most perspica- political pool. Although rhe with the Institute of Directors. 

1 ! V..ough less forceful. Last week nous suggestion to come from three bodies claim to represent it has certainly come a long 
proudly -presented the out- the floor of Tuesday;? .conven- different areas of industry and way. But it has nonetheless 

ie for a "Managers’ Manifesto" tion was one of .semantic, commerce, there was, and still been outshone and outper- 

■' ‘ ‘ lich put together for the first Why, asked one . manager, is, a noticeable overlap, not only formed by the might of the CBI 

N " ne BIM policy in one place, wasn't BIM. retitled the British in their membership, but even which, although it represents 

"Jch of it reads like a Institute of Managers? It. was more in’ the content of -their corporate organisation, has 
eels' of the CBrs own. pub- a good point and one. Which pronouncements. spoken strongly for the lot of 

' ■ • • lied views. , . ' Sir Derek Ezra, the Blir chair- The Institute of Directors, the manager. After all,. it clearly 

'/ • : Another example o'f this is man, appealed to take seriously, whose members consist of in- recognises that a satisfied 

a significant, position. 


manager is good for the organ- 

Sir Derek Ezra, chairman of 
BIM until next October, when 
Leslie Tolley takes over, told 
the convention on Tuesday that 
there were three policy areas 
-where the institute had made 
an impact. These were taxa- 
tion, pay and employee parti- 
cipation, Sir Derek explained 
that Ihe BIM had met the 
Chancellor twice in the last 
year, and had been invited for 
further discussions in June 
after the Budget " Tfoe taxa- 
tion changes he has made in 
the past two Budgets have at 
least been in the right direc- 
tion and have brought some 
relief to executives and man- 
agers," said Sir Derek.' * 

To link the BIM's recommen- 
dations on Lax with what the 
Chancellor actually did seems 
somewhat tenuous. Practically 
the entire country had been 
calling for a cut in taxes, and 
the more powerful CBI was at 
the fore. 

On pay, the BIM was able to 
make representations to the 
Secretary of Stale for Employ- 
ment bn its views on Stage 3. 
Percentage increases, no cut-off 
levels and self-financing produc- 
tivity deals were what the BIM 
calls a step in the right direc- 
tion. But the BIM's direct influ- 
ence in the introduction of these 
policies is hard to assess, as 
again it was the common cry 
from many bodies. 

On employee participation, 
the BIM was very quick off the 
mark with an attack on the 
Bullock proposals. So quick 
that it beat the CBI, which has 
since taken tbe credit for 
putting the hatchet into the 
proposals. It certainly made 
most of the running. 

Clearly then, on the credit 
side the BIM dues have the- 
Government's e?r from time to 
time. It also has a joint work- 
ing party with the National 
Economic Development Organi- 
sation through which it can ex- 
press its views on the indtis- 

Mr. Peter Parker and Sir Derek 

trial strategy. As Sir Derek 
Ezra put it: ‘‘When the indus- 
trial strategy is formulated we 
are the people, those of us who 
are in industrial management, 
who will have to carry it 

A further thrust of the insti- 
tute has been the launch of its 
SPUR ( Strategy. Performance 
and Utilisation of Resources) 
campaign, which is tn run for 
18 months with conferences and 
discussions around the country, 
to see how managers can most 
contribute to the efficiency of 
the economy. 

The question which remains 
is who dors the BIM represent 
— top management nr the 
manager who may be working 
anywhere between the shop 
floor and immediate!)' below 
Board level. It is not a question 
which BIM has yet been able 
to answer for itself. 

The sentiment at Tuesday's 
convention was that it should 
represent the manager. As was 
pointed nut, the line manager 

Ezra setting out for the convention: 
right track 7 

may often lank on top manage- 
ment in much the same way as 
the shopfloor worker; he too is 
an employee. 

Tuesday's .feeling is already 
being reflected by events. 
There wore noticeably fewer 
delegates al the convention 
1 1.000) than at the first one, 
where 1.500 turned out. But 
according to a spokesman lor 
the BIM the drop was largely 
due to a fall in enrporafe repre- 
sentatives. while the number of 
private members had increased. 

However good I he BIM's 
intentions, it has not yet chosen 
to be the representative of 
management or the manager. 
Instead it has trod an ill- 
defined palh between the two. 

If it continues to be identi- 
fied with the heads of industry, 
it is in danger of being forever 
eclipsed by the CBI. That 
managers want and need a voice 
is clear, and their prublems are 
registering in government, for 
which the BIM believes it is 
due some credit. 

An the “ heavyweights " on the 

If the BIM is to represent Ui«» 
manager, is it right to have st; 
many *’ heavyweight " industri* 
alists taking such a leading rules* 
The new chairman. 64-year-nItJ 
Mr. Leslie Tolley, a well* 
respected industrialist, but not 
well known in the south of 
England, may not be the sort 
of man who is going to attract 
iho younger manager to fen 
BIM. For all his virtues the 
middle manager would identify, 
him with his own board 

At the convention it was 
announced that the BIM was 
going an a recruitment drive# 
Tn succeed, it is going to need 
to cultivate a clearer reputation 
for representing the ordinary 

The Tuesday convention 
agreed a number of motions 
The best idea — certainly thd 
most original — was for the BUT 
to become the Institute 
of Managers. A force tn be 
reckoned with? 

■JSENESSMEN burdened by. 
e complexities of coping with 
tlue Added Tax will no doubt 
pleased to hear that the Vat- 
zn too' have had their prob- 
ms. ■ : 

The trouble has been caused 
nply by a plethora of paper- 
)rk. There are 1.25m. traders 
‘gistered for VAT— -about 20 
.ues the number registered 
ider the old purchase tax sys- 
xn — and a report recently .pub- 
feed details the “paper chase" 
•is created for storage and 

The filing systems hastily 
•ought in when -VAT was in- 
oduced in 1973 quickly: proved 
effective. _StaiI_ complained, of; 
’e frustrations arising from trie 
emingly endless search lor 
’i-uments. And, like Topsy.'jhe' 
.•mand for filing on staff, office 
•ace. and equipment just- kept 
i growing. 

Vet before the overburdened 

businessman starts celebrating 
in the street at tbfirnews .he 
should be aware that, itdb'-only 
have .the Valmen solved. Hi eir 
.filing Crisis, hut have managed 
to save £100,000 a year- ip': the 

And. of omrse,' astute execu- 
tives ". will . realise, that "filing 
breakdowns cause delays in VAT 
repayments as well as' in .'de- 
mands; • 

The Excise's fifing problems 
fell into two main ..operational 
areas — enforcement and the 
network of , local VAT ..offices. 
The- solutions developed 
eluded' a novel use of a oca: 
index system; -the use of fleribl 
dividere for shelf filing s.vstenri 
anff." revealed the value ^ 
having:' available, a numbegfhg 
system: unique to each filkjFrhe 
VAT registration numberin' this 
case). V 'jr . 

' Responsibility for solving the 
VAT. filing muddle mbs given to 

How a new filing system helped 
VATmen out of a hole 

a team of. Organisation and 
Method experts from the Cus- 
toms and Excise's own manage- 
ment services department. 

Within the VAT enforcement 
division, problems arose with 
the filing of duplicate copies of 
"Action ' Notices " for VAT 
defaulters. One copy was used 
to 11 set up a case file, which was 
Siqredjn . prder_p(_registrat io.n_ 
number in trays on shelves in 
standard filing cupboards. Each 
tray, liteld about 60 case files, 
weighing an average of 12 lbs 
each. and. up to 24 trays cbuld 
be stored in one cupboard. 

The Dther copy was used -as 

a reminder document for fur- 
ther action, filed in date order 
in spring dip-board boxes. 

Each of the enforcement divi- 
sion s process, units had about 
7,000 case files which required 
some 40 spring-dip boxes to con- 
tain the supporting reminder 
date documents. 

It was these reminder docu- 
ments. which caused most prob- 
lems as cases often involved 
default in several tax periods, 
resulting in the production of 
separate documents filed in dif- 
ferent date locations. When 
action had to be taken, it was 
necessary to find all relevant 

documents and then refile them. 

This created a " paper chase," 
according to the civil servants 
who investigated the problem, 
which became worse by in- 
accurate estimates of workload 
and understaffing. 

The solution was to scrap the 
'separate filing of reminder date 
documents and fo record their 
details ' oh fl 'ctErd “index system 
with each' card containing ar 
number of cases. This was based 
on the VAT registration num. 
bers aod covered all the traders 
due for a- reminder each week. 
Thus a typical process unit, with 

7.000 cases, could have the re- 
minder document information 
stored on about 150 cards. A 
large amount of paperwork was 
condensed into a very small 
card index system. 

The case files themselves 
proved more of a problem. After 
studying the costs, accommoda- 
tion and procedures, it was de- 
cided to replace the tray system 
with an upright filing system. 
Files were stood on shelves in 
the existing cupboards but 
divjded by special indexed divi- 
ders which could easily be 
moved to allow maximum flexi- 
bility in growth and contraction. 

Adoption of the sysiem re- 
sulted in at least a 20 per cent, 
saving of existing filing accom- 
modation and a 35 per cent, 
saving on staff. Overall, the 
Enforcement Division's savings 
amounted to £75,000 each year 
and 29 fewer clerical posts. 

One of the problems within 
the network of local VAT offices 
scattered throughout the U.K. 
was a greater than anticipated 
amount of paperwork. The 
difficulties of both civil servants 
and traders in dealing with the 
hidden complexities of the VAT 
system meant that more checks 
and communications with 
traders were generated— all of 
which had subsequently to be 
filed in a system not designed 
lor such volume. 

The solution adopted by the 
Civil Service O and M team was 
based on the work previously 
carried out in the enforcement 

The system produced a mars 
even flow of files within eacH 
local office and meant (hat filcij 
transferred from other officejl 
could easily be incorporate(j 
into the main filing system. 1 
After allowing for the cost 
new equipment, this system is 
estimated to save £30.000 a year 
for the next ten years mainlji 
from accommodation savings. ; j 
Apart from the cost saving.^ 
the new filing systems are alsfi 
said lo have improved staflf 
morale. "The heavy lifting 
which gave rise tu so many com- 
plaints has been eliminated and 
the frustrations arising from 
the seemingly endless search 
for documents have been coni 
sitlerahly eased," the civil ser- 
vants point out. ■] 

David Churchill 

\ . 

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recently drawn attention to the 
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• • 

- ' V, 



Why the current 
account matters 

Canal’s bid for a come-back 

Financial Times Friday March’ 10 1978 




current account as a cunstraint 
nn any mnre than a modest rate 
of growth has been the main real 
change in the economic outlook 
in the last few months The 
extent and timing of any deterior- 
ation — more likely in 1979 than 
this year — can be exaggerated in 
the swing of market sentiment 
from last autumn's euphoria to 
the current relative gloom. But 
the implications of the slow 
growth of world trade and of the 
rise in sterling are clear. The 
U K. economy is not coin? to be 
able to expand hy much more 
than its trend rate of growth of 
productive potential — 3 per cent, 
even with North Sea nil accord- 
ing to the Treasury — without 
running hack into 3 current 
account deficit. 

Free floating 

Bm does ihe current account 
matter in a world oT floating 
currencies and large oil -producer 
surpluses? The international 
monetarists argue that Govern- 
ments are deluding themselves 
by pursuing any particular 
current account objective. Under 
a free-floating exchange rate 
system the account must 'tala nee 
and how it does— whether by 
short-term capital inflows oIT- 
soffiri" a currenr delicti — i« nf 
secondary importance. On this 
vie-*- what manors is setting the 
right monetary target. 

While non- monetarists would 
place greater weight on the sig- 
nificance of the current account, 
many economists have argued 
(’a policy of seeking a large 
current account surplus merely 
ceinforceo contractionary pres- 
sures at a time of already very 
large, and apparently continuing. 
■OPEC surpluses. This view was 
pul forward hy ProTcssor Brian 
Reddaway and Dr. Charles Fein- 
slein in a recent Midland Bank 
review. They argued that given 
Ihe OPEC surpluses the norm 
frip industrialised countries must 
be a deficit, and ihal h\ ihi> 
standard we should hr veil satis- 
fied if Britain is 31 least in 
balance. In practice the objec- 
tive should he a surplus on 
current account this year 
‘/o' lowed hy a rough balance. 

■■ The CBI made a similar point 
■in its budget representations 
when conceding that its su?- 
-gested stimulus of £2! bn. in 
197S-79 would contribute to a 
•rather rapid reduction in the 
current account surplus. 

The objection both to this 
argument and that of the inter- 
national monetarists turns on 
the issue of credit-worihincss. 
especially with $20bn. of over- 
seas debts to be refinanced or 
repaid by the end of I9S4. This 

f Indicates programme in 
black and while. 

BBC 1 

6.-10 a.m. Open University. D..10 
For Schools. Colleges. 10.4.1 You 
and Me. 11.05 For Schools. 
Colleges. 12.45 p.m. News*. 1 -lM 
Pebble Mill. 1.43 Mr. Benn. 2.05 
For Schools. Colleges. 3.09 Trem: 
-The Wonder of Weis. 3.30 The 
.Sky ai Night. 3.53 Regional News 
Tor England 1 except London 1. 
3.55 Play School. 4.20 Dmoihy. 
4.23 Jackanory. 4.40 The dancers. 
135 Crackerjack. 5.35 Ludwig. 
5.40 News. 

5.55 Nationwide 1 Lnndon ami 
South Ea<l onl>J. 

issue was largely begged hy the 
CBI. which is effectively looking 
for a frit in the pound as the 
way oui 

At one level, ir can be argued 
that ignoring the current account 
place* undue reliance on short- 
term capital flows which can risk 
undermining confidence, with 3ll 
that this can mean for the ex- 
change rate and inflation. 

The events of 197R showed 
that there is no reason why the 
OPEC, surpluses have to be 
invested in the U.K. and indeed 
the very volatility nr market 
reactions have emphasised the 
very delicate nature of confi- 
dence. Professor Reddaway and 
Dr Fein.stein faced this problem 
in their article and argued thi«r 
the current account position 
ehuiild '■*? sufficient to be gener- 
ally accepted at home’ and 
.< broad as viable, but no more 
Ilian Ill.ll. 

1 1 i- difficult to estalili.-h the 
nature of viahiliiy. A number 
r»r countries have had a con- 
tinuing deficit with no problems 
about credit worth mess and addi- 
tional borrowing. But it is 
arguable that the U.K.'s task is 
more difficult, both because of 
its pa.-l inglorious economic per- 
formance and because of the 
CVtsteno* nf the temporary North, 
Sea bonus. On ibis view the 
U.K. should aim to do rather 
bet tier ihan the average during 
the few years of a substantial 
nil contribution, especially a* 1 
everyone is looking fur signs of 
ihe -m-railed Dutch disease, pre- 
sumably a surfeit of Edam and 


There is certainly a Ini in be 
said for the view — generally 
accepted by the authorities — 
that ihe U.K. should aim for a 
perceptible, if not necessarily 
large, current account .surplus 
on average in the oil years. This 
should allow freedom of 
manoeuvre fur refin unpin? a 
significant part of the debt with 
net repayment* coming from 
either any surplus or the 


Th!« does Involve some con- 
straint on the rale" of growth 
land on the size of the Budget 
stimulus), but it may be the 
loa.;i delta tionarv course without 
resorting to import controls. 
Being forced to repay all the 
debt would, of cuurse. be con- 
tractionary on a large scale, while 
risking a repetition of Ihe erosion 
of confidence hya rapid return to 
deficit might lead to the familiar 
round of deflationary packages 
Caution is hardly an attractive 
s'.uyan in an election year, hut 
i* may be the right one if Mr. 
Healey i s thinking of what he 
may be doing in 1979 and JBS0 

6.2D Nationwide. 

6.10 Sporlswide. Cartoon Time. 

7.10 World Figure Skating 

8.00 The Goodie*. 

8.3t> Going SiraighL 
3.09 News. 

9.25 Life at Stake. 

10.15 To-night 1 London and 
South East onlyt. 

10.45 Regional News. 

10-46 The Laic Film: " l Thank 
A Fool." starring Susan 

All region, as BBC 1 except al 
the following limes- 
Wales — 1.43-2.00 p.m. Sioncyn 
Sboncyn. 5.55-6.20 Wales To-day. 

7.00 Heddiw. 7.25 Cadwaladr. 7.30- 

8.00 Ar Glawr. 19.15 Kane on 
Friday. 10.45 New.* for Wales. 
19.46 World Figure Skating 
Lhampion.-hips. I (.36 The Latr 

deserves a second innings. Or 
so it ha* been believed for 
some time in South Yorkshire, 
where a vigorous campaign has 
j been waged tn persuade the 
'Government to put money into 
improving the area's link with 
the Hitmher estuary, the Shef- 
field and South Yorkshire Navi- 
gation canal. 

But although there has been 
strong .support for the proposal 
from local authorities, business 
leaders and environmental 
groups, it has been a hard 
struggle to get backing else- 
where — at least until last week. 
Then, amid general condemna- 
tion- of the Department or the 
Environment for failing to 
fight hard enough for Britain's 
canal system, the Select Com- 
mittee on Nationalised Indus- 
' tries singled out the Yorkshire 
scheme as worthy of govern- 
ment hacking. 

The next move now lies with 
1 Air. Peter Shore. Secretary for 
the Environment. But in South 
Yorkshire there is now a feeling 
that with this new ally the 
economic, environmental and 
industrial advantages claimed 
for the canal scheme may be 
1 within grasp. 

The work that needs to he 
done on the Navigation involves 
improvements, costing about 

£7.S2m. at 197fl prices, to Tuck* 
and bridges and the canal itself 
t the "track i. enabling ihe 
canal to accept much bigger 

The canal is in use by com- 
mercial traffic and carno about 
400.000 tonnes a year, mainly 


coke. But it is limited to barges 
of up to about 500 twines as 
far as Doncaster and of only 90 
tonnes between Doncaster and 
Rotherham, its terminus. 

With the improvements, 
barges uf up to Tun tonnes 
could be taken up lu Mex- 
ho rough, beyond Doncaster, and 
r«f 400 tonnes as far as 
Rotherham. The result. aceo r d. 
mg In a joint siihmissin-i 
prepared by the South fle- 
sh ire County Council and the 
British Waterways Board, would 
be to reduce operating vsts 
substantially and attract new 
users, increasing traffic to 
possibly 1.6m. tonnes a year. 

The industrial pattern ■>! 
South Yorkshire, with its de- 

pendence on industries such as 
coal and steel which consume 
or produce bulky material?, 
certainly suggests the potent nl 
is there, and there have been 

promises— though no firm com- 
mitments — to make- increased 
use nf the waterway. St eel ley 
Minerals, based in Doncaster 
and supplying quarry products 
fur the steel industry, has sxid 
it could move about 250.000 
tonnes a year nf products on an 
improved canal. Another local 
company, Steelphalt. which 
processes steel slag from 
Sheffield for use as road 
aggregate, claims the canal 
could open up new markets fi>r 
it on the Continent by making 
it much more economic to reach 
the Humber ports. The finished 
products of the local steel 
industry again tend to be bulky 
and could use the system on 
their way to export markets. The 
British Steel Corporation’s new 
rod works at Thryber^h. 
Rotherham, backs on to the 

Apart from serving existing 
industry, the canal could also, 
according in Ken Satnpey, 
chairman of the Action Commit- 
tee. set up to promote the 
canal, help to attract industry 
along its path, which runs 
through areas of high unemploy- 
ment badly affected by pit 
closures. The scheme could 
also stimulate a general 

upgrading of the area environ- 
mentally and perhaps provide a 
solution to the county's coal 
waste problem. South Yorkshire 
has 34 mines producing 20m. 
tonnes oF coal and 12 m. tonnes 
uf spoil a year. Mast nf I he 
latter currently has to be 
tipped on the surface. 

The canal could make it 
possible to transport spoil 
economically to other areas for 
use as landfill. 

In spite of these arguments, 
however the Government has 
been reluctant to make avail- 
ahle the necessary funds to the 
BWB for improvements, on the 
grounds that the financial risk 
cannot be justified at a time 
when there are other calls on 
national resources. The Govern- 
ment has been demanding a 15 
per cent, rale of return fur the 
project, a much more stringent 
requirement, according to the 
action committee, than is 
applied to other transport 
schemes, including roads. The 
committee's own estimate of 
the return is 10 per cent. 

The scheme's supporters are 
also arguing that the amount 
of money which the Government 
will have to spend is not large, 
and that expenditure will be 
incurred anyway on necessary 
maintenance. Some £2.5m. at 
1976 prices is needed to main- 
tain the canal in its present 
furm, and to support it purely 


6rimshy'-Ss&- *.*■«'£ ■ v: 


[Sheffield j 

\ ^ 

SlmffMd & South 
Vbriohre ttenoation 

[Trent Navigation 
1 (festal* fcrqwwifnN 

•-'.eVs'Wlt * 

for drainage without any com- 
mercial use will require £l.Bm. 
If however, the full scheme is 
sanctioned, support of up. to 30 
per cent, an new works could 
be obtained from the EEC 
regional fund and the South. 
Yorkshire Council has iodicaled 
it would be prepared to contri- 
bute fl m - 

There remains the question 
whether the scheme would run 
into opposition from workers in 
other branches of the’ transport 
industry fearing the effect on 
their jobs. But on this the com- 
mittee ts optimistic. The barges 
would be used to transport 
goods to and from the Humber 
ports, where they would be 
trans-shipped so that, unlike the 
Bacat scheme, which involved 
loading barges themselves 
straight onto a “mother ship" 
and which Hull dockers re- 
jected. there would still be 

Possible extent J 
of major freight i 
catchment area 3 

handling at the port. Increased, 
use of barges would represent 
an alternative to road and rati, 
but the traffic would be largely 
new and would not be displaced 
from other transport media. 

Mr. Shore is unlikely to rueJi 
a decision but the pressure to 
approve the- scheme is now 
strong. The Select Committee 
was particularly critical of the 
Government's neglect of the ’ 
canal system and made the point 
that the South Yorkshire pro-, 
ject provides a test case for the 
Government's approach to 
waterways. Supporters of the 
scheme believe it could also 
serve a wider test role. If a 
success cannot be made of the 
Navigation, with the ..traffic 
potential it appears to have, 
there are probably few other 
stretches of under-used canal in 
Britain which could be brought 
back to life. 

Trust in Night Porter 

SILVER SEAL and Night Porter 
are among those who have stood 
their ground for to-day's Select 
Hurdle fgr four-year-olds. The 
iwn-mile Samlown event could 
prnriuc** an exciting and infor- 
mative* race. 

Although Night Porter has 
cut little tee since justify in? 
some hefty bets with a ID- 





The existence nf .«<u«ie 
reserves in currency tSi 
Protest annul d goal tfl> 

Act "! •iumuiirig (i;< a French 
hi I! IS 1 

Gram tn grind every Tuesday 
initially ifii 

Always seen in fur bm it may 
b? rui off lH 1 

Slip when laps ahead of 
Oriental ini 

At 3 distance from a budy of 
airmen returning (4i 
Asiatic as cals and twins may 
he (7 1 

Objectives ai snout fr and golf 
but no joy u> mufnnsts 1 7 » 
Smart copper takes note l41 
Flower that may he lit up pi 
G ang lake in the right one in 
crowd 1 9> 

Extract that which Is lawful 

from the orient (61 

State with a pit producing a 

mineral 1S1 

Very, very gre.n ifi» 

Clergyman is right always 

before the finish 1 S > 


1 Softly bring up commendation \*r£ 

‘3 fjii in. in between icTreces *51 
4 O.Qtning Strike ! 1 7 1 
6 Fi c h with one insert ? That’? 
brum l (9/ 

7 Ea-K-rn leader cuts edition 
.md 1*. uver-ha-jMwed i*-) 

8 Tied there i., dry uulside (St 

11 The i-renen ship is not so 

large 1 4 » 

15 ph>. m-graph that 

shocked i".ru.*ne f y j 

17 Hybrid mare's put farther 
from the si-a 1 S 1 

18 Stopping tr. swindle about 
every inuij 1S1 

29 Unit of rt gets nothing 
therefore i4i 

21 Duck race in cage or dwelling 
(7 1 

22 To eat about four or six is 
heavenly (Ri 

23 Silver part of oboe 7 Yes 
definitely! ifii 

26 Obliterate article In Gaelic 
1 5 » 

Solution lo Puz/.li* No. 3.613 

lengths Windsor success o»cr 
Mount Fclle towards the end of 
January, he is my selection. 

Miss Auriol Sinclair's smart 
recruit from the Hat did not 
help his cause at Sandown a 
fortnight ago by blundering at 
ihe sixth in the hotly-cantesled 
Yellow Pagps Hurdle, for which 
he was a strong market order- 
being hacked down from 20-1 lo 
8-1. His jumping also made for 
a disappointing effort al New- 

If those' two runs and some 
intensive schooling have 
sharpened Night Porter's 

Film; "1 Thank a Fool,” starring 
.Su <a n Hayward. 

Scotland— I fl.23-lfl.45 and 1 1. (IS- 
11.25 a.m. For School*. 5.55-6.20 
iv’ porting Scotland. 10.13 Spec- 
trum: Robert McLcllan. 19.45- 
10.46 News for Scotland. 

Northern Ireland — 10.23-10.38 
a.m. For Schools. 3.52-3.55 
Northern Ireland News. 5.55 
Scene Around Six. SJ10 64 Green 
Jersey*. 6.40 Join BBC 1 London 
for Nationwide. in .13 Gallery. 
1 0.45-10.46 News for Northern 

England — 5.55-6.20 p.m. Look 
East i Norwich 1 : Look North 
tlreed*. Manchester. Ncvcvulci; 
Midlands To-day t Birmingham!: 
Points West 1 Bristol!; .South 
To-day i Southampton 1 : Spotlight 
South West (Plymouth). 10 . 15 - 
10.45 East 1 Norwich 1 On Camera: 
.Midland-. < Birmingham) Master 
Craftsman: Norih iLeedsj Let 
The People Talk: North Ea-t 
l Newcastle 1 Friday North: North 
U'c.-.l i .Manchester ) Watch'* ord 
South (Southampton! Report 
South: South We-u (Plymouth) 
Pc-minsula. West (Bn>toh The 
Past Around Us. 

BBC 2 

6.40 a.m. Open (.'intercity. 

11.00 Play School. 

4.53 p.m. Open Uniieruiy. 

7.09 News on 2 Headlines. 

7.05 Indoors Outdoor t. 

7.39 New. 'day 

8.10 Head-, and Tale*. 

S23 The .Money Programme: 
How the Miners Ha 

5.00 Pol Blj'.k 7 S 

3.30 The Bread Special with 
E*a\id Gates. 

10.20 Horizon. 

11.19 The Mayor of •Jasterhndge. 

12.05 a.m. News Summary. 

12.10 Clo-oriown* Stephen Thorne 
read.* " Interview with Ihe 
Professor." by Phihp Hobs- 


9.20 a.m. Schools Programme 5 
l J.4.» Felix The Cat. f r.ik) Song 
Honk. 12.10 p.m. Rainbow. 12.39 
Look Who’.- Talking. 1.90 N lev. j. 
1.20 Help : 1.30 .Money-Go -Round. 
1J5 IVrylV Lot. 2.25 Tridry 
Matinee: ’’ Ku-.g of the l.'hyher 
Rifle'. " 4.15 Xiiacker. 4.45 Mag- 

pie. 5.13 F.mmcrdale Farm. 

5.45 Vett 

RADIO ! 2 47m 

(SS Stereophonic broadcast 

i 00 am. A« H 1 . 1-0 : 7.02 

hurdling, to-day’s prize will 
probably be within his grap. 

There is an interest event for 
5-year-olds and above a* San- 
down. This is the Lilac Nov ices 
Hurdle, which is confined to 
animals which, had not won a 
hurdle at the start of the current 

Here the three who interests 
me most are the tupueighLs 
Exploraleur. Fred Winter's 
Pippin Place and the lightly 
raced Si. doles. 

The first, a useful middle 
distance performer on (he flat 
in New Zealand before making 
the 1‘2, 000-mile trip 10 St3n 
Mellor’s jumping stable at 
Lambourn. has already won for 
his stable at Ascot.’ Kemplou 
and here. 

Although he f.s clearly a use- 
ful performer. 1 doubi him prov- 
ing up to conceding mure than a 
stone lo SL Joles. 

Pippin w PUce was brushed 
aside with surprising ease by Nor- 
folk Air at Kempton lait time out 
and may find both Exploralcur 
and St. doles too good. 

Thai talented amateur rider. 
Mr. Tim Thomson-dones. could 
play a prominent rule in both 
the races not open to prafes- 

6.00 Thames at li. 

6.33 Crossroads. 

7.09 .Mind Your Language. 

7.30 Mixed Blessings. 

8.00 Survival Special. 

9.09 The Professionals. 

10.00 News. 

10-30 To lice 3. 

10.40 Karelia 

11.49 lfnw to Sta> Alive. 

12.05 a.m. Stars un Ice. 

1 2 A3 Clo^e — Leonard Fearvey 
roads a poem by Louts 

M. ic.\eir.-e. 

All IBA regions as London 
except at the following times: 


1.25 r».m. Aruba 2.25 Friday 

‘■rim Mann***- " 1 h: Family Ko.aew ’ 
3.50 Our uf Tu-as. S.I3 HiCP* Par? i.W 
Ahum '.i.i.j. 10.30 rr-ibe UJ10 Kr.dn 
La:- Kiliir Aluc. ; Snfaivioc." 12.36 a.m. 
wrunrn Who Matii'r 


U.SS a.m. Tti" Vd'-.ninrei of ParcleS. 
1.20 p.m. ATV N'.-.d-ik 155 Vwloor 

i..-a-u.- 245 The SnKivarw. 3.25 Ekryl « 

Is*. 3 50 Star* ..-i in. 5 . 1 s U"? So-i— 
in' 6.00 ;ty T.wji- *.00 RiBvny 10.30 
The Pri* r of ! • ar- - WiK-hluulvr 
'’.-nrral siarr.r.a ih-tiu pnev. 


12.30 p.m. r.jtu.-- nf Th:rm tl.20 

N. -.i*. 1.55 F-.-ry Eoov Cannon 

2.00 Ma’ia-v " Thi Pisnrd<*rlr orderly" 
'■^rnrifi Jc-rrv 3 50 Rtryl’S Lm 

S.15 Th-* Pra- r ■< <■ i.Og Lookar-iun.l 
rr-iji 1.00 Th- t'i**ni. Woman 10 JO 
P’lrd-r.'r*. 14. IN ' ■•‘iiniho. tXZJII a.m. 
BwJrr N*v? S'jmii'a;. 


1.18 p.m. 'Sm-i i.'jiichnnw and 

Wha‘ ’ >'-• ’■■ b- .-■ 245 Th- r-ri3a-.- 

Main:-* • Pr-v; f..r "i ■(«<»■■ fc.OO K^-pori 
'■ 7ir. 8.00 Ts. a-.-n:- Woman 19.28 
1 , .ar>' 1DJ5 I at*- -.irrfc 

i‘-n-.o;i 10 Sv i '. ?or Tii 

•t. a ij-iiiiottf lg.aa a.m. and 

V.’<.«S'r in I r-ri.n 


9 23 a.m. 1 :r«< Tlur.a 120 P-">- *7ram- 
>i*’ '.- ■* I.S5 indoor L-taiu-. 

2. 25 ! r-Jiy ■ " Poa' Sollirr - 

"arr.r= T-toi-. n, . r . 330 B-.-rsl’s I.oi. 
6 CO , .,rana..-in Tm.i- 7J0 Th-. Jim 

siunais. He rides his father’s 
The Sundance Kid in the Dick 
McCrcery Cup and Johnny 
Haine’s Alec Lewis in the Horse 
and Hound Grand Military Gold 

The Sundance Kid. bidding 
for a change of Fortune after 
five successive second places, 
strikes me as the better bet. 

• For anyone wanting an in- 
terest at Tees'dde. I’m A Driver, 
among the runners fnr Div. I of 
the Spring Fever Novices Hurdle, 
strikes me as a worthwhile pro- 
position. This highly-rated 
recruit from Ireland was robbed 
of what appeared lo be an easy 
opportunity when Michael 
Dickinson took an unpleasant 
fall on Wednesday. 


I. 45— St Joles* 

2.15 — The Sundance Kid 

2.50 — Vight Porter 

3.25 — Alex Lewis 

4.9fl — Snowshill Sailor 

4.30— Bill Hobbs 


J. -70 — I’m a Driver* •* 

2.30— Ocean Voyage** 

3.00 — Grecian Fighter 

3.30— Hidden Value 

Record price of £20,000 
for harpsichord 

9 00 — 

tr in* 

'ii <t: 

tf 12. XT P m 

2 M 


1 : 1.1 




< .1.- Nir: 

5 JO ■ 



Tlv - 


Its* "r 

.* 1 . s--. 


- ■ 

10.02 Innri 

f'' • : 




"a 'Uo 


Ratios 1 



F-Uw in 

lllilir.; 1J5 




Ai h 

R J lm 

: 12. 

V.nh Pj£K> : 

RADIO 2 1.500m and VII F 

h.n a.m. S' .- 6.02 k '*v 

--tiKi.-.- ■nh Ta- F.-r-’' -<a.| . .5 i:-.i : .-.. 

IOC 6.15 Paul? fur Th-yisn: 7.32 T.-— 
■A'mijn in.In.S-rs S.Z. P v ir,: K-i !••. 

I in .m. I S 65 r.iun for Tiion:,-.: 10.02 

firm:-. Vrwin.: •<. 1245 P.m. r< 

■•-.alV.. 12.30 P-r» Mu-w -. 'ir-r. .1 

I*:- In^iiHlin^ 1.J5 -p- — [I» 2.^ 

II uni Mum I'on ■ « ■ :«itir.i 2 15 ir. - : 
tn Snn r-= L>-. -6. 4 30 

4.45 6' HI nr 7»»-.fc 4 47 J Pi*- i’- 
ll* (uUinc 5.4S Spor!' T- it 6.«S 'a.-.ri' 

n- 7.02 j>il I.vir-i-.? ir.-t h.- .n*; •- 
:ra in (-.aid' i nj r’.-r. • 

ih. p.r-'. nii-,i '.ir " ?• 

> r.i a.4S ii--:.- : 

:.whi -.«■ 1.5S Sw— » C-.-4J-' io 02 

Tr -I'l- r har.rr 10 30 n.-. T.j-ir. 

■‘1 l>. W -l.-i..-. C-ati li«- 'OU-4 

U.02 Rr .in 'I.,, TT.- Lv 

o.„-, a.m. \- 

RADIO 3 4B4m. Sii-rco & VHF 

I Medium Wavn only 
16 55 a.m IV-nh-r 7.30 ‘.-•j * 7 05 

ii- -rnr- S .00 ’>»' 1.05 Monmi 

1 «ri. >T| >7 «00 155 T*|-i 

CoiPBUinK. Sr.-.-maiJd 1 - «fci Lv^illMti 

6. CO ' Tni.r 7J0 Th-. Jin 
'.!j :L-.o3 Shn-.- S. 20 Enurgcnc:' 10.30 
F-fl->.:-.ons fn*lnvd 'r road IW «»i 
T io.J5 ■ iim. " Pebw > ' 

4-arrma Cajr.-n>. Oli*. » ; r. Joan Foowiim 
ar.d 'Irorsj Saad- 7' 


1.20 P.m. ■. ", ,iur p.lam l.SS 

T*--* ',T»r:iij Wor> ! r.f Krrd'iii 240 
r .r r. r., ' ii=-:an i%-. Siam— 

'•« -li'.UJ: 340 : Pay Shew 350 
’ " ' SJ0 Tv. i% Your Huh: 

■r-o n: 5.15 1 . 6.00 'irartadj 

I* •:»,'•< 643 J-j. a - n 3.00 Pul-rr 

10 J3 F' ttrra 11.90 P-n- 

- : II. <13 : us Man :n a 

1 20 p m. •• r...ri 1 ;. jdlnU' 1.25 

• ' 5.50 K.-<‘rtJl ** ! - 

19 50 «"T-h- -1- 1 

1135 ■« I h -.crn-- .vniu j:~! 

• U .15 p. m . ■ 1 'r.irn. 

: 100 :-'j,i.iti - c - i .20 

" ■'i.- Orfli >i-- ; 7.05 tl*>; a". V p*r- 

s - 3.30 ;■ I Sr nr; Tn>i ■* 

4 45 T*. T5 45 liiUii". 

v I--: K— in.- IPOS -. 16.10 

>r.i JoJO L:r :in- « 

i.- -iir-- R. . -. t’.ff. 7.50 ,Mir«u- fr-im 
< : : .1 PJ-: ; |.25 A fern! 44 

Tv- ri-- 'll", r.- i|,iihl-lhv Ml- ■ 

8« I7'.:n • J * 1 ',\ inii parr : -s-. 

■30 D-vnu 10 .J 5 Run'atir - 1 - 

10.45 '.n U 25 S:w*. 11.30- 

1: . s J "'••• --.‘i- - ■- t-tb-f ie iS 

Rartia 3 VHP Bnly— * 00-7.00 a.m. jr.d 

S.4S-7.36 p.m. -ip... rjn:-- 


J3 Ini. .tsiiai. 2S5in and VI1F 
)U am. * 17 | arrmt T— * ■' 

6.J5 i».— *.»2 , VHr - B- \m>’ 

I.'-' TOO 7.10 T0d47 7J5 Cu 

• A ’ i: n, rr --n-.-i-i.i r|.. 7^2 •ll!r- 

«-A' '■ WI a M 8.10 Tft'liv 

- -■ ■ V .■>>•-. m--d , !l P»r».” 

'T-n-- s.4- crinivi: ?.no 

’. • I6.0S ’ Jtil T.-„.. 14 35 V-i-jr 

Ri'jK.rl Waits tlvadlin'-s. 1.30 trwtnur 
L-'acun. 2.00 Worai'4 a 'HU . tS-25 " Th. 

1 nik " "n.Trmu Knprri Davits. 5.15 
Thr tel ..-r ■ta ,\d% •.niiirr-s ut Caoialn 
Nemo. 5.20 rros'rn.nls. 6.00 Kcpon 
W-'St. 6.15 Report Wak-v 6 JO Eraimr 
dol" Farm 8.00 QunKy. 1035 R.-pnn 
Fvra til .05 The Laio Film- " The Very 
FMae " 

HTV Cymru ■Wales— As HTV r> -nrral 
S-riWi r*. tpr 1.20-145 p.m. P.riawriju 
:;.-w vd.lion j- Dvdrt. 4.15-4 .45 Ii’r Mur 
I r Mvnsdd. 6.00-6.15 Y Uydd. 1045-11.05 


HTV west— 140-1.30 p.m. Report Wen 
Head l:li.l 6.15-630 R.-pon West. 


145 p.m. .News and Road Report. US 
p.-uy Rood. tiM Priday Kilm MauiH-p- 

• r'arli-rlno thr- <tr.-ai *’ stamne Duuxlas 

F’jirb.inks .Inr. 330 Poryl's I. 01 . 5.15 

r^rp .-i and Krl'-nd* 5-20 i.'iTwsmads. 6.00 
S'-nliind Today. . 6.30 Th - tt-lkr S'-x 

2.00 Thr Sis 31 ill ion Dollar Man. 10.30 

wj»f an.1 Means U.00 La'.- Call U.B5 
F'.'aiirrr Film: A Pullci is W 4 IU 04 ." 

.c^rrma .!• an Snummis 


1.20 P.m. Snurhcrn Nows. 130 Indoor 
1 -jcuo 2.00 WmtMir f'nty Z.S 1-rldaF 
Manu-p. •• Call Her Mom ’” 3.50 Beryl s 
l m 3.10 UVrVi-nd. 5.20 Crossroads 6.00 
nar be DJ- iChannrN fi. II 27. -12. 3* 
and so- 6 00 Su'n>- Smith East ";hann.-ls 
in. c: Rj aivi « only. 6.30 liui of 
Tm-'i 1.00 Kmerccnry. 10.30 ” R-lurn 
nf ''oiirn Very a." 12.29 a.m. Southern 



4.29 a.m. Th> Good Word folk-wrd by 
Vnrih Ej si N.»-s lli.-adlim.-s 140 P.m. 
North Fa«i Nrus and Lnnkjround. 
71.55 Film Maun-e: " Caiherinc ih* 
1 . 7 . s'” 3. SO Cent’s 1 . 01 . 545 Mr. and 
Mr* 1.00 NtirMh-rn L if** 8.00 Eim T?'*ney. 
1930 Siwri'iini-. U.05 Frida* Nisth' 
Fi'ni • Tilfi Irnm the Cn’PI " 12.00 a.m. 


1.20 p.m. L'iii'.-biim». 145 r . art ran 
Trn .-t t2.00 Fnd?y Maiirie..- " Caihenn? 

■ v .' 1 • r>- n J.S0 R.T»r» Ln: 4.13 I'HIT 
\.-*i H.adlinis. 545 The Flimsiom-s. 

6.00 LTsi-'.r Television Vr>»« 6.05 Cross- 

roads 6.30 Rv parts 6.50 fnl»-t Si\ 
10.39 Two a' 10.71. 18.35 Sportseasi. 11.05 
Friday Film: - Colmrim.' 


s.20 a.m. IV'.-i! Coumrr Job Finder. 
12.26 p.m. Hus Iiuih-yb'm’s F-ir.hdavs 
1 28 Wes' wart News Headlines 2.25 
The F’riday Matla-.-c ' Pres* for Tmn>." 
*iarnne Nor-*ijii Wisdom. 6.00 Wosiu ard 
Disry and Spori> D--sk 8.00 The Bionl'.- 
U'nman 10.29 UW-urd UK 'lews. 1035 
Ca"' wnh Damon rW50 Lit Nishi 
'.(ovrr Two on a UuiHiUine.** 12j40 a.m. 
F’airh for 


13 p.m. r j|. - News l.SS R-i'V 
R*-.p *2.00 Friday Film 3Iarin»e- 

■ Th> Pi*-- of r<-h.-nnp rh' '.ire*: " 3.M 
!. -r:is L<«. s.15 »■ d'-ndar Spun 6 09 
ulir ■ tn'ler *.l"nr and r- Inmni 

• ill- ions 8.83 F'nlTB' iks. tlOJO >1 real 
■• •‘ni- of ih- Ceuiury " nf M-ie and 

A HARPSICHORD, made in 1773 
by Shudi and Broadwood, sold 
at Phillip’s yesterday for £20,000 
to Woof, a dealer bidding on 
behalf of a private buyer. It is 
believed to be the highest price 
paid al auction for a harpsichord. 

Only two harpsichords made in 
1773 arc known to survive -and 
this example has been the pro- 
perty of SL Michael's College. 
Tenbury. for over 100 years.. -Ail 
Luld the sale of musical instru- 
ments made £86.421. 

There was also an auction 
record for a 20th century doll at 
Christie's, South Kensington, 
when a Dutch buyer paid £3,800 
for a rare bisque headed boy 
doll. It is an unusual mould, 
and the price was well over 
double Ute forecast. The doll 
and toy sale totalled £25.078. 

A gold and enamel musical 
automaton watch, made in 
Switzerland al the end of the ISth 
century, set an auction record for 
a watch sold in the U.S. Made, 
by Graodjean Pere and Fils, 
around L7<10. it was sent for sale 
by an Ajn erica o collector, and 
was bought by Manheimer, the 
Swt=s dealer for £34,974. 

The watch was reputed to hare 
heen stolen from Louis XVI be- 
fore the king’s execution, and was 

the highest priced lot in a sale 
at Christie's in New York on Wed- 
nesday of English, Continental 
and American silver, watches and 
objects of vertu. The sale totalled 

Manheimer also' bought the 
second highest lot of the sale- 
paying £21,435. Jor . an early 



19th-century gold and diamond- 
set clock watch by Daniel De St. 
Leu, London. St. Lett specialised 
in (he manufacture uf decorative 
watches, particularly for the 
Eastern market. 

An 18th-century Ttalian- 
Chanukah lamp. cl750. - went to 
Compass, the New York . dealer, 
at £5.641 and a Swiss gold quar- 
Ur repeating erotic .automaton 
watch, late lflthrcenturs. to .an 
Aonymous bitfdcr at. fS.ISSF;.- 
' Christies FttHd TU ioq don ' sale 
yesterday of thewfem sporting 
guns, .which "realised £102.102. A 
pair of 12-bore sidelock ejector 
guns -by ’J, Pnrdey w « the top 
lot at £6,500. A similar : lot 
realised £5.200. , ... . 

A pair of lightweight 12-bore 
“ Imperial XXV " sidelock ejec- 
tor guns by E. J. Churchill sold 
for £4,500, as did a pair of side- 
lock. ejector guns’ hy-J: Purdey. 

A sale . of English and Con- 
tinental oak. also at Christies, 
totalled £32.397. Danny, a Bath 
dealer, paid £3.000 for a compli- 
cate set of eight oak dining 
chairs, including two armchairs, 
from the raid-ifth century. 

A North Italian gray painted 
rectangular chest went for 
£ 2 . 200 . 

Among the- more unusual lols 
Money, the London dealer, paid 
£1,200 for a massive oak ark 
coffer of peg construction from 
the early 16th century. Tradi- 
tionally it was used for storing 
grain. ' 

There was little of interest at 
Sotheby’s yesterday. Silver 
totalled. £27,844, with a top price 
of £1,080 for a George III Irish 
beer jug: pqi lids and goss at 
Belgravia. £17.943, with a best of 
£95 0 far it set of eleven Wilkin- 
son First World War Toby Jugs 
of allied leaders; and. at its 
Henry Spencer room in Retford, 
a ceramics auction made £12.953 
—a pair of late 19th century Kilt 
metal Sevres vases selling for 
£ 2 , 000 . 

Britons take fewer holidays 
in U.K. as costs rise 


THE RECESSION bit holidays in 
the U.K. last .year, the British 
Tourist Authority said yesterday. 
But more people, mainly young 
couples, took vacations abroad 
as holiday spending hit record 

The British took 1.5m. fewer 
holidays io England, Scotland 
and Wales last year. Total holi- 
days. or slays away from home 
of at iPast four nights, fell to 
36m. days, according to the 

authority's annual national travel 
survey. .. 

Holidays abroad* including 
Ireland, rose to 7.75m. days from 
7.2om. Most people went to 
Europe, mu inly on package trips. 

u Family holidays m Britain 
were hit by rising prices and 
more people stayed at boroe." the 
authority said. But costs of 
package tours abroad had stabi- 
lised. and young couples had 
taken advantage of this. 

Cash spent on vacations at 

home and abroad reached - a 
record £2.9bn. ( 1976: £2.7bn. >. „ 
The average cost of a British 
holiday rose £5 to £44. The coFt 
of Continental holidays increased 
8 per cent, to £175. 

The West Country remained 
the roost popular holiday area in 
Britain, followed by Wales, Scot- 
land and then Southern England. 

Nearly a third of all Conti- 
nental holidaymakers went to 
Spain, with France and Italy the 
(Wo other most popular countries* 

Coins need ‘radical facelift’ 

now 10 years o-ld, is criticised as 
"old fashioned and lacking in 
st> le " by Seaby’s, the London 
coin dealers. 

Its latest Standard catalogue 
says that bhe company regrets 
that the Government missed the 
opportunity given by Silver 
Jubilee year to give Britain’s 
coins “a radical facelift.” 

Other countries had *' proudly 
displayed scenes. from their early 
history and also current achieve- 
ments on their coins." It asked 
why “ such subjects as the Tower 
of London or the Houses of Par- 
liament never appeared on our 

The catalogue added that 
“modern technological achieve- 

ments such as the Severn Bridge, 
Douttray atomic power station, 
Jodrell Bank radio telescope and 
Concorde ought to he suitable 
candidates for a really modern 
British coinage.” 

Seuby's complain that the 
Royal Mint “seems to have ab- 
dicated to the Post Office the 
right to produce designs reflec- 
tive of modern life." 


_ . _ *RAC 3vEN House, 10 . CANNON STREET, LONDON EC4P 4 BY 

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\ Tizrauci al Times Friday March 10 197S 

: 3 ftema ■ 




tTheatre Upstairs 



Class Enemy 


.M 1 _ V 

Set in a dishevelled classroom 
i Of a Soulb London Com prehen- 
isive, Nigel Williams's stunning 
] new play shows how n group of 

Man Who Loved Wonen^X) Traffaufs ™ outlie f Plantation foreman insisting rafter too strenuously I 

SS! ".nnc^n ““i,r Joxer ^rcy Herbert), effete on Eer status as heiress-apparent; afternoon b.v rwoureefuUy ira- 

i posing their own sense of struc- 
gives us a super- Iture on the situation. Although 
s tMariangela , in many ways the piece resembles 
Boston f All ° ,,u gruffly plehian j Barry Recbord'-? Sfeprers. iia 

iult oo Precinct 13 (X) sioos of the hero's Infinitely four main characters are movie tJ ^ :k ' hajld (Giancarlo Giannuii'] i; true literary model is Williani 

i Screen on Islington Green, ramifying ego/ One woman is stereotypes fondlv and freely w ^ ose personalities and political I Goldings Lord of the rites. Left 

s )depns Kensington and Swiss there to provide, a maternal hauled by Meyer to the brink of )V ews un ° erso . a sea-change when ; to their own devices, the boys 

^ Cdttane "bosonr for-' him to "rest on, caricature they are washed ashore on a establish a natural hierarchy 

- another - to allure him with The fil ‘ - t .. deserted island from a luxury through' rituals of abuse, hum ilia- 

1CA mrmnhet charms' and so on “ lm ^almost demented ly yacht. After much cussing andltion and confession. 

~ hero him%lf. as neSs of Tte vofc^re'fnarrS they come to understand j Leader of the pack is the 

ard Munch 
rancois Truffaut’s The Man 

' • ^ Looed Women failaTtowta r man with, the naftraT charisma Ibe^on^lJSw all J ^ey are rescued,- return to , Daniels) whose bright idea it is 

• *"!!?* Berlin t« sweep «4bnw 'Mi. SL?"TSS?* 12SiS ,,, SSS 

- _ «.«« ,M, 4 otfiiu io sweep auuiencir fwwuuii-c mDV i P the mainland, and under social ; to instigate a session of self-help 

□ Fcsuval. where it was before him. Denoer’s cadaverous Drum* -Mere r-f^SL ISl p v re . ssure , the »?gic thread of: by bullying his mates into 
mered: except perhaps for features and clwese^rater voice huriUlL’ f „ nT„ J? eiT relationship is broken, addressing the class on whatever 

Womens Lib Seal of Dis- suit him more to gangster and ra , JLIi V»£»“L «.i The fi,ms P 0,,tjcal message is (subject they please. After 

• roval. Truffaut’s hero is a 40- .-rtllain roles ‘than to that. of a Brooks P {?& 1,1- „„??!;) somewhat naive— is a desert ; desultory attention from hapless 

r-old Frenchman- {Charles soigne womaniser. As one of his th^ ctnU. .iLJSSfir island really all it takes to teachers with greasy hair and 

' to r ihe f -°- “ iC - ted bis fe ^ aJe conquests ; comments, Jc J-ise K? co^r^frewlora^wfthln SKE. “ p l”f!."* S aJ >0 !i!2S : mouthfufeor M f_ rx, ,L h(? ? f 


k of memoirs 
• film dips 

• n each new chapter of "his haggard face is tho , worst duaT inoredle^Lbis "films Tre v , u , w 

i life that the author recalls: advertisement for the joys' of sex not sofrirv. S a *JLn2i B P ire t0 S ,v<r you 9 headache, r box which coni m ns a sinale 
u Del phinei Nelly BorgeaudL one could imagine, and TriiJBEaut's violence^but if^wallowed who?e you may . find the torrid Italian ! ceranniro barricaded m acalnst 

married lady with a pen- film seems likely to manage the the mixture is SoST and in eccentricity engaging. ' marauding. cate: black Snatch 

..nt for adultery, Vera (L^lie remarkable feat of alienattig or vTwretS After S whSe elle * ' I (Herbert Normlle) recounts the 

OFF* f-? ,h J he “S .925 movi ZoJld you Assault on Precinct 13 reaches ; ?S ^ ** wSf? * SPSS 

rtv W , mens see - in nnt-too-siow succession, a the commercial cinema after a about ‘Nicaer'?”- smart little 

- - k: via many, many more AB same time. * oae 9 9 2S5 1 P ^5’ ei ? i ? we ?* he ®. rt . ..A^M aeI Deek .!* >:'.»« make bread-and-butter pud- when a_ contemptuous teacher superbly 

■se women are. there at his - - * 

Pcter-Hugo Daly and Phil Daniels 

I ftnurrri Bari 

death hy 

sundry seductions, a slave revolt, Edinburgh ’ and London Film 

„ • , . . . ... — * An , . and an attempt on a young Festivals. Devotees of Dark Star j 

the film closes — An hell hag Jbrofcen loose in lady's life bv depositing a six- will doubtless hasten to see This 

•f.H McT-J'fw ou S h f ro co J?- the West Indies.'’' says wmMDe, foot p}lhon - n he y bath-tub? second film by American writer- 

led his book than he loses his setting- the scene for. .Russ director John Carpenter, which 

•- pursuing , a pretty pair of Meyer’s Store*. In , recent years. * is even better ^ n his first> 

s across a' busv road. • Mever’s duId firtioTi movies have Sweat Ainau /h » An l J mist* in) r.- 

_ . . . - , -- - -- - — - directed production. 

fumbles for words m a sex talk. ding. Sky-Light's parents, it is (Brian Croucherj slops by on The play exists as abundant 
All of this is derided hy the revealed, are blind, which ex- his way to 3 A to inspect the proof of the inexhaustibility of 
restless Iron who is an - arcbe- plains why he knows his way damage and the bloodshed. The ihis subject Tor the stage, and 
typai hater, venting his scorn on around the kitchen and why Iron boys are still waiting for the Tony London's timid punk Nip- 
pop stars, lollipop men. estate has never been invited home. ideal teacher when the bell rings per. fodder (or ihc National 
agents and social workers. The Iron’s antagonism stems from and the school is evacuated At From, is a reminder of educa- 
tion's responsibility in the fac« 
of one particular contemporary 

uction. The film seems from parody and rampant melodrama muller. It was a long-nmnmg hit but there is no denying the wit 
outset not to know where it Is unique, and seldom, seen to in New York, where Sfgnorina an d vigour of bis films, or the 
igoing. It might have aimed better effect than' .ip Stores. Wertmuller is a much-acclaimed carefree individuality that -is a 
charm, by keeping its story This tale of -ferment .'in:-'- the director, and it is among the ra re commodity in commercial 
ht, sweet and French, or it Caribbean, circa 1800, -revolves better of her films that l have film-making 
ght have aimed at mono- around Lady Susan (Anouska seen. Certainly preferable to The story' premise or Assault 
mia. by presenting its hero as Hempen; whip-wielding mistress Seren Beauties, the last one 10 ^ spectacularly improbable. An 
man Fatally trapped In an of Blackmoor Plantatlim^ and reach London, in which the about-to-be-closed police station 
session. Instead all it achieves the three men in her Hfp, fopl- Italian film-maker seemed to he first becomes the staging post for 

a van-load of condemned killers 
7" **3 en route to death row, then 
comes under siege from a gang 
of passing terrorists. A' black 
policeman, a curvaceous white 
policewoman and one of the 
condemned men band together 
heroically, with jpin and fist as 
if they were defending the 
Alamo. The acting is rudi- 
mentary, the dialogue in eherish- 
able Hollywoodese. But vitality 
vindicates many faults, and the 
extension of the honour-among- 
thieves ethic to solidarity 
between races (and across the 
law) is admirable in notion, if 
a trifle naive in presentation. 

Peter Watkins's excellent film 
about the Norwegian painter 
Edvard Munch shows at the ICA 
from next Tuesday. You will 
probably never see a better film 
about an artist, or a more imagin- 
ative fusion of art-documentary 
erudition with Hollywood biopie 
bravura. Watkins has shot the 
entire film through a ‘.bluish, 
smoky haze — the expressionist' 
nimbus that surrounds the obar- 
a piers. in .JdtmdYs.owh paintings 
.—and he has mixed tableau 
vivant stillness with scenes of 
rough-hewn intensity. Munch's 
career is recounted with great 
skill and compassion — from sickly 
childhood in Oslo l then Christ- 
iania ) to vilified artistic maturity 
in France and Germany— and 
facts are never allowed to over- 
whelm feelings in the 2} hours 
of the film’s progress. A superb 
film about a fascinating artist 

Elizabeth Hall 



Ten years ago. at their m- Wednesday s Sinfonietta pro- bird in pain. The second part enclosing in its rapture a 
augural concert, the London Sin- gramme, devoted to two begins with a colourful comic- twitter of strings and trumpet 
fonietta ended their programme Tavener works, the first and book explosion, prologue to an the “strenuous splutter” of 
with the. premiere of The Whole the most recent, a Sinfonietta imploring conversation, ranch practical everyday lire. The 
— the first work of an unknown commission called Kphlihe repeated, between solo cello and fourth section is a recapitula- 
composer called John Tavener, Kinesis, offered a vivid, if also instruments. The third contrasts tion: choir and instruments 
then 24 years old. The Whale somewhat sobering, illustration “very simply the two ways of combine to recall the opening 
was an instant success; and it of the downward gradient. It tb e spiritual life the ‘raedifa movement, while the cello echoes 

of sad com _ . ' ... the soprano's song. It was a 

was natural that the Sinfonietta was an evening m adU KWi an * tho 

should include it this year in parisons: the vigour and robust- r „ . a f° T , pntvacai an inercy at i oast that the evening 

ftelr tenth anniversary season, ness of The Whale, indelibly A-B ' A tormuia, dark saccharin did n ot begi 

Tlie Whole is also Tavener’s marked by the 'sixties, but still chords, strained through velvet. The Whale, 

best work^ It was a youthful, of its kind powerfully clean and 
exuberantly eclectic essay, hut fresh — set beside Tavener's 

GLAA Visual Arts Awards Scheme 1978-79 

it had promising toughness — an newest piece, cheaply perfumed 
economy of movement. a high -camp. a maundering 
dram tic tautness and generally methodist confessional, cross- 
a variety and quickness of dressed in sentimental high- This year, the Greater London following media: painting, 

imagination which he has never church kitsch. , Arts Association is able to offer sculpture, printmaking, photo. 

s ! nce <J£ capt tiru d j‘ ¥** w ° rk o Kinesis is scored for a greatly increased sum of money graphy. artists, film and video, 

since The Whale, from the SATB chamber choir. 11 tnstru- in aw , rdK visum artists. This ^vt^ndp^ tr.iii 

dramatic cantata Catn and Abel, ments, three percussionists, with ia awards to visual artists. This extended media. Full time 

the Little Concerto for orchestra, two soloists, a soprano and a ,fi happening for the first time as students are ineligible Tor award. 
Gruwiraa's Footsteps, the Prom cellist, and lasts about 40 9 result of the Arts Council of Closing rate for the receipt of 
commission In Aliura. the Celtic minutes. The soprano melismas Great handing oyer applications is Thursday April 6. 

Requiem, and the more recent which opens the work, suna to responsibility for the allocation Further information and applica- 
Ulthnos Kttos, has followed an a backdwra of slow-movinc °. f mmor awards - ^ Associa- tion forms available from: Visual 
amiable and characteristically * h “ ! , hwtJ J.JJ? tion is a tdtal of *18.500 Arts Award Scheme Coordinator, 

expert, but increasingly pro , a chord-blocks, were j Q awards of £500 and £1,000. and Greater London Arts Association, 
dictable path, a gentle decline familiar— and here, more than invites applications from visual 25/31 Tavistock Place, London 

into soft-centred sentiment ever, the song of the Messiaen- artists working in any of the WC1H BSF. 

Mwnhgth Hthto 

'‘C-; - 4 ,. r 

G iMH wn l m ‘ Swept Away ’ 

rto, Cambrldse • • .• 

The Witlj^r’s Tale by GARRY O’CONNOR 

The two halves of this year’s more ambiguity of manner quickens— in a better balanced during the song "Lawn as white 
arlowe Society production . are towards Hermione (AJex Stordy), 'production it should slow down as driven snow" which creates 
be found so different in. quality "and may, at other times, be seen — ^ what one thinks of some- a sense of identification and 
id 80 extremely- opposite jn:*o speak - top - much upstage to-. b . ^ a ]argely 

cling that one might be fpr-- make a positive impression. that .» thi W L. n th „ tu ._ _,, 1c nf 

ven for assuming that the cast Even so, these scenes gather decorative scene, that of the _ When the two sets of t&arac- 
changed at the interval, or that little rhythm hud. force; partly sheep shearing festival, becomes ters are at last married in 
different directors band seizes because of a lugubrious, un- invest«i with precision of tixn- triumphant reconciliation, it is 
e reins when the scene' moves- focused setting of what purports ing, gaiety of mood; and an fortunate that the rustic charm 
ora Sicilia to Bohemia. . • to be giant playground railings; aeute sense of outcome. This prevails over Sicilian heaviness, 
Simon Griffith,. whose Leontes partly'. because the story-telling is due largely to Brigid Lar- and the previous lightness is 
miinates the eafly part, is a lacks. -urgency and the scenes -mourt Perdita. to Richard not marred. One of the most 
11. angular mail in whom, some shape; partly because everyone Harffey’s Autolyuus. and to the gripping passages turns out to 

ipreineditated jealousy .fails to seems ill at ease with Shake- excellent clowning of Richard be the transitional eye-witness 

id any convincing representa- speare’s-. condensed, artistocratic Bain bridge as Uie old shepherd account, split up among three 
-xn But be has a fair speaking sentiments. .Hermione is nearest and. Sean Cranitch as his son. courtiers, of the early stages of 
•".ice, and makes -sense of much to .conveying - some feeling, -In these, and in the wt this reconciliation. Then comes 

« what he says. -Tblixeries, the though -she,- too, presents a there is a -delight in small de- the set piece ending in which- at 

iyhot>d friend who .now fuels fremofo to the eye instead of the as Perdita in her dis- last the older generation gains 

s wild fit. .played, hy Eddie 
eeMng, cpoM provide a shade 

fadlo 3 

al firmness. tribution of autumn flowers, or dignity. Roger Swaine is the 

er the break the tempo Autolycus, with his trumpery, director. 

Taydn and Janacek 

The BBC concert ^ broadcast with Elisabeth Gale and Kathleen 

ora St John's. Smith Square. Livingstone the neatly contrasted 
i Wednesday; was- an odd but sopranos. At times the broadcast 
tractive mixture of .youthful balance' slightly .overweighted the 
jydn (the Missa brevis in F>- textures by seeming to favour 
id Mozart (the early G minor the male half of the chorus. 
,'mpbony, K. 183) in the second This was .enjoyable; the per- 
ilf. and mature Janacek in the forinance of Janacek 's Diary of 
-st. Hayxin's mass;. ''composed one who vanished, with Philip 
J tcr. puberty hadTendcd his.-days Langridge ftenor), Linda Finnie 
'in Vienna choiihoy; was giveri^ (alto), and RudolT Firkusny 
?re in its original orchestration (piano), was overwhelming. Mr. 
strings and organ, without the Langridge's clear-toned tenor is 
ind parts added half a century well suited to Janacek: boyish 
ter. without being callow, firm and 

- ' !i is a blithe, untroubled work, ie a n-}imbed (except for one or 
:ief and charming, as floridly two unfocused high notes), it 
■corative but also as -light and ca ptured with great sensitivity 
ry as an Austrian , baroque ^ jorce of adolescent sexuality 
lurch. Two soprano- soloists burning through the short 
trol above the chorus in thirds melodic- cells. Mr. Language 
■id sixths; a note of "real,” made a "case” for Bernard: 
Cognisable Haydn comes in the Keeffe's English translation— 
encdictUB, with its long, sturdy basically a worthy Shot at the 
, 'lelody introduced by the strings almost impossible — by uttering it 
id elaborated by the solo voices, with unforced poetic naturalness. 
ronT the BBC Singers and ... -h e gipsy siren who wao& 
.icmbens of the BBC Symphony f ann boy away from his stable 
: rcheetra under.Brian Wright, it faroi j y yf e Linda Finnie sang 
seeived a fresh, unfussy reading, though’ the timbre was 

I insufildently sensuous. The linch- 
pin was Firkusny. whose lifelong 
mastery of Janacek's piano music 
was .revealed .'alike in the dis-; 
tills tion of tiny details and in tne 
welding of the 21 songs into an 
unbroken music drains- Jaoaceirs 
masterpieces L ' ft , has been saw,- 
tends to be the work one has just 
heard; even so, it is hard to- think 
of another of his which com- 
presses so much psychological 
insight and' emotional richness, so 
much humanity into so few notes. 



Bilsoni engaged three times The producer, Steven Pi mlott, 
with Gozri's fantastic play and designer, Nicholas Ormerod, 

TumMct. which 

Puccini. . First came an p 1 ^ nce6S| John Walton was Kalaf 
orchestral suite (given , a season — a more interesting suitor, than 
or two ago. to great effect, by PucciniVequivaleuL The “mask” 
Muti and the Philharmonia), characters, who are given a heavy 
then the score was adapted for dose of Busoni’s vein of verbal 
German . version of Goal by f.™tlouaoe«. are somethiog of 

Karl Vollmoellei. proton* ip ^ p’, l Wti ? n& 

Berlin by Man ReinbardL aod Pong wrns every hme. 

pioaily, in 1917. aa a companion- I?: a ”. De d “ “ ,d * * e l mos ‘ o£ 
piece to Busoni-sown Arfecehino, Truffa,din0! t " OTdl “ Ucs - 

SpacU. i* ffcffk 


Hm f»riomunco w Cbtok G»ri«a ®f 

f-oflW: CM* 'KunO** * 



i«n l*r 


; Editor HiroM RoundMl’* viils to 
Itoh- for U Sc*U i 2Q0ih Annfw»7 


torwish r«ir 0*wtoB»m W- 
flit M«dl«p»nBiato m«aarin« for on 
Optra teyw.. . - 



came the two-act opera given 

small chorus may grow more 

ite- first staged perfonnance in as ^ red 3n the - three remaining 
Britain on Wednesday by Abbey Performances-alternative cast 
Opera tomorrow, Saturday. 

*1 respect to the compand _ .. J 1 8 

enterprise and' to the “ingenuity Puccinis Grams Schiccht. Here, 
with which they present opera jn since almost every, opera-goer, is 
the open-space Cockpit Busoni's or can become familiar with the 

fiSSTS ?t f a.iS em enoW 

write effectively for voices dmra was mysterious. Here the 
(though he did not-indulge them conductor Antony Shelley, who 
like Puccini) but the main had been usefully . employed in 

?&&& ^ waved Ms stick 

lies in the sugnuy aend harmony. ^ 

and glinting, shadowy orchestra- ™ 0sOy ., at ringers backs 

tion.- Having said that, it should Busoni's expectant relations 
be. .added that the perceptible being so often bunched in conn- 
drop. in. musical interest in the oil. But evidently -Mr. Shelley 
second art after Turandot’s aria j, a( j ^ one at 

™ X' “h’eSS'to d’li.S'reSL 3 ?» u s 1 ‘ Me »“ 

Busoni himself do« not Quite Measure on its own a count, the 
keep it up. ensemble was effiaently drilled. 


C.C- — -These theatre* .accept sertaie credit 
cards hr tetophone or st toe box office. 


COLISEUM. Credit cards 01-2*0 5251. 
Reservations 01-B56 3161 
Tonight * Tuei. TJO Uo«i Gwvannl; 
Tomor. A Wed. 7.00 Force_ot Destiiw: 
Thors. 5.00 last prrf. ol Tosco. 10<x 
balcony seats always available day ol 
DertormsitCe- • 

(Qardenchsroe credit cards B36 6903.) 

Tonight A Wed. 7.30 o.m. The Sleeping 
- Beauty- ■ 

Tomor.. Tues. A Thurs. 7.30 p.m. Ido- 
meaeo- 65 Amohi 1 seats /or. all peris, on 
sale from IQ s.m. on day. of parr. 

At*,, EC1. 837 1672. until March 18 

Evs. 7.30 TonighL A Tomor.: Laccoon. 
Nuthouse Stomp, Ancient Voices ol 
Children, Black Angels. Mon.. Tubs, a 
W ed. next: Sleeping Bints. Episode i. 
Smiling immortal. Praeiudlum. 


ADEL PHI THEATRE. CC. 01.836 7611. 
Eros. 7.30. Mats. Thun. 3.0. 5ats. 4,0. 
Good Friday One Pert at '7.30- 


■■spectacle.- Captivating tunes 




Credit card bkgs. 

" I., IMS.. WM. 

ALBERY. 836 3B78. 

B36 1071 i except Sat.). Mon.. 

and Frl. 7.45. Thur. and Sat. 4.30 and 
8. Extra Eaner.mat. Wed. 22 March at 


TO SEE IT AGAIN." Daily Miror. 


01-836 5122. I PALACE. 


DUKE OF YORK’S. _. . — 

Ergs. B, Mars. Wed. and Sat- at 3. 
In Julian MitcheH's 

A National Theatre Production. 

■' Brilliantly wltt* ... no one should 
miss it." Harold Hotnon (Drama!. Instant 
credit card reservations. Dinner and top 
Price seat £7.00. 

GARRICK THEATRE.* 01-836 4601. 
E»s. 8 0. Wed. Mat. 3.0. Sat. 5.15. B.30 

In toe 

•• GO TWICE." 5. M or lev. Punch. 

•■ GO THREE TIMES." C. B*m«. NYT. 

GLOBE. 01-437 1592. Evenings. 8.0. 
Mas. Wednesday at 3-00. 

-SIMON GRAY-S nne play. Raretv have 
I seen a show as perfectly cast/ 1 Times. 

„ 01-437 6834. 

MOA-Thurs. 8.0. Frl.. Sat. 6.0 and 8.40. 


PHOENIX. 01-856 8611. 

Evgs. B. Mat. Wed. 3.0. Sats. S.O & 8.0. 
The Leslie Rrtcnstc Musical 
Directed by Mel Shapiro. 

■■ Successful. Slick. Entertaining." D Mall. 

PICCADILLY. 437 4506. Credit card bkw. 
836 1071. Eras. 8. Sat. 4.45 and 8.15. 
_ Wed. Mat. 3.00. 

Evg. Standard Award and SWET Award 
Royal Shakespeare Com m my In 

bv Peter Nichols. 

t Suitable for Children! 

(Perhaps Not SulW... 


GREENWICH THEATRE. 01-858 7755. 
Evening 7.30. Mat. Sat* 2.30 DON 
JUAN. A Comedv bv Moliere. 

HAYMARKET. 0,1-930 9632. Eras. 8.00. | 
Mat. Weds.. J^SO. Sag-.t.M and B.OQ. i 

PRINCE OF WALES. CC 01-930 8681. 

Monday to Friday at a p.m. 

Sat. 5.30 and 8.45. Mat. Thur*. 3.00. 

Daily TeiMraoh. 



OF LAUGHS." News of Hie World. 



VAUDEVILLE. 836 9988. E*M. at B. 
Matt. Toe*. 2.45. Sa“- 5 2 1 * *• 
Dinah SHERIDAN. Dultic GRAY 

“ Re-enter Agatha with another who- 
dunnit hit. Agatha Chrlatlc is stalking 
the West End vet again with another 
ol her h end a hi y ingenious murder 
nvysterlos." Fein Barker, tv. Hew* ' 

WAREHOUSE. Don mar Theatre. Coral* 
Garden. 836 6808. ROYAL SHAKE- 
SPEARE COMPANY. Tonight 8.00 last 
pert. James Robson's FACTORY birds. 

Take* off like a rocket." T<me*. an 
seats £1.50. AcN. Bkgs. Aldwych now 
for season starting ID April. 

— ^ 4.30 and 




" Ingrid Berginan makes the stage 
radiate— unassailable charisma." D. Mall- 
" Wendv Hiller Is superb.*' S. Mirror. 
Easter Perts . Good Frl. Easter Mon. B. 

HER MAJESTY’S- CC. 01-930 6606. 
Opening March 28 

in Leslie Bricusse and Amhonv New lev's 
Directed by BURT 5HEVELOVE 
Previews from March 16. 



Final . perts- of present London season. 
Tonight 7.30 last perl. Brecht's THE 
Guardian. R5C - also -at THE WARE- 
HOUSE (serunder W) and at Piccadilly 
Theatre in Peter Nichols’ PRIVATES ON 

Mon. lo Thar. 9.0. Frl.. 5at- 7.30. 9.30. 

AMBASSADORS. 01-B36 1171. 

EVBS. B_0 0 rt._ Tuet- 3JJO. 


TlcYett 63.50 and £2.50 ihc.' glass ot 
wine. “This is without doubt the most 
extraordinary entertainment In London.*’ 
Evening News- Ends March IB. 

APOLLO. 01-437 3663. Evg*. 6-00. 
Mitt. IHbrk 3JN. Sat* 3.00 and 8.00. 
C’ Actor _ot the veer.” £ Standard) 

” IS SUP6W8. N. Oi World. 


ARTS THEATRE. 01-836 2132. 


“ Hilarious . . . im it.” Sunday Thres. 
Mondav to Thurad^r s.30. Friday and 

Saturday at 

and 9.15. 

ASTORIA THEATRE. Charing Cron Road. 
01.734 4291. Nearest Tube: Tottenham 
Court Road. . Mon.-Thura. 8.00 p.m. 
Friday and Sat. 6.00 and 0.45. 


Tickets El SO-ES.BO. Instant Credit Card 
Reservations. E« in our fgHv-Ucenmed 
Restaurant or BMIet Bar lunchtime and 
before or after shgw — bookable In 


CAMBRIDGE. CC. 01-636 6056. Mon. lo 
Thursday 8.00. Friday. Sat. S.45. 8.30. 

“ PULSATIfKi MUSICAL.” Evening News. 
Seat prices tZ.OD and 65.00 
Pinner and tno-price seat M-25 Inc. 

Comedy. . _ oi-sso 2578. 

Evening 8.0. Mat. Thurs. S.o. Sal. S.30 

. .and toM. 

Margaret COURttNAY. Dermat WALSH 
A New .Comeflv Thriller 

CRITERION. CC. '. ' 01-930 X216. 

Evenings 8 Sato. SJO. 8.30 Thun. 3.0. 

” lnwe«»bie . • - a master." s. Times, 


DRURY LANE. 01-038 8J08- Every Night 

8.00. Mann re w^j, an g sir. 3.00. 


“ A raiy- de*a4toHng. lOYous. Ktontshtog 
stunner. Sunday Times- 

IE0- A »S6 8243. Mon. to Thurs. 

- "ioifeAfftrlff and 9D0 ' 
- 11 * ^ , rE«SATWil D VE>S ,,y TtL 


Evgs. ~ _ 

m "£'uV«Va^ Wv'mbr 

Third Grant- Year. 

LONDON PALLADIUM. 01-437 7373. 

and Special Guest Star 



BOOK NOW— Saa« E2-C6. 

QUEEN’S THEATRE- 01-734 1166.? 

EVS. 8.0. satl- 5.0. 8.30. nun. wed. 3.0 , 
Variety Club M GO Award in 
Pl»v» and Players ■ London critics award 

WHITEHALL. 01-930 6692-7765. 

_ Eras. 8.20. Sat. 6.45 and 9.00. 

Paul Raymond presents the Sensational 
Sen Revue of the Century 

Now live on Stage. Limited, Season. 
12-week season prior to World Tow. 


Twice Night 8.0 and 10.0. 

OPEN SUNDAYS 6.O0 and 8.00 

„ _ , MODERN ERA ' 

Takes to unprecedented limits what to 
permissible on pur stages. " Evg New*. 
You may drink and smoke In The 

RAYMOND RE VUE BAR. CC, .01-734 1593 
At 7 p.m. 9 p.m.. 11 p.m. (Open Sunj.l 
PAUL RAYMOND presents 

WYNDHAM-s. 036 3028. Credit Card 
bookinu B36 3692 ics. sai. 1 Men- 

Thors. 8. Frl. and Sat- 5.15 and 0.50. 

ver • 
Mary O'Malley's smash-nil Comedy 

Sure bre comedy on so and relimont" 

Fuffv Air Conditioned. You «nav 
drink and smoke In the ^uditorumi. 


ledvon se« ar 

FSBB6 w,™ 

NTER. Guardian. 

ROUND HOUSE. 267 2564 Evs 8. 

with Jame* AUBREY 4> Do" WARRING- j 
TON hi "A red-hot production." Gdn. 1 

bv David Rabc, • • 

” One at' the three best Plavs In London 
. awesome strength." Out- 

; YOUNG VIC liwar Old Vlei. 928 GS62L 
. i Ton t. ,_ r 4t THE HEAL INSPECTOR 


,5fS' pfrl *. ALL SEATS SKILL 
1 Wk. 4 Sun-: 

i'*™.5' Do - *-0®. L ate show sat. iija. 
Wk™A S? n V . S ■« COMPANY ocl 
wh. & Sun.: 2.0D. 5-15. 8.15. Lato 

LONDON PALLADIUM. CC. 01-437 7373. 


FROM MAY 25 to AUG. 19. 

WWf ratATRt D1U37 3686. Evs. 8.0- 


PV Eduardo de Filippo. FRANCO ZEFFIRELLI. 

. TRIUMPH.” Er. News. 


HUNDRED YEARS.” Sunday Time*. 

MAY FAIR. CC. 629 3036. 

Men, to Fri. 0.0. -Sat. 5.30 and E.45 
E - N ’ *" 

hy Steve J. Spears. 

"A cwnoasshiime. 1 unity . heraeiv Hooveni 
Play.” Gdn. ‘'HllartBus. 1 ' E Jtd. ” WickadW 
amuOng." Ev. News. "SodHtindinp." On*. 

MERMAID, 247 7656. Restaurant 24S 
2835. Tom CotiU‘**A Superlative 
Pertornunce." Gdn. 

Jane Asher in 
” Caught me up in a welter of enclie- 
ment,”— p.T. ** Absorbing, grim, witty, 
movino — 3 giav w be 'praud of.” Eve. 
News. A momentous play — 1 urge 
you to ace It.** Gdn. 

Eras- 8.1 5. Fri. & sat. 5.T5. Stall 
tickets Si. 25 to ilso. Combined 
Dinner Theatre Ticket E5.A5. 

OLIVIER logth Uattli 

92B 22S2. 
Tont. 7 jo. 

, Tomor. 2AS & 7J0 THE COUNTRY 
'WIFE by William Wycherley. 
LYTTELTON (proKMlum Itagc); Tgn’t. 
7.45. Tomor. 3 0, 7.45 THE LADY 

FROM maxim's by Feydeau trans. by 

J ohn M ortimer. 

LOS to null auditorium): March 
17 at B. March 20 at 2.30 djh. LOVE 

Many wccUent cheap seats all 3 theatres 
day ol pert. Car park. Restaurant 928 
2033. Credit card bkgs. 928 3052. 

ROYAL COURT. 750*1746. -LaSI 3 nerfs. 

T isn't B: Tomor. 5 & 8-30 Faulme 

Collins David Sachet. Leslie Ijronv in ■ rAUWr „ M . 

THE BEAR by Chekhov. THE KREUT2ER I t.^ 1* . ,«»PP. Camden Town 

SONATA by Tolstoy. From Tues. Hull 
Truck in A BED OF roses. " Made me 
feel glad to be alive," D. Express. See 
also Theatre Upstairs. . 

ROYALTY. CC 01-405 8004. 

Mondav-Thursdav Evenings 8-0- F™**? 
5.30 and, 8.45. Saturdays 3 0 and 8.0. 
London’s critics vote 
, Best Muacal or 1977. 

Bookings accepted. Mater credit cards. 
Easter PerH. Good. Friday . a.45. 


illday Monday 8.0. 

show Tonignt & 5at. 11.15. 

Tube). 485 2443. Rao-rt Brrasdn'a 

asftg. ™m. dcv ""^ fmJaBToow 

classic y. 

SAVOY. 01-836 BBB8. > 

Nightly M 8, Met. Wed. S.30. Sal. S.M. 

. and 8.00. 


The World-Famous Thriller 


Limited Season Onlv. 

- - — - - S. 3, 4, Oxford St. (Obil 

Tottenham Court Rd. Tube). 636 uiiJl 

1 ABBA THE MOVIE 1U1. Stor uhonlc 
Stomd. Proas. 1.30. 3.50. sTioTljft 
Late show ia.50 p.m. 
r nT^ E =ln DIN - G M , V‘ c * <A) - Seo. Perts. 

& l S T rfe 0,t ^ WCK«t 

fejSTS awiffiS 

«>. Proas 1JO. 
3.40. B.03. 8.35. Laic show 10.50 D .m, 

John Reai 

©gens March 21. 

836 6596- 

and Joan Bhtner In 
_ ^ , KISMET 

That legendary musical. Previews from 
13 March 8 P-m. Sat, x.oq and 8.00. 

c yK22!j. C KS¥! Street. W.i. „gg 5757. 


GATE TWO CINEMA. 837 1177 8402 
irormoriy EAa.l. Intornatlonai). R^seil 

J ?F?n P? ttSfW 

D M,DN,GHT cowboy 


01-368 1394. 


Low prices. Easy Parting- 


By Woll Mankowitz 
Leonard Fenton. Patrick Drury 
Patrick Connor and Michael Low 
Memorable." D. Tel. " OtitctandWO- 
Gdn. 100 talftn RtL 01-388 1394. 61.25 

STRAND. 01.836 2660. Evenings 8.00. 
MM- Thur 3-OD. Sets, jjo and 8.30- 


OLD VIC. 928 7616. 

Soring season to March 2s 
in ren. antony a Cleopatra today 
7.30. SAINT JOAN Sau 2.30 A 7.30. 
ALL FOR LOVE rcturnc March 23. 
Sundav. Marsh 26. at 7.30. 
with- Barbara Jeltoro A John Turiwr. 

OPEN SPACE. 01-387,6869. Era*. 8.0. 
Mat. Sat. s.o until Sat. penta Dutch 
Surreal Theatre of movement. From 
Marsh 14, 7.00. SutH. Tues.-5un. 8.00. 
Mai gat. 3.00 STEPS. NOTES A 
Squeaks Beaumont. Bertosova, Gielgud. 
Kelly. L®uU»er. Sleep. 

ST. aURTIN-S. ee. 83b 1443, Ev*. B 00. 
Mat, Tucs. ZAS. Sat. & Goad Fri. 5 * 8 


3Sth YEAR ' 

8.00. Dlnlna-Danring: 9 30 super Revue 
__ and at 1 1 pjn. 



tor Nigel Williams. 

«h« slara. TOMORROW ncwE 
P^DS. Mon-Sat T.j" 
4.50. 8.10. Sun. 3.45. 7^5. Late show 
Ejf- * Sa*' ’ T «4S. Seats bkble. for 8.10 
Prog. Mon.- Fri. and all bran. Sat. and 
Sun, except late item. 

HAYMARKET (930 2738-2771). 
Jane Fonda. Vanessa Redgrave in 4 Fred 
linnwnann him JULIA iA>. Sep. «-«S 
Dly. 2.30, 5 45. 8-4S. Feature Dlv. 

6 . 00 . 9,@9. Lair Show Fri. * Si Pn' 

Sto m bkh!e' 45 *' m ' Featurc 12.00. ■ SJ/ 


STAR WABS rUi |Po°ri open t>iy. I.ib.' 

mjdmghi^ ah UrUBLyfc.'aS 

p-RlNCC CH^, iiaT 

Sco. Peris. Div, line. Sun \ 

6.15 9.00. Late Shna AtghtKr 11.SB' 

Seais Bkble. Ufa Bar. &5, 

SCENE a. leie. So (W»| 



Financial Times Friday March 1Q&3958 \ 



Telegrams: Finantimo, London PS4. Telex: WW41/2, 883897 
Telephone: 01-248 8009 

Friday March 10 1978 

Stalemate in 

THE MARATHON 35-nation 
Belgrade security conference, 
which finally ended yesterday, 
has not been an overwhelming 
success from the Western point 
of view. In the final communique 
the Soviet Union and its allies 
have made no concessions to the 
West's main specific demands. 
These were for a clear reaffirma- 
tion of the hard-won 1975 Hel- 
sinki commitment to respect for 
human rights, new more de- 
tailed commitments on the free 
movement of people and ideas 
and an extension of the military 
“confidence building measures” 
that were also a product of the 
Helsinki agreement More gen- 
erally, Belgrade has not led to 
the wider relaxation of tension, 
accompanied by increased econ- 
omic and political co-operation, 
that the West had originally 
hoped for. 


None of this is particularly 
surprising. It has long been 
clear that such hopes were too 
optimistic. In the first place, 
the overall tenor of East-West 
relations is governed by many 
other factors than the cut and 
thrust of diplomatic exchange 
in the committee rooms .of 
Belgrade. In the second, the 
Soviet Union has made absolu : 
tely no secret of the fact that 
it does not see any need to make 
further concessions to the West 
at the present stage. On the 
contrary, Moscow's main objec- 
tive in Belgrade was all along 
to resist any new commitments 
that might encourage the dis- 
sident movement or give fresh 
ammunition to its critics in the 

It has been particularly frus- 
trating for the neutral and non- 
aligned countries, who had been 
hoping for a whole range of 
practical new measures to en- 
courage co-operation in fields 
ranging from energy to journa- 
lists' working conditions. One 
of the main objectives behind 
the original Helsinki formula 
was to give all European coun- 
tries, whatever their size or 
ideological complexion, a chance 
to air their views and play a 
pan in the economic and 
political development of their 
continent. Belgrade has, if 
anything, tended rather to 
underline the bipolarity of the 
East-West relationship. Once 
the two super-powers had de- 

cided their positions, there was 
little that any of the other coun- 
tries could do to alter the con- 
ference’s fate. 

Nevertheless; some valuable 
Lessons have been learned. In 
deciding to meet to review the 
implementation of the Helsinki 
Agreement, the 35 signatories 
were, after all. Indulging in an 
unprecedented exercise. It is 
the first time that . an inter- 
national Treaty has been 
monitored in such a way, and 
there were bound to be pitfalls. 
The West now admits it tabled 
far too many proposals for 
further action in the tune avail- 
able and . the neutrals have 
concluded that procedures need 
to be tightened up before the 
follow-up meeting in Madrid in 
1980. In particular, there needs 
to be a much clearer definition 
of the timetable for the talks 
and some way will have to be 
found of preventing a repetition 
of the five-day deadlock at the 
end of the talks during which 
Malta held the conference to 
ransom by withholding con- 
sensus. The fact that the 
Maltese were finally bought off 
with a concession to their 
demands, however insignificant 
is a dangerous precedent for 


Given that the West’s original 
aims were over-ambitious, the 
outcome has not been entirely 
negative. The West has at least 
established that human rights 
are a legitimate issue for multi- 
lateral diplomacy and ensured 
that the monitoring process will 
continue. The West will be 
presented with a problem, how- 
ever, if Moscow proceeds with 
show trials of prominent dis- 
sidents now that Belgrade is 
over. The aim would be to 
demonstrate that the Soviet 
Union does not regard- the 
Helsinki/Belgrade process as a 
constraint on its internal free- 
dom of action. There may be 
little the West could do in 
terms of an immediate concrete 
response. But it would obvi- 
ously make it generally more 
difficult for Western Govern- 
ments to pursue policies that 
favoured Sonet interests. As 
Mr. Arthur Goldberg, the chief 
U.S. delegate, has clearly stated, 
such action would make a 
mockery of Belgrade. 

Buying out steel 

between the British Steel Cor- 
poration and the local unions 
on redundancy terms for the 
accelerated closure of the East 
Moors works in Cardiff is the 
latest and most notable step 
yet in the cost-cutting campaign 
BSC has been undertaking 
while waiting for the Govern- 
ment to make up its mind on 
how the wider aspects of the 
corporation's financial crisis 
should be handled. Involving 
some 3,300 jobs, it is by far 
the biggest closure to have been 
agreed since the corporation 
began offering to buy out jobs 
in order to bring forward the 
plant closures - which had been 
deferred at the Government’s 
request following the Beswick 
review in 1975. The terms 
agreed — 42 weeks* pay on top 
of the industry normal redun- 
dancy arrangements, as against 
16-26 weeks at Hartlepool the 
other month— are justified by 
BSC by reason of the fact that 
East Moors was not due to be 
closed under the Beswick plan 
hefore January 1980 whereas 
Hartlepool had been due to 
close any way later this year. 
The £9m. cost of the deal cah 
be compared with the £30m. or 
so' the plant would have cost to 
keep open for another two 


News of the deal agreed at 
East Moors could well spur 
steel workers elsewhere to take 
the corporation’s offer while the 
going is good, and so assist it 
to press ahead quickly with the 
closure programme. Some of 
the other deals it has in mind 
could still prove tricky to 
negotiate. While many of the 
plants still on the Beswick list 
are relatively very small, especi- 
ally those in Scotland, they 
include several where local 
loyalties are strong, such as 
Shelton and Ebbw Vale, and 
other high-cost plants not on the 
Beswick list— notably steel- 
making at Shotton— must be 
high up on the corporation's 
priorities. The Iron and Steel 
Trades Confederation. the 
industry’s biggest union, agreed 
to co-operate in early plant 
closures last month m return 
for a full 10 per cent, pay 
increase, and BSC is hoping to 

make a similar deal with the 
blastfurnacemen and craftsmen 
later this month. It now sees the 
terms agreed for East Moors 
and Hartlepool as setting the 
parameters for the negotiations 
to follow. 

But, while plant closures help 
BSC to save costs by reducing 
the numbers it employs— 
already down from 208,000 less 
than a year ago to about 199.000 
now—^and by helping it achieve 
a better loading at its more 
modern low-cost plants, the con- 
tribution that can be expected 
is a limited one. As important 
is the need to secure more 
efficient manning arrangements 
at BSC’s other plants, including 
those that are still being built. 
The unions agreed to co-operate 
in new manning negotiations 
two years ago but the operation 
of this agreement was held up 
by the limitations imposed by 
the Government's pay policies. 
Last month's agreement between 
BSC and the ISTC included a 
commitment to co-operate in 
work-measurement incentive 
schemes, but these schemes have 
to be negotiated at plant level 
and the craftsmen and blast- 
furnacemen have still to join in. 
As the long delay In commis- 
sioning the new Redcar sinter 
plant demonstrated, a spirit of 
co-operation may be less evident 
at plants not threatened with 
imminent closure and not 
already experiencing a sharp 
cut in overtime and shift-work 


In this regard a lot will 
depend upon the kind of lead 
the Government sets when Mr. 

Eric Variey, the Industry Secre- 
tary, makes his long-awaited 
statement Much of it will be 
concerned with financing 
arrangements and the future of 
BSC’s investment programme. 
Both are vital matters, for not 
one of the five big steel-making 
complexes on which the pro- 
gramme is based is yet running 
in the balanced and efficient 
way they were designed to do. 
At- the same time, Mr. Variey 
must make clear that jobs can 
hardly be preserved in an in- 
dustry unable to produce Steel 
at a price and to a quality 
which the customers want 

The questions America is 
asking about Mr. Carter 

By M. H. FISHER, in New York 

I T IS all so terribly familiar. 
Here and there, one finds a 
realisation that what matters 
for the time being is the mood 
of the market “You cannot 
fight the tape,” as someone 
put it to me. But for the most 
pan the attitude is one of 
rather bun bewilderment. After 
all. there can be no doubt that 
any reasoning person must 
appreciate that the currency is 
undervalued. No one can possibly 
expect that the budget deficit 
should be reduced or monetary 
policy tightened when there is 
still a great deal of slack in tne 
economy and an election (mid- 
term) is in the offing. The cure 
would be worse than the 

The depreciation of The dollar 
which has already taken place 
is in time bound to have its 
effect on the current account. 
The Central Bank says that 
what is needed is an incomes 
policy. Add in a coal strike — 
“miners holding the nation to 
ransom ” and for the visitor 
from the U.K. the sense of deja 
ru is overwhelming. 

Sadly puzzled 

Washington these days is a 
sadly puzzled city. There is 
still a deep gulf of incompre- 
hension between the Admin- 
istration and the business 
community, though the Presi- 
dent himself is now trying to 
bridge it. There is the feeling 
that any and every reaction to 
anything that happens is per- 
verse. The leading economic 
indicators go down — which 
should, discounting all the 
special factors, presage a slow- 
down in the economy and thus a 
strengthening of the current 
account— and the dollar falls. 
The- Germans are pressing the 
U.S. to “ do something about the 
dollar ” and the German Econo- 
mics Minister talks about a rate 
of DM1.80 to the dollar. 

Even the choice of language is 
beset with pitfalls. Having given 
up the locomotive theory (Ger- 
many and Japan should pull the 
world and the U.S. out of 
trouble) someone came up with 
the convoy doctrine, evidently 
forgetting that a convoy always 
moves at the speed of the 
slowest ship. When that was 
appreciated and the policy re- 
defined as a “concerted reflation- 
ary action programme.” the ob- 
vious abbreviation of that sin- 
gularly inelegant formulation is 
found to be even more singu- 
larly unfortunate. 

Central to the malaise is. of 
course, the performance of the 
President. No one doubts his 
high intelligence, but he is too 
apt to immerse himself in the 
details of issues. There are ob- 
vious reservations about the 
people he brought with him 
from Georgia, but in general his 
is a “nice” Administration, 
made up of genuinely “nice 

guys." The trouble with that the world? Do you wish us to 
is that the folklore as expressed become more protectionist and 

by Leo Durocher a legendary JJe trade deficit m tiiat 

u. TT., ■ #h , # way? That is the road which 

baseball manager, has it that wn , choose i£ the fuss 

“nice guys finish last" over the dollar continues. 

What is certain ly f act as Capital controls would not work, 
opposed to folklore is that the They never do, and anyway 
Administration 1$ finding it very what we are dealing with in the 
difficult to work with Congress, markets is not so much diversi- 
Part of the explanation is the fication out of dollar assets but 
inexperience of the President’s leads and lags. What good would 
personal entourage in the ways borrowing do, given the magni- 
of Washington, something that tude of funds which move in the 
time may yet .cure. The need to market? And can you really ex- 
make the machine work better pect us to borrow in foreign 
is recognised and is one currency! If we arc seen to be 
explanation of the rapid rise in moving out of the dollar, who 
influence of Mr. Bob Strauss, would stay with it? 

Nominally he is the man in 
charge of the trade negotia- 
tions, but in fact he is now the 
troubleshooter who is asked to 
cope witb the difficult problems 
requiring Washington know-how 
and political skills, whether it 



Trade-weighted; _ _ 
change from Smithsonian,- 
central rates against 15 
other currenmes, 

















Unique role 
of dollar 

The unique reserve currency 
be the Energy BUI, the Panama ro i e of dollar magnifies the 
Canal Treaty, the miners' strike problem, the mirror image of 
or what you will. that which we in the U.K. have 

But there has also been a been told is the divergence of 
change in Congress itself quite the financial and the real econ- 
apart from the major shift in omy. In Britain we saw financial 
power from the White House to confidence restored last year 

the Hill, brought about by the and in spite of that the real hope . Bv the emJ of the year depressed impotence in financial latter requires that the surplus' 
reaction to the Vietnam war and economy did not pick up. iSome ^ growth rates of the tfS. markets could spread and affect as well as the deficit countries 
Watergate. An unusually high might argue that running the and ^ Qlber major industrial- the "rear’ economy. There must play their rightful part fo 
proportion of members of both economy well below what poli- ised countries should be con- are those who maintain that the adjustment process). 
Houses have only been there Tor ti clans would regard as capacity verging. Oil imports this year markets only forecast what will This brings one hack to the 

a comparatively short period levels was a precondition of re- wl |j be no greater than last in due course happen to the basic issue. What the American 

and these “young Turks” are versing market trends.) year and may even fall a little— economy, though their forecast- business and financial com; 

not- easily persuaded to do the The “Teal" economy in the miners permitting. The ing record is less than perfect mumty is asking itseif is. 
bidding of the President or U.S. is in fine shape. The re- depreciation of the dollar should IVhat it boils down to in the whether President Jimmy 
their elders in Congress. Gone covery rontinues. Growth this bv the end o{ t be year make end is what Americans now Carter is a conservative in popu- 
are the days when you could year « likely_ to come out at - feJt lQ ^ balance, insist on calling people's per- list clothing or .a populist in 
negotiate a tax bill with Wilbur around 4.o to o per cent., slower ■ imnortanr-** of ception. and in this context conservative disguise. So far 

Mills the former Chairman of than last year but well above JL hi whal happens in Washington they do not have an answer. The 

the House Ways and Means the long term trend and with foodstuffs and capital goods in and ^ j a N ew York puzzle that everyone— be they 

does matter. Can the President Americans or foreigners— a™' 
the miners' strike on seeking to resolve is a somewhat 

4 4 The real economy in the U.S. is in fine shape. The recoreiy «*. 
continues. Profits are rising, though many businessmen would 

argue not fast enough. The inflation rate may edge up a bit but impose an oii import duty (has but so is the fact that this has 

® _ he got the power to do so is made dollar assets in the U.S; 

the consensus is that it will come out between 6.5 ana 7 per cent, y y another question)? Can he do cheap, and capitalism in the 

all this and set the Panama U.S. is likely to survive lonvar 

^ m Canal Treaty through Congress than anywhere else, 

and also he seen to he eoncen* 

that few if any signs of capacity t°t^port piemreand *e on \j^ bifi fcsues-the 

tages or bottlenecks, sheer ignorance of the great in flj| riont ^he relation- 

monages or ooraenecKs. ‘o “7 n J?, dollar, inflation, ti 

[“There sure is no shortage of ship with Germany. 

..ppi pmfife Rpp risinz turers of the existence oi mar- 

S!r mJZS kets outside the U.S.. the effect In the external ) 

context the 



Committee — and know 
once he was satisfied he could shortages 
deliver. This is all the more (-Th, 
true in an election year when s teel. , 

many congresmen do not really though many businessmen - ------ — - -- 

believe that the President can would argue not fast enough for n°t be so very latter is crucial. In sP»tej>f 

be of great help to them with this stage of the cycle. The infia- srea L . yesterday s co nciliat ory SJWtth • ' The puzzle is President Carter, 

their electorate. tion rate may ed-e up a bit this Yet **»• market and the by . Chancellor Sohmidt and bis U he, as lus supporters would . 

It is against this background year— there are hardliners who doHar remain obstinarely weak subsequent telephone con versa- argue, the world leader who. 

that the difficulties of the do!- regretted the President's inter- An 7 visitor who confines his tion with the President the dif- has quite deliberately addressed’: 

lar have to be considered. It is a ve mion in the miners* strike tri P t0 Washington and New ferences between them arc himself to the most fundamental, 

problem which the Administra- because they believe that it is York is exposed to the danger deep-scaled, of temperament as and difficult issues— the nuclear 

tion did not expect and its in- bound to push up the figure— 1)131 be * in atch the depression well as policy. Yet the fact one. the energy one in a country 

readability / is sapping confi- but the consensus is that it will whlch th31 we *J® e ® mduccs in remains that unless the two where the. habit to waste cheap 

dence. You r can still find advo- come out somewhere between t ^ lose . cities. Even the impart countries can even agree on energy is deeply ingrained, 

cates of benign neglect in this 6.5 and 7 per cent. I heard one Street, let alone ih? vvhat the economic problem is human rights, Africa. U he the 

country, though not by now in economist forecast an annual dollar, diminishes markedly tension created by a whole uian who has realised That these 

the Administration. But even rate of 8 per cent, by the last once one « ets awa 7 from ,he range of other issues, tike mus * . e ttckled hcad on “ e 

an analysis starting out from quarter but he was. so far at eastern seaboard. How many human rights nuc t ear pn> . world is to Temam a reasonable, 

the proposition that something least, a lone pessimist. Employ- People who read the financial ... .. \ c*tt place to llve ,n dur5n r lhe ,ast 

has to be done fails to throw up ment is going up fast, and the news in Europe would, believe ^ration and the SALT talks, quarter of the twentieth cental?, 

any very promising options, main unemployment problem (bat General Motors is hard will not be resolved. (By or ^ as his critics would 

What do you want us to do? i s structural — the under-privi- pressed to meet the demand for letting the dollar fall are maintain, merely a brilliant. 
This is a question which the leged young in the inner cities — Cadillacs and a range of its the Americans deflating the campaigner who in has 
visitor to Washington is asked and that cannot be tackled by high performance cars which wor M the turned out to be a Don Quixote . 

frequently. macro-economic measures any- can be driven legally at less „ ... tilting at every windmill m 

Do you really want us 

flate when we are supplying Even on the external side speeds? 
the one impetus for growth in there are those who see rays of In time, 

macro- economic measures any- can be driven legally at less r — 5 L h tilting at eveiy windmill m 

to de- way than half their rated top Germans say, or is it onl) by S12ht ? We should have the. 

— — maintaining America's growth answer fairly soom We certainly 

of that the world can grow? The need it 

the feeling 


The one who 
got away 

As the story of “ Operation 
Julie " unfolded in a Bristol 
courtroom, the name of the 
biggest fish to slip through the 
police net was repeatedly men- 
tioned. He is Paul Arnaboldi, 
the American who paid £26,000 
cash for the lonely Welsh 
mansion later used as an LSD 
factory. Arnaboldi was often in 
Britain, acting as a go-between 
for the members of the drug 
ring sentenced -this week. 

His base was a bouse near 
Soiler on the island of Majorca. 
Although having no pretentions 
to be a writer, Arnaboldj was 
an habitue of the literary circle 
surrounding the poet Robert 
Graves. None of them suspected 
that the tall, hawk-faced 
bachelor was. at the centre of 
one of the world’s best-organised 
drug rings. But be often went 
abroad, to visit countries as far 
afield as Malaysia. On his 
return. Arnaboldi would race 
exuberantly around the island 
in his " beach buggy.” 

He had been in Britain not 
long before the great police 
swoop in March last year that 
led to the trial now ended. 
Earlier, detectives had broken 
into the 14-room mansion at 
Carno, Dyfyd, of which Arna- 
boldi was still the nominal 
owner. At the time of the 
round-up he was in Majorca, 
where the Spanish police picked 
him up in response to a New 
Scotland Yard request. But 
after two days he was let out— 
and hurriedly took a plane to 
New York. 

I learn that Arnaboldi has 
been beard of in Arizona, he is 
said to have changed his name 
and altered his appearance. 
Police in Britain believe it is 
“only a matter of time before 
he can be brought back to 

Mine into museum 

The sadness that' always sur- 
rounds the closure of a coal- 

“ Dr. Owen says to tell Mr. > 
Andrew Young that when he 
wants a second opinion he’ll 
ask for It!” 

mine is being tackled in a 
novel way at Blaenavon near 
Abergavenny. There are plans 
to turn the Big Pit, which has 
produced upwards of 100m. 
tons of coal in its 150-year his- 
tory, into a tourist attraction. 

Behind the idea Is Bill 
Cleaver, the National Coal 
Board's deputy director of 
raining for South Wales. He 
says: “The Big Pit is quite 
near the tourist route to West 
Wales. I think that thousands 
of travellers will want to call 
in and tour the colliery.” 
Cleaver explains that the Big 
Pit is ideal for conversion into 
a museum, since its main shaft 
is only 300 feet deep; the main 
alteration would be to substi- 
tute a modern lift for the 
miners’ cage, for economy 

The mine is carefully collect- 
ing old mining artefacts, such 
as the curling boxes used by 
child workers to collect small 
coal underground. One long- 
abandoned section is called 
Waterloo — "probably after the 

Cleaver has been encouraged 
by the way in which an old 
slate mine in North Wales 
attracts 250.000 visitors a year. 
But enthusiasts eager to go 
down Big Pit may have to wait 
a year or two. Although the 
labour force is cut to 250, and 
output is falling, there Is 
enough left in the seams to 
send up 200.000 tons a year. 
But Cleaver has been prepar- 
ing the way for his dream — 
after a lifetime in Welsh min- 
ing — during talks with the 
NCB. the Welsh Tourist Board 
and local authorities. Who will 
run Big Pit as a museum ? 
Cleaver is sure there will be a 
few jobs as guides Tor some 
i of the older men who have 
been going down the pit since 
their teens. 

Fjord frights ' 

Norwegians with un taxed earn- 
ings stashed away in large 
denomination notes are worried 
that hard-up government may 
find new ways of laying its 
hands upon what the Oslo 
bankers call “ black money.” 
There have been persistent 
rumours that all Kr.1,000 bank- 
notes will be called in— and this 
has meant a rush on the banks 
to change these into smaller 
denomination Norwegian cur- 
rency, or even the oft-maligned 
sterling. Banks report that 
customers have been coming up 
to the counter with wads of 50 
at a time: 50 times Kr.1,000 
equals about £5.000. 

A Bank of Norwav official has 
said the tax dodgers need not 
have worrit'd, because call in e In 
all the 1.000 krone notes now 
In circulation would have been 
far too complicated a task. 

Bad lines 

The British Medical Associa- 
tion became so anxious this 

week about the tactics used by 
hospital telephonists to press a 
pay claim that it mounted a 
survey to discover how services 
were being affected. A member 
of its staff was detailed off to 
ring around hospitals in the 
West Midlands, which are the 
worst affected. It was a tricky 

The telephonists will only 
handle emergency calls. So 
every time the BMA invest iga 
ter was asked if she was report- 
ing an emergency, and admitted 
that she was not. the switch- 
board plugs were pulled out 

When the report was eventu- 
ally put together, by one means 
and another, it not surprisingly 
had some bleak words about 
the telephonists. Whatever the 
virtue of their claim, their 
methods were gravely endanger- 
ing the proper working of the 

A distinction 

This seems to be the season for 
attacking— and even defending 
—the standards of British 
management. So here is some 
quick advice for company chair- 
men: it would sound much 
better to stop blaming bad re- 
sults upon “unforeseen circum- 
stances.” Surely the art of good 
management is to eliminate the 
unforeseen? In future, fellows, 
lei's only offer excuses for what 
was truly unforeseeable. 

Forward planning 

Heard in a City bar: “My neigh- 
bour is nothing If not far-sighled 
—last week-end he reminded 
me tn have my power mower 
overhauled ready for borrow- 



The exception 
^2 that could prove 
]jjjp \ to be your rule. 



\ «_\,y iWiKts ; 

1 Finest ScotchTRdsi 

cMafthcvr Gioqg&Soflltok 
Pertk. Scotland 

in boo AT me SAMI IW"* 

Quality in an age ofehange. 

’ * ;.v*> wviv^.a -v-Sh’i 




1 is 


WmbscJsS: B^day March 10 1978". 



v • 

u K . 

^ SINCE most of ug can 
ember, there has been a 
:ntial conflict between 
sin’s relationship 1 with 
f>pe and 'her relationship 
“the UJS. It was fear'of 
Bing the American (as 
as Commonwealth) ties 
■h contributed to the 
^inal British reluctance to 
S Common Market. Later, 
I !B Britain did want to join, 
was excluded by General de 
■ N i'hv \t. ! ii® the grounds that she 
‘ Mrfc ila prove an American 
jan horse. _ 

■ore recently, these con- 
's between European and 
intic interests have much 
inished. Britain may still be' 
retiy unconvincing member 
the European C ommuni ty, 
at least she -is no longer 
ased of putting American 
Tests first. 

here is a decision brewing, 
■ever, which, if it goe& the 
ng way, could spur Britain’s, 
tions with Europe for a de- 
s and beside which the 
-iments about the British lack 
Community; spirit on such 
stions as fish or the Common 
•icuJturai Policy would seem 
:e insignificant It concerns 

^he technical, options, have 
fully outlined by my col- 
$ue Michael Donne in the 
uncial Times of February 27. 

' - ly may be summarised as fol- 

• \s: The world's airertft- 
::.<ers are preparing to embark' 

production of a new genera- 
•.,! of short-ta-medhim range 

• .1 airliners, and it is a ques- 
t of who does what and with' 

■ "jm. Britain is stuck in the 
.. Idle — between Europe and 
.. . U.S. 

,'ery broadly "speaking, there 
/ two possibilities, though, as 
. I be shown later, there is also 
le small room for compro- 

mise. The European plane- 
makers. including British Aero- 
space. could get together and 
build a new derivative— known 
as the B-10 — of the by how. quite 
successful European Airbus, as 
well as a com pletel y new air- 
craft known as JET. The' latter 
would come in two versions, a 
130-seater and a 160-sea ter/and 
there could even be a somewhat 
larger version to follow. J 
Alternatively; British Aero 
space could accept an .offer from 
the . American Boeing company 
of co-operation on -the proposed 
Boeing 757 and possibly also pn 
the 767. The former project 
would be in competition with 
thr JET, and the fatter with the 
B-ia • \j . . 

lTiose. bri efly, are the options. 
Now. for the politics. There tire . 
three - British entities involved, 
all of them in one way --or an- 
other state-owned: British Aero- 
space. British Airways add JtoUs- 
Royce. Their interests are differ- 
exit. British Aerospace & "by 
and- large. In favour of the Euro- 
pean projects, and indeed" this 
week announced a Memorandum 
of Understanding _ with Aero-; 
spatial e of Frances ' MBS' a of 
West Germany and the 'Dutch- 
German concern VFW-Fal&zr, 
who would be the European 
partners involved. •" ./ ' - 
British Airways, 'however, 
tends to be a “buy. American" 
alriine. It has not bought : the 
European Airbus, for! example.' 
and its : main interest at ’ the 
moment seems to be In buying 
more Boeings. Yet it wonjd look 
distinctly odd if British Aero- 
space were to join the "Euro- 
pean venture, while the British 
national airline continued to 
turn tb the U.S. for its pur- 
chases. The very possibility, in 
fact, could seriously weaken. the 
bargaining power of British 
Aerospace within the European 

grouping. ... 

But the biggest dilemma con- 
cerns Rolls-Royce. The problem 
here is that there is very little 
room for the British engine 
company in the European pro- 
jects. Basically, its engines are 
too big. There might just be a 
chance of getting Rolls-Royce 
power plants, into the B-10 and 
into a version of the JET that 
had upwards of ISO seats. But 
the prospects are not good. 

Yet the offer from Boeing 
puts Rolls-Royce in * a quite 
different light. Both the 757 
and the 767 could use British 
engines and if, as is possible, 
there were to be' a stiH larger 
version known as the 777 to 
follow. Rolls-Royce might get 
in there, too. Not surprisingly, 
Rolls-Royce is ail for the 
American solution. 

The view of the Europeans at 
British Aerospace about that is 
that Rolls-Royce took a wrong 
strategic decision some years 
ago in seeking to go for large- 

thrust engines aimed, at the 
American market, and must now 
take the consequences. In other 
words, Rolls-Royce .'would have 
to be the inevitable casualty of 
adopting the European solution. 
The idea — much canvassed in 
the late 1960s — of using the 
British company as a base for 
establishing ' a European aero- 
engine concern is currently not 
much in fashion, though it could 
perhaps usefully he revived for 
the future as a political let-out, 
if the European solution on air- 
frames were to be preferred. 

And yet the combination of 
British Airways, wanting to buy 
American, and Rolls-Royce, 
wanting to supply the engines, 
is a powerful one. It is at least 
theoretically possible that those 
two entities, acting together, 
could go ahead and accept the 
Boeing offer. That would be 
tantamount to sabotaging the 
efforts bl British Aerospace to 
negotiate an agreed programme 
with the European aircraft- 
makers. Europe would hot, after 

all, have much interest in doing 
a deal with a British company 
which could not even guaran- 
tee to sell the product to the 
British national airline, and 
when the British Government 
had evens' reason to promote the 
sales of tire Boeing competitor 
because it had a British engine. 
But it could happen. 

It. has to be admitted, too. 
that at present British Airways. 
Rolls-Royce and Boeing are 
making most of the political 
running. The Department of In- 
dustry and . the Department of 
Trade, to a slightly lesser ex- 
tent. are broadly in favour of 
the American solution. Mr. 
Gerald Kaufman at Industry, in 
particular, is labelled in Europe 
as an American man. though 
the Industry Secretary. Mr. Eric 
Varley, is thought to be not 
quite so committed. 

Yet the real argument at 
government level has scarcely 
even begun. There still does not 
appear to be a Cabinet Commit- 
tee on the subject, but it is in 

readiness for that that others 
are beginning to prepare posi- 

It should be said at once that 
it is not a simple matter with 
(say) the Foreign Office on one 
side arguing for the European 
projects because of the political 
implications, and the rest 
plumping for Boeing because 
the name alone seems to suggest 
commercial viability. After the 
experience of Concorde, no one, 
including the Foreign Office, 
wants to build another political 
aircraft. There is general 
acceptance that the case for 
going European can be made to 
stand up only if there is a 
reasonable chance of com- 
mercial success. 

Still, political considerations 
persist. Questions abound, like: 
what is Boeing really up to with 
its apparently generous offer? 
It can hardly escape notice that 
if Britain were to break with 
Europe and go in with Boeing, 
the European competition to 
the 757 and 767 would be much 
less. Equally, Britain would 
have lost her bargaining power. 
She could not easily return ro 
the Europeans and — precisely 
for that reason — she would find 
it difficult to wring the best 
terms out of Boeing. 

There is also, of course, the 
question of the European reac- 
tions to any British decision 
to go American. One does not 
have to live in the world of 
inner diplomacy to realise that 
they would be quite devastat- 
ing. It would not be just a 
matter of a row — and a row 
would be putting it mildly — 
with the French. It would be 
with the whole of the rest of 
the Community, including very 
much the Germans. Britain 
would be seen to have ducked 
out of a major European ven- 
ture, which could help to 

establish a European identity at 
a time when other aspects of 
Community affairs are not 
guing especially well, for the 
sake of a commercial deal with 
the other side of the Atlantic 
We should be dismissed as a 
satellite of Boeing. 

For that reason alone, it is 
inconceivable that the Foreign 
Office, whatever it may now be 
saying about the need for more 
information before submitting a 
paper to the Foreign Secretary, 
could come down in favour of 
the American solution. The 
Ministry of Defence is likely to 
go the same way as the Foreign 
Office, if only because it wants 
European collaboration oo the 
next generation of fighter air- 
craft and that would be 
jeopardised were Britain 10 get 
out of European civil projects. 
So, if asked, should a number 
of other Ministers who in the 
past have cited co-npcration in 
aerospace as an instance or what 
might be done to further the 
development of the Community 
without having to go as far as 
federalism. Mr. Roy-Hattcrsley 
is an example; 

There is also a possible com- 
promise position, hinted at 
earlier in this article, which 
would make the choice between 
the Americans and the Euro- 
peans less clear-cut That would 
be to go basically for the Euro- 
pean solution, but to offer some 
participation to the Americans. 
It would be aimed not at Boeing, 
which could go it alone if neces- 
sary, but perhaps at McDonnell 
Douglas, which has its own 
plans for a new medium-range 
aircraft and night like Lo go 
into partnership. It is unlikely 
that such a proposal would 
come directly from British 
Aerospace for fear of being 
accused by the Europeans of 
trying to have it both ways. But 

the. idea is around, and it mipht 
have the attraction of ensuring 
that there are not too many air- 
craft competing for the same 

In the end. however, it looks 
as if the decision is too import- 
ant not to go ig the Prime 
Minister. Unlike President 
Giscard d'Estaing in France and 
Chancellor Schmidt in \\W 
Germany. Mr. Callaghan is not 
usually much concerned with 
aerospace. In Paris or JBonni 
senior Ministers, or at (east 
senior officials, seem lo be meet- 
ing about it most of the time. 
Hardly a week goes by without 
some sort of Ministerial com- 
mittee trying io produce a re- 
port on rhe snbj.-it. and the 
Heads of Government take 
notice. Mr. Callaghan, by con- 
trast, raised the question when 
President Giscard visited 
Britain Iasi Docemher, but has 
not touched it smev — even to 
the point, apparently, of not 
being much aware of the state 
of the present debate. 

And yet what better subject 
could there be to add to the 
agenda when the Prime Minister 
goes to Bonn for dinner with 
Chancellor Schmidt on Sunday? 
Europe could build the aircraft. 
There is no longer a technology 
gap. Tlie American challenge 
nowadays is in marketing, not 
manufacturing — as the Euro- 
pean Airbus has shown. More- 
over, there is not much time to 
be lost. No-one really believes 
that the Boeing offer expires, 
as the company says, at the end 
of this month, but it wilt not 
stay open much longer. The 
French and Germans have aba 
set July as the deadline for a 
decision on the B-IO. Either 
way, the British Government 
needs to get moving. 

Malcolm Rutherford 

Letters to the Editor 

A visible 

m the Chairman . ' 
nmittee on Invisible 




finance on hand-outs from c«fc them competition is regarded as 
•’ tadiovernmeht? ' \ having been “ defective "? . 

’■ ffis proposals, for . transferring r Whether the Con sum er'.«. is 
educatin' and sociaiseriices ,to "protected" in the long run by 
district councils fri^iten mie. It . businesses being compelled to 
would be the consumers V?hb reduce prices is. of course, open 
• would- lose -by the dangerrtaiised - to question. 1 do hope we’re not 
to the present viable stru cture going to end up in the Russian 

... ...... of these two services. And for position of prices being officially 

■ ,r C*, mie lt 15 - e , 1 what purpose? A dubious soJw- very " reasonable." but the goods 
h balance on invisibles of tj on to what is essentially a .concerned being unavailable .in 
Sbn. in 1977 shows a substan-, financial - problem. - ‘At 7 the Ibe shops. 

reduction when compared moment we have, outside Lon- " If one of the Price Comrais- 
h the 1976 figure of S2.fbn. abn, some 83 local education sion’s objectives is supposed to 
arch 9), an analysis shows authorities and social serviceibe to help reduce the rate of 
t this was mainly due to a authorities: his proposals would jpftatlon, it might like to con- 
fine of approximately £lbn, see the creation of. 369 local Professor Hayek’s proposal 
oet Interest profits and divi- education authorities and social wt competition in currency, 
ads and to an. increase of service authorities, with all- the #us is cl early, a n r aj;ea. under 
ISm. in genera!" Government associated^ increased . costs. “ In, The present Exchange Control 
jenditure overseas. : spite of a few problems at titf' regulations, where the monopoly 

nvisibie exporters in general interface .between county and supplier-— the British 
itinue to prosper as they have district ; councils, - the present ~" 1B insufficiently exposed to com- 
the last two centuries. In structure of local gov.ernnttmt te Petition. ■ 
t, the overseas earnings of fundamentally sound." n. r. Myddeiton, _ 

service industries, including" What I believe we should he Cran field School of Management 

>lic corporations, showed, a examining is the whoy problem Grander, ; , . 

ther substantial increase in -of .financing the personal public Beajora . . 
ss terms from £93bn. in 1976 services and community activity r ,. . . 

HOJbn. in 1977, • and " pro -gendjirily. • A • negative Income HlXlIllI 
■ed a surplus (net of pay-. Tax is tbp answer/U allowances 

nis) of £3.3bn. compared with- hi# enough per- ' ■nri/'pc ' 

’bn, in 1976. The country’s *t>nai choice coifid be restored m pi 
isible trade in services has area ? like education and social Mr. J. Sherri ff. 
s once again substantially in* services, -Market forces -would gjr f — Britain’s Government can 

ased its contribution to oiir ; overcome proWems J^bureauc- ^ the price of tea and the price 
ance of payments. • " “*“* 

:i Francis Sandilands.^ 


! Stock Exchange, E.CX 

racy Bnd.»unresponstvehess and D * atriin p fares : no mean feat 
the responsibility for the relief Tb e i r mi is to please the con- 
of iwwrty. would be firmly 5^^ you would Ye t 

. placed with centrar government p00r 'Braniff Airlines is unable 
Strong and ancient local t0 provide a much-needed new 
government is a bulwark of our sertice ; t0 ^ southern tier of 
democratic system. Negative American • states because its 

rtrtrtl democratic system. Negative 

OCal.aUIupriTy;..latae.:T^ secure that prices ve t00 ]ow 


- .strength ^efficiency. In my SohVL. Sherriff, 

view. Mr. Freemans proposals trutianola. 

- would, fait -to tod - thej right 

.c financial, solution and in the ______ 

: long -term contribute to the 

Oie Leader, : ‘ ' 

.t County CounciL- - . .,<,^1* ‘of -Ioto.1 (Onmment. 

jir. — It seems to me that like, John D. Grugeon. 
poor., the problem of local county Halt... Maidstone, Kent. 
nunent finance is '■ always. : ' ' ■ — i 

b us. Roland Freeman in his 
y Group pamphlet (March 4) . lflSUiIICI6Ilt 
not really grasped the" prbb- 
l, or ■ introduced "'sound. Con--. . PAtntiAf if lAD 
ative philosophy' in to r iis- LUUljpCUllUU 

feme of things. . " •• ; - From professor D. Mydddton. 

■he problems. of lorol. govern*. • Sir.—I am delighted to hear j . Kijians vasiir 

t finance axe those ..with (hit ^rdfessor Hague (March 7) -.^™, ap v ha i _ t e is bnt what 
h we are all familiar—cen* supports, the market sys- SP2JL- 

hlir»>8ii(!ni(*V. nnkwcnnncii’Ai- «... ■ jjp safs: “ urV,nw» the De ““«8 

Objectives in 

Frorri Mr. N. Wild. 

Slr.-^-One cannot but sympa- 
thise with Michael Dixon's efforts 
(?4arch 4) to focus public atten- 
tion bn cost-effectiveness and 
com monsense in education. 
Perhaps I am vastly more 

bureaucracy. . unresponsive- leB f; ' " He rays: “ Where the -SJSifii-^dons 1 'll 

ty. V. .few reck- competitive^ process is defec- f ^““only too ^ predStebie? If 
authorities and rata sup- tive. . . the consumer needs t tear, omy loo prenici e._ 

grant distributions taUored protection." ... . S nSticUlar 

political desires.- .Many of Government .policy so n oto- 
d - Ereeman’-s- - proposals riously. obstructs competition-^ 
d exacerbate these. prob-,yboib- domestic and international ve gne ev» SSIS! 

is. For instance, emascula- — that surely few FT readers will p f making the obvious eqrnva- 
of shire eodntiea would see find Professor Hague’s protesta- lent remarks to education, etc. 
end of democratic represen- tions convincing. 3 wonder if he are - indisputably gooa- tnmgs ^ 
m on these j, viable ubitt of could tell us in' .which industries of coal- . . . is a good thing, 

.1 gOvernment.Tor who would the Price Commission (since he ^e. wpuld more likely say 
to serve as a coimcillnr on 'has been- a member) has forced ‘ miners are indisputably good, 
utirority. which had. few teal .companies to change proposed chaps, ! ‘or -words to this effect, 
tions and: relied for its .prices. Presumably in all of The. result is the same lor both 

ternational nuclear fuel debate 

_ the Director, Tenon and 
try Planning Association. 
r-r*— ‘ Your leading article,. 

' indscale and after" (March 
-must be challenged. You say 
" "the report’s strength is. 

it takes the long view", 
it you do not say is that in 
e pan it absolves itself 
i any responsibility for what 
long view reveals. 

. or example, on the vital- 
ition of energy demand fore- 
s which any estimates of 
> 1 for the plant must take 
account. Justice Parker says 
- -lid not regard • it as any part 
iis task to attempt tb make 
i a forecast (Pira 8X7). On 
question of the risks from 
ine discharges from the- pro- 
sed plant be says. 1 “■ . . ti »s. 
(possible or desirable for me 
‘•(tempt to -make any findings 
•« the safety of Tboro as 
j" (li.7). Earlier (11.4) be • 
, . no real assessment, or 

s- can be made when . 

/ t //design of a project is still at 
% - A? conceptual stage.” On pro- ; 

t. ef ..**i m s tion risk, he flatly admits 
.jir** it is a matter which be ca n- 
' * ^ assess (BBS). And finally. 

ne really wants to find out 
t he thought of "the “long 
>, n be rays (1.3.6): .Mt ia.flot 

tor, me. to. attempt, lo Teach a 
conclusion on the morality of 
the situation.” 

You say that "no known 
aspect of the question Failed to 
be discussed :nor- can anyone 
claim now with any. validity that 
the subjert has not been fully 
aired in public.” Discussion as 
such, however, was not some- 
thing which ' Justice Parker 
would allow. Matters or 
** opinion " and “ argument ” 
were rejected by him at the 
inquiry and. only- matters of- fact 
allowed.’ .For Justice Parker any 
doubt (often between' acknow- 
ledged experts), or any un- 
certainty about an aspect which 
would strengthen the case 
against the plant is disregarded, 
while he-, freely speculates 
favourably on- matters whidr 
support the case -for thejplant, ■ 

You say that “the onus Is on 
the- critics of the nuclear pro- 
gramme to say how it could, 
otherwise- be filled." This was 
of course done at the inquiry by 
this association in pointing out 
that the energy gap was not; so 
Imminent as to make the oxide 
-reprocessing plant, necessary for. 
some years yet (and our' witness, 
incidentally, waa Professor Peter 

OdeUe, -now a consultant to the 
Secretary o£* State for Energy). 
And ’since the .’Inquiry, of course, 
there has been the authoritative 
repOrt : -hy the Internationa!. 
Institute., of Environment and 
Development (President, Barbara 
Ward); showing hew il would be 
possible, to manage, without 
nuclear power at all and still, 
maintain our standard of living. 

You report (March S) that the 
Wihdscale report may he sent, 
loathe' United States as part of 
the Government's contribution 
to the international nuclear fuel 
cycle evaluation. .U is. to be- 
hoped that it is sent, for to. any. 
impartial reader there is nothing 
better than the bias and specious 
reasoning of the report Itself to- 
expose the shaky ground' on 
which - any ■ go-ahead for the 
Windscale plant would be based.. 
More important for the moment, . 
however, is that MPs must judge 
the report for themselves before 
the debate takes place, and not 
allow themselves to be influenced 
by such ill-considered 'judenreni 
as displayed in your leader of 
March 7. 

David Hall. 

17, Carlton House Terrace, 

S.W.L :: 

audiences— -a disarming, 
tional colouring which forestalls 
'any tendency to disagree with 
the politician. 

It is. probable that dons do 
not all agree with the premise 
stated concerning education and 
research, even though these 
happen to he their own basic 
activities, but one thing they arc 
evidently not prepared to dis- 
agree openly about is that they 
don't want their own activities 
curtailed. Who would if it was 
his livelihood? The Government 
is, unfortunately for us ail, their 

This .brings me to my main 
point, which is the ease with 
which thought and open discus- 
sion can be stifled in our present 
society merely by using the 
English language as it stands 
There is no need to wait for 
Orwell's double speak and double 
think, it is already pan of our 
language which sucks in words 
and never rejects any, until the 
language itself lacks integrity'. 
In the above example the lump 
of latin “ indisputably " is in 
itself . a nice boae to contend 
over and to stop us going 
straight on to think creatively 
about where finance needs to be 
directed to help the majority, 
not an elite, of our people. 

As an example of a proposal 
for study in a democracy where 
people are supposed to be equal, 
why should not a fixed sum be 
spent on the education and 
development of each individual 
of the same age whether he be 
in University, industry or unem- 
ployed? Ox are some “more 
equal than others? ” Thus to 
attain a basic freedom of oppor- 
tunity and equality not evident 
to-day, anyone who did not wish 
to or who was unable to con- 
tinue formal education could be 
given the equivalent money and 
encouraged to start up in busi- 
ness or train in a sport, or any- 
thing else, including investing 
the money. Once the money 
was gone though that must be 
that — no unfair subsidies. By 
reducing demand for University 
places wasteful expansion .of 
long-term resources could be 
avoided without unfairness. 

N. ML Wild. 

25, Orchard Mains, 


Liquor handling 

From Mr. D Pearson. 

Sir, — The Irish are getting a 
utile tired of being frequently 
held up to ridicule by the media 
in England— TV, radio and Press. 
Your commentator, " Observer 
(March 2) i£ now at It. In his 
comment regarding the absence 
of Duty Free drinks on the flight 
from Dublin to London, he says 
that “ Aer Lingus had forgotten 
to load the liquor.” . If he had 
Inquired a little more earnestly 
he would have discovered that 
there was an industrial dispute 
by the tenders at Dublin Airport. 
These disputes are not wholly 
unknown at Heathrow either. 
Derek Pearson. 

Glenveagh, 2, Myrtle Park 
Pun Laophntre. Co. Dublin . 


President Tito of Yugoslavia 
begins two-day official visit to 
Britain. - 

Building Societies Association 
Council meets on same day that 
figures of receipts and loans for 
February are issued. 

Mr. Minoru Masuda. Japanese 
Vice-Minister for International 
Trade and Industry, ends two-day 
visit to Washington. 

Mr. Constantine Karamanlis, 
Greek Prime Minister, begins two- 
day talks in Montreux with Mr. 
Bulent Ecevit, Turkish Premier. 

Mr. Denis'Healey, Chancellor of 
the Exchequer, addresses .meeting 
of.Oldham Labour Party. 

Mr. Ronald Hayward, general 
secretary. Labour Party, speaks at 

To-day’s Events 

Ogmore constituency dinner, 

Mr. David Steel Liberal Party 
leader, speaks on Scotland's con- 
tribution to the Commonwealth, 
St. Giles Cathedral, Edinburgh, 
8 pm. 

Sir Harold Wilson MP addresses 
Manchester Statistical Society on 
work of- the Committee of Inquiry 
into City Institutions, of which he 
is chairman, under the title 
" Finance and Industiy.” 

Sir John Methven, CBI director- 
general, speaks at British Textile 
Employers’ Association dinner, 

Industrial Marketing Research 

Association two-day annual con- 
ference ends, Stratford-upon- 
Avon. Speakers include Mr. James 
Morrell, director, Henley Centre 
for Forecasting. 

Sir Peter Vanneck, Lord Mayor 
of London, and his Sheriffs attend 
presentations of Letters Patent to 
Company of^ Launderers. Mansion 

House of Commons: Private 
Members’ motions. 

Midland Bank (full year). 
Bett Bros.. Dundee, 12. Cowie 
IT,), Sunderland, 12. Sifllaw lnds„ 

Dundee, 12. 


English National Opera produc- 
tion of Don Giovanni. Coliseum 
Theatre. W.C.2, 7.30 pm. 

Royal Ballet dance The Sleeping 
Beauty, Co vent Garden, W.C3, 
7.30 p.ra. 

Ballet Rambert perform Lao- 
coon. Nuthouse Stomp, Ancient 
Voices of Children, and Black 
Angels. Sadler’s Wells Theatre, 
EAU, TfiO p.m. 


Halle Orchestra, conductor 
James Loughran. soloist Martha 
Argerich (piano), in Beethoven's 
piano concerto No. l in C; and 
symphony No. 3 in E flat. Royal 
Festival Hall. S.E.1. 8 pm. 




From pie Managing Director , 
Producto Machine Tools Europe. 
- Sir,— I am Intrigued to note 
the dialogue concerning the 
British Steel Corporation. Could 
it be that ‘the action in .1973-74 
when BSC reduced ;the credit 
to all Us customers, regardless 
of- their standing- or type of 
supplies, to ten days or less on 
pain of dea.tH, drove away many 
consumers who now purchase 
their requirements from more 
commercial sources? ^ 

Michael Orrow. 

The Old Council Offices, 

The Green, Dat&iet, Slough. 

Bluntly, the arts in this country— 
theatre, music, filmjoperaj literature, 
art and ballet - need money if they 
are going to survive. 

However, this is not a charity 
advertisement. . 

ABSA - Association for Business 
Sponsorship of the Aits - exists to 
encourage the gtowth of sponsor- 
ship for the mutual benefirof boriz ■ 
business and the arts. • 

We regard sponsorship as much . 
more than mere philanthropy. 

Many of our member companies, 

WaMidlatd Bank, Royal Doulton, nFoT^toforBuffiKasSpon^"! 
Marks and Spence^ Imperial . j of the Art* j 

Tobacco, andphilips Industries, ! 3 Kerrepant HactjBarfi BAIJIX I 

are already testifying to the beSfits 1 I 

1 } Name 1 

of their involvement with a whole 
spectrum of cultural activities. 

Arts sponsorship is one of 
today’s most exciting and worth- 
while forms of promotion. 

Find out more now. 

Whether yours is a large or small 1 
business,retum the coupon for I 
further details of ABSA, its member- j 
ship and its services. 

I Company 



FT 3 


9k Association for Business * 
Bm Sponsorship of the ArIJs J 
~ •” *“ - _ •“ * . — I 





Slower second half growth at A. Howden 

D£$PITE A second half slowdown, 
Alexander Howden Group finished 
1ST? with taxable profits ahead 
from £l&37m. to a record £2lJ6nx, 
after reporting a £L2ffm. rise to 
£10 Jam. at midway. 

Trading profit Tor the year 
amounted to £22.92m. (£I9.63tnJ. 

of £Q.95m. in respect of realisa- 
tions of short-term Government 
stocks by the.-U.K. insurance com- 

ment profits in 

investment reserve. 

From stated earnings up from 

dividend total is raised to the 

maximum permitted a-39p tap) 
net r with a 4.09 final. 

international insurance 
and shipping agents. 



Trading profit 1 
interest charge 
Share or assora. 
Pre-tax profit 
Corporation tu* 

Overseas tax ... 
Auoclaica tax . 
Minority interest 


Additional (az 
Interim dividend 
Proposed final ... 








13 323 



6 976 
16 MS 




Cot* r -Company 





5 L« Services 





2 Medminster 



Baring Bro*. 

. 23 

4 Necdfels 

. 25 


Bradbury Wilkinson ' 

' 26 

6 New Equipment ‘ 



Cooper (Fredk.) 


5 Ncwff Group 





5 -Peachey Property 



Crouch (Derek) 


: 2 Royal Dutch/Shell 



Davies ft Metcalf 


.8 Sharpe (W. N-) 



fife Forge •« '• 

. 22 

5 Srme Darby*' 



Gallrford BriruBey . 


4 Stocklake Hldgi. 



Grand Metropolitan 


3 Tavnerner Rutledge 



Halifax Bldg. Soc. 


6 Transport De*. 



Harris & Sheldon 


4 Turner A Newall 



Home (Robert) 


5 Ultramar 



Howden (Alexander) 


1 West of England 



Hum & Moscrop 


4 Witter (Thos-) 





4 Yule Catto 





bolding of !•' 13,394 

Harris & 



WITH TURNOVER £4.67m. ahead 
at £3 o. 94 ri. Harris and Sheldon 
Group reports pre-tax profits .of 
£3.44m. for 1977, compared with 

- Includes Investment profits or £933.000 
rand corporation tan. an araonni of 
1493 000). in reaped of realisations of 
'chort-tcrm Government stocks by U.K. 
Insurance companies. The net amount 
of investment profirs In companies 
were previously taken directly 10 invest- 
ment reserve, t credit. 




See Lex 

first half 

WITH exchange deficits of £5.000 
compared with gains of £127.000, 
pre-tax profits of Stocklake Hold- 
ing!; fell from £755,000 to £587,000 
for the six months to September 
30 1977 on turnover of £llm. 
against £10^3m. 

Earnings are shown to be down 
from 11.7]) to 7.6p per 25p share. 
The interim dividend is held at 
O.up net. Last year’s total was 
2. 56 638 p and pre-tax profits 
totalled £l.S4m. 

The directors state that results 
so far available for the sciand 
half are reasonably satisfactory 
blit have been adversely affected 
by the upward movement of the 
sterling exchange rate in the 

- values of the company's 
properties to be understated and 
a substantial surplus is expected 
to be shown by a revaluation. The 
premises at Huddersfield were 
recently sold at a substantial 
■ profit for a figure well in excess 
of book value, members are told. 

Meeting, Glasgow, on March 31, 
at noon. 

Turnover for 19/ / of Derek 
Crouch (Contractors) rose from 
SSm . to £30.83n]. and pre-tax pro- 
fits advanced from £1-S2m. to 
£2.47 di. after £0.93m.. against 
£0.76nu for the Crsi half. With 
tax taking £1^2m. (£0.Sim.). full 
year earnings are given as 12.91P 
(I0.86p) per 20p share and the 
dividend is lifted from 3.526Sp to 
3.93S7p net with a final of 2-786p. 

man/ iSs^-a^ed'hi^entltfemSts PRE-TAX profits of the West < of 
on his personal shareholding to England Trust tlunbfd I row 
the extent of £45.856. £*09.006 to £832.000 for the H* 

It is proposed that at an EGM months to December 31. 1977. 

following the AGM. Earnings per 2ap «hare 

At midway, when the surplus 
was £127m. (£U4m.) the direc- 
tors said they expected full year 

results to be similar to those of 


Tax: for the 12 months look 
£ 1.78m. <£2.S3m_) and there were 
extraordinary debits of £55,000 

Earnings per 25p share are 
shown to have risen from Bp to 
6Jp and the net final dividend of 
1.539p raises the total payment 
major [ ram 2.661 p to ’1372p, costing 
£788.000 (£705,000). 


Freak. Cooper .. 

Corah . 

Derek Crouch ... 

Davies & Metcalf* 

Fife Forge ' 

Galliford Srindle 
Harris & Sheldon 


Alex. Howden 
Hunt & Moscrep 
J, Jarvis ...... — 

Lex S er v i ce ...... 

ttedminster ..... 


New Equipment 065 

Park Plaee inL 93 

Peachey Propert y ...... .. RM 

Prestwlcb Parker inL OJI 

Refuge Assurance 5-6 

Royal Dutch 5.73$ 

W. \'. Sharpe ........ ' 1.9 . 

Shell Transport 698 

Stocklake Hold rags ...ini. 0.75 

Tayrucr Rutledge 2J9 

Transport DvfpL .398 

Waverley. Cameron 7J9 

West of England inL 04w 

Yule. Catto 6.79 





of sposdmg 

for. - . 







War. 31 



. Apr. » 


__ •" 





2.78 - 

Apr. 5 




-Apr. 13 


’ 132 


• - _ • 

- 13B* 




Apr. 3 


1 36 

May 24 








Apr. 28 


' 5.59' 





Apr. 4 


— ' 


May 3 






— - 

Financial Times Friday Mare 

Lex Service up 


av-rpR rising from &3ink to annual management fee from * 
A™* /r%K- itot half, pen-tux Cariton Tpww and: \ 

SSS* of Ti Sax t Sor& 'Group Heathrow hotel 

the year to January 1. the current soar and funhte 

14 ■ . Expanded from should be fairly, buoyant liT? 

In --Z » ■«* i 

Apr. 24 
May 3 

Apr. 4 
May 5 

Apr. 28 
May 23 
Apr. 5 

May 12 

Apr. 3 

Dividends shown pence per share act except where otherwise 
: * Equivalent after allowing for scrip issue, t On 
Increased by rights and, or acquisition issues. 2 Paid in equal 
first and second interims- 5 Dutch guilders. 

looks in a far healthier auttj 

With tax- adjusted fc^BDiSkOi jt h#s done ^ 

Mm. t£I-08m. ■£>"*"*>' «“£- Helped by £I4ra. of 
imwi earnings are shown W ,iu> nmn» ’jvicnciE 

£2JWm . . 

diluted tWMPir** and the profit on the , 

Tower sale, shareholders 

uu irom — c i — - 

* j -“- «< .-‘M 

dividend is 2.0790 
,7.92480) total on 

increased hy last April* 
rights issue. ^ 


.. 299.384 


capital nel *i? v « b«ea 

mo m some £10m. to £370), At - 
1 shares yield 7.7 pep cent 


Oncra time prew • . 

Bank a- uhori-tcrta toi. »* 
Sw and mfdiM»-i*nn 

Prtltt botoro tW - 


Net prottt ■ - • 

Exira-ord. crcfliw — — 


Prcf. Oivtdcnd 




351 Mr 



W. Sharpe 
ahead to 

0 nun ary rh "l hs j rm , n WITH. £973,948. against £7Btf 

6D. Trevor Chinn, the cha coming In the first half, ^5 

and managu^director. ss^^at 0 fthe W. N. Shaipa & 

business group acnieveu a g n ^ ^ 


















Upsurge by Corah to 
a best ever £33m. 

by W. of E. 

• comment 

With a small industrial conslo- AFTER EXCHANGE losses nf The company has 

morale such as Harris and SheL £212.000. compared with a profit policy on deferred tax 

don the trading picture is often of £85.000. pre-ux profits of paratives have been adjustwt 
one of swings and roundabouts Corah jumped to > record f8gm. 
and last year was no exception, for 1977 against H.lSm. for the 
The most significant negative previous 53 weeks, 
factor was the national lift At midway, wben profits stood 
engineers strike which depressed at £1.43m. (£024m.J. the directors 
profits ai two companies. The said they expected the second 
major lirt subsidiary, Evans, saw half to yield at least a result 
its profits drop by a quarter, or similar to that for the first if 
around £350.000. Elsewhere the retail demand was mam tamed. 

SSJhSZS Init'Sj.wiifS'i fn-tu earn mu ere dm. el 
u iiicn riHiTis Ctok o\ cr tour yc3rs * ■ a_ nar c b« M i n . aha 

ago. failed to show any recovery. iiS? S? S ' iJf 

Having re-equiped Webley and $*£15 

each business group .. . 
significant increase in profits. In 
particular the Volvo business 
Sain produced outstanding 
results and a renewed growth in 
market share- Against the h*rte- 
cround of continuing growth in 

the motor distribution activities _ „ ... WM a 

--vyjs t he newer businesses nevertheless 3 0*12788. to 38453p o«t 
i&ad^U accounted for 48 (37) per cent, final of. 1.9005 p. ” 

aw&ttztr- of operating profits including a 
* ■ ■ significant contribution from 
hotel interests. - 

publishers. -» 
reached XL87m. . for 1977 J 
pared with 1227m. . iw* 
me from £&76m. to £824^3 
Earnings are given- u i 
H5.5 p> per 25p share wjrf/ 
dividend total is lifted 

rise 20% 

• comment 

Lex Service Group is still fn » 
recovery phase. In 19iB its pre* 
tax prolll-s jumped by V3 per cent, 
and last year they were up 
another 59 per rent., but after 
allowing for mfiatlon profits are 
jiiilJ less than the 1972 peak of 
£72m. Once again Lex’s tradi 

(inn mv. iaratu* 

»«V Hi* 
er Max 


Jifcr proSx 

Divtdmt* ... 

Divtdrad vtitm .... 

Kcuiard ... . 

Fenrartf . 

immediately .u. wn . ui . r> :“ _ _Vo oon n wm The inierim mree omer operating companies 

irjsrsusi be c ns wasTLa ir 

The group’s ifitereys include tojgBp J' x ! black asainsT a^2oSooo loss 

opencast mining, earth moving. Qjj'Wn P» ,d from £1 - Z4m - t?x 1976 and the car accessory 1 
civil engineering, and building able profit 
construction. Operating profits for the period 

Freehold land 
were revalued on 
1677 . and the resulting suiph^ 

... — . — „ . £772.899 few aUributiblei 

Net assets of Halifax BteSdtag tional motor distnbutor business been added to the surplus 
increased capacity during the fast „ iH * «n*» ■*»"""■ » i.iw*oop rb society stood at £82lbn. at has come through strong^ raising on property revaluation n 
four vears dtoMDd deicnoratS *° r a max , miimI permitted l-85!38o January 31 ao increase of £Llbxu, its contribution from £b^m. to Trading to date in the 
even further and losses were more (Ipj loUI - _ . ^ ^ or 202 per cent. Tor the year. just over £10m. \olvo car regis- year ^shows continued f 

severe than the £100.000 of 1376. Receipts, including hiterest I £ 1 2 , t • ***»«» .«K»wet .. 

But Antler luggage made its sixth mi m credited ^ totalled^ ** ^ -^ tg ft * P™'wus year,* 

profits increase and sain .. . „. *s.m -r.ia if2_33bn.) and withdrawals st! . ris ] n 7lT^ 1 «JJl^ C ™I^lL dtrectorv <. 

operatin'* companies * ,r *o* Ww tsx — .. . us us r . n->. n ' sshn 1 __ 1— _ sales of the larger models are 

optr««ui„ companies t K _ 3C? lt n (£iyBbn.) ieayttg_anjn- runninc .10 per cent, up on the 

ranj da - iw 

the Exdusa* 1 mb m 

in Tax* . 1:5* 

accessory and !^«ssa - - 
commercial vehicle component { ' lhi - 
business both turned-up with a 

are successive 
three other 

ln<-3B Ori . — ... 


Confidence at 



increased ftwn £213.000^n SB8A00 combined profits improvement of ***-? » l irt 

Receipts, including 
credited totalled _ S3J6 4bn. 

'u» <£1 SfibnS IcajSf^rS ot ,he tar » er rawJf!s 

t-tfi 7l, n. (fi.yfibn.) leaving min- runntnf . .10 per cent, up on 

-2 !S2E\ inflOW 01 £l 07bn - previcn7s 12 months. j 

t£0.77bn.l. • • • The hotel wdc has boosted It* 

izh Advances on mortgage eapw to contribution substantially. The 
t« £I23bn. (£t2bn.|, a total nf lm. Carlton Tower, which was sold at 
w mw investment 

sun real 

rt * w 

IWIWm, a tubtidt 
of Rnglfeh Property Corponni 


• rj new borrowers accounts. 

Another record year’s trading 
; in prospect for Alexanders 

555? main trading areas. Ttol Scotland’s latest Ford share higher at 

has caused exports® to become in* & account Las 

largely owing to Jhe greater con- nea rly £300.000. This year Evans Cmlrf "tarJvS 
tnbution from Tyndall Group, could stage a major recovery as ■ credit. ‘.la anr.:.«aa nude w tr-j 
arising from the strong invest- i ns talai;ons lost in 1977 come £2*2 

ment performance of the funds in through in 1978. but overall The “ ZTZfiTESL- 
a rarourable investment climate. 2roup has a rather unimpressive „ r E 25^* e 

Funds under management ex- G £. |h |n rece ni years- ?L , ^.^ ! - m .f? n !SiL"!frt5 
reeded £200m. at the end of Ihe | ast ye ^ r just 6 pcr cen s._and 

the shares reflect this v.ith ape 
of 6.8 and a yield of 10.5 per cent, 
at 44* p. 

opened, and there 

accounts were the end of 1977 for f Mm., chipped proposes early redemption of 
t were. 143,805 in £2 5m. and Ihe l ’A hotels made £21 <.385 6} per cent, first tnortn 

....... »« , 1. „ Ol 7.1 .lakanlllM almb IMA Cl, -i “ 

10 63m. Lex 4s gelling a I0.7m. debenture stock W6-83 H 

half year. 

Associated companies also 
earned increased profits, with the 

less competitive and at the same' 
time devalued the earnings of annual statement 

overseas subsidiaries in sterling Profits in the current year are 
terms. in advance of those for 1977 and 

Results for British Rhodesian he views current trading with 
Steel Co which are not consoli- confidence, 
dated in the main accounts show- 

been taken of the results of 
Gordon Johnson-Stephens Hold- 

Six month* 

turnover of £2.71 m. (£Sm.), and 

In the year to September 1977 
pre-tax profits reached £301,000 


profits of £547.00(1 (£63fi.n001 be- SSSed wS Urn £64 000 
fore tax of £263.000 (£280.000). SSKdou ^February 7 

. Results of Northern Shipbuild- reported on ** oruary 3 

Ing and Industrial Holdings have 
also been excluded. 

The 'company has entered into 
a conditional agreement to dis- 


The group operates as exporters, pose °f l he loss-making British 
importers and distributors, steel Leyland dealership m Amsterdam, 
storkholrters. and financiers etc. Thi »- together with the turn- 
- _ _ round from losses to profits 
Sixmornhs achieved at the Northampton 
dealership njll act as a twin 
H.3PS taw ^ost to the record profits 


Eidunse defkats 
Pre-tax profits .... 



* Rams. 




3 ti* 7 cur realty being earned by the 

7 H three 
i« land. 

W Mr. 

■ord dealerships in Scot- 

Operadna profits .... 

Share of assort - 

Interest dorses 

Management expenses 
Profit before tax ..... 

Tax - - 

Net profit 

Minority tnieresis .... 

F-qr anrd- debit 


Tlrei deeds 


* Credit. 

An offer was received on March 
7 from Simon Engineering for the 
capital of Gordon Johnson- 
Stephens at 24p per share on con- 
ditions which will be recommen 










■ 3 
■ 47 
' 413 







Hunt & 


On turnover of £6.6m. against 
£5. 9m.. Runt and Moscrop (Middle- 
^ ton), a maker of industrial 
machinery. expanded 

the fall in the value of the 
Canadian dollar m relation lo the 
pound during the latter months 
of the year. 

The directors say the year h»v 
seen a significant increase in 
productivity and efficiency 
together with strictly controlled 
overhead expenditure. The trading 
pattern was reasonably satisfac- 
tory in the l‘-K. but progress i n 
Canada did not measure up «•> 

Ciprtal investment amounted »o 
£646.000 compared *itb £394.900 

taxable MeTT,ber * ar * ttM thal . tbc * irou '* 

matniiiw*, Biiwuueu id.vduic :, c m , r L'#i. 

profits by £J 0,7,900 to £690.000 tor S iii 

ih. hair' vpar i« nprpmhrr 31 thu base, both in ine v-iv. ana in 
-- baJf December 31 * Canada and Is actively developing 

Loudon believes the book 


ILK. tax took £340,000 (£212.000). 

There was no overseas tax charge 
or minority interest . this time, 
compared with I42J500 and £5.000 
respect elv for 1376. 

The interim dividend is stepped 
. .. _ up to 0.323P (0538218?pl net, 

ded for acceptance by the Board costing £76.160 (£49.621 ) — the pre- _ _ 

of that company. This offer has vious year’s final was 0.4627629p WB JI and the group's prime »a«v 
been irrevocably accepted for (he pre-tax profit. now is to increase produrr f r>n tr. 

meel growing demand. Leisure 
w'ear and fashionwear are nor 

export trading, especially m 
Europe where the directors <ce 
growing opportunity for high 
quality British knitted textiles. 

Export sa’-e* in 13*7 rose by ‘ 
per cent, from £2.35m. to £44tn 
The order book for underwear 
knitwear and socks is developing 

Should a Ratify Surveyor negotiate with the Inland Revenue 
about your rating assessment, or wouldyou preferto? 

Sometimes the rates you’re asked to pay aren't the rates you 
need to pay. 

On such occasions, a professionally prepared approach to the 
Inland Revenue, or an appeal to the local Valuation Court, can 
well resultin a significant reduction. 

Indeed, if you have Empty Raftes, and possibly Penal 
Surcharge, to contend with, early advice may be essential. . 

When faced with such problems, many of the country's 
largest property owners and occupiers rely on St. Qiiintin, Son & 
Stanley, knowing that we have nearly 1 50 years of property 
experience. ■ 

Clients also find it an advantage to deal witha company 
experienced in investment planning, management and 
development, building surveying and all aspects of estate agency 
work- especially since we can provide a service throughout the 
U.K. as well as. from our Brussels office, the whole of Europe. 

If you are responsible for any of these complex 
matters, you'll know the benefits of using skilled, 
outside professionals to help you. 

After all. should you be losing your 
head over a professional s problem? 

Chartered Surveyors. 

Vintiy House. Queen Street Place, ' 
London EC4R 1ES. 

Telephone: 01-236 4040. Telex: 8812619 

rue Joseph li 36-38, ~ . 

1040 Brussels. Telephone: 010 3^ 21932 88 
Telex: 61 182. 

and at la Park Placs, Leeds 1. Telephona 0532480235. 

quite so buoyant. 

The forward picture for »he 
Canadian factory is improving ani 
the directors anticipate that 19T.> 
will be a year of growth in both 
turnover and profit. 

Export marketing will continue 
to receive special attention and 
the directors are encouraged by 
ihe outcome of recent negotiation 
on the new multi-fibre agreement 
It is hoped that this will ' help '-c 
reduce the growth of low cost 
imoorts from the Far East ln*n 
this country and throughout ih« 
EEC. w hich they say can only be 
beneficial lo the industry. . 

• comment 

Corah, after its strong recovery 
in 1976. almost trebied.rts profits 
last year to £S.3m. The group s 
progress owes much lo the suc- 
cessful restructuring of its busi 
ness into more tightly controlled 
product divisions (which involved 
the closure of three factories) 
following a £jm. loss in 1975. fn 
addition Corah — like other L’Jv 
textile and garment manufac- 
turers which last year achieved 
good results despite thin trading 
conditions— has a much improved 
export record. Last year clothing 
exports from ILK. manufacturers 
rose by more than 50 per cent. 

Around two-thirds of Corah's 
turnover is generated by sales to 
Marks and Spencer and (like 
Nottingham Manufacturing which 
announced a S3 per cent, profits 
increase) Corah w thought to have 
done well from this link last year. 
In the current year the group is 
looking at brighter prosoects for 
consumer spending while the 
revised Multi-Fibre Arrangements 
should help stem the growth of 
textile imports into the UJv. — 
although the benefits of the new- 
agreemenls may be more apparent 
in 1979 than- in the current year. 
The shares at 35p yield SL3 per 
cenL while the p.'e is 4.7. 

Increase by 
Fredk. Cooper 


Turnover for the half year 
January 31, 1978, of Frederick 
Cooper (Holdings) increased from 
£4 -59m, to £5.29m. and profits 

were up from £147,862 to £23^309 
before tax *of 1131,201 against 

The interim dividend is up from 
Ojlp to Ojftp net per tOp share. 
Last year's total was ip and -pre- 
tax profits came to £317.510. 

The group processes cold rolled 
strip and formed sections. 

£0.39m. from 
Fife Forge 

On turnover of £3£2m. against 
£SJ)6ro., Fife Forge Co. lifted 1977 
profits from £334,411 to £385,499 
subject to tax of £171,097 com- 
pared with £63,475. At midway 
profits stood at £195,449 (£142,149). 

The final dividend is L479p net 
per 23p share, effectively raising 
the total from L986p to 2£34p. 

Drayton Montagu Portfolio 

. . 


The following com. 
published their Direc 
respect of the year to 

managed by DMPM have 
C Report and Accounts, 
December 1977 and show 


Funds Employed.— — ~ — — ~~~ — — —-£8 

Dividend per Ordinary Share 6.7p, an increase of 11.7%, 
Funds Employed. i — — : — 

i-.- • 

Dividend per Ordinary Share 4.5p, an increase of JZ5% 


Funds Employed-.: — — — 

Dividend per DcferredStock Unit 8.1 p, an increase of 15.7% 


Funds Employed — — ~£5m 

Dividend per Ordinary Share 0.9p> an increase of 125% 


** rn 








Drayton Montagu Portfolio Management Limited 
117 Old Broad Street, London EC2NTAL : 

Please send me a copy of the Directors' Report and Accounts of 



:.o : 


Together with a copy -of your booklet “A Comprehensive Investment Service" 




to'citmem DivinM oTSamdx] MonUmo Jt Co. LitnhcJ llncorpontinc Drayton) RbC: ^ 

Furniture Hire, Shipping and Forwarding 

Interim Stetemmt far the six m on tin ended 31st Dtremh.r 1377 



■ . s: 


Profit before Taxation '• - 
but after interest and depreciation 





Profit after Taxation 
Dividends (Note) 

First Interim -3’o (4%) 
Second Interim - Nil (4%) 








Retained Profit 



The increased profits have arisen principally from 
SSSS 1 " *• future Hire Di^ion. 

,n lhe Fil "> «d Theatre 

Departments continues to increase. 

Furniture Hire 

«renorhm n th in ? w 8 ? 1 ™ ^er our undoubted 



J^TOWorialy that with caretulhlSm 

‘Shipping and Fonwerdlng 
The considerable drop in the group's turnover 
for the period will be noted. This foil is attributable 
entirely to our subsidiary Cube Shipping & 
Warehousing Co. Limited, and this company’s _ * 
profits from shipping and forwarding suffered . 
correspondingly. During the period under review, 
our depot at Felixstowe, one of our most efficient 
ports, suffered through the strikes on the 
American wstem^eaboard, and of.coune 
Liverpool Docks havenn bmn without their 
problems. Additionally, Cube moved its head 
office, which Involved certain. non -recurring 
additional expenses. However, in spite of these 

j:ic...u r 1 ■ . .. 1 

is continuing growth iHSaS 1 * 611 ^ andlin 0 difficulties, group profits have hwtvincreaaed 

from its furniture hire acdvfj^^° Ih ° coftl P an ^ 

In the six months period, and better profits from 
Cube are anticipated during the next six months. 

9th March, 1978. John Dabney, Chairman. 



rvice * 

■ I^inanciai. Tiines .Friday March 10 1978. 





for R, Dutch/Shell 


l U,.» 


, 'P ,TE , ■ A downturn from ' 


ANNOUNCING A decline in 

i t .. .• • ; pre-tax profits from U.iSm, to 

“ 2 S,"J? r ***? wnchonin* ..of the. £,. 03 m . for lkie «* months to 

.1 4 - 


gjjgj one . un ? t T December 31 , 1977 . Mr. Peter 

. ' ^eH Croup of Companies The roitov^ c*mpM«a haw -awtfirt kUs has b^en f urtb e!r ^ ou rn/d n^' chairman of Calli- 

.hed 1077 ahead at ILS-Hm. «bi« . or -Bowl nx-alna to U* Stock untd VsrPh ^ aqjournefl forf Brindley warns that a full 

r pared with £ 1.23 bn • ®ua»Dso. Sm-h. mecims# are,, usually a c .l_.u w- yean figure below the previous 

.-- B K« e h*M fw-.-uw -purpose of .coMttarffiB dm- A further announcement will be v ear’s record £ 2.3 6 m is a nicely 

:-t* share of Royal Dutch dead*- Official umiMtsns are- not mu- made immediately thereafter as ” >fa ^ b “ J 

Oleum Company amounts to *»fc whnlwr dividends concerted arc to the likely effective dale Foe ihe ^ 

' im. (£ 7 80 m ) arid -the Ihdti 1 «'’ dms » r ana*- ana the seh^firtwwB scheme ^ “ wc me First half turnover was Iim 

'. .n«nnrt w. ”Jl a *i-T hn ®l shown below are eased mainly oa bn scnBin e. 

.nsport and Trading Company roar’s timetable. 

*4 i> IB V^ti-vm / — 1 



;e is E)05m. (I45ira.). to-day 

• Ilh special dividends of £ 3 m. ^ lnt * 1 l »— Bracken Mines. GlwBeld 
L - n.l and other items r>f «„T ■ Swlta*. Kinross nines, bate and 

•: n [ eh-„I„ r “ e ® S M EDlot. Leslie COM .Mines. St Helena 

rj* / ;;SS ,,S ? et - ,n P° m e l* GmU Mines. George H. Malta. -JMstet- 
hn. {£ 457 ra.) and stated earn- *«ak mu«*. 

’ P«r 25 n share are 92_Dfin 'Jftaab-ABtflD American Investment 
-ji ■ * . Trust Ault and Wlbcr*- Bestwocd. 

' _ . . . - Mcdwry L'Amfe. Midland Bank. Joseph 

rate of return on average Shakespeare, 
assets for the group, was 19.2 future dates 

— ... - interims.. 

$i » M 

Grand Met. 
starts well 

higher at 1 1 7.82 m., while trading 
profits dropped from £ 1.61 m. to 
£ 1 . 3 Sm. ..Tax. took £ 0 . 53 in 
(£ 0 . 61 tn.) and earnings per 5 p 
share are given as 4 . 09 p ( 4 fi 8 p) 
The Interim dividend is kept at 
0 . 75 p net and a maximum per- 
mitted final is forecast — last year’s 
final was 23 Q 9 p. 

Mr. Galliford says that as fndi 

MR. MAXWELb Joseph, chairman 

acamst m o' interims- - -•■■-. °* Grand Metropolitan, reported cated in his last annual statement. 

for infirm » Brooke Bond Liebts Man* 14 yesterday that the current year it is the directors intention to 

mirrW,™* E 1 ” 2 !" p - had started well and profits had adopt ED 19 for - 1977 - 7 S results. 

BriSSr*«siiraiu» ’ ? onti n ue d t° show a substantial Applying this 10 ' the half year 

■n 5 9 tte rnwSSraii Ji: 7 i-v*rdi u in, P r ?vement. “They are. in ex- fieures results In an adjured tax 

- ^ ^ Finlay Padcwina w«rc& u «s of the same period last year charge oT £ 0 .J 4 m.. which lifts 

s™5 «« ***** * ***** ^ ^ mp. 

*:*eh continued 0ne to arr 'dSrort m Speaking at the AGM Mr. Joseph' carman reports that plant 

■ U x rterly comoarisoni durinc the ^ - MarcAOT said he had no doubt that this Performed very well during 

’ V rirtuMA g^f h Soea^r ...Murtw year would see a ‘new look in V 10 period and continue to 

° y swwnaa Matrfa ..... v ...... Mycb M balance sheeL He saw- higher- do 80 for some rime ahead, aided 

V, reduced net income 
■n. compared with £ 7 Cm, 

- he results wem'ftffbetod Kv Profits and carefuUy-cou trolled es- by substantial recent investment 

• » .. irvieu ny . pansion in .the groups activities, in plant for energy related artivi- 

iWriSK Fi“ d ^ d ^ —"■- 

jss-Wiwj' SS5»1J^. ?SSSS2ffi?i52 ’S&flSffiS’iSSSSi 

good result for the year as 
whole is confidently expected. 

Sime Darby to 

oth Shell OU Company in Tbe Cash and %hort -term securities 
. and Shell Canada reported, a* the year end were I 2 J. 6 bn. 

■eased earnings in dollars, by compared with £ 2 . 39 bn. 

«?r cent and 14 per cent. Shell is paying a final dividend # 

• lectively. For Shell Oil Cora- of 6 . 882 p net per 25 p share for.. a 1 Tlf>rkrnfti*{l't'A 
y most of this growth came maximum permitted total of pui 

;,n an improved -oil products l 5 .TO 4 p ( 14 .t 6 p). . - c 

.formance; for Shell Canada The dividend total at Royal ID lVi 313 VSl 21 

*. improvement' was attributed Dutch is raised from FfelO to 
nly to higher natural gas sales Rlsl 0.75 with a final of FlfS. 73 . . The Board of Sime Parity Hold - 
imes and prices. 1 “ cash terms, dividends irf ™gs is to recommend to share- Tttmovrr 

As. anticipated last year, civil 
engineering suffered in a market 
that has fallen by one third in 
three years, and unfavourable 
weather conditions, he adds. 

She month# 
1917 1974 

£060 £000 

17.S22 ISA; 











ther oil products and natural respect of 1977 received . or holders lhat the mcoawrauon of •—:••- 

. sales volumes were little receivable by Shell Transport the group’s parent company ^ 

: , nged. but oil and naluraL from the Sroup amounted .to should be transferred' from the Tax ““ 

earnings declined. However 3 ®' 71 P Per share, or J 5 p perahare U.K. to Malaysia. * jiei profit 

, - Juding currency translation J^e .tnaximuin . permitted The change' of domicile or the 

' *et 6 on . .stocl^ "sold-- and P r °P°S£d- ' This Sime Darby Group's par en l com- . 

-.. tetary items, , -they were ?? { . ce ?^- t A get ” e ^ .witW.. an anal- pany will entail a reconstruction FllflirS- 
rginally higher. . tional 2 l^ 2 p^vj?bare of reused ieadhi R to the incorporation in . M .* . 

... . ‘ourth-riuarter. results were SSTIS®?! . be avausralej.ior . Malaysia of a new parent com- qrmmrl 
'• ticularly affected by -a con- dlsDfljution . to shareholders' .in pany, ••Sime . Darby Holdings 3 l 0 tlllll 

J 3 t:on of the - adverse oil Si« J1 ^? rse ' Berhad” and. the ultimate wind- p- 4 m*% nnA 

rketing conditions, largely, on - _ . “ ,g . HP ° r sirn ^ Darby Holdings jr I / / Hllll 

'■ope. and . by the : downward ■ fm. . an. which is incorporated in the UJC. , . " 

M uence of the strengthening of !*H? , Drow l“ -• ■'The directors of Fufura Hold- 

' Rill ’hn? »n that quarter. ^“Jf 5 *** dun “- etc - ••• y y « . ine*. footwear and rubber 

* 'Utside North America, the oihT revenues .“!! 1 sm ,1 .f^rVK " manufacturer, forecast that pre- 

.anr'e-.'ia u 1 ™ • lax profits for 1977 are expected 

to be in the region of £ 172.000 
compared with £ 176 . 609 , which 
excluded profits arising on ■ dis- 

. posaJ of properties. The slow 

Mure on prices -of some mairi ' ^vw**uy start which occurred in 1977 has 

-nil its. especially in the-fotirih; ^nSreSiwtmK-eu^' ’Z"- '" The six months to- September repeated in the current year and 

Tier, and higher onerafine jnirmr cx Dense S 9 *' ' . ss 30 , J 977 , at J. Jarvis and Sons until -tbe state of trade in the 

ts. earnings declined - sub-. «" ‘f'coiw -sj 4 flJ . 3 J 37 . resulted in turnover falling from slipper industry improves the 

itiany. r . 2 > .»S? 0,:By w £ 5 . 78 m. and pre-tax directors say theycannor make 

Totals earnings in 1977 were Nriicm* tS;,” profits declining from £ 278,000 to any profits projection for 1978 . 

cr reflecting difficult marfcpt • Crude- -oil ' supplv 'fflr^ wwr H 5 T.IOO. 

nitions for most non-ferrous totalled. “. 4^847 { 4 . 732 Y ' thousand Mr. D. B. Jarvis, chairman, says 

- =wn w,w T Tarvic 

5 !v.| ( . Scult commercial environment share associate* ^ * tldl rla 

■ ' -i chemicals.furlher deteriorated — 

■ins the fourth auarter. fSales 

Irnerest Income — V 585- 2B9 . rf- 

sfitiiw tkHt.itjn im-a-tervxt 

Costs mud expenses ut * u 11,1 m 

times were much in line- with Purd»«? ana ooeratm*.. iim tun l _ 

6 but as a result o£ the ScHwa. sonenj and admin. 2 . 1 st- 2^06 flPCiinf 1 

n RraTnnrtnn - AM • ■. «4D “ ^ V'AaII V 

,, * . barrejjT rtafjy; crude oii'prt^rtiiid wders so Tar received .in. the 

rp r la-wide capital expenditure. 4^6 ftHHJ; and oil sa 7 e# 5^309 'Proud half have been *at a* satis- 

2 i. 

Baring Bros, 
profit up 



1 up 21 per cent, to £ 2 . 22 bn„ ( 5506 ); ‘ r 3 P-TT factory level, which gives the com- 

h continuing high levels of • Natural cai^ ^ sales tame to - 6^674 pany an excellent basis for in- 
estmem in oil and gas pro- ( 8 . 714 > million cubic feet idaRy creased turnover in 1978 - 79 . 

■lion and in chemicaJs manu- and chemirals sales -proceeds were; Tax for the six months took Raring Brothers and Co- the 
turing in Europe and North £ 2 - 41 bn. (£Z 2 bn,y? - ■ •■.'-■'•’•/'■ £84500 (£ 148.6001 and minorities merchant bank reports - an 

erica. Capital expenditure on' . '^Ce Jbcx ' £700 isame), leaving the aifribdt- increase from £ 311^75 to £ 650,000 

■th Sea facilities amounted to .. . - ,- able balance down from £ 65.900 in the profit for 1977 , This Is 

3 m.. of which 83 per cent. .. i A T A Ilf A TPTli f^L^.TOOj. struck after tax and after making 

tor. • •/ 8 iiUM-ai/wi»iA X Cl#- - : ^The nei interim -dividend per transfers to inner reserves. 

2 &P share is .lifted - from 4 p to Dividends absorb £ 050.000 

the U.K. sector. 

■one-term debt, including - IN ni l«TT>f A '- Kj : : ®p sh 

iialised lease obligations, was 1 .< * 4 p at a cost of £ 44,570 (£ 40 . 518 ). (X 511 R 75 ).' The Baring Founda- 

’OlkM 4W - AH J A# 1 li'Jr* t"l, A - * La. ■ — S — Ml * f’.M •— 6 — - - - - » - - • - 

■ 3 bn. at the end of 1977 repre- The ■ Court - hearing • of last year’s final payment was tion is the ultimate holding cbnv- 
ling 24.7 per cent, of total Amalgamated Industrials' appljra- _ 4343 p from profits of £ 612 ^ 57 .. papy. 

Group Results for the year to 31st December 1977 

t r- ;m I; 

t of 1977 Group Results 

The. British 
Oil Company 

*.M ii-!l 

: j p ie Directors’ Report arid Statement of ^cxxwntt for the 
ar ended 31st December 1977 and the Chairaian’s. 

itement will be issued on-28th April 1978 and the Annnal 
:neral M eeting wifi be held at 1 13$ sun at .-Winchester . 
j use, 1 00 Old Broad Streep Londhn EC2j onWedncsday, 
th May 1978. : - '1 . ' 

.e Year 1977 in Brief 

aerating Profit before tax^Uipn and foreign exchange 
actuations for i 977 amounted to £24,709,000, compared 
lh £ 12,323,000 for 1976, and is the highest in the histoiy of 
tramar. All the principal divisions of the Group 
ntributed to this profit. However, product . 
ces in Eastern Canada still did not 
ow for margins sufficient to give 
air return on the relatively . 
ge investment in Quebec * .' 
d Ontario. 

Taxation on profit 
•1977 was £12,1 11,000 
spared with 

- Capital Expenditiires for 3 977 of £14,355,000 were 
substantially lower than for 1976 (£32,655,000) partly 
because of the cessation of exploration in Iran and partly 
owing to unforeseen circumstances causing postponement 
in drilling and in refinery improvements. 

The most significant operational event in 1977 was the 
coming oh stream of the Badak LNG Plant in Indonesia. 
LNG deliveries started in August 1977 and have averaged 
about 250 million cubic feet per day up to the end of the 
year. The plant has operated well and should continue to . 
process at a rate of about 500 miUioncubic feet 
per day throughout 1978. 

All three refineries of the Group 
operated well throughout 1977; • 
The Quebec Refinery had its best 
year ever with its thro ugh put 
averaging 88,341 barrels 
. per day. 

.970.000 in 1976. 
is substantia! 
■rcasc is largely - 

. 0 #lonesian and 
■>stem Canadian"' 
erations which 

Consolidated financial results 





Sales ... . 

£472,652 - 


. Profit on trading 

Amortization, depredation, depletion and 
amounts written off 





Operating profit before taxation 

Taxation on operating profit: 











Operating profit after taxation 

Foreign exchange fluctuations (losses)/gains 

Less: tax effects 









Profit after taxation and foreign exchange fluctuations 

Deduct: Convertible Redeemable Poeferred Shares dividend 





Earnings for the year attributable to Ordinary Shareholders 



Cash flow from operations 



Earnings per Ordinary Share (before foreign exchange fluctuations) 


Fully diluted 

Earnings per Ordinary Share (after foreign exchange fluctuations) 


Fully diluted 



19.1 p 
I 8 . 1 p 



27 2p 

^sequential • 

!(Jrease in 
.ation, mainly • 


Net losses on 
eign exchange 
ctuations for 1977 ' 
re £4,123,000 
spared with gains of 
904.000 in 1 976. These, . 
ctuations relate almost . . 

:irely to iong- term foreign ' 

-rency loans of individual 
npanies repayable over the years to 
)3. They are imreajised exchange :. 

ustments at the year end. The actual exchange 
ses or profits will depend upon the rates of exchange at • 
• time of repayments of these loans. 2 n the meantime the 
realised exchange differences are shown separately in the 
'nsoli dated Profit and JLoss'Accourit in arriving at “Profit 
er taxation and foreign exchange fluctuations” which for- 
11 amounted to £8,475,000 compared with £1 1,257,000 

Cash flow from operations, which does not take into 
.•ount the above-mentioned foreign exchange fluctuations, 
minted to £26,556,000, an improvement of £9^06,000^ 

*r 1 976 and a record for the Group. 

Group earnings arc very largely in' US and Canadian . 
liars and are translated in the Croup. Amounts into 
rling at the year end rates. The substantial fall in both the 
I and Canadian dollar against the pound during 1977 has 
source adversely affected the I977results expressed in 
■riing as compared with the 1976 results; 

Outlook for 1978 
Substantial increases in 
cash flow from . 
operations and in 
profits are expected 
-• from Indonesia. The 
continuing adverse 
market conditions in. 
petroleum products 
in Quebec and 
Ontario make it 
unlikely that there 
will be any 

improvement in these 
marketing operations. 

. Newfoundland, United 
Kingdom and Western 
Canada operations, as well 
as the Group’s shipping and 
- . cargo trading activities, are 
■ ^continuing to do well. The Group, 
as a whole, should have a 
' ' ' considerably better cash flow from 
operations and operating profit in 1978 
■ than it had in 1977. 

Consolidated statement of 
source and application of funds 






Source of funds 
From operations: _ • 

Profit after taxation and foreign 
exchange fluctuations 
Amortization, depredation, depletion and 
amounts written off 
Deferred taxation on trading profits 
Net loss/(gains).oif foreign exchange fluctuations 
Indonesian, debtseritfee equalisation (Note 2) 

3 Group earnings arc very largely in US 
and Canadian dollars which have been 
translated into Starling as follows: 



M79 . 




31st 31st 

December December 
1977 1976 

£1 k>USS 3.92 1.70 

£1 -Canadians 2.10 3.72 

Cash flow from operations 
From other sources : 

Shares issued during the year less expenses 
Long-term loans raised 
Disposal of fixed assets 
Miscellaneous items . 











Applies lx on of funds 
Acquisition df subsidiary companies 
Additions to fixed assets 



Capita] expenditures 

Portion of long-term debt due within one j’ear 
Convertible Redeemable Preferred Shares 
dividend including Advance Corporatioa Tax 
of £548,000 (1976 £386,000) 




' . 32,368 




- . 4,958. 

• 1,607 


2 The Group’s entitlement to income 
from Indonesian LNG sales is included 
in ihe Profit and Loss Account net of 
contractual deductions for transporta- 
tion. liquefaction costs and debt service 
OP the loans raised by Penamina to 
finance the construction of the Bad.ilc 
jLNG Plant. In order to malcb income 
with these deductions, the Gronp's 
entitlement is adjusted to reflect aa 
equal annual charge for debt service 
over a twelve-year period rather than, 
the irregular repayment schedule estab- 
lished for the loons- 

Share Distribution to Ordinary Shareholders 
. No dividend is being recommended for ihis year but It Is 
proposed to recommend again to Orffinary Shareholders a 
shacfrdistribution. At the forthcoming Ann ual General- 
.'Meeting a resolution will be submitted for an issue to ' 

. Ordinary Shareholders of one new Ordinary Share of 25p 
credited as fully paid for every 15 Ordinary Shares held at ' 
the dose of business on 24th May 1978 .Shares representing 
fractions will be allotted to trustees and sold and the net ' 
proceeds will be "distributed to the Ordinary Shareholders 
entitled, to such fractions. Share certificates will be posted cm 
23rd June 1978 and will be renounceable up to and 
including 21st July 1978. - 

- - Application, will be made in diie course for listing of the 
sew.Ordipary Shares audit is expected that dealings will 
commence on 26th June 1978. . ■ 

-Increase in working capital 
Working capital at 31st December 
Long-term loans at 3Ixt December 







O peratl ng resu Its 




Sales of oil (barrels per day) 

Oil refined (barrels per day) . 

Oilpjroducedtbaniebperday) r 

Gas produced (thousands of cubic feet per day) 

.Gross wells drilled. , . 

Oil and gas w'ells completed 
(la which the Group has varying interests) 











In 1976 there were substantial pare huso 
and sale transactions in the crude oti 
market which did not recur to the ww > 
extent in 1977 . This is the principal 
reason (hr the fall in, the volume or 



Uttvamar Company Limited London EC2M TEF** I 









Medium-Term Loan 

Arranged by 


Managed by 




■Allied Bank and Trust Company 
(Bahamas) Limited 

Funds provided by 

mpany Credito Italiano, London 

imited Hambros Bank Limited 

The Bank of Tokyo, Ltd. 
Banque Canadienne Nationale (Europe) 

Marine Midland Bank 

The Chase Manhattan Bank N A, 
Nassau Branch 

Standard Chartered Bank Limited 





" From an international per- 
spective, the rapid growth in 
population is the decisive fac- 
tor with respect to the future 
need for energy. Expectations 
o f rising standards of living no t 
only in the industrialized world 
but also in the developing 
countries, whose population is 
increasing with special rapidity, 
are leading to a substantially 
increased demand for energy. 
One half of the world’s current 
consumption of energy is met 
through the use of oil. which 
will be an increasingly scarce 
resource even within this 
decade. ’ T 

»Heat recovery and utilization. 

•Electrically powered mass 

•Materials handling. 

•District heating. 

And many more. 

Condensed Data 
(Sterling amounts in' millions, 
except “per share”) 

1977 1976 

Excerpt from ASEA 1977 Annual Report 

At ASEA, we are active in 
many areas where energy, can 
be produced, transported and 
used more efficiently: 

Because more than half our 
business is outside our home 
market, our perspective is in- 
ternational. We develop, pro- 
duce and sell to meet the needs 
of customers throughout the 
world. We welcome coopera- 
tion with all who are concerned 
about meeting global energy 
requirements. And we support 
the free flow of international 
trade that alone assures indus- 
try and consumers a wide 
choice of systems and equip- 

Sales £1,093 

Orders ...... 915 

Operating earn- 
ings after 

depreciation . . 53 

Net profit .... 21 

Profit per share £ 1.24 
Untaxed reserves 178 

Assets 1,531 

equity ...... 224 

Orders in hand 
at end of year 1 ,620 
Capital expenditure 80 
Shareholders . . 79,000 
Employees . . . 43,233 

£ 945 










■Hydro andnuclearpower. 
•Gas turbines. 

•High-voltage direct-current 
power transmission. 

If you would like to know 
more about the ASEA Group 
today, please write for a copy 
of our Annual Report. The 
highlights of our operations, 
tell only part of the story. 

Sterling amounts translated from 
Swedish kronor at December 31, 
1977 iate:£ 1.00 = Skr 8.89. 


Croup. Office: Stockholm, Sweden 

In the United King dom 

Villiess House 

41 Strand, London, WC2N 5JX 

Ultramar doubled 
exchange losses 

Financial Times F riday -March : l 0 197$ 

before £ 


from Yul&t'- 
Catto r 

ON LOWER sales of £472.65m. 
compared with £57i.SSm., pre-tax 
profits for 1977 of Ultramar Com- 
pany doubled from 112.32m. to 
£24.71 m. after £7.9 lm., against 
£4.B9m„ at halfway and 115.41m. 
against £7.03ra^ at the nine 
months' stage. 

However, with tax taking 
£12.1 lm. (£A97m,): net losses on 
exchange fluctuations of £4. 12m. 
(gains 13.9m.): and a dividend of 
£1.06ra. (£0.72m.) on the con- 
vertible redeemable Preferred 
shares, earnings attributable to 
Ordinary shareholders fell from 
£10.54 m. (17.42m.). 

Basic earnings before exchange 
fluctuations are shown at 29.«n 
flT.lp) per 25p share and fully 
diluted ar 26Jp fl6.8p). After ex- 
change fluctuations stated basic 
earning* are 19.1p (27.2p) and 
fully diluted lS.ip (25J>p). 

As 'is usual, no dividend is 
recommended but it is proposed 
that Ordinary holders should, as 
last year, receive a share distribu- 
tion of one new share for every 
13 held. 

Sal»* 472 37t*75 

Trartinj: erofli .v: 126 ts.8se 

D*vnvialion. »ic *.417 IZtli 

Pr#n» before lax 2X705 12333 

Carrem lax ".ra 

i»ferr«i lar - •'.<•3 2.C4 

■Set profit- 12.30*. 7X33 

ExctunEo losses _ S.cit •XI3* 

Tax credit l.«C -S3* 

Preferred dind-ud 1.830 7IS 

AiinboubV Ord. 7.418 18.539 

* Cains. * Cbaree. 

The directors say that profits 

before tax were a record and a[i 

the principal divisions contri- 
buted. However, product prices in 
Eastern Canada did not allow for 
margins sufficient to give a fair 
return on the relatively large in- 
vestment in Quebec and Ontario. 

Tax was substantially higher, 
largely due to an improvement 
in Indonesian and Eastern 
Canadian operations which 
attracted a consequential Increase 
in Tax mainly deferred. 

Net losses on foreign exchange 
fluctuations relate almost entirely 
to long term foreign currenry 
loans of individual companies re- 
payable over the years to 1993 

and were unrealised at the year 
end. The actual exchange losses 
or profits will depend on rates of 
exchange at the time of repay- 

Cash flow from operations, 
which does not take Into account 
exchange fluctuations, amounted 
to £26 mi improvement ’ of 
£9.01 m. over 1970 and a record. 

Group earnings are very largely 
in U.S. and Canadian doliartsand 
are translated in the? accounts 
into sterling at the year end rates. 
The substantial fall is both the 
U.S. and Canadian dollar against 
the pound during 1977 adversely 
affected the results. 

Capital expenditures for 1977 
of fl.4.36m. were substantially 
lower than for 1976 (£S2.56m.) 
partly because or the cessation 
of exploration in Iran and partly 
owing to unforeseen circum- 
stances causing postponement in 
drilling and in refinery improve- 

The most significant operational 
event in 19# • was the coming on 
stream or the Badak LNG plant 
in Indonesia. LNG deliveries 
started in August 1977 and 'have 
averaged about 25flm. cubic feet 
per day up to the end of the 
year. The plant has operated well 
and should continue to process 
at a rate of about 500m. cubic 
reet per day throughout 1978. 

All three refineries of - the 
Group operated well throughout 
1977. The Quebec Refinery had its 
best year ever with its through- 
put averaging 8S.541 barrels per 

On the outlook for. 1978,' the 
directors report that substantial 
increases in cash flow from opera- 
tions and in profits ■arc expected 
from Indonesia. The : continuing 
adverse market ' conditions in 
petroleum products in Quebec and 
Ontario make ir unlikely that 
there will be any immediate 
improvement in these marketing 

The California, Newfoundland. 
U.K. and Western Canada opera- 
tions as well as shipping and 
cargo trading, are continuing to 

do well. The group, as a whole, 
should have a considerably better. 

flow from operations and 
operating .profit in 1978 than it 
bad m 19”. - 

At the year-end there was ■ an 
increase In working capital of 
£4 lflm. (£25-43 tu.> to £9.3101. 
(£4.14m.L Long-term loans stood 
at £54-7Sm. (£6SBSm.). 

Sales of oil hi barrels per day 
for 1977 were 190,900 (22L200L 
oil refined 111,400 CUM, and 
oil produced 7.300 (6.500). flas 
produced in thousands ortgue 
feet per day was ' 60.300 (7,500); 
gross wells drilled were 21 (42), 
and oil and gas wells completed 
fin which the croup has varying 
interests) 10 (211- 

In 19”6 there were substantial 

purchase and sale transactions in 
the crude nil market which did 
pot recur to the same extent m 
1977 This is the principal reason 
for the fall in the volume of sales 
of oil- 

pre-tax profits up by ( .- * _ *4 

cent from £l.35m. to a *7 _*ili * 
12.49 in. are reported by •' 

Calto and Co. for the jj . n v 1 
October 29, 1977, on turno $ , j 

£l0.14m. against £S,7ro. v . * ■ ■ 

. In July, reporting firat-h* 
fits of £0.94m. compared. 
£0.38uu the directors fie* 
second-hair results at let . * ■ 
good as . those for' the fin*', 1 
August they said that ,* 
would comfortably exceed 
Interim forecast. 

Full year earnings are 
to be up from 5-9ip to 7.JK 
10p share and the dividenc 
is lifted from 1 .2207 p X o the 
permitted 1.3S7p nut with ; 
of 0.7S7p. 

The company sought pern - 
to increase the dividend by 
of its overseas business, hi . ' 
unable to satisfy the criier ‘ 

by the Treasury- 

Lord Catlo. the chairman 
the Malaysian plantations 
produced very satisfactory i 
and the overall enniributi ■ < ' 
£1.973,455 was JE724.69G mort 
last year. • ■ 

Tlie Wi lltaara Cox group 
difficult year and was unit 
escape the effects of the depi 
business conditions in the U 

Cobb's Quay Marina opera 
full capacity throughout thi 
and its increased income n ■ 
growth in berth capacity at 
relopment of ancillary aetiv 

Although U.K. trading \ 
tions arc lacking lustre, it < . 
pecfL’d that profits from M» 
will be at least as pood 4 
vear under review. Howpvw, 
Catto says it is too early to 
cast the outcome of the grot 

• comment 

While other oil companies grit 
[heir teeth Ultramar is in the 
happy position -of just coming 
into the big payoff period in the 
Badak gas field in Indonesia, while 
being only lightly exposed to the 
downsfream areas which are cur- 
rently causing such, problems for 
the majors. The Quebec refinery 
is showing . inadequate profits at 
present, and the mismatched cur- 
rency loans associated with it arc 
causing major problems. But 
Ultramar -saw big benefits from 
Badak in the final quarter, even 
though production was only at 
half the rate that will be achieved 
in I97S of 500m. cubic feet a day. 
Pre-tax profits reached £16£m. In 
the second siix months against 
rr nm. in JanuaryJune, and earn- 
ings. stripping out currency 
fluctuations, have advanced by 
almost two-thirds to 27p a share, 
and could easily top 50p in tito 
current year. On a prospective 
p e of probably under 4 at 20Sn 
the shares still have appeal, 
especially' since a dividend is 
iikely to be paid, at last, in 19 «9. 

Davies & 

A AH 17% in front after 9 months 

FOR THE nine months to Decem- 
ber 31, 1977 pre-tax profits of 
A.A.R. show a 17 per cent, 
advance at £3.96m.. on turno* er 
£29 -37m. ahead at £179.34 m. 

The directors projections show 
that trading in the final quarter 
may be slightly less profitable 
than that of the corresponding 
quarter, but profits before tax for 
the full year should be higher 
than the £5.46m. of last year. How- 
ever. earnings attributable to 
Ordinary holders are projected to 
be about tbe same as last year's 
£1.77ra. because this year the 
N'CB's share of British Fuel Com- 
pany's profits will rise from 45 
per cent, to just under oO per 

The net interim dividend per 
25p share is stepped up from an 
adjusted 2.5p to 2.«ap and chair- 
man Mr. W. M. Pybus forecasts 
a maximum permitted final. Last 
year's total payment was equiva- 
lent to 3.5p. 

Solid .fuel profits increased to, 
£1.6m. in the nine months com- 1 
pared' with £1.4m. However, some 
erosion of this surplus is likely 
in the final quarter because of 
the severe blizzard conditions of 
recent weeks which hampered de- 
liveries in many areas, says Mr. 
Pybus. chairman. The results for 
the full year .may not : differ 
greatly from lasl year’s 12.7m. 

The £265.000 profit from fuel 
oil which performed disaopoint- 
rngly in the winter of 1976-77. is 
already greater than that for the 
whole of the previous year. This 
activity should continue to show 
a satisfactory Improvement in the 
final quarter, notwithstanding 
difficulties created by- the tanker 
drivers’ overtime ban in February. 

the full year of . approximately 
£I.Im. The lost franchise was re- 
placed from January 1. 1978 by 
one from another major manu- 
facturer. The directors are con- 
fident that this alternative source 
will enable a substantial part of 
the turnover which would other- 
wise have been lost to be retained 
over the coming year. . 

Engineering continues- to 'make 
good' progress. It should contri- 
bute at least £850.000 to trading 
profits this year compared with 

• comment . 

After increasing its profits 1? 
per cent, in the first nine month-. 
AAH has. In the final quarter, 
faced more difficult trading condi- 
tions affecting a number of divi- 
sions. Full year profits, therefore, 
may only be around £5.8m. Tor 
an overall gain- of about 6 per 
cent. A higher level ’of sol^p 

ruel sales in the summer— as 
customers slocked up against a 
potential ' miners' strike— has 
meant reduced demand in a 
generally mild winter, despite the 
February blizzards (which also 
upset deliveries). Meanwhile 
competition among pharmaceuti- 
cal suppliers has intensified and 
the loss of a major franchise will 
aka, affect final quarter figures. 
Road haulage' has also been hit 
by strikes in Humberside and 
S. Wales which may wipe out the 
23 per cent, profits growth over 
the Erst nine months. However 
A AH's broader spread of interests 
in recent years has steadily re-, 
duced the group's dependence on 
si volatile land shrinking) fuel 
distribution business which in 
1973 ■ contributed almost 70 per 
cent, of group profits. The shares 
at 103p yield 9.1 per cent, on a 
mavimum dividend increase. The 
prospective p/e is 7.4 on a full 
tax charge. 

Pre-tax profit of Davies . 
Metcalfe rose from £2 15^ 
£330.414 in 1977 and net prod 
ahead from £104,617 to £2 
for 19. i. 

At midway the pre-tax ad 
was from £74.374 to £203,379 

The net final divider* 
08724p for a 1.32p [1.1786) 
Treasury approval has bec*^ 
reived. A one-for-onc scrip' 
is a)>o proposed. 

The company opera Ir*^ 

mechanical and el re 


Button's aheat 
to £6.24m. J 

•Turnover of BuUiu's. 

sidiary or Rank Organisation — ? T 
from £41.0Gm. to £4B.73m. irSy,f\JW 
ye dr to October 31. 1977. 

ii i K. 

ye dr to October 31. 1977,* 
pre-tax profits expanded 
15.32m. to £6.24m. Earnings 
5p share arc stated at 
against 3.34p. 


tnii-rL-s payaMo 
ffHurvsr ivwnvil 

Pre-tax protn 

Tax . • •• 

Extraordinary credit 




Wifi M 1 
«i •*» 


km ■ 

r- 213 


This announcement appears as a matter of record only. 

March 8,1978 


. has placed privately 800,000 shares 
of its common stock at §31 per share with 

Nine months 

1977 1576 

Croup Turnover 

Solid Fuel 

Builders' - — ... . 


Trading proDt .. — 


Road Haulaae 


Oflrhict: tnrentsT .... .. 



Minority proSu 



Attributable lo Ord. 


17*1330 150.167 


and has entered into an 
agreement relating to pharmaceutical research. 

-The undersigned Initiated and acted as financial- 
edvfsdrsto-Mbrton-Norwich Products, Inc. in 4his transaction. ‘ : A 

Pharmaceuticals earned slightly 
higher profits despite pressure on 
margins, the loss of a franchise 
from a major manufacturer and 
a reduction in “ inflation profits ” 
on' stock. Tbe continuing effect of 
these factors and costs involved 
in upgrading and computer 
facility, lead to a projection for 

Salomon Brothers 

Banque Occidentale 

Pour rindustrie 
et le Commerce 

r : V. S 1 

Rlione-Poulenc S.A. 

has acquired 1,625,700 Shares of Common Stock of 

Morton-Nonvich Products, Inc. 

ii. . 

• A r 

and has entered into an agreement 
relating to pharmaceutical research. 

The undersigned acted as financial advisor to Rhone-? oulenc Sui. 
in connection with these transactions. 

Lazard Freres & Go. 

March 3, 1978 

im »" 1 : , > 

1*6 61 ^^, . . .. ; 

i‘ ' C 1 K^mct^.TbED^^day March. ID 1978 

■■ SL 

v ait.\ 


^ fJ the West of England 



Oust Limited 

Extracts from the 
nterim Report 
or six months ended 
Jlst December 1977 

loss after provisions 

Extracts from the review by the Chairman, Mr. W. G. Boustred. 


Six months ended Year ended 
-'3Tst December 30th June 
1977 1978 1977 

rooo £*ooo ' rbdo 

'Pirating Profits 

• "383 



hare of profits of associated 




* .887 



' T.620 

Tout before taxation 



. .1,236 

Yof it after taxation - 




hridend per share 


o.6p vsrtep 

arnings per share 




PEACHEY PROPERTY Corpora- priate deduction takes results are due largely to the turnover ^ Increased by 31 per cent w 

6on, the group run until last year to capital reserve. effect both nit sales and produc- ■'"'.2 million znd the opening profit or R79.I 

by the late Sir Eric Miller, yes ter- The write-down on die Rush den tion of the. major rationalisation million exceeded that for 1976 by 46 per cent. The 

day reported a 197E-77 1 <ks of 3and referred to in ’ the interim of product range. The programme profit after normal tax amounted to R67 123 000 
£1 1m flftnr anA amantinnat «aient«H has t ww been taken of investment In buUding and and it u this amount that should be compared 
^m-atter tax and exceptional *,310* capital reserves as a plant continues. The bank over- with the prefit 
0 reduction in value. Provision has draft has fallen from £1.163.320 to reported In 1976. 

. profits of £226,000 are a^o teen made for the very sub- EJ03.478. . __ 

down from £Ubl But, In addition, srairtinl profesMorjal fees incurred » — * — - — The pro»« attnbuable to Amcoal shareholders 

tbere s_ *** *-*— - ■ * - 

Eric's t 

SiJ?. a J?* 5 ,' 000 wc !^ tion ? 1 £« I 92 8a ^ Dw*®Pn«W — . “ : . The decision to provide for rax equalisation has 

3*E ^ er 5| l0S f e f 00 *• 6816 ?■ , ^ . Improved the quality of the Grou^i «™mgs in 

of non-property asset* J2?£J!? 1ft Wn TV& th « che «* allowances attributable to major rap.tal 

The group's accounts Slow that /O 1 ITC expenditure projects undertaken by the coal mining 

claims asalnst Sir Er£s estate in T & M subsidiaries Sill be spread over the lives of chose 

a ^f^LhE'Sc.'S W 1 . & IN. pnfn nrim am U« m** >» --7 •»- >" 

Of legal aid othwprofesSinaJ !™ res “L er *\ - To ***** 10 achieving AY nnrtC wh,ch pend # n WMfrnd - 

costs to make these claims, and ^* 11 ' 'he selective disposal of low- cXpOtlv _ ... , . , 

to nucf c;* p_-» tv/un *ho Rnsrrt yielding investments will continue " Group coal mining activities 

last year ”* ** tte B P ard with a view to reinvettinHtf .in IN . 1 *J 7 djf urt M pgrt^of tuner Turnover From the sale of coal and coke during 
- " . sound higher yielding properties **6 Newaw nWI UJx.. worth 1977 totalled R2H.I million and this generated 

f chairmans statement, or 'development. £PS.7m M were onre again h record. an operating profir of R687 million. These results 

Lort.lttais comments that "a sub- At June H. 1977, the balance # *W*» of sterling's strengthen- compare wich , of RI54.1 million and 

T Si“LP? rt ^ateis *PP««. riieer *hows eswr* for ordinary ,n S ■ *" rdt * tlon 10 foreign an opB rating profit of R44.9 million fqr 1976 and 
■ Lraret to say, to represent pus- holders of £83 29m. f£l 5.72m.)., currencies, represent great progress in this sector of the 

[SETS? <£? fun< £ by representloB lOTp (735p> per They represented 28.7 per cent Group's activities, Spite the worsening economic 

The following table compares sales 
for 1977 and 1976 




he profit before taxation tor the six months ended 31 » . 
. 'ecember 1977 amounted to £832,000 (£509.000). 

he operating profits show a substantial increase over' 

. te corresponding period for the previous -year largely 
. wing to the greater contribution from Tyndall Croup 
arisina * rom lhe slTOn 9 investment perrormance 
iy» » ; ' i he funds ,n a favourable investment climate. Fimds 

tl'S Spder management exceeded £200 million at the end 

T Iftriif ■' 

*• disassociated companies also earned . increased profits , 
nd our share was correspojldirigfy greater. • 

.. he Directors have, declared an interim dividend or. 
'- 65 P (0.6p) per share, payable on- 3rd April 1978 tb 
hareholders registered on 28th Wlsrch 1978. 

8 Canynge Road 
iristol BS99 7UA 

'th March 1978 

,- .. - - - -- „■. „ represervtlaB I09p 

i; e u * Eric Mifler. . . . Share. °f toul tut . sales and an ta- ifiuaclan. both worldwide and m South Africa. 

. D&partmem of Trade. and Fraud The director* add that much crease of 30.5 per cent, on 1976V . „ 

fSquad investigations into Sir was achieved during the past 12 total of £71 Ail the group's The *xp°n of coat through Richardi Bay reached 
Eric’s chairmanship of Peachey months. Efficient financial con- U.K. edmptfnies achieved record *"* piannw through pur race or 12 million cons 

■are under way, and an interim . tro Is were established, bank bor^ sales oversea® and Europe, Asia in the last quarter of the year as the efficiency of 

report from the Department of rowing* were substantially and Austral avia emerged as the the whole export system improved throughout the 
Trade Inspectors is expected to reduced aod the company's Forfii- fastest-growing areas of export year. The valuable contribution which this export 

be published in the next few ties, were confirmed. The company activity. effort has made to the improvement In the 

weefcs - L* m s very good position to take rBA Industrial Products was country's balance of payments has been publicly 

■ Loss per 25p share Is given as advantage of the Improving condh again the group’s biggest exporter acknowledged. The Group's export collieries fui- 

lap (L3p earnings) and as hull- r ' on7i m the property market, they with a record £22m„ . which filled chew commitments for delivering low ash 

rated m October 1977 at the time W- accounted for-M’ per cent, of It* and power melon coals to Richards Bay and 

2L **?• company^ successful total, sales. - British Industrial expected revenue from these sales was achieved, 

defence against the Allied London .» T lt . Plaatiea reached E17nu, an Th, demand on exBora markets for steam coal 

bid. .a final dividend of 0.9U25p NppdlPTQ ITI ' advance of -21 par cenL i£2iffn.j ' a. ^ h.,- 

qet is proposed which compares 1 n C tTCJICl •>- III and sto^y Brothers and Com- yfBr * b “ r in lhe 

with a total of 0JJ8125P for 187$ „,;iL pauy. acquired in. S^eplemter 1977. the year there was a marked weaken- 

— the directors say they hope to prO'lf .Wltll achieved CL5«i. To- the year’s final l n ® In .'J le demand for metallurgical coal resulting 

oay regular and increasing diri- . quarter. ,rom *«• depressed state of the steel industry 

dends and inlend to resume V/l|| 1 pnmnn B «ntc « particularly m japan and Europe. The domestic 

interim payments In the current «*r l maricet demand for bituminous coal held up well 

"■■■- AU ' r > firfl half los of X3M00 Wrtt?, » ^ through^ ,o Ao.ob 1977. hue th. »mh.„»n of , 









Pawrr ftntrufion 
Electricity Supply 

< Escom) 





Trvto (export 
and domeicic) 

Trans vial Coal 
Owners Asscn. 












Coking Co»l 

South Afrlcsn 
Iron and Steel 
industrial Cpn. 















- - 

V - 1..-IP 

A. Ernest M. Harbottle 
. Chairman 

TDG hits peak £18m. 





*oup bales 

-oup Net Profit 
before Taxation 

-orporarion- Tax 
-at 52% 

roup Net Profit. - 
after Taxation 

Half Year to 30 September Year to 
1977 • 1976 3LI/3/77 H 

£*000 £*000 . Cm 

5,425 4,833 : ' 


... : _ 140. 


" ' : mi 

125 . :: ■: 

• 216 


.115 . 


sfter certain adju.«tmetMa, a net fl, Ea^ne* are shown at '»7n of £Sm!!f accounting for 16^ "per million ron* of coil and coke compared with 

<urplur« of £8 78m. has teen taken C ,£S tJ5i, per 2Sp share and cent. oF total turnover. ^ 232 mfllioo tons in 1976. an increase of 10J per 

» capital reserve. there B dividend of l.5p net TAC Construction Materials cent - The Group's share of total South African 

The directors intend that the foil) Bhowi-d Ihe greaiesi advance in «**' ** ,e * 30.6 per cent. In 1976 and 30.24 

group's properties hi future will The directors report that profits exports with £l3.5m.. compered in P* r cent, in 1977 
be revalued at each year end and include a Iqss op to Easter prior £9.4m. During the year 27 per The two major growth areas were m ICO A 

the surplus or defied after appro- to ceorgRTiisatiott. The improved cent. oE total output was exported business, owing to the growth in exports, and in 

Escom business, mainly as the result of the develop- 
ment of Knel colliery and higher sales by Springfield 
colliery. Out pur of metallurgical coal for licor 
continued to decline as the. mining conditions at 
supplying collieries became progressively more 
difficult in the remaining reserve areas, 

5ECOND HALF pre-tax. profits of cold and dry warehousing show- appointed Mr. R. A. Shuck a* Average revenue per con told increased to R8 2I 
£9.12to. compared with £7. 8m-. mg increased demand. Cold outside consultant to tbp com- from R6M in 1976. This increase was attributable 
enabled Transport .Development irorage was - the most buoyant party. . to three factor* the influence of a Full year's sales 

Group to expand its full year reflecting Increased acceptance by Negotiations are well advanced at the subsiaotially higher domestic prices gazetted 
figure from £14.7<fa. to a peak the public to " freezer food, ' Plain for the sale of Thomas Cork >n mid- 1976. the effect of a full year of export 
£18.0801. for 1977. on turnover of hire rakes In a first time conn i- (Service Merchandisers), in such operations at Bank Colliery and the increased prices 
£UkLfigm. against E160 -55m. bution from Cox, which account* a way as to ensure ihe continued reflected In our cost pius sales contracts 

At halfway, whtuK roporting for three-quarter* of the 54 ner dlstrihutiOp of Newey products The Group's no* expenditure on coal minme 

profits up Urn. to JBJWra., the cent profits increase, but evert sc through supermarkets by Thomas durinv 1977 «.< bta miiiM, wi?! 

directors warned that the second the result from ihardivision -ook* Cork. gS' «S2ta twa Kt u ^ w, . h 

six months might- not show as good given the background if a Following the acquisition by Jf ' SL| -i. he 

groat an advance as- the first depressed construction industry Prym of a 24.0 per cent share- ™ . if » j 

period. Meanwhile the backbone of he holding. Pryms finance director dei j! f | 0 .P m ®J 13 taking place at Rwel aitd <!e>nkooje 

■ They ntfw report that although group, road transport has not -seen Mr. J. E. R. Grifiltte has been co " Af e end of 1 977 Group collieries had 
I there mav be few slgn^ as yet that Impressive. Profits dinned In the appointed to the Board, it has n f lta , ex P enrflcure programmes estimated to cost. 
107S wtfl produce a dimate second half by an eighth, thoogn also been recently agreed to a turtner R 181 million in present-day money terms, 
favourable to strong profit h was the overseas side which appoint to the Board within the 
growth, profit* to date are. ahead 'W the group down. At 'home next few month* a man of con- CtMl reserve* 

ofj those for the corresponding TDG increased profits to ESfim giderable experience who will be- Amcoal alre . _ ... 

period last year. (£5 3m) though growth fell from cape the full time chief exeeu- existing arrangements to exploit some 4.1 billion 

■-.Stated earnings per 25p share J®, *° * J2® 1 " Cent over the two tfve sfnd,. Initially jointly, .with r un-of*m»ne_j:onj of coni reserves. rh«* together, 

fir the year are 7.1 9p (5 62p) TTie recent poor weather Mr Raeburn, deputy chairman. 

j»jre .extraordinary Items and a 2 s " "«*• transporr si de m tn» ; ■ . ^ .. _ 

IfiSSd dividend of 2.0«225p_net fintT^uarier. bw a* PfQgrPSS 

Amcoal already owns or is in a position under 



The Directors have declared an Interim Dfvidentf of S5%.^275p 
r share) co be paid on the share capital as Increased by jdie one 
• ten scrip issue made in. September. 1977. last year’s Ihvfdend 
er adjusting for tfaie scrip 'issue mentioned above -fa effmfHveiy S% 
sop per shire >. The £)ivldend .will, be paid on 3rd-A|ril. 1978. to 
nr . jllireholders on the Register of Mmubpra at 1 0th Manffi. 1978. 

[1 U U • v« for the second half yetaf to 31st ’ 

March : 1978. are expected not to be /ess than 
those for .the first haff. and it hr hoped that 
*he year's profits to 3Tst March, 1978. will 
<*n improvement over 'those of the 
previous year.". 

■ T. Hampson Sifk Chairman. 


r ^C/nTa*tTO”'puSnttad *« rhp undPrivlna 

S.1H72SP ( 2 . 35 SSp> total. ' ecowmrv OF the rountTv TOG 1? _ _ , 

All group uctfvjttea contributed, f 01 . t ” n ffcwTnndpnr ahnyi tiip "U<- ny 

to the advance to profit* and a ^ n ‘ c . ,978 At the shares J ” 

breakdown shows; road haulaue _ i Der c ^ nL aiw * stant ^ 30 * 

£7.67m. (£70flm.), storage £7J»m. D/e “ 
j(£5.48m.). plant, htre • and other 
transport sendee* Cl.fifitn. 
f£1.03m.) and exhibition and re-' 
llnforcement Sljfflni. (£12m.1. 

A geographical distribution of 
profit* shows. £l.77ra. (£l.65m.) 
from Australia,' £X-45m. (£l-33m.) 
from '.Mainland ' Europe, and 
£l4.gflm. (nLIRro.) from the UJK. 

loss by 



and others. 








DrorecuiUm* . 


~oan interest ; — - 



ProBt beraro tax 






Net profit 


. 7J?M 

Minorttji. intsresra 






Prpferenne flJvJrtends .. 



OnL UaerWn 


. LSS 

Propoaed final ., — 



Rura-ord rffWrt 

- 548 


To reserves . 




Turnover for the 52 weeks to, £48,179. 
i#7s January 1. 1978 of Newey Group. The final dividend is 0.550 i.p net 
a» the small ware manufacturing per lop share for a 
concern, rose from £14 38m. to (flg775p) total - 
115.18m.. bat thp company to- 
14,55 eurred an increased pre-tax loss 
1*M of £484.040 flgainsr. £38.819 af»*r 
.jjbm £50.000. against £177,000. for the 
_*£ fir “i half. The low per £1 shs»re < 

for the vear i« gtem as 10 8n he- SfiPS lOWCT 
fore extrsordinarv dAhff* com- 
• is* pared with earnings of 0.8p ' . 

. isT7 im 
f f 

PSTS 0M 1 Turnover ........ — 13.W? '•t* 14J» I s * 

with another 2L3. billion cons of proven reserves, 
■controlled by. the Anglo American- Corporation -and 
<ts subsidiaries ana which will te made available in 
terms of rhe undertakings given at the time of 
the formation of Amcoal. place our Group m an 
extremely strong position in regard to the avail- 
ability of reserves 

to addition th* 1 Anglo American Corporation 
New Koutomeut Which manu- ££* hS*, ST^fSSS^ 

roporta timwiS J* ob tT lve “T 5 he nBXT foyryears ‘ he 

to £1.79 tn. for the year to Ociotei *.*^ ir c ? nM3 ' ,d i aTK ^' of w»l blocks m the 

SI. J977 aqd an advance m profit* totalling a further three billion tons, 

from £02.028 to £115.045 iubi&eT lh,s P^og^mme. which has involved exploration, 
to tax of £63,302 against £31.785' °n-goin|' drilling, reserve evaluation and coal right 
Ai midway profits were sligbUy acqmsition his continued successfully throughout 
lower at £43,640 compared with the. yea*. 

mining productivity -and labour 
The proportion of the Group's, production : 
[derived from underground mechanised and open- 

cast operations increased during the year to 75 per 
cent, compared with 68 Per cent in 1976 This 
was reflected In a 23 per cent Improvement in 
productivity, expressed in terms of sales tons pe r 
person employed, from 81.9 tons in 1976 to 84J 
tons a month In 1977 However, the still substan- 
tial tonnage ur coal won from hand loading 
operations continued to have an adverse influence 
on the Group's overall coal mining productivity 

Because of the prevailing economic conditions, 
all categories of workers were Freely available for 
engagement. However, labour turnover rates 
remained at unsatisfactorily high levels despite 
strong indications, particularly In the second half 
of the rear, that the inducements offered to black 
employees, designed to encourage a greater degree 
of stability in employment, were starting to have 
a beneficial effect The disinclination of workers 
to undertake the more physically demanding work, 
particularly of handloading of coal, cramming and 
drilling, is apparent and the Grotto has continued 
to examine the possibility of mechanising w 
remaining hand-got operations, subject to the 
restraints imposed by the availability of coal 
reserves and the need co justify the capital expen- 
diture involved 

• Increased attention was directed to the upgrading 
of accommodation and other facilities for 
employees, particularly on the Group's older 
collieries and the further necessary improvements 
will be made, progressively, over the next few 

Future Prospects 

The gradual recovery predicted far the world's 
maior trading nations during the course of 1977 
did nor develop to the extent expected and the 
economic outlook- both wirhin the Republic and 
overseas, remains uncertain. The international 
steel market, in particular, remains depressed and 
the Group's income from exports of metallurgical 
coal to expected to be slightly lower than m 1977. 
The world market for steam coal on the other 
hand continues to show signs of underlying 

In South Africa the demand for coal has declined 
in recent months and industrial and household 
consumption is expected to be at lower level* chan 
in 1977 

Average unit working costs have risen during 
the last three years by disturbingly large amounts. 
The increase m 1937 of 19-6 per cent was dis- 
appointing as the operating budgets had >*en based 
on holding cost increases at a lower level. The 
Group's forecasts for 1978 indicate that average 
unit working costs will rise by II per cent which 
if achieved will represent considerable progress 
in - containing these unacceptably high rates of 

“It Is cleat that this year presents the Group with 
many challenges To maintain our compeuuve posi- 
tion both internationally and m South Africa, it is 
essential that important headway continues to 
be made In the critical areas of cost control and 
productivity Equally, the successful marketing of 
our products in dlfficu't market conditions wit 
require close attention. 

In the short term I remain encouraged by our 
Group's spread of coal interests and its ability 
to cam substantial profits notwithstanding difficult 
trading conditions, ror the year 1978 it Is expecred 
that the operating profit will te similar to that 
earned in. 1977 In the longer term I believe chat 
our export trade will grow and that there are good 
prospects for increasing our sales particularly of 
power station coal. Equally I am confident that 
the domestic market will recover and that the 
Group witl participate fully in the expansion of this 

Chas. Sharpe 


0 (sD@ 




Galliford Brindley Limited 

Wolvey, Hinckley, Leicestershire 


6 months .fended 


Turnover ... 

Trading Profit*.;* 
[Depreciation ... 
’roftt before Taxation 
Corporation Tax ... 

»roftt after Taxation 
:aming5 per share... 




ED 1 9 


-£ # 000-; 



"16*825- - 

17,822 ' 


. i,609\ 





: 1,028* 

. 1,175 


r 534 

6 H 


. 494 




4 U?p - ff.Mip . 7 * 40 p 


Plant hire has performed very well during the period and 
hould continue to . do so for- some time ahead, aided by -sub* 
tantial recent- investment in plant for energy related activities, 
’his has not materially reduced our cash deposits. 

In the building sector, industrial work anfi. private housing 
re better than for non years, and a good result* for the year 
s a whole is confidently expected. 

As anticipated last year, qM! engineering has suffered in a 
narkei that has fallen by one third to three year* and ufifavour- 
bie weather conditions. • 

The outcome tor the full year te still expeetod to be a sound 
me in all of the circumstances However. I feel i't would be 
irudent to say that a figure below last year's- record Is a likely 

As Indicated In my statement in our. last annual report. It 
S our intention to apply ED 1.9 to the results to June. 197B. 
lompirative figures for the half year are shown for information 

We thought a year ago that personal tax rates would be 
ower in 1977/78 than in the prevloqs year, and maintained the 
nterim dividend paid before the 5th April. 1937 at 075 pence 
ier. share. The view is held that personal tax. will again be., 
awered in 1978/79 and propose to repeat ; tbe Interi m dividend 
»f 075 pence per share, payable on »he 3rd April, 1978. Ir is 
iur intention. In du« course, to recommend a final dividend for 
he year of the maximum allowed bv the legislation now m force. 

Peter.. GaUiffcrdL Chairman. 

' Afirr deducting tl.WS.SB0 ireTSOM- Turnover 2212 n latmrm* /nffh? Brat 

for depreetoflon o*eronww«l in orcrtona Ijurrcw - *22w “* 8ni ■R**ns1 £3.0Xi|| for the first 

rears rcunwrtsiw cess.wn deflrft ifS47.w» Pret en je w six months of the current vear 

surplus) mtoia. m conversion w s>edit» X” TirnS the directors of Charles Shan* 

£r*'— = :: p ssSAtjWffi 

lies *nux wrm. rcrr<u The directors they are con- levels wHl Tall short of last 

m rnmmont tinuing to work on their recovery season's record, when a £ 1.03m 

w L-uiuiiivtiL plan, one of the main planks of pre-tax surplus was achieved 

The Hop’s share of Transport which Is to develop new oppor- They report thal rfetail sales or 
Development's 23 per cent ’profits run Sties for the com pan v to prm garden seeds are slower than 
rise comes {rots the U-K.. *nd vide growth and to make up for average, while in some Hfeciions 
the storage and plant hire activi- any decline in demand for estate field seeds have been over pro- 
ties in particular. Storage profits Hshed products. To assist further duced and this has Jed ro an un- 
climbed by over a third with both in this development they have necessary degree of competition 

Tavener Rutledge slumps£0.32m. 

DESPITE sales rising £lJZ7m. to a property adjacent to the Uver-' wards the end of the year with 
£6.7Bm. In 1877, pre-tax profits' of pool factory to which warehouse four properties being acquired a' 
Tavener Rutledge slumped and administrative offices will be a cost of £l.Rm. At the *nd of I 
£321,000 to £207.000: The fall was transfeired. This urifl release the the year liquidity amoonied «n 2? 
largely Vffiie _to. adverse currency entire Beech -street site for pro- percent. 

fluctu tions _-on~ exports and a. Auction. When fully developed it The Equity Fund more than 
severe" profit squeeze on cfiCdren’s will double current capacity. doubled --in size during he year 

“count lines,*' explains Mr'. Then kE7 • nunagfen were from £i.9m. to £4An. Liquidity 

Anthony Hyde, chairman. recruited and Mr. Hyde .says that was reduced for the year from 20 

At the interim stage when a the management team is capable per cent to 2 per -cant, nd thr 
fail hi profits from *221278 to of rijnntog ,a business twice the nnh pri» rose bv-JO per cent to 
£153,789 i was reported Mr. Hyde company's present sixe. It fa the J977 The Money Merkel fund 
withdrew -bis forecast of £633.000 director intention that they, shall rose to value slightly 'er th n 
for the _ full year,- made when ’ year, despite being in a pel with 

announcing 1978 results.. M December SJ ftTr. Hyde was draws] situation, the unit priw, 

-He .now says that it will take ™ mcrcaslmj by 87 per cent The, 

time Tor reorganisation moves to M ' nas smee acquired a further Convertible Deposit Fund’s unn 

become^ fuily effective, in profit -price rose by 9 per «hl. arid tha< 

term The current year will not A Statement of Souree and 0 f t j, e nianawed Fwid bv 33 per 
te easy but the directors intend Ai ^jgtlORtif^iiidi shows a cent. Dunns the vear nmpturi.-, 
to achieve their stated eobI of a decrease in working was p ) aC( ,a on equity nd orn- 

20 n£ er:C SL t incr T e ,n ^ ,rnov 1fi toS2»«L COmpar6d Wlth a m7 ' m periy hoStosa in totter f md 
'/ -The. - efctoRT' or profits wjli ... 

depend, on how fast margins can Th® AG™ of the company, 
be restored and the degree to which operates as a manufac- 
which the ' director can protect h ir ®r « sugar con fecttoneir, will 
the company 'against adverse cur- te held ra Liverpool on April 5 
rency morementa. They are work- at no °n. 
mg hard to both these ends, and - 

Aripfo American Coal Corporation Limited 

(Incorporyred tn the Rctwbht. of South Africa) 

Thp Tprh tnnuai general meeting of Anglo American Coal Corporation will be 
held »n lohannetoury sn Apnl 6th. 1978 Copies ot (, His review and of 'he annual 
report are obtamapf- *ronn rhe Lomton office of ihe company ir 40. Holborn Viaduct, 
Enp 1 AI or from the transfer seereraries Charter Consolidated Limited. P.O. Box 
102. Charrr- House. Park Street. Ashford, Kent. TN24 8EQ. 

Robt. Home 

■Mr, Hyde iff confident of a sub- 
stantial recoveiy. 

Basic yearly- earnings- per-iop. 
are shown to have fallen- 
from 15J8p tb 7.8 p and the net 
■final, dividend - is 3.W4p for a 
3-808p (S^p) totaL 


For the year to Sfptember 
1977. Robert Home and Company 
annouces a recovery ip pet profit 
from £261.000 10 El .144.1 71/ on 
turnover ahead from ,£27^in. to 
Premium Income of Merchant 538 7m. 

“ Whito 



Tuntover .. r 

operamu amdr . 

B*rtUM£ ktoara . 

inv * other - Me.- .... 

rrvtk bdflpe tax 

Tax - 

Km proflr ...... 

j^xrraprd. Bfhtt ...... 

nfvMHids • ... ... 

im - ldvesf ors Assurance Company rose 
r i by 178 per cent ro f 128m. during reai-to 
8.T55JR9 fi.4H.iM8 1977. the first full year cf opera- .1?“4 
sm.mi wa.Ttn tion since the company mas chain 
^b* ' ,5 5iS acquired by Naiionale-Neder- compu 
aoiuS sfeMr tonden. the largest insursnee pmfiiabh 
«jffi SK.nw group in Holland. During ihe IB teper irade iu stilt ver> 
.157.B1S SMS47 year the life fund increased to fierre. ihe ernun w well. Pnuinner 1 
t-voTS' nS'SJ £2» 7m. from £17.4m- - in ail resoun-ec jo ronlifiue in 

The reports on rhe various in- Operate .surre^fujjy a» supplier* 
jf.oiu ws# vesimem funds operated hv the 10 the printtoE mouriry. he adcN 

orofits have not yeti 
te record fl.g3m. oj 
Kenneth E. Home 
is rnnfident that ih* 
-ill t-nnilnue io. expan>' 
Mthmieh romoptitim 

Hyde reports that durlne company reveal That the Drbnerl? Thp principal actlviry of *hc 
1977 the company absorbed two fund attracted most attention law grouo, which is ortyafely owner! 
factories into irs Liverpool plant year. ri«fns to from £0 4m.. is that of paper merrhantmu 

and. installed a Great amount of with the unit price Increasing by Shares are held by the Horne 
eonhisrieRted new machinery; The 20 per cent, over thp vear. The family. S2.72 per «tot. dlrerror- 
total new mvestmenf to fixed net cash inflow crew strongly from feurreni and retired! ih 77 w»r 
is*etK-wa» I56R.000. ... . ;he middle of the vear and tovevk ^ cent.. City ln«l nut tons 'tons m*r 

Steps - were taken to purchase merit activity was stepped up to- cenL, and others 1.42 per cent. 

This anmiunieratnt appears as a matter erf record only 

A Subsidiary of 

Holdings Limited 

U.S. $6,300,000 
Medium Term Loan 

W 3 (NS QaCfe "OffSI 

OuuranteeJ By 

Northern Offshore Limited 

Managed By 

First International Bancshares Limited 

Funds Provided By 

. . . Bank Mees and Hope N.V. 

' Rainier National Bank 

V . ; .. InremarionaJ Energy Bank Limited 

The Colonial Bank <Si Trust Co. 

(Cayman Islands Branch) 

Clydesdale Bank Limited 
. . First Iritemarional Bancshares Limited 


First International Bancshares Limited 


1 1 


£1.4m. for 

-IN A CASH and shares deal worth 
some £L.4m. Manchester Garages 
is. to make an offer for the capital 
of W. J. Reynolds. Holdings. Both 
are main Ford dealers. 

- The offer for the 094000 
Ordinary capital comprises three 
Ordinary lOp shares of Man- 
chester Garages plus 64p cash, 
for every four Ordinary 5p shares 
of Reynolds. Manchester Garages 
shares closed Ip higher at 25p 
yesterday placing a value of 34}p 
on the Reynolds shares compared 
with a dose of 33p. 

Holders of the 000.000 Pref. 
stock of Reynolds will be offered 
65p cash for £1 share. 

Manchester Garages has been 
advised by the Ford Motor Com- 
pany that Reynolds’ Wimbledon 
franchise will not be available. 
-The ordinary offer takes account 
of the substantial reduction in 
the Reynolds’ turnover and profits 
.that Manchester Garages believes 
will result from this. 

Nevertheless Manchester Garages 
says it believes that the applica- 
tion of its management skills and 
techniques will generate substan- 
tial increases in Reynolds’ 

The Ordinary' offer is subject 
to conditions including: confirma- 
tion being received by Manchester 
Garages from Ford that the 
existing franchise arrangements of 
Reynolds with Ford (other than 
that at Wimbledon) will continue 
for a period of at least 12 months 
on terms no less favourable than 
at present if the Ordinary offer is 
successful; and no reference to 
'.the Monopolies Commission. 

£150.000 In increased productive 
facilities by ‘adding a 9,000 sq. 
ft extension to its factory at 
Blackburn and' installing extra 
plant and equipment. 

The project is costing £2X4,000 
of which £40.000 is coming from 
the company’s own resources and 
£24,000 in Government' grants. * 

to - £80,572, though a statement 
issued yesterday says that “it is 
unlikely that such a level ‘ of 
profitability has been maintained 
during the current year.” 


£1M. EAST 

Samuel Properties has 
purchased, from clients of J. 
Trevor ant Sons, the East Cross 
Centre Industrial Estate, Strat- 
ford, EL, for a price close to £Xm. 

Raymond Sloan and Co. intro- 
duced the transaction to Samuel 
and has now been retained, 
together with siwrfwir Goldsmith 
as joint letting agents. 

The estate comprises industrial, 
warehousing and ancillary office 
accommodation, let to tenants who 
include 'Alcoa (U.K-) and Brooke 
Rond Liebig. 

Samuel has sold three units on 
the estate to Scottish Equitable 
Life Assurance and is developing 
an additional three units which 
will be sold to the Society on 
completion. The Society was 
advised by Gale, Heath and Co. 

Samuel will retain the 
remainder of the estate for 
refurbishment ..and subsequent 


Stone-Watt Industries has in- 
creased its shareholding In 
Barry-WehmiDer, manufacturers 

of machinery for the brewery and 

beverage industries, from So per 
cent, to 55 per cent, of the capital 
at u cost of some £170.000. 

It is planned to manufacture 
the Barry-WehmH3er~ range of 
pasteurising -and bottle washing 
machinery for the brewery, soft 
drinks and dairy industries in the 
premises at Altrincham presently 
occupied by the Scragg division 
of Stone-PJatt. . A further pro- 
gramme to widen the product 
range has been agreed with the 
Barry-W ehmiller Company, St. 
Louis. Missouri. 


Industrial and Commercial 
Finance Corporation has pro- 
.vided £150.000 of development 
' capital to Northern Heat Treat- 
ments— £100,000 as an 11 year 
loan, with a “ holiday ” on repay- 
ments for the first three years, 
and £50.000 as subscription for 
convertible Preference shares. 

Northern Heat is using the 


Braby Leslie, the mechanical 
and civil engineering group, has 
bought H. W. EdghOl Equipment, 
a wholly-owned subsidiary of 
Richard Threlfall (Holdings), for 
£260.000 in cash plus a further 
payment to follow which Is not 
to exceed £60,000. 

Edghill, which designs and 
manufactures self-propelled and 
towable passenger and mainten- 
ance steps for aircraft, had net 
tangible assets valued at £320,000 
on January 31, 1978. For the year 
ended March 31. 1977, pre-tax 
profits for the company amounted 


Fordham Plastics has been 
formed to co-ordinate 'the opera- 
tions of Fordham Pressings and 
Bartol Cisterns, which now 
become subsidiaries of Fordham 
Plastics.' The new company will 
also become the marketing, sales 
and distribution vehicle with 
manufacturing continuing at 
Fordham Pressings in Wolver- 
hampton and Bartol Cisterns at 
Addingham, Ukley. 

. Fordham manufactures plastic 
WC flushing cisterns and plast 
sanitaryware including baths, 
panels, basins, vanity bars and 
shower trays. 


Dalgety UX has sold the capital 

of Kew House Retail to its ^pre- 

sent managing director, Mr 
Craig for some £ 300 , 000 . 

Kew House Retail, which was 
acquired as part of the CrosSeids 
and CMthrop Group in 1974. is 
being disposed of as it " no longer 
fits in with Dalgety’s long-twm 

Property Inv gets llOp offer 

The bid for Property Investment 
and Finance, which came yester- 
day from the private Castlemere 
properties group in which Im- 
perial Life of Canada has a large 
minority interest, is pitched at 

llOp per share, 3p above yester- 

-■ / f closing price but 20p below 
the stated uet assets per share 
at half time. 

The bid has been agreed with 
the P1F Board which intends to 
recommend the offer. It is sub- 
ject to Imperial Life gaining the 
necessary consents from the 
Canadian and British authorities. 

- Castlemer e ha s guaranteed that 
^holders of PIP’S convertible un- 
secured loan stock will have the 

- right either to convert their hold- 
ings into PTF shares or to demand 
repayment at par. 

Castlemere. which now owns 

910.000 shares, having acquired 

100.000 in the market at 103fp 
in addition to the 810.000 bought 
from British Land. Intends to con- 
tinue and develop the business of 
PIF in its present form and under 
the existing management. 

of which represent 02.37 per cent 
of that class. ■ 

The cash offers for the Ordinary 
and Preference shares will remain 
open for acceptance until further 
notice; the share alternative 
under the Ordinary has dosed. 


Negrettl and Zambia has agreed 
to acquire 75 per cent- of the 
capital of Sepkarn, a manufacturer 
of instrument and control panels 
and electrical switchgear. The 
purchase consideration is £60,000. 
to be satisfied by 74,073 ordinary 
shares in Negxetti. ■ 

As at October 3L 1977, Sepkarn 
had net tangible assets of £164315 
and made pre-tax profits of 
£58,447 for sixteen months ended 
October 31. 1977. 

Under the terras of the agree- 
ment Negrettl will acquire the 
balance of the capital of Sepkarn 
on September 30, 1979, at a price 
earnings ratio of 10 based upon 
the trading profits of Sepkarn for 
the 12 months ending September 
30, 1979. The consideration will 
be either in Negrettl Ordinary 
shares, or cash, or a mixture, at 
the option of Ncgretti 


The offers made on behalf of 
Ever Ready Holdings to acquire 
the Ordinary and Preference 
capital of Ever Ready (Ireland) 
not already owned have been 
declared unconditional 
Acceptances have been received 
In respect of 258,569 Ordinary 
which, with the 185,573 owned 
before the offer, represent 92J52 
per cent, of the Ordinary capital; 
and in respect of 12,275 Preference 


George ML Willey’s losses for 
the year to December were lower 
t han for 1976 but the difference 
was accounted for by increased 
employment subsidies and re- 
duced costs attributable to the 
move to the Scottish factory. Pre- 
tax losses were £459.000 compared 
with £553,000 but these included 
£168.000 of subsidies against 
£36.000 previously. Cost sattribut- 
able to the move amounted to 
£128.000 last year against £267.000 
in 1976. 

Nonetheless, Whiley’s chairman. 
Mr. J. G. Adams, says in his 
statement accompanying the offi- 
cial offer documents from Asso- 
ciated Paper Industries, that the 
Board “expects that Whfley will 
start operating at a profit in the 
course of 1978." One of the con- 
ditions, however. Is the com- 
pletion of a further property sale 
for £400,000. 

Productivity and quality bad 
now begun to return to normal 
after the move of the plant to 
Livingston in Scotland, the delay 
of which had been a major cause 
of the company’s problems. The 
aggregate losses over the last 
three years of £L2m., together 
with the capital costs of the Liv- 
ingstone move of £1.4m., "have 
placed a considerable strain on 
the finances,” Mr. Adams says, 
but this has now partially been 
offset by the sales of properties 
for £fra. and by the increase in 
the government loan from 
£700.000 to £lm. 

The Board of Whiley is recom- 
mend in gthe merger with API as 
the best long-term solution to 
the company’s problems, particu- 
larly as Whiley shareholders will 
obtain 21 per cent, of API's ex- 
panded equity initially. The 
directors will be accepting the 
offer on behalf of the 9.7 per 
cent of WhiJe/s shares which 
they control. Throgmorton Street 
Nominees, with 10.8 per cent of 
the equity. Is also -accepting the 

has acquired the capital of 
Techmsch Bureau ML Weijertnan 
BV of -Nasnlen, HoVaod, winch 
is a distributor of motor pants, 
accessories and allied products. 
The assets being acquired ore 
valued at some £600.000. 

Weijennan will operate as a 
subsidiary of Godfrey Holmes and 
extends that company’s activities 
into Holland and the other 
Benelux countries. 


Acceptances of the offer by 
TMG Group for Hammond Hold- 
ings have been received in respect 
of 4869,440 Ordinary shares (50.6 
per cent). The Ordinary offer is 
now unconditional as to accept- 
ances and win remain open, 
though the option to elect for the 
cash alternative has ceased. 


A bargain has been . made 
between Thomson Caravans, a 
subsidiary of Thomson T-Lfnc 
Caravans, and Mortonhall Park, 
of Edinburgh for the sale to the 
latter of the caravan park deve- 
lopment near Elie, Fife owned by 
Thomson Caravans for £217,000 
cash, payable by March 3L 


Williams and Sons (Holdings) 
has disposed of its Interest m. an 
associated company in Isando. 
South Africa, for the sum ‘.of 
R2 00,000. The cost of the invest- 
ment in the accounts is £434)19. 

The company will still retain 
its 100 per cent, interest in the 
holding company in South 
Africa. William Williams and 
Sons (Holdings) (S-A.). 


Smiths Industries on behalf of 
It 5 subsidiary Godfrey Hoimes, 


Rothschild Investment Trust — 
Andrew Weir has increased bene- 
ficial interest in 3.5 per cent cum 
Preference to 60,000 shares. 

Scotcros— Edinburgh Investment 
Trust holds 500,000 shares (9-5285 
per- cent). 

Crescent Japan Investment 
Trust— Commercial Union Assur- 
ance acquired on March 3 further 
175,000 shares making total 
interest 18.08 per cent 

Barget— Greenbrook Securities 
through its subsidiary — Bunting 
Estates — has sold 85,000 shares 
and now holds 157,000. 

MeKechnle Brothers — Pruden- 
tial Assurance now holds less than 
5 per cent of the shares. 


T mining news 


Difficult markets 
back Amcoal 


AMCOAL of the Anglo American 
Corporation hi South Africa has 
ruled opt- the probability of a 
strong growth in earnings this 
year, but with huge reserves at 
its disposal is poised for expansion 
In the future. 

In his annual statement, re- 
leased to-day, Mr. W G. Boustred, 
the chairman, says. "F or the year 
1978 it is expected that the operat- 
ing profits win be similar to that 
earned in 1977. 

‘‘In the longer term I believe 
that our export trade will grow 
and tint there are good prospects 
for increasing our sales particu- 
larly of power station coaL 
Equally I am confident that the 
domestic market will recover.” 

Last year Amcoal found that 
steam coal export markets were 
firm but t ha t metallurgical coal 
sales tailed off in the second half, 
while the domestic market for 
bitum inous coal was sluggish 
from August onwards. 

But net profits still climbed to 
RSOm. (£29.7m.) from R3L6nu in 
1976 with dividends up by 50 per 
cent. .-to 60 cents. ^ 

For the immediate future 
Amcoal sees a steam coal market 
of underlying firmness but ex- 
pects its income from metallurgi- 
cal coal ex por ts to be lower than 
in 1977, owing to the continued 
depression of the international 
steel industry. Domestic South 
African consumption is also ex- 
pected to be lower. 

In the face of these market 
factors Am coal’s results this year 
will depend to a large extent on 
its ability to hold down costs. In 
this respect the worst may be 
over. The increase in working 
costs was 382 per cent in 1975, 
23.1 per cent in 1976 and 19.6'per 
cent, last year. 

“The group’s forecasts for 1978 
indicate .that average unit work- 
ing costs' will rise by H per cent, 
which if achieved will represent 
considerable progress in cootaui- 
ing these unacceptable high rates 
of inflation,” says Mr. BoustrerL 

For the first time Amcoal has 
disclosed the extent of its. coal 
reserves. The group is in a posi- 
tion to exploit 4.1bn. tons and has 
access to a further 2.3bn. owned 
by Anglo American and its sub- 
sidiaries. Amcoal has a 20 per 
cent interest 1 in Anglo’s prospect- 
ing programme and tins could 
swell tin reserves by a farther 
3b n. tons in Transvaal. 

Amcoal is thus strongly placed 
to exp loit an expansion in the in- 
dustry. If the quantity can be 
landled South Africa could em- 
bark on a programme to donble 
its exports to 40m. tons a year by 
1985. Amcoal shares yesterday 
were 465p. 

put statistics from the Mala ys ia the expansion of existing * *! » » ■ 
Mhrfng Corporation reveal. - But and by gr a n t ing an. allowance for 
after 10 months of the financial foreign processing costs of -ores 
year. Berjuntart output of- 4,174 origiiat i a g - m the provSneetJ 
tonnes is runnmg well ahead of & *«**-««, 

last year when the figure was 
3,514 tonnes. 

This is against the general 
trend towards lower production 
in the Malaysian industry. The 
latest output figures for the MHC 
mines are compared in . the 






tWiV 1 ,! tPPlFf tORDBS 
lift IIS 

Ayer Hitam ...... 
















Kojlg KtZQPAt — ■ 

• a 



Lower Pw»fc 








Slhn Khtta CfttW- 




Sthn. Malayan _ 

• IM 



Sanaa! Broi 




TOagkah Hrtxr. — 




Trocoh Mines — 




Cominco assets 
in Australia , 

has finally moved to rationalise 
its Australian operations one 
group, nans .were amamaced 

yesterday for the two n 

listed companies, Aberfoyte^jnd 


Production of tin concentrates 

at Berjuntal fell in February from 
the January level, the latest out 

Abmlnco (formerly Ctayriaad 
Tin) to merge, writes- Ames 
Forth from Sydney. 

It is the third and fixud step 
in the reconstruction programme 
of the Cominco interests, The 
m first involved the merges of 

Canadian mines 

cnn lr mQ : nr Later that year Abuunco 

SlcJK major acquired the operating and ser- 

. vice company Interests of Abar- 

tax reforms ££S*£“ ch b ' camo * h * boWto * 

THE CANADIAN mining industry The current proposal is for 
has renewed its campaign for Aberfoyle to offer two of its 
substantial tax reforms, reports shares for every seven Abtninco 
John Soganlch from Tomato, and to acquire the remaining 
Changes were essential to secure Australian assets of Cominco. 
growth, Mr. John Bonos, the Cominco currently owns 55 per 
chief executive officer of the cent of Aberfoyle. When the re- 
Mizting Association or Ca nad a, construction goes through the 
told an Ontario audience. Australian public will end up 

“We have been the unwilling with 55 per cent. and. Cominco 
but largely helpless victims of a will hold 45 per cent. 
Jurisdietional dispute b^eenthe ^ directors dam that the 
federal and provincial govern- K-n-gte will be a stronger and 

larger Aberfoyle 

revenue, Mr ■ better able to finance develop- 

It is a kind of zero game m including the due River 

S-w S SSSlea lead-zinc deposit which wDl re- 

larger share of the pm, regardless quire substantial fundinjr if it 
of the diminishing share of tbai :L^ ahead. n n 

pie and the frequently crippling 
burden imposed on those who 
produce It,” he added. ROIFNTI-TTP 

Air. Bonus wanted specifically: Ur 

• A uniform definition of taxable Globe Phoenix Gold Ubing 

mining income with combined is to proceed with its offer for 
federal and provincial tax rates that portion of Phoenix prince 
not exceeding 45 per cen t, net of Gold Mining's share capital it does 
resource allowance; not already own. its present 

• The elimination of graduated bolding is 33.7 per cent. The 
tax rates in the provinces with terms are one Globe share, for 
their replacement, as an interim every 16 Phoenix shares. The 
measure, by a flat rate so that offer is conditional on a Stock 
the combined federal-provincial Exchange listing for the new 
tax rate does not exceed 50 per shares to be issued. 

cent-: • 

• Full interest rate .deduction for * * * 

mining tax purposes in the pro- a fluorspar mining and process* 
vinces; again as an interim big operation at Hopron, near 
measure; Wlrksworth in Derbyshire, 

• A review of provincial mining being re-opened by Dresser 

tax legislation with a view to Minerals International, a sub- 
establishing a more uniform tax sidiary of Dresser Industries of 
base. Dallas. The company la investing 

This week, as it happens, £4m. in the purchase and develop- 
Ontario has given a helping hand merit of the facilities and expects 
to the mines by allowing tax to build np to a production of 
exemptions for new mines and 125,000 tons a year. 

T. Witter 
off to 
good start 

THE CURRENT year at floor and 
wall-cevering manufacturers, 
Thomas Witter and Co. has begun 
well /and Mr. H. Bowser, chairman, 
says that prospects are encourag- 
ing. Inquiries and the level of 
order books provide good grounds 
for confidence that the year will 
produce a significant increase in 
profits 'over the £0B8m. against 
£U2m. reported for the year to 
November 30. 1977. ’ 

On last year’s results, reported 
February 16, he explains that 
there was a loss of -production 
through labour problems. In addi- 
tion returns from subsidiaries in 
Australia, Ireland and South 
Africa were unfavourable. Action 
has been, and continues to be, 
taken to do all possible to. elimi- 
nate future losses. The directors 
look forward to much better re- 
sults from these sources. 

A geographical analysis of sales 
£23.79m. (121.22m.) , In percen- 
tages shows; UJC 56.93 (513 .15) ; 
Europe 15.05 (14.77); Australia 
437 (7.13); America 10.18 (931); 
Asia 233. (338); Africa 1034 

A Statement of Source and 
Application of Funds discloses a 
£460,000 increase (£23,000 de- 
crease) in cash and bank balances 
and a £193,000 increase' (£40,000 
decrease) in bank o ve r dr a fts. 

Balamundi World Corporation 
of the UB. holds 193 per cent, of 
tbe company and Mizrtex, Geneva, 
25 per cent 

Meeting, WitbueH, on March 31, 
at noon. 

Mr. Alan Stocks, founder and 
managing director of fbe airline, 
said yesterday that IAS opera- 
tions were continuing to expand, 
and that during the coming year 
the airline might buy a fifth DC-8 
freighter, while It was also 
interested in tendering for two 
of the Belfast heavy freighters 
now offered for sale by the RAF. 

Mr. Stocks said that one of 
his major concerns for the 
future was the increased volume 
of new cargo charter capacity 
coming onto the U-K. market, as 
new airlines entered the 
business. He estimated that up 
to 11 new all -cargo jets would 
come onto the U.K. register in 
the next 12 months. 

For the longer-term future 
Mr. Stocks said that there was 
no prospect of IAS “going pub- 
lic.’ He said the company has 
had this matter under review for 
some time, hut had concluded 
that the present moment was not 
ripe for such a development. 

strength in the field of exhibition 
and conference furniture hire, and 
to help towards this the directors 
actively investigating suitable pro- 
perties in the London ares to 
house its subsidiary, Camden 
Furniture Hire. 

The directors are continuing the 
restoration programme of this 
company’s considerable stock and 
they believe strongly that with 
careful handling there is continu- 
ing growth available to the 
company from its furniture hire 

Park Place 
first half 

First half 
expansion by 


Interest rates easier 

Bank of England Minfrninn 
Lending Rate 6f per cent 
(since January 6, 1978) 

The movement of funds around 
the banking system, as banks 
sought to maintain a normal level 
of Reserve Assets created some 
problems for the discount houses 
yesterday, but conditions were 
not as bad as may have been 
feared. Treasury 11) per cent. 
1979 qualified as a Reserve Asset 
from yesterday, and this led to 
fairly heavy calling of funds by 
the banks, but the factors 
Influencing the market were 
expected to leave a slight surplus 
on tbe day, and this helped to 

keep interest rates at a steady 

Money turned out to be in 
slightly short supply overall, how- 
ever, and the authorities gave a 
small .amount of assistance by 
buying Treasury bills from tbe 
discount houses. 

This may not have been enough 
to take out the full shortage, 
however, and houses paid 55-6 per 
cent for closing balances. 

Fixed period interest rates 
were a little easier, reflecting a 
general improvement of senti- 
ment. Discount houses boring 
rates for three-month Treasury 
Mils were 5& per cent, slightly 

below tiie trigger point for a rise 
in Bank of England Minimum 
Lending Rate, while the three- 
month sterling certificate yield 
has eased to 6j-6g per cent from 
TArfifi per cent at the beginning 
of the week. 

- Banks brought forward run- 
down balances yesterday, and the 
market was also faced with a 
fairly large take-up of Treasury 
bills to finance, and settlement of 
gilt-edged sales. On the other 
hand Government disbursements 
exceeded . revenue payments to 
the Exchequer, and there was a 
slight fall in the note circulation. 

Rates in the table below are' 
nominal la some cases. 

Mar. 8 


of deposit* 


Local 1 

jLocal Auth. 














rina Trade 
Bills # 

Overnight > 








2 day* notfoeJ 
7 <l»y»or “ 





6 la-6 | 


7 days ndtioe_i 

i — 





6VB 1 



— • 

One month | 









Two month*. J 






84 -sa 

Three nwnthaJ 


6Sfl-67 a 


6* -62* 

6 tb- 7. 

7l a 




JjJt months.... 

7l4-7I 8 

714-71® ! 



7^.73, . 




Nine month*.. 


75B-71B | 


75* 71* i 







One yew 

778 -BIb j 


. fr7ta 







Two year* 



1 — 






Local authorities and Hnance Houses seven dura* notice, elbera seven days teed- Long-tens local authority nrortssse race 
nominally ibtw years lOl-UH per cent: four Kan I0J oer cent.; five years 104-11 per ct.nL + Bank bill rates tn table are 
bnjW! rales for prime paper. Burins rates m nur-tt)6aih bonk bills par CbaLJ Iwr-mpath trade Mis 7* pa cent. 

Approximate set linn rates lor une-montn Treasury bills S^ik-yVi per cent.: two-month a} per cent.: and ttirce-montn 
5?>53 ter cent. Approximate selling rate for one-month bank bilks 6 per cenL: hronwotb U-GSk per cent.: and three-monin 
675s per cent. One-month trade bills V. per cemj: two-tnonlh ti per cent,; and also tbroe-month H per cent. 

Finance Home Base Rales 'published by Finance Houses Aamdatiopi 7 per cent, front Mardi t. 1SW. Clearta* BAnk 
Dcpssft Ratos (for small gush n seven days' notice): 7 . per cent Quotas Bask Boss Rams for lending « per cent. Treasury 
sms; Average tender rates of discount issa) per cent. . 

IAS Cargo 
forecasts £0.7m. 

IAS Cargo Airttnea, one’ of the 
U-K.’s biggest all-cargo airline 
operators expects to earn A profit 
of about £700.000 .on a turnover 
of £27m. in the year to the end 
of March this year, compared with 
a profit of £510.000 on a turn- 
over of £23m. in the Previous 


) lnc- (■+■) nr 
liar. 8 i Dee. 1—1 
19TB - for aeefc 




PaOUe Pepn&Jf .... 
Special Deposits.. 


Reserves A Other) 



A other Sees.. 




+ M6RSI8 



+ 82,680,001 

- 65^38,814 

- 12.459 

- 4,889.901 

+ 25.751 

2, 25 1, 340 JIG 

+ 4,466.578 

+ £981306 


Arising principally from greater 
activity in its furniture hire 
division, Medminster expanded 
taxable profits from £54,733 to 
£78,445 for. the six months to 
December 31, 1977. For the whole 
of the previous year, a record 
surplus of £121,000 was recorded. 

Although turnover particularly 
fn the film and theatre depart- 
ments continues to increase, first- 
half group sales plunged from 
£439m. to £2.04m_ attributable 
entirely to Cube Shipping and 
'Warehousing Company, a sub- 
sidiary, whose profits from 
shipping and forwarding suffered 

Tax for the half-year took 
£45,500 (£33,000) leaving group 
net profit up from £21,733 to 
£32345. Tbe interim dividend is 
Q.9p net, compared- with 03p last 
time paid In two equal parts 
which absorbs £18,000 (£16,000) — 
last year’s final was l.OOSSp. 

Mr. John Delaney, the chairman, 
states that during the period the 
group’s depot at Felixstowe, one 
of Its most efficient oorts. suffered 
through -the strikes on the 
American eastern seaboard, and 
Liverpool Docks were not without 
their problems. Additionally, 
Cube moved its head office, which 
involved . certain non-recurring 
additional expenses, but, in spite 
of these difficulties, better profits 
from Cube are anticipated during 
tbe second half. 

He reports that the group is 
planning to exploit further its 


For the six months to December 
31, 1977 Park Place Investments 
reports an upsurge m pre-tax 
profits from £39300 to £146,000. 

Describing the results as 
extremely encouraging the 
directors say they reflect the con- 
tinuing progress anticipated in the 
1977 chairman's statement 
While the disparity between the 
two half years is unlikely to be as 
pronounced as last year, the fuD 
year’s profits should show a con- 
siderable advance on last year's 

_ The net interim dividend is 
lifted from 035p to 03p, on ears-: 
ings par lOp share of 1.8p (0.6p). 
Last year’s total dividend was Ip 
The directors state that the 
court action brought by the 
company and referred to in the 
1977 report and accounts, was 
unsuccessful. The approximate 
costs of £35.000 will fall to be 
treated as an extraordinary Item 
during the current year. 

six noDth* 
£CO0 £090 

Turnover rks $u 

Interest 38 48 

Pretax profit 148 34 

Tax — 5S 

Minorities — 

AraflaWe 87 gg 



Pre-tax profits down from 
£4.74m. to £L93m. for the year 
to December 23, 1977 are reported 
by Bradbury Wilkinson and Co, 
a private security printing con- 
cern which is a subsidiary of 
International Banknote Corpora- 
tion of tiie U.S. 

Turnover rose from £l9.08m. to 
£19B2m. After tax of £L03m. 
(£2. 49 ql) earnings are shown at 
£2.03 (£512) per £1 share. Divi- 
dends take £17,500 (£lA3m.) and 
£0B9m. (£0.72m.) is retained. 


UQlLmin , £ 

Xctea iMuri ..'... 7^M.ooagm;+ 
laClrrotatton.|7.rT8£aL717 L * 2ME9.»I 
In hanVjj Dept Zl,49SjKj5j— 4,889,i»l 

A.SSffTS ; - i 

OWL TO**...-. ! 11,016.1001 - 

OtU«GOTX.8«v.j6.fi32i38.4ra+ <fc.198.tt3 
GUrt* Securities. a&6,4GS.4Z7h U,19fij£S 

Hapoalim International N.Y 

$30,000,000 Guaranteed Moating Rate Notes 1982 

In accordance with, the Provisions of the above Notes, 
Bankers Ihist Company as Principal Paying Agent there- 
for has established the rate of interest on such Notes far 
the semi-annual period ending Sth September 1978, aa S 1 ^ 
(eight and one sixteenth per cent) pear armmn . 

Subject to the deposit of funds with the Principal Paying 
Agent interest due on such date will be payable on sur- 
render of Coupon No. 2 dated 8th September 1978. 


Prtadpcl Paying Agent 





. M-am rfartagers of ribbon, labels, tgimmlngs, 
embroidery add lampshades 

Year ended 24th November 

Group turnover 
Profit before tax 
Earnings p«r share 
Dividend per share 








2 . 

Mr. John F.Sebire, Chairman, reports; 

* Record group sales — and Export Year tax 
exceeded • ■ 

* Profits exceed flnou for first time 

* Restrictions on cheap Imports warrant furl . 
optimism “in spite of slow start to 1978 

* New production unit will increase output ; 
improve efficiency - 

Copies oj the Report and Accounts may be obtained fron 
The Secretaru, Berisfords Ltd, P.O. Bo* 2 
QomgUrtont OiM h iic Cffl2 1EF 



Notice is hereby given of the 
appointment of Uoyds Bank Limited as 

All documoitsforregistrationand 
correspondence should in future be sent co:- 

Lloyds Bank Limited, 
Registrar s Department, 

Worthing, West Sussex BNI2 6DA. 
. Telephone: Worthing 502541 
(SID Code 0903). 


. Secretary. 


will be 

13 miles East of 





Continuing rtt * policy of expansion to- the main Interaatbh 
centres of finance and commerce, BANQUE NATIQNALE C 
PARIS bis decided to open a. branch in DUSSELDORF. which ,yri 
come under the main branch in FRANKFURT. • 

The opening' of this branch, operational since 1st March If?) 
strengthens BNP’s network in Federal Germany. This was ufit 
how made up of two main branches In FRANKFURT/ MAIN an 
SAARBRUCKEN, the latter comprising brandies m 5AARLQUJ 
and HOM8URG (Saar). 

.DUSSELDORF b one of the most important towns in the Nort 
Rhine- Westphalia Land, and n a pole of attraction for - many * 
the- towns in the Rhine and the Ruhr areas. 

It is also an important centre of international commerce 10 
particubriy Franco-German trade. This is due to the presence 4 
a large number of French companies and foreign companies’ sub 
sidiaries (45% of ail the French companies In Federal German 
are in this region). . . 

the DUSSELDORF branch mil undertake ail banking operations 
in accordance with the laws and regulations in force, and -wfl 
give Its assistance in particular: 

— « the French companies in the North Rhine-Westphalla Land 

—to the German companies of this region which have set Vf 
branches In France or in countries where BNP operates, 

—to the multinational companies with a branch or a subsidiary b* 
‘ Its area. 

The BNP's DUSSELDORF branch, managed by Mr. Michael von 
AUFSCHNAITER and his assistant Mr. Jack METAYER, is at th* 
following address: 

34-36, Berliner Allee 
Telephone : (211) 84 651 
Telex : 085-84772 

anciai :Tnn$s;- tfriitay Marcs. 10 1978 



rise loses momentum 




NEW YORK, March 9. 

j' " nnWeat5ffed badc S- 58 to 24&3S SWITZER LAND-^Foreign sell- and 3 points jnore respectively, 

i. ei- Ehk ■j n J a w 5te P' C °i? P v!? , «F i «. “ ■*,!, ??*? Utilities Lfla to 162-32, but ln& contributed to. renewed wide- _>flLAN — The overall picture 

tflis morning, aided by the £ "^^oolworai. up i at 3l6j, *et 2 ls and Minerals moved ahead spread weakness yesterday, follow- was mised. although manv Indus 
s improvement ag ains t sald that ~ — *- * — *— “ 1 J — * - — - ■ — — • ■ 

UMt , ?‘ l }° 80°-4 and JPaperg put on 0.44 ing Wednesday's slight rally. trial and.-FInaoclal leaders regis 

r currencies in: Europe, but Union Bans retreated 40 to lered motel gai ns. 

. 1 lock market later lost some to^S? Rocka ? e ? ,ose ** PARIS— Shares fell sharply m Sw.FrsJ.050. Brown Boveri 45 to Olivetti Privileged rose 10.5 to 

momentum mkvMo^ * 0 5£L. ' , '* ^ ^ C - Uvc ^ILss.ra-JeaK of .a. Left- SwJFxs. 1,535! and George Fischer U484.. F*t o to L1.87Q. and 

over rhhL i ■^HIf IOr C ° n " 3<J I ? 1 ed ‘ S1 !at *** 00 *' ,n * Victory m the general elec- 25 ter Sw.Frs.64D. Bastegi 8 to 1*09. but SnJa 

°1* * Inflation and Matowluta, Electric..^ of Japan, tions and also affected by the Domestic . aind Foreign Bonds Vlscosa receded lO to UlO. 

opments m the coal strike an acquisition proposal weakness of the French franc. tended easier. The 3 } per cent BONG KONG— Market tended 

- on - . “ £?*■*« its AU sectors retreated, with new Brunswick Loan, issued at sll^btly. easier in fairly quiet 

r , s Dow Jonas imfuifrlai i °r a Phtlsbas, Schneider, BSN. Carre- par, traded for the .first time and tra *f ine - _ . . . _ 

ft t k ., **"“ industiial' snare, moved up 1} to $3o. ■ . four Peugeot Pe frnles Rp -inrf eased to 98 dot cent. -»fter nnenine Hong Kong Land shed o cen's 

further to AMERICAN SE Market Value Roussel rfT well dowm ' ‘ ^ at 98J. 8 to SHKD.65, Hutchteon Whampoa 

:v Jo* to joO.OO tor a Index improved - 0-46 ■ more:- to The 4.5 ner cent 1973 . Govern- Germany „. r , D 2.3 cents to SHK3.62o. and Swire 

rYSE , Ai?cvSnf ay, ‘w i iwey * r ' ‘ Volun,e ’ ‘ ’*■**». shares ment Bon dunked to the Kaoblenn «.in« **»«> ****** Pacific? cents to SHK5.50, but 

_ A!1 Common Index was- 2fl8ra.)„ 

Uonston Oil and Minerals, the onusatULS — snare prt« 

gains held mTS 

it plans to ..acquire 9*1 to 800.4 and Papers Put oa 0.44 ing Wednesday's slight rally. 

•iU-> ... 



shares mcntBond^lmkedto the Napoleon gains were eroded fay substantial S?i‘ c tW^Baak and^bnitai 

“ ' ss ■SLaswr-oa ssjssjkwmss 

BRUSSELS — Share prices con- and position-covering, leaving Ro^wharf W rose 10 

h . 4 tn sis ^**2 ***** Dats Terminal Systems, on turciranna, uaoecq, xvssen- »a««ve. — iricTDim c+ro.i. 

With volum? mSSJ *«P5f Wgher earnings, orse J dvrloo. $(. Roefa and- Arhed .Mannesmun -were still DM2.30 i inuedT^Sp^e wit h Snincs' 

*har » U ^aSS m g££ t. Ml xn active uading,., .. f' n Ji_/«>und. - but BU higher and Cutehoflhunfiahuettc Sic* fffi 

on Flectrafina,' Clabecq, Tvssen- balance. 

the market just a little firmer on 

SHK 14.40- 

cents, to 

li.-l ! ' 




Slocks Closing bo 

traded ' pnee 
Copper SUI^M S44 
'<'xi . ! Pood Srsrtna S 8 VS 00 :\»’- 
■■ TeL a TeL 2W.300 m 
- -e« 4 - 

'• ’ nl Brands 2 M . 

:an Airlines 1SS.4W B* 
Roebuck 134300 ' 24* 
enr Power ... 133.800 . m 

Oaa 135.609 34} 


and . Andre .DM1.50 up. but leading shares mffaEbricM.- 
. were otherwise little changed on 

Asfurlenne, UCB 

' P pm o »t w ere, all Jqwee.. - - were ouiennse iitue cnanged on RHP’ gained 4 rente more ro 
AMSTERDAM — Market again day Thyssen were DM020 S a 3 . 44 , 5b Qe Associated Concrete 
failed to establish a clear trend, harder despite announcing lower put on 5 cen ts to $Ai 50 Reckltt 
, with some stocks , profitina from annual profits ; and r^itHan 7 cents to SA2.B2 and 

day r* n *An - - ?• ^^y.dpHar and Wall Street's .Public Authority Bonds ended iSSto “ 

— L^nafla reacts • overnight recovery but a fair with afirm bias, recording gains paneonttaeotal rose 20 cents to 

Stocks on Canadian Markets. 0u “£ r ^ ^ !fi 81 *AflS “ntiie resumption o? 

tU unsettled by the l.rise .in: Bank wei « strong led ^hes soid a nominal DHWn Uranail iu ffl talks with the 

+* Raw. were intdined to react yes- ' p F,Sj 4 f° m P rt - r n “ a .?‘° g 0 Australian Council 0 r Trade 

5fl«MM«J3Piss MW.2SS ass 

AM?:-™ ^ssa^igg^ »>e & - 




. . 7. j ■ . . . ~ . larly 

■ivel y trad ed Hardee’s Food to L356 

sms jumped Ap to SIBi on vices index on Prime Rate, in- however' 
uncing t hat - 3 t is. -holding creases, fell more tba nl36 points. Pla2.40 ' 

[PLE Bar w york- 

^XT if 



to anfi G&Ierias Preciados. 7L were moved ^bead 6 cents to SA1.22 in 
again oveix>ffered and shed li oils. 

TOKYO— rS locks 

H.Y.S.B. ALL COjgMOlt 


1 i.j 

Mar. | Mar. • Mar. • 
fl ! a ! 7 | 




fiiSM u<l Fa. *■« ‘ 

Mar. 9 I lUr. 8 > Mur. 7 

Hl*b I Lu» «*»» 

’ 1 Fall* 




tf, . 









200 - 1 ^ 



2 M 20 








. a .. 

Mar. 'Mar.. 

-i -v a i 

1977-78 pfnootomidtal'ii 


7CJai 7 
89381 89 A 0 



l l l tiflh 
199-7Sj Z0!A5; 201 j 4- 24A84 
n (16A>; 

i.ffif TBSASl Ila.67 

IH.Tfj MH.B 




i 7 fc v 

1S0.S1 ! 27iJtt 
k9/3rt8j ;<7/2 fior 

__ i-.- 4i2i 

4LS4j «J7[ 48 as! 4«A7j. 67.07 ! 48J7 

. . . - i 1 ■ - | (4/L771 1 Xt&TSi 

■1 tom.- 

iMuea tnricul. 




•V*« BIJ» 

Nrw Lows. 


1,836 . 



876 j 


615 1 

447 i 


SOI ! 

613 i 


84 ' 



34 -1 

38 ; 





I ilia. 




Mar. -I Mar. 

' -9 [ 8 

Mar. Mar. 
7 6 


H Iff 1 1 


msA 16B4K- 1B&.0 1 j 1B4J& I«h.47 il7^> [ 

in-«j M| mM i-r.-e ci^iffh! 

tee -02 ( 2 a; Uh 

Mbjw <a>/in» 

TO HQ N IQ Coun»ite ^ 1029Jj 1925 Aj IflM.lj 1015.3" 18*7.4 (IW.Q . e\jl (»vL*» 

- s 

QoM. ; 

]- I" I -• I 

I 2D7A f 218.4 ' 206.1' 2S5-5,' 
198A-1 129A mi ' SS7i 


21 */ ibSrrti) 

183.4 i2*|Oi 

W -.1 |22|4) 

<n-i» .m > 11111 * rtiiHuM mm anaiba 34 

■ -In i. iiv, vievl t 

Mar. J„ J. Fab. 94 '.j .. Fek.17- j Tear ae^lawnw-li 





l (l'i u.n-a 

- Hneb L Tji* 

6 J2Z 

fi.14- f 6.15 . [ 4.43 


Anmrrglia il) 44&A8 1 U&JB ; 4 fe.46 . 

US.VZ\te!u ) f 

IOT95 j" 

8 LC 8 ' 

Mutiom ( »i 

Beoaurk 97.46] 

l eja 
i 6 f 2 m 

, >HI 1 « 





86.84) 38.59 
87-B9i 87. B4 



88 -t^ 88 . 02 ) lTs-t .2 
_ iUlfth 
87 J2) 

1 57 7 - T V 


137. A) 


'^lnyd MnplBS -JVanoe ett) •- 50^ I 

ffl3f KflSH 
- :• i (9^> 
6 LS ! fie.4 



SO A 0 
(8 msi 



OermanvO^; . 805A I 

94 JC 
i(Z)l b> 

* .. j “f” 

- tt« 
vhu r 

4ii < ;u« .t 
Ulffh 1 1 +”* 

Stxin UQJ’ 88.02 








1 OfH/tS) 







\tAM SoUandun, 

(ll/Wfl HUM*) “ i 

ISM 4- 44 1 - firmer Ronffi 

Marl 8 . , 

liter, i ; 

■ Beh M ; 

ir- rteiit % 

: 5.5ff , r ; 

I/ .8-67 . 

■. B : 47 

417 - 


8.48 ' 1 

. 8.40- 

' 8.46 

. 10.45 - ~ ; . . 

□.lit. BuojI .yield ■ 

8S0 j 



: 7.76 .' . . V.- 1 _ 

InOKca ano baa« Sales ->aU cmar values 
802.8 i'SlAS '! 7ltC 1W Bttepi NY$B AU CamOon - Su 
Ifliuii 'ilOilfn 'SiMMarf* and Poors — lfl aaa Taranto 
TOO i a Si i Tfejo *■9-1.088. Jtba (as aarapa Hues on W 5 i 
- 1 i£Lui- t ErcJadinu bonds z «o Inmatrttla 

1 490 facia.. 49 Utilities. 40 KtBBSC* *00 

20 Trararwrt. It) 5yaney All ora 
o j \£n I MAD <ff> Balffan SE Sl/TW 1 J Cooadujien 


(4 fii * taM9 
419.93 1 4SDA1 ! 433.17:, 3fc5A4 

Cj|) 62AX. 62JjQ 

I ; ;(b/l/77)tSZ;lQ 

IS} 39052 *-39121 ! &2J£S ( 360.4V 
I . I • -W««9:PH |H) 
■ 27L91 871.18 1>71^1 - 1 M2 2b 

«Bi3|TO)i tJBi 

SE inm. mj Pans ‘Boorsc IMI 
mi Oo m me irfla at-Orc, tBS*. m> Amaftr 
dam. lndoatnaJ i97D iW> Hafl* Sen* 
Ranh 3177/94 iflfll MUafl S7I/T3. <ai Ttwyo 
New SB 4 / 1/88 «m Straits Times IK 8 
•rtOose. frfi MadrW SB m/um-kiWi 
aaa low far IOT only.. -laiJftocttnln 
Industrial i/j/SS mi 4artw> Rank Com 
ts» UnaaallaMa 


EW YORK | ofao, f 9 

'Inv. $ PreuL it S2.60 to £-85}% (851%) 
Effective rate (at 1-9270) 37J% (37|%) 


^TMai.- r»rf: 



J» U\M 

tneuffrapli ... 
i Life A Caw 


lu-R 7 uidi- 
heny IV«« 


I Stl«M«..„. 



'(■la llm.. 



* ■* 

t . 


. t'.\NUBI- i ' 

. Kir. I*in» 

. Blittni .. 
Mwdni ...i 

1 Xel. (iaa-.l 

9 taiaUiil..l 
■ l«.4 le*-| 

U HlK'KIIIff., 
ivri bciM-'li.. 
I 'C**i. 

. u-hneirt 

l)aln Fw 

i sPn»luirl»...-.i 

, ^ •*■>?! AV^ Blwl — 

Ji i '! V .t>r -n> IT.X.Y. 
J' I ■"• -- v .- roll 

- • FumI.'. — j 

Ilnur li J 


v iet LWMia'U.' 
•Ik-iii auwl ; 
STM-ler ... 1 

-* I 

(.a mule.... . 

«j£ SSt^sE 

f W J eL.\DK.. 




upiHi Mhu! 
iicLa — 
(■ell £rnii|>a. .[■ 
jnn Facllic.! 

. Lam ! 

irA Uenenu) 

- Unuiry.-.i 

Mid. W...J 

UI«Kl | 

v Airenit .. 

Hunt ut il >in , 

(ml Uk.NY.I 
br^h Pond .. 

' w dj’awuu. ' 


ler. J 

IIDK ..* 



u verting.... j 

Me : 



. lllU — | 

ibifl l‘M „..[ 
n -L'i vJA>i>! 

jstwrti tusiJ 

, - J*tn>n Kq...‘ 
Hli fulmm. 

» 'lit Oil Kf 

l tNilellile. 

tiliiva \.V 

i K'v<* ; 

i >'a(. c** 

m«*r H..« ci 1 

■eillal Ml*... 
lefila* Tele. 

.1 I'ltlr... . 

r lIMOl. — -| 



34l H 

2 ti?a 



xei B 

lb te 
20 ' a 

aqte j 
334 .( 

. 451 ! 1 
574b ' 
6b I 
asm i 

3s 1 
•19.8 ! 

R'B I 
■40 1 

3*i l 8 | 
24T 8 . 
264 [ 

1/ij f 

k: 6 T 8 



. 1 

28 If i 

6 -a 
201 s 
2 oAs~ 
211 ; 
86 V „ 
a4J *- 1 
' 22 * [ 
o 68 a' 1 
10 »e I 
354- | 
53« I 
804 4 
lg*B • 
MSi j 


86 1 

137s 1 

15? a 





3 4 

e 2 i a 




£63 4 

117 8 

lbT 4 



s 6 U 

15i B 



453 4 

I 64 

11I S 





33la , 



10 * - 

* 4 . 
J»S 8 | 

14 | 

274 . 

. mi « 

194 1 
331# ; 
d6Sb , 
394 1 
*•»*« 1 
lb 1 !! : 
42 I 

. 6ft5 v 
33T 8 






197 B 


46 . 

23 - 
317 8 

1 '44 

. 604.. V 



; l 2 Sft 


i 7S * 



94 4 


. 9 
«47 8 







■ 34 
■214 - 
' 184 





■ 104' 







82 >9 





















lo r 3 




2.4 > 






413ft . 


Warning UIM — ;..461r 
aPClnfnttoOTJ 447# 
Crane 1 SfiEft. 

reSaferNat— .«.] t 6 4 
L'rownZeilertach) ~80lg 
UnuuniaoLuffine 34 

-Cnrt' 1 Vrp[ljL_^_J.. 18J 4 

Oidii. 204' : j 

DartInrtufltrio»„ 355 + ' 
He a*».. — r—A-l k® 1 ! L 
Oe(»ont*-;S MS., 
Ueiujna.^^. - 64 


26 H 
26 1 # 

■ 186ft 


. , . , 84 

UftdUnh-.lotftr... 1666. 1 165# 
Oeiratt Edison..'/ lt>4 ' IMl 
OtanMnddlmiufcr MfiSft ruse# 
Dictaphone . 126a ■ 12 


Dover Corpft"--! "404- ! ,404 
IWOhenuort^.: *37 «.-*k31ft 

d«wl..'..v.,..-...: ;B 6 a« 

Unawr*..'.-,, ' 374T a 64 

JUii. ftmt. IOW+T 1004 

tiyafaJnduatrla.i -JOn# • 13 ■ 
lihgla P«W— ..4 tl74 ( 167# 
-Hut Aimnes-.—r ?. 6 S* J 65* 
Eutwan Kod«a..f Ak4 *1 42fia 
— _1 3am I;. 351# . 

B.O. 194J7 -lUfiftt 

81 14raJra4G«i| :«W# j- 18T 1 - 

Bln» 274 *7(# 

Biuenmn gleeWt?' 30- 1 294 

EiuitiyAiDVigbi; -®64 ' *6 4 

Kmtaru. J .304 1 50 

EJ0.I u..(h • 87ft ‘ 2 7| 

KniWllwnJ™ (•..■44-.1 W 4 

BatnaHL^.. 254 "i. 2 BS# 

KUiyl 1 ft’ • 1 184 

baun»..-:..D.^..| 44 J 443ft 

PaucdaUft UuMfaf - a 6 l# l'- 2 AT# - 


Johtw Manvltle.. 
Jn hmnn Johnson 


Oart Cpra__.i 
K*4er' * ' 

Kwl. Urpl. Jrfore&j- 
ntL-HM. Uoroq 
hui Van........ 

Florida |W«r _ 



Freeuort- Mineral,' 

yrmdiaiir . 

Aqua Lodfl. 

56 J -a54 
I 1*4 
-Kfii* ; 86 
. 111a . 173# 

■ 2 M, "-ai a, 
3 l*# .3U 

3U# {' 3H« 

.81 ;, 21 ift 

i'onj Motor-. a..i .441# ) 441# 
foremast Mofc-.U to* 173# 
i- -293ft' f -294 
r'cautitu Mini — . 7ft#. ( . _73* 

19- 184 

X06& J-. 264 
» 3ft i. 938 

G.A-F. I 

Gannett....'....'..— I 
U «u. Amer. lob— 

O^.T.A - — | 

Gen. Cable. — 

Geo. liymrnlca.. 
General Foods—. 
Genecai -Mills— 
General Mnrce*. 

(fan. Pnb. CtiL... 

108 ft 






Gen. Signal..— — 244 
Kent TO. Bleak.. 29 . 
ffeu. I'j-re...^.. — 245* 

CtawKO 54 

Georgia J4dftc— 643# 
ticMy Oil....i— — 158 

Gtiieun !— y ac3a i 

UtodrkbyJ*;.^; 191* 1 

Goulds. ;. d 


at. Juu/MTai! 
Urt.Nortli Irnn...j 


Onli'5: Western... 

Gull till-..-..... 

naUbnnon ... 

Hanna Milling.... 

darniK-hJ^gt-r ....| 

Hnrrt* Corpo...— ; 454 
HcuuHJ 374 

HenbWa J. 1 264 

Qvtcifttt Pflcksrdl 63 r Mi# 

Holiday Inna. j j. £«• 

DnmwlRke.... 367ft' ! .I 5 ** 
Hrtio.v wrfl— --f 44-* . ■ 444 

124 ' 
46 far 
681 # 


2a U 
— WJ# 
157«i 154 
25V: *56, : 
244 I 245g 
8 74 

234 2 Sl a 
13ift 15 
113* 111 * 



raOIrtiw— .. 
Waiter— .. 
ly Clark_ 

Hjppen. 18*4 

s-caft 434 

Ivweer LV>... 

Lew Straus* : 

Ubbft-O tt -Fnon ... I 

Lig#en Group,— 

Lilly (Kill 

Ultnu Ipduil.'i.. 

U>ckiteeii Aln.-r'll 
Uwetitar liule— ... . 17 -a 
-Long loiaiid Ltd. Its4 ] 

Uwhian* Lafld.. 211 * j 

fT^t)ri->of -565, ! 

LucSy Siorfro. 137ft J 

L'jrtftTT’anffrt'r' O; _ 55a. . 
MftwMiltoii-^-.; 103ft 1 

ll*cy K. H 1 387ft ft 

M*r» Hanover,— • 294 ' 

Ma|«o.. — —1" 33** 

Marathon 414 

Marine MMland.r ll 3 * 
Mardwli Field.. I 214 

May' 214 

MCA — ... 553ft 

Mctieniwtt. ' 224 

MelAonneu Dow! ^4 

McOna- Hm 173* 

Xenmnc. ! 

Unset 1 


Mo*a Petroleum-; 




Mponuiiix. ; 

AiuqiAuJ. F.:.;...: 

Motorola — * 


X# |eo. Chemical- 
Narional Cau. 

Nat. DlFtillen...., 

N*L Service lod.i 
•Nauouai Steel ....] 



Neptune imp..... 

New Kaffiand Bi. 

New Bnffianrt Tel 
Nlaimi* Share — | B4 
.S’. L-ImJunu-iea ^16 - 
Sortoll .IWfBMsn! 253* 
Nurtli Nall Gas ... 1 .364 
Xthn »'uiv Fwil 26\* 
NthweM Airliner | 254 

N Unreal BWWOn 
Xonon Simon ..... 

U.T-iilenta- lilttul 

tiffilvv Mai her 

Ohio Bdluro . 

Wb^.— '.r 

I -' 9 



217*1 ‘ 

176# : ; ' 
224 l. 
404 ‘ 

is ;■>; 

155ft F 


3S4 394 

Ueyookli M«aJ». 264 264 

UayooW»R.'J 1 *64 ! 86=* 

Uich'von Merrefti.j- 223# j 22 
Boefcweli Iniar— 


284 i 
304 j 
304 I 



1 Dutch J, 1 





Hum Iorb 1 

Uyder Syetenj.../ 

Sate way tkorem.'.^ 364 

.St, Joe Minecart J. 26 
St_ (CdffH Paper... 87 

Snmrt Pn Inrit. I .s4 

Santa Fe Ind«_.. 
3au« luveii. ^ 

Saxon lad*. 

Seh 111 r UreivlDff.i 
Sdntimbeiffet ,„ ... 

SCSI — ; 

ScMt Paper 

Svuyii Slrff.— 

Si-loir* Duor Vbm| 




it 4 
13 1 

214 I 

• «-4 i 

Sea Ccmsioen...; 224 

Setffmui I 225 b 

Searje iG Jj.i 1 1 14 

Sear* Hi whack.,..! "244 

SUDCi> 304 

SheU Oil [ 

shell Uuunorr — 1 
Signal ' 

Slg node C'-Oift. 1 

Simplicity nil...; 

Singer.... 18- 

Smith Kline 515* 

Soliunn I 

Sum Mown 

SruiberaUU. (fci.i 

Southern Co- f 

Srhn. Ml He»... 
Sunchera P»--Uh .: 
SoutlurnUal I way i 


26 ’ 







86 • 











2b6* ‘ 

Hoover ........ — — t 

Hianrton NauUar 


I.C. imluHlrieo... 

ISA , 

lugenaH Kaiul — ■ 
Intend Swrt — '. ■: 
luaili-o I 

iS I 
12 . 


oh la. 1 
674 1 

054 I 

54 ' - •: 

'127# ; 


84 • 

34 ' 

8 . - 

(ulywont Enwtji - , _ 

IBM...'.— JT.! 2441*.. S45V 

hiU.FUy.flfa...... * 4 .. 2*4 

Inu. ftnwJ *64 i \a7jB 
l„t|..Uin*Che«« 1 584 1 594 
l„rt. Multilooda..! -.214 J*1 

Irtil. Dftper- — 46 1 a 6 (ft 

IPG -....T.......... 274 1 *V 4 

Inc KkUAtf. ' 97ft 10 

Ini. TO 2 TeL..-.; 874. ; *74 
Invent— ; .14 I *4 

IrataFevi. .. . :.j BO • 29^* 
iU Inrmatimal. It-U , 114 
Jim ITaitar.-—.— ( 27a* | 275* 

Gvei»e*aShlp*— f 21J#- 1 ^- 211 # 
tiwftrtflOmiinff — 1 ' 684 


u«e# lliiuoia... 
fMmdc Gwo.— . 
’ Pac. Pwr.A U- 
l*naA mll'oiW Alii 
Parker HannitUi.j 
flotbol.v fill...—. 

Penny J.C'^ 

Pt ana il 

Peoples Dm* 3 

Peoj life (-tea. J 

ttpakn,. —I 

•69i* ? 

22 V h ■;»?>. 

v. SO . 

• 2 uJb 

_ 2 U* 

-Z 1-&0 








S’®*! Han* hum..: 

SpeiTO' Hutch 1 

Sperry Ihnxt j 

Squib-.......— • 

<Huiftsm Brand hi 
S u i.Oi Itkl tiorn la . 
hULVll IndmnaL.! 

sid. Oh Ohio 1 

aieuO Cbemieat..! 
start me Droit.....; 

SttiHetaKer. — .j 

sun Co......—- —1 


Syntex ,....' 

I'ecfiuicoSor..— .] 
Tektronix — ...... 

Tfelfdyne _...l 

Teueco. — 

i'exnro Petroiemn 

Texfc-n. ..... 

’Vexuajiii'l . — 
T«cjw Inauu— .. 
Tteeiaa Oil A G« 4 
Texas t'Ulllhi 

Pime In- — ... 

Times Mirror 

Timken— ........... 




fnun L'ntan 

Tnutaway Inr mi) 
tnmii TV'iwi Air. 

TVa\eiie«s — 

Tri Uxitlwntal.J 

r.u.vr ’. ’ 

(^tbLienlurv Fna. 

CAIj.- J 

1 aw;o ; 

CKI— ,.| 

LUP \ 

Lmietyr., — , 

liuileverN V— . 

Ittfa Mtwuf 
Union Caritek-— j 
Liihtn Coranienv! 

Lnkm Oi:t‘alTi...| 
_Luiiuv Pmltii...... 1 

5- J C 




245* J 
264 ' 

164 ' 

311* : 

494 I 

244 ; 

844 , 

r41* 1 

33 ; 

*.34 I 225* 

574 ; 374 
454 I 

594 ; 

is 1 * ,| 

49 | 

ait, l 

,84 ; 

3 2 1 


297ft % 

16 : . 

94 ; 
* 4 
644 '■ 

3UB, I 
20 \ 
5S5, | 
»31* f 
424 ! 
52*0 , 

214 ‘ 
124 1 
294 i 

181ft i 

. 527b i 
k21ft j 


5(4* l 

1. 4 

65# j 









7 lift 















211 * 




21 . 

Perkin Kinwr.....i 18 | 1st* 

I*ui I *74- [. ,387ft 

PhCpaifadlfL--; 181ft I 184 
PWftKfaipiJrt hie.j- lUift J 166 b- 
PblUp Jlcertc....) 564 ; 374 
Pct*u'. , n«l 887, l 8d' 

Hiriwra -— 36l« 'l 56 4 

Pitney Bowes.— .r 18 s # „ . lblft 

WUslnn.— 1 224 , 22 la 

Pfawrt'IlbtADli; 174 ; .'1» - 

nuaralri 1 ??*■ ! 

IWomaf Slei:—.. 



PWJ luduotrira..;- .24»,- . 346, 

Pro. BrftwWiM -Ij®? 8 

PuhoervelftesCij 821, 
Pullman 254' 

Prtra* I*? 1 ® 

tiiMkcr Gala— .j 214 
Itipfri Amer»ran,.r 74 
Uartheon ..i 53 <# 

^jbite-siiiaL^j' 226,4 







5:24 I 

K&4 1 
Sr-lft. | 

sl : 











Unhota -..—I 

Uniiol brands... -j 


Col Gypsum J 

US. Sbne — 

bo. Steel ! 

IS: Teriumiwie*..,- 

l=V lnrtiislrie* 19V*. ^ 194'-) 

Yugmia Bo lt....:- 

\l'«i *ia«i — J 

lV*m er- Lam lien .. 

Wme-llan-’ni'eiii, 1 

M piht-P*nyi > 

Wfwun-n I 

IT p ae w y. Amei!* *27, 

Wesiem I'nliMi...; 1 l 4 
WrrtJnehve Ktwl 

We-taji * u.._ — . .! 

W**v haru-ei... { 


IVuur- inu. Ind... 
W||.|pm Lo. J 17 

lyimoniin Sled 1 17- 

II - I 

<4i« : 
*2'» : 

*05, 1 


















, -Mar..! Mar. 

Stock I 9 _i- 9 

^odhsOOQ^ j- I 84 ! 181* 

Wyijr j ui* -a* 

Xerox : 4 #21, ■ 42 

Zenith Sadia... 

1#4 1 



bJS.Trra**i»rtj; — : W,i 

t r S.’Erea»»l?76'7fc — 1 tail, 
L'^j.90 Day btlls-j 6-225 , 6.2 Bi 


Abitibi Paper.— 113* 1 
AgniruKaffie.— .' ■aJ*’j 
AteanAUnnioiunr «6U )• 
A>#ma sieei — ..1 j'/a* 

Adjani t >8 

BflDkca Slcmuv*, Id* 
Sank Nrwa -edtrti 191* 
Sole Knounyi. •» 

Ben laepiwue...| . 37g 1 
Sow Valiev I Hit - 1 < 4 

Urns in 

hmnxi... — ■ t3.«. 

U«*A' Power...: a65* 

LtemAo Minn- ; 

Uanstla Cemeoi .. 

Lahart* MVLann' 

Cflo ImpBnkUom' 

(JsruuU I Oil ml ... 

Can- Pa«i 
Con- Patera.- lav.. 

(ten. Super Oli.... 

Carlin# O’Keefe . 

Uwsiar Aohearca., 










1 3 -25 


lo | lc 4 
94 i 134 

Drift 101 ft 

«6 I 26 J 3 
il94 ..rlDi, 
17 17 

lo4 I It*, 
a.bu , 

87ft I 




Chieltafa ..I 

L'-cxulncu... ... 

tiftoaUatbiim • 

UxiBumer b **... • 
Uneka Kewurcer 1 
vofiuun Bleb — J 
Dent son Mloea.— J 
Dome Mines — .... 
Douie Petroleum 
nonunion Brtdnr 


Du pom.. 

Fakon’m Mead. .1 .. .».» 

r.ora llslot Can. -I 754 ! (72lft 



9 ’ 


1 3* -l tl21, 
17 ;. I6>a 



167 a 

r 1 - 



6 O 4 



QensUtr 257ft 

Utaui VeUwkBrtei 14 
Dull On Canada-. 2* 4 
Hawker Sid. On. 81* 

Hoiiih#er ..f 159 

Unme Oil 'K' »8 

Hudocu Bay Mac! . 1=4 

Hrafli^n HdP „ . ■ . 13 . . 

Hudson Oil A Gut ** 

I.A.C. J 

I Date) - ’ 

(mpenaJ Chi ! 

' xrt 1 

16 - 



101 , 















101 * 



Inland NM.bmi..| 

hw'ir'yPlialiMi — ... . 

fcteiae - lleaource*^ laS* ' . 14>* 

tiuraMml^! 1 '■ ' 7** J 
L^inii luu. -ii.' f>.6r 3,70 

Mc'miti'numeil-. I 64 16*a 

Mas«y Kefgufan 91, : L*. 
ilelntyre 23*2 834 

Miom Ldtrpi'——- 354 555 * 

•Aotaiwla lllnet_.‘ 824 
Ainven biersv.. s 15 ' ilB 

XJba/faecuoi— 274 ; 271, 

Aumorliii A (ia>| igi t igg^ 
Urtsutl PeJr'iu. 4^0.1 4J90 
PapiDcUipierM.l l^S i 1.69" 

Hu-lBcPeirnieunii :8i, ; a8i, 
Ikn. U d Pet'm.r 7i3l# ■ 531# 

ItelUhL : ( l*.l* | flae* 

ITaiptro De|4. S>! t?.Du. I fl.0 : 
Piw-wta k Oi;_| .j;3 I w.fcS 
Plaeerl4velnpmtj 21 i 1804 
PimyrUupnrai'li; lL3g ; lu»* 
•*| I- •*?..- 114 I 114 

Viietin- Murcrwn: 1 43 i 1.55 

Itflnger Oli : h.7 I 264 

Iteau 6h*vr — — 

Km AUeMu...— .. nS ' ’ 264- 
^■alMk. ui Cun.' V7i# : 28 
IfOVai Trurl,. , 165* { 17 

-rfaffiaina.....— ' 

abefi Canada. j 144 

>hen-ittU.iHuif; 4 60 * 
Sieheiikti. G'-- ; 29 4 . 

Sin]|EMii>_ .... 

tftet* oT Cnrada^; 
Sttniitek Imn.; 
rSaiacu Canaiia...! 
iiminto Duro.Hk .- 
I'rairal'an Pli*Ln! 

1‘roua Mount Oi*i «5# 









14 i. 


Umoo Gbj 

UtfLSnure Miaeti 
(Vaiktr H Irani... 
Vwi Cctisl Ira- 
(V'ealnn (fan.. 

5> J* 
)6i a 


4 4* 


141 a 








. were mostly 

etasler, with the Nlkkei-Dow Jones 
Average losing 13.15 to close at 
'5.177.47 after volume of 290m. 
shares f350m.). 

Electricals, Vehicles ■ and 

Cameras, affected by the yen’s 
strength, drifted lower, with Sony 
receding Y20 ‘to y 1.790. Nissan 
Motor Y8 to Y7B1. and Canon Y 4 
to Y443. but Toyota Motor, at 
Y900, retrieved the previous day’s 
fall of Y12. 

JOHANNESBURG — Gold shares 
declined across the board In quiet 
trading following lower Bullion 
indications. •' 

De Beers gained 5 cenLs more 
to R5.60 following Wednesday's 26 
cents advance on the results. 

Dollar firmer 



Mar. 9 

Mar. d 

S 18 SJ* 1 M in nervous 

The U.S. dollar remained firm fell S2 to 
throughout trading in the foreign trading, 
exchange market yesterday, 
closing at its best level of the 
day in terms of most major cur- 
rencies. The dollar touched 
Sw.Frs.1.8920 against the Swiss 
franc in the morning, but rose 
steadily to finish at Sw.Frs.1 .9600, 
compared with SwJrs.l.S925 on 
Wednesday. In terms of the D- 
mark the dollar touched a best 
level of DM2.0350. before closing . 
at DM2.03Q2i, compared with 
DM2.0237 J previously. The 
Japanese yen was also weaker 
against the U.S. unit, finishing 
at Y235. compared with Y234JJ0 

Central banks probably did not 
intervene in the market. The 
dollar’s trade-weighted index, as 
calculated by the Bank of Eng- CURRENCY RATES 
land, rose to 90.4 from 90.0. while 
its depreciation, on Morgan 
Guaranty figures, narrowed to 
5.18 per cent, from 5.41 per cent. 

Gate Bullion. 

IE RJW mow' 

flora. — „.„.;Slt84-ie9 
Opening—,,., js 18.* 1P84 
Unmint fi*\ i sic 7 93 
- 11X97 414- 
Aftwn'n Bt'clSUB 30 

(mini Com, ...I 
rtcmfrtUsftllj- 1 
finjcwrwd.. 41994-1944 S 1934- 1961, 

]itioo-iojj icioaiai. 

KtnvtMM-'gn- 957(2-591= S38l = -60li 

'iX30 ol .*^0 4-3li«i 
tirrt ^orVjjB S6BU-6I4 <9394-6! : 3 
;iC30(*^!Sr ; rt30>j-31-*ji 





;j i9o.oo 
; £90.166) 


■GpM Com*...) i 

(Intgmt’in - ti 

Esngcrninri..|>19 S\ 5 . 1961ft 'S193l}-19&4, 
i£l00ift.101i s .{£100-101. 
h"w5or’nni jito7i- 594 »d8i-4oi-> 

‘t£S -at i££04-ot4i 

Old dovr’gni '9591* 614 SS9 ij -tf Itn 

,i£3u4-A14i. -M 4-315*1 

F«C4- ...5291 ^300 3M&501 


Sterling’s trade-weighted index, m«uihi 

in the morning. 

The pound opened at S15S30- 
1.9340 against the dollar, and was 
fairly steady at around SI -9300 for 
most of the morning, before fati- 
ng to 81.0230-1^240 in the after- 
noon. H closed at SI .9285-102 1 o, 
a fall of 70 points on the day'. Gold 



tirawnttf i 

i European 
U&u Oa 

{ Slarvli 9 

Uhi . 1) 9 - 

Merunjt ‘ 

0.636610 ; 

l 0.647780 

l-.S. iluiiar ... ! 

1.2273k ! 

, 1.2+908 

UuKan | 

1.38024 | 

1 1 .40408 

Austria tath 



ttelffian train- j 

88.7710 ! 


Mar. 9 

■te iik. - 



Harder KflK-v 

U\V - . 
Mu-ea .1 

Itanteh Uri-ne. 
DoU-b ftulWNr 
I'nnrh Irani', 
lulten lira...-! 
Jnpanf-w yen. j 
Xan»»y krone; 
>pKla pevetE.. 1 
SwetiWh krone 1 
rtwi«« rntm-: 

2.3724 J 

106 i. 71 

New Yuri... 




Milan ; 





Vienna 1 

/.urh-li I 

p( c L^S'D- 1,9545.1. 269-1. S.'i 
i J. 1558 i. I73C a-t..6i5 
lit ».i*-;-4.)S, 4.i7*4.1b. 

1-te- (SU.Ia-aUte U.S -tD.9 
M 10,/bi 1(1.79 lu.J-a "-’I* 
5 . s.hSi-s.ra* a. 6: a. 4 
lo 7B 5 .1 .2 n .63-79.19 
B I54.S i- 1t«.N 164 49- It 4/9 
lU- l.o-b l.»l |.*46 b I.H'4 
0 IJ.i4 II' .175' 3.S4j-9.5Si 
1.24.-9-15; - 1.17j-l.lli 
». 7 : 9B , j. 7«-t.SI* 
4«fl.*5S . ftj.^54 

Z -.10 i- 19 28.T5 Je.:5 

5.i5)-*.7B j.7;-a.;« 



_• Rail's Riven are lor ranverttbli: franc. 
Financial franc Bn.rj-m.Bj. 



Mar. 9 (Frankfurt -We w Yurk PaHm • Bruaaela London Amn’il'm i Zurich 

! .\r*e» Italea 

Arffnntlua. 1542 IU4 , \ntral:n>.;l50a-1l«l 
AintniM.. I.aft! I./ fiMimm... .' «/b- 2 ft* 

• - — ■ — 1 — — — *i fta-E'i 45 .Uoiiputn .. I c>u,bU 

Frankfurt ..; - : 2O30&20 41.SS4200 6.41-42 . 3.906-910 ; , 1C4.S&45 FintenJ _. 4.9994 B.OBU iinn: I 65-40 

York | 49.16-21 — 20^4-62 5.1575-1WO 1.9B8M2N- 46.00-10 . MJ.&Nfc) CSre^v *a.H 6 vi.WOCeHieIe..... 12.17 2. II, 

tVrl* .......... 25o^»-«5 *.£52-5*4 > — 15301-355 9^22h3*8h! 05.0565 30B>-t.*5 IUirKow- b. 44.88 UeUiiiEvk..(|B.t5 -,*b 

Bruarata.....' 15.6548! 3L50teb { 6.51-55 — : F0.I690 '14.52 57 ])v514B Iran t 13k- Prarav . .. i s.lS-t.JO 

London 3teC£-81i 1.9E#*-7o 9^4* -5U M14040 . — . 4. 176-1 1* . 5.77-78 kuwaii.... ■ ii.56l-0.54l uvniiaav J 3404.55 

Aiurt'iifloi.. 106.85-905 2.1662-1687 44^05465 6.8635 76 '4.1796-18*6- -- U2.46S655 Ukumn'<k ’liwtei-c..'. J kf-76 

Zurich 9581-96.20 1^47.951 40.111-20? 8.1536-1721 5.7«99-7o86 89.72-98 

* l*A 8 in Tomato r.S. S = 1 12. 7 A 77 Cmnailhui centa, 
UBREdi— S ui New York =£9.15-16 eeni*. UA S In Uilan 854X9-B56.CU 
haerUn* in Milan IW6.0O-1647.C0. 


NOVE5 : tlaara ai univ snuwn ry-Vm 
•irfiaie f orejmtfm Hrinan rtivldAWte 
are kTjer unthhobHus lax 
1 SgrcL*”"" Irtherwrse «#ru 

V Piu am itfteran mleac lUtierwlM vtrni 
6 Henem antes* oiWwiae *j*tert 
' PraAm ieMtii. and Rearer sfa#n» 
‘Jera nrtierwtee srarea ft Vwn M fiemmi 
-inlm oiherwtra «ate<f s Price at tvm* 
it Risrauton frjriortam. a Sctffltaut* 
Cenre. -ffDlvWenfi Erter neoalai rtefau 
aoil/oT scrip teue. * Per share, i Praha 
--47103,. die. %. * Assumed dlvldeml sRei 
«cnp ana far ristns tone, k after faesi 
(axes. wX (*i fren. a Prenes- incteffins 
titular die. pNoro asturr sum. « p|v 
■pd TleJfl ezcMe anacUJ paymew. » Iran 
rated nl*. o unafflciii tradira ■ Mlnorna 
lowers orfls * Mctem nowimL * Mfc ert 
1 Rm. I Traded. 1 Sefler * Araunwi 
rr Ba rtsftta tot B» dlvkienn xc Re 
iCTio Irene ea B* ail. 4 (mertm stner 
-ncna i ard 

Mar. 9 



1+ •» 


ABU — J 

Allans Vewash—r 


BA ST... \ 

Beyer. .■•V*>. - |. »m l. 
Barer Hyp*-— -I 
Bayer ' eretnihk! 

DomlGumDii 1 

OairuKsrWeui _.j 

DeffUM^. — I 


Diwitflebe Bank....) 
Dnadorr Mtnk....| 
DyekrehoO Zeml -i 
Gui Aoffnurm 

H«pEu Lloyd. | 

Hairew ... — .■ 

Hneetnt _i 

antwil....-, — 

Uwrfati-..^ • 

It*ll nnd Rtelr.... 1 
KarvXedt „.'■ 


KtocknerDm I0D. 

KHD i.; 



LoweDbrau ICO.— 

LulthaiiM .....t 


Umuivpinaiin 1 

41eoilU»r ... 

88.2 -Oi ' - j - 
48B +5 : »18 i Ufi 
227 U.5 I 2U I 4.3 

158.3 --- * 4 J- 17 ■' 

138.3 -0.1 I 16 
885 -2 
324 *1 
170 +5 










160 1-1 
310 +0.5 



Ilk L.— .... 

275 A- 

1-8.8 .+0-2 ! 
45.4, +0.6 i 

121 « 

U7 — J.5 


92.5 +0.4 • 

1/8 '+1.5 


841 A— 0.8 

JL_ikJ._ : 


193 ,-0.6 
219 i-u MO 

■UuDL-bener Buck..*. 516 18 

Xarkenuanii _! 

Dll 100. 


»9 f.iTi 

17 I 6.1 
14 4 J* 

80 I 6.2 

80 ; 4.y 
4 ! 1.4 
12 I 2.9 

12 ; D .4 
<S I 5.3 
16 |8.6 

4 . 4.1 
lO . 4 4 
9*1 3.0 

20 | aj i 
20 j 5 j. 

13 ! 3.3 

16 ; 33 
au 1 L3 
7 , 3J< 
12 5.1 

14 ; 4.1 

Mar. 2 









tr. Oeroian 

Aluimvrifl... 4.9189-1.6319 1 ta (v J18C0- ITOO* I M.IBSTJapau ' 4SV479 

Mudi AiaL, b.t? a.12 NmIwi'diI 410-429 
S|ii#iip lV w..-4.46-B « *480 Vvwnr... f W.15.S5 
*. Atria... IJfcM-l.ii.UtNtttiiffal... 7435 

L'JL. - .'Spoil jlUL. 1694 

ktenada iSw u ^ami i 5.bte3.7D 

1/3 ] 1.95- 1.9b 

U=>. neotn.l re.88 'Viiaiwiavia! K?M 

Rate shtn fur Arficntlna Is a free rate. 

feihon term ...i 64,-5T# | 61*. 7 J* 
7 day, nudec 6 Sb-67b ! 6S*-7l* 

Month....: ! 65^7 7tft-7lft 

Tlirae momliB .1 7l#-74* | 7^7}* 
Sia DhmUifl....| 7{o-8,i ; 77,^1* 
line .tear ! BJs-8,% ■ 8 ra ^ T y 







57,-6 1# 
514 - 6 J* 












Onmnuntii ; 'Ihreo m«iuthr 

New 1 ork'0.02c-|iui..08cteh.0. 15-0.05 c.wn 
Montreal -.0.06-0. 1& -0.10-0.20 t* du 

‘•an*!** *i»pni" t* cMh !25e-lj, c. 
Urumeis.-iB e. nu-2 c dia (17-7 . rm 

Euro- French deposit rates: two-das’ n-uft per cent.: seven-day 16+17 per Cov'nu^».',8-l0uiv-dw 
cent.: one-month 151-16 per cent.: thrce-momB Iti-I-U per ceaL; six-momh Fnsnkfart i l6#-i, ra. pm 
131-139 per cent.: one year llMSi per cent. Luhoa.. M .j70-iao t-.dia 

Long-tom SorodaOar deposit#: two years TW per cent.: titree years per — S^i 20 

cent.: roor year* sUi*-86i6 per cent.: five years 8t-S| per cent. ■ Sio ’5u^u* rtl di 

The tollowin# nominal rates were quoted far London dollar certificate# of Fhns”~.’*j53l^65j ^fdrt * 

Aln-dls pt. pm 
a irf-ou O c. rita 1 
190-kTO c. dw{ 
24-32 ire flu 
159-17# ore du 


d««»fc one- moot# UMA per ml; three-tnomh 7.I&-7J3 per cent: sbe-mootb owahi'iS llJSte Sredta 'a; fi- 
^7.43 per rote.; one-y ear 7^-7 .75 per cen L ^ Yto^JgSS/JSf SS/SSS 

Xurieh...,. 1 #! *-!!* c. pm 6 i;. 5 in c. VQX . 

da 1 

* Rales are nominal calling rates. 

iShpn-tera) ratty «re cafl far stwhng. O^. dolUra and Cadsdlan dollar# rvro Sixmmib forward dolbr aM^^TZT 

* nottee far sunder, and Swiss francs lUnwthMttSlfc , °"* M - 30c «“■ 


Mar. 9 

*FHom * + or- Dlv. YM. 

Yen I — > % : % 









HO L i - . 

110.1^0.41 r-- - 

8bomVfeni.LiecL-l2d6.74dt— 0.1 

achrrinffi ... 

3 n*l docker-... 
tuvmen A_G._ 



V'cnenakWeM Uk| 

249 -..'+0^1 
297J-10.6 I 


125.2'+ 0^ ! 

176 I 

117-2; +0 5 i 
507 |+2 I 
215^+0.3 I 

J6 3.9 
au ; 4.0 

16 ! 2.7 

17 J 3.4 
11 ; 4.4 
14 I 4.0 

18 1 6.2 
10 2.9 
10 . 2-3 


. - 

Mar. 9 j 

" i a , .i + - OT i 

1)1*., VI i. 

* l * 

1 Went BhuFi.Ul', 
kMKV tKi.lCn 



Amnriiank rFI^CF); 

Oijttdwri i 

dwtaWrai’niU -M 
durhl inTettcrnrl*’' 
til Wrier (Ft. AD... 1 
fiunla X.Y.bouei ( 
fiuro l ooi r*U’l. 1 0; 
G tat HmouleniF L'i 
Urinekni (FO£ij..; 
Uunuo* U.iFI.IlOIi 
IJ d.Ll, UrillsOil ' 


Int Mu<leril£Oi... . 

Naan ten iFi.Hh..^ 

.NaLN'eil InajKi.lC: 

OfafFl^Oi. :..i 

Van Omn]eren....l 
tvkbwte 1 hj«lJ 
FbiUjp rPl.AO) — I 
kjntirii V'ertKi.KX’i 

100 +) „I *21 1 8.U » 
3455* ♦ 4.» •A».H 6.8 
81.3,+rt.S A *441 6.4 
74i6+1.3 1 236i 6 0 
hO-fir- 1 ; da 1 6.7 
107^—5.3 7U j 6.6 
bd.3;-ujl l 26 7.B 
279J2. + U.7 ilfll ; 1.& 
137A+DJ I SZ . |J 4:2 
62.5 +0.5 J 94 
35 . 

23.8 +.0.7 ;io.»; 83 
22.4 +04» ! "12 • 5.3 

• 1 -r I 

i +0^ I 94 jJ 6.6 
!~1 1 221 6.2 
1+0.3 ; 14 3.4 

15.5+0.1 10 1 


3tk0l— w.lrt 18 ; 9.5 
35 1 —O .6 ID 2.9 
108.4' + 0.5 46Jr: 4.3 
94*8* +(L 8 20 , 7.4 

187^ + 1.2 22 I 6J9 

1.7 A54[4.4 
U>A-«B Iff I 5.9 

32 J —9.7 Si ,12.9 
24.6 +QJ 81 j 6i 
njDonj>rof'.n*| 77 j + 6 ' - 16 ■ -. 

HnOeroiFtid’ AL 66 . IS 

JMiiieniFI.roi 1 1X3.5; +0^ — • - 

Uor««HPlFlJffl-..| 130. i+OJ-i'14 ■ 5.4 
RDyMtimcb'^-JSI I26J9i + 1.6 i Aoy, 7 JB 

dntrenlwn; 348.8' + 1.1 1 IS j ?.7 

a'tevfnGniiFi-an- 143.5:— [ 57^3^ 

97.5 +0.8 50 f 0.7 

120 1+0.7 \aui; 7.0 
a7.2;..:;__; 20 13 
404-5J-.1.5 1. 52 4.0 

Ipflj'n tter.Haln.S; 
LnilewiFi.Wi.. ; 
(Vesuan'rin. U#&ii> 

*w.h»Gte-k_ ) 




Dal hippnu Prim 

Fuji Fhran.. ; . 


Hfrflrtn Mm on—. . 

BouwFnnd...;;^. 1^)80 
v. Itnh.-. 8*6 
IU> Yoteidn 1.1 BU 

Jecwl • 660 

1-A.L. 8.770 

Kanml hwet. Fw.'LUIj 

Krnnat«ii : 3l5 

Kubota.. ’. • 279 

K j-iflu-Oiaiua- ... 3.800 
Ma(»u<diita Inrt... 6l4 
MiwuUrtiUJank-: 27s* 
IHuubinbl Heavy 140 
Ullautuahl Corp.. 400 

HhanftOi,'. ' 3l0 

1iiiMifcu»hl h01 

1.23 J 

.M|i|»ii sbiu(«m.. c68 

Almdlll Hr4i4-> 7«D 

Pioneer 1.43) 

wjij” Uireiric.... 2t6 
siekwul Prrlab .... U4v 

Mnaeteu L.18J 

w«u> 1.79 

tanib».l[aiiiie - 2. 3 

laktrtaCtirniiral. 5)4 

1DK...— 1.5&U 

teuiu ill 

Cukto Marine Dll 

fokw fcieci PM* ’r 1.15 j 

ro*yo saiii-o _ 277 

Tokyn Sbileura 126 

I'waV 1*6 

tcrrnln Mmnr 800 


















33 l.H 

-1 • 

12 2.8 

. T r , r ~ 

3o l^> 


13 l.u 


+ 10 

10 4.6 

IB . &3 

io 2.7 

+ 90 

35 ■ 0^ 

— 11 

2u ; i.o 

1j 1 l.b 


12 4.3 

-3 • 

13 1.C 

14 2.3 


2D «.l 


13 U.B 


12 u.U 


16 l.o 


40 1 1.7 


12 2.9 

4« 1.C 

.-Id . 

W 0.8 


4rt ».* 

+ 2 

11 i.t 


13 2.4 


3^ . 1.0 


10 | 4.i» 

+ £ 

U . 1.1 

:-2 o 

o 3.3 


IB 4.2 

+ 1 

1- 3.9 


ia 4.o 

+ 12 

20 l.i 


Mar. 9 

+ or 

Antt.3 [ — 

sourer niiftke WumiM ntr* 


Mar. 9 



fra. Yt». 

A« * 

ArtjeJ 2.290 

«X|. i*ra. DunU... I.+U6 

ilekcri -V 1.760 

V.U. It. Lemeul....; 1.122 

iKckcn 1 ' 354 

Kblu- 2.5 c. 0 

8 iect rot-ci '6. 60 

itehnaue.Nat..— . 2.41 j 

o.B. InnrvUni I.c60 

Umm. - 1.230 

Hob+trn .2.260 

Inietvrcn 1.C40 

Krciltetiuh ....i6.39 J 

La Kipaio Uelffp..».«80 

t^ri Hnnllnff. i.So 


wx- Gen Bn nc lie.. [2.035 
xt Ben Beiffique l.&35 

sutin* - '6,070 

WH — 2.480 

rtactl.jB Blent 2.4a j 

(JCB 982 

I'n Mln.(lriO)_._| 700 
V tenia M o ate gag 1 1.3 50 

+ 100 - 
+4 6 j 
+25 118 
—2 9u 

4.5 j 
6.4 I 
8 . 0 ! 

ACMIL (S> cent) 

Acrow AuilMlia 

Alike.* MDt-rW|S. lBdu>5l; 

Ampul K»piiiral.Min_ ' 

4ll1|n' IVlIftlDIL..,. 

Iter, MiimiK '1 

Areuct ftelp Paper SI..., I 

\rt+x-.(.'on. haiiMnei^ ! 

Aurt. FonnrtaMtm tnciwt.. l 

A.N.I ■ 

Anal- Oil A lnu._ 1 


Uouffa 1 mi lie Copper. 

BnAcn Hill Proprietary....’. 

«H Suiub 

tarilou I n 11 tri Breweri'--. 

V. J.Oolev 

L+jiinnc UMiiia.i. _.t 

(•usiaiii A uu ralia 

filtlri Drnil IImm 

kZ. l»iUu-vni-»....._ 

Gen. Pivfiertl’ Trori. 

Hntneraie\- _,...i 


i.L.I. Ann mils 

<uiei-L>s+«'i . 

Imiiiiiic* lieliiMrie«....^,... ! 

tuner iDeriiii , 

Uo rum Oil ; ' 

Mainlk Kxpi , 'raiii*o..^...^-.i 

HIM Unte1n»*. M _..J 

Mver Kmvonnin ! 

Jfnre .■. • 

Ah-hteat. I uiernallraial. ....)’ 
'-•nil bn Aen IIMlnce W0>- ■ 

1 tekbririffe. [ 

Lhl twrt : 

Otter Kspioratira . 1 ' 

1 'iameei Cnni-rtie _j 

Ktt^kiu A Civimai) 1 

H. C. sleifffi j 

■’XHiihtend Uintnff, I 

(•■•Ui .Sli _...l 

IV 1 II 1 UU. 

Weanwn II Imn# raOcenitl.r 
tVnulw nrthi. . | 




■ 11.22 







to .02 








11.9 J 





10 . 0 / 


Mar. 9 

jTW* J^)*or IlSlr. 1 
ira* f — ICroi) % 

. Aw *‘“- — 

+0.02 1 dsnrn Hrs-ui FP... 

, Ann. I cau P.\.„. 
+0.0* 1 deu^ltineiraui 




I+j. « 

+0.1 B 
+0.05 i 

~ °' ui - U ■•■76 

4.05 +0.18. .1'* 4.44 

‘•-2 .*» 
A®g •“ “A I j.1« 9.77 
3.15 + .0 TjM e.35 
3.74 — O.Qi i.U 'a.b7 

2 .ou 16 6 . 1 b 

4.37 '+aiZ'i>a a .86 
6.9a .......... ’ 2 .bB 

JU75^-aO&.U 17.43 

VnL Cr.L7S.4m. Shares 63 Jim. 
Sourer: Rio <fa Janeiro SE. 

!+»>■ Aiuer. tit*..! 

ranwlims PP ' 

Plrsni OP.„.„... I 
soma Cru* OP ....1 

L'uipPK , 

Vale ItkiDucpPPi 


Mar. 9 

IVine :"+cf ] 

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BBC 'A* *....11.535 I— 45 

UUia U oisyl Fr.KlOil . 105 —20 
tin. Pt. Cnv-i- 820 j — 15 

Do. Keg. ..... I 641 •— 8 

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: Charter Consolidaicd .. 

! East Dnelomeio 

; Ertbnrx 

td.DI Harmony 

• ...... Kinross 

1 Kloof 

iT 4 .it I Rustnnbm-g Platinum .! 

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-0.95 Somh V#al .,„, TO , 

-0.04 I Gold Fields SA 

- 0.01 [ Union Corporation 

rilliB | Do Beere Deterred 

1 Blyroerultacftt 

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Free State Ceduld 

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PrrsJdrnr Steyn 

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Harlow Rand 

cna investment* 

Currie Finance 

Edgar* Consol Ida r. -d lnr. . 

Edaars Stores 

Brer Ready SA 

Fedtrak- Volkshnli pBin^s . 
iln aicrmans Stores ... 
Gnaraiao Assurance ISA) 

lluletis • . 


McCarthy Rodway 


OK Bazaar, 

Premier MIDiok 

Pretoria Cement 

proiea Holdlnfu 

Rand Mine, Pronerties .. 
Rembrandt Croup 


SaCo Holdings 







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— 5 


international financial and company news 


agrees bid 
from Carter 
Hawley Hale 

OPEC buyers lift stake 
in U.S. equity market 





NEW YORK, March 3. 

By Our Own Correspondent 

■; NEW YORK, March 9. 
Stores' has found a willing 
merger partner in Philadelphia 
following its . withdrawal last 
month of its $380m. bid for 
Chicago’s Marshall Field chain 
store group. 

An agreement in principle 
has been reached with John 
Wanamaker for a cash and stock 
deal worth $45. lm. Wanamaker 
operate 15 stores in the 
Philadelphia area and is owned 
by a family wust which will 
receive S12.6m_ in cash and 2m. 
Carter Hawley Common shares. 
This will make the Wanamaker 
Family Trust the largest stock- 
holder dn the Los Angeles-based 
Carter Hawley group. 

Wan a maker's profitability' has 
not been disclosed although its 
annual sales are believed to be 
in the region of $280nu 

According to Carter Hawley, 
the proposed deal follows an 
approach from Wanamaker last 
summer which was pushed to 
one side by the bid for Marshall 
Field. Acquisition of Wanamaker 
would give Carter Hawley its 
first representation in the 
Eastern U.S. and would establish 
it as one of the country’s top 
six or seven retailers. 

MIDDLE EAST oil producing 
countries were a more important 
factor in D.S. equity markets last 
year than ever before, according 
to a Securities Industry Associa- 
tion study. - 

Although the oil producers 
made fewer net purchases of 
American stocks in 1977 than 
they did in each, of the previous 
two years, their buying accoun- 
ted for . a substantially larger 
proportion, of total net purchases 
by institutions in the 

U.S- Despite tire fall in the value 
of the dollar since last August, 
foreign investors as a whole 
proved more faithful to the 
U.S. markets than did several 
categories of institutions. 

In the first nine months of last 
year, foreign investors made net 
purchases at. an animal rate of 

S2.36bn. which was 13.5 per cent, 
down on the year before. At the 
same time, private U.S. pension 
funds reduced their net pur- 
chase by 24 per cent., life 
insurance companies by 73 per 

cent, while mutual funds stepped 
up their net sales of stocks by 
81 per cent 

The oil producers accounted 
for about 54 per cent of equities 
bought by foreign investors last 
year and their purchases in 
excess of L2bn. amounted to a 
record IS per cent of the total 
net purchases by all financial 
institutions. In 1973 the S80m. 
of stocks which the oil producers 
added to their portfolios was Only 
2.2 per cent of foreign invest- 
ment but by 1976 the producers 
were buying more than 65 per 
cent, of all foreign purchases and 
laying out a record $L8bn. 

More generally, the S1A study 
confirms -that' institutions are 
continuing to take a very con- 
servative approach to equities 
and are generally reducing the 
proportion of stocks in their total 
assets. Thus, by the end of last 
September, . private non-insured 
pension funds bad reduced their 
equity holdings from 74.6 per 
cent, of total assets in 1972 to an 

estimated 57-2 per cent* mutual 
funds had cat back from 85.8 per 
cent in 1971 to 68-2 per cent and 
property liability companies 
from 27.6. per cent in 1972; to 
15.9 per cent 

- Tins shift in institutional 
investment patterns is due to a 
combination of circumstances, 
says the SZA. Many institutional 
portfolio managers have "poor 
track records" for the last few 
years and are now extremely 
averse to taking investment risks. 
Moreover, they are intimated by 
the fiduciary responsibility 
clauses of the Employee Retire- 
ment Insurance Act. As a result, 
exposure on . equities is being 
curbed and in the last year or 
so fund managers . have put a 
much greater , premium on value 
by investing in low multiple high 
yield secondary securities. This 
explains why in 1977 the Dow 
Jones industrial average of the 
New York Stock Exchange fell 
17.4 per cent while other indices 
based on smaller less liquid 
companies scored gains. 


Bjr Diana Smith 

Good year ahead at ITT 

Schering-Plough hopes 

Sobering - Plough earnings for 
1978 should be higher than the 
6 per cent increase it reported 
for 1977. reports AP-DJ from 
Pittsburgh. Speaking before 
financial analysts, the company 
said that although its fourth 
quarter net income declined fay 
9 per cent. 1978 "has got off 
to a good start" Last year 
Schering-Plough earned $166.7m. 
or $3.08 a share on sales of 

Signal bid agreed 

national Telephone and Tele- 
graph were told in .a letter from 
Mr. Lyman Hamilton, president 
and chief executive, and Mr. 
Harold S. Geneen. chairman of 
the Board, that ITT sees a good 
1978 ahead, reports the company. 

Sales for 1977, including insur- 
ance and finance revenues, as 
previously reported, set a record 
of $16.7bn. compared with 
S14-9bn in- 2978. Of this, insur- 
ance and finance revenues 
reached $3-5bn^ against S3Jbn. 
for 1976. 

Income before extraordinary 
items reached S562 hl, an in- 
crease of 14 per cent over 
1976. Earnings per share were 
S4J.4, up from the restated $355 

NEW YORK, March 9. 
for the previous year. The re- 
statement of 1976 results arose 
from the inclusion of the 
accounts of Eason Oil, which ITT 
acquired in August, 1977, in a 
pooling of interests transaction. 

“ We • plan, over the next 
several years, to increase our 
dividends to shareholders in 
keeping- with our earnings 
growth,” Mr. Geneen and Mr. 
Hamilton noted. 

Commenting on the increase 
fast November in the dividend 
for the 14th consecutive year, the 
two executives said in 1977, the 
company declared 3263m. in divi- 
dends for common an d pr eferred 
stock, which placed ITT among 
only 15 U.S. companies who re- 
turn over $250m. to their share- 

Western Union 
monopoly probe 


The Federal Communications 
Commission, which granted Wes- 
tern Union Telegraph Company a 
monopoly on the public telegraph 
message service in the U.S. in 
1943, has voted to consider 
whether other companies should 
be allowed to set up in competi- 
tion. This is the first time that 
the commission has formally re- 
considered Western Union’s 
monopoly since It was granted. 

The commission did not indi- 
cate any current sentiment for or 
against ending Western Union’s 
monopoly, but the Commissioners 
noted that important changes 
have occurred over the past 25 
years in telegraph and telephone 


Signal Companies’ $21 a share 
offer to acquire the remaining 
495 per cent minority interest 
in UOP has been accepted by the 
UOP Board, AP-DJ reports from 
Los Angeles. The deal is subject 
to approval of UOP shareholders 
and certain regulatory agencies. 

Penn Central approval 

Technicare sees loss 

Technicare Corporation said 
results for the third quarter end- 
ing March 31 may result in a loss 
for the period, although manage- 
ment is hopeful that performance 
mil be at or close to breakeven, 
reports AP-DJ from Ohio. In the 
fiscal 1977 third quarter, Techni- 
care had net income of 34m* or 
66 cents a share. Technicare said 
it was impracticable to predict 
accurately at this time results 
for either the third quarter end- 
ing March 31, 1978 or the balance 
of the fiscal year. 

Judge John P, Fullam concluded 
that the elaborate reorganisation 
plan of Penn Central Transporta- 
tion "complies with all require- 
ments of law " is “ feasible ” and 
“ is fair and equitable." 

The Judge noted that his 
opinion requires certain amend- 
ments, but when "the Plan 
embodying the amendments . . . 
is filed with the Court, an order 
will be entered approving the 
Plan and directing its submission 

to the voting process." 

The final consummation of the 
Plan requires approval by Penn 
Central's many classes of 
creditors unless dissent Is over- 
ridden by the Judge. 

In his conclusion, the Judge 
said " like all products of human 
endeavour, the Plan may not be 
perfect, but in my judgement it 
provides entirely fair and work- 
able solutions to all the complex 
and difficult problems confront- 
ing " Penn Central. 


profit doubt 

Italian link 

Cautious optimism at Armco Steel 


Ston e & Webster Engineering 
and UTIP S.pA. of Rome have 
established a new company, 
Ensen-Energy Systems Engineer- 
ing, with headquarters in Rome 
to provide marketing services for 
the corporations, AP-DJ reports 
from Boston. Enjsen is owned 
60 per cent, by CTIP and 40 per 
cent by S tone & Webster. In 
1976 CTIP and Stone signed two 
agreements for co-operation in 
the design and construction of 
electric power stations in Italy 
and other countries where Italian 
financing is available. 

ARMCO STEEL Corporation is grow in steel until a better 
cautiously optimistic for 197S. profit margin is seen. 

Business levels are showing Steel mill Products generated 
signs of buoyancy and if each a b°ut $2.4bn. of the 335 bn. 1977 
of the company’s businesses con- I?™ 
timie to perform as expected, iteuier 
shareholders can look forward to 

a very satisfactory year in 3978, Nat. B ank of Georgia 
the company says in its annual ^ National Bank of Georgia 
report. Shareholders’ approval has granted a 60-day extension 
will be asked at the annual meet- 0n certain WarKmties to Mr. 
mg on Apnl 27 for a change in Ghaitii R. Pharaon, a Saudi 
name to Armco Inc. Arabian businessman. The bank 

The company said it is now said Mr. Pharaon had requested 
more than a steel company and the extension from Mr. Bert 
it wants this reflected in its Lance, former U.S. Budget 
uamej It said it is not seeking to Director, and other' stockholders. 

OWENS-ILLINOIS cautions that 
first quarto* earnings probably 
will not equal the year earlier 
net of 3175m. or 60 cents a 

Mr. William F. Spengler Jr., 
president of international opera- 
tions told securities analysts that 
earnings for the year should 
exceed 1977 net of 3915m. or 
$349 a share, despite the lower 
first quarter. 

Mr. Spengler said lower first 
quarter profits are due to "a 
very serious deterioration of the 
U.S. dollar" which he said will 
have a “ dramatic' effect " on 
foreign currency translation 
losses applied against net 
income. / 

In addition the company has 
suffered from had weather., he 
said, in the 3977 first quarter, 
the company benefited from a 
glass ‘ container price increase 
and 'also from sales to buyers 
anticipating a strike against 
glass container manufacturers 
later in the year.* 

The effects of foreign curencv 
translations for the remainder of 
the year should be favourable 
for the company. Mr. Spengler 
warned that earnings for the 
remainder of the year will be 
dependent on the strength of the 
dollar, the development of 
energy policy and the length of 
the current coal strike. AP-DJ 

Persistent denials that BP, 
drilling under a risk contract 
in the Santos Basin, sooth of 
Rio de Janeiro, had found 
shows of oil, followed by the 
abrupt announcement . on 
Tuesday that oil was. in fact, 
discovered at 4350 metres, has 
put heavy pressure on 
Petrobras shares on the Rio 
de Janeiro Stock Exchange. 

This has led ‘ to severe 
. criticism from Sc. Fernando 
Carvalho, president of the 

Sr. Jose Marques Xeto,. 
Petrobras’s director of explora- 
tion and production, disclosed 
that by last Sunday the oil 
shows had been confirmed, but 
he only released the Inf anna- 
on Tuesday “to avoid specula- 
tion. especially on the stock 

The stock exchange president 
reported that "the way to 
avoid speculation Is to release 
immediate information, not 
hang on to it. Sr. Nett's con- 
duct proves that be knows 
nothing about the stock 

On Tuesday, before the 
■ Petrobras announcement, 18m. 
Petrobras shares were sold on 
the market, causing a loss to 
sellers the following day of 
$302/180, and raising questions 
of negligence. 

The chairman of the CTO 
(Monetary Values Commission) 

then announced that " if 
Petrobras failed to enlighten 
the market, we must solicit 
Information from it and In the 
extreme case suspend dealings 
in Us shares.” 

The CVM has asked Pelro- 
bias how long it will take to 
find out whether the oil in the 
Santos Basin is commercially 
viable, how soon it could be 
marketed, and bow long it 
would take for this marketing 
to make a substantial impact on 
Petrobras’s profitability. 

Petrobras replied that if cur- 
rent sample tests are positive, 
it could take four to 12 years' 
or longer to .discover whether 
the Santos area is commercially 
viable, and a further three 
years to begin commercial pro- 
duction. . Only then wifi it be 
possible to ascertain what im- 
part there will be on the com- 
pany’s profitability. 

Petrobras’s 32*730500 shares 
on Wednesday accounted for 
4058 per cent of all sight 
operations on the Rio Stock 
Exchange* and 55 per cent- of 
long-term operations. They 
moved a total of S7.44m.-87.27 
per cent more than Tuesday's 
operation. Quotations closed at 
an average of 23 cents a share 
—754 per cent higher than 
Tuesday’s average quotation. 

Pirelli advance 
in Brazil 

This advertisement compiles with the requirements of the Council of The Stock Exchans* 
of the United Kingdom and the Republic of Ireland. 

Republic of Panama 

U.S. $30,000,000 
9% per cent Notes .1983 

(Extendable at Noteholder’s Option to 1988) 

Issue price 100 percent. 

The following have agreed to subscribe or procure subscribers for the Notes 

Merrill Lynch International (Asia) & Co. The Nomura Securities Co., Ud. 

First Chicago Asia Merchant Bank Limited 

Citicorp International Limited 
(Hong Kong Office) 

Morgan Grenfell (Asia) Limited 

United Overseas Bank Limited, 


- Singapore-Japan Merchant Bank Limited 

Sun Hung Kai International Limited 

Singapore Nomura Merchant Banking 

The 30,000 Notes of U.S. $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 15th March, the first such payment being due on 15th March, 
1979. ' 

Particulars of the Notes are available in the statistical services of Srtel Statistical 
Services Limited and may be obtained during normal business hours on any week- 
day (Saturdays and public holidays excepted) up to and including 28th March, 1978 

James Capel & Co., 

Winchester House, 100 Old Broad Street, 
London, EC2N 1BQ. 

10th March, 1978. 

Int. Harvester 
sales optimism 

By Our Own Correspondent 
PIRELLI SA Com pa tibia Indus- 
trial Brasil elra (Rubber) In- 
creased its net profit in 1977 
by 38 per cent., from Cr.753m. 
(345.5m.) to Cr.l.022bn. 
(S6L8m.). Sales advanced by 
53 per cent, from $37&£m. in 
1976 to 3580.4m. in 1977. 

The 1977 profit equalled 
48 per cent of nominal capital 
and 22 per cent of liquid 
assets: daring the year, Pirelli 
increased Us capital by $3L.7m_ 
through monetary correction of 
its asset accounts. 

CHICAGO, March 9. 
sees signs of improvement in 
the market tor farm equipment, 
president Mr. Arcfai R. Me. 
CardeH told the Securities 
Industry Association’s Mid- 
Continental Conference. 

“While I cannot report to 
you that U.S. agricultural equip- 
ment business is bounding back 
from the depressed first quarter 
sales most of us reported,” Mr. 
McCardeu said, "there are faint 
stirrings in the marketplace 
which make us. a little more 
comfortable than we were a few 
weeks ago.” 

Reuter • - 

Ericsson do Brasil 
doubles profits 

By Our Own Correspondent 

Ericsson do BrasJJ Comcrcio 
e Indus tria SA, the Swedish- 
based electrical company, 
doubled profits in 1977 to 
Cr.412m. (529.4m.). Heavy 

debts, high costs and expen- 
diture of previous years were 
corrected drastically in 1977, 
Capital raised through sub- 
scription pumped a further 
Cr-5S8m. (339.2m.) into the 
company while financial out- 
lay was reduced from CrJKMm. 
in 1976 to CrJKMm. 


Notice, is hereby given of the 
appointment of Lloyds Bank Limited as 
Registrar: • 

All documents for registration and 
correspondence should in future be sent to: 

Lloyds Bank Limited , 
Registrars Department, 

Worthing, West Sussex BN12 6DA. 
Telephone: Worthing 502541 . 
(STD Code 0903). ' 





THYSSEN. Europe’s largest Steel 
producer, has registered an 
Improvement in orders that -wifi 
give it a clear increase Is sales 
during the first quarter of this 
year, compared to the Very, low 
levels of The last three months 
of 1977, the company’s chairman. 
Herr Dieter Spet hm a nn, said 
here ttNtey. : 

But to avoid the Impression 
that Thy sen's basic Impression 
if the steel sector has altered, he 
stressed that the company was 
still suffering losses jm steet 
making in February. 

Presenting. Thyssen’s resalts 
for 1977/78 (ended September 
30), Herr Spethmann refrained 

from any general predictions for 
the current year, and stressed 
that the company does not yet 
see any signs of fundamental 
recovery in the steel market. 
Thyssen's sales director. Herr 
Heins Kriwet, described the 
improvement during the current 
quarter as being at least partly 
a technical one' caused by. both 
customers and steel stockholders 
wishing to take advantage of low 
prices. . ‘ „ 

. Herr Spethmann said that for 
mass steel products there had 
been a distinct improvement in 
both domestic and foreign 
orders. He gave credit -to the 
measures both of the European 

commission and of the 115. 

administration for helping! 
stabilise the market . 'I 

The Thyssen chairman vote 
to the strengthening of Id 
ment intentions on the pau 
West German industry, and 
Out the group’s engine*, 
interests had in recent me 
boohed significant new m 
from both domestic and fa* 
customers for railway equip 
and locomotives, 
machinery, machine tools 


There had also bom 
improvement in the outlool 
special steels— sales of 
increased by 11 per cent, 
year despite the crisis of 
Industry as .a whole. 


Upsurge in dollar new issues 


THE STRENGTH of toe dollar 
sector in recent days has pro- 
voked a surge oE new issue 
announcements such as has -not 
bees since January.. Norway. has 
announced 3100m. in. Europe, 
while a S75m. issue for Noxges 
Kommunalbank has been filed 
with toe Securities and Exchange 
Commission in New York. The 
European Coal and Steel Com- 
munity has launched a two- 
tranche $50m. issue in Europe. 
There is a 320m. Issue for a 
German company Bertelsmann. 
And the Italian State telephones 
has launched a 350m. floating 
rate note. 

AH this comes on top of the 
3750m. issue for Canada in New 
York and the 325m. Eurobond 
offering for toe U.S. company 
Itel,. both launched on Wednes- 

The hews of the new issues 
came out too late to affect the 
secondary market yesterday, but 
some market operators were in- 
clined to comment . that they 
amounted to rather more of a 
test than toe market might have 
wanted after four months of 

The terms of the Norwegian 
Issue include a five year bullet 
maturity with an indicated 
coupon of Si per cent. The lead 
manager is Hambros. The ECSC 
offering is in two $25m. tranches, 
one for 15 years {average Ufe 
11.43 years) offering an indicated 
9 per cent and the other for 20 
years (average life 13J58 years) 
offering an indicated 91 per cent 
The sinking funds start at toe 
end of the first year in both 
cases. In the case of toe 20 
year bond there Is a five year 

bullet at tbe _end. JBat^jue de 

Paris et des Pays Bas Sis lead 


The terms of the STfiTT offer- 
ing for which Kredletbank 
Luxembourgeoise and Orion are 
lead managers, include a five 
vear bullet maturity and a 
minimum interest rate of 8 per 
cent. This compares with 51 
per cent, in toe case of a 
Japanese bank or bank- 
guaranteed issue. The interest 
rate will be set at threeqnartere 
of a point above inter-bank rates 
if this would produce a rate 
above S per cent. Tbe lead 

managers are Kredietl 
Luxembourgeoise and Orioc 

The S20m. issue for Bel 
maun, the West German pub 
iog company, has fixed U 
of 8} per cent, at par o 
seven year bullet mate 
Deutsche Bank is lead mam 

Norges Kommunal bank’s t 
yankee ' bond issue, for w 
Smith Barney is lead m»nj 
will have a 20 year - : : 

Due for announcement 
is a Lux.Frs.500m. ten year i,> 
for Copenhagen Telephone, f 
will offer 8 per cent, prob 
at par. There will be provp 
for a purchase - fond from 
sixth year.- KrsdJetbank Lm 
bporgeoise Is lead manager. 

Sterling bonds fell \ 
sharply yesterday and the 
forraanee of Citicorp in first 
trading was disappointing, 
lead manager, S. G. Warfa 
started the day at 98 but drof 
its quotation to 971, two pc 
below toe issue price. The 
of the market was' quotin; 
slightly lower. Other stex 
bonds also fell back. 


} h;t 


Italian bankers breathe again 


THE DECISION 0 f‘ 39 Italian 
banks to rescue the financially 
troubled Societa Generate 
immobiliare— Sogene (SGI) will 
be welcomed in Italy with an. 
audible sigh of relief. 

The company, Europe’s largest 
property and construction group 
employing more than 104X10, has 
increasingly threatened the 
entire international credibility 
of the Italian banking system. 
From a strictly financial problem 
it turned over the past four years 
into a major national poUticqr 

After repeated unsuccessful 
attempts by SGI. formerly owned 
first by the Vatican and subse- 
quently controlled by the con- 
troversial Milan financier Sag. 
Michele Sindona. to increase its 
capital, the issue entered the 
political arena. Faced with 
accumulated debts with the 
Italian banking system — but par- 
ticularly with the state-controlled 
Banco di Roma— totalling some 
L450bn. (3580m.). the collapse 
of the property group would 
have bad severe repercussions in 
Italy and abroad. 

The Italian Christian Demo- 
crat Prime Minister, Sig. GiuLio- 
AndreottL intervened directly 
in the affair last year when he 
unsuccessfully attempted to per- 

suade the country’s three major 
co-operatives to enter as SGI 
salvage venture. Subsequently a 
complex deal was finalised later 
last year whereby toe state con- 
trolled and profitable Condotte 
d'Acqua dvtl engineering group 
would be sold to private -interests 
and take control of SGI, one of 
Italy's oldest property concerns. 

The Condotte deal represented 
an- unprecedented case in 

SGK aims to base Us recovery 
on concentration on the popu- 
lar construction market. It ' 
also' intends to increase its 
overseas activities. In particu- 
lar - with ventures In the 
. Middle East, North Africa, 
the U.SL, Mexico and South 
• America 

at tbe time Increasing polit 

pressure, barked down. 

several months, Sig. Arcoui r] \ r 

Befit/: SGI managing dir* L ^ * 

and ode of Italy's largest prfv 

builders, negotiated the ' 

rescue operation expected to 

formally announced next wt 

His partner in this venture 1 

Sig. Carlo Alois!, the dep 

chairman of Istimto Banes 

Italiano (tBI), the bank c 

trolled by the cement magn 

Sig. Carlo Pesenti. 

•Some 39 banks exposed* 

SGI will now taki' control 
the group’s fixed assets in ! 
estimated at lire 200 bn. .* 

Belli and Sig. Alois! will t 
establish a holding edmp 
which together with the St- 
owned Banco di Roma will c 
tool the majority interest in S 


Italian corporate history in that 
a viable state-sector company was 
to become private. Condotte was 
to have been raid to an Italo- 
Americas group co-ordinated by 
toe former UJS. Treasury Secre- 
tary Mr. John Connally for a 
total of some LlObq. . . 

Though finalised last Septem- 
ber the. deal was blocked by 
the Italian trade unions and 
toe powerful Communist Party, 
and the Prime Minister, facing 

Sig. Belli's . and Sig. Aloi, 
rticipation will repres 

participation will 
about 50 per cenL of toe i 
share capital, while the Ba 
di Roma will retain 1058 

Tbe new holding compi 
will seek to implement a fin 
cial and commercial recov< 
programme for the group, wh 
suffered severe losses under * 
former management of ,i 
Sindona now in self4mpoi 
exile in New York, ■ 


ft* f. 


Results of Corah Limited for tbe year ended 
30th December, 1977, subject to audit 


Profit before Taxation 
Taxation (Credit 1 976) 

Preference Dividend 

Available for Ordinary 

Earnings per share 


• £ ■ 














U.S. S20.0 



‘ .. * 


4.1 P 


Highlights from Preliminary Announcement 
* Sales increased by 22%. 

Profit before tax increased by £2,134,000 
to £3,315,000.' 

Total Profit before tax now represents 
10% of sales. 

Export Sales increased from £2,350,000 
to £4,403,000. 

Earnings per Share up by 78%. 
Capital investment totalled £546,000. 

The Directors recommend a final dividend 
of 1.05138p per share net, makings total of 
1.85133p per share net for the full year, the 
maximum permitted by the Government 

Corah Limited, Burleys Way, Leicester 

. , k .* 

- - ? * 

1 i ■’ 





INTERNATIONAL financial and company news 




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•lO : . "S'.'f. ' r • 

r ‘ ! t;‘TRIK]Nfi recovery ■ in eaxn- 

^ v‘3* tonwmcea by Soctttg 
“•“i.StBto <Xe Belgique, the 
v est of. Belgium’s holding 

-..v c -et profits for- 1877 have risen 
; j: more than half from 

, fyieOUm. to B.FrsJ.lSba. 

' r 'i/tpnd $37m.) .and now stand 
■ iin 9 per cent of the 1875 
1 Of B,Frs.l4bjL This 
irted upsurge follows last 
ith’s declaration of a net 
dead up from BJFrsJ.35 to. 

rise in. earnings is Twai^ y 
looted for .'by the holdings in 
financial and services sector, 
group's flag carrier in this 
; r jjt is the Societe Generale de 
the largest Belgian bank, 
- jr ;.ch- bas not yet reported for 
'if.". : year bnt whose deposits -in- 
h: s iSed. by 10 per pent in 1977. 
’ r ’>. ;i he- annual report makes^ the 
'jergl comment, however, -that- 
I*./®- is a limit.. oh the growth 
of the financial and 
dee sector, thus Implying that 
:• i», oes not- intend to' increase Its 
< jOtfollo in these sectors, beyond 
■3B per cent, of the total that 

Generale stages 

is sue £ 

they already account for. Argu- 
ing- that industry should hot be 
ignored, the report points' out 
that though total exports to - the 

The newly created .holding 
company Groupe - Bruxelles 
Lambert (G&L) bas .an- 
nounced a net dividend for 
1977 df.BFnJBO. The former; 
Compagnie Bruxelles Lambert 
paid" a net dividend fter-lSW” 
of . BFrs.UO. Following - the 
reorganisation of Baron 
Lambert's financial empire 
last year, the results are not 
strictly comparable. The divi- 
dend reflects an amount of 
BFrsJ575m. carried, over from 
1975 and net working profit of 
BFrs^34m. from the- former 
Compagnie Bruxelles Lam- 
bert in. the six months ended 
on June 30 

OPEC countries doubled between 
1974 and 1977, the sbare of ser- 
vices in this did not rise above 
20 per cent . 

Comparisons with previous 
years have been made. extremely 

BRUSSELS, March 9. 

difficult because of last year’s 
Belgian faw changing the pre- 
sentation of company accounts. 
But the only major changes in 
ite portfolio In 1977 seem to 
have been an increase is its 
direct stake in . Fabrique 
National^ Belgium's only aero 
engine manufacturer, from 9.9 
per cent, to 1B.9 pet cent, (the 
.largest single: stake), and an in- 
crease In its direct and indirect 
stake is Tanganyika Concessions 
from 10.9 per cent to 80 per 


The principal reason for the 
last increase is that Tanganyika 
.Concessions is also a big share- 
holder in -Union' Mfhiere, in 
which SGB holds 36 per cent 

This has not changed substan- 
tially the spread of the SGB port 
folio, which in 1976 was 38 per 
cent in finance and services, IS 
per cent, in non-ferrous metals. 
20 per cent in energy and en- 
gineering. S per cent in steel, 
and 6 per cent in construction 
and real estate. 

But SGB's relatively sick steel 
holdings account for a dispropor- 
tionate part (28 per cent.) of the 
RFrs.SOOm. “risk fund" that 
the group bas set aside to meet 
guarantees on loans. 


1 •- v»r. 


'R THE second year in arrow, 
.accounts of the refining. sub- 
',ary .of the Total oil' group 
, , '^- e been closed' without profit 

- ■J-Tr'-OSS. 

/-'ompagnie Francaise de 
'. . ^^nage (CFR) had already 
.' ■ ■;ed its half-yearly accounts at 
3, warning- that the situation. 
*■ "he refining sector was becom- 
v ' desperate, 

''• * *'•* total's sister oil company. Elf- 
-oitaine, in which the state 
a 70 per cent stake, double 
participation in Total, served 
ice in February that the 
mciai haemorrhage in the 
1 ning sector had become so 
JiyOntere that it would require 
l* W It Iff e aid were to sustain 
° exploration programme and 
continue to account for a 
trier of the country's refining 
acity. It put the 1977 refining 

nage still has its problems 

loss at Frs.lbu, with a similar 
loss to come this year. 

CFR’s gross . profit- was L . wetL 
down .on. the Ffs.674J5m.;of 1976 
at Frs.386.7in. (some 581m.), hot 
a large' part of both these figures 
was due to' the revaluation, of 

1977 J97A. 

• . : • : - • Frs. 

17.42bn. ‘ 3&]6ba. 

624m. ' ’ -Wfcn. 
38S-Sra. 672.6m. 
366.47m. 41129m. 

Turnover • 
Cash flow 


Revaluation of 

332.6m. 589.48m. 

Stocks. In the case of 1976. this 
was thanks To -the rise in- The 
value of the <toUar, and -lasfryeu: 
was to account for. tjvo'.'-OPEG 
price' rises.' * '* 
Discounting these adjust- 
ments. the profit shrinks to very 
modest amounts. .In. fa?f whqn 

PARIS,- March 9. 

depreciation Is deducted, net 
profit before provisions in 1977 
is reduced to Frs -20m- whereas 
in 1976 it came out at about 
Frs. 253m. 

The company blames the poor 
result on the Inadequacy of 
prices at the petrol pump, which 
are' state-controlled, and higher 
refining and marketing costs. 
Which . equally were . . not 

The main provisions are for 
fluctuation in' currencies and for 
the write-down of the value of 
the company’s holdings in Total 
Chimie, Petroplastique and 
Cofaz, cover the difficult 
chemicals, plastics and fertiliser 
sectors. : 1 

The company is maintaining 
the dividend at Frs A which will 
ield Frs.0 including the tax 


Export sales give Demag profits a lift 



-'•''MAG, the heavy engineering. 
. ugidinry of the Mannesmann 
•■’Li'.DUp, has increased 1977-profits. 
3Ugb no earnings figure was 

• en in the shareholders’ circu- 
, the group said that sales had 

• uen .fcy 9-per cent, during the 12 

■ :mths to DM2fi2bm «U5brt).; 

Sales growth was almost 
- irely attributable to Demag's 
. jort business. Overseas tum- 
•r rose by 13 per cent to 
.. llAbn. In. contrast, home turn- 
.• sr rose by only 2 per. cent to 
. .1912m. The inflow of orders 

last year: still~ showed- no. sus- 
tained improvement In- the pl^nt 
construction: sector, demand stag- 
nated and bookings fell by JQ. 
per .cent In the mass-production 
sector there was a slight improve^ 
menfc-Ap burtpess and. the inflow 
of -orders went up by 3 per cept 
Overall -the inflow of booking^ 
totalled DM2J27bn.— 4 per.cenV' 
under the previous year's figure. 

V.* * ■ 

OSBAM, the leading. WertfGer- 
man light -bulb producer, is 
moving out -of its lo^making 

. FRANKFURT, March 9: 

phise. Not only is It expected 
to. be able to wipe out carried- 
forward losses of, but 
shareholders can also expect a 
dividend this year -after . five 
years without one. . 
tfEbn, forecast ■ m ad ft hi .-th e. comr 
pany’s Chairman, Herr Helmut. 
Plettner. who indicated that a 
dividend of 10 per cent, for the 
year, which ends on September 
30, “was within the realms of 
possibility.*’. The last dividend 
shareholders received was 12 per 
cent, for 1972. 

Third year 
of lower 
from SKF 

By William Dullforce 

STOCKHOLM, March 9. 
SKF, the Swedish bearings, 
steel and machine tools group, 
shows a flail In earnings for 
the third year running. Pre- 
tax profit- before extra-ordinary 
items and exchange adjust- 
ments comes oat at Kl.l56m. 
(533 -9m.) for 1977. The com- 
parable figure for 1976 was 
Kj\256m. . 

Group turnover grew by 14.5 
per rent to just over Kr-fibn. 
($1.73 bn.) bat this Includes 
McQnay-Norris Inc^ the U.S. 

automotive parts company 
bought last year. Without 
the American company sales 
would have grown by 1L5 per 

Earnings per share — calcu- 
lated as ■ income before 
exchange differences reduced 
by ■ 46 per cent tax and 
minority interests— come out 
at KrA30 against Kr6.10. The 
Board proposes an unchanged 
dividend of Kr.<L50 a share. 

- SKF has changed its account- 
ing system to conform both to 
the new Swedish accounting 
regulations and international 
practice, so that the provi- 
sional lfi77 figures are not com- 
parable with those published 
In previous »»nnai or' interim 
reports. The .preliminary re- 
pdrtr however^ includes 1976 
Agues adjusted for the new 
accounting system. . . 

The changes introduce de- 
preciation according to plan 
against booked depredation 
earlier and show exchange 
differences as a separate Item 
after the pre-tax figure. The 
operating Income fell by 
Kr.27m. to Kr.430m H while an 
increase of Kr.TSm. in net 
financial charges to Kr.274m. 
produces the 1977 pre-tax 
figure of Kr.lSfim. 

The exchange differences 
resulting from the translation 
of the foreign subsidiaries’ 
statements Into kronor add 
Kr.R3m. to. the ore-tax figure for 
1977 compared with ~a deduc- 
tion of . Kr.l94m. in 1976. An 
extraordinary income of 
Kr.lOSm. results in a 1977 
profit figure before allocations 
and taxes of Kr-327m. com- 
pared with Kr.l33m. In the 
previous year. 

Group borrowing increased 
by Kr.L2bn. and interest 
charges by Kr-83m-, bnt the 
increased figure for loans is 
partly due to the Swedish, 
devaluation, making the liablli- 
• ties of the foreign companies 
greater in terms of kronor. 
Capital investment increased 
by Kr.86m. to Kr.757m. during 

A breakdown into four- 
month periods for the past two 
years shows a steady decline 
■ in ' group -earrings (before 
exchange adjustments) until 
the second quarter of 1977, 
when . a KriTm. increase 
occurred. However in the last 
four months of 1977 earnings 
plunged again to Kr.27m. or 
less than one per cent of 
sales. • 



m Australia Si pc 1989 
£V 8oc 1BS7 

■ TiOa «pc 1M I — 
iralian M. * S. 9»M ’K 
Tiara Bonk Sipc 1S9S ... 

■ IW Btpc 1092 

uSIbo H. Hl»7. Mbc '88 
lit National nine I988-. 
mark Bloc l» 

Bpc 1995 

, 1897 - 

■Wpc IMS 

| WPC 1989 

■son ape 1989 — 

r 8 dc um nov j... 

Lakes Paper Mpc *M 

lereley Sipc 18 W 

io-Qucbec 9pc 1083 — 

ape 198T — 

Caor%i «pc 1M8 
mil Ian BloeOel 9pc IMS 
wy Ferguson Wpc lwl 

Tir end 6^ 



. : , r* . . 





■MtebeUn Hoc 088 



Ben Canada 7fpc 1987 


SB . 

98} . 


Midland Ibl Fin, Sloe VS 



B. Columbia Hydro 71 pc VS 




- 97} 

Natl. Coal Board see 1987 
NatL WeatmlnSer 8DC 1986 



Canadian Pacific Hpc V4 







Tv vr taiemtad Spc 1988 — 




. Ml 

. Newftrandland foe 1989 



ECS 7} pc 1882 





-Marges Kasim. Bid 84pc ’SI 



ECS WPC 1988 





Nurpfpe 8»C 1989 . 



EEC 7}pc 1982 - 





Netak RMn 8}pc 1802 — 



EEC TtVC 1084 -_ 


m - 


Odo -tyc 1688 



Ebso Guaeii hpc IBM ~ 






- W 

Got* Terpen 7}pc 1982 .. — 




Pros. Quebec- Spe 4900 „ . 

. 97- 


KocXmoa 8pc IfflS 

Mlcfiekn 81 pc 4983 4 





-PWM^saskatdnra. Sine * 









Montreal Urban 81pc 1981 





RBM 9pc 1992 — 



New Brunswick Spc 1984 .. 


- 98} 





New Bruns. Pw. Sipc ’83 





SkjnuL Ensktida 9pc 1991 



New Zealand Hpc 1988 




SKF 8pc 1987 — 



Nordic Invest. Bk. 7U>c V* 


■ 95} 

100} ' 


. Swedes .(Xbtsdani) *Pc *87 



Norsk Hydro 7ipc 1982 ... 





United Biscntts 9 dc 1969 - 



Norway Hpc 1982 ... 





Volvo 8pc IBS? March 



Ontario Hydro Spc 1987 _ 



Singer 8 *dc 1982 



S. or scot. Elec. Mpc *81 





AngtnUa 7} pc 1984 



Sweden (Kingdom! Tine '82 



; - 

r m 



Swedish Stare Co. Hpc *82 97} 

Telnet Bipc 13W W 

Teoneco 7*pc 1987 May — 931 

Volkswases 7|pc 1987 . — BM 


Allied Brrwarie* Wipe ‘90 97 

Ciiieorp 10 pc 1993 . . W} 

CoUrtauWs Mpc 1989 99 

ECS «pc 1388 Mi 

ElB flipc 1968 99* 

KIB MPC 1893 tn 

Flu. for Industrie Mpc V7 97} 
Fla. for tadustrte lOpc. '» 98 

Flsous JMpc IBS7 191 

INA 10PC 1968 971 

Rowntree lOJpc MBS 97} . 

Sean l«pc 1988 : 97} 

Total OU 8}pc UM — — «7| 

'HlbadlMlMMMtdppans m unttar of rucord only 

-.O .' 

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•4 ! 

i - 

*a«t J 


U.S. $ 20 , 000,000 

. Medium TOrm Credit Facility 
..Guaranteed by 

Petrobras Quimica S.A. - PETROQU ISA 

Managed by . ; . , , . 

Libra Bank Limited 

Providedby - m - ^ 

The Chase Manhattan Bank, N.Ai 

(Nassau/ Bahamas Branch) 

Libra Bank Limited 
Standard Chartered Bank IJmited' 

Valley National Bank of Arizona ’ 

.Agent Bank 



BFCE StPC 1988 — . 

BNDE 61 pc 1366 

Dennuuk S}pc 1984 - 

EIB S DC 1990 

Burst om Sipc 1BW — — — • 

Eurodma Sue 1388 

Finland Stoc 1986 

Forma arks Sloe 1990 

New Zealand sloe 1988 

Noreem SI pc 1989 

Norway 4tpc 1983 

Sweden 6oc 19M 

Tauernamobahn Sue 1993 
TVO Fewer Co. *pc 1988 
Veaeroela Spe USS _ — 
World Bask 6toc 1990 

Bask of Tokyo *84 VUtfpe 

BFCE 19S4 7pc 

BNP 1983 8 1 us pc 

CCF JSS3 9pc ... 

CCMF 1984 7lpc 

Crednanatalt 1984 7lpc ... 
Credit Lyonnais 1962 8pc 

DG Bask 1982 7 13 k pc 

GZB iSSt 7} pc 

IbU. WestMiatr. *84 715jjpc. 

UordS 1983 7} pc 

LTCB 1983 8pc - — 

Midland 1982 &>c 

100 } 
























99 * 










101 } 
' 99 
101 } 
200 } 

9B| 99} 
98) 99} 
m — iota 

Midland 1987 ?Huws — 

OKB 1983 ft pc 

SNCF 1885 BiDC 

Stud, t Chand. *84 713)4 pc 
Vfnxo. A Clrra 1984 8 1 is pc 
Source: While Weld Securities London 






100 } 










100 } 




100 } 

100 } 






100 } 



100 } 


American Express 4ipc *87 



Ashland Spc 1988 



Babcock i wUcn 81 pc *97 



Beatrice Foods 4ioc IP 92 



Beatrice Foods 4ipc 1892 



Beecbas 6! pc 19BS - 



Borden 5PC 1992 ... 



Broadway Salt 4ipc 1987 



Carnaffon 4PC 1987 



CbevraB Spc 198B 



Dart 4} pc 1987 



Eastman Kodak 4ipc 2988 



Ectmotnic Labs. 41 pc U87 



FJiestune Spc 1988 .... 



Ford 5pc 1988 ...» 



General Electric Upc 1987 



Gfflcne 4 (pc m? 



Gould Spc 18S7 

i ta 


GnU and Western Spc 19SS 



Harris Spe 1992 



Honeywell Spc 1B86 ..... 



ICI 64pc 1992 ... 



INA &3C 1997 



induape Sipc 1992 

ITT 42 DC 1987 





■Iosco Spc IB92 - 



Knmarau 7}pc 1990 



.1. Bay McDermott 4fpc *57 



Matsnshlia Bipc 1890 



Mhsal 7*pc 19» 



J.« P. Morgan «pc 1987 _ 


- 98 

Nshteca Sipc 1088 



Owena ZJItaois 4Jia- 1887 _ 



J. C- Peoney 4}pc 1037 _ 



RevWn 4iPC 1987 



Reynolds Metals Spc 1SS8 



Sand rife Eipc 1SS8 - ' ■ 



Sperry Rand <ipe 1987 — ~ 



Squibb 44PC 1981 



Texaco 4 }dc 1888 



Twdiiba Sine 1892 



tlniua Xarbldc 4tpcjl982 ... 



Warner Lambcn Hoc 1387 



Warner Lambert 4}pc- 1988 



Xero* Spc 1988 — 



scarce: Kidder. Peabody Serarilie«. 


Half-year reverse at TNT 


group, Thomas Nationwide 
Transport slipped into reverse in 
the December half year, to- 
record the first reduction In 
earnings to more than a decade. 
Profit dropped 27.6 per cent, 
from ‘ to SA65ml 

($US7.4m.), but the interim 
dividend is held at 4.5 cents a' 
share. The directors said that 
despite the setback they 
believed the results for the full 
year would, be satisfactory. 

The main reason advanced for 
the lower profit was the . pro- 
longed: longshoremen's strike on 
the East Coast of America 
which cost the group $A3Am. 
Without this strike, the profit 
would have been higher than 
SAlLTm. Trans Freight Lines, the 

recent entrant Into North 
Atlantic shipping, was affected 
by the strike and Incurred a loss. 

Acme Fast Freight Inc. of the 
VS. — the main trouble spot in 
1976-7? — again incurred a 
loss, but -the deficit was cut to 
below budgeted levels. The 
directors indicated yesterday 
that they were prepared to sell 
Acme at the right price, and that 
other plans were held for north 
America involving trucking 

Strong gain for 
Thiess Holdings 

engineer, coal miner, motor- 
vehicle distributor and investor, 

Courage Breweries plans changes 


THERE ARE to be major 
changes at the loss-making 
Courage Breweries In Australia, 
set up in 1968 at a cost of 
$A8m. ($US9m.) on a site 12 
miles from Melbourne. 

This became clear yesterday 
after Sir Noel Foley, chairman of 
AmatiL which' owns 44.67 per 
cent, of Courage Australia and 
in turn Is. a 41 per cent.-owned 
associate of BAT Industries of 
the UJC, said that several 
alternative moves are being con- 
sidered “ to convert Araatil’s 
interest into something which 
will be' helpful to the group." 

And in' London, Courage 
Breweries, the Imperial Group 
subsidiary, which has a 41.9 per 
cent stake In the Australian 

brewing company that bears its 
name, commented: “ Both we 
and Amatil have clearly found 
this investment less than satis- 
factory and as a consequence we 
are considering a restructuring 
of the company." 

Courage U.K. insisted that 
there was no question of it 
increasing its shareholding and 
said that, if Amatil sold out, it 
would too. 

Courage Australia, which Is 
quoted, has made a loss in all 
but one year of its operation — 
tiie 12 months to June, 1976. a 
year in which Carlton and 
United Breweries, its rival with 
90 per cent, of the Victorian 
beer market, had a major strike. 

• SYDNEY, March 9, 

raised Its earnings by 63 per 
cent, from 5A6Jm. to $A10.0m. 
(SUSlL4m.) in the December 
half-year. The interim dividend 
has been raised from 4J25 cents 
a share to 6 cents and will be 
paid on capital increased last 
year by a one-for-five scrip issue. 

Tbe payout is well above the 
annual rate of 8.5 cents a share 
forecast last year at the time of 
the scrip issue. Moreover, the 
directors said they were confi- 
dent of the future, but were 
mindful of factors which could 
affect some areas of operations. 
The result augurs well for tbe 
Shell group, which recently pur- 
chased 17 . per cent, of Thiess 
capital from mining group MIM 

The result was achieved off a 
34 per cent, increase in sales 
from SA143m. to SA192m. 

Sharp fall in earnings 
at Waltons 

WALTONS, A major retail 
group, suffered a 33 per cent, 
reverse in profit for the January 
half-year, which directors 
attributed mainly to depressed 
retail trading and the high cost 
of funding customer instalment 
accounts. Earnings fell back 
from $A5m. - 10 $A3.3m. 

($U.S3.Sm.) on virtually static 
sales of 5A157.7m. 

On a brighter note the Board 
said that sales for ihe first five 
weeks of tbe second half-year 
showed a "worthwhile improve- 
ment” over those for the same 
period last year. 

Despite the poor resdlt, tbe 
Interim dividend is maintained 
at 3.75 cents a share. 


Eidai decision due this month 


THE OSAKA District Court plans 
to announce by. the end of the 
month its decision on the applica- 
tion by Eidai Company, tbe ply- 
wood and prefabricated houses 
concern which collapsed last 
month; for protection from its 
creditors, Daiwa Bank confirmed 
today. ‘Normally, the court 
decision would take up to three 

Eidai asked in February for 
protection in' respect of Y135bn. 
($575hl) parent company debts 
and Y50bn: on the part of sub- 

Another nine affiliates have 
since failed, bringing tbe total 
value of Eidai "group’’ liabili- 
ties to at least Y226bn. Another, 
99 per cent, owned subsidiary 
Eidai Mobuaai. . has • debts 
estimated'?! Y4Sbnr- 

Eidai -and its main banks; 
notably Daiwa Bank, have pre- 
sented a plan for reconstructing 
tbe company. 

If the request is granted, as 
i« expected, the court will 
appoint an official receiver to 
take over the duties of Eidai’s 

president. Hr. Ryuzo Kawakami. 
who was transferred to the post 
a year ago from a directorship 
at Daiwa Bank. 

The bankruptcy of Eidai Com- 
pany pushed the total valne of 
business failure — though not the 
total number of cases — in Japan 
last month to an all-time high. 

The total number of bank- 
ruptcies in February was L212, 
with posted debts of roughly 
Y492bn. (over S2bn.), according 
to the two credit agencies whit* 
keep track of corporate bank- 
ruptcies — Teikoku Koshinsho and 
Tokyo Shoko Research. The 
value of February bankruptcies 
was nearly three times the level 
in January, and a substantial 
increase on the record set last 
May, of about Sl-5bn. 

Profits boost for 
Sanyo Electric 

the electric appliance concern, 
increased its consolidated net 
profits by 11.9 per cent, to a 

TOKYO, March 9. ' 

record Y18.35bn. ($78m.) in the 
year to November 30. from 
Y16.40bn. the previous year. • 

’ Sales rose 27.6 per cent to a 
highest ever Y641.64bn. ($2.7bn.), 
from Y545.64bn. Earnings per 
share were Y26.6, against Y25J2. 

The company predicts a record 
net profit, of over Y19bn. for the 
current year, on a consolidated 
sales rise to over Y690bn. 

Sales of colour video tape 
recorders, car stereoB and some 
other electronic home appliances 
will continue to increase this 
year, it believes. 

Sanyo attributes the record 
net profit and sales for the year 
ended last November . to a 49 
per cent rise in industrial 
electric machine sales, a 16 per 
cent rise lnnlectric home appli- 
ances sales, and a 13 per cenL 
rise in electronic appliances 

Exports rose 18 per cent to 
Y354bn., raising its ratio of ex- 
ports to domestic sales to 55.2 
per cent, from 54.9 per cent 






By Richard Rolfe 


SHARES TN Concorde Bank, 

: suspended last December, were 
relisted this morning follow- 
ing- agreement between the. 
major shareholders which will, 
lead to an offer of 25 cents 
per share to the minority. The 
offer, which has been approred 
by the registrar of banks, is 
to be made by the major share- 
holders — Messina, . Southern 
Life, Mercabank. Sanlam and 
tbe Iscor pension fund— and 
will affect the holders of about 
22 per cent of the shares. 

Concorde Leasing, as it originally 
was, merged with a small 
general bank under the spon- 
sorship of Iscor, the State 
steel group, with a view to 
widening its deposit-taking 
base. But in tbe generally 
tough climate for small banks, 
Concorde faced problems 
which were exacerbated by 
bad debts in its Natal sub- 

Tiger Oats 
beats trend 

By Our Own Correspondent 


TIGER OATS has beaten tbe 
three-year long South African 
recession with results for the 
year ended December 31, shov> 
ing a massive rise in turnover 
and a comparable advance In. 
pre-tax profits, all of which 
proves the old adage that 
people still have to eat how- 
ever hard the times. Turn- 
over rose from R412m. to 
R5S9m. (S512m.) for. the year 
and pre-tax profits, showing 
some slippage In margins from 
6.1 per cent, to 5.5 per cent, 
were up from R25.3m. to 
R32Bm. ($2S-5 ul). 

Israeli capital 
market reform 

By L Daniel 

■ JERUSALEM. March 9. 

THE KNESSET has accepted a 
motion by Deputy Finance 
Minister Ezeyehezekiel Florain 
to pass to the Finance Commit-, 
tee proposals by a member of 
tbe ruling Likud bloc for the 
reforms of the capital market. 

Among the reforms proposed are. 
proposals designed to provide, 
for the more efficient func- 
tioning of the Tel Aviv Stock 
Exchange needed, in view of, 
the vast expansion of turnover 
oh the exchange.* * 

The most important point in 
these proposals relate to 
mutual funds, with tile func- 
tions of the trustees to be 
separated from those of the 
management so as to provide 
greater protection to the small 





Principal subsidiary of First National Boston Corporation 

Incorporated with Limited liability under the laws of the linked States of.\merka 
ConsoEdatcd. Balance Shcel of First National Boston Corpora lion as orDecemberil, 1977 


Cosh and due from banks rmchiefina $2 ,699^04X00 

. - duefrom banks avimciesy ....... . $35361*41000 

Invwttnent securities: 

U.S. Government....* - - 530,127 fOO 

Slate and municipal jO9JJ59fl0D 

Other ;10.122JDCQ 

. . Total investment securities ■ . QgQJflSXKX) 

. - Trading account securities (valued al kjwerofcosl or mailteD...... IS1.784/XX) 

. Lons - ; - 4,7«756WK« 

Direct lease financing and equipment on tease 172.890.000 

.... 4^20.456,000 

Reserve for possible credit kisses (4‘W61)001 


■ Federal funds sold and securities purchased under 

agreement to resell '. .....IIWCPOO 

Customers’ liability for acceptances - - J300 

Premises aixi. equipment - .....13O.36OD00 

Accrued interest receivable 120^45JXX) 

. Other assets (includingothcr real estate owned of ■ 

$22^25j000) : ...119.1321100 

. .. TOTAL ASSETS — ^. SI(LKI 1.573.000 

Liabilities & Stockholders’ Equity 

Dep osi ts: 

Demand •*■ * ^2 OjOOO - 

- Savings 

Time - - 1 £13,7121)00 

Overseas Offices .... ..3.956.7321)00 

Total deposits ...7,51 W, 009 

' - Cbmmiqcial paper .‘.,.2505561)00 

. ' -v.V Other funds borrowed 94 60 ICO 

. ‘ Federal funds purchased .-..5D0.43OJ00O 

. Securities sold umkr re puk ha®: agreement. ...1 

Acceptances exccuied, less those held for investment 18 1 256 jOOO 

Accrued and deferred income taxes S5f9 ZSfifi 

■ ■ ■ Accrued expenses and dividends payable I5S.6S6JOO0 

'Offier labilities 72397 JXJ0 - 

Notes payable ...4QOJQOOJOQO 



Preferred stock without tar value 
Authorized -UXODOOsha res 
Issued and outstanding- none 
Common stock, par value $635 perstaio 
Authorized- HJDOQfMO shares 

Issued and outstanding - 12290,695 shares ........'.,.76,192000 

Surplus 177J888JOOO 

Retained earnings.. 295fi34jOOO 



iKelsaconiaBdBtBd statement of condKion cwraringaB office*. ov 
ofthe BankandiftB Cognation, with al balances In Uielrseqtovatem, 


LONDON: Bank of Boston House, 5 Chespslde, London ECSP2K (1U: 01-23823881 

31, Lowndtt&reefcBelgraviB, London SW1X9HX pfct:01-235 0541) 
lEWOfflC^tOOFMoralStiMt, Batten. WnsaclaMttBa2nONEWYORKBenkot Alston tnleniationaI I 7B7FnhAvenus,TtX)2Z. * 

LUXEMBOURG Usemfaourg City PMUttAAPanemaCiT*. URUGUAY WtenlBvWeQ 

y. HONG KON® Honfl Kona. IRAN Teheran. LEBAI ~ 



Financial Times Friday March iff ; 197?. 

Peachey clears the decks 

Peachey Property Corporation's 
fortunes are still overshadowed 
by the figure of the late Sir 
Eric Miller. With Department of 
Trade and Fraud Squad investi- 
gations in the background. and 
writs from Peachey claiming 
£740.000 from Sic Eric's estate, 
there is plenty of action to divert 
shareholders' attention from the 
company's current financial 

But beneath the mass or provi- 
sions relating to the group's past, 
Peachey’s 1977 accounts, pub- 
lished yesterday, present a fairly 
encouraging picture. 

The new&oard has now made 
fuli provision against all (he out- 
standing claims against Sir Eric's 
estate, and has written off the 
£105,000 legal and other profes- 
sional costs related to Sir Eric's 
removal from the company. A 
£565,000 exceptional charge takes 
account of losses on the sale oi 
Peachey's main non-property in- 
terests. And Peachey has finally 
settled its long-running legal 
battle over 258 acres of 
Northamptonshire farmland, and 
has made provision for losses 
and expenses there. 

The net- effect of the cleaning 
up operation is a £l.lui. afl^r 
Tax loss. But on the credit side, 
the full portfolio valuation com- 
pleted in time in r>.-huff Allied 
London Properties' 53p a share 
takeover bid last October, lias 
now been incorporated into 
Peachey's accounts. The valua- 
tion boosts the book valu*» of the 
group's properties at its June 2-4 
year-end to £47m.. 100p a share. 

John Brown, the manaeinc 
director, is press in^ 1 ahejd with 
p-ans to sell slices of the "roup's 
£19.4m. residential portfolio, 
generate dealing profits and 

_ . TiTr;i Kirk 

John Brown. Peachey's managing director, and Lord Mats, 
the chairman. 

reinvest the sales proceeds in 
higher yielding developments. He 
says that "this is the type of 
portfolio where nearly every 
properly has a deal in it." leav- 
ins plenty of scope for gingering 
up the group's property manage- 
ment side. Peachey has already 

Brief . . . 

Electricity Supply Nominees, is 
in go ahead vriili the redevelop, 
mcnt of its site at S, Eishops- 
gate. EC2. Tin? merchant 
lunkers have awarded Wales a 
£I5m. contract to build a 
1 4 i.OOO square feet 24-storey 
headquarters building on the 
land, which lies next to recent 

received offers for Its Park West 
apartment block in the West 
End. a building that accounted 
for 40 per cent, of June’s entire 
residential valuation and which 
Peachey holds on a long lease- 
hold Tram the Church Commis- 

developments by Anthony Gibbs 
and Banquc Beige. The Bishops- 
gare site was originally part of 
a wider development plan that 
would have involved a combined 
scheme bringing all three free- 
holders together. Planning de- 
lays killed that grand design, 
and the three finance houses 
went ahead with independent 

ESN. the electricity supply in- 
dustry’s pension fund, will take 

a BO per cent share nf th« emrw 
pleted building. Barings will re- 
tain the balance. 

Hilller Parker May and Row- 
den advised Barings, ami will act 
as project managers through the 
30-monUi building programme. 
Baring will let surplus Space in 
the block through T-Tillicr awt 
Richard EUis. tbe s 



Skelmersdale New Town, you 
may be pleased to learn, is just 
21 hours flying time from ToKyo, 
fl hours 30 minutes from New 
York, and a trifling 4 hours and 
35 minutes from Moscow- un 
any normal property sale 
brochure Hying times to Tokyo 
and New York might appear as 
a pardonable, if eccentric, whim 
of the selling agent. But the 
sale of Counauld’s 624.000 square 
foot former weaving null at 
Skeiraersdale is no normal deal. 

For one thins, joint selling 
agents Edward Rushton Son and 
Kenyon and Hillier Parker .Jay 
and Bowden are offering a 90- 
vear lease on the largest vacant 
modern factory in Western 
Europe. And for another, the 
future of the Skelmersdale plant 
— which close* last year with the 
loss of 700 jobs — has inevitably 
become a highly sensitive local 
political Issue. 

Courtaulds' 9-vear-old plant, 
which includes 30.453 square feet 
of offices. Its own 11.000 volt 
power station, sprinkler system, 
canteens, loading hay*, engineer- 
ing workshops and «n__forifa. is 
being offered for £3.. am., less 
than bait its construction cost. 
Although Courtaulds collected 
the initial constcuciion grants, 
any industrialist moving 10 Skel- 
mcrsdale would he eligible fni 
the usual Regional Development 
: Grants and tax concisions on 
plant installation. And the 
agents believe tha: a factory 
(rather than a low employment 
, warehouse user) would find a 
sympathetic heariuc from the 
Government when it came to 
other discretionary grants avail- 
able under lh..- industry and 
regional aid legislation. 

Corrrtanldg held *e factory 
rite on a 89-year lease from the 
New Town Corporation that 
expires in 2168. The ground 
rent is just £12.850 u year until 
the first review in 1982, and there 
arc 25 year reviews thereafter. 
Rates currently run to £197,000 a 
year, excluding water. 

Apart from their British sales 
drive, the agents are contacting 
Industrialists in the U4S., Japan 
and throughout Europe. And so 
Hying times from Skelmersdale, 
or at least from nearby Man- 
chester International Airport, 
are not as whimsical a selling 
point as they look. 


FIRE DAMAGE to Plantation 
House. British Land's 330.000 
square feet City office complex, 
could total £500, 000 according to 
the building's managing agents, 
Dron and Wright 

A fire started on the fourth 
Soor of the building's Rood Lane 
wing late last Friday evening. 
Twelve fire engines and a lot 
of water later the damage was 
contained to an overall area of 

70.000 square feet. Around 

17.000 square feet of that total 
is too badly damaged to be used 
while the rest is either sznoke 
damaged offices above the fire, or 
water damaged space below. 

A number of office users in 
the Rood Lane wing (which, 
ironically, houses the claims 
department of insurance 
brokers' Bain Dawes) have been 
able to continue operating by 
doubling up >in undamaged office 
space. Others have been re- 
housed elsewhere in the block. 
The managing agents' have yet 
to calculate the full extent of 
the insurance claim for reinstat- 
ing the damage offices. But they 
believe that Ea«}le Star, which 
Insures the block, may have to 
pay out as much as £*ni. 

British Land paid £27m. for 
the 1930* s building in 1971. In 
1973 it was revalued at £88m. 
That figure was cut to £51i». at 
the time of the group's refinanc- 
ing package last year. 

Haslemere Estates* restoration of buildings on 
the ate of Henry VIITs palace at Bridewell is 
now nearing completion. 

The site, which faces on to New Bridge 
Street. Tudor Street and Bridewell Place, 
E.C.4. was bought by Haslemere last year fnm 
the Governors of the former BrideweJr 
Hospital. The Governors were given the site 
in 1553 by Edward VL who had inherited It 
from Henry VM, who In his turn had taken 
over the land and palace from Cardinal 

The existing buildings date from 1802. and 
Haslemere has retained the facade, as well as 
a carnage entrance complete with a sculptured 

Investors jib at yields 

head of Edward VL while creating partially 
air conditioned office space inside. Number 14 
New Bridge Street Is now completed and 
Haslemere through agents Pilcher Hirshntan 
and Partners is offering the 6,400 square Toot 
spaee at £55.000 a year. £8.60 a square foot. 
Number 15 New Bridge Street, a further 7,200 
square foot, will be put on the market ait a 
cimiiar - firing rent next month. 

Two further refurbishment® will be coming 
on to the market in the summer. 9,400 square 
foot at 12 to 13 Bridewell Place and a 519D 
square foot suite at 2 to 4 Tudor Street. Hasle- 
mere will also start work on a 25,000 square 
foot modern office scheme on land within , the 
island site later this year. 

Investors are beginning to 
realise that the market has over- 
heated and there is a gathering 
momentum of funds withdrawing 
from the market at current yields 
— apart from the few absolutely 
unassailable prime properties, 
writes Christine Hair. 

This view came yesterday from 
Edward Erdnian and Company 
which has been growing increas- 
ingly concerned about yield 
levels since last October. A 
spokesman yesterday put the 
case quite clearly. " If a pro- 
perty is perfect in terms of loca- 
tion. construction, tenancy and 

modernity of lease, then current 
yields are not unreasonable. But 
the majority of transactions car- 
ried out to-day . are not much 
different from the last boom. 

- The market has overheated. 
Criteria are being let slip The 
newer funds are falling for photo- 
genic properties and those that 
look good on paper. 

"Current yield levels repre- 
sent too much of a gamble on 
future growth and a lot of funds 
are beginning to realise it” 

Erdmans does point out that 
there are some pro pen ics which 
warrant the prices being paid 

to-day; rental patterns on these i 
properties cannot be faulted and. 5 
any fund is right to snap them - 

But there axe only a few of ■ 
these around. The majority of - 
deals currently being completed' 
are not for properties of this' 
calibre. A rat race is. developing 
in line with the re-emergence of 
tenders as the most popular 
method of sale which cannot • 
logically be justified by any 
sound projection. 

As a result. Erdmans claims, 
the longer established funds are 
being consistently outbid in 
tenders because they will not' . 
offer prices which cannot be sup- ; 
ported by sensible projections. 

1 Jgkg w% 

I I 

^ * 

W* jgfi 


■■ 1 

1 gyp 

1 g% 




Buckingham Street WC2 6.250 sq.ft. 

Carnaby Street W1 2.765 sq.ft. 

Hill Street VV1 8 r 445 sq.ft. 

Newton Street WC2 5,540 sq.ft. 

Pall Mall SW1 7,705 sq.ft. 

Waterloo Place SW1 4,350 sq.ft. 

Clients' requirements 

Central London 30.000 sq.ft. 

West End 15,000 sq.ft. 

New Bond Street 2,500 sq.ft. 

St. James's Street 1,200 sq.ft 

100,000 sq. ft. on 3.5 acres 

* Covered tailboard loading bays 

* Heating throughout * Attractive Offices 

* Ca nteen facilities * Spacious yard areas 

* Employees car park * Early possession 

Rent only approx £1 per sq. ft 



"cfcffin, 01 -02S fcS*! 1 



L*rar AjjtmA ■ Nirrve' ■VjltJ»r» 

- 01-8824633 

1 Kll<Hp>r.mU>.Lw w M I ■ rr. f.i. ::"IH 

at the touch of a button. 

A Selection of Properties Currently Available: 



2.000 sq.ft, approx. 

Air-conditioned Ground Floor 
Suit Building Society/Bank. 


79/83 MANSELL ST., El. units from 

3.000 sq.ft, approx. 

Newly refurbished office building. 

3.250 sq.ft, approx. 

Air-conditioned office floor in 
new building. 

(Off Cannon St) 

3.470 sq.ft, approx. 
office building. 

City Offices 
One of the 

8,333 sq.ft, approx. 

Modern centrally heated offica 
on one floor. 


8,816 sq.ft, approx. 
Self-contained office building 
newly modernised. 

15/30 GRANGE RD„SE1 
17, 700 sq.ft, approx. 

Two floors remaining in new 
air-conditioned office building. 


22,350 sq.ft, approx. 
Air-conditioned offices 
on three floors. 

Chartered Surveyors 

City Office Department 
33 King StreetLondon EC2V SEE 
Tek 01-606 4060 Telex: 885557 





Completion end of 1979 
Units from 20,000 
to 50,000 sq.ft. 

All enquiries 


t-.-- oi eea moo 




10,600 sq.ft. 

£9,000 p.a. excl. 



17 .sl-w Du vc r Ru;t£. Canterbury CTL 3AQ 

0227 51155 

for Industry 


9.000 sq. ft. 




4 Storey Warehouse 
16.375 sq. ft. 



5.000-60.000 sq. ft. 

to tenants requirements ■ • 



New Factories and Warehouses 
6.600 sq. ft. and 13,825 sq. ft, 



New Warehouse/ Factory Development 
3.000/300 D00 sq. ft. 



6.000 sq. f 1.-198,000 sq. ft. 

A new development of Factories/Warehouse 
Units Under Construction — TO LET 


Factory/ Warehouse ... 

27.000 sq. ft. 



Single 5torey Workshops 
8.250 sq.ft. 



Chartered Surveyors 
1 Snow Hill/ London, EC1 
01-2363000 Telex 885485 
Manchester, Leeds and Brussels 

3,500 sq.ft. 

Prime immaculate offices, folly 
furnished. Folly equipped for 
Stockbro)dii^/Ckmmiodity user, with, 
telex, Reuter, Video Master (world 
wide) , Teleprinter, commodity exchang e 
video installation, with direct flwairnp 
lines, 14 exchange lines , PABX 
immediately available. 

Sole Agents 

f/irvA Charles Price & Company 

Ivluf . -J Berkeley Sqoore, tendon W.l. ^"^93 2222 


New warehouses/ factories to let For sale 
1 0,000 - 20.000 sq. ft. Long leasehi 

Immediate Occupation 1 4,200 sq. ft 

:isultan£s ^ 

^ 'y i*- v : - « £•'■■&> "V ■ 4 > : - 

For sale 3.800 sq. ft. to let 

Long leasehold Modern building 
14.200 sq. ft. Immediate Occupation 

!:.70 Jecmyn;Street • 
SLdndotffcSvf Y ep£ #T 
.. 7? 01 : 930 1 090 v/i % 


New warehouses to let 
1 0,000 - 50,000 sq.ft. 
Immediate Occupation 


New warehouses to let New warehouses to let 
50,000 - 1 00,000 sq. ft. 11 ,000 - 33,000 sq. ft. 

Immediate Occupation Immediate Occupation 



^ ? cres - Seated in Central 
— Pr beins , d05e t*> all motorway 

requirements. 110 " Surp,us ^ ° ur 

i^. An early inspection is recommended. .■ \ ; 

' i . . Write to: The Managing Director, . - “ , 
Box T.4838, Financial Times. 

- ; , ^Q.-Caahon- street. EC4P 4BY. 

* 36,700 sg.ft.of 
modern offices 
%£3.25 per sg. ft. 

Fully fitted 
^Central heating 

Dining facilities 
❖ Computer Unit 
First class 
? environment 
^ Excellent staff 


Strutt 8 Parker -V 

[ 01-629 7282~! 

13 Kill Street London WIX 8DL 


43 Castle Hill Are Folkestone ! 
Kent 0303 57191 ! 







2,233 sq ft: 

To Let 

at £6.30 p.s.f. 


01606 7601 

A l^turatujo by ILisitiTX'jr Estates Ltd. - ' 

27; 28: Queen Street 
London EC4 

A Complete Refurbished 
Period Office Building 

6,200 sq.ft, approx. 


r Industn 



ljl|j jT)p [>T 


fitted factories available singly or in multiples 
of 3,000, 10.000 and ft in ideal location, with superb 
connections to national road system. - 

Offices included- Ample Car Parking 
AR Services Storage Eonipound 

Large pool of local labour. Houwnflfl6aranteed for existing employees. 

Ring John Case, Chief Estates Surveyor 


Excellent Modem Warehouse with Offices 

91, 250 sq.ft. 

* Loading bays & covered parking 

* Two 3 ton goods lifts 

* Central heating & sprinklers 
■* Floor loading up to 6 cwt 



Henry Butcher & Co 

mcorpcrjting . 

Leopold Farmer & Sons 

59/{32 High Holbom, London WC1V 6E-G 

Tel: 01-405 8411 



Church House, Ironmonger Lane. London EC2V 8EU 

Tel: 01-606 9611 

• Soli? A'-'i'nts 

, 4. - I r. ■_ 

•• . ■•sr- 




^ j 

.7^Q.W3ltecLav«r9nc#rrading Estatp. 

Watfotd- Herts 

Unitl: 30, 4Tlsflft-Under offer. • 

Unit 2 : 34,086sqft (inc 2,246 sqf t offices) - 
Completion April 1978. 

A new devek*Jmeni of two warehouse units, cdnsinjctedlo a high 
specificate** Located dose to junction 5 of the Mi motorway 


King&Co JK) 

■CbarttredSvnrryott^ \ 

■ 1 Snow Hill London EC1 Tri 01 -236 3000 Telex 885485 


Prim* 5rw.‘ 

Doable fronted _ihop. ?r»nnm with oM 
MC*bli>he4 aiemiso Busman with, 
cock room 1 . Sepame Metis to lunng 
Kcooimodxt-on. F>?eho1d £38.500. 

G. Loveitt & Sons, 

* ‘ 28. Warwick Row. Coventry 

Telephone: .58421 or . 

Haarer & Motts, 

*7, Ouee.i Street. Newt do Abbot. 
Telephone: 43 1 1 

By Reraining Builder Clients. 
Home Counties Preferred 

1/3 Ashbourne Parade, Ealing W5 3QU 
01-448 2711 



On the instructions' of the RECEIVER V 



jf park and woods, bordering: the River Fowey. with cottages, 
theatre.- and planning consent' for 


r-I^iituare 3 miles Bodmin Moor, fi miles South Coast and IS miles 
Plymouth. Motorway, known as Doublebpis House... Nr. Lrskeard. 
■> . c.foT 'safe ( unless: sold previously) by 

‘ • ■ auction 

34 ft |wri, Frklay^ 7 th April,. 1978 - 
‘ - T at TRURO. 

Also CARAVAN PARK auction 130 p.m. .. 


Mansion House, Princes Sc, Truro. T»L Truro (0872} 4211 

«*= SAVTTT.S -n 


(adjacent Putney Eisl Underground). 

5000 sq.-ft 


fia* JSW 

20 Grcisvenor Hill, London W1, Tel r 01-499 8644 

By direction of the Governors 

... BIRR© 

' - . .Close to the City Con 
A fully equipped Training Colic 
ings and facilities. capable of a 

5'h' a - t "v : cc- 

• : y K ; 1 :• ~'i •••> «.• A 

Bv Order of Tonbridge 
and Mailing District Council 






Interested Developers should apply 
for further particulars quoting 
Ref:. LAC/ARH 

to Consultants and Sole .4 pm to 

Hillier Parker 

MsiyX' ttowdtni 

77 Gresrcnor Sireci London 1V1A 2BT 
Tclrphonr: 01-629 7666 / 

arm «lny of Umdun. Ediniwrch Pam*. Amnenliin. Aasmlla 


dDowwateHill Lortdoc EC4 

Td 01 236 7831 






01-487 4401 

V - ■ - V 



Modern Single-Storey 
37,000 sq. ft. 

i It Close to Motorway Junctions 

Situated on excellently developed Industrial 

-k Olfices. heating and lighting installed 


1 Chesshfre, Qt>son & Co ) 

t-P v"A" • • l, • :'•••. ' V : \.- 

r^r-pyP'-: r : : . k- 3 ;vi i 1 ' •.'* 

*- r . ' ' .' : k- 

?-V. " r . ; ., 

★ . Study Bedrooms for about 1c Assembly Hall (to seat. 
■V- 50 V - -.300) and Chapel 

★ Diniilg Hall and Common m _ „ „ ■ , 

Rooms .★ Four SlaR Houses wd S« 

_ ’ Staff Flats 


,| ; ’• 1,600 SQ. FT, (net viable) - - 

K k lino in Ground' flow Pr«*i«e Ofh«« SuiW « fint/wbmlwi et 

i' thirjeetr in fteral« Wdl-miftBinad TeCJIf rtrtoratctl to tM 

'biglmt aandard and fallf ejrpeted throughout. 

* FtiH Mfltral hrnanf 
+ Burgter *lin» 4irK* » P«ie* 

^ ♦. Ample or. Erkins 

|V * Own seutdbr sefterttor 

I/- + 10 minuBM to M3 .WM4 . 

4.‘ • *' OS- mlnut« Central London . 

* 2 mimed Aibk Sntiofl . . . 

* Oukk KWH m HI and the South 

•rj.., * 20 mimitw London Airport •, ’ . ' 

- * Pfendful pool of local labour — lubrtmtnflr botew. London. salaries, 

v” - * katea onlr SOp per wiaare foot 

Per; fall ■Informatltfr tall . 

. GERALD VANE on ’ 0990 (Ascot) 73377 

it Many Lecture and Tutorial 

Rooms. Laboratories, for ★ .Ample Car Parking 
-650 -• : 

★rNewly completed Library’ ■★■■Recreational Karilioes and 
complex .... Playing Field 


For Sule by PritRte Treat ry. Freehold 

. 1 .•• ••■ ■' .Ippfk- : . ’ ’ • 

| [ etiessftire, Gibson & Co. )] 

. . i . 63 Temple .Row, Birmin gham B3 5LY. 

.. Tel: 021-643 9351. and London. . 




Far sale or to I er— 30.000 tq. fs, of prestige. office accommodation 
in an out of town . location with ample car parking and potential 
- for expansion of a further 35.QDQ sq. ft. set on a- spacious site 
having scenic views and adioinini; sporting facilities. Excellent 
communications .clow to M62. M66 and A627M. 

. Parties interested In the above are invited to contact the Council. 
Please apply quoting reference .E5T/MR/3729 to: 

Borough Planning'.* Estates Officer. 

P.O; Boat 32. 

Church Lane. 


Tel: 1 0706) 47474 ; Ext. 754 


Shop To Let 

BASEMENT FLOORS (might divide) 

4-year Lease subject to six-months break clause 

Offers Invited 

Apply: — City Valuer, City Hall. Victoria Street, SWT. 
01-828 8070 ext. 2697 (ref. AL) 




About 5.000 sq. ft. Ground Floor plus upper parts, 
Valuable frontage. 1 :. Full Vacant Possession. 

By Auction on Thursday, 6th. April.- 1978 
■t -Fonts, Mllsom Slmit, Baih, Aron at . 3 pjn. 



Vicarage Street, Frouie. Tel ( 0373 ) 223 * 
from whom particulars are aavilable. 


^ aapS;REQi®aE)i::i ^ j 

. •■xwcact 'lndustri^^tb'fecrS Office..;.. • ' y /• ■ 

• . 'b'ametdwm^rough CbUbiriiS<vhidon S>h^If.Td:0795 ' | 

Ariel House 

City Centre 


Prestige New Offices To Let 


Gooch I? 


A.'t8HngSuec( - 
Looden ECTvfiET 





2 J"fcraofci Stm*t • 
BnTttigtwm 82SDE 



Modem Single Storey 


on 3J acre site 
.C^itrat heating * Good loading 


Tel.01-.S34 8454 

S6/62 Wilton Road. londonSWI V 1 DM 



RING ANYTIME (0424) 428306 * 

Ask for BILL COBS ’{Hastings Borough Council) 


New centre 
for Oldham 

OLDHAM Metropolitan Borough 
has finally -agreed plane for a 
new £7m. town centre re-develop- 
raent Scheme. The Hounslow- 
based private development group 
Lesser Land' is to can? out a 
180,000 square feet shopping 
scheme on 3 acres of Council land 
centred on Oldham’s town 

The new building wilt create 
a covered shopping area from 
Oldham's High Street, through 
its town square, to the existing 
;St. Peter’s shopping centre, 
.which was developed in the 1860s 
by Harry Ryans’ Oldham Estates. 

Lesser, backed by a p Lib 1 icily - 

*hy institution, has. been given 
an 125' year lease on the land 
from the local ' authority, 
which is to take a ground rent 
based on a percentage of the 
centres rents. The developers 
expect the 33-shop scheme to be 
open and trading by the Christ- 
mas of 19S0, and they have al- 
ready lined up a number of pre- 
lettings. which include Boots, 
W. H. Smith. Mothercare. Hen- 
denon-KCutoD and Allied Sup- 

One- -of the problems facing 
the insurer has been competition 
for the right sire of prime 
investment property from other 
newly ^ enthusiastic Funds, and 
from local authority pension 
funds, whose scope .for property 
investment, increased with the 
1074 revision of ihe super- 
annuation funds' investment 
code. ■ 

This influx of new. buyers— all 
looking for investments in the 
£100.000 to £500,000 range and 
ail too conscious of the risks of 
the market to stray from classic- j 
ally '‘prime" quality properties, 
—has' soaked up the supply of] 
these properties, driven down; 
buying yields,, and forced funds 
to look to the developers. 

Two development deals ! 
arranged by National Mutual's i 
adviser, Barrington Laurance. ■ 
bring £734,000 of prime industrial ! 
space into the fund's portfolio on 
vieids that arc not excessively 
trimmed For scarcity value. 

ESTATES Property Investment 
Company has pre-let the 60,000 
square foot sixth phase of its 
£6m. industrial estate develop- 
ment at Sittingboume. The new 
factory and office scheme has 
been pre-let to Tudor Safety 
Class, a Doulton Glass Industries 
subsidiary, through Ward and 
Partners of Chatham. The agents 
had been asking £1.20 to £1.30 a 
square foot for the space. 

THE National Mutual Life 
Assurance Society is one of the 
many smaller funds that has 
been changing its - properly 
10X6=130601 policy in recent 
years. Instead of the traditional 
portfolio, made up primarily of 
Its own branch offices. For the 

S ast two years National Mutual 
as been reinvesting in a wider 
spread of office, shop, and 
industrial properties. 

In both cases the insurer for- 
ward funded industrial, develop- 
ments. A 30,000 square {eet free- 
hold warehouse in Blrkenshaw 
developed by Taylor Woodrow 
Industrial Estates and let. with 
five-year reviews, to Goodyear 
Tv res at £1.20 a square foot cost 
the fund £480.000. Herring Son 
and Daw, who acted with BL on 
die deal, achieved a net initial’ 
yield of 71 per cent For National 

The fund expects a net initial 
yield of Si per cent on another. 
£255,000 forward funding a i 
Crewe. Cobdeo Commercial 
Estates, the Kingston-upon 
Thames based private develop- 
ment group run by former Lyon j 
Croup director Mike Newuian. | 
and advised here by Ratcliff es. is 
to build 20.044 square feet of 
industrial and warehouse - space 
for the fund at Crewe Gates 
Farm Industrial Estate. The 
buildings have been pre-let to 
the Borough of Crewe and Nani- 1 
wich ai £1.08 a square foot The 
Council is to sub-let the building 
as advance factory units. Agents 
de Morgan and Company intro- 1 
duced the scheme to BL. 

V-' ' 

V;?? riv* 


Her Majesty the Queen and Mr. Robert Steel. Secretary 
General of the Royal Institution of Chartered Surveyors, 
at last Wednesday's formal opening of the RICS's refurbished 
headquarters at 12 Great George Street. SW1. 



Ground floor 
Banking Hall 
and Offices 
to let 

From 2.000 sq. ft. 

■if In the heart of Dublin's Financial & Banking centre 

★ Fully air conditioned 

★ Superb standard of finish 

★ Available now 

Full details 

Druker Fanning 
& Partners 

Estate Agents, Auctioneers. Surveyors & Valuers 
31, Dane Street, Dublin I. Telephone: 720433 

for Clients and Applicants 




ft itiaiicfel Times Friday 


Livingston Development Corporation 




60,000 sq. ft. 

Site Area 4 acres 

Close to the 
Seaforth container 
base & the M57 

Joint Agents: 


Woods &Eariners 

Ctsi-ikdis Sitavrtics uri Vii.n '- 

UUliMJU UUJUlI w*Mtan :mii*»us un *-«■' 
v' ^'oariflcdSurveyors 

33 King Street. London 24 North John Street 

EC2V 8EETel: 0T-606 4060 Liverpool L29RN 

Telex: 885557 Tel: 051-2366917 

Appliczziom are invhed from Chartered Surveyor* ’ 
others holding saleable qualification* for appointment to 
the post of Industrial Development and Estates Manager - 
'of Livingston Development Corporation. 

Livingston, which is fourteen mBes west of Edinburgh, 
was designated in 1962 with a arget population of 70400 
but also to be* a focal point of the sub-region of 200- 
250JXJ0 people. The present population is just over 33 .000. ' ■ 
There arc now' ICO industries. It is die second largest - 
town in the Lothian Region by population and employ- 
• men: and in a pb»e of rapid development. 

The primary. role of the post is the attraction of industry. . 
commerce and private housing 'developments in fulfilment; ' 
of she 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 ,>o!*..- 
will be the management of industrial, commercial and ., 
agricultural subjects owned by the Corporation. Housing- 
management is hot a function of ibe 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- v 
troL organisation and operation of his department. • • % 
Salary will be in the range of £&65ff-£{f.208 with placing: 3 j 
according to ability and experience. Assistance will be i 
given with housing and towards removal expenses. The 
post » superannuated. 

'Applicants are asked to write, in confidence, not later 
•than 23rd March’. 1978 (please mark envelope * Industrol’- •- 
Development and Estates Manager *1. sending full details 
to: J. Kelly. Esq . OBE. MA. LLB. Secretary and Legal. 
Adviser. Livingston Development Corporation. Livingston, 
West Lothian EHS* 7AD. from whom further information - 
can also be obtained. - ~ • 










In suites of 387-660- 
2068-2298 sq. ft. 
In suites of 1450- 
1 682-2046-2500 sq.ft 
10000 sq. ft 



6C*rk* Pijcr LondvViVfY-eLL 

Tel 01-499 6066 



c. £20,000 + benefits 

William K Langfan 

A specialist in quality, 
single tenant long-term net 
leased real esiale (General 
Electric. K Mart. U'uolwurlh. 
etc .1 will be at 




March 20 until April 1 

Interested . purchasers nr 
agents kindly contact me ai 
the hotel or at our New 
York address- 

6 East 45 Street NY. 

NY 10017. . 
i References: Chemical Bank 
and European American 

Our client is the UK subsidiary of a successful 
DubBn based public company engaged m 
housebuilding and plant hire. The turnover of the . 
UK company is approximately El 5m per annum. - 
The company wishes to appoint 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 
capable of secunng continued growth in like and 
diverse activities. It is likely that, after a short 
interval, the successful candidate will be invited to 
join the board of the parent compar.v. 

Candidates are invited to write, in confidence, 
giving details of age, education, qualifications and 
career and salary progression, to: 

- Mr. Edward G. cox has been 

armointed a rtirretar- t»f the 

chairman and chief executive of 
- Charterhouse Development and 
. managing director -of parter- 
hoasc Development Capital, Inc 
development .capital ■ sttb-sldiary 
formed by Charterhouse and 
leading insurance companies and 
pension funds. ,■* 

\f. the annual general meeting 
vesterday. Mr. Maxwell Joseph, 
ihe ' chairman, announced ityd 
Mr A. n. A. Dlbbs, a deputy chair- 
man of National West minster 
Bank, will be joining the Boaril 

- towards the end of-Apnt. Mr. J. E. 
Lilev had decided not to seek 
re-election to the Board of Grand 
Metropolitan. ^ 

Mr. Powelss S. Morpeth will 
succeed Sir Robert Black as chair- 
\ncK SOCIETY after the annual 
meeting on May 10. Str Roben is 
retiring from thc^ Board. 

Mr. Brian Hassell has been 
anpoinied a member of the group 
\ management Board of MERCAN- 
director of BARCLAYS MERCAN- 
from April 1. ^ 

Sir Man Dalton, deputy chair- 
man of the English China Clays 
Group atid managing director of 
English Clays levering. Pochin 
and Co. has been appointed 
chairman of the Western Regional 
Advisory Board of BRITISH RAH*, 
lie succeeds the late Sir Alan 

Mr. Das Id Walker has been 
appointed a deputy director- 
general of the NATIONAL 


Mr. John A. Davies has joined 
rite Board nf W. D. SCOTT AND 
CO. as managing director. 


Mr. R. I* Spearman has. hem 
.nppiunted a director of FURNESS 
sidiary nl FurnesvHoulder (Ittsur- 
_ alive >. 

Mr. Edward Cox 



In (he heart ot Mayfair, with 
unexprred leaic at fifteen yean, pr li- 
tigious. light and airy luommodauon 
on the top floor or one ot London's 
pair known building!. This has a J'on 
flsor area of 8.153 sq ft (75Bm>) 
with, a net office ipacc of 7.000 
sq ft (65ImJ> 

The accom 'nod soon u partly parti, 
tinned and it air conditioned with 
full centra' heiting with individual 
unit mounted thermostats. 

The act om mod a non is divided into 
Tour wings and three quarters would 
be available for occupation immedi- 
ately and the remainder, which it 
currently lublct. in 1879, when the 
tub-leaie expires. 

fteotc reply ro BOX F/SI8. 

Oark i fTace. Bithoptgate. 
London EC3N *4B I . • 

NET 10.9% YIELD 


New { *78 1 detached purpote-bu it 
fait .Food Restaurant, ample parking. 

prime location. Lease 20 yvars. 
Triple net | F.R. i I. ) plus Percenuit 
on Gross Clause. AAA Covenant 
(Tenant has over 1.000 employers. 
SI billion tales. 

S00 Units operating in 30 5rar«) 
Base minimum Rent S30.000 p.a. net 
PHc* USS27S.000 Cash 
(£141.752 @ 1 .94 J 



». Westminster Palace Gardens. 
Artillery Row, London SW1P 1RI. 
Tel: 01-221 §742 

Agents far (he Henry S. 'Hiller Com. 
Deny. Dallas. * Lsraest firm of Realtors 
m the South.’ 

C. J. T. N angle 

Turquands Barton Mayhaw & Co. 
Lynton House. 

Tavistock Square, 

London WC1HSLS. 

various aspects nf Gov mu 
and trade' relatione. 
managing director of Dyu 
Radio. - 


Mr. Martin Webster : has 
elected chairman or the aao 
members' group of the M' 
rtirectnr of Conrad Schoftz 

Mr. Don McCrlvtard. chief 
ewruiive and rcsWeni vice; 
pp'^idi'iil nf the AMERICAN 
EXPRESS Card Dniaon in the 
t; K and Ireland are* since 1975, 
has iM-enrappmnleil lo the new 
i»nsi nf regional vlce-presidenr for 
Benelux. Scandinavia, Middle East 
and Africa. He is succeeded bar 
Mr. Stuart ijuartley. mow 
up from ih« position of rire- 
prcslricnt. cjtstnmer BcrxIciDR. • 

Mr. James f. Griffiths has been 
•in pointed chairman of " PYE 
l.IMITKl) and relinquishes Hie 
nankfilns directorship. His suc- 
ce«*a>r in tin.* Pye Video and Audio 
BvLsinn wiS. he Mr. John fVNellL 
a no iia .1 oecu Pyc Liumed * mar- 
— nettng rtirec.or sinec 19T0. As 
rtivtsiyoRi cyreejor, K 


\ ^ 


i in rhr lnxtrn< imt* N< nlliirti 
t-ouilnhl*' LiJ»- .Ivnunm-c TifTK'far 

Well established btiiiness ens-a^ed in ihe develop- 
ment, manufacture and sales of a commercially 
proven range of electronic leisure products. Rased 
in London. Selling world wide. Freseni turnover 
approx. £4,000.000 p.a. Past profits record, and 
enormous potential. Good management team and 
fullv trained staff. Full details From: 

... In Possibly the Finest 
City Centre Location. 


Bor T4S39. Finn nr inf Times 
JO Cannon Street. Et'.4P 4BY 

26 St. Andrew Square, 

A superb self-contained office 
building or distinguished 
characicr with car' parking. 
Presently undergoing mod- 
ernisation including superior 
decoration, lift, carpeting, 
f M Orr-iinniinn Aii'mnn 1978. 


s*lf<omain <1 nffiof.'Residtfmial huila- 

ins lei in its enurev in 40 Amenc^n 
niulii-Dation4l r iMnaanr produ>:ms 
CQ.IlOO o a. «cJtwivc- 


Completely refurbished. 
Fr-.rhnM For SjJ» 

Wnte Pos T u-.1T. Financial Times, 
10. Cannon Street.. EC4P <BV 



ai « going eoKt'O. Very high o «ofi»v 

plus tome ipvcicment properties 
producing £8.000 P a. 



30 Bartholomew Strut. 

Newbury (0635) 44BT6 

Chan* trail— e, Id o*Ci SO 

47 U 3 t-W» Pr.C- LrSOOOO I tK Frre-htlO 

v'?eetl» «ui.siiiei4|.Dr> . a.i iv 

KTead own hve vears. BUSINESS SALES 
LTD IQS Commercial Road BOURNE* 
MOUTH >02021 2934S3. 

market leaden in our voet I aliped held 
ot errutoment rental with a proven 
9 >Owtn rate and unlimiiett further eclen. 
tial. For further particular^ ro>oah 
onlv witn avaitaMe eaoilal in e-cevi oi 
CJSO 000 Write Bov T.4BI 7 Financial 
Times. 10 Camion Street. Ecap a*v 

Ur. James Griffiths 

A i.durMtr MMI.' 
CdlntHimh. EK3 71 J3. 
TO.: IBl 228 44W. 

yield, reversionary, excellent • potential 
lor capital orowth.-.sioo.aoo. Prmciaa's 
onlv. Write Bov. T.483S. Financial 
Times. IO. Cannon Street EC4P *6Y 
. ORPINGTON. Period Office 
; virtually lotalw retur BBned In 1074 

| Apartments. Flats Sain . or ouretiave | 
Consult me Soeciaiisli. f rank 1. Rav- j 
Could 65. Babbacomlw Road Babca- 1 
rombe. Torgay. Phona Tortjiwtv 1037S-6. 


Rale Cl 4 per slnofe column c'eniimehe 
Fo. furtf-er informatlpn contact 
CLIFF CAUNTER. 01-248 5221 . 

directly responsible to 'Mr. Gvrrlt 
jeeiof, chairman and managing 
director m Philips Electronic and 
Associalod Industries, the parent 
company. Mr. Griffilhs becomes, a 
senior executive of ihe Philips 
Group and will be concerned with 

Mr. johu Curtis, chairman 
nunnsins director, of WILJ 
and associated companies; 
retired tram the Warner-Lait 
organlsstioo. but remainj 
consultant. - 

: +■ 

Mr. Peter Purnell has reul ■ 
by mutual agreement from 


Mr. J. (L (I, Durham, chali 
of Gordon Durham and Co., 
been elected regional preside 
the Northern Counu'es Recto 
the NA1TO.VAL PEDfiRAtra?- 

-has apirainted the foUowing 
members to iLs Board: Mr. Li ■, 
CoIHns (general manager); ‘ 

K. J. f.fveft (safes). Mr. M. h 
Rose (production) and Mr. B 
Reyncli (personnel). 

Mr. D. P. Pinks, a « 
general manager of Stam 
Chartered Bank, has been elo 
chairman of the BRITISH OV 
Wheeler- Bennett, general m 
cer. Europe, Australia and » 
Zealand Banking Group, has h 
made deputy chairman of-—— 
AsKbciation. . , 

: -- rt .★ ;• 

■ -9fr. M.- C, 'Swift at pre 1 ^ 
deputy weretary. ‘ BRH • 
been appointed secretnry-ger. 

From June 1. He succeeds 
R. K. C GWdlngn who is retli 
.’ •' .* ■ 

Mr. Alan Carter has t 
appointed managing .directoi 
Miliary company of the Terr. 
International Group. 

. Mr. Rill Klinger has l 
appointed, to ' .the 'Board ' 
LAND following his rerirra 
from the Northern IreUnd C 


Mr. Gareth D. Bowe hwT~ 

circled, chairman the BW? 


- ASSOCIATION. Thw is the sCC 

: time he has held that office; — - 
• • ' * . 

.Dr. Derek Bflby has joined i 
main Board oF GEEST ; C - - 
becomes- managing dirwtor . 
Cambridge Computer Sem 
Mr. Jehu Hubhle and Mr. B 
lAwranee have been^made K 
live . directors of Midlands -C 
puting Centre. ^ 

Mr. John Watktnson has joi 
lAIHed Textile Companies) . 
comi'iariy secretary. . . - r -v 

tiU'K J’ 

!V i 

i ' ’i' K 


I fiilhr l*ft oroeuclna SI 3.189 oer annum , 
e». Ofers invited in the region o' 
613S.OOO to mow 9i-8i anoror. Apply 
Baxter Payne and Leoper. 19 East 1 
Street. Bro-nlev OT-464 1181.- I 

• SHOP INVESTMENTS. We jpeclallae tn , 
th«e ana nave * wide selection in the . 
) once range £.5 000 to £25.000. Details I 
l from PeDpia^ and Co.. S Ola King i 
Street. Bath 0228 28947 JS1V7. Tulrn j 


Ground floor, professional; offices 
in prestige building- 

Over 2,000 sq. ft. 
available to suit accountants, 
surveyors, engineers, etc. Lift, 
central heating, caretaker, etc. 
Write So* 74834. Financial Flores 
10 Cannon Street, £C4P 4B7 


Lloyds Bank regional 
chairmanship change 




IWI/IO^ Lea Bridge UoaU Lundon El-7 HUH. 
01-556 9211, 

Prestige sel«onta>nea suite 8.800 
«q. ft. Town centre location. New lease 
i available at £35.000 oer artniim 
| exclusive oi rates. Ail enquiries. We'ier 
Egc»r Commercial Department. 74. 
Castle Street. Farnnam. ref 02513 6221 
Enure floors in modern oAce Building- 
Lift.' Central healing. Car nark. Air 
conditioned computer room. Further 
details from Cisrebrooke. 01-839.6342 
or D. E and J. Lew 01.930 1070. 
CITY BORDERS. Tap quality air- 
condilioneO office Building: Appro*. 
2.000 so. ft. to let low rent or Ireenold 

Ref JCT 628 43S1. 

'CITY OFFICES in EC2 796 sq. ft. Rent 
l £3 500 P-a.h. 451 sq. ft. Reni £2.000 
1 pj.k. Tel.: 600 1797. Ret.: B58. 
FENCHURCH ST. EC3 1.590 sq. ft. to Be 
let. Ail amenities. Aoplv sole agenis 
Lewis and Tucker 16 Hanover Suuare 
W.l. 01-629 5101. 

OFFICES 2OO-S.0OO sq. fl available to let. 
Langley Slater and Co. 01-499 SS07. 



35*300 SQ .ft- solo agents £250,000 

Telephone: 01-13* 3841 



SaRK- Channel isMnos. w» nraven 1 e 
let. Res-dentm hotel feen 52 sohsian. 
t<al buildings anth seimmins doo> 
■noorrn managc-'S hglgfier's flat ad|Oin- 
mg. Sale Agents A. C FrOK and Co 
Trl.: Windsor 54555- 

FLATS FROM £5.500 

76 Flats in Turn-of-century block being modernised 
First S now for sale unmoderuised at knock down prire 
for immediate cash sal®. 

I Will make 2 R K & B.I nrri come first served 

ALAN .SELBY & PARTNERS.' -386 9431 


BASlNtaSIOKt. warerg.i^ 

VLCOniBlodlt'iin. iHHOO iq ft Irtlln J 
Ifvqy 5 □ 00 so f frj.rting ha> 1 ’■> IKJO 
tn fl cl tirv 'l«-J arcgmmgd.hor-. *>ri* 
flmr. Nf* leare a,*njh:e et E2, flO-i 
rer annum e,r|i.."ve d -I**'. A'l 

-tvra We'fev fggi» -■Cnmmeeaa 1 
Department 74 Castle Street. FernCi«m 
Tel: 8351 3 8231. 

I Chancerr Ditlmoh Companies Court. In 
ibe Mailers of Nn. snsfii nf 1975 THE 
my LIMITED and SO ’ 406ft* Oi l*Ih 
(he Mailer of The Companies. Art. I94H 

f notice is si ekssy given mai 

, Pifiii ions tor ih- windinp-Up oi the ahov..- 
I named Companm by’ Ibe Hiah Conn ot 
I Jusiiee wen-, on i)k- TTib day of February 
jltrs. pre-vni^d to ib-j said Couri hy th<- 
. Coaiminsinn.-r-, ijf Customs and Envir nf 
I Kibr's B-’ani Huuio, ®-U Mark Lain- 
London EC1R 71 PE. and’- Ibai the wuj 
• Pelitiona an- dirm-d io 6* hcim hBfor*' 
I'ff Conn niitno ji the Royal Courts oi 
i .Justice. Sirand Lnndnn. WC3A SLL on :h. 
imh day nl April IBT«. and 4*17 CAfditnr 
Or conirtbuiorv oi any ot Uw “' d Com 
oaitu.-s desirous io suomrl or oppo# ihe 
mjfcina nf an firdi.r on any of Th*-- sairi 
i Fefinnns ma-‘ appear at. the ump of 
I hconni in pi-r.on or by ma Counsel fnr 
| *ar purpose: and * copy ftf Hie Peiinou 
; inn h.. tarnish, .i fjy ihe underslan^d io 
i ■»>* crwjiinr or . uninbutOTT' °* air of 
'he eaid compani'-; rcumruie sui-h pnp>- 
on of ihe reauUied ehar 2 e far 
1 ihe Sam.. 

; G. f. r.i/iAK, :■ ‘ • 

| Hints Roam IluimF. 

35-41 Mark Law? 

Lniidon. KfTIR THE 
] SniiL-uar far ihe pprioow-rs. 

NiTTK— .\ny n-rson ‘ who micmis m 
■iwar nn far' h.onns of any oi Hi- said 
Pi-iiMone . musi si-rrc on. or I 1 '' 0°‘ H 
in !h, abov .-noini-d notice U wnrmp of 
hi# mk nr ion su in do. The naner mi»i 
Ihe nam. and addrvM pf.Ilw pdr- 
sor. nr if a (mu. ihr hmt*'* 3Iu1 aiWrrs>. 
'■r rhe Hrm and num he slAwfi by ih» 
o-rcin nr firm nr fj!5 or theif 5nlicllor 
■ if anyi and mu.i ' he p>rved nr >1 
envied must he »„> he d"V -Id mllkirni 
■im« in r-jch rhe ifioiF-nauifid not later 
■han 4 o'elock in rn# afKrnow of the 7th 
day of April, 1918. 


£1m. -£5m. 

Lord Beeching has been 
appointed chairman . of the 
southern regional . Board of 
LLOYDS BANK from April L 
He will succeed Sir Richard H. 
A-G-Caithorpc. who retires ar the 
annual meeting on March SO. 

Also from the beginning or next 
month. Sir Peter Matthews takes 
.over ns chairman of the central 
London regional Board in succes- 
sion io Lord Beeching.. 

A director nf Lloyds Bank since 
1985, Lord Beechinn has been 
chairman of the central London 
regional Board since 197fi. Sir 
Peter, who is managing director 
■md rhipf nrattive of Vickers, 
bocame a director of Lloyds Bank 
in 1974. 


Mr. Philip J. Davies has been 
tppoinicd managing director or 
tqenJber of (he Fin las Group. He 
w'as formerly development direc- 
tor with Bovis Homes. 


Write BoxT.4840, Financial Times, 
-10 Cannop Street EC4P4BY 


Wishes to acquire companies in the following fields: 

We are interested,. in profitable companies or com- 
panies experiencing financial difficulties thai would 
benefit from the stability nf a larger group where Ihe 
policy is to back individual company management to 
achieve maximum potentials. Strictest confidence 

WriN? Bor (11414 fttvinritil Times 
ttl Cavnmt Street. EC4P 4PY 

Mr. II. B. Grainger, manufactur- 
ing director of the Wanna rlwydd 
Works of AIcoh Man u fact unns 
tCiBi. has been appointed director 
nf facilities planning Tor ALCOA 
BRITAIN. Mr. R. D. Dennis has 
become Alcoa Manufacturing pro- 
duction manager 

!Ur. J. Percy-Daris and Mr. K, G. 
Ro^sdale have been nmwmted 
tsslsUnt directors of C. K. HEATH 
Mr. R. G. C. PuinmoU and Mr. 
A. W. Frost ar.e, io become (nidi- 
tinilRl directors of (J E. HEATH 
Tronl April 1. . 


Sir. R. I>. RnywowJ has been 
appointed managing dtrrrtor nf 
part nf the turhine components 
rliriston of fhp Associated EncJii- 
eerinE Group Mr: A. Rnwntrep 
relinquishes his position as mauag- 

Ing' director of A. E. Twrb 
Components, but continues: 
chairman and atto as drristo 
managing director bf ' Assooa ‘ 
Engineerings turbine compone 
division.. . ; 


Mr. Bernard' Coiifhy has.Ix . 
appointed - a director ■*.. 
from April 1. - 

Mr. N. F. Oppenheimer has 6N_ 
appointed a director of DE BEB'sJ 

. ' V : ; 

31 r. wnuarn Johnstone I 
been appointed to the Board 
which is associated with --I 
Clydesdale Bank and a subsidy 
of Midland Bank. 


Mr. Frank T. Bill Ingham > 
boon uppuimcd company set 
tary of T. COW1E. •: 


Mr. J. S. F. Pode hasTto 
elected to the Board of WHS 
Smithett and Cope and Mr. R. 
Bridges has joined the Board 
Lewis and Peat (Metals), f 
companies are mom tiers of t 


Mr. Michael Rossnr has bet 
mode appoimed dm*cior 
Mr. Neil Taylor ha s been made 
director of Wiuharn PolandiOie 
seas lloidmes. A company ,|r-. 
been formed called Wiflm 
Piland Management Service;- a? 
its Rnard' consists of Mr. Mirim 

Ml i - 

Livingstone, chairman, Mr. E. I 
Kartim. Mr, C. J. Rurklngham. Jt 
l*. Carmichael. Sir Robin GfllH 
Mr. M. K. Rn.\sor and Mr.'N.’l- 

Mr. fThrlsfijfili . I’jrrx ha< bre 

aiiiminicri •■Bics director* ( 

- r- r-- . - 



■'l |« ►, 

: Friday Msrcii 10 .1978 


:ost more 
WSt lext week 

t Richard Mooney 

:K SACOX- rashers could he’ 
o 4p a lh. denrer in the shops 
week f o': Id wing wholesale 
■isos -announced -yesterday. 
"Bh mo^e.jotsing the'-, price 
,n.060 : a tonne was foi- 
■by British^ Irish and 
. -suppliers who ■ marked 
bacon -up by the same 
,®t to £1,035 a tonne. . • • 
cade sources said yesterday 
"draco n prices had- been stag- 

recent weeks and that 
*night : reflect a desire to 
some interest into the 
. .It wan .also noted that 
“t the Danes had- received: 
ompense-for the' effect ot 
tish Green, pound devalua- 
il month which had fam- 
iut £44 a tonne off their 

jokeemao .for the Danish 
rs said,- however, that the 
policy reflected market 
ions. , not political or simi- 
asi derations. He added that 
.sales were running some 
„ cent above last year’* 

Ml l ^ 

" 11,1 lesterday^s rise’ is equivalent 
less than -lJBp- a- lb. over a 
le side of bacon but the in- 
ise is likely- to be concentra- 
,op fore end cuts with middle 
lets rising 2p : a lb., back 
-.i * iers 3-4p a lb. and fore-end 
,v, s ; ts Ip a lb. Gammon cuts, are 
' .acted : to ’ remain unchanged. 

Upsurge in 
. J.S. markets 

' ‘"; lv . f John Leech . 

"'Z 1 *• CHICAGO, March A 
.*. 3- WEAKNESS of the dollar 
■ ,, led to a strong surge of 

• ' rest in U.S. commodity war- 
this, week, after several 

* itfas In the doldrums. 

• • ,r iin^.-ar performers have been 

t beans, grains and' silver 
. . • v, ?jJi have all been boosted as 
;• : incse. European and Middle 
t * ' interests - seek hedges 

• nst the decline in the value 
‘ ’ ^irt-he U.S. currency. 

' ~ -infusion .over. the Brazilian 
position Introduced some 
_ ■ j'rtainty in the soyabean mar- 
: *’*" after a strong opening this 
•'aing when the U S. Depart- 
’ it of Agriculture discounted 
Eilian estimates of less than 
. tonnes. 


■ X’ALA LUMPUR, March 9. 

' ' ?■> ae Malaysian Rubber 
hange and Licensing Board 
set up direct telecommunlea- 
■‘-'• links with * the London 
. • ier market within a year, 
nary Industries Minister 
nfc Amar Abdul .Talb 
imud said here. 


N. Zealand meat industry 
faces shut-down threat 



__ _ have now is= 
issued ultimatums saying they 
will close all works completely 
if the unions ■ continue .their 
strike action. 

E. 2 $^J n> ' S * vitalffleat ,?' 1“”"’ B ° ard ta -London said The trade most likely to suffer 
to a complete that the strikes and shut-downs in the shorter terin, he said, was 

wimSSfL ° n I ^ Mon ^ ay 35 w ®f e unlikely to affect supplies that supplying mutton to parts of 

compa n res close down all 39 of lamb to the British market or the world other than the ILK. 

SS wK^hJridU- ? e ‘? 0PS here - Commening m, trends ta tt« 

Ing of ^ for Ae i ^i lhoug 5 stoeks of Briiish meat n,arket 

K maAet folios Si 7e- 'A »*•. W*- are relatively Dewhurst, Ae high street retail 
fusal of ST freerimT woriu»' for the t,me of at ll -°°° tatetei* chain, said: '“New 
£3on to Mil off a t0nnes * M0Uier 33 - o0 2 tonnes of Zw,and lamb is the only meat 

“rolling” strikes. carcases were aboard ships on doing well, with good supplies 

The strikes started on Wed- th ^£. v f a J F E S’ ope ' _ . salisfying a heal Ay demand.” 

nesday following a 34-hour stop- °®cials said that Bntain Retail sales of oAer meats, 
page of all meat processing *°H ]d be affcc , ted only ,f lhe Particularly hindquarter beef, 
works. When work resumed eight , e prolonged and then are sluggish because of high 
works were idle. To-day another not Unbl June at ' the earliest, prices, 
seven were selected -for a one- 

> £EC Jamb frade p , edge 


[ employee °wfl } ^nft dow^kiiltog TA £L B * 3 X? < . New N<r £ Zealand iamb exports came 

facilities on Monday B Zeala ? <r ® : deputy Prune Minister, to Bntain; and while New Zea- 

This could deal a dam aging *? London last night that land was actively promoting lamb 
Wow -to New Zealand’s meatex- U e ." ad received assurances from exports to many oAer countries; 
port industry which d divides Ministers and EEC Com- alternative markets did not exist 

more A an 40 per cent, of all ex- ? us t ,oners A*t New Zealand elsewhere, 
port earnings. Killing is already lamb . ex P° rts to Britan would The sheep industry in New 
one month behind schedule <rw- no * 66 P ut at ® disadvantage if Zealand produced one-third of 
ing to bad weaAer and proBlems B Community sheep meat regime Ae country's export earnings, 
getting works, upgraded to meet were adopted. and the lamb trade to Britain 

new hygiene requirements. But Mr. Tallboys added that he wa s th e foundation of that in- 
Farmers have already - lost would want . to... see'. A esc dustry, Mr. Tallboys said, 
heavily by being unable to send assurances spelt out in detail to ' He emphasised Aat Aere were 
lamhs for killing when in Aelr ensure that Aey were binding, strong economic and commercial 
peak condition. .• - New Zealand's attitude to any reasons for a continued British 

The .-uni nos are protesting EEC sheep meat regime, he said, interest In trade with New Zea- 
agalnst failure to settle Aelr was Aat Ae common customs land . The balance of trade. In- 
wage claim. The employers say tariff of 20 per cent, already- eluding Invisibles, was much in 
Aey cannot- offer more than a: represented a heavy charge on Ae U-K.’s favour. 

7J per . cent, wage increase be- imports from Aird countries and Receipts- for New. Zealand ex- 
cause of Government regulations, provided ample protection for ports to Ae ILK. in 1977 were 
--Onr commodities staff- writes! ^Community producers. . .' - over £460nu while payments to 

The New Zealand Meat Pro- ' In addition, 65 per cent of Ae U.K. were over £579m. 

Stockpile boost for copper 



COPPER PRICES advanced would have a stabilising effect deputy assistant Secretary 
strongly for* Ae Aird day; in on Ae copper industry. State For International Affairs, 

succession on Ae London Metal He pointed out Aat the stock- backed Ae proposal Aat the U.S. 
Exchange yesterday A " active pile was currently nearly 1.3m. should contribute 5,000 tons of 
trading conditions. ’ Cash wire- tons - short of its objective for tin to Ae International Tin 
bars closed £13 up at £851.2 a copper. Council, buffer stock, 

tonne an<f moved higher inflate Later it was announced that ’ Lead 'and .zinc prices rose 
kerb trading. two Congressmen from Arizona strongly following Ae trend set 

The rise was attributed mainly, had introduced a Bill calling by copper. Silver and platinum 
ta reports from Washington -of. for Ae sale of 45.000 long tons values, however, were marked 
proposals to purchase copper :.fdr of tin from the stockpile, wiA lower 

the- U.S. stockpile. - First Acte Ae proceeds to be used for Our Calcutta correspondent 
was. backing;' from .Ae Cirtmr purchasing 225,000 short tons of writes; The recent rise in world 
Administration for Ae. revolving!' copper. market silver prices has prompted 

stockpile fond plan underyhlcb.- If remains to be seen wheAer Ae Indian State Trading Cor- 
sales of surplus materials, kuA Aese proposals will be approved poration and its associates to 
as tin. and stiver, would be jued.Vby 'Congress. enter. into export dealing again, 

to finance purchases of materials ■ The stockpile reports had an Orders for as much as 16 tonnes, 
required by -Ae stockpile, opposite effect on tin, pushing were booked in a matter of two 
including copper. the Aree months quotation down days: A distinctly bullish under- 

- Sen a tor John Melcher. told a below £6,000 a tonne at one stage tone now prevails A Ae market 
Senate sub-committee that, ihe 'before closing £36 lower at after a Jong spell of inactivity 
purchase of 250,000 short tons £8.022^ on U.S. buying interest due to unfavourable world 
of copper for Ae U.S. stockpile Earlier Mr. Stephen Boswortb; prices. 

New rise 
in cocoa 

By Onr Commodities Staff 

RUMOURS OF U.S. and Con- 
tinental manufacturer buying of 
physical cocoa boosted values 
on Ae London futures market 
yesterday. The May position, 
climbed to £1,180 a lonne at one 
time before easing hack to end 
the day £523 up on balance at 
£1.7843 a tonne. 

The underlying strengA or 
Ae market ' continued to be 
based on - - speculative and 
chartist buying. The rise was 
farther encouraged by an up- 
turn in New York values and 
Ac lark or selling pressure 
from producer sources. 

Consumer . and producer 
members -of- Ae International 

Cocoa Organisation were 
warned in London meanwhile 
that Aelr. taxation policies 
were u strangling ” Ae cocoa 
trade and making it easy. for 
cheap substitutes to take a 
substantial share of the market. 

Mr. Kwesi Hackman, Ae 
Organisation's executive 

director, said both sides were 
equally to blame. Taxation 
everywhere was higher than it 
was 4} years ago when Ae 
International Cocoa Agreement 
was drawn up. 

Talks on renegotiation of Ae 
Agreement have been delayed 
because of -Ac late arrival of 
Ac Ivory Coast, Ghana. Nigeria 
and Togo delegations. Discus- 
sions are new ejected to start 

Oranges scare 
may cost $30m. 

TEL AVIV. March 9. 
THE RECENT scare over 
poisoned Israeli oranges in 
Europe could cost Israel up to 
$3Dm. in lost sales Ais season, the 
Citrus Marketing Board said 

' Officials told Reuter they were 
still unable to assess the full ex 
tent of damage caused to sales 
when Mercury-injected oranges 
turned up In shops in Italy, Ae 
NeAerlands. Denmark, West Ger- 
many and Britain. But sales oi 
citrus fruit Ais season were un- 
likely to reach the projected 
figure'of 50m. cases worth 8200m., 
Aey said. 

Spain wants more 
Canadian cod 

OTTAWA, March St’ 
Spain bas asked for an increase 
in its cod - quota in Ae east coast 
200-mile fisheries zone, noting 
Aat its duota has been 
drastically cut and saying it bas 
a pressing need for the fish, 
fisheries officials said here. 

Canada is willing to consider 
Ae rquest for a supplementary 
quota of 2,000 to 3,000 tonnes 
AP-Dow Jones ’ 


Tempers rising in 
propaganda battle 


MR. JOHN S1LK1N, Minister of as bad in their minds Is Ae Fanners are being badly mis- 
Agricnllure. is distinctly peeved knowledge Aat some of the pro* led into refusing. to appreciate 
wiA the National Farmers' ducts are in overall surplus and that in the long-icnn -their iive- 
Union and by association with that in Ae end they are as lihood will depend on producing 
its president. Sir Henry Plumb, responsible as the traditional what tbe consumer will pay far. 

Losing the cool with which, European peasant for their dls- Instead, the altitude is that if 
until now, he has treated the posal. This is particularly true lhe housewife won't pay,, then it 
continual barrage of criticism of milk. Tbey had been, en- can be exported to the Continent 
and abuse flung at him from all cou raged by the White Paper, where more money will he avail- 
sides of the industry, he has hit “Food from Our Own Resources," able from consumers who appre* 
back in an interview published * n( ° bejieving that Acre was ciaie the true value of food, 
in Ae March issue of Livestock “OP 45 - . f ° r increasing milk A case in point is lamb. Lamb 
Fanning production, only to find Aat prices in France are double 

The union, he claims, gives the before Ae expansion has even Aose ruling here, but -unlike the 
impression that it “ always wants 
and wants, and Is not prepared 
to give.” Also, he says, when he 
is successful in retaining the de- 
rating of agricultural land or 
protecting the Milk Marketing 
Boards the union claims Ae 
credit, when in fact it had 
noAing to do with it. 

In Ais Mr. Silkin is being 
hardly fair. Agricultural - de- 
rating has been a hot potato for 
years and the union had been 
.watching and advising succeed- 
ing Ministers about it for a long 
time. On Ae boards there might 
have been some complacency in 
Ae union at one time. The NFU 
could not -conceive of any fair- 
minded EEC Commission wiping 
Aem out. 

On Ae oAer hand. Ae abuse 
showered on Mr. Silkin has been 
in general immoderate and even 
when he has tried to do some- 
A mg positive for the industry 
Ae praise has been grudging. 

Aa an example, when in the begun to get under way. riisin- Irish who have free entry, British 
height of Ae pig crisis last year centives are being formulated lamb is blocked by unilateral and 
Mr. Silkin paid a special subsidy, which will apply to Aem equally possibly illegal French levies. IT 
all Sir Henry Plumb said was as to European peasants. only this market were open, say 

that it should have been twice This is not what the pro- farmers, all British lamb would 
as much. marketeers. Sir Henry prominent go across the Channel. The 

The basis of farmers' anger is among them, had led them to British housewife .cnuld eat 

Aat tbey believe the benefits of believe. Even now advice is 'something else nr pay more. 
Common Market membership are being, given that thanks to EEC A. tbis connection Mr- Silkin 
being wlAheld from them by an membership -the future is par- has rather blotted Bis. own .pro- 
infernal conspiracy of Ae ticularly rosy: put they' are-.tht consumer copy book^ because he 
Government. Mr. Silkin and Ae warned that the EEC is a jirngle, has been busily* pretesting the 
Housewife in the interests of a Aat agreements* or . packages French; actions which must have 
cheap food policy. This, Aey arrived at in a- Council of Wbi- suited Ais .hook as Minister of 
thought, was dead once Com- store are compromises in which Fiioif. -• ,-.‘Vv * \- 

munily membership was assured, different interests can be “traded tiv>th»5 dialogue }&' tbe deaf. 

Their hopes bad been raised by away, Aeir own included. ■ : ^ : -;w|twbL- is ’ what : Ac present 
the propaganda during Ae Instead Aey are- convinced #? imUaffiwr' between tbe Minister 

referendum Aat they, tbe British their Jeadere that the* failure : B*t>.;Henry .■** Plumb bas 

farmers, would, because of their Mi*. Silkin Jo secure such things t&gerie^atecj into, there is room 
structural advantages be fully as a revision ot tbe pigmeat forborne very ■ plain speaking, 
competitive wiA the Europeans MCAs. a permanent ban bn potato-. Fanners; have to retire ^bat in 
and so have first place in tbeir imports, ahd so on, is an indict a.-Cbmmunily of Nine their Indus- 
own market, and even more tion of his unpopularity wiA The. try is* far rrom paramount, that 
opportunities of exporting to other EEC ministers. If oniyhe their interests could be ‘traded 
Europe. . had been more acmmmodating-&.way .in a general -compromise 

No one, perhaps, could have everyAing in' Brussels woutd package. -Power is jm longer . bn 
foreseen Ae monetary shambles faave beeo easy, they say. There* Whitehall; hut in the Brussels 
which has led to the subsidised Is simply no evidence to support jungle. «* 

imports of Community produce, this; Every Minister worth bis Mr. Silkin should be more 
while at Ae same time denying salt fights to the last ditch for understanding of Aeir frust ra- 
the British, because of obstruc- his country’s interest, and some tions and try to • make Aem 
live levies, opportunities for ex- have been a great deal . more understand Aat it is not be, but 
pan. sion in Europe. obstinate * Aan Mr. Silkin and the system which . he' has 

This fs tbe worst. But almost more ruthless. Inherited, that has caused them. 

. .Term Ktrk 

Six Henry Plumb (left) Farmers Union president; and Mr. 
John Silkin, Agriculture Minister. 



qg£ Btnttpne news prompts*! a -flurry of 
; jelliqg which took the price down to 


latest OX* stockpile news. The day’s 

hl*h -ww-aW-and the efcae.-on jUe tartru „ . _ 

>ppvn-~str«n in -tot aettro HaflSn* £868*^ late iuehoMce CS JSV hefore further corert ng aratog 

tas'saj*. Uw- price e« baj* to ^ J fwrwd aood U.S. physical btess left nronnKed hi strength Is New Yort os 
k London Metal K a rti a ii s f . Forwart} Tnnmyjx, ji.aeq wnpe*-_ ■ ; _.. -y Jt -at 18,900 oa the late kerb. Toraoser, -Wednesday .night, D reset Burnham 

i fell from 1882 to I6S7 on the pre- Amalgamated Meta! 

-.el e wine to profll- taking . But tMs that -in the sunning cash 
well absorbed and thereafter the 3l BOOX limk months £884, 60 
“ moved ahead strongly foUcwtnu the g9- . Cathode* cash £631. Kerb 

three months MU. Afternoon 
entar £838, three month* £882 
65. . Cathodes, three 

type mull ties • todndms African and 
Mlddln Eastern growths. P. W. TaneraaUs 
Robtutas staged an anti rivaled rally reported- . . 






|XQ a 





! E45-.9 


+ 9A 


f 61 -5 




I 659 .» 

+ 9.0 


+ 25 

- m'nt 

1 646.5 


+ 9.0 

t ' ” ' 

tss.A.e.s + ioi 

,lh#..,648 6 8-5+8,76 
m’nti c36.5 i+l#.5 


mi ..i — 


5. 57, 57A SB. Kerb: 
months MSB. 67. 88. 68.5. 

• TI M Fit ter .10 
trading. Forward 
firmer on the pre-ma*et 
“ ht ph 


sod Bui'ooeap demsfid 
+ 16 m the Pamns PftW. 

2.SW tonnes. 

However, hedge 

TIN* - 


.* (im-toi 




T • 

flieh era 

4e *' 







j mnmbr. 



6t 20 50 

— 38 

tieti 1 ain't. 




.... — 


Dub'-. — 

0.9 3-7 




J mouth*.. 

6. 45 55 


6020 6 


aeuiem t- 










— — 


MEAT COMMISSION— Average tamtock pncea 
prices ar representative markets on cuted. 

March »: CB caole €3F7p str kg. iw 

SLIGHTLY STEADIER opening on the (-8.26): U.K. sheep lK6p per kg. est. 

**» ua«wra»», owra. «oa wnc ujnflon physical market. Utile Interest flew 1+6.65: CB ptes St. bp per kg. lw 
beavr-aeale up trade selling brought about throoghoat the day. closing nn certain. r-U). Eaglwwt and Wales— Cattle 
a reverse in laio morning. A limit up Lewla and Peat reported that the Malaysia number* down 7.5 per cent., average 
situation la New York took London to tbe godovm price waa 200 1265} cent* a kilo price 61.680 (-0JP); sheen down 18.3 per 

per todne adless otbenmw 

Lambert reports. Volume on the upOde 

Loo Trt*h» bat ibla was shcirt-tivtll and at the (buyer, April), 
ctofla values *wbib CO to mo hbfiwr on 


tlan-b — 

e57.o-a(+18 selling pared the. 'Price to 18.660. on tbe Morning: Standard, cash tt.100, 18.067, 

-- mornSt* _taxbv»hh-. Jhe >m*«atdattoa maortu £8.066. 56, 40. 43. SO. 55. 96. 

widening to Ht-.-Ia the afternoon lhe ^. ». Kerb: - Standard, three months 

■ 4 -; £8.0», :e. _ O.**.40, 30. Afternoon: *** 

: ■ — - - Mim. imntk. rc a«n dK an SS ' nilnr 7- 

• Index Limited 01-351 3406. Jime/SiiiiAe*?' meal 11^31203 
a mom Road, London,. SW10 OHS- " : y.. *■'*-. ^ 


le L_M E. provides' a medium^ 'for^ '■inves&aent, in .copper; tin. 
7a rinc silver. We shall' be pleased to Act as brokers Tor 
ivate clients, stockbrokers,, financial Jnstfmtlong, metal 
bricators, me«al stockist^, etc. OjAioo trading also available, 
intact R. J. Wylde or T, j. Coxon for lurtber information. 

fMelol Brokers since ^ 

Market Butidliig, 29 Mincing Lane. EG3R 7DA. 

• 01-626 1981 ' TeJex'887706 



of all ' Ms - ivnwlning 
Verstan tup and Large 
-•» InuUkng awfcrtfleaM 
Ig, silk tree of a!*- 

- beautiful band made, rug* from 
Open tO .7 pJBjVnWj lo- 
ng Sotordov A Sandoy (laf* dot)- 
eturday and Sunday fbd day)- 

■ Ua. Masons Ymd. 

Jamea's, SW1. Tab 81-836 2526 

•dlspoc* of oil 
hto FawPe ratal 


■ the marie - Curie memorjai- 

« ,l thS? T w& *«&£°V2. r « 

carl no W. over - 100 aerloualy IT cancer 
patient*.' Hwww *2Sfl 
aiding a. wowderfaj . dtvltianti I" the 
relief ot Roman antterlnu. are orpenUy 
n*«M «0 « nance" the outranjflnp 
capital coat amounting to U million. 
Wit! you^ Mease bffp? 
guaranteed at 8, 12 W 2* montiw. 

or . fin 7 day* call. - Datalls- from 

Site Secrete ry. lX*. Soane Strht, 
London SW1.fiPk.jTaL 01-7SO B1S8. 
. . ’ IN win rr is 

Standard, three .months 16.650. 48, 50. 55. „ 

« « 25. 38, 85. 40.- 35. 26. K«b: “* TC(1 

three months £8.028. 19, S6.400, 



LEAD— Firm. - Forward metal rose 
rrom isos to 1^88 on the pre-market to. 
duenced by thei tread to copper. There- 



E per tonne 



No. I 

1616.6- 1513.0! + 20.0; 1866-1616 

1416.0- 14 18J. 4 16.0 1446- 1486 

13 12.0- 1S16.6, + 28 J); 1646-1510 
1>7*JI- 1*76.6 +41.0) 1266- ISO 

1221.0- '260.D +50.61 1866-1210 
1I7J.O-12M.O +*7.5 1200 
|UbaJM«a.0;+I7J5 — 


M.y i 








4a.!6 48.651 
49.4 Hi J 
61 8B-5U' 
6Z. 55-61.66! 
W. 76 63.8 
56 20 o5.Mj 



41.40-48. H| 

-8.80 + 8.90! 
j0.=8 M 66| 
-7 6VS7.4 

Sales: 1390 rLP44t lots of 5 tonnes. 
ICO Indicator pricas for March B <Ufl. 

rent., average price 134. Sp (+1.4): pigs 

— down 2.J per cent., average price 6l.0p Hfitalg 

(-O.Bi. Scotland— Cattle Dnmbcrs down A in min mm 

BuBinrer 2L0 per crgl.. average price 6S.BSp Pree Market (ctw 
done 4 + 9.231: sheep down l.g per ce n t., average Coppereaah W. Bim 

— Brice 134.Jp t-S.2*. 4 months rto. +). 

• SMITHFIELD (price per lb) — BeeFr Cash Caihode. 

48-16 Scoich killed aides 49.Q to 5SJfc Ulster 4 monthado. do..... 

— hlndqnarters 60 6 to 64.8. foreanartere 386 Unld... ,Trov .w. 

49.60-45.81 to 42.0. Veal: Dutch hinds and ends 92.0 Lead Uish. H ; 

51 .41-60.10 to 98.0. Lamb: English small 50.0 ( o 57.0. 4 month* 

58.71-51.fio medium 48.0 to 53-0. heavy 4A.0 to 48.0; Xkcke» 

r l 06 65.60 Scotch medium 49.0 to 53.0. heavy 40.0 to Free Uoncef tefn"' 
i.5 vf 6 83 48.0 Imported frozen: NZ PL new season \ 

56.6568 50 «-S to 46.0. NZ T*M 44.0 In 4SJ. Pork: 

67.8:67.80 gPg MA . under 160 lbs 38.0 to «.0. 100- -rtattnom troy 
130 tbs 36.6 to 48.6, 128-166 U» 36.0 to „ 

4L0. Kne Uaricet— 

COVEKT CARDER — Prices to Sterling Qn*ch«iverlWllL». 
Bor package except where otherwise surer rroy « 

Mar. 9 

i »oD-8i> 
£4 64 76] 
£c 57.761 
£306 J6| 


Sales: 275 /as> lots of. IS ttmgea, 

Physical closing prices f buyers) were: mlf y 

cents per pound): Colombian Mild Spot «J5p i4S.0pi; March 48s <48. So): bapened praduen: ftnnnni » mnnths. 

.fc. - hkMKin csfflt Arab leas 112.00 1 178.00); nnwasbea **ril 4A25p (48.75c). . SpaWa: Navels 81BO-4. 2D, Bloods 3.8M 30: l'mUub_ 

Sol nwfl Srior-to^o 3 a? t^cSrwtiSe SOYABEAN MEAL JaSa: 3 . 65 - 4 . 05 : enrmi VsSSda utes immubv 

tow to* TWrrr^M r™ 'J 7 ,* 0 < mi7>: 15?* 54 ° 1 WLftL 15M.70. Ovals appro*. <6 kilos M/89S WaifmmdUnktofl 

uw ere. .Turnover, tounes. tiW-SQ). Paflr sireregejn. 70 tl«43«). ybe market opened Lima np refleettog 2JM-20: Egyptian: Navels 7J0. ShamonU Zlne cash 

LONDON ARAB I CAS strengthened strong demand for near delivery of SB Ml- 2.60; Moroccan: 2 90-3.18. Lemons— > mmihi 

premmed by some de al toe In coiommin pnees advanced rentier f2 Jo on specnls- JUUJan: IWJ/13S XOO-3JO; Cyprus: 2A9- Prelucem 

physical:,, Drexri Burnham buying. Proflt-ialUng to die mto- 8J5: Scania: 3.60-SJtO. Grapefruits «... 

reports. »ft«rnoon session triggered off stop-toss Cyprus; 15 kffos 2.50-2.68, 26 kilos 2fl0- 

taking to lhe afternoon enhanced retane onier, , nd r he market dipped sharply S-«0: Jaffa: 26 kilos S.0M.7S. Satsumat— “ CCW I^ 1 ‘™' 

and -values at the close were up MA6 where- renewed buying lifted U» prices Spania: 2.90-3.60. WiMafip-Spaaia: 95/ , 

blwJer. __ w „ _ • and the market closed with gains of 288s 220-4.30. Apple*— French: 40-n> Lrerte<p' .. 

Granny SjtUth Category i 5.70^18,»n 

Category II 4.40-L8Q. Golden Delicious 

Category l S.60-5A0; 20-lh Golden _ J 

DeUcious Category. I 84 X58-2.88. 72 2 AD- Seeds 


- OlficU 

+ ,i« 



» 0 

- •• 

‘ » ' ' . 





.804 78-6 


505 .5 


i month*.. 

ai.8 JS 

+ '74 

Ac9 J 


iett' ni'nt 


+ 7A 


U ff. Spot. 





470.2 . 
(C8.022J , 
6150 65] 

* Cl 

+ 15 0 

3955. Bb 


+ 15 OEM 5. ft 

+ 16.0 
+ 16® 



+ 2.0 



+ 1.5 


Iff 175.125 



If 148. 4 
£4i 9.6 



yon SALE. A retf. 

Crememensts, ifcgfebst AMO 1 721- 
. Wrtu G-tSSS. Financial Times 
Cannon Street, EtUp 46Y. 



Danish AJ per ton - 

Jtitifih AA per ton. 

rish Special per ton ...... 

Jlster A.1 per tonfl 


JZ. per 20 lbs 

Ihgllsb per cwtt 
Janish salted per cwtt ... 

JZ. per tonne 

. English chiiddar. trade per 

ionne ■ 


iome produce 

Size 4 ........ v >- 

Size 2 

March 8 



I. 035 

II. 41/1L52 

Week ago 


1.005 . . 

1,005 - 

Month ago 





10.94/1X05 1(194/1X05 

6521. 5527 

70.15/70.18 7005/72.41 68.06/72.41 



1,16X50 *1,181 JO 
X2I9.4Z 1518.43 

* 6F 

cbttish killed sides (ex- 


Sire forequarters 




March B 
. P 



Week ago 

"P . 

49.0/53-0 5X0/53.0 







TTON — English ewes — — — 

RK-r-(ali weights) - 36.0/42.0 83.0/44JJ 

ULTRY — Broiler chickens 32.0/34^ 31.8/35.0 

♦London Egg Exchange price per 120 eggs, 
or delivery March 11-18. 



Month ago 

• 86.0/4 0-0 



35.0/41 A 
. 30.0/354) - 
f Delivered. 

business) April M8.D6-I86JC. O7M-UXS0: 

Moroinar ’ Cash fSOS. 44. .5. three mouths June 166.06-18746. X6B40-16&00; Aat 

£308. 74. 8.-S. 84. Kerb: Caah X895, 155, 75-158 JO, 15740-156.68; Oct. 146^0- 
thre* znanths £388.5.. 8.75. Bl Afternncn: HT.00. M6.D0-M5.OT; Dec., 1 W. 00-137. M, 
Three motiUa J38ST 64. 16. 10.5. 94. 9.25. 13740-13640: Fob. 133.S0-1M40. 1354^ 

8. 945. Kub: time -months £318, 194, 13448: AprO 127.08-131.80, n£L Safer: 52 
10. 94, 9. -84., ft. U28) lots trf 174SD kilos. 

ZINC— Mretitf ahead: Prices reflected 
the firsmear^l both copper and lead wttb 
short, covering, being partly met by proflt- 
laktog. *• ForWard material opened ar- 
£383 and rose in the day's high of 1368; 
before easing to close at £3644. Turnover, 

2,888 tonnes.' 



- «.m, 



1+ •>* 



VnuHhr 1 * 

+ •» 


* U 






‘ tE’Ao ‘ 



+ 0.46 



+ UA, 


+ 0.40 


+ -.65 





+ .70 

80.4 * 




+ 7ui 



1 ifeirfi’i 







Kuhn *w 



122.60 24,0 + 5.6S 
118 B 20 0 +4.88 

118 nfl.) +4 60 

1*8 00 0 0 +4-00 
tlMij- 16.01+2 00 
1116V 6.0 +1 7a. 
113.00-17.0 +LM 

124 SV17 00 
22 7+15 00 
'2B.(M 14 5' 1 

1 1E-50 

3.00. Category U 84 X00-2.I0, 72 2.364.40; Lo P r * Philip— — 
72/100 Red Delirious 2.60. . Suric Crimson »V»wan (IJ.sS.1 — 
2.T8-840-. fesnbte sack, pet pound Golden 
Delicious 841-0.13, Cranny Smith 0.11- Bnusi 
6.13; Italian: Per pound Rome Beaury eariey EKC 

Sales: >77 <238) lots of 10S tonnes. 

263 4 *845 - 263-4 + 34 

264.^6 +9 . 264-5 Ufi.T5 

^■nouUi-J 264 * +e.& -* } 83.90. May 88.O5-6S.40. Scvr. 83.00-82.66, 

.-nn-WmiJ - 29 I Nov. SS40-6S.10. Jan. 87404748. - Safes: 

„• . — I — ' - ~ _ — ■ 319 low. • Barley: March 7249-rL46, May 

Mwiflng: .-Three montW IKS. «94. 65. 73.60-TS49. Sent. 18.88-Tt.R. N«. MAO. 

Keri>: Three months. £2634. 85. After- j , n 82494178. Sales: 152 lots. 

5?°?Vr' BB 2f * aM ‘ Si* IMPORTED-Wheari CWRS NO. I 1SJ „ 

S’ Three. aKHiths £386. «U,. W KDL Man* £38 TUburr. U-S. Da 

86. M. 54. a. Northern Spring No. 2 14 per cent. March •““* — 1 

•Cento ■ - 


8.14. GoMen Delfclobs 6.1I-0.I2*: U.S. Red Home Future- I 
Deltdoua &.50-8.W, Oregon: Ncwtowna m.,„ 

8.00: Washington: Golden Delidous. 7.59: Vnnia.lan 
Eastern States: J4M46: Hungary; Red WdSr^ 

Delidous 746: Pear* — Italian: Per k. i u- . 


™lt ss'iiriL °sa 

0840 t no* 40\ ■ tonne df for March- s African: Gavtotas 042447, Red Ace »ntrns Mvy 

April shipment. While sugar dally price 6.21-943. Kelsey 644048. Grapes— Loire future 
was fixed *u nos.09 <£106.60). . 






Bainw* - 

tom as . 


Close' . 

Done - 

1 - 

Californian: Red Emperor per Pound ... 

045; S. African: ' Bon Rannah 640. tAxun 'A' in tea... 

Alphonse Lavallce 7.99, Waltham Cross duoueraito. — 

7.50. Bawntas— Jamaican: Per pound »ug4r (iUwj...._„ 

0.14. Tomatoes— Per 6 Idlos. Canary: w.«<to«i ->4- siui... 

8.59-4.60. Melons— CMC an: Green A SO. — : ~r 

white 8.99: S. African: 449: CotamhUn;- Nomjiujj- lUanneo. 
4.99: Senegal: 3.50-4,90. Cpcumhers— *5 ““ 







il BM : 
il, 734 . 5 ] 


67 .Hot 
18 84 

+50.0 1 
+ 6.0 

+ 104I 

+*4BJ^65 l2 








... . :..l£054 
+fifi.Ch £1,676 

+33-0 [£ 1 460.5 
, 6.4, 

—1.0 lei- 7 
2 69|. 

£8340. April 03.00 transhipment East 
Coast. U 3. Hard Wlmer nrdlaary. West ***■ - 
Australia fan NSW SW area. NSW Prime , 

Hard. Argentine. Soriet. EEC Feed. EEC “•*»— • 

Milling and EEC fsq all onawted.' Aug*;:. _ 

Matte: U.S- /French March 00640. April Saire:' 3473 t5462v lou of 09 tonnes. 

1 tieHer*a-«u,ira 
BUI oennd. o ffx+ank Lomton 
1B4 *H 4* ;165. nWkZ9jllB4i-(l540 Canary: 2.40-240: Dutch: 3.80-3.80. — !>*> 

90 9 j IB 90 lOsjUUsTtoli ,o.*i b74u Osali n e wer a Jersey: 548: French. 550- u * _ J M arflPMav 

2 7ajll240-12.awi.i4.9i-i1.25 348. Potatoes— Canary; 25 kilos 449: ''"Wfl-May. * May. x Per ton.. 

"ilh4a-S7B Cypnwt. 3.66: EgypLian: 4J0. Celery— ... 

lil 672045 Spanish: 18/36* 166-140; Israeli: 4.73. 

1 < g c Capsleum*— Kenya: Per pound 0.25. 

* Onlane— SoaniSh: 16M.OO: ' Dutch: UR 
Polish: 1 .30-1 .50. St r awberries— <h>U- 

fonUA: Approx. 12 « per punnet 8.80: 

Approx. 3. c* fiieO. Lattoat— 

24s 2.46: French: 12s 140. Pin®. 

US 8 

H4 80 l .0 . 11S.UU-1M& 
lil.-t-.l 2i 1*1.6041.76 
dtfi '-ll! «404Mi 
l» 76 2B 9 -127.004740 

Donna ' » On 

, tIM pm went 


S8rer- was fixed 0.<0p an ounce lower . _ „ _ _ - . — __ — — 

for spot delivery tat the London bumon OOI.7S. . tranohjpmeflt Bait Coast- South- -Tale and Lyle ex-refinery price for 

market yeste/day, ax 27445p. U4. crat Afrran YeOow April- ITT. Kenya Grade granulated basis white sugar was 042.40 nmefa-' ^ 

equivafeu'tB of the fixBu levels were: spot Three. Apri l 911 5 ft®. (saipel. - a tonne for home trade and BDB u s _T rorT CoasL- D4S4) 90 each. 

5282c, down 24c: ibrte-moath 5384c. . £164.56 (06540) f>r export. ^uflrt^odulSr 56-ib. 

down 15c; -rix-mmnh SW4c, down Me: .-. wc g A * ~ , ** *■ eJL'J**?, ^ tmreaittonal Suaar Amaomow— IwSca- Whl^/Reds 140-1.60. Lettare— Par it 

ss '™£s as? ss aeBartLst£wnft , s k 
* - jar s& an s », E ^ss T .i5 v i 6 4s:ss sns- 

effective for IP-day in order: Carrcnt levy 21.53 i n a r. poqiki, uomereoce 0.12-0.10. 

plus Apra May and June, with previous __ 

to bnckttL la u&lU of accouni per WOOL FUTURES 

tonne: Cbmmon wkcat-SS.M, 122, 242. * A V> I v|\Lj 

3.18. (6145, 140. 149, 1861. Durum 
wtatt— I22JS, 1L4S, 11.43, 1LB8 (12149. 

1143, 11.43, 11,01. Rye-047, 146. IJ0. 








t « 





879.Su -645 282 6^ 
884^.* X0,4 1 - 

296.4p ,H>-7 . *- 


I Pence per kHol 

Au-traliui | teaientoy 

iMMlnmr 135 (380i lots of 19400 149 18047, 149, 140. 1.36). Bariar-8340. Clrw 
ounces. Marotag: Throe mouths 286. 794, nQ, ulL Dll (8340,. nU. ML nil). Dili 

W, 79A. 39. fl04. 80 . 1 . 884. Kertw: Three 7842. nfl, ML MJ 12842. UlL ML nil). , .... . . 

months *79.9. 60. 80.1. 694.- Afienwon: Malxe {ooire titan hybrid fer seadhtg>— — P 1 5-?*H'S 

Three tsondu 28X7. 834. 814. 82. 824, 7946, nfl. ML i»0 (79.98. ML ML MJ). May J 

824. Kerbs*: Throe- mouths -2824, 24. 2:4. Eudnohcw— Nil, nfl, ML. Ml (ML ML nfl,* July £264-64.6 



Mil. Mina — 82 - 00 . nfl,- afl. Ml (82.00. nil, O-totwr 2M.Q-KJ 

nil. nil). Grain mfl hm u fl* BL nfl. nfl, Dewmbre-.2i3.0 — — 

nil (8295, ML nfl.- nil). Ftow levies: Mitch 2iB.0-fl.6M-W 

Wheat ar. mixed where and rye floor— Mir 236-0-42-0 

- UOtiOA 




LU- lure 


11 Nolo G‘ntr’*| 


.1900 0 04 0 1903.0 1B20 



+ 62.H 1310 0 1720 

( UlV__ 

.7727 0 20 0 

+ tt0 2 1760 6 169S 



+ 2016 1786 0 1668 

to™ - 

.1 40 0 46 0. 

+10.20 I860 8 1626 


.*1078 0 14 0 

4 2 i.O 

1810 0 1690 



+24.(1 ■ 






Per pound 6484.08. Parsnip*— Per 28-Ib 
0.70-0.86. TurniM— Per 28-Ib 6.80. 

Rhubarb— Per pound 044. Ca cumbers 
— Per tray lima 340-4.00. Nnshrepnu— 
Per poand 04S. Tomatoos— Per pound 

Rice exports 
by Thais lower 

13847 (18847). Ry* llmw— 1S447 (12447). 1„)r &»4 *24 MflO 1 


-146, ■ _ 

BANGKOK, March 9. . 
THAI RICE exports fell to 
Safes: 4 i2i feu of i4oo wios. " 422,584 tonnes in tbe first two 

BRADFORD WOOL Market: Don months of 1978 from 432,184 

DUNDEE JUTS— Finn, prices c and f *Wi sn castes £ Zealand and Tonnes j n *j,p 1077 nenod. 

U.K. fre Msreh-ApriJ shipment. EtfC Aastrallan - wools. Quoted prices above J., pertou, 

£298, BWD £388, T n m q gTC ww BTD 66S quality tope were basically unchanged trade sources said. 

1388.. Calcutta poods steady unchanged. below 563 there MMMjPrastog of 3p But tbe value rose to 2.16b Q. 


Mar. P| Itak&ltiiaun 

234.59 j 


t 227,72 


(Rase- iut> a ISM= 


Tat* ' “ 

Mar. 9 

Mac. 8 

AwiUj agi 





. 1737.9 

(Rata: SeptnnDm lh'.ifiSi^yUto' 











Huumj Xoir 
*¥U I ftfi* 

1 93331 

(Averare »tia-fiS-Watl8fi) 



Mofirtr 4 *- 



■ « tn 




*p>a Uwnm-1 




iDecemflei 11 



quoted We fir two pence fewer. 
SYDNEY CREASY do finfer buyer. 

Acting director-general of the grimsry fish— supply gud. demand 

. .. r . . reu«r, w—MCM. ivovai XI liHUUUU UCMIUJICOL rrraju Buipsxae i unprocessed 1 

LIVERPOOL COTTOH— Bpc* and 3hl> March 337.7, 338.9. XM4^8.t> 38: May T„ r i n Afthsthavnfhin has said *** stfino: Shell cod ttflO-iflO. Md Unii 
. buck «iw. (MBZ1 IBM fir m rouses, mem safes amoonzed to 766 tonnes, bring. *544. 3494. 14S.WS50. a July 3894, AtinamayotniD. nas saiq H . B0 . J 3_ a ,. haddiidt £4 

. [■tenre*MMl CtiH Organ bntfen (U4. tog tits* total for The week re tor to **64.- 3SL9-3S9.0. 14: Oet. 3534. 35e.o. Thailand will produce lm. tODQflS madlua !3.06-£346. small £34«w2 am 
cenu Per noundj-Dalfe price March 8: 143 tonnes. SMstantia] buytog reden ■ 384.04S3-6. ft Dee. 38B.7. WA_Ml4X5g.8, of rke worth S80m. during the Plaice £340, medium ariTbon^ * £535 
1444ft (144.001. indicator pries* March 8: were recei ved, the laryst in a atogfe day 40; March SM3- 1: * Kw seennd -erao this vear ^ - n.«V£SJo: large Mtinood docttS ret? 

ttday avnan 133.M U5L7S); 2May since the taetoato* of tea month. Sup- g76A 871.6. 3fftM70.| Jll JMy 372.T. cr<? P 1028 > ear * medium «46: lemon sdIh toSTrocMsh 

average 1514S 03143). peri waa furth c o mi ng ta various Americas- J734, 372.9-372.1), U. 5»feK 136 fere Renter . ■ £2jo : re og n.B§-£2-00; s8tth4 £L79. 

U.S. Markets 

Coffee up 
limit; ease ■ 
by sugar . 

NEW YORK. March 6. • 
PRECIOUS metals eased on Cotmuswoti. 
House pt^fli-Ukings fallowing ghe recent 
sharp advapccc.. Coffee'.- MaseCfibatt am 
on speenfetive short-covering. Sugar con-i 
iinued to ease on trade hedge IselBng. 
-nd COmmlBStoa Housej*wm«;S: Soya- 
beans ralHco with mlavd'-DuyitM'icactingi 
to toe reductios of the Brarijaa crop, 
Bache reporre. * 1 . ~ * 

Cec s— Ma rc h 157.15 fiawj. May 148.65, 
144.901, July 144 93. Srnu-14l.;5. Dec. 
137.40. March 135.95. Mar .13349. July-* 
13149. Safe* M6 lore ■_ .. J 

Cafteo— " C *1* Contract:- March 1744ft-* 
17540 (17S.50), May 154.97 traded (150.971,: 
July 141.25 traded. Sept. 138.96 traded.! 
Dec. lU.5ft.rn.7a,. March 123-00 ■ traded.' 
May 1 18.90- 14L00. July 119.56-12940.- 
Sales; 385. 

Copper— March 59.50 (56.791. April, 

58. SD <58.061. May 59.30. JMy 60.30. Sept.- 
51.30, De% 8349,- Jan. 8349, March 
Mar 63.30, July 88.30, Sept. 67.39, Dec.} 
55.89. Jan. 6140. Safes: 7,409. 

cotton — No. 2: March expired, May* 
57.6ft.57.7B (37-75), July 5P.70-SS.7a (58.73). 
Oct. 56.7S-S9 00, Doc. 60«O<«.13. March* 
6140, May 61.70-61.90, July 62.29- 62.50. ; 
Sales: 670.000 bales. 

•Gold— March 187.30 ilSB.TDi, April-. 
188. IQ (160.70 >, May 1S9.30. June 190 .SO. ■ 
Aug. 163.50, Del. 19640. Dec- 156.90. Feb., 
291.70, April 364.80. Juno 29740. Aug.. 

211.60. Oct. 214.00, Dec. 217.00, Feb. . 

Sales: 9.900 lOls. 

tLarti— CMcftss loose not available 
CCS OBi?/- New York prime steam 28.59, 
traded - (264a traded). 

IMatte— March 2M-234* (2331), May; 

337)r338 .(2374), -July 233040. Sept. 239-- 
rm. pec. 2394394. March 247. 

SPIatinum— April 2J3.ia234.4ft (340.90), 

July 337.00-C3S.50 (244.10). OcL 2*1.60- ’■ 
341.80, Jan. 2^.60.34340. April 349.00- ; 
250.06. Julr- 2Se.B0-253.10. Safes: 2415. 

tSllw— March 53ft m (535.401,. April - 
332.40 -IS37.N), Mar S3640. Job 543 B0. ■ 
Sepl- »1.70; Dec. 563.90, Jan. 567.M. 

March 57B.10, May 584.30. July 592.60. : 
Sep*. MM, Sec. 913.00. Jan. 617.40. 

Safes; 20,000 lou. bandy and Hannan * 

spot 533-40 (531.00). 

soyabeans— March 603-664 (OS), May 
6734-677 ( 861 * 1 , July 676-677. Aug. B73. 
Sept. 8336334, Nov, 624-625, Jan. 630- 
5314. March, 63S-63S4. . . 

nsayabcaa Moa)— March 173.50 tl69.7ft) a 
May 173.50-1 74.00 an. Ml,. July. .W3J9- 
17SJ9...AW- 175.58, Sept.-. l»4M98-50, 
Oct. 167.50, Oet.m56. Jkft; W.T^UMt, 
March . .j. 

. Ssyabean (Ml— March 26,6*13*17). «ay 
JS.fl5-26.fiO CSSS), July SSJSrJfiJO; .aure 
35.15.* sept. WL»4a.8S. Oct. 22.75. Dec. 
3245-2240. Jan. SJ&2CJ0. March 2220- 
22 JO. 

Sonar— No. ii: May 6.124,14 (SCSI, lufe 
8.444.45 (8,55), Sept, F.6M.66, OcL. 8.81- " 
8fl2, Jan. 8J5IJ5, March 9J57,* May* 
S. 75-9.80, Jtoy 9.97. Sales: 2.800. 
»*Whe*t— March 2784 (398 1, May 2884 289 . 
28!! 1. July 2781-578, Sepi. 2S14, Dec. 288- 
387L March 2934- \ . i 

Tin — Unavailable. L . \ 

WINNIPEG, March 9. * ttRyn-3fay 
LI2JS 1 ]12 JO ), July llOJO 1 samel. Oct. . 
108.30. Nov. Itf-H. 

t+Oals— May. TBifi bid (IS JO bid), July 
76.79 1 76 JO). Oct. 73J0 traded: 

XtBartay— May 79.60 tod (W.«), July * 
rtJO traded 1 78.60 asked), Oct, 7S.48 * 
iraded. Dec. 78.40. 

aFiaxsocd— May 238 J 8 bid (2 
July 237.56 bid (233.70 Mdi, Oct.* 
asked, not. 240 06, Dec. sw.» raked. 

mWhett*- SClVRS 115 per ce&t.;ptMein 
cooieni ctf St. Lawrence 155.09 1156,36). 

+ KCTima tvff- +or "31 weeks.-- j* lacUMere • 
n ikJnt. nn-dprs and £20.7m. repayments - 
on 1 Ddcs- linked issues in dais ibis year, 
and lisS.Sm. - rccciou and- SOAm. repay- 
menis lor similar period last year. 

07 Includes <33.9m. receipts and fo,5m. 
repayments on indm41nked issue to date - 
this year, and. B.Tm. recnlpts and nfl 
repayttirau (or almllar period Ian year. - 
t Includes £34 Jm. increase on Retirement 
Certs _• ♦ inctuifet £3. 5m. tndex-hnked 
increase on Renremehi Certs. X Includes 
.bonds paid off on ounurfty (£i8.1m. to ; 
dale this year; and B7&6. tor satofl < 
period last year). > 




■ Financial H ‘ f£|?^ 



Brighter tone throughout as Gilts again move ahead 

More demaod for equities but Golds run into profit-taking 


Mar. i JUr;i' JUr'.' i"3laK ; Uif 
a 'I s ! t | a ; A j s - 

Account Dealing Dates 

GB’s withdrawal at that levcL GS'.p but GalliTord Brindley on 4 (6 -ii9p. while rises of 3 
Nevertheless, the undertone 31 relinquished 2 to 53p, the latter were recorded in Uesouttcr, 125p, 

♦First Deelara- Last Account this end of the market appeared in reaction to the dfc*appwn.ting Hall Engineering. -S6p. and Black- 
Dealings tions Dealings Dav ver ? firm and the final gains interim figures. Milbury Lost 5 to wood Bodge. 73tp. Lake awl 

two bnsinen dm earlier. per cent 1935, which Stopped just Elsewhere in Chemicals, gams of Foods, rising 7 to slip on me 

more confident tone short of the last operative level, 4 and 5 respectively were seen m return to the dividend list and 

aretu In stock markets and concentrated on a variety of Ena Ion Plastics. 50p. and Albright profitability. Stili reflecting recent 

rhich, again under the stocks many of which were in and Wilson, UOp. trading - news. J. Blbby improved 4 

Dealings tions Dealings Dav ver ? firm and the final gains interim figures. Milbuiy Lost o to wood Hodge. 73tp. Lake ami 
Feb. 27 Mar. fi Mar 10 Mar 21 tended to A. Meanwhile, the Top In a thin market. Elliot edged up a penny mote to 

Mar 13 Mar 30 Mar 21 Aur 11 ,on ES had Improved progressively Id moved between extremes of 32p m front of to-days bair-yeany 

Anr 2 Anr" m Anr*i4 adVk bul it was noticeable that buyers 33»o and 342p before closing a results. - 

*“* Now Uiw de«n™ ni« rate Utaa abided . the tap Exchequer 10 j penny harder on the day at 33$p. Needles figured prominently ui 
fr*m a Jo uil two businua dm eartkr. P«r cent 1905, which stopped jus*. Elsewhere in Chemicals, gains of Foods, rising 7 to 39p bn the 
A much more confident tone short of the last operative level. 4 and 5 respectively were seen in return to the dividend list and 
became apparent In stock markets and concentrated on a variety of Ena Ion Plastics. 50p. and Albright profitability. Still reflecting recent 
yesterday which, again under the stocks many of which were in and Wilson, UQp- trading news. J. Blbby improved 4 

Wad of British Funds, made pro- short supply. This created *+■ cu-m. ; mT irni7o further to 203p. but Tavener. Rut- 

gress on u broad Front. Gold proportionate pains ranging to Olorc3> llaipi.uvc ledge eased to 07p on the proms 

shares provided the only dull nearly a point in high-coupon .Still drawing strength from setback before rallying to close 
spot of the major sectors, yester- issues, which flattered the actual the much heiter-than-espcited only a penny easier on balance al 
day's reaction in the bullion price tone. Similar improvements were preliminary results, Wool worth ]02p. Gains nr a were, seen in 
leaving the Gold Mines index 5 attained by Corporations, induct- put on 1J more to a t977-78 peak Associated Dairies. 220p and 
points off at 163.6 which is still ing Grampian 101 per cent. 19S5. of 69ip for an advance on the Joseph Stocks. Iwp, white Pork 
some 30 .points on its end- at 99j In fullv-paid form, week so far nf 7$. Marks and Farms .were 7 up at 4i7p. Super- 
Deeember level. Kenstartoa and Chefcwa 111 per Spencer added 3 at 14Sp and markets had contrasting move- 

British Funds were featured by cent. 1UR5-S7 rose J to 102. similar improvements were re- ments in Tesco, I? harder at tWJp. 

the activation of the short tap Conditions were much less corded in British Home, 186p and and Rwifc Save, a cheaper at *0p. 

stock for the first time since the lively than on Wednesday In the House of Fraser. I30p, while Grand Metropolitan were 'not- 

stock was issued on Thursday cf investment currency market hut Gussies A gained 4 to 274p. Else- ably better at %p. up follow- 

last week, but the bigger gains— arbitrage offerings connected with - ■ 

to I — were recorded rn the longer business In both South Africa and 
maturities where buyers were Far Eastern shares were out- 
con cent rating on stocks other weighed by institutional support 
than tap : , TreJ1sury 101 per a*”! the premium hardened i to 
cent ma. which improved only R5* per cent. Yesterday's SE con- 

* oin *' n . . . version factor was O.T2W2 ffl.7269). 

Still reflecting the ICI chair- l- _ YV 
man's remarks about the poor oiit- Alex. Howden eSSICT 
Innk for world trade, leading » r „„. „r 

equities . openct cautiously and the SjitSSSSU* rSIllx Alexan- 
moved narrowly before moving JE ^ 

oT^me a 4nu d lnThu/«iTn anointment w“th the aSnounc* 

ot some genuine nujers in a thin <» Hnu-n 

market gomTne^W * depend {S' oSSTJS* Irokere* Sow 
fnr thp ihm>.«. a ,ir fBa P- ulner Ua>ds Brokers, now- 

for the three-wppk account start 1UJ ^' wioer raayos dfumtis. nu»- 

\Z tV^n5«yheS Un tie St ?S *&£?!*£ SS^S 

which soon spilled over to second- ,,25* n if* h ^ n H °xv i 1 1 

line and other equities. JS£, a “*£■ ,h J k i“5 

. Buyers soon appeared to have g£f r ***L ® a r™L?»« 

been satisfied, however, 

2ff7p respectively. Composites 
made modest progress in thin 

leading shares managing only to m »* SI 1 p "‘ i - ' 

hold the enhanced levels through- ^‘nc-^ rose s o oiop 
ouf the afternoon before slipping f-otaL”*” 1 AccJdeilt put on 4 

Consumer Goods 
j_l(DurabIe)i L 


tack '‘towrr^^'the Ur officiaT ,, « » «£, p .„ qffrarfpd . fa , r ™ ^ SEP OCT — NOV- DEC JAN FEB M J 

after 6 ' the^iteMffler trade Tt 5 alTwunt of investment interest where, buyers came for Allied ins the chairman's optimistic 

so far on the account which ends a ,ike amf >uni dearer at 4fK>n. 3 hut EMI drifted easier through- ifleSp: Monnt Charlotte Bivest* 
mjar on the account whidt «kds chanse d. the major out and finished that amount ments 1 a penny better at 16}p) 

For the ceronri «nccpc«ivp dav clcnreis closed a shade harder lower at 143p. Outside of the has increased its holding to 

fall* in the 46 touii and sub- with Rarclav 5 only a penny higher Electrical leaders, demand in a around S.a per cent, of the com- 

seefions of th?^ FT-Artuanes al 31flp - a "~ r 318p - and M,d,and restricted market lifted Farnell tany s equity - 
indices were rare, and the rises: - hotter at 242n.- It to 2nop Others to reflect Rppnham llicrhcr 

falls ratio in FT-ouoled industrial* Brewene* finished close to the scattered buying included Sound DCecnain lUgner 

rame out much* the saJS £ on dav ' s bosl ,e ' els hur .' vi,h - ni,M Diffusion. 4 higher al 37p. and Taking their cue from a more 

Wednesday at 4-1 Little im- hmlted to 2 as in Allied at S4p Automated Security, which firmed confident gilr-cdscd sector, the 

provement in the level of trade -V continued m figure pro- 3 to 53p. miscellaneous Industrial leaders 

a peanj' lo 79p in reaction 10 ihe 
lower Qrsi-half earnings.. In from 
of to-day's annual figures. Mc- 
Qeery l.’Afik A softened a 
fraction to iflp. 

News of buoyant car sales m 
February flav'e; a small fillip to 
Motors and Distributors but Lex 
Service were only slightly dearer 
at 6S!p despite the substantially 
increased earnings. Flight 
Refuelling, lOTp. and Zenith 
Carburetter A, lOfip. put on 4 and 
5 respectively. 

Newspapers were hiehlwhtcd 
bv a jump of 14 to lofip In IV. N. 
Sharpe following the bcttcr-fhan- 
espected annual prnfibi. North 
Sea oil-orientated stocks gained' 
funher ground. led anmin by 
Thomson which rose 6 more to 
17kp. Elsewhere, fresh specula- 
tive support left Hills and Allen 
up S more at I75p. after l<ip. 
Ault and Wibore improved 2 to 
321p in front of to-day's results 
and East Lancashire Paper, at 
4Sp. recorded a Press- inspired 
gain of a penny. 

Fresh buying interest was 
shown in the Property sector, 
with Land Securities, 2t2p, and 
ME PC. I20p impTovinjt 3 and 2 
respectively among the leaders. 
Secondary issues to stand nut in- 
cluded Hammersnn “A.** 563p. up 
8 more, and Daelaa. which were 
in renewed demand at • < ip. up 
4. Property Investment and 
Finance cJn*ed a penny dearer at 
107p, after 112p, on ihe oro posed 
IlOp per share cash offer from 
Castlcmere Property f Holdings) 
while the C per cent. Convertible, 
1991 -9fi rose II to £97. Peachev 
firmed 2) to 721 p following the 
annual figures and accompany- 
ing yialement. and Samuel 
hardened a penny to Sis after 
news of the fin. East London 
deal. bury. 300n. and Clarke 
Nickolls. S6p. rose 5 apiece, but 
Beltway, a good market of late 
on speculative demand, met with 
profit-taking and gave up 2J to 


figures by regaining ball of the 
previous day’s loss of 4. 

Furness Withy stood out at 
255p, up 7, in a hvetter Shipping 
section. British- and Copunon- 
weahh rose 5 to 260p and. in' a 
thin market. Common Bros, im- 
proved 7 to H7p. 

In Textiles, Corah eased 1} to 
35p despite the subsUhtially 
increased earnings,"' - but -the 
Tobacco majors had a firmer 
inclination and Imps closed 1} 
better at 75 jp, white BAT Indus- 
tries Deferred gained 4 to 254 p. 

OownimniCteni -j. 76.SS; 7B.**T T4.B9j WJSO' 

Kixfrl lntwert.... M ..w..i 77.03 77.41: 77.30 77JT. 
lalurtw 450.s| 446.7- 444.11 442.3 

OrW 103,8, 168.6, 166.0 16W; 

Uni. l»w. VI O.Olj BJW- 6.09] 0.10 

faml«ut.VUt^(hiUXl 17.60 17.79-’ 17.9^ »:BB| 

PiMtoOoUWjrb...-. 7J»| 7.80 7.84.; 

UfrUing»m»rlt wi 4,741^ 4.646j 4,525- 4,177. 

K^aity tamarw &n-. .— ■ 76.97j '6L8St 46.30) 

Kt|iilty Nirmln* B»nL.f — I 44.77ft 13,100 11.096^ 

ifTm'. ».inr‘4*6A ' "«i 

» PJB. 4SXS 3 wn. 453,1. 
i mm inSM (140 H2k 
■IUboA on. SS Per cent corporation rax. 
fiubi tu G*V skta. 15 W 2*. Vtsx * 1 lot. USS 
MUM 119-35. RE ActftlV JMy-Dec. IMZ. 

t Nlri-TJtt . 
tod. .om 

vas -evident in official markings rninen:lv In DisiHleries. risinc Engineering leaders again failed mov ' ed int .° h, S hf?r . ero“ nd on 
if 4.741 compared whh the pre- s !° 2220 f !? r a ns( ; ° r „ 22 ™ rar to hold the day's best levels. J^ 1 od ? s, , investment -demand. 

vious day's 4..>4fi and the week- this week: the Interim figures nr? Hawker ended 4 10 the good al Closing level* wore below the 

ago level of 4.5*12 expected nevt Werine*dav. Else- iR4 P( atter ISGp. and John Brown bPSt but Beecham ended S higher 

where. Matthew Clark fell 3 to 3 better at 278p after 273p. while at -^SP. after WWP- while Melal 

Short tan nnorativp for a tvo-day fall of 11 on Guest Keen touched 275p before B«x and Dnneier improved 4 

^ wj/uiauvc fhp rfjsa pnnfntfng interim repnr*. closing unaltered on balance at apiece to 30 Op and 4 SSp respec- 
Coming on lop of this week's Contracting and Con«structlon 272p. Elsewhere, buyers were lively. Turner and New all touched 
signs of a more manageable Mucs performed well with again showing selective interest lHtlp but ended only 2 harder at 
money supply, the latest Central Richard Cnstaln, 252n. and March- in second-line Issues. Arrow “A" ISTp and Glaxo ended with an 
Government Borrowing Require- wiel, 235p. improving 7 apiece: were in renewed demand at 76p. improvement or a penny at .123p. 
ment supplemented the recent Taylor Wondrow added 4 at 3B2n up S, along with Birmingham afler 528p. Elsewhere. Avon 
restoration of faith in British and John Lain# A 3 to I27p. Derek Pallet, which out on 4 In Rnbher put on 5 more to 189p. 
Funds. Demand was enough to Crouch (Contractors) rose i to S4p. Davies and Metcalfe “A" after I94p, on persistent specula- 
.test the short tap for the first SSp in reroonre to the higher responded to the results and pro- live buying and Hays IVharf re- 
time and the Government broker profits. Elsewhere, renewed posed one-for-one scrip Issue with vived with a gain of 6 to 133p. 
supplied the stock. Exchequer S3 speculative supoort lifted H. and a .rise of 6 to 32p, but the after 134p. As the Pension funds 
per cent. IDR3. at M,l: despite h R. Jnhnson-Ricbards Tiles 5 to increased interim dividend and consider a detailed report on 
certain amount of "witching from S4p and Improvement* of 3 were profits failed to help Frederick True Temper, the U.S. garden 
other i«ues. overall demand wa« soen in Redland. 13Ip, .and AP Cooper, down 2\ to 19p. Wehr tools company which the com- 
mit sufficient to bring about the Cement, 233p. UBM added .2] to Group returned to favour and put pany is proposing to acquire from 
Allegheney. Wilkinson Match 

Oils lively 

Stimulated by several company 
statements. Oil shares enjoyed a 
reasonably lively trade. Tto* 
eagcrlv-a waited results from Shell 
proved slightly disappointing; up 
tn Slflp immediately In front of 
.’he figures, jniell ran bark on 
them to close at 500p for a fall 
of 2 on balance. British Petrotemn 
came back in sympathy, closing 
unaltered at 72flp. after being up 
to 732p. In contrast, satisfactory 
preliminary figures prompted 
demand for Ultraraar. which 
moved ahead to 2 U>p before settl- 
ing at 2fl£p for -a gain nf 10 on 
thp day. Among the more specu- 
lative issues. Oil Exploration 
recovered in to ISSp following the 
company's denials of a dry welt 
and recent suggestions of cash 
problems. Lasmo were supported 
a; 1 4Sp. up 8 . with the "OPS” 13 
dearer at 3I0p. while Tricentral 

S ut on S in 142p and Burra ah 
rmed 2 to 4Sp. 

moved fomard 6 to I74p. New 
Equipment. -. .I3p, Harris and 
Sheldon. 444 p. and Transport De- 
velopment, 67p, all gained around 
2 in response tn trading .state- 
ments. * hilc comment on the re- 

S^ped by BOUCHARD A?Ng cj 

.suits and proposed in per cent, 
scrip-issue helped RTR advance 
13 more to 22Rp, after 2Wp. By 
way of contrast, Newey slumncd 
10 to 40p. after touching a 1U77- 
78 tow of 3Rp. following the in- 
creased loss. Stocktake cheapened 

firmed 2 to 4Sp. 

James Finlay continued firmly 
in Overseas Traders, rising 13 to 
270p for a two-day gain of 20. 

Investment Trusts attracted 
more business? than of late and 
rinsed with a lengthy list of small 
rises. Capital Issues had City and 
Commercial up 2 more a* SSp 
after Wednesday's gain of 5 
which followed the results 
Triplcvest rose 5 to I23p. while 
New- Throgmorton cd>ed forward 
2 to "ftp. fn Financials. Part 
Place Investments hardened 2 f*.' 
32p on the first-half profits in- 
crease and Yule Caiio. at Sip 
responded to the preliminary 

Golds sharply .lower 

The rally in' the tIS. dollar 
caused a s>l reaction in the bullion 
price to $lS8.fi25 per ounce after 
its recent! substantial gains and 
brought out some heavy profit- 
taking in South African Golds. 

After moving ahead' For six suc- 
cessive days the Gold Mines Index 
gave up 5.0 to 163.6. Gelds Opened 
lower and fell away as . selling 
came out from Cape. Continental 
and focal sources. - ' The- selling, 
however, was mainly confined to 
the low- grade.' more speculative, 
issues although heavyweights also 
registered losses. 

Among the latter tUndfontcln 
relinquished a point at £35. while 
falls nf I were common to Hnrtc* 
bcesL £112. West Driefnntcln. 
£18i. Free Slate Geffuld. £J7 and 
Western Holdings, £18?. 

Medium-priced issues' showed 
Llbanon 21 off at 541 and South- 
vaal 18 lower at aflSp. The mar- 
-grnals were the worst affected 
with Groatvlel heavilv sold - and 
finally 27 lower at 12ap. South 
African I^ind closed 11 easier 
while Maricvale dropped- 9 to 

South African Financials, 
although generally " easier, were 
quiet. An exception, however, 
was De Beers; a substantial U.S 
buying order »n the after hours 
trade took the shares a further 
9 higher to a new 1977-78 high or 
33Sp. Anglo American and Union 
Corporation, on the other hand. | 
both xtinned 4 tn 27Sp and 2S0 p 
resopciivrly. I 

The weakness of the button j 
price coupled with Cope sctTin*- ! 
caused Platinums to lose around 1 
Rnstenhurg fell 5 to 87p while 
losses nr 3 were common to 
RLshnpsgate. 77p and Lydenburg- 1 

67p. j 

The firmness of the C.K equity 
markets led to modest buying of 
Rio Tinto-Zinc. whirh hardened 

2 to 17np. GoM Fields, however, 
declined 4 to 18Sp. 

Australians put on a good per- 
formance reflecting the improve- 
ments in overnight Sydney* and 
Melbourne markets. Bougain- 
ville attracted support and dosed 
fi higher at 86p reflecting tile 
recent recovery in copper prices. 
Western Mining also staged a 
rally with the shares f higher ai 

Tins were Idle but usually 
firmer where changed. Ayer 
Hitnm rose 3 tn 2S3p and Trnnnh 

3 tn ISOp. the latter on considera- 
tion of the increased dividend. 


“t ’ lf»77 7c fSto-T ^V^plWIon f 

S.E. ACn 

I HWfh J Low I Hi£h I Low | 

-IBdM LftMa j lt»j« 49>16 j 
{ (.Wall |. ri'h [ rtMrirt j 

Klxol im i B1.97 60.49 i IM.4 bOAi j 

| iSti'i^t t*<i> jrSSiUA'ijl id.li76> j 

Ui.t. OoL.^i 549 JI 467.6 j MBJi 49.4 

iSauit Mino- J 174 . 5 i 96.1 $ 448.4 44.6 | 

j t|- !■> j I? I l7?A iny> M* 71- 

— Uuiv • i 

tflO-K. I* ITS,; 

lifhi-trw^J Ul.ff 
st>wu'Ktiv»...| m:<ii 

total- J IQT.£I 

Jvlai- A r'neii^ .- j ■ 

•Jtn-tMawi „. 166,-rf 

-ipmiiiiflw. ' 486 [ 

r-s- .... souf/ 


DEALING dates 

First Last Last For 

Deal* Deal- Deelara- Settle* 

ings Inga Hon ment 

Mar. 7 Mar. 20 Jun. 8 ' Jon. 21 
Mar. 21 Apr. 10 Jun. 22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
For rate mdioatinns see end of 
.Share htjormalwn Service 
Money was given for the call 
or Burmah Oil, . Lee Cooper. 
British Syphon, English Pro- 
perty, Premier Cons. OIL Cons. 
Gold Fields, Charterhall, Trt cen- 
tral. Plessey. Weir, Pacific Copper, 
Town and City Properties, 
Capital and Counties Property, 

Kwtk-Flt, Norfolk 
British Land, SIEPt 
Rrittania Arrow, W: L. - , 
Duple International, Bi» 
Internal tonaL laiadeq- ■ 

Northern, WUlhun p^ 
hurst Whiles, Ehtarr 
Presides t B rand, Coafi 
Chemical and Habit Engl 
Puts were taken out in 
Warehouses, Ladhroke V 
and. H. Wigrall. while 
were arranged in Bum. 
Bacal Electronics, Beet;' 
national. Cons. Gold ’ 
Kwik-Fit. Diwoajf Day an 


Tm follow uta serOT-tfri nuofra ■" tfw 
Sui- information Service vrAti-rnay 
attained new HiOKI and Lout for I9?r 71. 

Or Bren OH 


NEW LOWS (8); 

L DOol S'tPC 76.78 

laiun 4 pc 10 Alv 


Trade D«tM Sank 


YOung A Co. A 


Rakcn Stores Sutm D l scuunt 

Eir.v & CoRHtrln Wonfwoith F. W.) 


D.wi— 3 & Mr*r, te A WfHum (W.) 

J*ck SO" U. H. B.I 


Slack Arrow : K-nncrtv Smile 

Ooood-PcIrpM Provincial LMindrM 

- ItUOUNCt »1». . 

Kcalh <C C.i r 


Pliwon s Qa>Ck :N. 6 J.i 


Bristol Post RntofertOT 6 K P. 


East Lanct, Paper MRR 6 AO*n fnU. 

L. 4 P. toiler 


Oarun Preo. Ioy. 6 Fin. 

Gr ~V AJ r TSXTIL6S 111 . . . 

L “ ,,r TRUSTS <S> 

Coven EwonNn Pork Pfaeo 
Lem). Australia In*. ' 



„ . . AMERICANS (II . - 

FlreUone Tire . 

. r CANADIANS lit ; 
Miun FtrlBMX -* 

„ _ BANKS H» - 

Barm leunn la- Israel 

Hartle Machfnarv .... 

amH- A m. .Asphalt New* Grow'. 
Mc-Clearv l Amir 

MINKS tl) 

Consld Mnrtlibofl 


RrttMi Funds 

Corpofn Dora. . 

ParoWn Bonds 

Fkuueifcl aN Prop. ... 



MtRM - 

Rum at Iwn 

n ’ 

S* i.r - 


is - : • 

s ; ■■ 

u. ,■ ■ 


These indices are the joint eompibttoB of the Financial Times, the Institute of Aetna: 

and the Faculty of Actuaries . ■ 

EQUITY GROUPS Thur*, Mar. 9, 1979 


Mar. M*r. M*r. Mat.- _ 

S 7 6 • *- < 


“ a-.i. 




Grand MeL 


Shell Transport;.. 

Reed Inti 

BATs Defd 

GUS A .... 







■L.. 25p 





of Closing 
marts prirR (p) 


EMuam m. HE 

n.rrnfhrvrv ahnw n -t , n - el fed** DV» YieidTk YloW% BatiO , 

Flxures tn iwrntheses snow a -trot J iACT (K«.) 

■cocks 3«r auction % Con*. ■* M%) Con*, 

i - TH£% Tax 32% 

Index Index J Iadrx I Index ■ 
No. No. I ' No. I NO. 

on day 

.Marks & Spencer 23p 

What’s in 

P. & 0. Defd fl 

RTZ 2jp 

Tricenlrol Z5p 

Distillers 50p 

Turner & Newall fl 
Woolworth (F. W.) 25p 


















The above list of active stocks is based on the number of 
recorded yesterday in the Official list and under Rule 163(1) 
reproduced to-day m Stock Exchange dealings. 

- 93 





le) amt 

a name? 



A name that’s recognised can inspire awe, 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. Ah assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you need. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 

il fj jgjl JSt 

' I * p! 3 {ai|* Low 

if r- 

u£i r.p. 

— f.p. 

— F.P. 
991* F.P. 
£96 <9 F.P. I 
eiJU F.P. 
£100 F.P. 
1 £10 
« Dll 1 

— F.P. I 
e99V F.P. 
S99>4|£60 ; 

- ! i p.p. i 

M 8«m. 8X Our. Oam. Pnd^^.. 
ot Torfeablra 10JJ Oam. PtbT_ 

J0«ntPBW»y llg Gum. Prat- 

iKXticorp O'mi Fla 10* SMs OPT. 1993* 

971* OUlcoip Pmi Fla 10* Sbrig OPT. 1993*. 

tflU Qramptan Boo. 10} Ufil 

1001* Ken^ stoni Otstata UJ* 8ft-S7 

UX11* UoMtar Variable 1982 

12 lUd-3iuaax Water 7% Red. Ftf. 1983 

100 Peexaon £S.) 1014* Pty. Cn-r. Imu 1033-98.. 
IBS Shell Inti. Flu. N.V. 84% Goer. Rote* 11W 

9fl5» X MB ealda V actable 1085 

♦Tl* Do. 10j% Red *8*-6 

. lOSptWhitehaoae (Q.) 11* Oam. Pref 

133 1+1 

‘^1 = 
99 S* +1 
101 +i* 

luo —I* 


104 +1 


1001* + 1| 
BOU + U 



2 Building Ma t eri al! 07)- . .. 

3 Contracting. Constraction (2P.; 

4 Electricals (15) 

5 EnjincerixiR Contractors (14J 

6 Mechanical Engineering (711 

8 Metals and Metal Forming 


11 (OUBABLEH521 

12 Lt. Electronics. Radio TV U5i— .. — 

13 Household Goods ( 12} — — . 

24 Motors asd Distributors (.25) 



22 Breweries (14} — . 

23 Wines and Spirits ifl) 

24 . Ent er tain m ent. Catering (18} 

25 Food Mannfactarhig (22) — . 

28 Pood Retailing 06) 

32 Newspaper*. Publishing (13) — 

38 Packa g ing an d Paper (lg| — 

34 Stores (3g)~ — ..—■■■ 

35 T<«*ne«ma . •». • 

36 Tnhawwnfo ' 

37 ToyiaadGameit® — . 


42 rhMBieaUnoi 

43 Plianoacentfeal Product* C l } — - 

44 Office KqulpowiritHB _ 

45 Shipping (1© 

46 Mi«ceUaneoa»(Ig)__ 


SI <HsC5) — 



62 Bantam - -1 

68 TOfii«n<tH'aBae«nm 

04 HirePmehaea/SI V 

88 Insurance (life) C®> — - . , 

08 Tnmran ce fCminaritri 17) 

07 Inmranee Broken — ' 

68 Merchant BaakadO 

OB Property (3lj 

70 kflacenaneonaO) ■ 

71 iMetfmBitTnMfciHm • 

81 Mining Finance (4) 

91 Omaea* Trader* 09) 

99 ALL4raABEH9inX(l78l— _ _H 




910 * * 

15UH ' 

173 A3 

zaun -j. 

1V5J8 ” 

2KCB [i t 
73U3 J 
37556, .' • 
27125 . 
llM* 5) 

U24# >• , 

win ; . 

| mx •• 

173.10 2 * 

' MW» 1 : 

22841 - 
WAt • . 

«4jr '*> 

138.47: j f 
UUT 1 - 
42113 4 " 

285.77 7y_ 

155.47 1 
375A6 3 
19022 1 
146.61 r^- 
12858 I l8 . 


3UJ5 i ^«-N' 

7L62’ ••• 

I aui -i 
uui _ 

13M2 1 

' asst 

262 Mi l 



Wri ilD IM tatEST 


Be. Govt Ay. Gross Red. 

Thurs. Wod. } 
Mar.. Mar. ‘ 
a- b (*p 

Pi !<& ! * j I fflghf Knr | 

read the small print first 

6,1 10i3! 
24i2 10/3 
SiS 31/3 
1/2 13/d 
20/2 d0f3 
21 2 ali3 
I7/3, 1 7/4 
loz! Una 

&pm O. H. Iru3nBtrimlm.„„... ........ 

5c C«blefora — 

190 Comm. Bank of AuitnH*~, „ 

19 Crystalate 

38 L.K.C. Intcroatioml... 

23 Uanchrater Uoraxak......M.. 

330 Midland Rank — 

Bbpm II J Ibury. 

m Xrill ijar.l 

14ptn Wat idmisIii... 

15pm +T 


60 |+1 
ISO 1+2 
2QU ; + U 
38i a ' 

344 +2 

20fW — 6 

1 Underfijean 

2 5-15 year*. — : 

3 0ml5yelrf_ 

4 liredeeubles. 

5 All stocks. 




oa r* 



xd adt 

xd adj. 

to date 







40 JU 









dS* 3 ■ 2Sy 

4 1 Medium s7 
m 5 Coupons 15 y 

L8B A '25y 

2J2 7 High 9 y 

8 Coo pona 15 y 

U» 9 Sr 

2JU 10 liTBdeeinabks ~ 

5 years. «... 7.65 

15 yean ..... 989 

2S years. 1838 

5 rears....... 8.74 

25 yeanL...^...., 19.95 

25 yean. 1189 

9 years. 10.12 

IS yean. 1168 

25 yean 12.02 

7.65 7.71 

989 9.98 

1838 10.45 

9.W I 9J9 
10.95 10.99 

1189 1X15 

18.82 1839 

9.98 i 
10.45 I 
9J9 f71 

10.99 I 

1U5 •'! 
1839 fl 
2U4 . ' 1 

Bouchard Aine 



Thuni.. Man-h fl 


Tun. iMituday 

Ptidav • Thnra. 



Index 1 Yield 

Nu. .I ' % 


7 : a 


A 2 


or Olhcr afficul esnnuies for 1WB oCriw*. i klnwres assumed, t Cover aPowc 
for conversion or spare a not now ranking ror divWena or nmklrui only far rennemo 
dividends S Placing pnes W While, pi Peace unless oUwrwtso mdleated. I Issued 



*Arne denoting the eldest son of the famUy . 

ns lender, f offered io toklera ol Onunary share*, ax a •■nghut** ■■ Rigtin> I 
b> way oi caokaUsadoo- tt Wntnnm tender price. f{ RetmrodtKed ss tesued | 
in coqnectlon wtih rearganttatlOB merger or take-over. HD IMrodnctan Issued 
to former Preference holders- ■ AUomuw 1+ners lot nills-MWi. • Pmisti»n*i 
nr mnls-paht altumeut fttten. ■* WIUi warrants. 4 Quoted price ,auM+ei to 
1 urctrium far U R.‘n*Mt«m. 

is SO-yr. Red. Deb. & Loans (15V 60.42 tia.ZB eo.67 ! 6O.S7 ; 60.58 1 60.6B | | 60.77 ! eo.TS ' bo . 

16 -Investment Trust PreFs. (15) 66.68 12.51 56.68' 56.63 1 56.93 ; B8.B7 j 97.07 ' 67.07 i 57.07 ! *8 

n -ComL and lndl. Prefs. (20) 78.08 ujoi 76.61 76.86 j 76.8a! 77.00 1 75.95! 77.03! 77.10 S' ee 

L f tcrfc r lp ! l - ,rl ”‘« h * Md law* rarort. base dole* and values Md ' emtuomt ctianae* are publisiied la Saw 

6 M LaSda^cSp ATmSuSrSTJL zST* ^ ”* “ 

Jrf Westminster Assnr. S*c. lid. 
stead Bom. 8, WUtchena Rood, 

JOO.CB021A. 01-484 MM 

' «f Westminster An. Csl lid. 
stead How, s. WtahebooB Road. . LmmIoii Indemnity *GbL1m 
dm.CR02JA. _ 01-0048804 lSJO.ThaFortwnr.nin<WnaWnsn 

- fs&FES 

• FtasncUl Secs._ 
Gold * General __ 

iE l 


Fund — ■ 

A Fund |X7U 1MJ 

I wnjmlj dMt to 

. , , t ., .atm. Pai n . . | 1MJ . ; 

nnereial Unin Group 

aJre’a. I. Undcr«hoft.BCX 

d- . _ . _ Scottish Widows’ Group Goid*G«*T«j 

W G ^S** ^^ POBonB. R d l n harghEHId 5BP- Q31-dS3tK»0 SJ ' 

J|jz:j z If 

. ’ ' ■•- JMEpS k-'Mix — ~J — wt 

Z The London ft Mrackerttr Ass. Gp.f | . North Amort cn_ » i. 

r ^ 

173** +o: 


77M +0.« 

Sreabo 6uek 

+0.5 479 
+0J 2JI 

Grotto Etond-l 

Base n«n. 

Hunt Pnm. FdJ 

sr m = sws'i 

7500 ^£hnnd. 

_ • iiuficny cuhq- 

— J — ■ w cho»p«idB.rav ecu. 

Umu^<m>ie itmi ■ 

. federation life Insurance Col < MhUGmpf 

- lumcary Lann, WC2A IBS. Dl-SOBBJ 

SgSfe^S $&rJ - 

?£TiWiE ».. =;>=■ 

• as ■ = ; -= 1 

. tocted In. P«iij *M -~J — 

.oi-ecewn SMoia fco +oil 4» 

+o« _ atojCheuoB — _g45 »f«4 +M 5.29 

— UniTtoMfD [25 . auwj +03] 256 

+1J — . 

+«■* - The British Life Office Ltd.? (a) 
-«L2 RoHaae«Ssa.1taBbrldfoWalla r Bn.0an232n 

+11 _ B LDWdend%--j® i . «|.-d 9.4J 
+0.4 — -Prices Mar. L Nest datfim day line. & 

Market Leader* 

«» NU Yield- 

«a ?:3 R5£™ ,1 '“- 

Lloyd's Life Unit TW. Hngra. Ltd. 

272 7M0. Gateboute Rd, Aylatotuy- 02M9M1 

*M Equity Accum. _RJ7i M _] 434 -N«m lUieh 23. 

2 jo M ft G Gmapt (yXfcXx) J. Henry Schroder Vfttgg ft Go. lid.? [ F*t.x'kJ>bLop.Tct-@u 

52 “Urea fctaji.TbreiHai.EC8R CBS. 0M6 4M8 UB.Chrepdde.E.C2. 01-M034S4 i n— t. 

' - Capital Feb. 

US (AcaimJ.— 

IBS Income Feb. 
lit (Accum. Units) _ 

2J6 General March 8__ 

•US LAccum Units)- 
4Zf Europe March 0 

424 lAceutn. Unit*) gT * . 1.17 *«.«— 1 »v 

UH h 7 tai. I ~‘3 iw G - T - Mon og wne nt 1 

|3 Scottish Eqnltable Fad. Ifgrs. Ltd.? ^T.PadacF d— si 

If isssffl— |g^_ . ns - IS SSKK W-:Bg 

— prices on ‘Mar. 8-Mar. a 

— iWeekly Deniincs. 

”• ScUnlnser InternatioBal Uagt Ltd. 

— 41. La Motto St, SL Heller, Jersey. 093473988 

— SjkU pg BO) +U toft 

— S-4-OJ* lion. 0«H-Ktotj 449 

First Viking Commodity Trosta Sd.^jSS”K a itaT^i ^ 

r?5 8 SL Ocrae* St. Dmu^na. Lo.M. Intnl FdXxmbir*-- hA3 10031 -raOTl — 

^^TSdL&xid^swivcjH. 4 C oi-^ : te7 Schroder Life Group 


210 Enterprise Hotue.Ponamoath. 

thill Insurance Co. IAA. 
enhULBLCi. . OMtoBOe' 

U89 — I — 4 — ' 

• f ^pUlFiihSpf lA73j 173 — - 

i’- ut ft Commerce Usunnee '¥wchant Invests Assurtnci? 
j* kewRSt, uwJoawntens. n-AOnn j»mg^ ne*.ne ydno. ^ oi^wsin 

■c. iader Insurance Co. Ltd. Jte-: in? '. m;. — —■ 

. ; <la Houae. Tower PL, EC3. B14XBOS1 EQutwBoc2 53i 

- ! top.>tor.7_ ( *7.r 7MI--1 - Si.‘ “ Z 

i e star Insm/Mldland Asa. SS?^i^cir~ — — 

• rewtaeatneStjECaL ' 01-6881313 j«| “ — 

•JMW.UntaZWl.8 5871*051 US 
.-* hy ft Law Life Asa. See. Ltd.? NEL Pensions Lid. 

abam Road.Hlgb Wrcontba- 048433377 

••■ -—..6^-5 — ■ 

- : IlnwcetF.—tUiO i^a+0.4^ — , 

..tepcaUFiL— HS5. 1M) -.J — 

_ *821 — Brown Shlpfcrft Co. Ltd.? 

_ lb era; Founders CLECS 01-800 8530 

►u - Sun Alliance Fund nmgmt Ltd. BsSiare*2T„»»2 ja| — I so* 

^jj ~ Son Ajnnnm B oon, H azibam. . 040S84M1 U ^ C ' } J 

_ _ Btp.F8lBLMar.8_lE154J0 ISM? — Oowde -pnda (a) {g • _ 

till * lr*. F d 7 I nun ~ 1 _ Fmandal .- — gli 34.61 +0J 4.48' 

hOi _ u*-«.aar.i_^| tmn 1 1 — GeMral. ©| 18.3 -v02 431 (Aienm.Uaita) 

’ OtOBtoAceUM— _HBJ 43J| +0j 524 Magnam — — _ 

• _ Sun Alliance linked Life Ins. Ltd.' — B£2 ^53 ±5$ HJ lAccnm. umt»> 

ad.r — — il gf^ iS 

II ru IS 

suh'uJ IS 

+«->! — aecooenr^_. — — BOA 2131 +0JJ 531 (Accum. Unit*) 

~ feussr-p™ -bhhj is - ss^ss^-pi ^ u*. <*> t 

_ - „ ■ - Canada Life Ihit Tie Kn^rs. Ltd.? Spcdallaed Fkads Stowart Brlttah CnUal Fend ” Anchor InJ gy.TM. _ ^5 28l| .....] 324 48 Athol Stroat. Doncloa, Lo3L 0834 23914 

Son life Of Canada (ILK.) -Ltd. MHJihSUPWtenBar.Heita. P. Bar aim Troche 1285 136U >2U 6<n •a^darf__n»t2 » 3i5 r-.... . . lMMt - The Silver Truj«_ria4 it 107 -0.91 _ ’ 

m OoctoparSt. wyiVanW - ottoo 5«W Can. Gee DUt B4A 3S2M*0^ 421 (Aecobl Uoita) 2472 268JJ +3S 6.79 AV^HpttT ' gc.4 y5ji — j _ Gartmore Invest, lid. Idn, A^tS. Richmond BoDd07.nm iw!3 +1AJ 1812 

Itu I+2J1 _ TJo Cae-Accain— E.7 43M +fl3 4.78 Cfc«ibcaidllM-.7_ UU~J — J 1847 a,a.MaiyAw>.3jmdoi>.Ea. C1-S833S31 

Knpie u, Mao£d. _ [ 1281 ’ f Do.tnc.Dtst— — B3.4 *?3 7.W <^rftLMar 7__ ig.0 HJg — j 8« 8n AUnee Pniid Hngt. lii Gar tiuw e Aa4 Magi. CPar Eaat) IML nS - Fm'BTmeiirt — Imi lJnfcl "l i7"o 

MaptoLtEq^L_l] - mf - ■! i — Do. Inc. Accnm Jcj 44^ +0^ 723 Jg-3 SaaAUlaaceH*e,Bcrthaa». 040364141 HmclUira Hse.10 Haiwam Rd. HJConc MUJ 4 XLS 

PeranLPt^rZlI 174i |+l 4| _ k .!?“ W ** &p^.T«ia r fll(£i»450 N5.40J - ; ...| <Tt ug TSB Unit Trort Managers (C.L) Ltd. 

KaaaUfc Management Ltd. nteYkmiiy FU_ go WJ|-vLc| 4.W mj 3 .ri Z BaoudinRtLSL^w.Jw^. obmtmm. 

Target life Assurance Co.' Ltd. WOOWRroadSL.B^NiSQ 0M8880n sy CaertfiWay. su^euace. OOSMIOI Target TsL Msgn. Ltd.? fa Mg) lull Bond Fund— 3«j — 1 - Jeijey Fuml— ._. J«J «JJ 4 844 

T*r~t Hotue, Gatehouse Rd, Aylesbniv. \2t -23 rZ] tS Cnwth Cults. J45.7 48IJ 422 Gresham SL.EC2 DcallagKKsflMMl Gmtmorc nh^'M^ m* 

a* ■ m'a 6841 Prtcea OB March 1. Neil dealin* March Id. HayCower Management Co, Ltd. Target Commodity. W.4 pjf -021 427 21 rt 062 l®^ffl 1 T . ~ _-r- ' _ ... „ v 

Man. Fund )r»c , tej i4ruKS M ham kl arsv 7 au. ouana Target Fin*ociaL_|5 8 ftS+03 458 I r5^tS^ I * e "6S^ Tokyo Pacific Holdings N.V. 

3 |§f Fleming Japan Fund SA. 

236 37. Tiie Notre- Daroe, LuxembouiC 

7j| FTmg Mar. 7 | SDS4L85 J — J - 

150 Free World Fund Ltd. 

55y Buttotfleld Bldg, Hamilton, Bemoda. 

127 NAVFlebua 1 SCS366.65 | | - 

iu G.T. Management Ltd. Ldn. Agts. 

120 M J — 

M8« —j — 
1093 .. Jj _ 
129N — .1 — 
U«3 - 

J. Henry Schroder Wagg ft Co. Ltd. 
U0.Clwainide.EC2. 01-9684000 

Cheap S Mar. 8 1 1844 l-HUBf 227 

TrafaJcar Jan.3! _.] 3U5U72* I .ZZ\ — 

848 Part Haa. 18 Flmbpry ChcTia. London EC8 “ r: 

Tti: 014U 8131. TLX: 88SM0 AaiapFlLF?b.30_Wfflin 

UL? gr.padDeFd.-— | spsms hub) - 5£Kfai:|&aS 

Seotttoh Equitable Fnd.Mgro.Ud.? cxPadltor d.— ) snaua Husi - S 

to^MjSuj ,S9 " tea bl ^* h ij| tl31 ? 6 5 1 M STaflrftornnida Front st, HamXa. Bmda Sentry Assurance International Ltd. 

Dealing day Wednesdar. rTTtta imaT- ^ ' Managed Fund —IKSMU LBS) ..-'.J — 

Sebag Unit Tst. Managers lid.? fa) et'or Bermuda. Front st, Hamlin, Bod*. Singer ft Friedlander Ldn. Agents 

TO Bo* 511. Bcklhry. Bae, E.C4. 01-3309000 r 5 StLaT l!aT?j a0.CannoBSt.BC4. 01-3480048 

Saba* Capital Fd..KL4 38? *021 EC GT,5r * 1 - 1 3USA44 |4013J OJB Dc^jujjj, pOCSai A«j J (44 

Sebax Income Fd. _pa( . 29.41+0^ .808 G.T. Hgt. (Asia) Ltd. TohyoTat.Feo.38_r 5US3LOO | 4 800 

Security Selection lid. 

04 15-18 Liseoto'alah Fields. WC2.. 01-83100360 

454 Uucl Gthiat Acc._gL9 2841 [ .401 

7.45 0n*lGt5sT*tlnc — W2 .„...) .401 

G.T. Hgt. (Asia) Ltd. TotooTSLJKo.38-1 suauo | j 24x1 

Butehiaon Hw. H atton a Rd, Hoax Kang Stronghold Management L i mi t ed - 
G.TAatoFv— — J®??;* JS P.O. Box a* St Heller. Jonwy.', 0834-79400 

B-T. Bond Fund — [ SUS12J.9 |+01>4 530 Commodity TTtt*t„pf7 21 5Z4B-fliS — 

UaTlGthlUAce.-EL9 23.4J — r .4m — l |-«wii| 530 Co*modUyTraat_t3721 9Z*t-fL6«f — 

2»ij J .881 g.T. Man age me nt (Jersey) Ltd. Surinvrtt (Jersey) Ltd. (x) 

Knwait Unit 1st. Managers lid. (a) Royal Tk, Uae, Colomberie. St. Holler. Jeney P.O. Box 88 St Heller. Jezicy. : OShTaOTS 
4l O m r loUa- S q., Edinburgh- 031-2263271 G-T. Ada Sta rti n g . .£1847 Il5?+U2t 123 American tod.T*l._MiaS S.TTUOfih uq 
S towatt Amcrlcaa Fond Bad «f Brnnodo (GUeraatyl Ltd. Copper Tn« ; —_todlS lU«+4Un. _ 

Standard TlBila W 5 ? 5X71+021 lil 3128 Le Fuflat. Gnrm* ey. 04B1-2S208 Jap Index 1st _._|CT5J 95*J+UB2| ,— 

SOI 45. Charlotto&i, EdiptKKth- 
12 Stowart Anxrlcaa Pond 
2» Standard raita, — B5> 

Accnm.Uaitx B95 

^ Withdrawal Units , f«>r 

Stowart Brlttah Capital Pond 

“•99 ‘Standant B2A1 1 

T tx j 31-35. Le PoUat. 

^ - SSKS&^S 

Anchor laJvJ 

_ Maple IX &th 1 mi 

, “ Maple LX Maned. _ 1242 

E z sa 


OSU Target Ho 

__J Bocks. 

+L3 — Man. Fund 

To. Gea. Aecam — 

Z Do.tac.DUt 

D o. l ac Acc om 

4.78 ^ari bcaid Mar. 7 _ 

7.73 Charifri. Mar. 7 

723 (Accum. Uni U) 

Pena. Be. Mar. 8 

zd z [<**** U»it Fd. Mgro. lid.? CsMc) KS!Si!l»| 7A ». a ZTIS rSSgfe 

Z: — lMilhurnHoaae,Newea*ltoupoo-7yne 21165 Gmeral Feb. 21 — |MS (8*3—1 844 2SXSS£. 

30 z ISSiASsSltoiurBS ‘ Hzd-iS Mercury Ftmd Manager! lift 
hO 2 _ (Do-H^ri^dt: ,|«j 415) ZJ in a8GtealuinSu.EC2P2EB. -.01-8004055 ^ 

Target FlnandaL 

ml FortMte LH? Ins. C. Lid.? 

' rlhotoraow CL. Waltham Croxa. WX31B71 
dloFn«L — I J - 

1= ilio Capitol „(4L6 487) ■— 4 — . 

•••*, ham Life Ass. See. Ltd. ' i- 
2-" in at Wales Rd.. Btoouto. 0203 787005 

f l 5to.ptoCZ^j m3 zr| z . 

if; Kh ft Sec. Life Ass. Soc. lift? 
BfuduBrsy-co-Tbames. Burks. TeLSCM 

—4 — Prop. Fd. tat-. 
™J — Prop. Pd. Act.— 

,,J — . Prop. Fd. tar. 

u Fixed laL Ftt'I 


. to Near CMdt .Pnpefty i 

NTT Pensions Management lid. 

48Gracechmcli8UEC2P3HH. 0X4234200 GlUPeo.C^ZZ 

New Zealand inis. Cm. (ULKJ Ltd.? 


B +flJ — Do. Acoun. Units _ yt7J. 49J 

+03 — Next dealing date Mate! 

+3.4 — _ r • 

+M — Ckarterfanuse Japhet? 

1. Pmlemoxtcr Row, EC A 

CJ.tatoraatT .OBJ i 21> 

. Accum. Unit* 1 Z32 Mi 

Life Ina. Ce. Ltd. Oi.tacom^— »J 

a. Aw.«nq CU. Ebro. Fto 5-6 7ft I 

' - ,««- i 01 Aconm. Unit* »l Ml 

J34-*{ I — CJ. Fd_ In». Tit 23L8 2S> 

307A J — AraOLUuKi 2711 _ , 2X1 

235-3 — J — Ktoe March a Next dealing ; 

01-240 son 

+§-4 3 AO 

31 *£ 

-Z 355 

JS Mercury Find Managers Ltd. 

819 28 Grealum SL.EC2P2EB. 01-6004055 

889 MertGcoJUrch 8,054.1 163. U I 820 

Aac.Uta.Hareh8_. MOO ZlijA „J p5 
. Merc. InL March a, 57J JLS ,_J 194 
Accm.UtaJtarcb8. 12.^ itl Z.J L9B 

M«ra.KxtFufa.Z3.... 197,7 »M J 45* 

■f? Accum. Ul*. FBh_23. 235.9 2«2) — J 459 

4 no. Acc. Unit* — , 
Target OUl Fundi 
Target Growth J 

Midland Bank Group 
Unit Truat Managers Ltd.? (a). 
O mit w ood House, SlNer Stmt. Bead 
Sheffield. SI 3RD. Tel 074 

U2 Commodity A Gen.. 
11 Do. Ary an. 

Target T*L. Mgra. (Scotland) (aKb) 
W.-- 19. Athol Creacaat, EdSn-X 081-239881 

ead. Target Eagle BZA 24.41 I 1 

074278842 Target Stole—; 553 +M ^ 


>** “ Chieftain Trust Managers Lld.?(a>UD 

j- , Ti . H 3tY31 Queen SL, BC4R 1KR. 01-M82882 Du. Accum.. 

Tnaent.Iife Assurance (X Kid.? - imh h, •_ _ frlna g MM .._[ m iww 

RmalMfeBoaMLtHoocexter . oe22854I fflxh tarane,— — _ S3 +JJ 4^ JS-AjfK? 1 -' 

Maniam - ix» 1 Inlefnatfcm*lTjt_fa)Z12 MA) +0JJ 3A0 talejnatn 

■GteLil^. z -ba.4 Sa„4- ^STSSnL nefajj. sSj+o^ « &A5SS 

IS ^ Henderson Baring Fund Mgra. Ltd. 

344 Trades Union Unit W. Managers? p.o. Box N4723, Nassau. Bahamas 

3.44 100. Wood Street. E.C2. 01-5289011 Japan fa Q5A3 U2« .» — 

4.60 TUUTMar. L. jgl 48 M —I S 57 mm on Mar. & Next dealing dale Mar. 15. 

6.62 Transatlantic and' Gen. Sees. Co.? HlH-Sainuel ft Co. (Guernsey) Ltd. 'Te««y Hoo*e.DaogiaB. Ideal Siam oim tom 
*•“ 81-80 New London Rd. C3>el<aaford02eGia51 8 LeFUxro St, Peter Port Cnartmey. CJ. Managed Feh. IB— fits A 13X4) .....J — , 

3* SESMStof— ffiu £%%% IS G “* nl ”- yT * t - P^- 4 15M| +12| 359 Old. intnL MngmnL (CJJ lid. 

J® aw hft^M Feh 99 pTy 84 j , 3*7 HOI S a mu el Overseas Fond 5JV. M. Mulcaeter street, st Heller, Jeney. 

7X0+85 4.24 37. SM Notm-Dame. Luxembourg lUXFUnd 1 SUalM I ..-.-I 82S 

Utt Z 2m J 14 * ■ - United States Tst. IntL Ado. Co. 

139.B ._,z 804 Inleraational Pacific Inv. MngL 14, Rue Aldringer. Luxembourg. 

• gj Z" In «> Box H237.' sa. Pta St, Sydiwy. AuxL U.S.TU-Inv. Fnfl_..| S1JS934 . ,1+fUW 8B 

7 — IS JawlinEquBytotJSXJ? 1.WJ „_.J _ Net aa*et Man* 8 

11 • au ; " ! i7 J ^ T Manager (Jersey) LWT S- G. Warburg & Co. Ltd. 

J — Jeney Fund WU J 4 .44 

sail bBc 038)5841 Gartmore (meatoni Mast. 1*8 aih^n'uw 

"SKiSi 5, P-D Box 32, Douglaa-IoMT 062422811 pric «* 00 Mnp - ®- Ne * t wb- day Mar. 11 

So +03 4 5 &5i - -I KS Tokyo Pacific Haldlngs N.V. 

MX +0.7 6.15 »> G«wth J587 S73| ..._.| 5.41 indmii Maaasramt Ca. N.V v Qiracao. 

WA 628 Hamhro Fadflc Fond MgmL Ltd. NAV per ahare March 8 5US4812. 

" 2? ,a . Tokyo Pacific Hldgs. (Seaboard) N.V.* 

28 Joi 2n j5*5?ffiizlBu832 ?3 ;H z ****** «*»**««« CO. N.V, cmaa 

S3 *02 222 |*V«*J* BU( J — NA V per share March & JUS33.5X . 

S MiJ 4 m Hambros IGuesusey) lidj . . . Tvnd.ll GrouD 

+02 a 15 Sainbre F und M grs- (CL) IA&. p_a Box uss namilias s. Bmoada. Msm 

._... IS SO P.p.Box 88Guernaw ^ , 8481-28521 DrcraeflsMar.a W’MW 1MM . 6.00 . 

+OJI 4J3 CJ. Fund JJ282 13651 .1 4.00 (Accum. ItaUsi HUaJ2 l«l+e.Bil — 

la.dM.Hb) >sad 3-War InL Feb. lS-PFSSB - 

081-239882112 tat Svga. *A’ 3U^_01 ' lS B30 

24.61 ...... I 156 Lit- Si-fat -B* SUSM.99 103 j 2J0 

*TSa| IB Price* OB Mar. 8 Next dealing Man IS. 

fA rarle an-f 
rutty rund_P 

148 »»w — 

9 69 Do. Accum. 
4 *o tatemotion 
4,18' Do. Accum 
/.1 Do. Accum. 

25.4 -+0J 

49 +oj 


—oj i” . 

795 -05 — 

196 1 +1A 728 

270 2 +24 7 JO 

1134 +0.6 IB** 
142.4) +06/ UJB 
Vlctay House, Haaglaa. Isle at Maa. 8024 28828 
Managed Feb. 1B^|U5A 132.4) 4 

■a lB.N. Bank 

ht tilled Irish BanksLtd. 
-’vmerican Express Bk. 
imro Bank 

■ \ p Bank Ltd. 

-^enry Ansbacher ...... 

I - .anco de Bilbao ...... 

.?• auk of Credit ft Cmce. 
r' ank of Cyprus ......... 

? ank of N.S.W- ", 

l- anque Beige Ltd. 

Vanqqe du Rhone ...... 


^ HUl Samuel .-.,..-....4,8 6|% 

: BanksLtd. «i% . .C..Hoare ft Co. --.-. t 6j% 

Express Bk. Bi% Julian S. Hodge <i% 

- 64% Hongkong ft Shanghai-. 6 J% 

Ltd. 6}% Industrial Bk.- of- Scot 64% 

mcher ...... i6J% Keyser Uttmantf 6J% 

Bilbao ...... 64^ Kaowsiey ft Co. Ltd. ... 9 % 

iditftCmce. 64% Uoyds Bank ... .. 64% 

prus ......... 64% London & European ... 8 % 

s.W. " 61% London Mercantile 61% 

to Ltd. 64% Midland Bank 61% 

I Monto 


I Fanx. Magd.<lap_ 

m = 

»a = 

CnifedeEsttmi Fuads Hgt. Ud.? (a) §iteg£; 

50 Chan cer? Lane, WC2A1HE 01-3420382 Do. Accum.* 

Growth Fund (388 386J 1 454 . "PUM at 

Keyser XJlTnwnfl 61% 

Ksowsiey ft Co. Ltd. ... 9 % 

Uoyds Bank •.'. .... 6J% 

London & European ... 8 % 

London Mercantile 61% 

V anque Beige Ltd. 64% Midland Bank... 61% 

• annue du Rhone ...... 7 % ■ Samuel' Montagu. 61% 

arclays Bank • 61% * Morgan Grenfell 61% 

- S Se Ltd.... 84% National ' Westminster 6j% 
remar HoldSlgs Ltd* U% • Norwich General Trust 61% 

. rft*Bank ofMid. East 61% P- S. «% 

rown Shinlev 61% Rossminster .Accepres 61% 

f anada Perauienl AFI 61% Royal Bk, Canada . M , 61% 
-f apilol C ft C Fin. Ltd. 9 % Schlestacer limited r . 6j% 

' edar r Holdings 8% Security Trust Co. Ltd. 7J% 

harferhouMJaphet... 61% -BS 

• S cMies Tmae-De?. Bank ...... «»% 

1 onsolidated Credits... 61% Trustee Savings Bank 61% 
>SSmSwWr.-*>«R Twentieth Century Bk. T4%- 
; orinthian Securities... 61% TMtedBank of Kuwait 64% 

< redit Lyonnais 61% Whjteaway Laidlaw-...' 7 % 

he Cvprus popular Bk. 61% Williams. A .Glyn s 6i% 

uncan Lawrie f «g Yorkshire Bank 61% 

agil Trust 61% wHunben «f toe AWCWto* 

nglish TranscOnt o % chhbmw. 

Irst London Secs- 6+% - 7-dw droosiu ««. i-nKwh i 

irst Nat. Fin. Corpu. 81% sis. ___ . 

aa^giaa = 

’Cato vain* tor £100 pre miu m. 

Tyndall Assamce/Pensfeiis? 

1A CrevutSoad. Bristol. 0272322(1 



Oi*ai Inv. Rb. IS. 

Do- Bond tlxr, l _ 

n ISKSiMtet 

fg Bucton. Mar. 8.. 

Ul (Accum. Unltoi. 

QruwthFunS — ZpU. 3UJ-. — 1 454 . 'Pdra «t Feb. ad'Kott dwE^Xmii 2L 3 

CMmeraBtau Fund MmiMi . ■ »«*» F“»d Bsnagtok Ltd. 

to Pout street. LooAmSWZXflEl. 00-2350525. a ° 1 ~? 3 kf S mAU^'tM 

Coomot^hUkhFUPW I7M-.J 5JB j82 ’ *3^ Ml 

Crescent Unit Tkt Mgra Ltd. feXg) BfLA Unit Trust Mgeant. lid. . %S£SStEjaSfe. 
42CeMH4Ct9A.Edinlnir8ha 08i4bs«ai CW<totouStreet.SWlHWC. 01530 , n3a CteeMLUaitoi 
CkrecmitGrwth-Bi * M'+AjJ 4J6 «AUbH»^ £K0 .■ 'IM|^ «J» VjnTtoMsrJ. 

§a^^DS.‘ZEl 4^ S aftrtaal Trust Mtaagen? (aXg) 

CraBreento P7.9 4AM +M Att ttCopHmU Ave.EC2R7BU. .- 01-8064803 

Discretienazy Walt Wad Managers . SSfc-fclpIS || 7.S ^ 

^B toggdto.CT TJU. B»084« »muJ HiSh Y) a zjj ' lyddaU Managers Ltd? 

National and Comtautiil : i a cuouxe bosh. Bristol. 

E. F..madwstcr Fund ttngt Ltd. 31. ^Antirew Square, Ediahorgh 03J568 BI51 In wra Mir i. WU 9t 

Old Jewry. EX3 01-8062187 fg gSgS ^SS^ B2H IE* 1 

OrrelTWndraii^WJ £+4 — ] (29 — g« M H I®ffiw5i 

EtttMa ft Dudley Tati Kngaat lid. Nattasal Provident lav. Magro. Ltd.? 

20, Arlington St, S.W.1 01-M7S51 «, GkacethBch S l. EC3P3KH 01-8234200 

2DMHDiuD9lbL.|a.7 S55) ] 510 JiP10UL0B.l«_|44.4 V-l iTknaihiW. 

Bquitas Secs: LULVCaXg) imo^e^Trujalpras ZZ} 3.20 SSSu^Sdl 

«SWkwM4lEC 2 01-088 am Sgot.lscjtorSA- 

Prcsritoive SOJ OM +MI 4.49 -Prte« f*. 15. Ken dtolfnifureh l 

W ft Law Un. TV. K.V (aKbKc) “r 1 ** ^ uni™ 

faanhn lld_ HMi Slmnlw • OdOtl&Gm JSL.ttoepdde, K2V.SBU, 01406 6080. __ no Accum- 

7(0 +f J 
92J +85 
117.7 ...... 



U-S. TaL Inv. Pad,.. | JUS934 ,j+[UD| (99 
Net met Kerch 8. 

S- G. Warburg ft Co. Ltd. 

(.78 Mb Floor. ConnueM Centre, U<mg Kong 
JardineKmi-Trt.. J 5 HK2K W j 3.40 

janHae j 1 ™. FSJH SHJCZBiM -I -£JS 

*•24 jardme s£X- J v m 

*■24 Jardlne FlomlaLt.) SHXB.94 J _ 

NAV Feb. a a *Eqtbvaient SUSOLffl. 
»«t sob. March 15. 

ng Warburg Invest. Magt. Jrsy, lid. 
(40 l,ChiuinfiCreH.SL Keller, J*r. Cl 052473741 
CMFUd.Fob.a.-WfailT SMj - 

*-« CMTU4. Fob 23 — Q2A2 M53| — 

— MKalsTsLFeb.18. UD93 112« _.... — 

TUTFeha STSfA Wfl — . 

TWTUd. Feb-0 (913 957| .._.J — 

— g-jg ^ World Wide Growth Management* 

SS ^ ^ 102. Baalism ItayaL umrabmag. 

iga ...... 45* :::| uo *<>«***> cth Fd t \*m - 

Bquitas Secs. Iid.VCa)(K) 

Tanbragh-Llfe Assurance . u« ■*Pricre~re‘?«»b.j 

<0«lia68«Si,LtoLVnnMJL 01-W0420 P««rafcve |60J (34 +«4 4.49 -Prira Fob. IA 

^ixSI z * l** un.-iv. m.? woko 

Intnl.-Funri. Ej 593+04 — Ameraham Rd, HUh Wycombe. 048438377 

FfcraJInt raiai^.^ Ual +04 - Snalv&Lro \US U.S( +0J) 4 55 



.h_ 578 

554 I 



we*? where tadtoateO * L and are in pence wdeaa OthWwiW 
SffiK.**®-™ Wwjn _i* last column i allow- for all bu^os expeasaa a Ottered price# 

""'I 9J2 j Include all expenses, -b 

IgaEgJ "— 

. — 1 — FramfingUio Unit Mgt- lid. (a) 

3-7, frelxBd Ytrd, EC4S 5DH. Q2-2 

d cxpttoiTie noaa u(M -z-S 

SESS35rs=fe 5|i| 

— 1 Z Pe. AtrttaL „(93i 9fS+oS 

Vanbrugh Pemslans limited capital i9t — noo^ 

">r“ SESSSrsEfe 

' - S+ 5353 Z3 Pd-TWre*. —• 197-2 

ISSS^^ZZISI ■ oool + S ” Friends’ provdt. V 

3 = 


(9) Growthlar F 

oi-aiaan SSSf.rsr-s—f 

:Vt tS ■ffisaiSBSfcf 

*S4 +0.7 
?(? +0.4 

- , ■" into waD tore 
L Capita) Growth 
DO. Accum. 

Extra Inc. C 

Do. Accum. 


784 +05 6M I y prtc * bw , 1 , arte » aU expenses If bought tbrrecn tnaoaxera. z 

t Frnlens dV* price, 
ep prom. 8 Suspended. 

Guaranteed- ire To. Sue Bates' table. 

agll iTUSt g Members «f top ACtWtn* SootoS 

nglish TranscOnt o % cmaMce. 

Irst London Sees- 6*5 - 7-dar *®0Sii« Jtfi. l-nwmti desoato 

irst Nat. Fin. Corpo. 8j% 319t. 

z: v A a . cpfZ Ltd. ' 8 % t Max depoMis on «u of m .000 

irst NttuSeca. t*iu- ^ ^ ar4 . bp wnsjwo smw 

Iltony Gibbs ®|2> - and over 235.8M 41%. 

rcyhound Guaranty— t can dcpociis -over h,om 5 %. ■ 

■rindiays Bank t »•% , Dewaod demiia 4%. 

ulnncss Mahon ....J— .j Sara 'also aroUes.u- surttst: tad. 
.ambros Bank ’ 81% Swn.v_ 

Friends’ Provdt Unit Tr. Mgro.? 
PixfcamErfd. Dotting. £53085056 

Fri ends Pro. Utx_ DM . 4L7] +83) 4(2 

Do. Accum. [49.6 Su| +0 Jj 452 

I Welfare Insurance Co. Ltd.? 
rhe Lea*. TTaikartooa. Heat ( 

jjBMMtoP<.M.|- 973 
I Ktr other finals, pletoe refer to 

JCmchflUKT Gnjop. 

td.? G.T. Unit Managers lid.? 

<00837333 IS. Fhu*ur7Qrous£C2Jt7DD 

T^eidtat. SSSt^rM. ; Si 

NBL Trust Managers ZM.V.UXK) «- 
Mlhoo Court. Xwrttag. Surrey, 8011 - , 

NriSwffiStacZSkS «S|4S^ 947 }gi 

Far New Coort Fknd Hasagera Ltd. ibi 
aec BatbscUM Asset Man agai n tot rt 

Norwich Union Susntoaee Grwap (b) .. 

P.O. Bor 4, Norwich. NR1 3?tG. . ' OSD332200 

g Special Site 
350. TSB Unit Trusts (y)'. 

16.7 +02 
203 +0J 
60.4 +03 
rr.i +oi 
295 +0.4 

21. ChantiT War. Andover, Haoti. 028(02188 

Dealinto to 0304 -634323 
(bJTSBCreeral-,,. 140.9 +0& 193 

(b) Do. Accudl BIS 5551 +0Jj 3.93 

(h) TSB Income — B6.4 50aJ +0JJ 738 

ibipe-ABcire S7.6 6L» +0.« 733 

TSB Swish 78.9 TSfl +0.3 iM 

(W Do. Accum..— .PlZ flOij +03j Z56 

Ulster Bank? fa) 

- G.T. Japan A Gen_ 

Windsor -life Assnr. Co. Ltd. . *ct FeMiSjrd Si 3 ■ 13 

iRlgh Street, Windsor. Windsor 88144 G.T.trftftrud.— WEI - 114 

Lite Uw .PIymL, [443 Mi -u;- to'Ll>iKirYdaW_J5l^ . 5 

fflSSuSSj ’ S5 ' Z Z ?G- ft A. Trust (a) (g) 

R*.Ate4-Pcn+ — I. ■ £2438 — - 1 5. BteOdgli Hd,graotreod 

Flex.tav.GRMtoL.maL4 UBA — - — rt*A t2U 

3 __, QM8m Group TSLFU. 13075 3Z3.7a< +X7I 5.44 Wartn* Street, BcUan. 023235231 

23 — f*0 Z*~ . *«r ^ ■, wlrt*., (bjL’Jner Growth «[K9 57ig+0.^ 553 

Jl — 3-2 ***** Trust Managers Ud. UXgX*> .... _ . . JT . ,,, 

^3 . 420 252 High Koiborn, wciY TSB »- oi^058«a Ttutt Account ft Mgm t. Ltd. 

-- fg P«w<G»»thFd_-K3 Btf^U 452 ^TOIia.*XC«ftW «-0to'4Kl 
tStI - iiB A MCTr iTnlM 245 .- -. 2fc8f +oa_ £5 ■ FrUrsH+c. Fond — £130 3 137 JS I 4.06 

2Q K2 Pearl tat_ZZZ 22 . 7.79 Wietertoth.FWL-©i 313 34! 

*^3 >e*riUtiifrxt. 35.Bi-o5-5i Do. Accum POJ 3Z$ -L7I 550 

^77. , ■ mefer Growth Fund 

, Felice Uuita A^U; Ltd. («K*1 King W\ffi»»Sl-ECiR BAR 01«3485] 

(0377)277300 ttF«ntainSt,M«jekMtar - ^0OJ-fflB3OM Income Unto W2 • 287} | 350 

-JUj+OJ] ‘■■4.9B PcHcaa Pntfl., - — -P55 *121+04 558 Acoun. Units __ - j M .8 313[ 359 

U3 4&4WS1 

qm r «*« 

m-M i& 

clive' iwvestbients limited 
1 Royal Exchange Ave., London EC3V SLU. Tel : 01-2S3 H01 
Index Guide as at 7th March, 1978 (Base 100 at 14.1.77.) 

CLve Fixed Interest Capiial 135.61 

Clive Fixed Interest Income 122.63 

CORAL INDEX: Close 446-451 


t Property Growth - 7j% 

t Vanbrugh Guaranteed 7.43% 

t Adores shown under insurance and Pm perry Bond Table. 




Pr Hv, . MB 

S •*.» •;■•.' • - ••- *.. . . 

^0?||t ' v .. ‘ 

Tiiaw Mday March 10 , M 7 B 
£ ^ ;iNDUSffilAL 5 ^ I nrzfVT 

•• ' ‘S 
;] - ^ 

F2L fg -4^M238| 2J 

lias l^ad irvk RQr>._ . aS IT' nxi ?< 

I BS 8 S 5 S'* :r 1 

£g ltaehtnfc.5p.i_ 163 +1 a3.63 g 
M jUiOTeCir.lOp. MS tMj03 Ml 
& -- t3.i 

™ SsSS£ 5 'iS 3 -®Pf! 

INSOKANCE— Continued 


H^S* Sto* 

ffPff in PS 

'4.6| 7.2 4 o IM 63 amLileSp 

23a3 5?K5 HI TasboJfaf.TOR 
40[£3 50 HO 115 Trade Indemnity 
-1 O _ Bllfi £17% rmrimSlsa- 
25 5.4123J 310 1W [Willis Fater 

1 NV. TRUSIS— Cbnthraed . f . FINANCE, LAND— Continued 

8«i | Price M S Cw!c?s!f/E RiglPurir 

^ Tai*r|KriB'« 

SffiSS +B fy?} - D-S - 72 34 

teinctomiity i« t7 M _ I 7 .j _ 31s i7h 

flBtasSSL- fa» 4 +u WL2B - 3.4 - . 44 

is Faber — 287 flU afl 4.0 14.6 (A 2 

15 3% 

Sbd | Price M S W™|he' I »"* I «*e J “ Net ]Cir Mw h§T 2* | Stock 

film. 337 -.-Irt-H X3)3.1«Ll,g ft &}u ffTf 128* + ' J o^c H IS 8 * 8 ?! 2*b 58 — Dig M 1.8 347 

197 +1 4*4J 00 5.7 <3551 Ig J5 ‘Sfag-*® 11 - .gS QU5 L0 M * 78 50 &n‘RP.‘i. _62 ....-MB, 10,14.6 94 

•64 «- M M 3E2W 95 ^£Sv5T“' 4*- +S ,« Tn T^n £8% 920 BasMt&Rly £18 ~h MlJfi ™ 7-2 - 

298 +1 44.69 15 24 42.5 |t. A. SSSSh?" » 1° JA 2 |° 18 13 NaOnfla 15b ...... 13. 0-712.7166 

129 ..._. tl88 - 2.2- ,«V g -a -IB ♦ ^ * 3M 200 &RaFtac$ MB - 

-Jr - z * 8 ftSSfer 8 *1 : ::: g>ia fefiSa-r S sr.iS a«« 

Sri II Rio - 1 15 1.8 :747i l £! Jl SlSorfS? 1- to ifL no 207 1^0 jftaaifl'S-Bfjn .. 172 -2 6.19 3.7 53 74 

65flf Rio 13 L2‘5?J| ft ft SESi^^ita 77 T" IS 5, ?n l? S'! £S ? C41 Preaal-5. PrflSO- £50U - 3 + 89.4% - 5.9 - 

W +3 t2-61 Z.1 43 13.0 W 5] 35^55f 1 g , ‘ 3.8 1.0 7 j 20.1 12 7 ta.G«rael0?_ W 2 tO.44 0.9 63 27.7 

O +1 0.9 3.843.7 £ *' JL vv «T, r» ^ «?? feifer.-A'. IK 3.02 17 45193 

1+ crj ffiv rh| 
j - I Nn Ctr C ft PIE 

a hrily integrated banking eervtea 

t3J 8.9 19 62 

w is n n 

. MOTORS, AIRCRAFT TRADES fe ll £S£n £ 3 ' V w Si 8 ) s -l-BeS 1 

9 UtoioS ~ s r;j i' *■■ 

Jo .31 U-4HM 2.1 TojS 


• 58 Limbaries 132 

24 len.fcKUn.Grp_ : 25 i-l” 

ViTph. \l 33 

.; %!! 12 hasssa- s 

. . 1,1 >&2 u.itoLnC. m 

|5- i;, ??s lu P— 63 J_ 2J4 451.5.2 4:7 • 

45 irf II 194 4J ^3 « 501 24 {QedbFhtdu'Wp 

ift H ca ? a 7 L 'A~ 10 -jj $£25 _ + _ 14. - 7 JPte&larests. liOp 

3ft MacphasnotPi). 5M -4. ST « 7.1 « 68 43b 

23 4.1 18.0 28. IT 


5.6 6.2 33 7b 4 
17 103 Z9 79 54 

* U 4 £1S>2 762 

Kotois and Cycles m 

Leaana50p 22+2 - 129- 75 

2K ...... 18 17 U 7.7 374 014 

CarlOp — 38 +1 _ _ _ _ 270 158 

ntMtr.fip-1 6 _ „ _ Ji 0 230 90 

--S& +l = + 3.9 23 8.8 70 51 31b 

tfi*I_4£10j£ _.... Q12% 0.6 72 23.7 ?0 24 

118 58 (ScoJ.ittrop.29p IK 

24b [SecmrifityIDp- 40 


93 30 BepoMifropI aw II rIO - ! J5( l.d:37iP9£ 3 
,77 W “SrA'_T_ 6Sxd Rio &3utaui|i& ft 

VuieLdB.1%, 20 

I Kggf a. 5aa 
| a&ffilLs ?ri& 


ais a ■, 

P123 9’ tn 
^*1 ai ™ 

wtSStftj- 6 j [ _ I — I — in 0 230 90 

Coanncrcial Vehicles 13 4 

iSSf^WJS TtSSUIMww 182 2 

’(mdel- -2 h237 &.« 29 56*148 75 

B5tS0pt _- 57 +1 fi2s 54 8.6 (25* 290 1 72 

HrasoilOp 10b +« 05 2.9 7.3 73 ZO 7^ 

05- — 68 +3 h325 331 7J 7 2 19 7*2 

tKulalOp-^ 57 +2 tin 45 5.7 6.6 3p 2 

© +1 Z1 0.9 3.843.7 « i* ‘ SSSSfiPta?" Am. T. ' Tn Tin- ■ 131 *** Sect 4k Swr. ‘AV IK 302 U 

03 -... Bl.94 U Z9 465 S S 1 * tLb7 L0 W37 ° £51 £W Si£4^.Vna.. £51 5J4.S ™ 

40b fb X73 20.65115 5| ™‘3Vrrszr ,?» r_ ~ 61 37 SHBtlKOR. S 6ri HO Z1 

1 13 -1 rZ 26 15, 3.0 35.7 ^ 175 WjWftc*. M . 2M ...... 8.1 1.2 57K.9 13 73. Kto. Pac. HKHJc 7 b - . - - 

£153 ...._ SS%119i6.7 - ^ ^ SIS H f-SSI £3«» H7U SuftFfaiMTffl OOb -2 02b - 

236 +2 b20 24 13493 ^ 80 CW^TI^bb. * 7289 13 4,7|? £jtH» WO Bssa.MttTstlp. 925 .... $312 U 

irem 3.95 - 3 IT- 126 ^7 ' S2S2SS" Mp - ^ +2 *r„ r. r,Sf 28 .a Wsm selects)?. 24 2j ij 

39 QlSbc 15 6.210.8 ® fZ — « W 46 a BtedfEsdS. 3V 2 -cl tI38 3J 

B 5 orS 8 -i , ?“ 2 SsBSS® iiiUSS 10 * «* » ♦ 

353 3lfl% 119 16.n — S? ^ 

36 +2 b20 24 13(493 ^ 80 

:93m 3.95 3lr- i2b im- 

39 QIBbc 15 6.210.8 » fZ 

57b 0£! 12 23575 » J 3 

13H+J* 0.01 - -I- 44 “k 

8 Mi 3 IS 

® “ ““ a 62.- cgffife *T u u Im. 

I s ■;■:•• tii a ^gi a a- I -t ^ « ““ ■ 

Ife :::r - » I “ ““ S2 uT rai 0 ^ ::::.: S f , U A 1 | 

^ +b U6 13 542U W: ^ Po-fi? Patent Z7I 2 0.9 U 5^273 ■ 60 

T i TOC 7V Prcminr IUl-.trf j.1. IT 11C.C71D 1 77 

17 4.5198 

- 8.3 - 
21133 5.9 

- - 3.6 

- 9.3 - 

UU } 


p 26 4> 

Head Office: 9 h*>, Japan 

1 S 9 KH &, -« Hint 
!! & 9 ®V- Ji*H jS“ « li ii ,5 


tfc— l « 1 142.641 3 H fi.7t 46 

.. 1J5. WafeBfeA_ 5Z +2 m 

« fi 86 b 

: -■ «k 

i.s . U 

•; .9 

: 95 
, 34 

{ J £100 

" 86 ! 

: . .24 ' 

; 27 

a«* ».g 4.a nj. M- 

M *& I 


525?£T -I- ^ » u i.1 S I 

S£:..S +I «* 

OO . 0.93 87^143 «S gT ^ 

Bra£l — 3j» +4 171331] 32 6.8 oj \%g 7I 

a«rares_ © 1 1!83 1 2.9I 7.0 72 ST S 

— _ 37. 8212 4.C 

l50p. Ml . .... B26 4.0 



0 *T!Bgto5g cfe6L 003 +1 Q5% 702 M.9 — 3 g ^8, 

86 MWKMCrAe 310 +^ Mjg 29 iA ^U*gL fi 
•24 BorraDiAbeli— 37 142 6 105 « ,*SL 5s 

1 g Bfis^-a-* 1 «“ ““as 4 s. 

? 1 K : f E'ar«uJii'- 

;. j BSBSBt-a.3-a a as sl s 

>: “5 N.CRffi,MraI £59 +1 04% 119 f7D - % 4$- 

: 35 KemMtaaiha , T7 ..... 3^ Zh 65 75 3M 66 

: ; S sSislI: S 3 S 1 * ♦ “ 1 ^ i 

S SES^-ecr — B'ft « 25 7.8 5i 26 S 

... H3 NordieniBtic. © - bfi.6 — lot) ill 70 

. . « Nwtoi&ffrtlOp. 180 +2 td38 29 3Z162 ® 24 

• i. 14 Name Secs. Up. 25 1 22 19333 65 S7b 28 

17 Nu5wifl5p — I 24 157 <6 103 6 7% 39 

niran*, < a# -ii HP6 IS 7.0 132 

<^P flfb +x QGWe 37 4.7 75 

y50p- 1*2 ...... «2L 27 3.918.4 

109 ^4 §9 4.0 35105 

^b +r tSl II 2§Sz ® 

Jgotpr^ g ;:::: M77 »i 15 lif ^ 

98 3 94 52 63 3? 354 20« 

Mb +1 tM 4.9 75 44 ™ MO 

iheadai- « -*-3 tM.41 53 5.7 4.9 47 25b 

JrA'SOp — 106 +5 45 27 5.7 9.9 ,^2 

172 126 

d Distributors ^6 

hucjs^ iwrauuuD 97 65 

I m 168 113 

te-ff. 13? : : :' m u 7.7 112 gs ^, 3 . 

158, +3 t4.13 186 4.0 2.0 VP 

V 265 . 451 Sil 26] ,8.1 {£* || 

77 56 

SHIPPING .. . J 8 

V f i ,*■ »« i m tt im 186 Ilo 


jckIKp llUfl 1456 

LBorraoMB. 136 1623 

Ltaaffcfi 726 gSJlC 

29| 55|f»Jl 
! 15 6514.4 “** 

9 HIM™ I?? 

■ ■TTTt.T o^rri .• .1 w » -rt Tt.^> l » ’l.t I ‘I 

7*1 +, 2 11 * L9 6 34 12 Hitoerjaflap , 21 — — — 545 271, in 

Wf * 43 55 1.1 3.2 45.0 £!«, £M -b «Uk 1912-7 63 ■ 2 1 10 

Inr.Itf.EI_ 296b +l*j 6-75 * 5 j * 550 4M WcIeHOjIEI 4M - _ — _ 

n&W.TSL. %b .. . 437 11 6.9 $5 SS iS SSil U* 5.4 

.*Ce3— - 60 cL45 12 3.7 37.7 12 7i> Emfeaio8r50c_ U +b — — — — 20 I 10 

JsMaraU, 75 -J 355 12 72186 45 2^ ]KCA 281} Z0.1 - 05 - 127 j S7 ■ 

77 63bri +1, 26 6 6.2 ♦ 195 133 L4SMO 148+8 j — 128 & 

77 » a^t ScocIW- Mnl 245 $ , M DJ»« a » 2 u«Slf»lVil 8 Cl« £loy 2 QlflU. — eU* — 32 S 119 

pmvr }S “ BFES5&? 1 - V - , ts ~ w H Mg-7 4a z*o usvn-o?s-»p. 310 . +12 72 « 

L I illu 108 62 IMMVlSjP-- 104 +1 3.% L2 5.8 216 24 13 llZcwi Heals lfc. 19 — — — — 112 jj 

■,• c iMflliil j«tV I 8S ^ i?9 33 § “ lift 3 326 73 U]EvpLJ0r MB +10 192 33 15305 35 30 

260 1+5 J842I 4.11 4.41 75 2gQ in EtHbeDotieiu. 260 «.61 LZ 4.4 295 23 8 14+1 ai 1 125 

r 7 li.? 1 -. 7^1 42 28b F.fcr-Ecrotros. 39i 2 0.85 13 5 J 3* 9 E23il £34^ JRangerOllT-. £17 *h — — — — 305 10 

S lva“ te - 3 {■a 81 '42 Family 72 -i 355 ♦ 8J 4 51. It* ^ Rteyaolde Ur le. I 1 ! • — — — — 26 1 

Mb+4, _ — - — 213 179 122 

7B £l25 A H 6 6 175 95 „ .... , 

113 +1 17.75 2.4 10.4 '6.9 235- 100 ferardtmaiSOp 103 1 ±164 3.« 

|7j4 +lb ttll 2.9 85 53 84 3* fDa'A'Stfti 37 . — E.M 3.9^. 

36i; „.... us 4 s 57 S c *U9 97. .(Rimcinan(W.)„J © j tfU6|i-5|: 

S 198 23 75 9J 

M — 142 17 135 8.4 


115 : tbl38 6.1 15 113. m 42 F»miiylm.Tst.- 72 -2 3© 

^ 47 JZ-S H H « *9 SSSStAia- 77i, +b IM 

200 10.89 6.7 B3 23 Uj3 U7 Frfeten A Col 132d +1 3 .77 

3^2 . — g!85 45 7.1 45 50 29 F.P51TJKL251. 46 +b 

,^2 337, 3J1S./ OR* 39 3 FtadfawestUc. 37b ZW 

227 +4.46 5.4 53 53 n 43 i».Op. 54+1 — 

220 53D 16 33 265 li? 98% Griffin 005 +1 tl5! 

2^2 “J| ■— ~ “ 55 13 9 92 Gcn-ACmnwc)-. 122 -1 W.9 

72 —1 2-72 43 5-7 5.7 u m Gen. GonsotottL- — I. 375 

328b +lb t7.44 3.7 3.8 3.4 Jo 99 12fl 2 4 7 

y +1 2 fe« 2.6 92 iVh 56 77 W ii!! - 

33 15 38.5 35 10 

1 — 2 W 125 

- - - 305 10 

98biC:T.Ja*n— 105 +l +151 2J li 50.9 £& i£55 fToE«>-y,'oCm. £50* +b Q4VSJ — ffl.l — I9 ("5 

W OmAEB*.. ^ -1 H.92 1.1 6.1 S.7 204 100 Tricectrol 1 342* +# 32? 45 0.918.4 555 W45 

60 Gen-ConsotodT. 7« ; nJ -i 2 3.75 j J. 7618 9 266 116 Htramar 208 +10 fi— — — 75 im h| 

« GowriPn^- 1^ 4.7 6 5.6 * 1ST 85 oS^Ctel! JM +“ 7% 135 7.9 - ^ 35 

77 DftOtmv.Mp— 98 — — — - 110 50 fteekj\at KWs. 97 — 1 

74 Gen.luwStnre-_ 88 3.45 07 5.9 34.9 no 50 DoPtlStfl^ 97 Q15V — 9.4 — 

65b Gen-Scotefih — 74b +b T3.05 b!6 62155 *99 49 ffocdsufeASOc.. 62+1 _ — — — ■ 

MINES— Continued ‘ 

1 ^ , 1 M ltd Mr. |TH 

1 Stock | Price i — Net Cw|sF» 

! 190 -5 Q50c 131245 
20 057 53 45 

70 - ^ - 

122 -1 QUO U 90 

78 $ 9 °-<U 4 92 

» ... Q 7 bc 14175 
10 -b — - | - 


io - — _ 

86 +6 Q 8 c 15 58 

is* ::::.. qSc 6 *!x 

71 .... — — - 

93 +1 145 4 J Z* 

12 . . - - 

131+2 Q 9 e 17 42 

M II <Wc 15 I* 

• 135 II tQlle 19 M. 

30 — — — 

80 ® ... - - - 
141 ; _ _ — 

442 MT Q 15 e 40 2 JL 
n +4 Q 6 c 14 45 « 

+3 p* 1 74 (GeiL-lineSUn — tt 3.45 
*3 p^ 2 65b (Cffl- Scntedj-_ 74b +b T3 M 

Wh03 72iJ^snddB.oa>. . re L.f.. 17 fia 20 997 

(TtaanceCr- £97 +1 

ce A Elect 92 +1 

exXp 104 +1 

nsuaePje. 24b 

ti »a as -Si 

75 pmis&wK: SI ;r 

b Sffifci • wg +b“ toil 

A CUhai-Ala 

58 PWrocnn 12*31— 62 +4J9 

6 PbiUipsPaUmts. IS , B— 

20 ffMmcOxm) 48 W2.48 

128 FTjrfoMeMtt— . 300 3.96 

273 PilkinghnfeE *37 +2 +10.56 

09% — 195 — . «50 26 

H58 35 6.7 6.8 56 2 

■3^1 35 4.7155 33 14 

Q8c 25 195 .21 31b 8 

- w 24J m 42 
65 4.7 4.9 90 42 

3.4 5.4 82 144b 79*; 
45 65 5J 10? 33 

35 43 7.4 058 E62 
25 8.9 75 B H 
254022 - 42 16 

19 107 72 *84 49 

35 75 ^65 59 26 

iOmb ) — 48 W2.48 35j 75 65 59 26 

JteMR— . 330 3.96 25 9J2 B7 tt 

l writs 407 +2 1-1056 45 3.7 &2 30 Mb 

Botes Ln.. £57 -u (&M 5.6 9.9 — 34 3b 

CoatlOp. 7M H aGs 24 8J 7J V % 

ffimeSp- 6gd 252 5.1 47 63 173 61 

atklOp— . 47b +1 ta.48 25 7,9 6.7 540 IK 

1 220 «£752 27 5.4 116 47 m 

IDnitSOp. 162 +4 24 9A 65 33 6 

!Wmj3p_ 20 +1 cO.E4 4.4 65 5.4 M 26 

«c&oap 157,0 „.... £58 35 £4 95 60 lib 

adSw*5p 30*2 +b tX35 26 65 : 8A Wo 52 

79 +3.03 55f 56 4.7 Duw “ 

71 — 419 13l 95135 22 10 lABebone 

40 — - f2.76 26(105 56 68 35 

51b ■ — 143 *3 42 7.7 67 36 

32 125 l3 5.9 166 104 67 

27 +lb d0.42 97T 23 6,7 36 12b 

© -3 163.-d 36j 6J 6.7 72 W 

7® ...... 3.98 | 33 7.7 6.7 60 26 

117 +b 659 3_2j 85 5.1 40 ' 31 

97d +2T +323 O £0 96 46 22b 

£345 _... Ql0%£3f76 — 50 22 

80 d5.45 361103 46 66 45 

36 _.... 155 I 4.4] 66 55 39 21 

6V9 +1 455 ST] 95 4.4 85 56 

6Bb +h 3.47 j 4* J 7.9 6 ft 17b 

© 2.46 £2) 75 17 n 18 

80 +3 {66 I Zdlj7 57 71b 19 

25 +1 05 O 9.7 5.9 35b 11 

6 — I — 1 — ♦ 

120 Powell rhittS^). 162 +4 006 14 9.4 66 © 6 

,12 Press (WnU3p— 20 +1 e0.E4 4.4 £3 5.4 M 2b 

108 PnstiKBGnnpI 157d £58 36 £4 95 60 l5 

;.i: lBb WtdortSraip 30» 2 +b tl35 26 66 =SA «b 1* 

?S Pwy.Lanmto.a>. 10 +b 4036 65 55 592 78 20 

53 Pullman RAJ.Sp . e2d +4 R<5 1910J(£2) 
r- 3K| jH^JlGroaplOp 5OI2 +3Jj tl43 75 43 66 

,-- a ffimmfe; 35 9.1 it W17 , 

. ■ s 5S&E a i p7 a a a “ 

? 128 RaokOrgm^ 236 +1 i04 36 5.: 6.1 197 1» 

332 RedrittOri!.50p_ 405 +1 +9.65 36 9.6 lg 

77 RedfeamOass- 270 +5 40554 4.7^ 8.9 3.9 26 

15 Rad Exec. ft*— 42 .__ KL66 26J 6 J 9.4 JO 2Zk 

SL ...._ 2.46 S2 75 2.7 §2 IB 

80 +3 466 22 1J7 5J 71b 19 

25 +1 05 G 9.7 |9 35b 1 11 

M6 +l” +453 46 £1 66 

518 41117 33 3-3 M2 

47 +1 $162 45 52 6.4 
© +1 g062 4.8 2.8 123 152 80 

5b +b - - - ISA 550 390 

49 0.63 135 26 65 113 79 

34b — +12 » 9.7 93 37 17 

75 2J> 53 All 7.0 117b 41 

buatdM 230 100 

43 -46 ' • ••-• 130 87 

} 15 . . - 455 238 


52 63 197 020 lAWK.!fcBL_l! ; 140 |+3 |+£23l *1} 5J1 65 «n w 2 

97 Mi 

TO ..... Rl25 
69 ~... 442 
49 -1 127 
37 ..... ifl 
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©’ +i~ 1152 

33 ' +h!92 

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43b +lb 156 
27b •....- +158 
66b g7 


HE 76 BaspwStWdrs- aSb +1 14 U 4. 

• B7b 6®2 Gtawtewnto— 75tj +2b 1166 10 3 
84* 57 — 71+2* - - - 

. 68b 51 Gtanmnaylnv.. 62 +ll 2 17 16 4. 

66 48b Do.'B’Ora 57 +1 - - - 

122b n GW»Im 97 ...._ a41 n» bt 

32 62b 42b GowBEurope-. 62b +b 16 15 4j 

66 75 49 tonfftma™ 65 11 U 4' 

46 110 74b GL Norths Im - 91b +b 367 

6.0 © 61b Gremfriarlm— 67 ...... 145 

a © 24 GrtAmnltWi— 61 Eli 

45 55 38 GrWPlnwswre- 49 +L7 

5.2 85 56 Gntt&BlBT.Ta.. 69b 239 

51 95 *1 Bavbmr 78b +b +33 

* 31 12b Harems Imf.lOp. 27s «h0. 

htadSlteAifcq 62 _ I J — j I ■' • TINS 

39 18 (Ami. Mjcaa ... .. 29 ....+251 16(136 

395 240 A>erIIiixnSMl._ 2S5 +5 «Ui:e 0.1 ± 

OVERSEAS TRADERS m ill SSWli: S iffie | ? 

, LttwpIAa-l 3W |- — I 4.4 | » I 22J * . ^ ^ . SKfiSSET II - ~ - 

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j:jg :8 ■ a Udr d 3 a % m aiigir §S‘ r: “l 1 

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6.4 233 96 I 68 

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43 196 122 ffindferoi — 161 

78 41 HonwHm.‘ , A _ 70) 

76 35. nn.-Br— 69 

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HWi— 61 cLBZ 2.0 43168 319 ISO F1nla>.J»)Sp- 270 +15 rt54 7 JO 3.7 5.0 490 2M 

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Blnr.Ta- 69|2 239 XO 53 293 £66 £49 GtNtfcaOO £58 012% 23 20 83 » 40 

a». 78b +b +33 XO 6.4 235 425 27db JTria cs.CKa.EL 350 0272 3 8 55 7.8 70 50 

a Inv. Up. 27c ..... K105B Xl 32 452 92 66 RrffcwngfS.) 68 426 23 95 62 215 133 

Mm 161b +b 7.K LO 6.6 219 428 335 Ischcapell 366 +1 U5- 0 3u2 £2 19 ^ 35 

SS "A"- 70ra +x t3.71 13 85330 24 9 JSsfc 23 Z0A6 - — 9.7 73 S 

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018c 13 1A 483 103 68 

akaSofiar— I 19 

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50 ..... e!.99 1 4il £0- 

53 m. 12 1x10.4 

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HML£lH 336 J-T 


Llntsa 1 75 Q15 * OJ 4 

eGronp- 36 — — — 21' 

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12b RoOToJfc^^n- 28 +b 712 
■ - © Royal Wares™ 105 ..„ 75.8 

, ? 37 RasseBCA-lIOp-. 54 ..... +Z0 

. R, £15b SL-GotateFRMO. £18 +1 Ip 

4 86 SafeTOnry - 190 #0J 

1- 10 SssdhQn+Haxtat. 23 -3 10-8 

I 75 Sanders Grp 75 — . 559 

i. 16 68b Senna (koup — • 91 JC£4 

7b EH^rplWergerSl £46b +b t«L 

40 Scctmu : 72 fa 

17 Scot Heritable- 38b — tlj 

0 54 Scot fcDn-Invs- 150 +1 +4-9; 

? « SSfc S-lS 

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f 48 SectfilyStfrices. 77rf 20 

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145 97 hlP»e.Se.HKj4- 136 Q18c 13 Xl 

76 52 Intern*! Inv — 66 £97 9 9.; 

160 107 hUnTd-lwil- 3S8ri ...... Q4.0 p 2. 

122 . © Inv. in Sorts, _ 110 5 .98 $ 4. 

75 59b Investor Cta— W 2 +2 165 U 3J 

206 161 tomtsR.Tst.6Ti- 176 +2 +64 1C 5.: 

133 1© Jarifine Japan— 110 +3 0.71 L2 U 

125b 70b Imfine S«. HKS5- 90t 2 tQ47c U 6- 

143 103 JerewExtPf.lp 312 ..... - ■ _ — 

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CJH-. 42b ,3.4 U|1Z2 5.7 h M I 57 kungriBesiSlIl- 152 +2 - - _ 

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,74 +2 h229 35 4.7 U i K « SkijmclSp- 

nZccRMp- 190 7.0 7.9 5i 3.4 95 t\$ roMtaJiHrtw.SMl 

* 240 135 190 7.0 7.9 5A 3.* 95 « 

* 235 13® Da'A'N/VlOp— 185 -.... 70 7.9 £7 30 203 93 

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fine Sec. HKS- 90I 2 0347c U £215.4 50b 35 Twer Sans. 20p. 44 +1 3.09 25 

mbLAlp 112 ._... - ■ £92 £7 5b Do.6peCnr.81. £90 +1 08% 103 

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125 77 LmAwtinviAl 325 +1 Wl% 4> 53 * .^7 25 

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111 83 Ladn.fcMyrowL 96 +1 1325 li 51293 55 ^ 

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SL96 L 29 4.4 S ' 13 

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per 46b 289 4.4 

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ibars- 32b +2 Kb 2.4 

ring—. . Kb II §3 0.9 

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kW*_ 58 +1 t3.46 3.4 

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no.* — no 55 

ai 7i 89 63 

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1X5 !tt£t 50 26 

Mil H 35 

90 4.9 64 45 

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ton man ® — 60 1238 2i 

S(CT*S.lBp 31 130 17 

sfcerffatafl 27 ' ..... 164 18 

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fcs&p5p — . ; 56 +1 +419 IS 

nrfmr 47 d3-12 15 

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pOttdmrdl— 62 +3 +207 

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vn20p . 19 _ _ _ * 43 22 

j 120 +1 1637 23 8.0 12 74 33 

Lanes. Ppr- 48 . +1 +2.97 OJ 9.4 220 49 28 

ihntns 62 5.0B 41 1X4 XI 34b 11 

prick Up — 69 — h2.56 31 5A 8.7 tt 36 

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femfcSRu. 63 302 *E W IB* 114 60 

7J 91 K 3XV 
7.0 7.9 <1 23 

£2 4i 38 -10 

W « Wa 7 

• ■115 J32 Flrias Holdings. 103 
iS |48bl 3£t GemGrossMp- 45 

1:7? | 3X 

nanerfF.I—I ;15b -b M.71 3.9 6.9 4.2 190 94 L*P. 

noiigbiServ.IOp. 28b — *■■ +J-® 4 ' .33 53 81 248 . 137 

Etiffifc Speak- 45 ._... T2.18 2.4 7.4 71 78 50 

(redtthltalSRSa Q2b Q10% 01 4J3K3 177. S 

wire Pacific 00: tt L4 41 17.8 

EWlH 3 +lb tfliS 3-7 30 ^ *32* ^ 

SSSflkd llOai 67 - 21 90 »2> MB' 52 

XTnnea Vn.5p. , 8b M039 3.B .6.8 7.5 MO TT 

BBSat: 1 S 2 L ^ - - ~ § 3 Sf 

im - 4*b dO.82 21 2BZ77 69 35 

iSifltrHlto. +4 5JA 31 57 73 58 41 

^w| iiii naf. £24% — % QH-92 — 4.4 — - 42 16 

SSwtDet- ftf* +? - Ef * 70 * . W mb 

ramreodGp.Sp 4^4 — ' — - — — — *86 35% 

mnerfcNeir.fL. IK : +2 2010 4 8.4 * . 14 9 

rewr Cun. SP 1W* 072- |3 10.7 CAB 

KOInfl— 150 i_* +412 2.1 82 7-9 

alcorn todnst's-i. '85' — w33 20.80.63 . . 

taffl«I0p » Si.79 331 Bl6 *1 

nik«r 488 +4 1230 4 33 : * . ' 

am IW'fcrJT^' 

—(ffldgnt. 52 ..... hZ77- 

sDwra 41 hX51 £8£g4A M ^ 

iJCIlJ 15b — <005 20 107 5J tt 3B ' 

aSp - - - -- U71, 87i 2 

r— — 43 ■ +1 0.1 — 0.4 * '72 43 

KSJ20P — 60-1 4i 271X4 63 ^ 16 

ay Hugh _ 44 0330 12 1L4 U.4 ^ w 

innonSo» 3«b 165 5.4 12 45 n. 2 

inCAJ20p_ 73 #3.7 3.4 77 5.8 25b 15 

T(F.)Iflp~ 40 #145 31 53 90 i7& 10B 

tax— 51 +317 20 9.4 50 145 ‘ 88 

LMflntg — Itt +1 314 40) 4.8 50 fML £46\ 

Jiaamj u 

stsjaip — 60 -1 40 

ay Hugh _l 44 d330 

kmnoaScrt+J 34b 165 

^ 2 ®=! S b &45 

wkGmSto- 69 +r- 436 . *, 
P.Pw&SQp 190 +3. tBLBl I* 
ItRffldalelX. 22B -Z 1414 2J 

xiy Mills — 71 ^ -2.9 4< 

ifcAEeoMp 175 +* ftO Ifli 
:OTerr. 30p 82 d3.09 lu 

3 J.S& % i 

yPrintCnu » +1 12.47 


185 J+l 

L60- Uffllnrest, 183 -l 17A 

75 Nih-ArimtieSee 78b 2.7 

71b Ntta. American- 81b +1 ■ 205 

66 KtctbernSecs— 96 13.0 

48 Oflfc Assoc. I bv- S3 +lb +1.9 

3B ■ Outwichta- 47 -1 hX2 

87b Penttoidlnv—. laid +1 4.05 
63 Prog Set Inc. SOp 68 .-...234 

16 Prorineial Cities 24 +13 

25 Reahrookbv..^ 
15 Rjgtfsfclss-Cap 
.08 Riwr&Bere.— , 
88 River FtateDeL, 

v Hinn i 

XE j * 51 * St+rttag da nomt u a ted ■ecartttaa wMdi InctadwlBwnamip 

I 1 * | 4.7 dollar premium. 

• •blip” Stack. * 

” High* and Lowe marked Usua have bean adjaated to allov 

(or rtrfttS Iimn (« cash. 

+ 'lacrliB since inered«ed or resumed. 
t Interim since reduced, passed or d ef erre d , 
tt Tax-free to non-re*We«a on appU c atlon. 

* P+Ktara or report awaited. 

1 cl I cl ro 77 Unlisted security. 

5-21 ;•£ 4 Wl«» « tune of xospenaion. 

U3[ 4.9] 43 1 Indicated dtridend aner peadlng scrip nodtar rights isaoas 
0 I 17)102 cover relates to psevioas dividend or forecast. 

22b I — t +X98 1 Xtil33 *” Fnmo* samp iw. 

3A £JSj 50 43 6i, NovaJmcySto- 25 t0.5 _ 70 3.0 61 

yjEl.*- 80 25 Partted”- 59 td208 60 7 A Z9 

17 70 119 15b Ub PicBes(W.1fc0i». 13 +0.67 2.4 7.7 8.0 

9.5 6X UP; 7 Do:‘A‘HVUp_ U 2 . — «.67 

£2 5.9 82 29 RKHUa 78 409 

10 80 49 19 BadteP&hioii* 49d MM4 

5.7 222 76 35 RfedOftai 74 +408 2.4j &4J 7.4 hi 

21 9.9 41 13b Bcflan«Krit2Dp_ 38d „.... 209 X^xCa 3AT 

120 * 25 13 Richards lOp — 20 X03 9jJ 61fi 


*. 61b 42 
5-9 «1 30 

467 Da So bib's F15 530 

£32% RaiiiKoNVFlSO. £37% 
325 Db. Sob- St's FT5_ 373 

69 Romney Trust— 74d 

13 7.7182 

* a *: 

205 U 5.4 

line. 56b — 4.18 * 

103 RotbsehiUto.58p- 259 ...... 538 

43 Sirfmardlud-L (7% +b +30 

H fel § 1 1 THSS£±I W l=HUH Sim IS E&S 36 -: » ± 1 

, — 1 — — 1 m* is. ^ ' « 1 1 m iw i eei toi 1 35b SeotfcOBOLlHV- 62b -Uj 1.2 

- - - ■ *7B 178 

L2 53 241 £36 |l9 
IX B.616.9 207 fXX3 

fJ 50 2!? 

tat Sandra. 

248 ..... 120 • 33 73 + Bfnsrr bid or raorganUatioB in pmsmaa. 

250 10.0 6.8 61 * J,ot cmnpanible. 

20C ..... 100 2.7 7.6 ♦ S®®* tnte^m: reduced final and/or reduced eamtaw. 

410 ’ 1508 4 9 50 indicated. 

22b II 6F17Z 30 121 * E areeas t dii+de ad; cover on earnings updated hy latest 

141 +1 9D’^ «7 1 § 7 * Oner allows for vamtamm ot sham not now ranking for 

. . „ , ** ’- D 9.7 dividends or ronkio* only for restricted dividend. 

... +1 • 205 XO 53 27.9 _ , _ , * Cover docs not allow for shores which mar also nok few 

i_ 96 13.05 14 40 223 Sn T a nlr a dividend at a future due No P/E ratio onuQy provided. 

W- 53 +1% 11.98 1.0 5.725.9 . - „ r , .1, . BStelndln* a final dividend declaration. 

— 47-1 hi 28 L4 41260 185 I & [LmOT»£l ] 133 |...~.| 55 I * J 60 * Boehmal price. 

■ tffiel +1 405061* 11 No par value. 

SOo 68 2 54 Xl 5 7 250 Africa * Tax free, b Figaros based on prospectus or other official 

J? 24 ’ — 5vU 11 8 5 ^0 ***** eatimaie. c Cenu d Dividend rate paid or pa+sMe on part 

w l«ta 171] f'i CCMV 430 [190 iBIan+yreQ 430 1 1 2335 ! 20| 8.2 <* capital: cover baaed on dividend on full capital. 

— *55 ifl L H i'JS-5 165 50 iao&ata 34M " Jl30 I *141 « RKhaBittoo rMO. J jnMyMd. s ajnumed dWdcmd an* 

" ™ +X06 11 4.0 340 103 I 1 1 9 yield, b Assumed dividend and yield alter scrip tone. 

«P ,S, “■“ 7, 7", — J Psjment from capital sources, k Kenya, in Interim higher 

T~ 8X3 Xl |.3 16.7 than previous wtaL n Rights Issue pending q Earnings 

1- 123ri -1 6.25 11 7.7 182 based on prellmiimry ficurct. r Australian currency. 

ISO £53 Q&M * 60*' WTOPC a Dtvidond and yield exclude 3 special payment t TndltSMd 

P15 530 Q250% * 6.0 * - dividend: cover rolatn to previooa dlvideti >, P It ratio based 

SO. £37% +1| K— — — — Mjvnm a v n a am «» Uteri annual eaminRs. ■ Forecast dividend: cover based 

E_ TTi +1* _ CENTRAL RAND M provlotu year's furnlajcs. v Tax free np to SOp in tbs £. 

“* ^ . w YUVri allows far currency claw*. , Dividend as* yield 

01 mj sat I based OH mercer terms, x Dirtdend and yield include a 

we j] +ne_ Inta ~Z special peymont: Co««r does ate apply to special pa y ment. 

<2= "r I rtSaLrSc A A Net dteidond and yield. B Pre f erence dlvUend passed or 

“ ■ "I 17 80 deferred. C Canadian. D Caver and F/K redo exclude ptoflts 

— - *25 -Ml Q13c J * 62 of tuc a cr ns p ar c s ub ai d lnriea. E Issue price. F nsideml 

and yield based on p ro spect u s or other official e stimate s ter 

§1 -M ^ 

1 90 (62> ICS 52". SartcMUp. 103 +3=413 3.4 £2 70 41 18 Scott Robertson. 41 +1.86 30 6.9 6.9 63b 35b Scot ftCocfl-Iuvri 62b[+b 12 11 2 9149.2 

0_6.a%3flD 07 Sa^)20p. 78 Sl 4 J 63 24 32 M ■■■■■ X7 70 120 uff 2 90 ScoLt56es‘A‘— IK^I 80 11 8^173 EASTERN RAND 

3 £5 £9 m 79b SmofitUefte). 156 . .-2. jfe 20 5.B14.4,2B Mb amMlto- 21 +1 iOUSS — | - 133 103 ScnL East lav— H6 +1 4.05 « 53* ^ . ....... 

i yield based on p ro spect u s or other < 

1877-78. C Assumed dividend and yield after pandinx scrip 
and/or rights issue, a Dividend and yield based an 
pros pect us or other official estimates for 1875-77. E Figures 
. booed on pcoapcchts or other official estimates far 1P1S.'* 
25c 2JS17.8 ® Dividend and yield based on prospectus or other official 

{2Qr __ estl motes foe I87E N Dividend and yield baaed oopnxme c tna 

Sc _ 47 °r oifmr offictal eadmatn for 1878. P DMdend ana yield 
10. 1 a q'i baaed on praspecCus or other official estimates for 18TI. 

]l ti 4 Gross- T FlsMri* assumed. V No at gitfleanf Corperacloat 
SS ri Tax payable. Z Dividend total to date, tf YUU based am 
ttc assvranstion Trosmny BUI Rate ataya un c ha n ged w*P awtwt qr 

25? 6 2S.1 aMmosI stionsial ax dividend: c eat scrip iasue; «» rights; map 
96c 10 60 all; a at capit&l distribution. 

“ Recent Issues ’* and “ Rights ** Page 34 J 

This service is available tn every Campmsy dealt in tor 
2jj sj Slock Exchanges Ihrsa^Mit the United Kin&taa Idea 
Lffl 8.8 fee of £406 per ami am for each security 

•410 UnUevar. 4W +4 1Z58 *. 3.9.6 . 

b £20b DtfTN.VJT.lX_ £23i 3 OCRS A 33 * 59 28 

35- IMC&nferalty 56 : +1 121 5 J 61 30 127 

. 26% IMzedGaslnlL- O JR5 3 ,2-3 100 60 ypj, 5 

4b U. Guarantee 6p- 15 - 0.18 12.8 X8 .60 75 43 

b 7 ftSmnt-- 32 . — dD.43 3.4 63 69 
.1 .18 vTZU : 34 txn 38 83 [AS, ^ ^ 

• a riomlOp — ^ 27 — 214 10 120 .71 7^ 43 

- 16l 2 VintOBtypkZq^. -tt — *134 5M |A3|.ffl 3^ • «- 

38 ■WHlbbMiswK 7* .— . U33 3.9 60 58 

* I B£E£ r ^ ft ? ~ t ® 1 

pi BKStr* h HAgi § 

-ft % 

. 34 Wefl&SwrtlOp tt W335 22 80 £3 145 jm 

VS 14.® 8-6 28 £9 \ % 

8 He 1 =£ 

Hi SSSJ 3 I- » = i? -S 

30 WttestJ.* *9 330 13100088) 320 Ml 


4 a A *■ a ffl « 8 - s 

26. WUteSgel- « +1 tgL« b63 4| -50 27b 13 

. .36 WflaaHstomnii. ' tt .. ... 1323. 2.7 7.4 7.7 jg m. 

24 41b +b +2-54 93 80 28 17 

3*^ «■? 314 13130 83 i 

maaPpr. 67 »p93 30 1X2 53 IM 62 g^wImfeSUp. 84 -1 

Group— 62 -i— 334 2.4 80 63 59 30 WlT - — - M 

itofcl 52 tt-97 3 A 8.7 50 2B 20 SmsUiTSd^- 2B 

SS 2 S: £ £ feo fi fi H 91 f ™S t | ^ 

E*; 2 “ 2 i J “ § # BHRK= 8 -1 

^ 28 10 SttmdB06+lhM- tt +1 

30 10 IhroCbnttlatt. tt . — f+003 

' " • 29. 11 TWiriJny.Mp. tt „ ' 

PKOPERTY li SSS^r: s r 

I London HJpj 48 -i-l &LS5T 241 
attUmdon J 207 • -1 d306 
fuaariSnroi 9 _rzA r-J 

rlmfcap. 84 -1 602 1510.9 *0 w 25 Scut. European- 35 ...... FX5 Xl 63 25.7 97 

rxzzr - S 33 83 16 75 Scottitiilnv 86 +lb 256 10 45 320 35 

g --...IDO ♦ 1 * ® 91b xt3LMdrt.STU. 97 +1 3.05 11 4.8 28*334 

S ihi “ “ - - 147b 1U SeotNabonal— 3.45 U 43 3X8 152 

,W ',& 03 P- ^ +fl2 u5n TiTtm,, 1 " 0 70 Scot Ntfflhem- Wb +b 204 13 4.9 294 Ml 

er(OM.i- 46 W22C X7 75 M m 1M ScatOrtano— . life +1% 14.0 10 53313 52b 

A 26 -1 +Lg 40 7.7 49 07 72b Sert.tSto__ 7(A +1 XOO 1.0 40 375 121 

n +1 li M 31 tt 71? Scot Western— . 7feS +2 200 * 4.4 * 95 

a niS“ p - S — ftS ■ M w 1 « sSaKk: iw* Xl 2 +507 xo 53 27.9 m 

w® 8 r S 1 SI m 79 61 Sec. Great Ntim.. *6l z 11.73 Xl « 3*0 63 

n — an ~ — Wo *a f-a 78 57 Do.*B* • 62b +b — — — — 

™~-r- ^ ^ «0% xg 2.9ttj lgflb 143 SecurittesT.Se- 158 +f «.48 XO 53 28.0 

_ I-l — I — 1.79 

[rafoni cupels ■ 
OMthillalw — 

rto-ltataop — *1 305 

'arts. Fine W.lOp. 34 107 I 

'oueW 39 108.76 

r. Props. lOp- 220 a ^15 .10 2.4 39.0 39 I 24 [Farts. Fine if.Mp. 34 

SfEtSs S“iTu ti fidi “ I* I » 

stComlOp- 2% — — : — — -j- 


dnHunuB- 97 +3 265 8.7 43 54.0 m me ipiT Tmte 29* 

^31— a- 033 X4 5J203 SS ^ 254 

ttodftj®.- tt5 +3 1630 3 9 40 90 440. 210!>p_ 33S 

Amudfc- lSj* — — - — 86 (A Ismarial—-— TS 

bhlaad — 34 . — — _ ^ 37 InSiniHiShn . 4fi 

1810.4 80 
50 50 40 

201ZO 5-8 

“tt'l l % 

lZO 50 1?5 7j 

7-5 «4 lfif 111 

fl S- 6 77b 43 
128 . 77’ 
175 131 
95 67 

■ • 94b 69 

Huita-SCSS. 350 Q25C — 4-5 — 

*lov.aip_ llBal 8A6 * 10.9 4 

reHIOp 62 10 10 3.7d,0_ n 

re Inv- 94' 1Z94 10 4.7 269 HO 

Tine. list — 159 19.19 10 90180 ,08% 

84 -V 2 
26 -1 
317 -17 
125 -27 

^ “P 

43 -2 
78 -9 
46 -11 
52 +1 
757 -17 
50 -4 


caplflpl 33 +i" — ~ — 1® 58 Deettnalimaj— 

gtfGen 120 +42.78 14 3.5 M 326 138 DoorntotenRl- 

ieTd — — Ittri ....... 53 4> 50 * 135 430 QstDrtera__ 

Sentov_ 76b 205 IM 4.138.1 238 97 EJ»alsOMad.20cJ 

82 I III 208 lfl 4^340 153 164 

!. SSaSl §91 15 3.0 CBS 66 ‘ 2I - 

I . CaptCwmies-. 43b +b. tLQ — 33 — 

% Da Warrants % — ■— — — 

: sea- ti 

1 tTntrcwlnaaiaJp n — — — 

!■ cSSSi: 2 W, + 3 “ 19 18 m H J 33 

l C&mwt BBg 10b +b" ■ — — — — M3 103 

toSibtsEsl.- 250 - iT.; +40 17 16 353 111 67 

r . CSt+’OTses-.— 56}>3d +b 172 * 40 * 94 67 

I. QuMNlckoUS- Bo +5 ■ +10 . £2 3022.8 224 166 

a if. . ^....-g Rar 167 90 Xl 8.8 15.1 BOO 

»* +4 ma 32 67 HFEBS!52i*if 3" 1 ? s B2SHS 

335 +2 +192 65 30 65 *73 42b Itao™iton_ 64b 438 10 103 14J 527 235 5qutb*aal50c 

4^. 15 £307 ..... Qff,* 20.8 f8.2 -J 296 08 

+\z H 78 4 8 Jor. Invest Im- 72 +1 +4.95 L2 100 117 gf 2 »2 y«nlH«fa5 g 

57 +1 “.75 34 731 67 ^ 77 DaCan— 100 +3 0.49 - 0.8 - tt TO Ve^rspoal 

167- 126 rran&Uceanic-, 142 5.0 U 5-4 260 £23% 33% W.ttwBl—; 

IsbarsHI. — 



Iha-mn Rl 
nbmllemWIe . _ 
'aal Beefs 50c 

670 560 


Investment Trusts §1 S 

ibnJ 52 J — 1+208] 
itrat. 114 1+1 407 

BBelW.50p. 590 130 13 3-3 ^-0 131 ft?9 

ntaUatSto- '62 _.... +199 10 9.8 15.6 544 

Capital z£_ 323 +5 ____24l]130 

Himon 91 „... t2.84 12 4.7 26.1 

tees Carp __ 120 -1 +4.06 U 53 280 

Bidelnr — %i 2 305 * 60 * 


96 h-b M.12 
77 jl-.l2.49 ' 

139 94 Trustees Cap — 120 -1 +4.06 U 53 280 

«o no 90 Snesktelnv — ;• 46b 305 . *60* 

2 60 29 Updowntev 58 175 ♦ 4.o A 

a 128 96 OWBrltSecv— 106b -b M63 10 5.7 260 . 

! » ■ a a «n y 

2 lib Wood* Sora5p. 2 — 

. 13- WoodI«ttaa5fc . |7 

63 Wood Hall tt +\ 4 -“ 

. 21 |Zrt^s 6 p-«^ ._ttb a«i m| L 2 ^ 

33 5 3 rru 30 
46 u w* . a 

U5.7 «“ A 
19 .£2 it,- 3? 

0 JF.S. 

.SOel. t 

agsshmttfa IM .i.-. -20 , -Ifi lBM.0 1B3 81 DaCbpiSalS^. 136 

wlfcwT.lto- ?4b — i- +0.66 — | 41 — 68 36 /USTORte.toc.-. . 56 

SfcMsLlfc. . 80 +fl.59 20l 10OI7i 61 27 DaCap H +1 

taiEWes)- 77% +4 +2.96 2M 52 80 46 30 American ftnst.. .38% 1 

Ktowlfc- Mb -... - — ‘in - - 44 28b AmwicanTtf.'B 1 37 1 

- in it- m. 

Itt Ml mKtollm -2 40 i0 4i«bgfi5g 

% g m fc .2 -. flP - SHhei: 

m 2 IS Yeoman inv. — 148ri 709 ID 7.8 1S.9 £10»i|W-fi^*n^50c_ 

il5c 5JJ 30 


312 5.0 ' 

* 20 The following Li 

A 50 pcrtoosly litte 
f S3 tssuea. most of 
13 12 *** ns Quoted < 

L L6 U Albany lav. sop g- — Sheff.Refnihntt.1 51 j .1- 

30 AshSpinronp. O Shiloh Spinn— 19 L_l 

60 Bartons— T* EladallCwmO— AS I I 

7J Bdjfwtr.EtLSOp 282 

Clover Cro/L — Z2 imkh •* 

CndgfcRokeil 400 _.... KISH 

Dnon(B.A.)A. 41 — 

EUiafcMcHdy.. 68 

Evans FVt.IOp 57 

V4J 77 EveresS 15U — 

2.7 3*4 FlioFcTKC *7 ■ ■■■■ 

ft ft ssaasfa » - 

15 8.9 Fearee (C H i— 129 ...... 

- - PeelMUlI 17 

19 70 Sheffield Brick 46 

15 80 


271 1:. 


18 r: 


.8 = 



usl r « x % f 4 

-■a-=ii s 

.- 4J — 05 -38 

- ffl0 m ISO 

- iJ.- c J 

50 ZJ 11 +) 139 . 81 
3.1 47 M0 an 137 

gSte: 5 

JpwttafldMp- 304 +F 3.96 11 

SE 37 +2^ dL36 IJ 

■SSSSfcte 563 +r 5.tS L2 

gflepisd.Thft.fa* 22 .r.te 006 II 
^neroltol 228 +1- t2.97 11 
1Kb ~h tQ37c 12 

10 230 121 93. AM0lre«Aj>- 111 Qll% U 6J 153 - 

Z1 303 131 94 AmdownTns. — 108 +2 CM . 10 £7 26.9 

8.6 5.9 54 35 - Atlanta Balt lOp. 52 05 18 10 514 

Fiuaace, Land, etc. 


0.9 40.0 285 168 Afawd&atthers 218 .-..200 4.7 13.9 2J £m £U 

4.7 29.6 8 3 Armour W-lfc. '8 — — — 22 950 3 ^ 

56 250 39 - 12b Atrthwilylirr^. 3»j ...... „ - - - 155 106 

70203 25, 6 Bntamna AiW. 19b ..... .^4 137 

20527 27b ,10 Ctaddeslef^-. lib *h ~ - - ~ 25b 15 

- 90% 48b MssHcAssrts- 71b +1 041 ■ 45 09 40.0 28S |U8 tAinsd&ailhen 238 -...200 4.713.9 2^n7b| 

•4.9 290 62 39b AflasHect 52. +b 1& U 4.7 290 B 3 AimourM.»p_ J .■ - - - 22j9»1 

20411 80 66 Anst-fclntSDp). 74 +2.7 It 50 250 39 - l?b UnthOTUTtov.lSp. 36% _ _ _ I] 155 

£635.0 61 41 Ranters’ Im 49 +1 iJJ . .li .70203 25 6 BritoDmaArrew. 19b-— -[*224 

- — 56 39b Berry Thai — ~ 47% +1% 007 . 1.0 2052.7 27% 10 Chaddeslw---- 15b +b A 

L4 95.8 9b 2b. HskW^Pmp. 6 -J - - 163 102 Hal]nKBQp3l igfl «2%e 3.0 6.4 50!®: 

401150 175 57 BiatoprateW. 142 1533 10 £7 26.7 66 42 JctateAngfOp 59 — 3J6 14 a6H«|i2g 

2.0 STS' 298 208 &rfc«tta.S*. 239 +1 70 U 402fL4 £llb 850 poamonMkt.Ip. .&!% O2S0 U 23 jlgc 2 

370 UireAin.Ooalfito. 
195 USoAmsr.IOe— 
£U%CtefrAiaGaktra M 
621' [ABP.Vul50e.-_ 

106 kamoBiOon- 

137 EcoWHeWs- 
15 teas Rapd Coil 10p 

102b -b tQ37c 13 43180 146 % DaConv.— , 114 - ™ _ 241 196 Dalfstftl 

PcoeatS— » TOO hit' 10 0,8 1872 S9% S9 FaxdlFliDdCrtl 59% Qffl.44 5.9 40 .33 '36 13 Dawnaylto.— 

EBupanW- 27 4%. tl. - 0.6 5K S84 BnriIIw.Q5l- iBft ...... «2 18 50180 23 12 Edm Indt I3». 

37 ..... 101 1.1 6.6213 2Tb 22 BremarTo. 24 +00 IS 3.2 326 59 27 gOraMuunel®. 

liivesL__ 225 +1 201 12 24 53.1 7b *3 &idproierH^L 6*2 ™.. 032 JJ 70 lfij 56 36 B*ineHf«e~ 

,&».50O-. 222 +3 402 10 3.4 280 « 30 BritAnfcGen.. 351^ +b- 105 * 70 * 16 12 Ex Lands Ifc- 

ateCav’fe. 062 +2 0SW-3.7O.7- 71b «b British Aasste— 6 K +u 2.2 I2 5.4 2£4 27 15 EHpIorat»q&5|L 

- _[ -1 - 241 196 balfsHytl j 

* I S3 .* £180 £108 DO. 5% Cm' gtt +« 
£4 90 93 45% liWftwSgiMp .« +1 ; 

ropaalDpi 27 +b 03 - (MU -.1995 584 

.37 Z; ui ’ 1 J 27b 22 

SJb xu 8.6 IM mi; B25 

1% 0256 11 20 ft 05 2 no 

5 - +1 tll76 2 0 7.7(70)Sg g? 

10 20 4.2 IM W6 126 

t +b — — 200 130 73 



1_ 225 L+l 1201 
>- 222;f+S:t402 

4.4 20127 74 ‘ 40 
.25 W U. 132 AH ' 

7.4 — 136 42' 

— 5 | - 22 . 8 

— 8J — 5S 15 

— 8.8 — m 66% 

T ^ * Si S 

Ti a3iI 0 ^ 48 
27 63 70 . g 23 

+1 .'EM 26 14433 76 « 

Step Pro 1 M ■*.'».& «41 66 43 

ggftfl *tp US +228 20 30201 280 187 

.+2 Tf 19 21370 72 BP 

6.6 2li 2Tb 22 BreawTa. 24 +00 IS 3.2 326 59 27 gOraMhuiielDp* 50 ..... 50.99 £D 3.V 9.4 m Patino NVFtojfl 

24 53.1 7b BridflnaterUhL 6*2 ™.. 032 II 75 UJ 56' 36 Briine House- 43i> +b 1.72 21 6.01X5 50 1 37 RSIainodooSel 

3.4 280 45 38 uSSfcQn. 351 J +b- US *70^ 16 12 EtUndsIfc-- 14 ? 101 1.7 110 80 jg ^ IBsSSBfc 

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Eschangci Report pa**. 


More closures will follow 

East Moors agreement 


THE AGREEMENT to close the 
East Moors steelworks in Cardiff 
is to be followed in the next two 
months by joint union and man- 
agement talks on two other iron 
and steel plants employing w-ell 
over 4,000 workers in South 
Wales and the Midlands. 

Ebbw Vale's sieel-making 

works, employing around 1.700 
workers, is planned to be next 
on the agenda for closure talks 
when the joint steel committee 
meets in 10 days' time. The 
British Steel Corporation ex- 
pects to discuss the future of 
the Shelton iron and steel- 
making plant before the summer. 

Signs that BSC,, with the co- 
operation of the unions, is pro- 
ceeding rapidly with its economy 
. programme came yesterday in 
the wake of agreement on sever- 
ance terms for 3,100 workers at 
East Moors. 

After 16 hours of negotiations, 
ending in the early hours of 
yesterday. BSC agreed on a maxi- 
mum severance payment for the 
longest-serving workers at the 
plant of £17.500 with the 
majority getting between £4,000 
and £6,000. 

As about half the East Moors 
workers have ten years or more 
behind them, the deal is 
expected to cost a total of 
between £9m. and £10m. over 
and above normal redundancy 
pay and the EEC contribution. 

The saving to BSC in closing 

the plant two years ahead of the 
date on the Beswick schedule, 
could be at least £20m. — or. in 
the unions' view. £100m. 

Savings on labour costs alone 
are put at £16m. to £17m. and 
some benefit is expected from 
the transfer of production to 
more efficient plants elsewhere. 

earnings over the dart three 
years (the Beswick date ' was 
“not- before” January 19811. 
Instead, only 42 weeks extra pay 
was agreed on top of BSC’s nor- 
ma] redundancy- arrangements. 

Dr. David Grieves, managing 
director for personnel in BSC. 
who led the management team. 




Tory attack fails 

The Conservative attack on 
the Government's steel policy 
was defeated hy 43 votes last 
night when MJPs voted by 302 
to 254 to “take note" of the 
Commons Select Committee 
reports critical of the Govern- 

The Government is expected 
to announce its proposals for 
the future of the nationalised 
steel industry on March 22 — 

the day before the Commons 
rises for the Easter recess. 

Parliament Page 13 
This emerged yesterday as 
Mr. Eric Variey, Secretary for 
Industry, reasserted in the 
Commons the Government's 
determination to establish a 
profitable and competitive in- 
dustry and deal with the 
social consequences of its 
modernisation. . 

Negotiations at East Moors 
were described as tough by both 
sides although the Iron and Steel 
Trades Confederation — the big- 
gest union in the industry — was 
bound by its recent pledge to 
co-operate with the early closure 
of Beswick plants. 

The deal fell far short of the 
original demands of the East 
Moors Works Council for 100 per 
cent, compensation for loss of 

said yesterday the talks ended 
with “ no acrimony ” 

" But we parted with both 
sides realising that it would hap- 
pen again and that there may 
well be similar debates in the 

BSC is expected to try to cut 
its workforce by about 20,000 to 
bring manning down io inter- 
national levels and it regards the 
East Moors redundancy terms 

and the less-generous payout to 
Hartlepool workers at the begin- ■ 
ning of the year as “ setting the i 
parameters ” for similar negotia- { 

Talks to end steelmaking at 
Ebbw Vale will bp against a 
background of an already run- 
down plant' with only one open 
hearth furnace in operation. But , 
at Shelton, the ISTC leaders | 
have recently expressed their 
support for a previous Govern- j 
ment commitment to introduce > 
an electric arc furnace. j 

Whether the Government is j 
stiU prepared to make this invest- . 
raent is unlikely to be known j 
until Mr. Eric Variey. Secretary ■ 
for Industry, 'makes his promised 
statement on the industry on 
March 22. 

Some smaller Scottish plants] 
and parts -of steelworks in thej 
Midlands are also likely to be [ 
on the list of early closures j 
With most of the cutbacks, 
under Beswick already achieved 
the next — and possibly the most 
important — step for BSC is deal- 
ing with .overmanning in its! 
more modern and efficient 
plants. Voluntary redundancies 
have already helped to cut the 
BSC workforce to under 200,000 
from 328.000 two years ago and | 
the programme is likely to j 
continue. . ■ 1 

News • Analysis. Page 11; 
Editorial Comment, Page 20 


on ships 


TOKYO, March 3. 

Banks back 
rescue plan 
for Italian 

Backing for Wilkinson 
deal from pension funds 


By Paul Betts 

! WILKINSON MATCH has gained posed are likely to outweigh the arises from the complexity of the 
'the valuable support of pension disadvantages arising from the deal, which involves effective 
fund shareholders for its contro- grease in the level of the Alia- control of Wjlkiiuwn 

ROME, March 9. . . DroD0SaI l0 acQu i re True Lud * U01 shareholding in Allegheny without a general bid 

| versiai proposal to acquire iTue Match. being made. In spite of an 

A CONSORTIUM of 39 leading 1 Temper, the garden tools sub- j s n(> ^ expected that details amendment to the terms, which 

JAPAN has "politely 
declined” demands by Greek 
shipowners for Improved credit 
terms on shipbuilding con- 
tracts of up to l-8m_ tonnes. 

Many Japanese yards fear 
that cancellations by Greek 
owners coaid throw many 
middle-size and smaller ship- 
building companies into 
bankruptcy, though there is 
still scope - for Japanese 
builders to renegotiate cou- 
Irac tract prices with individual 
Greek owners who want com- 
pensation for the yen’s rise 
since they placed their orders 

The Japanese industry relies 
on Greek orders Tor about 23 
per cent, of Us contracts, and 
some yards depend on Greek 
shipowners for almost all (heir 

Among heavy indus- 
trial companies Ishikawafiraa- 
Harima Heary Industries (I HI) 
relies on ships for 40 per cent, 
of its total business and on 
Greek owners for over 60 per 
cent, of its ship order backlog. 
In the last year aboal 30 

small shipbuilding companies 
have colfapsed, including 
Has hi bam a Shipbuilding Com- 
pany. Japan's largest bank- 
ruptcy' of 1977, which went 
broke with debts of SI90m. 


In spite of repeated denials 
Cram the Japan Ship- 
builders' Association it is 
believed 1 bal Air. Misashl 
Shinto, president of both IHI 
and the JSA, sent a telex 
earlier this week to Mr. 
Anthony Chandris, chair man of 
the Union of Greek Shipowners’ 

MU>lklll Mi a Associations, telling him that 

, arden tools sub- j t j s expected that details amendment to. the terms. which 1 the Japanese Government has 

Italian banks has approved a | sidiarv of Allegheny Ludlum of 0 f the report will be released, will mean that the U.S. company 1 rejected the Greek demands, 

complex salvage operation for ; the U.S., which stands to gain The combined Pension fund will bold 44.43 per cent of W11-. In particular, Japanese 
Societa Gene rale Immobiliare j a 4443 per cent, bolding in Wil- holding in Wilkinson, estimated kinson. against more than 51 per officials vetoed Mr. Chandris 1 

Sogene (SGI) — Europe s largest | ^j nson jf ^e deal goes through, at 14 per cent of the equity, is cent, under the terms of the ori* request Tor a two-year mom- 

construction and property j studvin 1 * a detailed re- likely to prove crucial to the deal gmal proposal, the pension funds : toriura on repayment of 

gr ° up - .^port oD Trae Temper prepared being pa f ed. Allegheny -- decided to proceed with the in- prinapri-a move which would 

10.000 j by a icam from merchant ban- already holding 29 per cent of vestigatlon. - ka '" 

Employing about 

have broken the OECD gentle- 

peopte. it was formerly con- , k ' en Hiu Samuel. the investment Wilkinson - and Swedish Match. yesterday s decision to approve 1 
trolled hv the Vatican and later I n t with a further 3.9 opt cenL. have . . ... ... crenit. 

men's agreement on export 

trolled by the Vatican and later protection committee of the with a further 3.9 per cent, have . . .. . w ^ TlcC j nnc he : cr l. „ , u , , 

because the sheet anchor of the , & ational Association of Pension said they will not vote on the ,, ' 

controversial financier 

rescue of SGI. after (acquisition on the terms pro- funds to seek speci alist advice public utility pension funds. 
four years of intense " “ 



and controversial negotiations, 
is expected to be formally an- 
nounced next week. Sig. ! 
Antonio di Raimondo. assistant 
to the managing director, said 

The company— huilrfer of the 
Watergate complex in Washing- 
ton — had an estimated turnover 
last year nf about L300bn. 
f£200m.). and has debts of 
about IAaObn- largely because 
of foreign exchange and com- 
modity market losses during the 
former management of Sig. 

The Milan financier fled from 
Italy in September. 1974. and 
is living in New York, where 
he is fighting Italian extradi- 
tion demands. 

The salvace nlan involves the 
39 banks ratine over about 
L2fll)hn. oT SGI fixed assets in 
Italy. Tt al«o includes the 
setting up of a new holding com- 
pany controlling the majority 
Interest in the prnperty group 
headed by Sig. Arcangelo Belli, 
the company's managing direc- 
tor and Italian building magnate 
and Sic. Carlo Alnisi. deputy 
chairman nf Istituto Eancarin 
Ttaliann. the hank owned by Sip. 
Carlo Fesenti. the Milan 

In return for Sig. Belli's and 
Sir. Alnisi's commitment to 
inject about L55.7bn. of fresh 
capital m the financially 
troubled company, the 39 banks 
are prepared to assist the con- 
solidation nf the group's finan- 
cial position. 

The banks will guarantee 
liquidity fnr up to ahnii* LfiOhn. 
over the next three years and a 
further LlOObn. in sureties to 
help the reconstruction of the 

SGI recently negotiated sue- 

S*.!fS has unani^oilv cin- propels aT shareholders' meeti tween the pension funds, which . enjoy the maximum allowable 

— eluded that “ on balance the ings on March 17. include the British Rail, the ; credit on their Japanese ship 

[potential advantages of the The decision by the pension National Coal 8oard and other; purchases under the OECD 

Jack Jones tells Government: 
do not continue wage curbs 


MR JACK JONES' final message unionists 
to the Government as general another 
secretary of the Transport and restraint. 


The Greek shipowner*' 
demand for a credit mora- 
torium was the cornerstone of 
Greek efforts to reduce the 
burden of their contracts with 
Japanese yards. Most ships on 
order hut not yet delivered 
were negotiated at nearly 
Yen 300 to the' dollar. Sfnce 
then, the Yen has strengthened 
by more than 25 per cent. 

Since most. deferred-payment 
contracts are denominated in 

not accept revive t*£ 12-tnonth role, which! Jj*. 

the Greek buyers. About half 


bout of imposed formally lapsed with Stage Two. 
It wanted to see the The executive was very con- 
General Workers Union last Government re-elected with a cemed about Ministerial sug- 
night was not to continue its substantial majority. gestions that there was going to 

wage restraint policy into a Following its week of policy be some further phase after 
fourth year. review, the TGWTJ executive Is July 31 this year. 

Mr. Jones, who laid the foun- to write to the TUC general Following another policy deci- 
dations of the social contract council to convey what Mr. Jones sion this week, TGWU negotia- 
and helped deliver two years of said was ” unanimous expression tors will be instructed to press 
voluntary wage restraint by the of opposition ” to any continua- hard for shorter working hours 
unions, was speaking after his tiori of pay restrictions. or a four-day week to help bite 

last appearance at the union's That would be counter- into the 1.4m. unemployment 
executive council. productive and bad 'for the level. 

He said the Government unity of the labour movement. The union's stewards will be 
should take note of the TUC's The TUC, which in many union instructed to lobby employers 
warnings, aod of its opposition to leaders’ eyes has tacitly accepted who have South African interests 
the present “voluntary” 10 per the present regime, will be asked — including British Ley land, 
! cent, limit and the Government’s to make " further and stronger British Steel. Imperial Chemical 
' use of sanctions against representations ** to the Govern- Industries and MetaJ Box — to 
employers. raent that now was not the time give their black South African 

The TGWU was speaking as for more wage curbs. Mr. Jones workers union rights and recog- 
the Government's friend, and made it clear that the union nitiop. . . 

trying to convey that trade would oppose any attempt to Labour News, Page 11 

Continued from Page 1 

Public sector borrowing 

The annual rate in the first once-and-for-all favourable in- to be resisting a significant corn- 

nine months was £4.8bn. and fluences and the planned rise mitraent of the contingency 

City projections now range be- In spending. reserve at this stage. • 

tween £5bn. and £5.75bn. for But tbe trends look favour- rnncniWM^ - 

1977-78. able and last October's pro- n«?, n v S0 i3 d *l e r d f .f“? d ,,„ r \ tf ® n f “® £ 

. „ The central Government bor- jected borrowing of £7bn. in n rest? n nan nL k r fafiir 

cessfully the sale fnr SUS50m. of: rowing figures are not an exact 197S-70 looks too high. rl® , u rifn -°r h p r 5 

the Watergate complex m a sub- 1 guide since they exclude market — - - ^ .'. . excluding the proceeds from the 

2/ V' 8- Continental 1 lending by nationalised indus- 

lUinnis Bark It is also nego- 
tiating the salp nf the Toronto 
Bnursp skyscraper and other 
overseas, property to ease its 
foreign indebtedness. 

Sig. Belli and Sig. Alnisi will 
now control about 50 per cent, 
of SGI's share capital with the 
Banco di Roma, Italy's fourth 
largest commercial hank in 
terras of assets, controlling the 
second largest single sharehold- 
ing. totalling 13.58 per cent. 

Italian bankers breathe again. 

Page 28 

tries and local authorities. 

But the figures for January 
and last month suggest that 
unless local council borrowing 
is exceptionally large or ‘ ex- 
penditure has been more than 

Thus there should be scope BP share sale and the reduction 
for a net budget stimulus of 

around £2bd. within the £8.6hn. — “ 

IMF ceiling. 

the Greek orders have been 
placed by small shipowners, 
and perhaps half of them with 
small Japanese yards, so 
neither side seems able to 
' absorb the loss. 

Already, new orders from 
Greece have almost evaporated. 

Lynton McLain writes: In 
addition to the prospect of ex- 
change losses, the Greek ship- 
owners also have problems 
caused by the general slump 
in the dry-cargo freight 
Mr. Chandris suggested last 
month that a solution might 
be found by laying-up surplus 
capacity. Each owner would 
layup between 25 and 30 per 
cent, of capacity In ships of 
over 4J500 tonnes gross. . 

Japanese import measures. 
Page 6 

Sekisui (U.K.) 

SEKISUI (UJU points out that 
its Merthyr plant is still under 
construction and will not be 
commissioned until July, con- 
trary to a Financial Times re- 
port last Saturday. The 
opening last Friday by the 
Japanese ambassador, Mr. 
Tadao Kato. was of phase one of 
the Merthyr industrial park on 
which the Sekisui factory, is 

Gross cuts io income tax mil Continued from Pag© 1 

probably be larger than that. 

8 ut ta " 5 ' e * - “ U.S. prices rise 


usually bunched this month, as taken either on the extent of 

was mistakenly feared last year, an J offsetting rise in indirect tax , L ^ 

public sector borrowing could or about whether to introduce a - of inflation is still put at 6.0-65 bank institutions, was cut by J 

he at the lower end of tbe ex- reduced rate band of income tax. Per cent., though privately per cent, at both upper and 

pected range. Some limited additional public Administration officials believe lower ends to a spread of 7J-10 

. Tbe low level of borrowing expending, notably postponing or *“*t in 197S this will probably per cent, 
this year cannot be taken as an reducing the planned rise in come out at nearer 7 per cent. Mfchael Blanden writes: The 
automatic base for 197S-79 be- school meal charges. is likely Next year is considered a much dollar recovered against most 

cause of the absence of certain though the Treasury is believed prospect leading currencies. ' apparently 

a monetary 1 " p'olicf whi'ch^ld support from 

JoVbTSti«S th H^sSid ' the 

monetary growth • targets ‘mpnwement against , the Swiss 
espoused hy the Fed under his [« ne . followinar Swiss moves to 
predecessor. Dr. Arthur Burns, stem inflows from abroad, ending 

Bank resumes sales of gilts 


suffers in 

The gilt-edged market felt 
sufficiently confident to test the 
Government Broker's short tap 
yesterday. The GB probably sold 
no more than £25m. at 
£969-16ths and, while prices at 
the longer end of the market 
were up to 3 better, t^e long 
tap remained inoperative. 

However, the underlying- tone 
of tbe gilt-edged market seems 
firmer than it has been for some 
weeks. Yesterday's central gov- 
ernment borrowing requirement 
tor February was unusually low 
and. after last week’s encourag- 
ing public sector borrowing 
figures, estimates of the full 
year’s PSBR are now moving 
closer to £5bn. than £6bn. 






insnn has to get juts 

Index r ose 3.8 to 450.5 - 

jjjg j*art-te**m boost tD (tlj 1 
ings which True TemptfAli |V ’ 
bring, they have condud&L'* 
there is scope tor 
benefits to came Dram 
out True Temper’s 
problems. . . 

These arguments tse tjrt 
tive. but the pension fobs “ 
had a better chance to cob 
them than anyone else, 
their lead should be foil 

S - in 


> .lilioi 

Royal Dutch /Shell 

After all, they have a gna 

lftCB if - fSn rlcsnl 

In terms of cash as wap . 
credibility. ' Hopes of *d 
right bid for Wilkinson. 1 
look increasingly forlorn,; 
a predator will never get ! 

PRICES OF Government stock 
rose yesterday, enabling the 
Bank of England to renew 
sales, of gilt-edged securities 
to support the funding of (he 
Government’s borrowing needs- 
:The authorities were able to 
start selling the short-dated tap 
ek issued a week ago while, 
aetfee long end of the market, 
lee of the long tap stock 

was back at the level at which 
official sales were last made in 
the middle of last month. 

The gains in the mfi-ket 
reflected a good response to 
indications of a slackening in 
the. growth or money supply in 
this week’s hanking figures and 
to yesterday's central govern- 
ment borrowing requirement 

With the market remaining 
firm up to the close, short 
stocks ended with gains of up 
to 1, while at the longer end 
baying was concentrated on 
stocks in short supply, produc- 
ing rises of up to a. 

The Financial Times Govern- 
ment Securities index rose 8-36 
to 74L63, 

— served -the needs- of moderate-** compared , with 

economic expansion and a wind- Sw.Frs.l-SS-S on Wednesday, it 
in :z down of inflation in the * lso P lc " d „ u P, a 3amst the Wes! 
longer run. • German D-Mark at DM2.03023. 

Mr. Miller did announce one . The Japanese yen, which has 
minor charge in the monetary been the centre of speculative 
targets taken hy the Fed’s open attention jn the past few days, 
market committee last month, also slipped against the U.S. 
The growth nnge for M-3. the currency to Y235 to the dollar 
broadest measurement of the compared with Y234-2Q- 
mpney supply, embracing - cash. The pound lost 70 points at 
bank current and savings- S1.9270 though its trade-weighted 
accounts and deposits with non- Index was unchanged at 65.L 

The Royal Dutch/ Shell group 
has come out of 1977 with an 
increase in net income — £109m. 
higher at £L34Qm^ -or £70m. 
higher at £1,37703. before the 
FAS 8 currency adjustments— 
but within that slight Improve- 
ment it has been downhill ail 
the way through the year. The 
first quarter, boosted by stock 
profits, contributed £470m. on 
the pre-FAS 8 basis, and since 
then the sequence has been 
£349m.. £314m. and now just 
£244 m. for Octobcr-December, 
The last figure is anything up 
to £100m. less than outsiders 
have been expecting. 

Fortunately, some of the 
blame can be placed on special 
factors. The year-end strength- 
ening of sterling will have dis- 
torted the final quarter's figures 
downwards, with closing stocks 
written down in sterling terms 
while any benefits from time 
lags in the adjustment of local 
currency product prices to 
lower prices for crude (thanks 
to the weakening of the dollar) 
will have been mostly deferred 
into 1978. Even so. the trading 
background remains poor. Oil 
volume was unchanged for the 
year, with the Far East and the 
restart in the denationalised 
Argentinian market just about 
offsetting a 3 per cent declind 
In Europe. An unchanged 
volume in chemicals disguises 
severe pressure on margins, 
especially in polymers. Even 
gas. Shell’s strong point, lost 
its buoyancy with a volume de- 
cline of 7 per cent, in the final 
quarter, but despite this gas 
earnings were higher. 

It will be hard for Shell to 
maintain earnings this year, 
especially in the first _ half. 
Fortunately the market can 
think about the dividend 
possibilities for Shell Transport 
the unrestricted yield would 
be 9.4 per cent, at 500p, with 

to be paid out. ti<m or recent weeks. 

f-Vc nnlitics Although their cohchi 

^Ity S politics may seem something of an 

True blue Tories have had climax, the intervention a 
more than one occasion to turn institutions in this affair 
red during the past year or so the utmost significance— an,. 
when (he possibility of a Labour just to Wilkinson. - In 
Government defeat has been boards of directors who 
greeted with apparent dismay badly thought-out or badly 
in the securities market But sented proposals to their s' 
the City appears to be reverting holders can no longer cour 
to type, according to a survey dumb acquiescence. The int 
of over 100 fund managers con- tioas have at last found ■ 
ducted by brokers Rowe Rudd, voice. 

Although the percentage of 

those who would like a change Alwanper pfoifen - 
of Government remains almost i 

unchanged at 72 per cent., al- Jf JSPtULf 

most all of those in this camp 

want the change to take place J® ™ ^ 
sooner rather than later. Last ? f iJfHL? 

year, three-fifths of those who •jLfJfJUL* 1 
wanted the Conservatives in also * 

wanted an election to be delayed JJ®” “®* 

- „ in TOT7 jo £21 .4m. (up lo per cent.) J 

l° r JhAiioh* reported. Moreover the groj . 

?*■ >?rj‘ W newly developed expertise in ‘ 

equities would perform worse pii* market i&st vcjkf accoan 

menT S3 Iot Deariy three-tenths of 

ment. S3 per cent no * £3.2m. improvement in trad 
that such a change would have fit Fo r the rest the en 
a favourable or at least a ueu- ^ 8 ed m p^ u^nresg 
tral impact. 

Wilkinson Match 

It has been a dose shave for 
the Wilkinson Match directors, 
but it now seems likely that 
shareholders are going to 

approve their controversial pro- . brokmg activities 
prods to acquire True Temper SS lr f 5r'S cd ;„ P< ^f ^ 

AUonSonu T.irflnm Aftaf lifted fTOUl £3UL tO X5UU, 3 

since they are not remitted 

income from £7m. to £8tn. 
cash balances at the year enc 
around £73m. 

But the most significant 
provement within Howden ca / .n 
in the Bermudan group of a 
panics through which the <n 

tile U.K. the tax charge 
negligible. . .. . 

This year the group will 
in Southeastern Aviation Und*^‘ 

from Allegheny Ludlum. After 
a detailed study commissioned 
from an independent merchant 
bank, pension fund share- 
holders have decided that on 

balance tiie potential advan- writers of the uX wltich'coii 
tages of the deal outweight its contribute $3m. tb profits. B. 
major drawback, which is that 
it will leave Allegheny with 
something close to control of 

• The institutions have been 
swayed by the daims that Wilk- 

Howden has to complete 
move, and analysts are looki: 
for something like £28m. pi 
tax for 1978. Standing on a h ; : ’ t ; * 
tone p/e of 8^ the shares . 

I85p yield 5.3 per cent. , 


GENERALLY DRY, some rain or 
drizzle. Mild. 

London, E. Anglia, Midlands, 
S.eL, Cent S. England 
Dull, occasional rain and fog 
at first Becoming brighter. Max. 
12C (54F). 

- NX. England, Borders, 
Edinburgh, Dundee, Aberdeen 
Dry, sunny spells. Max- I2C. 

Channel ls^ S.W. England, S. 

Rather cloudy, occasional rain. 
Hill and coast fog. Max. 11C 

N. Wales, N.W, Cent. N. England, 
Lakes. I. of Man, S.W. Scotland, 
Glasgow, Argyll. N. Ireland 
Bright peirods, rain later. Max. 
1IC (52F). 

Outlook: Showers, some sunny 













B. Aires 






•C *F 
S 46 
17 63 
23 73 
13 SO 
S 48 
S 46 
3 41 

10 36 

11 35 
U S2 

3 41 
33 77 
31 S3 
C- 16 SO 
S -1 38 

C 8 4S 

OwHasen S 3 41 
EdiDbursh C S 46 
Frankfurt F S 48 
Geneva S ll S 



R. Kona 






C 7 43 
Sn —4 30 
C 18 66 
C 24 75 
C U 52 
S 7 43 
S 18 61 

*C °F 

Mandieftir F S 46 
Melbourne R 34 »3 
Mexico C. S 23 73 
Mflan S 18 66 
Montreal S 
Moscow Sn 
Munich F 

Now Delhi 
N. York 


S 26 TS 
S .1 37 
C-] » 
S 10 30 
S 26 73 
C 4 79 
F 4 T9 

Rio de J'o C .» S6 
Rome F 15 S3 
Singapore S 50 
Stockblm Sn i 




Tel Aviv 

I Warsaw 

s ii a 

s .. .. 

S 18 64 
C 26 _ 

c U St 
s -4 

ft 7 
R 4 
S 12 









Cape To. 










Isle of MU 


Tj Bunny 


r i7 

p $ 
S 11 

S 17 

F 17 
F 12 

63 Las Pbns 
Malaaa _ .. 

c B 46 
s 19 66 
S 16 Gl 
F 16 6] 
-S .17 63 
S 17 63 
C Jli hS 

C 10 68 
FS 12 31 
T. 17 62 

1 J 39 

U 55 
19 66 
12 34 

F— Fair, c— Cloudy. 
R— Ram. So-^finaw 

Fj— fw 

British farm 


a crop 

\\i l 

Agriculture represents one of the many 
opportunities Portugal today offers British 
manufacturers of agricultural machinery. 
Opportunities to exploityour skill and 
drive, as well as the competitive pricing 
edge that present exchange rates give you; 

Let us help you reap them 

Fora great deal of advice and practical 
assistance you have only to contact Banco 
Totta & Azores, Portugal's oldest and also 
one of its largest banks, with over 100 
branches. We are here, in the City of 
London, at 1-3 Abchurch Yard, EC4N 7BH. 
Our bi-monthly Bulletin on The Portuguese 
Economy could beveiy helpful to you. Talk 
to ManuelBastos on 01-283 8555. 


Head Off in: RuaAurea 88, UsbonZ. TataphorrarS©*#" 
Representative Offfcea; New York- Paris -Caracas. 


Starwara-Tctta da Moqambique, Banco do Orient®, 

Registered at tbe Pest omen. Pruned by Sl Ch>m.m'» Pro** an g ma. 1 . 
to UM.Fingnctil Ttawa Ltd.. Bracken Moon. Catrom SOWLliSojiBt3^qBV5S 
T . « Tbn Fnawua WnM U4„