Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


NEWS SUMMARY 


jin 


T 


DOLLAR FALLS BACK, FRENCH FRANC UP SHARPLY 


general 


BUSINESS 


urse 


toutch Equities 
siege: disappoii 

72 held 

* . in (jrlltS 

• equities mm 

dealers hopes of a 


BY MICHAB. BLANDEN 

THE DOLLAR fell back yesterday afternoon 
as foreign exchange markets reacted with 
disappointment to the new U.S.-West German 
support measures, while the French franc 
gained sharply en the news of the French 
election result. 

Expectations of a major package of 
measures to stem the pressure on the U.S. 
currency had been built up over the week-end, 
and the dollar showed sharp gains in thin and 
nervous early trading yesterday. 

Bankers argued, however, that the 
measures announced did not gn far enough. 

: Many sections of the market had been expeet- 




ft : 


V 

TSEDOim 


t=STERL 

iNGrd 


Surfr * am auwn 


ing moves going beyond the simple extension 
of short-term swap facilities which formed the 
main feature of the arrangements produced 
by the U.S. and Germany. 

As a result, the dollar lost the improve- 
ment made in the morning, and ended in 
London trading at levels little changed from 
Friday’s rates against the two European 
currencies which have featured most in recent 
movements, the D-mark and the Swiss franc. 

After touching DM2.09, the dollar ended 
at DM2.0490 — against DM2.0575 on Friday. It 
reached Sw.Frs. 1.99 before coming back to 
close at Sw.Frs.1.95. unchanged from Friday. 

The French franc recorded the best rises 


of the day, following- the lower than expected 
level of support given to the Left-wing parties 
in the -first Tound of the general election. 

It jumped to Frs.4.735 to the dollar, com- 
pared with Frs.4.8725 on Friday, and Morgan 
Guaranty’s calculation of its effective deprecia- 
tion narrowed from 11.15 per cent to 8.48 per 
cent 

The pound also ended slightly better 
against the dollar, after suffering early in tbe 
day when tbe Bank of England may have given 
some support as the rate slipped to 81.8825. 

At the close, sterling was 80 points up at 
Sl.9105. but its trade-weighted index dropped 
from 64.8 to 64.4 after touching 64.1 at noon. 


^ U.S. and Bonn act 

. . • through after last week's gains. 

you * t0 syt ^>nth Moluccan and the FT Ordinaiy index . m a 

:-sh?s 22S-SMS — M " fn cfnanv in a t* Irate 

aJ&I hoSaglS tE & slwrS *The ^ l ^ J Aii l ^ 

and demanded the release of Government Securities index ** 

fellow guerillas from Dutch closed 0.01 down at 75:65. •• 

jails and a Jombo jet to fly them BY JUREK MARTIN, WASHINGTON, MARCH 13 

out of the country. • STERLING gained, ^ points 

Last night the South' Moluc- against an erratic . dollar, to _ . _ „ . 

cans set a deadline of 2 pm dose at $1.9165. Xtk trade- THE U.S. and West Germany hoefer, the West German Finance developments daring the first 

to-day for the release of the weighted average fdJ '64.4 to-day unveiled what was being Minister. quarter of 1978 will be particn- 

. prisoners and their own free <6>LS). The doQaris depreciation descri bed as a major new co- in it both sides reaffirmed “that 5 * rly * n 

passge from JlellamJ. Improved to : : cent. K“ ve ,f5?" » £22? Si «*£2l? ,£ Kd.!ll S 


French Left form pact 
for final round of poll 


At least -five people were hurt. (11.15). 
in the assault and an ambulance, 
attempting to reach one casualty, • GOLD ros 
was hit by gunfire. 

The attack ' plunged Holland • WALL SI 
into its third hostage nightmare nn at 7 e 99fi 
in just over two years .involving . 
members of the country’s 40.000 • COCOA pr 
South Aloluccan community. The speculative 


proveu to *.** pe* cent. foreign aching* markets and policies In the Federal Republic 

Lla> : . the decline of the dollar. “JfJS. Z e Tch2 and elsewhere. 

• The principal elements in the mar ir- t o an d that close co- “However, data to permit such 

GOLD rose $13-' to M7j.. package, - announced simul- 0T , erat mri to that nuroose will be 90 evaluation will not be avail- 

• - :v • taneously to-day in Washington SSniTned ” P ^ dC able before mid-spring. German 

WALL STREET dosed 1.3S and Bonn, are: Mr Anthony Solomon, the a° d Uneconomic policies wilt 

at 759.96. a A doubling of hte swap Treasury Under-Secretary who 5*?5S 

•••'*. arrangement between the Federal bad finalised the new package rec °!*SJ.i. 

COCOA prices rose. sharply on Reserve and the Bundesbank to non-mflaUonarj growth and 


buying, and the-Jg^hn. This brings the overair size 




independence to the South 
Moluccau islands. Page $ 

Begin speaks v 
of revenge 

Mr. Menahem Begin, Israeli 
Premier told the Knesset ( Parlia- 
ment) that Israel will “cut off 
the eyil ann” of the Palestine 
Liberation Organisation. He. was 
giving an account of the week-, 
end raid which left 36 civilians '- 
and nine guerillas dead. In 
Washington,, it was announced 
that Mr. Bogin's postponed talks 
w;l)i President Carter are to take - 
place on March 21 and 22. 

From Tyre, Lebanon, it was 
reported that more than 200 
Palestinian guerilla reinforce- 
ments belonging to Saiqa, a ■ 


£• per tonne- 


COCOA 


15 principal central hanks and 
the Bank of International Settle- 
ments up to S22-16bn s 
• A direct sale from the 


Editorial Comment Page 16 
Carter at crossroads Page 4 
Lex Back Page 


stability 1 in foreign exchange 
markets.” 

The U.S.. in' practice, 
interprets this to mean that 
sometime in early May the West 
German Government will review 


mmm 

fill! 


Treasury to the Bundesbank of over the week-end in consults the progress of its economy and, 
U.S. holdings of 600m. Special tion with his German counter- if _pecessary. contemplate 
Drawings Rights (about $740m.) parts, said this moronic that the remedial action, 
in order to purchase Deutsche- agreement represented a con- For its part, the joint stare- 
marks vergence of views’* between the ment. contains an explicit recog- 

O A statement of U.S. willing- two countries to a much greater nition by the U.S. of the need 
ness io draw on, if necessary, the extent than had existed until for. an a, ]d the 

85.1 bn. it has unconditionally at now. . need, for President Carter to take 

its disposal with the Inter- The U.S. which has consLS- executive action should the 
national Monetary Fund. tently been urging Germany to Congressional alternative prove 

The joint statement was issued stimulate its domestic demand, unpromising, 
under the names of Mr. Michael attaches special importance to The U.S. feels that the pledge 


under the names of Mr. Michael attaches special importance to The U.S. feels that the pledge 
Blumenthal, the U.S. Treasury that part of the joint statement to-u» » necessary. Us IMF 


l”™* OCT MOV DEC JAW FEB MM T 

£2,000- a tonne, and May elated 
£143 -up at £1.974. Page ‘ - 


Rolls-Royce car 


group led by Syrian officers; had ~ . rkvaii' ca* im: -IaV nr ,jr • *7" ■ ^ . 

entered the eity. From -Beirut SahSi 

PLO claimed that it was not seek- W, if -Vai e ^S • ’ \ • 

mg aid from Syrian forces in 1 Y1T1AA 1 

■'3SSffi?teSSttfiS!2«L35Bt ; UllCc I 

P^i Edllo^Om^eiUh^'- ^ TTZic »"* " 

“ • IKON CASTINGS Production. Br DAVm CHURCHILL 

Owen makes new fell last year to. its lowest since . • __ a • _ 

. j- - - | the Second World War. with a. THE EVER READ! Con 

Ft nouesia appeal drop or 5.7- per cent, on 1976. test ulght decided to clnti 

^ ss^vssjvs.!^ 8 ii5a» c smj 

night, /renewed his- plea to all RoUs-RoYCG 031 ’ priSs^by 0 oriy* 2*1** 
suits in the Rhodesian (lispute to t-C ^ 

Shff'ei^iK-^fTfleSSA output down . 

S^T&^Sl RoL^OYCE car produ. 

Jinut-d armed conflict. Earlier, tion fell .14 per cent, last year, in 9®***“** .. . .. 

Dr. Owen had spent two hours the worst period of industrial saia_ max ,ine 

with Mr. .Tnshua Nkomo and fir,' trouble since its flotation as a missions report. pnbushej 
Robert Mugabe, the Patriotic public company. But profits eoutaanea inaera.i 

From iMadecs. Kaunda threat, were lifted 27 per cent, to film. disclosed informatii 

Page 3 a* turnover of £I22m. (£105m.). value to foreign compete 

Back and Page K and Lex. 'The Commission's n 

Blow to forces , government is to public 

Mr. Fred Mulley, Defence Minis- of wmpames « Puts on foUowed a three-month in 

ter. speaking in Uic Commons, Hs bteckJist for hreakmc pay zatlQn toto lhe comT1 
d.ishcd any hopes still remaining guidelines, but the individual 
in Britain’s armed forces of an company will have the r^ht to 
immediate pay deal to help them name secret. Back Page 

recover ground lost in the past # ENGINEERS have called off a - 
twa years. Page 10- ... threatened two-day strike after 

j?rtc nnn e Ho+n u ' unions' and employers’ negotia- 
snaxen tors reached agreement on pay. 

An armed sails is thought to^ ^ Rack Page . 
have got away witii £»#» after 0 SCOTTISH MINERS are seek- 
fovcing its way into the Elephant s a meeting with the NCB to . 
and . Castle, London, popping . forward complaints that the _ __ 

tsi German 

*7 r* BSC STEELWORKERS: w ADRIAN DICKS 


Secretary, and Herr Hans Matt- which declares that 


Ever Ready 


Continued on Back Page 



THE EVER . READY Company 
test night decided to challenge 
a Price Commission recom- 
mendation that it should be 
allowed to raise dry battery i 
prices by only 2 per cent, 
instead of 7 per cent. 

The company said it was ask- 
ing Mr. Roy Hattcrstey, Prices 
Secretary, to allow the full 7 
per cent. 

It also said that the Com- 
mission's report, published yes- 
terday contained inaccuracies 
and ' disclosed information of 
value to foreign competitors. 

The Commission's recom- 
mendation of a 2 per cent, rise 
to last until September, 
followed a three-month investi- 
gation Into the company’s 
finances. 

The Commission was in- 
fluenced by Ever Ready’s 
dominance of the U.K. market 
—it has about a tbrewgiarler 
dure— and the present high 
return on capital. 

On a historical cost account- 


ing basis the company’s return 
on capital has risen from 
almost 21 per cent, in 1975. to. 
over 41 per cent, at present^ 
The rise is between 8 and 21 
per eent. on a current - -psl 
accounting basis. 

The Commission argued that 
the company's “dominance of 
the traditional dry battery, 
market is writ that we feel ihat 
an increase of 7 per cent, even 
if the new price were held 
until February 28, 1979, would 
resdlt in a return on capital 
well above the level that .eoold. 
be obtained in a more competi- 
tive market." 

Ever Ready might have been 
allowed a larger rise If the Com- 
mission had been given details 
of a proposed investment pro- 
gramme to finance the develop- 
ment of high technology 
battery systems. 

But because the company did 
not provide information on 
financing arrangements, the 
Commission was unable to take 
it into account. 


However, the Commission 
says it Is prepared lo recon- 
sider its policy on battery 
prices when the restriction ex- 
pires in September and “ in the 
light of firm authoritative in- 
formal io a not only as to 
current manufacturing costs, 
but also as to proposed future 
capital expenditure and the 
sources from which the funds 
will be sougbL" 

Mr. Hattersley is considering 
the Commission’s report and 
Ever Ready's objections. The 
Commission is believed to be 
confident that its report is fair 
and should be accepted. 

But Mr. C. Black, Every 
Ready chairman, said last 
night: “We do not feel the 
Commission has correctly in- 
terpreted the ILK. dry battery 
market and has been unduly 
influenced by conditions only 
applicable in the US.” 

Ever Beady also points out 
that it has raised prices by 
only between one and IS per 
eent. since August 1978. • 


BY ROBERT MAUTHNER 

THE OUTCOME of the French 
general election was in the 
balance to-day after the failure 
of the combined forces of tlic 
Left to establish a commanding 
.lead in the first ballot yesterday. 
But an eleventh-hour agreement 
to-night between the three 
parties of the Left to present a 
united front in next Sunday's 
run-off -gives them a chance of 
pulling the chestnuts out of the 
fire. 

Most observers here said next 
Sunday’s vital run-off would be a 
cliff-hanger, with either side 
capable of winning a narrow Par- 
liamentary majority. 

The Paris Bourse and foreign 
exchange market were jubilant 
at the possibility that tiie Left 
might be defeated. French share 
prices jumped S-S per cent The 
franc gained 15 centimes againsl 
the dollar and hardened appre- 
ciably, against the other main 
currencies. 

The greatest surprise was that 
the Socialists. Communists and 
Left-wing Radicals did not even 
manage to obtain an absolute 
majority of the votes. The official 
Ministry of Interior figures for 
490 of the Parliamentary con- 
stituencies (all but Polynesia) 
gave tbe three signatories of the 
original programme of the Left 
only 45 J per cent. AH the Left- 
wing groups, including the 
extreme Leftists, had 4S.4 per 
cent This compares with 46.5 per 
cent, for the present Government 
parties, embracing mainly the 
Gaultists, the supporters of Presi- 
dent GIsiSrd d’Estaing and the 
Centrists. 

,M. Francois Mitterrand, Ihe 
Socialist leader, tried to put on 
a brave face to-day by emphahis- 
ing that tbe Socialists and Left- 
wing radicals bad become the 
biggest single political group in 
the country and bad replaced 
the Communists as the leading 
representatives of the Left Bui 
he found it difficult to hide his 
disappointment. 

He put the blame for the 
Socialists' failure io do better 
on the Communists’ sabotage of 
the Uninn of thr Left. 

Mutual recriminations did not 
prevent the Left-wing parties 
from reaching an agreement to- 
night on an electoral pact for 
the second round and the broad 
lines of a government pro- 
gramme. 


PARIS. March 12. 






?&***/* • 


m 




M. Jacques Chirac 


In a declaration published 
after only three hours of talks, 
the Socialist, Communist and 
Left-wing radical parties said 
they were prepared lo form a 
joint government if they won the 
election. They agreed that the 
ministerial portfolios in such a 
government would be shared 
proportionately on the basis of 
the percentage of votes which 
each of them polled in the first 
round. 

They agreed to support joint 
candidates in next Sunday's run- 
off. so avoiding a split in the 
Left-wing vote- and giving it a 
better chance of beating the 
Government coalition. , 

They agreed to imphmenl a 
series of economic .md social 
measures, including 'he raising 
of the national- minimum wage 
by 37 per cent., a wealth tax. 
improved social security benefits 
and a lowering of the retirement 
age. 

Though the declaration con- 
firmed the intention or a Left- 
wing Government to nationalise 
the country’s nine biggest indus- 
trial groups and the banking and 
financial sector, it gave no 
details of any additional mea- 
sures in this field. 

Until now the Socialists and 
Communists had disagreed abool 
the number of subsidiaries of 
tbe nine industrial groups which 
should- be included in the 
nationalisation measures. They 


M. Georges Marcbais 

appear to have glossed over this 
problem. 

The speed with which the 
agreement was reached indicated 
that in spite of the public airing 
which the parlies of the Left 
gave to thetr disagreements, they 
held secret talks before the first 
round of the election, if they 
did not announce their agree- 
ment earlier, it was clearly to 
give each of the Left-wing pnrties 
a chance to test its strength In 
yesterday's first ballot. 

If the Left is disappointed with 
the results of the first round, the 
Government coalition has every 
reason to be satisfied. Not only 
does it Global score put it in a 
reasonably coed position fc» win 
next week’s run-off, but the 
individual parlies — especially 
those which provide President 
Gisi-ard d'Estaing with his main 
tii court — have done better than 
expected. 

M Jacques Chirac's Gaul list 
Rj>sfmblemont pour la Repuhti* 
que party, with 22.fi per cent, 
nf hte vote, marginally out-polled 
the Socialists — if their Radical 
allies' score is not included. 
The Unon pour la Dcmucnitie 
Frangaise. an alliance of Giscar- 
dians and Centrists which 
obtained 21.5 per cent., can fairly 
claim to be considered on an 
equal footing with the Gaullists, 

More French flection news. 

Pagc2 


German printers locked out 


BY ADRIAN DICKS 


BONN, March 13. 


A United Airlines Boeing 727 J DgeJ ^ at the corporation^ ■ - . . 

was skyjacked on a Hjght from ^ t0 cIo$e Shelton steelworks, WEST GERMAN newspaper pub- Munich. Dusseldorf, Kassel and bot-metal printing workers 
m-.n tfhi diiSed to have \ bomb Stoke-on-Trent, have said th«r ^ pri^g employers Wuppertal two weeks ago as pan should be seated down m salary 

w? £ ?i£nt! fr!m an win aet t0 P revent closure, declared a nationwide of it* tectics ro force the pub- to lower levels under the new 

?n^rVd e i«S?Lafc laTnl^t *«* ^ , ‘ locket against printers brfon* tigers back to the negotiating ***** 

hnsta-'^aboird 11 ?^ jS S at Oa£ COMPANIES ; breakdown oLtSks in the dispute The union seeks an improved IG-Druck, however, wants 

i ^ tbe 361 at 0aK COmrAWta ■ „ ^ introduction of new agreement on its members' status cast-iron guarantees of members 

land. California. CEMENT ROADSTONE, electronic typesetting equipment, under the new technology. flay, status andmanning levels 

n ■ ii , 'lifted pre-tax profits by. , , ... , ■ To-night’s move by tbe em- when the new typesetting equip- 

Bnef ly » , . per-cent, to a record ployers is clearly designed to “‘ent is introduced. They fear 

Mr. Andrei Sakharov, the promJ- li4.77m. (£ll.66m.) in 1977 on J^VewsoaPer? or^nagarines un ^ oa ’ s i2 * nd but tha L J SJ5Sf^5 B ^ r °® Ce ^ 

nent Soviet human rights activist, turnover 1S.5I per cent ahead ^ 1 «JSStov mornS^was p^ruck has threatened to take could replace ttem. . 

said in Moscow that his tele- at £l34.37m Pace 26 appropriate measures " and has The Journalists union nas 

phon e bad teen cut off at ® ®idit w'il notcafl off the strikes, urged Chancellor Helmut 

ro4„„ ii„» • HEPWORTH CERAMIC has union ought to call off anmhila- The emplovers claimed to-night Schmidt to intervene to end the 

« SLS fc f 2JS Started bid talks for JohnsSn- thm” strikes against five news- ^ dliri S g 'the mediation talS dispute. 


COMPANIES 


Briefly,.. iflSST.SB «S 

Mr. Andrei Sakharov, the promJ- li4.77m. (£II.66m.) in 1977 on J^VewsDaPere* or^nagarines UI ” oa ’ s i ® nd 1,111 

nent Soviet human rights activist, turnover 15.51 per cent ahead WeTnSy mornS^was ?, G ’ Dru< *- !l f s ^reatened to take co “ ldre gj“ 

..^ 5 a <r. Mncrnu' »hai hi« mim M alter vYeaneiuay uiuruiu^, anoroDnate measures " and has The jonrn: 


profits by. 
to a record 



said in Moscow that his tele- a t £i84,37m. Page 26 
phone bad been cut off. • ....... u ....... 


,11 CrntlsmtVt: malrhrs sraneu duj wim uuiiug iue uicuiauun uuivs 

^ fhi^i.n mS^AreentSa-Std ‘Riehantt.Taes, and J^RTs value papers. ■ they had proposed that the 

IT- ilr ,5«ro mers Argentina nen oQ stock market rose from IGDruck called the strikes, in period during which skilled 
World cup. ns.4m- to £25m. Back Page 

The Queen and the. Duke of ^ _ 

Edinburgh were shouted at by -a 9 DAWNAY HA\ reports a ■ • 

nntWIe-agcd woman at a West- recovery ,n pre-tax proflt in the CONTENTS OF TO-DAY’S li 

min sicr Abbey Commonwealth six months to December 31 of 

Day service, £0.93m. (£160, (WO). Page so .European news 2 & 2 Technical page w... 12 


Men and. Matters, Page 16 
Engineering Dispute, Page 3 


CONTENTS OF TO-DAY’S ISSUE 


GRIEF PRIGE CHANGES YESTERDAY 

tPrices in pence unless otherwise) Rolte-ltoyce * 
indicated) ^ Ttlney 


RISES 

RTR + J , 

Bearer (C. H.) .......... jot + $ 

Bluebird Confection. + < 
Rnoker McCounell ... 212 + 6 
Bon ring 1 C. T.) + | 

Ccmem-Roadsume ...127 + 6 

Cowic (T.j 41 + 4* 

Dcsouiicr Bros J3J + ® 

Earntdl EIccL ^ t ®. 

Green (Rj J& t ^ 

Grcenall Whitley .. JOTxc + 7 
Grindteys Hides. ... IW + 2 

Cuinncab (A.) 1® + a 

4CL **? + * 

Johhson-Rchrdi Tiles Ite + 31 

L and P Poster ....-Ml + £ 

N’atVVest ...,27asd + 

Queens Moat Houses 26* + 3 


Holis-Royee * 76 + 71 

Sale Tilney ............ 207 +.14 

Sedgwick Forbes ...383xd' + 15. 

Sime Darby 116 + 7, 

Smurfit (J.) 174 + 8 

Stewart Plastics US + 8 

Thomson Org I9S + 8 

Trafalgar House 145 + 6 

United Biscuits 150 + 9 

Utd. City Merchants 49 + 5 

iShcll Transport 512 + 7. 

Siebens (U.K.) 252 + .8 

.\nglo-Amer. inv, ..JE371 + 2J 

De Beers Dfd. 343 + 5 

Musio Exploration ... 137 + 17 
Northgate- Explor. ... 290 + 20 

Oakbridgc 130 + lo 

RTZ 181 + « 

St. Helena 797 + ® 

Winkelhaflk ............ 7B9 .+ 31 


Enropean news 2 & 3 

American news 4 

Overseas news 4 

World trade net« 6 

Home news— general ... 7 & 8 

•> —labour 9 

. — Parliament ... 10 


State Industries: the limits 

on Government 16 

Society To-day*. Return of 
(he quiet American 25 


Technical page .w... 12 

Management page 13 

Arts page 15 

Leader page 16 

UJL Companies 26-28 

Mining 28 


FEATURES 

South Korean economy; 

Fighting protectionism . . . 4 
Tunisia: January violence 

leaves anxieties 4 

FT SURVEY 

Overseas construction ... 17-24 


Appointments ......... 

Appointments Arfvts- 
BhcIkcm OWH ~ •- 

Crossword ....... 

Enutrtutomeai CdWo 

FT-Aenuries 1wKo» 


Lsmtoard 

Mm out natter* 

M ous y Market .. 


Inti. Companies 30-32 

Euromarkets 30 

Wall Street ... 34 

Foreign Exchanges 54 

Farming, raw materials ... 35 

UJL stock market 36 


Why opinions are adit on 

German banking 13 

Royal Scholten - Honlg: 
Merger that turned sour 32 


Barchan .Bans; , 
Merchants Trot 
Pm HaldlM SA . 


Gnpeng Cons 


FALLS 


Visit Ihe 

’Northampton §o®s to town* 

exhibition 

CAVENDISH CONFERENCE CENTRE LONDON PRESS CENTRE 

Wednesday is March 1578 Friday 17 March 1578 

0930-1730 0930-1730 

No tickets are required. 

See for yourself the tremendous opportunities in Northampton that can 
save you isoney, build up your business and provide you with a higher 
quality of life. 

The Cavendish Conference Centre adjoins 82 New Cavendish Street 
(headquarters of the National Federation of Building Trades Employers^ 
but has its own entrance ai 20 Duchess Men's. Nearest underground 
stations are Oxford Circus and Regents Park. 

The London Press Centre is in Shoe Lane (between Fleet Street and 
Holbom Viaduct) bur the entrance to the exhibition is tom Sew Street 
Square. Nearest underground stations are Chancery Lane and Blackfriars. 

Foriurther details contact Northampton Development Corporation phone 0604 34734, 














. _ - *PTTORDAY MARCH 14 ldfe 




r 1 

THE STATE 

OF THE 
PARTIES: 


■ First round votes per cent. 1 

I Parties of the Left 1 

Communists 

30.5 

Socialists 

US 

Left-wing Radicals 

11 

Total 

45.1 

Extreme Left ■ 

33 

Various opposition 

1.1 

Ecologists 

2.1 

I Government coalition 1 

Gaullists — RTR 

22.6 

Centrists — UDF 

Support for the 

21J5 

President 

2A 

Total 

44.5 

Diverse pro-Gove mm ent 

10) 

Extreme Right 

0.9 


Mitterrand claims ‘success’ 


BY DAVID WHITE . PARIS* Man* 13. 

£2!^5 NMENT centre the Socialists could certainly total and be able to presens its grass and justice." 
parues oave me most reason to now substantiate their claim, terms . on an equal basis with The expectation at the Elysee 
X.in£!?rtLi.. abmit lt- 5S although, as M. Mitterrand the other Left-wing parties. Palace to-day was that President 
SJ£r Si dSiT B ^, 0re i , 5 ve 5 ful ported out. the gain was "less jtf. Marchais always said be discard would not make another 

from toS^te^TASd bf the * one cou,d **'* sup ' would not ^Stisfied with 21 per entry into the campaign 

uix Kept aneaa or tne cent. ^ ^ « gti || not Bff. Jacques Chirac, the Gaulhst 

Bed" last night But this l^der, after the most spectacular 
morning he said he would sit °f V 1 * party election campaigns, 
down with the Socialists “in claimed that bis RPR would have 
constructive spirit" out-distanced the Socialists, bad 

Thi» ruw* m™.** c . _ they fielded as many candidates, 

ine two biggest Frencn union The mosr fRitm^vn nnrFr LT T1 , 


from having kept ahead of the 
Socialists In votes,, but by the 
shortest of short heads. The 
Socialists are strengthened but 
disappointed. The Communists 
are knocked back, but in fighting 
mood. And flrom the relatively 
sale distance of the Elysee 
Palace, where President Giscard 
d’Estaing watches over it All, the 
results of • the first round of 
France's legislative election show 
the forces of Right and Left in 
tantalising balance. 

M. Francois - Mitterrand, the 
Socialist leader, said to-day that 
bis party was the only one which 
could “ presume to have ■ been 
successful " in yesterday’s high- 
turanut poll. The Socialsts 
gained 2m. voters and pushed 
up their share of the total by 
4 per cent, assuring their , „ . 

target of 7m. votes and estab- P osed fr o m 

lishing them as the main poli- 0P«u°n polls, 
tical force, not only od the Left M. Mitterrand 



ing CFDT, which between them neimac 

represent well over 3m. French JS5? !SirSLJ ll S£ w— 
workers, hoth n»f »h«i^ u - 0 inhr oeaux and former Prime Minis- 


ter. Having rolled home with a 
straight first-round maiorltv in 
his own constituency, he spoke 



tea 

M- Francois Mitterrand 


pre 


*»«*«■. both put their weight 
behind efforts to achieve an 
accord between the left-wing 

parties which would allow them *:*“ V“-* .*.** a >“ jn - 

to field joint candidates in next “were back m his prime- 
Sunday’s plkyoff. French 52SS™ 1 “ a, * ,or * hich he «• — . - * Tfc 

buying on Bourse 

to win the most votes and still thc . R M»t manages to stay in AJUlUlliJlCWUV' ^ 

allow a majority of seats to go po ^!i? r - _ 
to the Right, ■ e Rnw, P of headlines on 

Extreme left-wing parties, t 21 " 15 newspaper stalls this morn- 


BY OUR OWN CORRESPONDENT 


PARIS, March 13. 


extreme left-wing parties, f aria newspaper stalls this morn- 

- election which pulled a surprisingly “S underlined the uncertainty THE PARIS Bourse celebrated was unable to be quoted because des Eaux, CiT-Alcaled, Bic. 

strong 3.3 per cent., mostly sup^ ot .®“ ejection result in which the worse-than-expected p erf or- the buying pressure could not be Afrique Occiacntalc and 
.__ d Ported the withdrawal of candi- MUner of the main groupings manee of the Left in the general satisfied. Michclift all shared in the fim. 

but_in France as. a wbofeT “ stalling of SoctoUst hopes on thl rvSSmS^ ^Th^Lf? w 3°^ election by putting on a veritable Most of the other shares were While foreign stock* fell back 

“ unfair nolemies" A flm. «P£iSPJ!£ ^succeeded m firework display of enthusiasm. quoted after the French shares as a i whole put im 




This statement was not quite “ unfair polemics 


n f ’ t>,n f nm _ K»a«u iwaaust or Communist The Left has not succeeded in firework display of enthusiasm. ,„n,, Quoted after the French shares as a whole pnt on 

vindicated by ’the poll remoras munuTp^rty. ^hich bajbroken ^Jip^Sd tte” EcSSgfsJ^fd fife munSroLe FtaS?* 1 The authorities had desper- 8 per cent, across the board, out- 

given by the Ministry of the the “momentum of unity" and Aw. r >P r P- - The *™ and shares fin- ately _ one the rounds of insU- distancing the 5 per cent gain 

■ - y ?aper ^3 G , B . Ionde ’ an “ “ ed,at f iy ro6G “w than Suonll investors to ask them to scored a year ago when it was’ 

On the Government side. M. nounced in typically wordy eight per cent. and . had- to be Please shares onto the market announced that the tax on captui 

The thrust of the Left withdrawn from trading because rn, ev were induced to disgorge gains was being postponed. 

innnah tnprp Wprf Tint (mmiCR OlllPK tn J .. MA MU i— . _ 


. nMM „ o J,j 0nmdabl S carapaign tSn the Government si del M. nounced in tvpically 
except for French propaganda and money Jean-Pierre Soisson, general manner: — 


Interior, which, with all votes on the 

counted .. ___ 

Polynesia, gave the Socialists organised by the RlghL 
22ii per cent, pipped by M. m. Georges Marchais, 

Jacques Chirac’s neo-Gaul list ebullient Communist leader and its - _ 

Rassemblement pour la Re- claimed to have held his eround! under Se haatiiv' inu3 iu n J ■h. 01 ^i2 lirilsI The ® t ar performer was even then it took more than a issw& an d gold itself The 4i 

publique (RPR) with 22.6 per Th e party lost bfif a pS?t on banner of Dnton tor fSdS ^ Matra - tte mlssile ' engineering quarter of an hour to fix a pne^ per ce Qt. .1973 state loan/wticfi 

cent. But. counted together with its record five years ago, and, Democracy (UDF) had suroassed to t£ computer company- which Rises of between 10 and 15 is linked to ^ fe!T back, by S 

20-5 per cenL. fell a Iona th£ ™ ^ tiS *“ 5SSS! ^?i l A TT ?! n± ^. nd had. to .be withdrawn .from per cent, were common - - 

radicals, the smallest of the three ____ _ „ _ 

“common m»< partlM. totil and W.blo tolnUt M appnfil for “lte _ atai Zbafr n, P^isssVsWo Ro^iF^o ante. 


tutional investors 
reteas 

««>»««, s'“«« maimer: me in rust ot me Left wixnnrawn irom traning Decause rn,*. w 
of President Giscards In the first round is not enough there were not enough sellers to 'than ’ 200.000 shares in 

fte R J i e“ b . , '^ I1 ^.Jf j 'd ^ o ^7 tO ;i OTa™tec ma^tch purchcoco. Pariboo .0 meet demand, nod 


The main sufferers in to-day'a 
action wore the gold-linked 
issues, and gold itself. The 41 


E SHiESS sS 

tom. and bo able to Orient ,ts ap^va. for 'SSTHfFg. ^r»|S m0 “ -"*■ '«• SVSJ3W SSJK TJgT S&gttSJS 

Four political groupings divided by no more than 4 per cent. 

BY. DAVID CURRY - * 


19 lliincu w (iviui irn UilL IV. Djr a 

per cent ns gotd itself went out 


ONE CANNOT govern, President 
Valery Giscard d’Estaing is fond 
of saying, a country cut into two 
. equal halves. On the evidence 
of the first round of voting in 
the general election, France 
seems rather to be divided into 
.Tour almost equal quarters. 

The tour leading “tendencies" 
or political families came out of 
the first round with a gap of no 
more than 4 per cent between 
the leading and the bottom 
group. A bracket of 2.1 per 
cent, covers the Gaullists. the 
Socialists, the Centre Union pour 
la Demo era tie Francalse and the 
Communists. 

With ail the results collected 
except those from Polynesia, the 
Ministry of the Interior gave the 
Gaullists 22.6 per cent of the 
vote, making them the biggest 
single party in Franee and 
guaranteeing a hero’s welcome 
for M. Jacques Chirac at his 
party headquarters. M. Chirac 
is already portraying himself as 
the man whose relentless energy 
and apocalyptic warnings kept 
the conservative cause alive. 


TYue or not. It will give the 
Gaullists confidence in the new 
National Assembly. 

For the Socialists, who won 
22.5 per cent of the vote, the un- 
doubted success of having been 
the sole party to improve its 
score over 1973 is soured by the 
knowledge that they fell short of 
expectations. Only the 2.1 per 
cent vote of their close allies, 
the Left-wing Radicals, lifts the 
total Socialist-sympathising vote 
to the 7m. target set by M. 
Francois Mitterrand and puts 
them ahead of the Gaullists. 

For the three-party alliance 
hastily cobbled together and dy- 
ing the personal colours of Presi- 
dent Giscard d’Estaing, the result 
was undoubtedly good. The 21.5 
per cent, of the vote, gained 
largely thanks to a useful 
advance by the Republican Party, 
which is President Giscard's own 
creation, shows that the centre 
may, after all, exist In this 
sense, the President himself is 
undoubtedly one of the victors 
of the election. 

For the Communists, the good 


news Is that they have not 
suffered a loss of vote to the 
Socialists. The bad news is that 
they are stagnating. Their 20.5 
per cent was marginally short 
of their score in 1973. 

Including the 3.3 per cent 
gleaned by the extreme Left— 
which is partly a frustrated 
reaction to the battle between 
Socialists and Communists, the 
Left finished with 4S.4 per cent 
of the vote. In other words, while 
ahead of the 46.5 per cent gained 
by the three Government parties 
campaigning against the Common 
Programme, the Lert still does 
not have a majority. 

The question now is how the 
votes cast in the first round will 
translate into seats. For 6S MPs, 
including 13 Ministers, this is no 
longer a problem. They romped 
home In the first round. Of these 
68 winners no fewer than 63 sup- 
port the Government and 30 of 
them are Gaullists— a tribute to 
the Gaullist hold on the 
“ bourgeois " areas of cities and 
rural areas with small electorates. 
They .included M. Raymond 


Barre, the Prime Minister. 

To this tally really needs to be 
added five of the Paris deals 
where none of the parties of the 
Left got the L2Jj per cent, of the 
vote necessary to get through to 
the second round. leaving 
different Government candidates 
with a purely national contest 

Elsewhere the Socialists or 
their Radical allies emerged as 
the best-placed Left-wing party 
in 260 seats and the Communists 
inu 155 seats. On the other side 
of the fence, where it is already 
agreed that only one candidate 
will remain in contention, the 
Gaullists carry the Government 
colours in 227 seats and the UDF 
alliance in some 188. 

This means that although the 
parties are very close in total 
vote, the final, distribution of 
seats will favour the Gaullists on 
the Right while on the Left all 
depends on the Socialists and 
Communists reaching an agree- 
ment to support a single joint 
candidate. - , *. ■ 

Again, assuming such an agree- 
merit k rPSChAd frhaa C nmmiiytirfn 


will face Gao lists in 92 seats and 
Centrists in 63 while the 
Socialists will face Gaullists in 
135 conies tsand Centrists in 125. 

Across the -country the 
Socialist advance was fairly 

"'form, which means that in 
many cases it developed from 
a very low base and fs still not 
strong enough to threaten a large 
number of Government seats. An 
exception to this is in Lorraine, 
where the loss of 10,000 steel 
jobs over the past year has 
shaken the traditional strength 
of the Government-supporting 
Radical party, il. Jean-Jacques 
Rervan-Schreiber. one of the lead- 
ing Ughts of the Centrist 
alliance, is in danger of losing 
his own Nancy constituency. 

The other consequence of the 
Socialist push h2s been to chal- 
lenge the Communists in some of 
their strongholds. The outstand- 
ing ease is Paris. Paris went into 
the election without a single 
Socialist amongst its 3f MPs. 
Only seven Communist® waved 
the red flag, and the Gaullists 
dominated the remainder of the 


In 1973, the Communists led 
the left-wing pack in IS con- 
stituencies. This time the 
Socialists are In front in no 
fewer than 22. The Socialist -vote 
in Paris advanced from 15.5 per 
cent to 18.8 per cent -and 
between 1973 and 1978 Com- 
munist support slipped from 17.8 
per cent to 15.6 per cent 
Although the Communists- will 
hold onto- the seven seats they 
occupy already, the only three 
Government seats a risk (and 
only one Is highly marginal), are 
threatened by Socialists;-'-" '■ 
More serious for the Com- 
munists is the disturbing news 
from the suburbs. Here their 
vote . Is in decline. In only ' one 
seat in Seine-Saint-Denis 'did they 
advance while in Val-de-Mame, 
which has been a traditional 
Communist stronghold^ the ero- 
sion of votes range up to 7 per 
cent f 


Altogether -the Socialists and 
their allies improved their posi- 
tion In all but- 18 departments. 
The Co mn rusts did better In 44 
departments while the Govern- 



PARIS, March 13. 

ment side Improved its perform- 
ance in no more than eight areas. 

On the Left the Socialists 
failed to get anyone home first 
time round and the three leaders 
of the Left-wing parties: M. 
Mitterrand, Marchais and Fahre, 
must all fight again. On the 
Government side M. Michel 
Poniatowski, the close associate 
of the President and the most 
colourful member of the Centrist 
Alliance, is by no means certain 
of holding on to L'lsle d'Adam. 

One of the Gaullists back with- 
out trouble was M. . Marcel 
Dassault, the head of the 
Dassault aerospace empire, 
whose paid advertising on the 
fate of rural churches and the 
role of the woman in the home 
has enchanted and infuriated 
readers over the past month. At 
86 years old M. Dassault will be 
the grpnd old man of the new 
Assembly and will deliver the 
opening address of the new 
session. His allies are already 
trembling with apprehension 
about what he might say. 


Napoleon .gold coin drop- 
ped 10 per cent, in a single ses- 
sion to Frs.270.I0 and Lhe gold 
ingot fell by 5 . per cent. . iq 
F nu2S,495. Stockbrokers pointed 
out that short-selling played some 
role in the day’s activities but 
doubted whether the party was 
over. 

Dealers on the foreign 
exchange markets were more 
cautious, being Inclined tn empha- 
sise the fragility of any new 
Government of wliatover colour. 

Tho franc to-day shrugged off Its 
election blues in spectacular 
fashion and raced ahead unrtnst 
the Deutschcmark (from 2-33} to 
2.30j). tho Swiss franc: (2544 to 
2.42) and sterling (848J to 9 OS). \ 

It also took .scant notice of • 
the German -American agreement j ~ : *-v ’-'-I 
on the defence of the dollar *- 
against which it moved from 4£6 
to 4.74. 






Zaire death call 


A military prosecutor yesterday 
demanded death : sentences tor 28 
out of 91. soldiers and civilians 
accused of complicity ip a plot 
to overthrow President Mobutu 
Sesc Scko, Reuter reports from 
Kinshasa. The prosecutor. 
General Ukulla,. auditor-genera! 
of the iZafrcatt' army, also told the 
flve-mah nuHtoty tribunal trying 
the alleged plotters that Belgian. 
Libyan and UJS. diplomats had 
maintained links with those said 
to be leading the" conspiracy. 


Moluccans seize 
50 in attack on 


Dutch town hall 


' BY CHARLES BATCHELOR 

A GROUP of young South 
Moluccan gunmen stormed the 
provincial town hall in the 
nortbern Dutch town of Assen 
to-day and were to-night holding 
about 50 people hostage. 

Between four and six South 
Moluccans ran into the town hall 
from a taxi at about 10 a.m. this 
morning and began shooting. 
Oflicials and visitors leapt from 
windows and scaled down ladders 
- to escape from the five-storey 
■ building. 

The young men, whose exact 
numher has not yet been estab- 
lished. then began shooting at 
passers-by. Four people were 
detained in hospital, three with 
gunshot wounds and one with a 
broken leg. Earlier, several 
people were allowed home after 
treat raent for minor injuries. 

Police were unable to approach 
s person lying on the grass in 
front of the building because of 
shots from machine pistols and 
revolvers from the windows. It 
was not known if the person was 
injured or dead. 

A letter which arrived at the 
Justice Ministry in The Hague 
to-day demanded a bus to take 
the gunmen and their hostages to 
Schiphol Airport and a plane to 
take them to an unspecified 
country, said a Ministry spokes- 
man. 

According' to South Moluccan 
leaders in Assen, a town with a 
large Moluccan population, the 
gunmen were members of a 
group whicb had planneod 
similar action last December. 
They had then been persuaded 
not to go ahead. 

Police and troops sealed off the 
area around the town ball, a com- 
mand centre was set up in Assen 
police station, and a reception 
centre for relatives of the 


AMSTERDAM, Man* 13. 


hostages was established in a 
nearby ball. 

The attack on the town hall 
was apparently an attempt lo 
capture Mrs. T. Schilthuis, the 
Queen's Commissioner for tbe 
Province of Drenthe. She was 
able to escape, although two pro- 
vincial councillors were reported 
to be among the hostages. 

To-day's attack comes six 
weeks after publication of _ 
Government report which said 
Holland can neither recognise 
nor support Moluccan efforts to 
set up ap independent republic 
on their island home in 
Indonesia. 

The report, which was com- 
missioned after earlier acts of 
terrorism aimed at forcing Dutch 
support for the Moluccan ideal, 
was received with disappoint- 
ment from all levels oE the 40,000 
Moluccas community in Holland. 

Young Moluccans said at the 
time that the report was likely 
to stimulate more terrorist 
action. 

Another report from an In- 
dependent joint Moluccan-Dutch 
commission a fortnight ago, also 
came out with no proposals 
likely to satisfy Moluccan 
idealists. But it did say that 
Holland has a responsibility for 
tbe ' Moluccans' claim 
Ten months ago, Moluccan 
terrorists hijacked a train and 
took over a school in northern 
Holland. Six Moluccans and two 
hostages died when- marines 
finally 6tormed the train after a 
three-week siege. 

In December, 1975, two groups 
of Moluccans siezed a train and 
the Indonesian consulate in 
Amsterdam. Three people died 
In the train and one man was 
killed leaping from an upstairs 
window in the consulate. 


Phillips gas accord close 


BY OUR OWN CORRESPONDENT 


OSLO, March 1$. 


Ecevit and 
Karamanlis 


expect to 
meet again 


By Me tin Munir 


PHILLIPS PETROLEUM and tbe Phillips for about this amount 
Norwegian company Noretyl now because of its failure to s'art 
Seem likely to reach a deliveries of the low-priced teed- 

tiated settlement of their stock (natural gas liquids from 
N.Kr.400m. (£40m.) dispute about Norway’s Ekofisk field) by the 
delayed supplies of feedstock to end of 1976, as promised. They 
Noretyl's new petrochemical com- claim compensation for losses 
plex at Rafnes, tn east Norway. Incurred when they bad to miy 
Late last vear. the partners in alternative feedstock supplies at 
Noretyl— Norak Hydro, Saga and higher prices on the open 
Statotl — threatened to sue market. 


ANKARA, March 13. 
MR. BULENT ECEVIT. the 
Turkish Prime Minister, and 
Mr. Constantine Karamanlis, 
his Greek counterpart, will 
bold a second summit meeting 
after senior officials from their 
countries come together in a 
few weeks’ tune to prepare the 
ground. 

This was disclosed by Mr. 
Ecevit here, to-day following 
his return from Switzerland 
where he held a two-day 
summit with Mr. Karamanlis at 
the week-end. 

“I believe that my taiks- 
with Mr. Karamanlis will he a 
turning point In Tnrklsh-Greek 
relations,’* he said. “1 hope 
that the dialogue which we 
started, will be the beginning 
of good relations and co-opera- 
tion between our two neigh- 
bouring countries compatible 
with the wishes and interests 
of onr peoples.” , 

The dialogue will contlnne 
and in a few weeks’ time talks 
at a technical level will start 
In order to take up points 
which the two Prime Ministers 
believe require more detailed 
work. 

Although Mr. Ecevit did not 
say what these points were, 
they will undoubtedly embrace 
Cyprus, the Aegean dispute, 
the arming of the Greek islands 
in contravention of Interna- 
tional treaties and the Turkish 

minority in Greece. 

A new and serious dent has 
appeared in Tnridsh-American 
relations, however, because of 
the statement reportedly nude 

by Mr. Cyrus Vance, the U.S. 
Secretary or State, in Congress 
last Friday lo the effect that 
the lifting of the arms embargo 
on Turkey was conditional on 
the outcome of the Torkisb* 
Greek talks and developments 
In Cyprus. 

According to Mr. Ecevit, this 
was *a surprise in the negative 
sense” and constituted an 
adverse development. Last 
Saturday tbe Foreign Minister, 
Gtuidoz Okeun. summoned the 
American ambassador in 
Ankara ■ and lodged a protest. 
Mr. Ecevit himself said that he 
would review his country’s 
relations with Washington. 

In the opinion of political 
observers here Turktsh-Ameri- 
can relations will take a turn 
for tbe worse if amends are 
not made by the Americans. 


LOME CONVENTION RENEGOTIATION 

ACP states give pointer 


CATCH A JET 
FROM 
* BRIDGE 




BY GUY DE JONQUIERES, COMMON -MARKET CORRESPONDENT 


MORE generous compensation 
for losses of earnipgs on an 
expanded range of commodity 
exports is expected to .be one of 
tbe principal concessions 1 sought 
from the EEC by more th an 50 
developing countries at the forth- 
coming negotiations on the 
renewal of the Lome Convention. 

The 53 African, Caribbean and 
Pacific (ACP) states associated 
with the EEC through the exist- 
ing convention bave also: made it 
clear that they intend to resist 
strongly demands by some Euro- 
pean governments that Lome II 
should contain an explicit provi- 
sion enabling the Community to 
cut off aid to regimes; like that 
or ldi Amin in Uganda, which 
systematically violale- basic 
human rights 

Neither side has yet: drawn up 
specific proposals for -the nego- 
tiations, which are nor expected 
to get under way in earnest until 
September. But indications of 
the general approach which the 
developing countries fire likely 
so take have emerged from a two- 
day Ministerial meeting’ between 
the ACP states, the nine Com- 
mon Market countries. --and the 
European Commission, .which 
opened here to-day. Y ' 

The Lome Convention. Which 
came into force almost 4wo years 
ago and expires in March 1980. 
is a novel contractus if arrange- 
ment linking the Industrialised 
and developing worlds? In .addi- 
tion to providing for concession- 
ary treatment on trade;- develop- 
ment aid and technicailco-opera- 
tton. it embodies the 1 so-called 
Slabex system for stabilising 
ACP countries’ receipts from 
exports of more 'than' 30 com- 
modities. | . - 

Payments from Stabex_ are 
tnode automatically when, a 
country's export receipts "from a 


given commodity in any one year 
fall below a fixed reference 
level. In most cases, tbe EEC 
guarantees only receipts from 
exports to tbe Community and 
requires that any product 
covered should - account for more 
than 7.5 per cent of a country's 
total export earnings. 

A common complaint among 
the ACP countries is that Stabex 
does not compensate them for 
losses in purchasing power 
caused by rising production costs 
and imported inflation. They are 
expected to demand that the 
next Lome Convention include a 
mechanism to protect their real 
earnings. They also want Stabex 
to be applied to additional pro- 
ducts, particularly minerals uiro 
copper and phosphates. 

There is also pressure to free 
at least the very poorest coun- 
tries from the 7.5 per cent 
threshold clause and the obliga- 
tion to refund money to Stabex 
when commodity prices rise 
above certain levels. Countries 
with few natural resources 
which are heavily dependent on 
tourism have shown interest in 
a suggestion by the Seychelles 
that the EEC protect them 
against sharp- fails in tourist 
receints. “ 

The ACP countries have 
clearly been influenced in the 
formulation of their demands by 
the lack of progress made so far 
in the negotiations in UNCTAD 
and the North-South dialogue on 
a Common Fund. The feeling in 
some quarters is that a re- 
modelled Stabex offers a better 
chance, in the near-term, of meet- 
ing their most pressing priorities. 

It is not yet dear how far the 
EEC will be prepared to move 
in Ihe direction favoured bv tbe 
ACP countries. The Commission 
is still working on detailed pro- 


,-fcRUSSELS. March 13. 

posals.'for the Community posi- 
tion in the negotiations, which 
will have to be discussed by the 
■EEp Council of Ministers. 

JTbe preliminary indications, 
however, are that the Commis- 
sion is leaning towards only 
minor modifications in the struc- 
ture of the Lome Convention and 
appears unlikely . to propose the 
substantial increase in financial 
resources that would probably be 
needed to meet all the ACP 
countries’ demands. 

At present the issue of human 
rights seems to be foremost in 
the minds of several EEC Govern- 
ments. Dr. David Owen, the U.K. 
Foreign Secretary, has alreadv 
suggested that the granting of 
benefits under Lome II should 
be made subject to the respect 
of human rights in the recipient 
countries, though the Com- 
mission favours a less binding 
requirement: it has proposed a 
general reference to the question 
in the preamble to the new con- 
vention. 

Most ACP leaders have made 
it dear that they see no place 
for a politically controversial 
human rights clause in what they 
regard as an arrangements fnr 
economic and technical co-opera- 
tion. They argue that there are 
legitimate differences between 
conceptions of human rights in 
Western Europe and developing 
countries. and some are 
suspicious that the issue masks 
an attempt by some European 
Governments to establish a new 
hold over their former colonies. 

Some ACP States helleve. how- 
ever. that if the EEC forces the 
issue it should be met by 
counter-demands tor concessions 
in the treatment of immigrant 
workers and stronger measures 
by _ European Governments 
against racial discrimination. 



Mj'.' 

K- -j t f 

,l " ;tj 


J 

- r - Every dayat 230pm P&O JetFeS^* 
lettou departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

It’s fast It’s smooth. It’s sensational. 
There’s simply nothing 
else like It at sea. 


j;^ VV * i* 

u*;U: 


B&OJet Femes' 

BEl»KrSM 30 l MUX^SESVAnOm:QM61403£ 



Soviets urge neutron bomb halt 


BY DAVID SATTER 


THIRTY-ONE Soviet scientists 
have sent a letter to president 
Carter urging him to rise above 
“transient considerations "* a™ 1 
cancel production of the. neutron 
bomb which, thev say^ would 

lower the nuclear 'threshold -and 

pose a threat to manklnfc 
The letter, which was issued 
by tbe Soviet news ageficy Tass. 
and carries the Bignaftxres of 
prominent Soviet scierfeteta in- 
cluding several Nobet ■ pri*e 
winners, is the latest step in tbe 
intensive Soviet propaganda cam- 
paign against tbe neutron _b? m b-. 


The Soviets this week renewed 
a call from Mr. Leonid Brezhnev, 
the Soviet President, to Mr. 
Carter calling for a mutual 
moratorium on production of the 
weapons which the U.S. argues 
would stabilise the balance or 
power in Europe and which the 
Soviets have indicated they do 
not yet possess. 

The scientists’ letter said that 
Mr. Carter's decision on the 
neutron bomb would be the most 
important one since the Ameri- 
can decision to use atomic 
weapons against Japan and begin 


MOSCOW. March .13. 

development of the thermo- 
nuclear bomb in 1950. 

“Tbe neutron bomb is not a 
defensive weapon." the letter 

The signatories, who were led 
by Mr. Anatoly Alexandrov 
president or the Soviet Academy 
of Sciences, warned that “ the 
very first use of nuclear weapons 
even of a very low yield, can 
lead to a world war." 




BANQUE 1NTERCONTJNENTALE ARABE. 

Tdf - 35? m S do ra T : > ° R 2 OS6velt P^I S 
i ei .359.61.49 - Telex : 640310 BIAPA 

Capital 100 millions F.F. 

Total of the balance 

: L°8°.000, 000 F 

: 3 , 209 , ooo, 000 F 

1977 : 3, 564, 000, 000 F 


k: 


The Arab World 

■sour business 


FNINCMI. Tnrfs. BMlMlKd daily rum C.i_ 
atm end hoi n&n U.S 
Uir iraiKhO SW>*> f* r a.iu'Tr" SL "* 1 
Secou CUU DOCUM Mid U New Vwh,““y. 


• - .v*- 






6 


1 


•■v? 




tt*M4 





3 


FINANCIAL . TIMES TUESDAY MARCH 14 . 1978 



EUROPEAN NEWS 


engineering faces strikes 


> 



■ff ^ 

O & Jfil 



» - ;l'; M 


¥ «- ' •e' < T V " *1 

. ^ t ' 



. 1 

4 ‘i*J *'**;* 
+- >•-*• 1 * *' 

Ui - -;5 

U- 


BY AOBiAN DtCKS ^ • BONN, March 13. 

™| ENGINEERING ihdust^ arbitration. The union, having of the wage contracts concluded has set out the target of 5 5 per 
in South-West Germany, includ- started by seeking 8 per cent, there. This yearj IG-Metal] is cenL for the total increase of 
mg such iQlernationaDy*kaown. had let it be known that it would trying once more to break new wages throughout the economy 
companies as DaimlerfJeiU, settle for about 5 percent. The ground by inserting into the con- this year-a figure iaflSJSi 
Robert Bosch and Brown Boveri. employee revea^d today that tract clauses that would protect some latitude in individual settE 
JJJJL £ ace t l, lhe L prosp ? ct d l ***** 5 ad - off ^ d ah ° ut , 4 P er ,ts members’ job security and ments. Beyond exhortations to 
uiSn St,1 S S by m e“ b 5f 0f cent. dunng Uie. week-end. but also Stop employers from re- restraint and good sense from 
Sf "-, the metalworkers’ were not wiling to go beyond classifying men downwards into both sides, however, ministers 

nrarp’ « tte *? n *P** , of „ . . ,e « skilled grades as a result have refrained from comment od 

peace talks between top union The collapse of. the North ot certain new processes. the merits of the metalworkers' 

SH?rninJ? 1p 0yer5 ’ ,eaders *** Wuerttemberg-North Baden talks Given the underlying con- dispute, and are not expected to 
llji ne ' . will inevitably bejeen as a bad cem in West Germany at the step in' directly at this stage. 

,,-SIS J n h Y 3S far n v°- 1 om ® n f0 . r 0 *^°5 repms Ifinger-tcnn job security of Meanwhile in the nrintinc 

tpllea a general strike in the engineering industry, of which skilled workers it is understand- - ? * T m printing 

North Wuerttemberg-North the biggest is' North Rhine-West- able that IG-Metall is at least as industry ’ whcre secret negutia- 
Baden wage bargaining region, phalia. Here. too. the iG-Melall interested in this issue a« it is in tions * Iave a,SD be ? n place 

Nor has it yet announced which leadership secured overwhelm- wage rates— though it "has not under the chairmanship of Herr 
Z™L* me * wS!l be bit by st °P- Ins backing from the rank and stressed the job security issue in Josef Stingl. head of the Federal 
tk 5 ' i ' - file last week for .the principle other bargaining regions. Labour Office, there was no sign 

me employers federation in- of a strike, but.it has. held back The employers, echoing the of progress. 

™* I e . Elon - GesamlmetaJI, has so far from declaring one ip the line of argument of the West The employers have threatened 
- announced however, region. German Government, insist the a national lock-out from 

mat it will respond to strike North- Wuerttemherg - North only way to safeguard employ- to-morrow' unless the printers' 
aennn with a policy of lock-outs. Baden, with over. 600,000 workers mem in the long term is fo union. IG-Druck, calls off what 
rrus afternoon, both sides in the engineering -.and metal- reduce cost pressures, which they they have called “annihilation 



. * . . • j , * _ V* ’ ■ T * V bMVV u«k I W-RIUHUWU. BHU IUMSCIb 1 IIC 

mat Oargaming and independent been a pace-setter in' the terms The Government, for its part, refused to do this. 


Norway opposition warns 
against offshore oil boost 

BY FAY GJESTER OSLO, March 13. 

NORWAY MUST not increase argument at a news .conference 
offshore oil activities in a panic after tbe .meeting.- The only 
attempt to solve its present immediate results of accelerating 
economic difficulties, opposition oil activities, he pointed out, 
spokesmen warned at. the week- would be Increased pressure on 
end. However, Prime Minister costs and the need' tci -raise even 
Odva-r Nordli said the Govern- more larg e loans:. .abroad:- The 
ment would • “consider the resulting income- woukU at best, 
advisability" of an increase* not begin- to flow for .seven or 
pointing out that offshore oil out- eight years. 
put was still far below the 90m. effect would, be to 

tonnes annual figure accepted by . ■ ■ .. -■ -.L-' '•« 

a majority of tbe Storting hara P er the necessary Nor- 
( Parliament) as a moderate wegianisation " of the country s 
extraction rate. offshore oil in dustry: which is 

The strongest warning against at present very much dominated 
tbe oil option came from Mr. by . foreign companies and 

imported expertise. "■ . . 

Tbe Centre Party was not 
seeking a redactions in oil 
activities. Mr. SlaLsett stressed. 
The 50m. tonnes per -year pro- 
duction ceiling, whiidL his party 
regarded as reasonable, had not 
yet been reached. -But die issue 
now was whether die pace of 
development should- tie" stepped 
up. His party wa& against using 
oil policy as an . economic 
regulator. It ; did . not -even 
believe that an increase in 
tempo would - benefit the 
economy. , ; 

A motion approved:, at tbe 
Tromso meeting urged the 
Government to publish a new 
White Paper on petroleum activi 
ties. It pointed out that many 
of the previous White. Paper’s 
estimates and assumptions .were 
now out of date or had been 
proved false— for instance, its 
production forecast its cost and 
income estimates, and its assess- 
ment of the; risks Involved in off- 
shore activities. ‘ 

•’ 'Another' stalem'em *by -'the 
meeting rejected the idea -of 
starting exploration north of the 
62nd parallel untif there was 
evidence that a “ satisfactory 
level of safely” had been 
attained, and that the move 
would actually benefit local com- 
munities in tbe North. 

Another opposition party the 
Socialist Left CSV) also rejected 
the idea that faster oil develop- 
ment could rescue the economic 
situation. In a statement at the 
week-end, the party’s national 
executive claimed . that the 
minority Labour Government had 
been pursuing “pure conserva- 
tive policies.” 

It' demanded a radical revision 
of present economic strategies as 
the price for the SV’s support 
when ihe Government submits 
its forecast package of prices 
measures, early next month. 



Prime Minister Odvar Nordli: 
considering an Increase. 

Gunnar Slalsett. chairman of the 
Centre (Farmers) Party. 

Addressing a meeting of party 
leaders and members of Parlia- 
ment in Tromso, north Norway, 
he said a move to step up ex- 
ploration and development would 
be “robbery with mhrder,” and 
the surest way of forfeiting the 
benefits that Norway’s oil re- 
sources could yield if more 
cautious policies were adopted. 
H would be “immoraL” he said, 
in let “short term economic 
aims determine our oil policy." 

Mr. Stalsett developed his 




Your gate to Germany 
The South 

It Is not only the home of beer and wine 
festivals, but offers a fast growing market 
and a booming economy. 

Southern Germany is nowadays the centre of 
the growth orientated industries in the 
Federal Republic: aviation, space research, 
electronics, data processing, chemicals, 
automobile engineering, and the nuclear 
industry. : 

If you want to do- business in these 
prospering regions you need to know the 
right people. 

SUDDEUTSCHE ZEITUNG is your link to this 
part' of Germany. Published in Munich it 
is one of the three national papers in 
Germany and the leading daily in the south, 
read by about 700,000 people, many of whom 
are in positions of both influence and 
affluence. We reach the decision-makers. 

If you have a message to deliver to this 
key group SUDDEUTSCHE ZE-ITUNG may 
well be the best possible medium. 

SuddeutsciieZeiTung 

is one of the three German members of TEAM 
(Top European Advertising Media)— the one 
with the largest circulation. 

For additional information please contact our 
exclusive representatives: 

For the U.K. For the Netherlands 

Publicitas Limited Publicitas bv. . 

525/527 Fulham Road Plantage Middenlaan 38 
LONDON SW61HF AMSTERDAM 
Tel.: (01) 385 7723/7 Te!.: (020) 23-20-71 . 

or write to us in Munich : 

Suddeutscher Verlag GmbH, Marketing Service 
Dept., P.O. Box 202220, D.8 Munich 2, Germany 


Swedish unions conclude 
moderate wage accords 


Br WILLIAM DJJLtFORCE 


STOCKHOLM. March 13. 


IT WOULD tak?' five years to 1 this year. And trade union 
get Swedish industry on its legs leaders . immediately urged the 
again. Mr. Curt Nicolin, chairman Government to clamp on at least 
of the Employers* Association. and t0 


cut value added taxes. 

In the first two months of this 
year, the consumer price index 
„ - . _ . . rose by 2.6 per cent., but Mr. 

"? w „ ?, P “J to Bohmoo belief the „aee sente, 
curb us lust for expansion sod rte0( would „ elp keep pricKi 


said after concluding* a national 
wage settlement with the trade 
unions at 'the week-end. It . was 


to keep down prices, he said. 


short of tbe limit that would 


The agreement, covering 1.4m. „„ oew wag( . talks A 


employees in the private sector. 


price freeze on its own was no 


will give blue-collar workers a solutiMi he sai(L 
5 per cent, wage increase up to . The employers failed to break 
October 31. 1979. and white- the blue collar workers’ “soli- 
collar workers 43 per cent. These darity” stand, under which ail 
moderate increases were wel- lower income workers get tbe 
corned by Mr. Goesta Bohman. same increase irrespective of the 
the Economy Minister, as falling profit situation of tbeir branches, 
within the Government’s budget On the other hand the employers 
programme. won an agreement for a period 

But the settlement provides longer than the one year, which 
for new negotiations, if prices the unions first offered, and beat 
rise more than 7.25 per cent, down the unions' original pay 
between January and December demands. 



Kaunda 
threat to 
seek help 
from East 

By Michael Holman 

LUSAKA, March 13. 
PRESIDENT KENNETH 
Kaunda. of Zambia, to-day 
declared that should the West 
“ recognise (Rhodesian Prime 
Minister) Smith and go to his 
side.” Zambia “will have no 
choice but to go to eastern 
countries and auk ihem to come 
and support ns. That vs ill 
mean the conflagration has 
started in caroest.” 

It .was his second public 
warning to tbe West within a 
week. Last Wednesday, he 
told .Britain’s new High Com- 
missioner to Zambia that 
unless' the West “begins doing 
something about human 
rights ” . in southern Africa, 
there will be a “ holocaust.” 

Commenting to-day on last 
Monday’s Rhodesian raid into 
Zambia, Dr. Kauuda spoke 
frequently of pressures on him 
. to retaliate. Ue had so far 
resisted this pressure, he said, 
because to hit back would suit 
Mr. Smith, who was attempting 
to win Western recognition and 
support. 

...“Tbe question is how long 
can I continue to resist the 
legitimate rights of the Zam- 
bian, people lo be defended by 
their own air force ? ” The 
consequences of retaliation 
would be “grave, not only for 
Zambians but Tor mankind as 
a. whole.” 

Describing what he called a 
72-hour “ wanton and premedi- 
tated ” attack on Zambia by- 
more than 200 Rhodesian 
troops carried in Chinook heli- 
copters and backed by about 
eight jet fighters. Dr. ’Kaunda 
claimed that Tour jets, three 
helicopters, and one Beaver 
transport plane had been shot 
down. Three of them fell in 
the Zambesi River, which 
forms the border between the 
two countries. 

Ten. Zambian soldiers and 12 
Chilians died, including a 
mother and child, he said. 


Economy may tip scales in 
southern Africa settlement 


BY TONY HAWKINS 

ALTHOUGH PUBLIC attention 
in recent weeks has focused on 

tbe military situation in southern 
Africa, apd between Rhodesia 
and Zambia in particular, politi- 
cal sources in Salisbury empha- 
sise the growing significance of 
economic considerations. 

In Salisbury'. the clear 
deterioration in the Zambian 

economy is seen as one poten- 
tially powerful factor that could 
narrow the yawning gap between 
tbe internal and external 
nationalists. At the same time. 
Rhodesian businessmen are soon 
going to be told of yet another 
across the board cutback in 
import allocations by as much 

as 20 per cent- in many instances. 

This will be the second suc- 
cessive quarter in which import 
allocations have been drastically 
reduced. They were cut some 20 
per cent, for tbe first quarter of 
1978 and a further cutback is 
now being imposed for the second 
quarter of 197S. 

The cutbacks reflect the diffi- 
culties Rhodesia is experiencing 
in selling exports — mainly attri- 
butable to international economic 
considerations rather than to 
economic sanctions as such. Tbe 
country’s problems have been 
compounded in recent months by 
two developments: First, tbe 
severe rains which are likely to 
reduce sharply tobacco and cot- 
ton yields. Many crops have been 
destroyed by flood waters and 
both the cotton and tobacco crops 
will be down in volume despite 
increased plantings. 

Secondly, the tightening of 
economic sanctions against 
Rhodesia at the end of last year 
by the Swiss Government appears 
to have aggravated problems. 

Business sources believe the 
lower quotas will further imperil 
many existing businesses — 
especially the smaller ones. They 
already have their backs to the 
wall because of depressed con- 
sumption. and military call-up 
(which affects all business). 

If there is a light on the horizon 
though, it is the- position of 


Zambia. Observers here believe 
the shaky Zambian economy 
could force President Kaunda lo 
take a more pragmatic line 
towards Rhodesia's internal 
agreement. Last week's state- 
ment by Mr. Jnhn Mwanakatwe, 
the Zambian Minisier of Finance, 


SALISBURY, March 13. 

tbeir views on tbe. possibility nf 
a fun her round nf talks between 
the PF and the two Rhodesian- 
based nationalists. Bishop Muzn- 
rewa and Rev. Sithnle. who 
signed yn internal settlement 
with the Rhodesian Government 
10 days ago. 





Co-leaders of the Rhodesian Patriotic Front, Mr. Robert 
Mugabe (left) aud Mr. Joshua Nkomo. 


that the country was on the brink 
of economic collapse has en- 
couraged some observers here to 
hope that President Kaunda may 
be willing to pressurise Mr. 
Joshua Nkomo of the Patriotic 
Front to return m Rhodesia to 
contest the planned December 
elections. 

Our Foreign Staff adds: Mr. 
Joshua Nkomo and Mr. Robert 
Mugabe, joint leaders of the 
Patriotic Front (PFi, arrived in 
London yesterday for talks with 
Dr. David Owen, the Foreign 
Secretary. 

Although tbe meeting is at the 
request of the two nationalists. 
Dr. Owen is expected to seek 


There is little optimism in 
Whitehall that such talks can be 
held speedily, especially as in 
talks with Mr. Cyrus Vance, the 
U.S. Secretary nf Stale, at the 
week-end the PF leaders are 
believed lo have rejected any 
son of conference with the so- 
called internal leaders. 

Dr. Owen may face an addi- 
tional complication this week 
when Chief Chirau. also a signa- 
tory to the Salisbury agreement, 
tries to see the Foreign Secre- 
tary. The Chief and his party 
have been excluded from recent 
British settlement initiatives on 
the unspoken grounds that they 
are stooges of the Smith regime. 





The allotment ferbpening a second credit line wiih Commercial Credit 
isa very down-to-earth one. • 

Quite simply.if you ever need financial advice [lien two heads a re better 
than one. . 

HoweVeiUhe real benefi ts go much deepfer. 

The feet is^utting all your financial eggs in one baskeLwith your bank, 


Because vo 

Credit loa.nsii re foragaarahteed’ 
term at fixed or variable rates.- - 

And normally the only security wee 
ask would be the equipment itself. 

Commercial Credit can arrange plant and machinery finance.export finance. 


I . ' Furthermore the ierms.af your.ovenlraft cari.be aitered asa result of. 

- v.-bankpo&y.Ch* because of changes in the national economy.. ; ; - . 

; : - f Asecondctedit line with Commercial Credit could brings little inpre; 

.‘v,:- security into yourfinanciai arrangements. 


\\£. ha ve workiwideassets of over £2 b&pon and 24 branches throughout . 


line; with us: ; 

Why hot ask your secretary to ringnowand arrange^ a meeting? 



A helping hand when you need one. 

Conuwrciai Credit Services* Lid: Head Office: Gfusvcnor Huiins. 125 High Srrcx-J.CrtodcmCRy IPU.TckOI oSf> 5466. 



., Prestoo(0/72) 5 5G9 7 . P UTHtKHA M : Tc ! : ( fLApd re wi W]c kcrsleyt* mrani. 5WTKVMPTON- Tel: iM: Barker) Southampton ifi705) 2282 2. ST. ALBANS: Tci- 1 1. McBride i SuAlbuns i0727i 64547 : 
^ ■■■ - ■ SITJKjE'CXV-.'XRE^ sT: I^ : . fe^5.(Stakc-t^-T i ^qt^7a2i.5^12j-W£SrL QN'D ON^ Tel : t D . MackicHOl >i6g4lt>p. 











nsKsaxi. times Tuesday xnawtm. 


OVERSEAS NEWS 


TUNISIA 


January 

violence 

leaves 

anxieties 



says Israel will 
on 




BY DAVID LENNON 


iUQ Ul 

tlM G 

PfTtie 


By Marpret Hughes, recently in 
Tunis 

TUNISIA IS anxious to reassure 
.the outside world that stability 
ius been restored Following the 
.Outbreak of violence on 
January 26— the day Tunisia's 
first-ever general strike was 
called by Mr. Habib Achour, 
■leader of the General Union of 
Tunisian Workers (UGTT). 
Tunisia’s sensitivity to outside 
opinion derives from its need 
to attract foreign investment 
and finance to achieve the 
ambitious targets of its fifth 
five year plan (1977-81). 
!t' is still too early to judge 
Whether or not Tunisia will 
Succeed in restoring Inter- 
national confidence. Certainly 
tfiere are few visible reminders 
of " Jetidi Noir," as January 25 

is now remembered. 

The situation nevertheless 
remains fragile. ■ Several issues 
!$maia unresolved, giving rise 
rumour and uncertainty. Not 
everyone shares the govern- 
fcient’s conviction that now the 
escalating, unrest of the past 
year has finally come to a head, 
life can get back to normal. 
Tunisians are still sbocked by 
the violence which disrupted 
their normally peaceful lives. 
During the street fighting 
many people -were killed — the 
official figure is 45 though the 
total is reputed to be nearer 
MO. . , 

Altogether over 1.200 people, 
were arrested both in the 
streets and at home, though no 
official list has been published. 
Many were immediately 
released- . Many more were 
sentenced to between six 
months and years imprison- 
ment ■ - 

But the key figures have yet to 
ft?. charged. .The number of 
tirade union officials said to be 
imder arrest — in ** preventive 
detention'"— varies from 40 to 
1^0 but'. include Mr. Habib 
Arbour, and ten of bis 12-man 
Executive bureau. 

Mr.- Hedi Nouira. the Prime 
Minister, claims there is 
“Absolute proof" that the 
strike was politically motivated 
Fevir argue with this claim. Even 
tfiose who believe there were 
sound reasons for the social 
unrest concede that In the 
latter stages this has taken on 
political overtones, at least at 
the level of the UGTT execu- 
tive. This is hardly surprising 
given that the UGTT has been 
toe only cohesive opposition to 
Government No political 
ies have been legalised 
apart fnn .the ruling Deslour 

Socialist Party (DSP) which 
has been in power under Presi- 
dent Bourguiba since Tunisia 
gained its independence from 
France in 1956. 

Mr.; Nouira and his ministers 
ate convinced that the strike 
was a premeditated attempt to 
overthrow the Government It 
whs a threat which the Gov- 
ernment took seriously. Having 
siHfered five ministerial 
regignations-Ln December over 
tfcfe dismissal of Mr. Tahar 

BOkhoja, the Minister of the 
Interior, it could hardly do 
otherwise. 

The - UGTT now has a new 
general secretary, Mr. Tijani 
ASieL an old UGTT hand and a 
member of Mr. Achour’s execu- 
tive. Mr. Abid and ten new 
executive members were 
elected at an extraordinary 
congress an February 25 after 
th$ UGTT statutes were 
changed so that the 13-raan 
executive, rather than the 450 
congress delegates, elected the 
gefleral secretary, while it is J 
claimed that the congress ■ 
delegates themselves were 
“ designated " rather than | 
elected to attend. 

At the same time the Govern- 
ment is planning to remove the 
" potential mobs of violence " 
—the young jobless— which it 
claims are used by political 
activists. It is working out a 
Service Civile scheme whereby [ 
these young people will be con- 
scripted to work in factories 
or in agriculture where they 
will stay until they find alter- 
native jobs. 

Dispersing any potential opposi- 
tion is merely a temporary 
solution. The tragedy is that in 
spite of the relative freedom 
that Tunisians enjoy compared 
■with their Arab neighbours, 
political ambitions remain "un- 
declared " because of the one- 
party political system. Mr. 
Nouira says this is not so by- 
law — only the Communist Party 
is banned and anyone else is I 
free to form a party. I 

Id practice, it appears impossible 
to form a legal opposition I 
party. It has taken the Social 1 
Democrats two years to obtain.] 
the necessary authority to pub-j 
lish a weekly newspaper. 1 
Al-rai. as a platform for Us| 
ideas and an exchange of [ 
views. Even then each issue ; 
has to be vetted by the Mini' j 

strv of Information and one| 
issue — just after January 26 — j 
was banned, while the paper is: 
facing legal action after only! 
two months of publication. I 
The present five-year Presid-[ 
ential term has only some 1S[ 
months to run. President j 
Bourguiba, who earlier 
declared himself President for 
life, has appointed the Prime 
Minister as bis successor who 
inherits the position for the 
duration of the Presidential 
terra. 

The deterioration In the Presi- 
dent’s health, and he is in bis > 
late 70s, has raised speculation ! 
that he may dtp before I be j 
end of the present term. This ! 
would mean that Mr. Nouira j 
would only be President for a I 
matter of month!; until the | 
election; when the presidency ; 
should in theory be thrown i 
open to other candidates. As ! 
they have to He approved hv l 
the DSP. contenders outside j 
the parly hold lwlc hope of ; 
being accepted candidates. I 


'ISRAEL WILL amputate - the 
arm of evil." Mr. Menahem Begin, 
the Israeli Prime Minister, 
declared to-day. “We will do what 
is necessary to defend this small 
! nation with all the means at our 
I disposal." he told the Knesset 
j (parliament! this afternoon. 

j Earlier the Cabinet met in 
I special session for the third con- 
j secutive day. They discussed 
Saturday’s raid by A1 Fatah 
guerillas. 

Mr. Begin made it unmistake. 
ably clear that Israel will retali- 
ate for the Palestinian raid, re- 
iterating that “the days have 
[passed when Jewish blood can 
be spilled with impunity. ” 

He called on the Western 
nations to close the Palestine 
Liberation Organisation (PLO) 
offices on their territory and to 
expel the PLO representatives 

The Soviet Union was singled 
ont for bitter denunciation by 
the Premier, who asked: “What 
was the chairman of the killers. 
Yasser Arafat, negotiating with 
the Russian leaders in Moscow 
recently?*’ 

He said Israel had learned 
that in recent months the Soviet 



Mr. Menahem Begin 

bloc countries have been conduct- 
ing dozens of courses for Fatah 
members. “The USSR trains 
and equbs the killers who want 
to wipe out toe remnants of our 
people.” be declared. 


TEL AVIV, March IS. 

Toe Prime Minister said there 
had been acts of heroism by 
hostages tm the hijacked bus 
'Some had grabbed -the weapons 
of' the terrorists, he said, and 
may hare killed five of them. 

Mr. Begin announced tb*i tan 
committees would be set up. one 
military and. one civilian, to study 
the events of Saturday This 
was apparently .decided because 
the Fatah group was able jo land 
unhindered and remain un 
hindered for over an hour along 
the country’s busiest highway. 

He also expressed disappoint 
meot at the failure of any 
Israel's- neighbours to condemn 
the attack. The army spokesman 
announced to-day that the final 
death toll was 36 Israelis dead 
and 82 injured,- eight of them 
seriously. . In ; ■ addition, nine 
terrorists were .killed and two 
captured. - 

Commander Haim Tavori. the 
Police Commissioner, said chat it 
was now certain that there was 
only one woman terrorist and 
that she had died in Saturday's 
battle. The Cabinet met this 
morning in extraordinary 
session. but ho details were 
revealed about what was said. 


Palestinians reinforce S. Lebanon 


MORE THAN 200 Palestinian 
guerilla reinforcements have 
entered this South Lebanon port 
informed sources said to-day. 

They said the extra men were 
brought in yesterday, apparently 
to counter any Israeli commando 
attack which they believe could 
follow the Palestinian raid 
between Tel Aviv and Haifa on 
Saturday. 

The reinforcements belonged 
to Salqa, a guerilla group led by 

Syrian officers, they said. 

The city, controlled hy 
Palestinians and their Lebanese 
Leftist . allies, is an important 
entry point for arras shipments. 


Tt is also surrounded by big 
Palestinian refugee camps arid 
guerilla bases are concealed in 
nearby hills. 

The area was tense hut quiet 
to-day as residents braced them- 
selves for what they fear will be 
inevitable Israeli retaliation. 

Schools were closed and there 
were frequent patrols along the 
coast by guerillas in jeeps 
mounted with heavy machine 
guns. In the village of Nakoura. 
15 miles south of here and only 
two miles from the Israeli 
border Palestinian guards said 
the area was very dangerous. 

Meanwhile in Tel Aviv British 


More protests 
in Chinese 
factories 

By Yvonne Preston 
CHINA'S AMBmoUS ten- 
year economic development 
programme continues to be 
threatened by serious factional 
disturbances in some of the 
country’s key factories. A 
week-end report in the official 

People's Daily highlights 

troubles In a ballbearing 
factory In Kansu Province. 

More serious still for China’s 
modernisation policies^ the 
troubles were said to have 

been fomented and supported 
by leading, officials of . the 
provincial machine building 
bureau. 

The Factories Tarty Com- 
mittee backed by senior pro- 
vincial bureaucrats according 
to the report continued to 
“suppress the workers” and 
promote the Leftist policies of 
the Gang of Four. 

As recently as last Septem- 
ber, the committee, with a 
record of witch-hunting “ capi- 
talist readers” and overthrow- 
ing “veteran cadres" during 
the Gang’s pre-eminence, arbi- 
trarily . arrested a woman 
worker. 

Sydney Morning Herald 


Citicorp 

decision 

discounted 


By Quentin Peel 

JOHANNESBURG, March 13. 
BANKING sources in South 
Africa today discounted any 

immediate ad-verse effects which 

might stem from the decision by 
Citicorp to stop loans to the 
South African government. 

The sources point oat that the. 
Government is already virtually 
unable to raise capital ‘bn- the 
international market; ■.and.- .cti- 
tainly not for longer -than the 
minimum redemption- periods, up 
to three years. It has, however, 
been able to fund virtually all its 
capital requirements during the 
past year from the domestic 
market. 

Citicorp has been one of. 11 
major U.S. banks lending to the 
South African Government and 
parastatals in the past. Although 
officials here would not give any 
details, a recent U_S. Seriate 
report said the bank had par- 
ticipated. In syndicated loans, 
mostly to the Government and 
its agencies, totalling R6S5m.' 
(£380m > between 1974 and 1976. 


TYRE, LEBANON, March 1 3. 
Ambasador Mr. John Mason 
to-day described bis 'feelings 
when he learned that *he 
Palestinian guerillas who landed 
In Israel at the -week-end had 
wanted him as a hostage to 
accompany them out of the 
country. . . 

“When I heard they wanted 
me as a hostage. I locked up the 
doors of the Residence and left 
the dog hungry .” Mr. Mason said 
The 11 guerillas, brought 
with them a letter written in poor 
Hebrew and containing a list of 
demands in exchange for the 
hostages they Hoped to collect 
Reuter 

Syria stays 
silent 
over raid 

By Louh Fares 

DAMASCUS, March 13 
AS , THE state-controlled 
Damascus Preps euoe out In sup- 
port for the week-end Palestinian 
raid into Israel's heartland 
Syrian Government officials are 
maintaining a- airier silence and 
declining all comment on the 

operation: 

- raedj* . response was 

eqdtecterlsed •’■’ 'Western 

diplomats as- “ There is 

evident concern,'* here that the 

Syrian Government is anxious 
cot to take responsibility or offer 
an excuse for Israeli charges 
against it .*• 

The Press' bere has qualified 
the operation as a “ daring opera 
tion." Al^Baath, the organ of 
the ruling-- party, said that it had 
come as a. reminder " to all those 
whe want to forget the 
Palestinian cause and the fact 
that nq peace in the region can 
be attained without recognition 
of the legitimate and Inalienable 
rights of the Palestinian people. 


Ethiopian advance continues 


BY JOHN WORRALL 
ETHIOPIAN forces, supported 
by Russian and Cuban mechan- 
ised units, are advancing rapidly 
through the southern and eastern 
Ogaden, mopping up isolated 
pockets of Somali guerillas and 
regular troops. 

In one sweep, the Ethiopians 
reached the town of Dolo on the 
Somali border and only a few 
miles from the Kenyan town of 
Mandera. 

Among the towns and villages 
retaken during the week-end, 
according to the National Revo- 
lutionary Operations Command in 
Addis Ababa, are Scgeg, Qabrida- 
bare, .Wardbeer. Aware and 


Bokol Mayo 

These towps have been brought 
under the “ full control " of 
Ethiopian regular and militia 
forces. 

There have been no commu- 
niques from the Somali authori- 
ties in Mogadishu for days, but 
sources say the Somalis, some of 
their units broken and their men 
scattered, have virtually evacu- 
ated the Ogaden. which they 
invaded only eight months ago: 

Meanwhile, there are signs 
that the United States is increas- 
ing its diplomatic image io 
Somalia, with considerable addi- 
tions to its embassy staff. Four 


NAIROBI. March'. 13. 
hew officers dealing with aid 
have been appointed to the 
embassy, and one new pofillcal 
officer. 

U.S. sources say that 'the 
American aid programme is to 
be expanded, and may include 
defensive weapons if Somali 
pledges a commitment not to 
dishonour the international 
boundaries of Ethiopia, rRenya 
or Djibouti. v- N- 

The Americans kept -^"low 
profile in -Somalia during- tb.e 
presence of the Soviet forces;- who 
were asked to leave by President 
Barre last year. e’-.- 


SOUTH KOREAN ECONOMY 


Combating protectionism 


BY PETER WEINTRAUB IN HONG KONG 


FEW developing countries have 
more to lose from protectionism 
than South Korea. The country's 
rapid economic growth over the 
past few years bus been based 
largely on exports, and with 
worldwide annual sales now 

over SlQbn. its foreign exchange 

reserves have risen to about 
S4.9bn. compared with only 
about S3bn. at the end of 1976. 

Yet tnspite of the impressive 
export performance. Seoul has 
continued to suck io a restric- 
tive import policy Purchases 
last year totalled about 5I0.5bn. 

(the balance of payments was in 
the black for the first time 
because of high invisible 
revenues) but tbe rate of growth 
for imports lags behind that of 
exports. By the end of this year, 
the Government expects foreign 
reserves to have passed the 
S5bn. mark, a sure indication 
that no early substantive Import 
liberalisation is envisaged. 

Resistance to import liberali- 
sation stems from two principal 
consideration*. Mosr important it 
is argued that rhe domestic 
business community, from whom 
the Government of President 
Park Chung Hce derives a good 
measure of support, is still un- 
able 40 compete successfully 
auainst foreign manufacturers 
eager to flood Korea with con- 
sumer durables. 

One nf the implication* of the 
restrictive import policy is 
already clear. Growing foreign 


exchange reserves added slgni- 
cantly to last year's 40 per cent, 
money supply growth and are 
seen as one of tbe principal 

reasons for the current 12 per 
cent, inflation rate. The Govern- 
ment is making efforts to control 
the growth of money, supply but 
because no substantive meas- 
ures to liberalise imports have 
been taken the main emphasis 
has been on reducing foreign 
exchange inflows through re- 
stricting tbe lending activities 

nn .foreign branch banks in 

Seoul. 

The bias against import 

liberalisation has another side to 
it which in the long term could 
prove even more harmful to 
South Korea than inflation. Even 
as- Korean officials criticise tbe 
protectionism of the West, their 
own resistance to reciprocal 

purchases leaves them vulnerable 
to the same charge and could be 
used to Justify even sterner pro- 
tectionist measures in future. 

It is. perhaps, for this reason 
that Seoul has recently hinted 
that it intends io move towards 
import liberalisation hy allowing 
more food and raw material 
imports, and reducing barriers 
against some capital equipment 
purchases. Vet many fore’gn 
observers are convinced that the 
programme is more a public 
relations exercise than a real 
effort towards trade reciprocity 

The Ministry of Commerce and 
industry sees its principal con- 


stituency as the domestic busi- 
ness community and as a result 
can be expected to lobby strongly 
against any major moves to relax 
import restrictions. The Ministry 
of Finance also will resist import 
liberalisation, because it is con 
vinced of the need to build up 
foreign reserves. s n far,' only 
the Economic Planning Retard, 
with responsibility for longVange 
economic forecasting, is believed 
to be urging an expansion of 
purchases. > 

Tbe logic appears to be that in 
order to blunt the impact of 
protectionism, Seoul must - buy 
more foreign machinery tp- pro- 
duce industrial products immune 
from present restrictions imposed 
elsewhere. At the same time, the 
board probably sees the manu- 
facture of these products as s 
requirement for continued 
domestic growth. 

- A5 Point, the best guess 
is that import liberalisationrwUl 
continue to be very much of- a 
secondary priority for the South 
Korean Government, at least 
until the end or 1978. Bv that 
time foreign exchange reserve* 
may have grown to a level suffi- 
cient to allay the fears of the 
Ministry of Finance. If. , -the 
Ministry of Commerce and" in: 
dustry can be convinced .that 
domestic business can compete 
against goods from abroad, it too 
could give the go-ahead to a -sub- 
stantive scheme of import 
liberalisation. 


AMERICAN NEWS 


THE STABILITY OF THE DOLLAR _ : 

Carter at the 

BY JURE* MARTIN. US- EDITOR IN WASHINGTON, MARCH 13 



THE CARTER Administration 
bas been saying for some months 
now that, in marking down the 
dollar, - the foreign exchange 
markets have - been ignoring 
“fundamentals.” Tbe complaint 
has much justification to i£. But 
there ts another fundamental 
which has now been introduced 
into the equation that cannot be 
overlooked even . by the Presi- 
dent’s supporters— whether or 
not Mr. Carter can set things 
done. 

Suddenly, a senes of disparate 
yet interrelated problems is 
coming to a head to test bio 
leadership qualities severely. If 
he wins enough of them; as Mr. 
Robert Strauss, his resident 
political expert, claimed yester- 
day that he. would, then confi- 
dence will be restored and the 
dollar, inter alia, will rise: .The 
consequences of failure were not 
touched upon by Mr. Strauss. 
Tbe state of play on the salient 
Items looks roughly tike this; 

Dollar: Once again the Admini- 
stration seems to have made the 
mistake of allowing expectations 
to be built up too much. It was 
one thing to sznoothe over differ, 
ences on a variety of subjects 
with West Germany. It was 
entirely another for Mr. Carter 
to let slip at his Press confer- 
ence last Thursday that the two 
governments were planning addi- 
tional measures to calm the 
foreign exchange markets. 

Rumours, which • the U.S. 
Treasury (but not, apparently, its 
German counterparts) tried 
vainly to discourage, ran wild, 
with tbe Inevitable result that 
to-day’s announcement was seen 
as more of a mouse than it was 
supposed tn be. 

As Mr. Anthony Solomon, the 
Treasury Under-Secretary, round 
out to his cost in Paris last 
month, it is not easy to soothe 
tbe markets- jh their current 

frame of mind. The U.S. is firmly 
set against internal deflation and 
protectionism and is deeply wary 

of engaging in heavy foreign 
borrowing. Tt also seems to have 
concluded that, in mending its 
German fences, tt must cease 
exhorting the Federal Republic 
to da more -on tbe domestic 
economic side. Since marshalling 
additional financial resources to 
protect the dollar is Impressing 
no one. all eyes are turned to tbe 
next link in the chain, the energy 
policy. 

The Energy Bill: This now 
possesses huge symbolic import- 


ance. In whatever farm Lt 
emerges— if it does emergent 
will have minimal impact, on .pfi 
imports for' a couple Of years. 
The Energy Bill is still in deep 
trouble in Congress. Senator 
Russell Long of the Finance Com- 
mittee has pronounced the well- 
head tax on crude oil dead, and. 
at present, few would quarrel 
with his judgment. 

A tortuous compromise oft' 
natural gas deregulation and 
pricing has been worked out but 


with, relations between yjdfjl 
Hill and Dr. James SchlcsJnger. 
the Energy Secretary- fractious 
at best, the impression still exists 
that - [f anybody is calling the 
time. on energy it is «»h senators 
RS Long and Jackson, not tne 
Administration. _ . 

"The Panama Canal: But the 
-balance could be changed If 
Panama treaties are approved by 
the Senate. The Aral key vote on 
the neutrality pad ts on Thurs- 
day; This has now become tne 


BONN, March 13. y. 
MR. JAMES CALLAGHAN, 
the British Prime Minister, 
said to-day that measures duo : 
to be announced by tbe U2J.* 
and West German Governments: 
should boost confidence in the: 
dollar. 

. Mr. Callaghan said here, th^t 

Herr Helmut Schmidt the West 
German - Chancellor. - - had' 
briefed him on the proposed; 
bilateral aid for the- U& ■ 
currency during six hours- of- 
talks last night. “I am certain ' 
they will be- of assistance and. 
they are something to build 
on . . . they should do -quite -o’- 
lot to aUay uncertainty - on : 
foreign exchange markets,’’ fte . 
said ■ before ’ returning TO 
London. 

Questioned on whether 
Britain would be taking part 
in moves tb put new life hack . 
into the dollar. Mr., Callaghan' 
said: - That Is a matter I would 
be happy to consider, hot I 
don’t want lo say any more-’ 4 
He said .that bis talks with ; 
ITerr Sehmidt, which took placed, 
at short notice at Britain’s. re-' 
quest, had covered world eco- 
nomic problems, disarmament; 
the situation hi the Horn of 
Africa, the. Middle East and 
East-West detente. 


*1N Tokyo, the Chief Cabinet 
Secretary. Mr. Sh intaro Abe 

■ rsaid that Japan had abandoned 
. a pian to send a Cabinet 

Minister to WtfMnsm lo 
discuss vigorous steps towards 
stabilising the value of the 
s dollar. 

uMr, Abe told a news con- 
-TOrence that be discussed the 
matter with the Prime Minister, 
Mr. Takeo Fukuda. and that 
they had agreed there was no 
.-heed to send a Minister at 
- present. 

... >Thcy agreed that the Govern* 

■ ment should first analyse the 
agreement reached between 
West Germany and the C-5. for 

V dollar stabilisation. 

• In Caracas Sr- Valentin 
Hernandez the Venezuelan • 
Energy Minister, was quoted as 
saying' that he did not expect 
_ the Organisation of Petroleum 
.Exporting Countries (OPEC) 
•to change the denomination of 
. oil- prices from U.S. dollars 
| during a meeting of OPEC oil 
.ministers proposed for next 
'month. The newspaper El 
'National quoted Sr. Hernandez 
as saying that he has sent 
invitations to the oil ministers 
. -.to attend an informal eon- 
.Terence in Geneva daring April. 
Agencies 


it has taken three months to ll trans test <jf tbe Administra- 
produce a tentative agreement tion’s ability to persuade Con- 
along lines that were on tbe table, gross and opinion remains finely 
before Christmas: Even if .the., divided on how the' vote will go. 
well-head tax is dropped front V* 

the package, the Congressional . Tbe Coal Strike: This has to 
ratification process is Car . from date bero mare a test of Mr. 
complete. . - Carter’s executive ' leadership 

Increasingly. Administration rather than his powers of persuu- 
sources -are speaking of tbe-sion over ihc legislature. At 
necessity for the President to preseDt. the union__ leadership 
Impose additional levies on inf-' and the coal .operators am 
ported oil, particularly if 'the negotiating again, ip part out of 
well-head tax does die.' ' The discontent with the Adroinlstra- 
word is that such a decision may tion’s approach. Nevertheless, a 
be forthcoming “ within the next resolution of the coal strike soon 
few . weeks,” depending bn de- could still he portrayed as a 
velopments in Congress. But victory lor the President 


Foreign Affairs? PesS&w»m 
of MY. Besio's visit .MM-K 

the week-end maM£te£to 1 

has merely put .oft.tti - fWfcl 
dav when an tntracteMe^Wph. 
ictn has to be conlttrate&.Jfcrt 
the PLO raid has patency, re- 
duced the leverage which, the 
President can bring to iiCMi-iip 
Israel in the noyoTiathra& It aa* 
certainly made more 
task of winning approval 
arms sate package, Ffellnqrrh 
deliver the arms will ndf/Jin. 
prove relations with -Saudi 
Arabia, in particular, 
could have f urtficr' ramifications 
for the dollar. Equal ly. -the 
President's stand in s Wilb -%* 
U.S. Jewish comm units'. *«b ita 
considerable clout In Congress, 
is too low for comfort, 

The President also faces 1 a 
test on Soviet and Cuban tnvolve- 
menl in the Horn, of .Africa. 

The White House staff: The hot 
gnssip is that a big re-shuflte 
is in tbe offing, perhaps accom- 
panied by the infusion of new 
talent. Mr. Ilainlllou Jordan, the 
political counsellor, whitei 1 ’ social 
peccadilloes have, if anything. 
Increased the President’s public 
affirmations of confidence in him, 
is said to ho masterminding this 
effort. Too much si ill arrives 
on the President’s desk for reso- 
lution. which is partly Mr. 
Carter’s own fault and partly 
reflects deficiencies In the White 
House staff. There is no sug- 
gestion of immediate Cabinet 
changes pending. 

In the background is the know- 
ledge lhal the Congressional 
mid-term elections will take 
place in November. This will 
dissuade Representatives from 
petting too involved in controver- 
sial subjects. A variety nf 
domestic measures, such as wel- 
fare and civil service reform, 
are likely to be held hostage as 
a result. 

The specific dollar measures 
announced to-day are just part 
of this complex mosaic. It is true 
that there is now a greater 
awareness of lh« dollar problem 
than thpro was only a few months 
ago — as the Administration’s 
willingness to tap its resources 
at the International Monetary 
Fund demonstrates. 

But it is just as true that, tf 
what Ls needed to help the dollar 
is • evidence of Presidential 
leadership and Presidential suc- 
cess. then that could be provided 
on one of a number of matters 
which may not be causally 
connected. 


Swaps have become international habit 


W ANTHONY HARRIS 

THE USE of central hank swap 

arrangements - wax started almost 
exactly 17 years ago under the 
Basle, agreement ol 1901, during 

[rite first .of tbe Jong setie^'of 
sterling /rises 'which led to the 
devaluation of tbe pound six aiid- 
a halT years 'later — 

A swap, like any other loan, is a 
way of buying time; the interval 
between the 1981 swap— the first 
of many — end the subsequent 
devaluation suggests that- at least 
under a fixed exchange rate 
regime, a good deal of time could 
be bought iu this way. 

This emergency device bas now 
become something of an inter- 
national habit. 

The arrangement ef swaps, 
under which central banks 
exchange holdings of each other’s 
currencies, rather than of straight 
currency loans was to some extent 
a face-saving device, partly neces- 
sary to avoid the' need for Parlia- 
mentary (and notably US. Con- 
gressional) approval, and partly 
from a desire to increase tbe tout 


sum ef world reserves. - . 

Since. reserves are a measure- of 
the liquid resources availab! 
central, banks.- and not oT 

hft bredttdr- position. •#. 

increases the reserves pf^-bnth: 
, contracting ppliea, • 
transferring reserves from one to 
the other. ’ t 

It seems incongruous that such 
a derice would be invented at the 
moment, when the total of world 
reserves bas been growing r.t a 
rate which alarms many central 
bankers. 

Howerer, as a practice hallowed 
by use. if has its advantages- 

The first was probably not fore- 
seen by the central bankers of 
1961. An agreement to exchange 
currencies is not only a useful 
disguise for a^lban. but it can be 
used by eitjfer party. By far 
tbe greater .part of the $22.16 bn. 
now availabl e to the U.S. authori- 
ties under >wap agreements is the 
counterpart of help offered by 
the Fed io the past- to other 


central banks tinder pressure. 

The Fed cast Us bread on the 
waters, and can now scoop up 
the return. - 

£ The! 'second advantage — at 
- least .fronEthe point of view of 
•the deficit -country — is 'that the 
exchange risk is, as it were, on 
the 1 other Jbot. The Bundes- 
bank, ov nils other central bank 
whose 1 currency is .used to sup- 
port the dollar, winds up bolding 
dollars rather than a claim to be 
repaid In its Own currency. 

U the effort to support the 
dollar fails, it is the tender who 
carries - the Joss; but if it 
succeeds; he shows a profit. A 
swap, 'is, thus rather -a firm 
declaration of faith. 

However, a country which In- 
sists od hedging all Its bets on 
the value of. its own currency 
In this way .may. be thought to 
have little /fgrth- tn its own cause. 

The U-Si, declaration of wrll- 
ingnoU-'.'ib -'-Incur foreign cur- 


rency debts with the IMF as 
part of the present operation 
is thus an admission that swaps 
alone are not enough in 
psychological terms, even if 
they are apparently adequate 
financially. 

The most worrying point 
about the present arrangements 
for central bankers outside the 
U.S. is that interventions may 
weaken their own domestic 
monetary control. The sales of 
D-Marks— or pounds— hy the 
Fed in New York has just the 
same effect on interest rates in 
Frankfurt and London, and on 
potential monetary growth, ua 
similar purchases at home. It 
was the difficulty of controlling 
the consequences which drove 
Britain to float freely io 
November. 

“All the same, the speed and 
informality of a swap arrange- 
ment seem to retain an 
irresistible attraction. 


Hopes in coal 
strike pinned 
on new talks 

By Stewart Rem 'TO 

-NEW YORK, March 13. 
WITH NO SIGN yet of a wide- 
spread return to work by 
striking coal miners, hopes of 
a settlement to the 98-day-ald 
dispute are pinned on renewed 
negotiations -in Washington 
between the United Mine 
Workers* union <UNW) and 
the Bituminous Coal Operators’ 
Association (BCOA). 

Reports of the talks con- 
tinue to suggest that progress 
towards a new agreement Is 
being made. . Some observers 
are suggesting that the nego- 
tiating teams could come to 
terms later this week, and 
there are already indications 
that the coal companies are 
making new concessions in an 
effort to end the dispute. 

The BCOA has put forward 
a new proposal which wonld 
reduce the Initial hospital pay- 
ments by miners. Under the 
proposed changes fn the health 
care system. It would go some 
way towards levelling pensions 
between miners who retired 
before 1974 and those who 
retired later. In return com- 
panies are seeking new pro- 
duction inceudve proposals. 

Significantly, the Industry’s 
new negotiating team includes 
no representatives from the 
steel companies, such as U-S. 
Steel, who have their own 
mines and have been taking 
tbe toughest stance ip the 
talks. Both sides say there 
is an improved atmosphere at 
the bargaining table, partly 
because of the change or per- 
sonnel In the negotiating 
teams, and partly because 
neither the UMW nor the 
BCOA wants lo see the talks 
disintegrate into local, instead 

of national, wage negotiations. 

A sign that agreement 
might be near will be when the 
anion calls its bargaining 
council back to Washington. 
The council mosr approve a 
proposed settlement berore it 
can be put to the 16&909 
miners For a vole. 

Early reports from the coal- 
fields suggest that so far pre- 
dictions that UMW members 
would defy President Carter’s 
hack-to-work order are proved 
correct. 


NEW YORK CITY UNIONS 



BY jOHN WYLES 

ENDURING friction between 
union leaders of tbe 290,000 
employees of the city of New 
York has been exacerbated by 
the new chief negotiator for The 
city’s policemen, whose services 
have been obtained for $750,000 
a year.- 

. Tbe Patrolmen's Benevolent 
Association hair withdrawn from 
the coalition of unions which is 
jointly . seeking to negotiate a 
new contract for municipal 
employees which will run from 
tbe beginning of July. 

While the union leaders accept 
that there is very little scope 
for pay Increases because of 
tbe municipal financial crisis, 
they are under intense pressure 
from their members and are 
being forced to adopt a militant 
approach at tbe start of nego- 
tiations with the city. Mr. 
Victor Gotbaum. who is chair- 
man of the coalition of municipal 
unions, gave some clue as to the 
j extent of rank and file pressures 
when, at the week-end. he 
blasted the police leadership for 
u raising the level of expecij. 
ttons Instead of levelling with 
the cop on the beat.’’ 


Mr. Gotbaum and his colleagues 
are obviously fearful of the 
impact oi» their 250.000 members 
of Patroknen's Benevolent Asso- 
ciation : ■ : demand that' ' its 
members*." should be raised 
from an average 317,558 . a year 
to the 821.000 which- has been 
secured !by arbitration for 
poli cement in nearby Suffolk and 
Nassau counties. Claiming the 
credit for, these awards Is Mr. 
Richard Hartman, senior partner 
in a Long- Island law firm, who 
has how been hired by the New 
York city PBA to handle ail of 
their legal affairs, indu-iiag pay 
negotiations, at a fee of $750,000 
a year. 

The municipal unions have 
been incensed over the past few 
days by Mr. Hartman’s public 
stance that a pay rise of more 
than So.000 per year for police- 
men is entirely reasonable. 

Talks on the policemen’s 
claim open to-day. and the 
municipal unions will . pick up 
tho threads of their negotiations 
tri-morrow, following , in 
extremely acrimonious meeting 
with city officials on Fridav” 
The unions are still pressing the 


NEW YORK. March i3. 

city to withdraw its demands 
that the unions forego a -number 
of established payments and 
work practices. 

What is unclear Is the extent 
to which the public jousting 
between the city and Us unions 
is designed for the consumption 
of city workers.- who have to- be 
convinced that their unions have 
made the best of a bad job, and 
for the Congress, . whose dis-, 
mission on further financial aid 
for New York may be favour- 
ably influenced by a tough 
negotiating line by the city 
administration. 

No one is yet ruling out the 
possibility of a widespread strike 
by city workers in support of 
their demands.- On this front, 
separate negotiations with New 
-York hus and underground 
workers are crucial. Their con- 
tract expires at the end or this 
month and a strike against citv 
transport services might well 
attract the support of oth^r 
employees, on the grounds Out 
a broadly based confrontation 
might be the most likely to 
succeed in securing pay ‘rises 
which the city say# it cannot 
afford. 


Volkswagen 
‘violated 
pollution rules’ 

WASHINGTON, March 13. 
THE ENVIRONMENTAL Protec- 
tion Agency (EPA) has accused 
Volkswagen of America and 12 
of its dealers of knowingly 
violating pollution control re- 
quirements and said that it has 
turned tbe matter over to the 
Justice Department for action. 

The EPA said that in 1976. it 
allowed Volkswagen lo remove 
the catalytic pollution control 
converter because of reports that 
it caused overheating and other 
problems. 

However, at that time, the EPA 
said, it insisted that certain 
engine modifications he made so 
that the- cars conformed r n the 
Clear Atr Act require meuts. 
Reuter 


; Venezuela oil 
I production 
j down by 26.9% 

! Venezuelan oil production 
, averaged l .714.434 barrels per 
day from January I to March 8— 
down by 2«.« per cent, from the 
equivalent period in 1977, AP-DJ 
writes from Caracas . The produc- 
I tion average s« far this year was 
fi33 7 b d belou- the - aeerage 
2.34K.I35 b/d produced during the 
equivalent period in 1977, 

St. Lucia talks 

Discussions on the next steps: 
ion ards independence for ihe : 
Caribbean island of St. Luna will , 

■ be-’in in London to-day and con-: 
* tin iic op Wednesday. .our Foreign' 
i Muff writes. They will he enn- : 

■ ducted hy Mr. Ted Rowlands, tiie^ 

. Miniiipr rfi ihi- Foreign Offirr. and- 
■Mr John Compion. the Premier 
of Sr. Lucia . i 


Navy court 
threat 
on N-subs 

WASHINGTON. March 13. 
THE U.S. NAVY has threatened 
to seek a court order to compel 
General Dynamics Corporation to 
continue work on 16 nudoar 
attack submarines. 

The announcement came in 
response tn a General Dynamics 
decision — taken an _ April 12 last 
year to stop work on the suIj- 
inarmcs. 

The Navy statement said that 
tn view of General Dynamics 
decision to stop work on the sub- 
marines It win “take such steps 
in the courts or otherwise as may 
be necessary and advisable- w 
protect the puhUc’s interest and 
the national defence. 1 * 

AP-T..1 


i 




i ?x,.vv 




5 • * * 

* ; - •« ■**V. >*; 

•r, ' ~*,VS.Wl 

'-f •■ ■ •/ ' *? ' 

• -r;r-.v ; v-uu^jx-J 

r- . - ^-.lirKstcr? 
,*-• * • - 
■ ..v- ., 


?Sife£d 


* -v,: 


>; y-V> - : ; 




■ "P& 


. • ; - V- r- - -• - v* •-,- * Z 

^r^v;;. .*A,‘ _ .. :;• 


■h;? 


c'' V^V-'r-X 
if,, i 


'x-^y* ■>■ 
•‘•vt *r : . •*• 

t : v> • 






~ k r>.- . 

■'■' ■Vtf ’. 

■"^ ;; v*i 

- - 


Am 

v*- -,** ..-r'^' 


. v.-*- • . ■ ■ 

f$F .* 


^ : ***-^ -<■* 


■ • .' - >* 
-V »'.y\ij, 

■ <-•*< •'••■* 
r •‘ > . -'4 
- ■• • V' 




r * •*. - Jt 

•vVi.'Tv-. > 


/v 

:• ‘ •*' *-». : 


;. \«. - ; 

:***>"•; 


w; 


3 ;'!ypt 

•V vV? ! 


™anqal times tdesday • march m i»78 


% ■ 


\ -ii- 


A serious fire can destroy more than 
your building. 

If it puts you out of production, even for 
a matter of months, it can empty your order 
book, annihilate you in a highly competitive 
export market, and inflictupdn your company 
losses which cannot be covered by insurance 
running into hundreds of thousands. 

If you’re lucky, after a while you may 
struggle back. 

But you may not be so lucky. Every year 
40% of firms hit by serious fire go out of 
business. 

Fire is indiscriminate. And frighteningly 
unfair It strikes companies with full order 
books and promising futures just as often as it 
strikes lame ducks. 

It takes its toll in hospitals and schools as 
it does in factories, warehouses or shopping 
precincts. 

And, statistically, it is bound to hit you at 
least once. 

But the crippling effects ofserious fire can 


be prevented. By Automatic Fire Ventilation. 

As the diagrams show, the key to mini- 
mising fire damage is to control the spread of 
smoke. 

For it is smoke that renders a building 
difficult to evacuate, smoke that hinders the 
fire brigade from locating the source of the 
fire and fighting it effectively. 

By releasing the smoke and explosive 
gases harmlessly to the sky, Colt Automatic 
Fire Ventilation saves buildings, saves stock, 
saves plant and saves lives. 

It can also- prevent stores and machinery 
away from the source of the fire from sustain- 
ing serious damage. 

In some cases, it is even possible to 
resume limited production the next day. 

The cost of ColtFire Ventilation is small, 
and can be off-set by tax allowances, cash 
grants and by the enormous benefits from 
better day-to-day. working conditions. 

And we’ll survey your premises free. 

Write or phone Colt now. : 


Don’t think: “It won’t happen to me.” 

In 1976 fire cost Britain £232,000,000. 
This year it may be your turn to pay. 



A 1 0 ft, x 10 ft. fire can fill a 
200,000 cu.ft uhvent llaced 
building with smoke in 3 minutes. 


/^jk /^A 

m 


Colt automatic fire vents open' 
over the source of the fire seconds 
after it starts. 



The spread of smoke is controlled, 
the fire source is easy for the Fire 
Brigade to find and fight effectively. ' 


Colt International Ltd, (Health and Safety 
at Work), Havant, Hants, P09 2LY. Havant 
(0705) 451111. Telex 86219. 

With Colt Fire Ventilation, fire can be 
a temporary nuisance, not a total disaster. 











L WOR LD IK A DE N EWS 


nNANCHi TIMES TBESD AY 


Zealand 
hits out at 
Japanese 


' "By Dai Hayward 

■ W ELLIN GTON'. March 13. 
IN A BITTER, strongly worded 
attack oo Japanese trading activi- 
ties, the New Zealand Prime 
Minister, Mr. Robert Muldoon, 
has suggested there should be “ a 
concerted effort by aJT Japanese 
trading partners to tell the 
Japanese Government they have 
bad too much of a good thing" 
and demand more co-operation. 

Mr. Muldoon critercised what 
he called “commercial 
Imperialism " and blind self- 
interest by Japan. The Japanese 
Government seemed oblivious 
that trade was a two-way street. 
Japan seemed to be prepared to 
respond to force. 

0 The New Zealand steel indus- 
try has won its first orders for 

3.000 tonnes of steel wire rod for 
South Korea. It has also been 

given a second order for 2,500 

tonnes of steel reinforcing rod 
from the People's Republic or 
China. 

Both orders, won by the 
Government-owned NZ Export- 
Import Corporation, will be filled 
by Pacific Steel, which has two 
hot rolling mills in Auckland: 

New Zealand regards the 
order from' Korea, a leading 
Asian industrial nation and a big 
user of steel, as particularly 
Important. Traditionally Korea 
has got ber steel supplies from 
the U.S., West Germany or the 
Soviet Union- 

' The follow-up order from 
China has actually been placed 
before a first trial shipment of 

2.000 tonnes ordered late last 
year has actually been delivered. 

The company is also filling an 
order of 3,000 tonnes of steel 
wire rod for Saudi Arabia.- 


for better buyers’ credit 


Turks open 
talks 

with Russia 


Substantial orders from India 
expected during Dell visit 


m 


:!H ! 


by DOUGLAS RAMSEY 
A JAPANESE shipbuilding 
executive has asked the Govern- 
ment to improve the terms of 
credit granted to foreign buyers 
placing orders with Japanese 
shipyards. 

Mr. Hirotaro Neraoto, manag- 
ing director of Ishikawajima- 
Harima Heavy Industries (1H1), 
said in an interview published 
to-day by the Daily Sbipping and 
Trade News that Tokyo should 
provide "relief measures" to 
foreign shipowners to “prevent 
the cancellation of outstanding 
new building orders from over- 


seas. 

Mr. Nemoto also confirmed 
that the Japan Shipbuilders’ 
Association (SAJI has rejected 
a request from Greek ship- 
owners for improved terms on 
their orders. The Greeks, accord- 
ing to Mr, Nemolo. asked the 
SAJ “to take such steps as the 

lowering of ship prices, chiefly 

for vessels already ordered, the 
modification of payment terms 


and the postponement of ship 
delivery. But the SAJ notified 
the shipowners' organisation that 
it cannot accept the -request" 

'IHI’s- managing director 
pointed out, furthermore, that 
“similar requests .are flowing 
in from other foreign ship- 
owners.” He disclosed that “more 
than half” of IHI's backlog of 
some 100 F series vessels ordered 
from abroad are the subject of 
talks with owners seeking price 
cuts, delivery delays, or cancel- 
lations. 

Although urging the Japanese 
Government to give more 
favourable terms to foreign 
shipowners for hew orders, Mr. 
Nemoto admitted that “to keep 
new buildings in our hands, we 
have no choice ‘but to agree to 
share the expected losses with 
them, say. on a 50-50 basis, or 
to delay deliveries or to make 
other concessions. 1 ’ 

Mr. Nemoto insisted: “ The ex- 


.TOiara March 13. 
i sting lending terms of the 
Export-Import Bank of Japan 
are totally unattractive in the 
eyes of. foreign shipowners." 

However, he did not indicate 
what sort of terms Exlnihank 
might offer for ship export con- 
tracts without contravening the 
OECD gentlemen's agreement on 
export credit. At present it is 
understood that most new build- 
ing contracts are' accorded the 
maximum credit terms allowed 
under die OECD, pact (in the, 
case of Greek owners, 70 per 
cent, deferred over seven years!. 

Mr. Nemoto said he boped IHI 
will manage to maintain at least 
at 40 per cent, rate of shipyard 
operation in fiscal 1978, and pre- 
dicted that the February order 
of an 87,700-dwt tanker by Mr. 
Ravi Tikkoo’s Globtik Tankers 
Neptune of the United Kingdom 
might 'be the start of a new 
wave of orders for medium- 
sized tankers. - 


By Metin Munir 

ANKARA, March 13. 


BY K. K. SHARMA 


new DELHI, Marcbr-H 


TALKS OPEN here between 
Turkey and . the Soviet Union 
next Wednesday on the 1978-79 
trade protocol that will regulate 
foreign trade between them, 
based on clearance agreements, 
Ibe Foreign Ministry said. . 

Trade between the two 
countries in the previous trading 
year was worth more than SlBOm. 

Also during the discussions, 
lists of goods will be compiled 
that Turkey will export to the 
Soviet Union in payment of 
credits and interest There will 
be a separate list of goods that 
the Russians will receive in ex- 
change for the equipment sup- 
plied for the Iskendenm steel 
mill on the Mediterranean. 

Meanwhile, talks opened here, 
to-day between the two states on j 
marking their joint maritime 
border in the Black Sea. 


SUBSTANTIAL orders ; for 
British products *rcr to be 
finalised by Thursday when the 
meeting of the Indo-British 
economic committee, . which 
began to-day, -'ends its discussion 
on ways to increase trade and 
economic relations between the 
two countries. 

The British side has presented 
details of prices, delivery 
schedules and other aspects of a 
lone •** shopping list " presented 
to Mr. James Callaghan when he 
visited India in January. -■ 

The “ shopping list ” is mainly 
for capital goods such as coal 
mining machinery, generating 
sets and equipment for 
[modernisation of Indian plants; 

It is in line with the .Indian 


Government’s decision to raise 
imports substantially to use w® 
.growing . foreign «*<*“g* 
reserves 'for development of the 
economy. When flnaiised. orders 
for British companies w 11 run 
into many millions of P°unds but 
.no firm figure is available at 
present. 

- The British delegation to the 
committee’s meeting Js 5*1°® J* 1 ? 
by Mr. Edmund Dell. Secretary 
or State for Trade, who pointed 
out firmly that the Indian 
-Government must make positive 
decisions to reduce the trade 
•imbalance which w running 
heavily against Britain. 


counterpart. Mr. Mohan Dharia, 
to show that British goods, were 

competitive. 7 . - 


He i a reported to have 
presented figures to his Indian 


Mr. Dharia pointed out/- that 
the imbalance in bilateral .trade 
had been reduced in »77 to 
£105m. from £150m. in 1976 but 
Mr. Dell said this was due to 
other factors and not became 
the Indian Government bad 
taken deliberate measures to 
increase imports . from hjj 
country. 

Both agreed to examine care. 
fuMv the question of the auction 
of 'tea in London after Mr. 
Dharia said recent official report; 
in Britain and India had shown 
that the auctions were not io the 
interests of either country. . . ... 


1# 


Angola girts Cuban export aid 


EMI division 


BY HUGH O-SHADGHNESSY .. 


Oil made three-quarters of U.S. deficit 


in £2m. deals 


THE U.S. trade deficit with 
oil-exporting countries in 1977 
was 821.9bn. accounting, for 
more than three-quarters of the 
total U.S. trade deficit, accord- 
ing to Department of Commerce 
figures. 

In 1976 the deficit with oil- 
exporting countries was $14.7bn. 
and the largest oil deficit in 1977 
was with Nigeria. The U.S. 
exported S95S.3m. worth of 
goods to Nigeria and bought 


$6.1bn. of mostly crude oil, 
creating a deficit of more than 
S5bn. . 

The U.S. ran a $8.9bn. deficit 
in trade with Arab nations and 
Iran in. 1977, more than double 
the deficit in 1976. 

The largest deficit with an 
Arab country was S3.5bn. with 
Libya. The U.S. exported $3.13 m. 
of goods to the Libyans but 
bought $3.Sbn.- of oil. 

The U.S. ran up a deficit of 


WASHINGTON, March 13. 
32.8bn. with Saudi 'Arabia, send- 
ing S3.6bn. of goods to tbat 
country, importing $6.4bn. worth , 
of oil. 

Trade with Iran was almost 
in balance. The U.S. exported 
S2.7bn. worth of goods to Iran 
and imported S2.8bn. worth of 
oil. 

U.S. deficits, with IndonesiF 
were $2.7bru, Algeria S2.6bn < 
and the United Arab Emirate: j 
Sl.lbn. - AP-DJ 


CONTRACTS WORTH nearly 
£2m. have gone to EMI Sound 
and Vision Equipment, mostly 
for export. 

They include sales to Nigeria 
worth nearly Hfinu, comprising 
l £lm. three-colour camera tele- 
vision outside broadcast vehicle 
for Nigerian TV. and 12 radio 
lutside broadcast vans, . worth 
:400,000. for the Nigerian Broad- 
*asting Corporation. 

The company has also secured 
< contract worth £43S.Q00 from 
be BBC to design, supply, and 
instal antenna tuning equipment 


CUBA IS helping tne Angolan 
Government with international 
marketing of some exports -and 
buying some imports, according 
to diplomatic sources in Havana. 

The Cubaa authorities have 
considerable .expertise 4121 " the 
commodity markets, especially 
sugar, where Cuban exporteare 
important. Cuba is also a small 
exporter of coffee and a growing 
seller of citrus. 

That expertise is believed to. 
have been put to work for -the 
Angolans, whose ability . , to 
obtain the best prices for some 
products has been harmed, by 
recent turmoils. The Cubans are 
thought to be giving particular 
attention to marketing Angolan 


coffee, which is still plentiful 
despite the disruption caused by 
the fighting. A .. 

The Cuban state trading 
organisations are understood 
also to be ordering in their own 
names goods that are subse- 
. quently shipped to Angola. Some 
European suppliers seem to 
prefer dealing with Cuban buyers 
rather than representatives or a 
country with continuing 
economic problems. 

Although Cuba has had severe 
difficulties with imports after the 
collapse of the international 
sugar price from the record 
levels of 1973-74. its international 
credit is bolstered by its full 
membership of Comecon. 


The Angolan Government has 
allowed the fast growing Cuban 
fishing fleet, whose catches, 

Havana says, have sextupied la 
the past 15 years, to fish ft 
Angolan waters. 

According to tbe Cuban Cham- 
ber of Commerce, its fleets might 
be excluded from their usual 1 
fishing grounds by the extension . , . J ^ 
of the maritime economic zones j.',\ 4 j 
of the countries of Latin 'l 1 
America, the United States, ’ ‘ 
Canada, the EEC and tbe USSR. > * 

Cuba has already agreed to pay i/ ! \ 
Mexico for the right to continue • j'J * 
fishing in ibe Gulf of Mexico and - l * 
signed an agreement with 
Canada. 


ls'\i 


GATT forecasts modest 


“We’re a small company, but exporting is vital to us. It gives 
us a wider base of customers to help us live with the peaks and 
troughs of the home market. 

“Although we do only about £25,000 export business a year 
we havefound our ECGD policy invaluable over the last 20 years. 

“With individual products like ours we have to be careful 
with new overseas contacts, especially when we have to give credit 

“Our ECGD policy gives us the confidence we need to export 
worldwide in the knowledge that our co mmitm ents are covered.’* 

- Michael Watson is the fifth generation of the family to run V 
Henry Watson’s Potteries at Wattisfield in Suffolk,. where there has 
been a pottery industry for over 300 years. 


growth in world trade 


\ ■ . . ; ; 


5 

"... 


* 

IV •; . 

,! S ■ . 


M: • 







' • r - - : 

• : ■■ - v ■ : . 

■ ■ ■ 





BY DAVID EGU GENEVA, March 13. 

WORLD trade in the first half change In average unit values is 
of tbe current year can be a composite of increases id 
expected to increase only domestic prices of goods enter- 
modestly. according to tbe ing world trade and fluctuations 
Secretariat of tbe General Agree- in the exchange rate of the U.S. 
ment on Tariffs and Trade dollar in which world trade is 
(GATT). measured. 

It notes that the slowdown The rise in unit values was 
which occurred in the second fairly uniform among all major 
half of last year can oe reversed product groups. Industrialised 
only gradually and that pro- countries manufactures increased 
tectlonist measures introduced in by 9-10 per cent., those of 
recent months inhibit the expan- developing countries somewhat 
sion of trade both directly and less. Export prices of petroleum 
also indirectly “by creating un- ros? by nearly 10 per cent and 
certainty regarding conditions of on average other primary corn- 
market access in the future." moditics chalked up a 10 per 
Although the value of world cent dollar value increase over 
trade last year, set at some 1976. ; s , § 4 

Sl,150bn., increased by about Exports of the Industrial \ s|[ . 1 J j 
13 per cent in dollar terms — countries expanded at about the !tih* j 
roughly the same as in 1976 — the same rate as Imports, about half 
GATT notes that world trade as fast as in 1976. But there , - 

decelerated sharply in volume were significant differences as 
terms. between different countries. i'nUlD 8 ** 

Here the increase last year .was Britain and Canada saw their 

a mere 4 per cent., compared export valumes move ahead hy 
with 11 per cent In the previous 9 per cent, France by seven, . 
year. The overall figure reflects Germany, Japan and Italy hy 
In particular a marked levelling five, while there was practically 
off in trade growth In the second no change in the export volume 
half of the year. of the U.S. 

The difference between growth On the imports side, the U.S, 
m value and in volume repre- saw tbe largest volume growth, 
sents a 9 per cent, increase In plus 12 per cent The growth 
dollar unit values in world trade, was set at 5 per cent for West 
compared to a 2 per cent rise in Germany, 2| per cent, for Britain 
19 76. .- and Japan, with no increases for 

But, in turn this statistical France and Italy. 


Panther output to rise 


BY STUART ALEXANDER 
; A MAJOR Increase in production 
I is being planned by Panther 
Westwinds; tbe Surrey-based 
! specialist car manufacturer, to 
i meet • demand in the United 
States. 

It is bolding talks with the 
U.K, Belgian and French depart- 
ments of industry about a new 
plant which, initially, will pro- 
duce about 1,000 of its Lima 
sports cars a year. Alternatively 
Panther in ay join with an estab- 
lished car producer in Belgium 
or France to use existing line 
production capacity for the care. 

The decision is expected in 
about . four to five weeks and 
yesterday Mr. Bob Jankel, 
founder and managing director 


of Panther, said that the com- 
pany or country coming up with 
the best package would win. 

Production is to be boosted to 
between 5,000 and 10.000 a year 
within two years with some of 
the cars earmarked for Japan and 
Australia, where Panther is al- 
ready established. The money 
for the project was raised in the 
United States when tbe importer 
there, Buckingham Motor Im- 
ports, went public. 'But Mr. 
Jankel said yesterday be was 
hopeful that the company would 
be required to put up only a 
minimal. investment, particularly 
if it were to co-operate with an 
existing manufacturer. 


‘is!. V 


Swiss phone experts link 

BY JOHN WICKS .. 


EXPORTS OF Swiss expertise in 
telecommunications are to be 
promoted, through a Joint effort 
by Radio Schweiz, an affiliate of 
the Swiss post office, and tbe 
private consortium TeleconselL 

Several projects are being de- 
veloped under the trade name 
Telesuisse, among them two 
regional communication satellite 
systems. ■ television production 
and telephone-exchange centres 
and a telex and telegram net- 
work.- 

Companies belonging to Tele- 
conseil are. Bonnard et Garde! 
(Lausanne), Compagnie d 'Etudes 
de Travaux Publics (Lausanne) 
Elektrowatt Ingenieurunterneh- 


ZURICH, March 13. 


mung (Zurich). Emcb and Ber-. 
per Bern. Gruner (Basle). Ufflcio 
dlngegneria Maggla (Locarno), 
Motor-Columbus In genie urun ter* 
nehmung (Baden), Societe Gen- 
erate pour l'lnduRtrie (Geneva) 
and Suiselectra (Basle). 

• The Swiss engineering company 
Landi s and Gyr t of Zug. and 
Hindustan Machine Tool Inter- 
national have jointly received an 
order from the Algerian state gas 
and electricity corporation to 
equip two meter factories at Al- 
Ewma, eastern Algeria. The 
prants wril produce household 
meters and have a contract value 
Sw.Frs.J2m. Landis and 
** so Provide a training 

centre. 




'%! * 


J -!StS \ 


U.K. sells Trinidad more 

BY PAVIP REN WICK 


V _ _ • M 


ECGD offers insurance cover for a very wide range of exports, including raw materials, mass-produced and capital goods, gsrvices, construction contracts and sales through UK confirming houses 
merchants and overseas subsidiaries of UK firms. For certain business-ECGD also offers bank guarantees for export financehr favourable rates (to the expor ter or h is customer); guarantees for ore! 
shipment finance and performance bonds; and cost escalation cover. Full details from your local ECGD office. * *— * 


Shipment ti PF m v** anu penonuauu: uuuus , auu auuuaua ujvec. ruu < uum yuui . jLiv-va-u uumx . 

Tr» niake en appointment or for information contact the Information Officer. Export Credits Guarantee Deparrmcm - quoting reference FTP -ai Glasgow, 
Cambridge, Bristol, London West End, Croydon or To ucnham offices; or Joan Swailes, Information Section, ECGD, Aidermanbury House, London ] 


Ing reference FTP -at Glasgow, Bdfiist, Leeds, Manchester, Birmingham, I m 1 ™" la.- tm H ' Hi 

Aidermanbury House, London ECaPzEL»(Td:oi-6o6 6699* Exm. 258 ). HIwWHp 

- INSURANCE FOB BRITISH EXPORTERS. 


TRINIDAD AND Tobago bought we a ^ RT rfribb' ' ' 

British . goods worth L07m. S j n (not all C ® F nbb ? an territories 
1977: £23ra.. or 31 per cent, more beIons 

than the amount imported in all and 26 per cent, of 

1976. P 10 j£ }? entire Carib- 

The increase was mainly due thaFmSk i! uerl ° and 
to higher: sales of British motor and Dutch Islands). 

vehicles of ail kinds, Including Tobaso ae “f of . Trinidad 
cars, trucks and buses, most of cars in m f rke 1 t for British 
which are shipped to Trinidad fn in n£ ^ a ^S!? Iar M illustrated 

CKD (completely knocked dow^" ind^ w?* Se?2MTK lweeT LlS 
fonn and assembled in local fa* cam j° , K - P asaenger 

tories. Some £26rn„ or more than 74S7 ,ncreased 4,474 to 

a fifth of total sales fell Sto tiS Far it 

category. «« imo tnat For jts part Trinidad and 

Other important British ex- Sto fi0 »* W ®f£ ? 00 . ds worlh 
ports -to Trinidad and Tobago dnw’of £«l U,n last y I Sr ‘ ^ 
last year, according to the British 1976 1 il8m - compared with 

High Commission in Pot^r nr tk n » . 

Spain, were electrical pow?J in^aYes of t U — 5 5 y 3 dc f Une 
machinery (£3^90.000). distilled product, pe ^°i eBM 

; alcohol, mainly whlskv wa2r c ,-f' decreased from 

(£3.170,000), - medicaments thrift 6 - *° £5m ‘ ,ast >' par * 

(£3m,), milk (£1.8m.j, books prodJriioV' 1 ^ S QWn P etrolcurn 
(£lra.) and knitted fahrir, ^ tr rose. 

(£lm.). cs I s discounted from the 

Sales of British goods to ever !l? lh - vearSl h0 ^ 
Trinidad and Tobaao accounled * ,n « a , d s non- Petroleum 

for 49 per cent of all H HTtS ^ ** 

exports to the Caribbean CoS ct 25 P® r wnL 

munity and Common Market of" Ki«K han l ^ 6, mainl V because 
(CARICOM), 37 per cent of a » ®,L h J Rh 5 prices obtained for 
British exports to P the Cornel JK ^ EEC 








m***. 




FINANCIAL TIMES TUESDAY-. MARCH 14 1978 


HOME .NEWS 



wins 






f 2 m. order 


j *in im t 
' V* £ 



>V :3 . 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


export 


vosper Shiprepairers, part of 
Bn ysa Shipbuilders, has .won 
a L.m. order from Sheii Rjrpjo- 
-.ration which could ‘ increase the. 
yards Southampton workforce 

vynnarXy 20 per ceat. this year, 

c T £ e D10VC is a major divers i> 
h cation into offshore engineer 
. ,n g. which will account for 25 
per cent, of the . work in the 
yard by Christmas. .. Employ- 
ment is expected to rise by 300 
to almost 2.000. 

The Shell order is for a large 


1 to 

iff WIMlil ij »M 4 « lai^ 

l{{| muaujc^to Jiose staff on offshore 


n . ■ *»voy o(qh via uuauuic 

ml production platforms. -Work 
will start in May, 1978, for cow- 
■ pletion in the autumn; 

, Moat of Vosper. Shi prep airers* 
work has come : traditionally 
Trom warship refits, but yester- 
' day the yard said , its long-term- 
plan was to obtain more offshore 
and merchant ship repair work.- 
There were now ‘‘■very good 
prospects " for engineering 
equipment -sales in the existing 


North Sea oil fields and in the 
developing waters off Dorset, 
close to Vosper’s deep water site. 
. The Shell order- follows the 
experimental building, of a small 
laboratory, module- far Explora- 
tion Logging, of. Windsor, which 
began IS months ago. Now 
Vosper is "knocking on the door 
of all the major oil -companies 
fOT work,** Mri John Wilde, 
chairman, said. 

He said there were definite 
signs of an upsurge: ih North 
Sea requirements. \ The ’• demand 
for higher . safety standards 
would lead to more modification 
■work. 

The first drilling was; expected 
in a few weeks oflKthe Isle of 
Wight; work which would “ dove- 
tail with the expected downturn 
in North Sea requirements In 
two or three yeaffc" l~The new 
work would “ just abode compen- 
sate for the fall in military refit 
work.” ‘ • 


f 5m. plan 


to boost 


Reed 


factory 


Lloyds to expand 


t?c;iN{s ii]Q^ 

^urScJ trade 



service 


BY MICHAEL BLANDEN 


LLOYDS Bank is to expand its 
mn-of -bouts cash ' withdrawal 
service through its computerised 
cash dispenser machines. 

The bank has ordered 200 IBM 
self-service cash dispensing ter- 
minals. About 100 are to. be 
used as an extension of the pre- 
sen i Lloyds cashpoint' service 
and will be installed, in the walls 
of existing branches. 

The rest of the machines are 
to be installed inside branches 
and in places such as stores, 
hypermarkets, hospitals and uni- 
versities. 

The move is a further sign of 
the efforts by the banks to pro- 
vide access to basic banking ser- 
vices when branches are dosed. 
Already this year. Barclays has 
announced a doubling of Its 


outlets.. -with an 

ioo more NCR 


BarcUycard 
order for 

machines; . _ ...... 

Lloyds' claims' to bapd |een the 
first major U.K. bank -to ins tail 
computer-linked catfh-lpaclnnes, 
providing flexible 'accept to cash 
withdrawals. It now has670 IBM 
terminals processing more than 
300.000 withdrawals a. week, in- 
volving some. £5iri, ip $i$h . with- 
drawals. 

In November 1976, the bank 
started to instal througb-the-wall 
cash dispensers outside branches. 
It has 36 in operation at present 
with' another 50 expected, to' be 
working by the end - of this year. 

The new order will give Uoyds 
more than 1,000 nri-liheteasb dis- 
pensers connected to its central 
computer. 


Alcan plans push 


in window market 


: r. 


FINANCIAL TIMES REPORTER 


f pilt HUS 


ALCAN U.K. is planning "to 
capture a dominant slice of the 
£100m. - market for windows in 
new homes through the forma- 
tion of Alcan Windows, which 
will manufacture and market 
aluminium windows from April 
1. 

“ Aluminium was a proven 
material which did nol warp;rot- 
nr need painting and as such 
was virtually maintenance free 
for the lire of any bouse,” Mr.'; 
Alan Paterson. Alcan Windows 
managing director, said yester- 
day. . 

The range will compete .with 
traditional . but warp-prone 
umber windows. 

Alcan Windows, one of the ! 
l T K.’s largest window operations. 


-has been formed in a. reorgani- 
satioq of Aican's finished pro- 
ducts- division. -: 

Gardiner AlumUz, a recent 
acquisitlonr making- the Weather- 
gard range has been merged 
.vtfUf suppliers Alcan Booth 
which last - year encountered 
difficult trading conditions 
marketing Aluglaze window and 
-door products. 

. ••• Management and marketing 
are to be relocated at Gardiner’s 
Weston-super-Mare manufac- 
turing base. 

Alcan, British arm of the 
diversified Canadian aluminium 
producer, hopes to penetrate the 
private and . public building 
sector. An export drive is also 
planned. 


Signode to build £6.5m. 
plastic plant in Swansea 


BY ROBIN R&VES, WELSH CORRESPONDENT 


CX|W 


L'fl> 


A PLASTIC strapping plant 
costing £6 .5m. is to be built in 
Swansea, South Wales, by Sig- 
node, with the aid of a £750,000 
Government grant 
■ Tbe gram is - being made 
funder the selective investment 
‘scheme and this -was evidently 
instrumental in • persuading 
Sign ode’s U.S. parent company 
to site the project In Swansea, 
rather than at its Dusseldorf 
Factory in West Germany. 


Mr. Thomas Erwin, Signode’s 
president, said that Dusseldorf 
had advantages over Swansea, 
but these were neutralised 1 by 
the grant and other financial 
aids. 

The plastic strapping produc- 
tion line will be tbe first of its 
kind In the U-K. It will create 
at least 50 jobs and, accor ding 
to the Department of Industry 
benefit the U.K. balance of pay- 
ments by up to film, a year. 


Agreement near on code 
for heat and ventilation 


CONTRACTORS and manufac- 
turers in the heating and ventila- 
tion industry are nearing agree- 
ment on a new code of practice 
aimed at bridging the. gap 
between the differing methods 
of trading of the supplier and 
the contractor. 

The agreement is.-, being 
^drafted to avoid, transgressing 




i,j/| {lirosu-ictive trade practices Jegjs- 


laiion and will be subject to the 
approval of the Office of Fair 
Trading- It will mean that both 


sides of the industry will de- 
velop a systematic, framework for 
pricing, delivery programme andi 

payment . : 

The Hearing and Ventilating 
Contractors* Association said 
three Issues had been obstacles 
to -smooth contract progress: 
manufacturers’ conditions of 
sale; problems associated with 
suppliers’ reservation of title 
(ownership) clauses; and the use 
of a formula method to adjust 
for fluctuations in price. 


Hospitals given extra £640,000 


A COUNTY health authority 
AFtucb threatened to . dose 
hospitals and save on patients’ 
.'nod because of lack of funds 
xus given an extra £640,000 
ri-sierdar. • 

The cash for Cornwall was 
ipproved by the South West 
touional Health Authority, which 
* also considering proposals for 
i-£6m. hospital development at 
lYcliske, Truro, in the early 
1980s. 

Junior doctors at the Royal 
Cornwall Hospital, Treliske, 
recently complained that because 
:jf lack of funds, patients were 
i.iv inp to wait for treatment and 
a ere .being returned, home early 
:i<uii ‘hospital. 

A dcb’Rotinn from Cornwall 
ileal th Authority later aw 


regional officials .and warned that 
they would be £640,000 in the red 
by the end of this month. 

They drew ~ up ‘ an austerity 
package which involved closing 
small, uneconomic units and 
saving on patients* food. 

Mr. Trevor Rippington, rite 
regional treasurer, said yesterday 
that the extra money meant that 
drastic cuts in patients* services 
could be avoided. 


Cossor service 


centres plan 

COSSOR ELECTRONIC'S service 
division is to set up regional 
centres. in the City and in Man- 
cheater . because .of ’ expanding 
business.' ' 


REED CORRUGATED CASES is 
to spend £5.35m. on developing 
Us Edinburgh factory and im- 
proving equipment 
Tbe factory, which employs 
400 people, supplies corrugated 
cases to tbe manufacturing indus- 
try in Scotland and to the Scotch 
whisky industry. 

The company, which is part of 
Reed International, says: "Exten- 
sive modifications will be carried 
out to the production machinery 
at the plant to introduce recent 
technological advances in Corru- 
gated fib reboard manufacture. 

“ This, combined with tbe in- 
stallation of more sophisticated 
conversion equipment, will in- 
crease both the capacity of the 
factory and its facility to satisfy 
customers’ requirements.” The 
company expects the work to be 
completed in 12 to 18 months. 

The Reed group employs 5,000 
people at 14 manufacturing sites 
in the U.K. The investment in 
the Edinburgh factory is part bf 
a £25m. four-year .programme by 
Reed Corrugated Cases. *. 

Reed is to receive a '£1.13m. 
grant from, the Government 
under the Paper and Board 
Industry scheme, it was an- 
nounced in November. 


Bread price rise 


‘vital for bakers’ 


BY DAVID CHURCHILL 


A RISE in the price of bread Is 
essential . to maintain the 
financial viability of the major 
plant bakers, according to a 
survey of the baking industry 
by Jordan DataquesL 

It suggests that the future 
_ facing the bakers is black. 44 if 
; production is cut back standing 
overheads will become more and 
more crippling. The future for 
plant baking, therefore, seems 
to inevitably relate to the future 
price of tbe standard loaf." 

The major bread producers are 
already believed to be planning, 
a new' bread price increase to 
take account of rising costs. 
Only last month one of the 

major produce re, Hanks Ho vis 
HcDougall, applied to the Price 
Commission for an increase in 
flour prices. 

Jordan’s survey, which was 
published yesterday, reports that 
(he price of bread in the C.K. is 
as much as 2.5 times cheaper 
than in the great majority of 
other EEC countries. The profits 
on bread in the U.K. are 
described as minimal. 


According to the survey of 
159'. U.K baking companies, 
about 75 of which are privately 
owned, margins have deteriorated 
since a. survey last year. The 
top ten .private feompanies aver- 
age only 2.$ per cent profit 
margins compared with 4J2 per 
cent.. last year. The number of 
loss making companies in the 
survey has risen to 43— about 
22 per cent, of the total com- 
pared with 19 per cent last year. 

One of the companies shown 
to be! performing against this 
trend is Warburtons, the largest 
private company in the survey. 
In the year ended September, 
1976 its sales totalled £25.1m. 
with profits Of £L4m., a margin 
of 5.6 per cent 

Only one other company In the 
top ten private bakers, Stanley 
Hill, and Son, managed to equal 
this performance. 

Baking Companies. Jordan 
Dataquest. 47. Brunswick Place. 
London, N3 6EE, £34. 


GEC director attacks Whitehall 


‘interference’ in business 


Tests at Lake District mine 


EXPLORATORY working of the 
Force Crag barytes mine at 
Braithwaite, near Keswick, has 
been agreed by the development 
control committee of the .Lake 
District Special Planning Board. 

Committee members decided 
after visiting tbe site, that work 
could be permitted to test he 
naure and extent of tbe barytes 
zinc and lead deposits still there. 


It was - worked as a mine np to 
about - - 1960. The committee 
stipulated that the waste ore 
should be tipped in a hollow 
away from the nearby stream. 

Mr.: Robert Gunn, the mine 
manager, said he expected the 
mine would be in operation by 
the end of the year, employing 
up to 211 people: 


GOVERNMENT intervention in 
business was attacked last night 
in a paper delivered to the Royal 
Society of Arts, Manufacturers 
and Commerce. 

Mr: Ronald Grierson, a director 
of the General Electric Company, 
accused ministers and civil ser- 
vants of trying to take an 
entrepreneurial role— supposedly 
in the national interest — while 
bypassing the necessary 
disciplines of capitalism. 

Private enterprise was suffer- 
ing as a result because It was 
having to bear -the burden of a 
huge public sector shielded from 
the competitive realities of busi- 
ness life. 

“Entrepreneurial government 
bestows its patronage selectively 
and at random,” said Mr. Grier- 
son, former deputy chairman 
and managing director of the 
now defunct Industrial Reorgan- 
isation Corporation. 

“Under the banner of 1 backing 
winners,' ministers and civil 
servants fancy themselves as 
latter-day Carnegies or Rocke- 
fellers: and hundreds of millions 
of taxpayers' money are ventured 
on what was once called- ‘ head- 
long charges down frustrating 
cul-de-sacs’.” He said that 
“investing from the hip” would 
be another way of describing 
these adventures. 

“What is surprising is how 
rarely this conduct of govern- 
ment is challenged in practical 
terms. Public opinion somehow 
seems to be more preoccupied 
with the theoretical foundations 
of state intervention, with its 
legitimacy in constitutional 
terms. 


“ Not that this is unimportant 
the blacklist revelations of 
recent weeks show all too clearly 
bow vigilant one needs to be on 
that front. 

“But the question to be asked 
about the state as entrepreneur 
is not amply ‘ May the state do 
this ? ’ but rather 1 is one iota of 
extra national wealth likely to 
be created by so much frantic 
bnsy-bodying ? ' " 

Mr. Grierson said that the 
justification for this type of 
entrepreneurial intervention was 
said to lie in the malfunctioning 
of the capitalist market economy. 
The argument was that major 
financing and investment deci- 
sions could no longer be taken 
without the state’s corporate 
wisdom and vast resources. 

The trouble with this line of 
thought was that the market 
ecenomy could not be relied upon 
to deliver specific economic situ- 
ations. Mr. Grierson said that 
this irked Whitehall and that 
the cardinal mistake made by tbe 
centralised bureaucrats was to 
behave as if economic truths 
could be “known." 

In real life, what passed for 
knowledge — for the purposes of 
deciding tbe best way of pro- 
ducing the right products — was 
primarily a matter of judgement 
or even goes work. 

“Corporatism is the frame of 
mind in which producers, instead 
of facing the risks and penalties 
and. of course, also the rewards, 
of the free market, huddle to- 
gether in tbe bunkers of White- 
hall and Mill bank and, in the 
name of some mystical public in- 
terest, try to rationalise their 
relationship with eacb other witb 


the government of the day,” he 
said. 

“ Competition, with the accom- 
panying penalties for failure, is 
not man's natural habitat He 
accepts its disciplines only if, 
and to tbe extent to which, the 
rewards for success are corre- 
spondingly enticing. When these 
rewards cease to attract him the 
average businessman either opts 
out or seeks the sate anchorage 
of the corporate state and the 
cosy get-togetherness of the 
world of Neddy and public 
patronage. 

“ Whenever a particular indus- 
try comes under Neddy scrutiny, 
the predictable discovery is that 
if only there were ' more colla- 
boration and less competition and 
if only tbe Government would 
support— a convenient euphe- 
mism for subsidies — certain un- 
profitable activities, that industry 
would improve its compliance 
with the national interest. 

“ If the national interest is 
deemed to lie in increased ex- 
ports, Whitehall stimulates them 
by selective subsidies or guaran- 
tees; if the national interest is 
deemed to lie in shrinking an 
industry down to a single U.K. 
firm, incentives are offered to 
induce several firms to merge. 

“ If the national interest is 
deemed to lie in a so-called 
incomes policy. Government tries 
to bully firms which see things 
differently by threatening puni- 
tively to withhold public sector 
contracts, export guarantees or 
permission to raise insurance 
premiums. No unconstitutional 
monarch of the ISth' century 
could have been more wil Tally 
arbitrary.'’ 


If you really want to go 



ALBUQUERQUE- 

AMARILLO 

ATLANTA 

BALTIMORE - 

BOSTON 

CHICAGO 

ONQNNAIT 

CLEVELAND 

COLUMBUS 

DAYTON 

-DENVER 

DETROIT 

jFT. LAUDERDALE 


HARRISBURG 
HARTFORD 
INDIANAPOLIS : 
KANSAS cmr 
LAS VEGAS 
LOS ANGELES 
LOUISVILLE 
MIAMI - 
NEWARK 
NEW YORK 
.OAKLAND 
OKLAHOMA CITY" 
ONTARIO (Calif.) 
PHILADELPHIA .. 
PHOENIX 


TWAcanflyyou to 
37 cities in America. 


PITTSBURGH ■ 
ST. LOUIS 
SAN FRANCISCO 
SAN JOSE 
TAMPA 
TUCSON 
"TULSA 

Washington! 
.-WICHITA 


TWA is the only airline that can fly you 
directly fromEurope to major US gateways 
and on to a total of 3 7 American dries. 

This means you can travel to practically 
every major city in the I JSA witooiit chmigmg 
.airlines. 

Remember „ . .if you really want to go 
places tell your travel agent to bookyou 
withTWA- 

No-one else gives you service like this 
toAmerica. 


TWA 



Lt 


L ■/ 








* - Tr: 




stnangal tim^tuesday. frJ^ 


HOME NEWS 


Worst post-war year 
for iron foundries 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


Albery sells interest Sainsbury 
in five theatres cuts its 
to newspaper group coffee 


■alt 


* 

i ! Vi" * 


1 1 ^ ? 
j ' 


Finniston to head v . |;j 

nan’ Pnlirv -K 


new Policy 
Studies Institute 


.'VPRODUCTI ON of Iron castings— ings for the major customer— . Within that overall total, there ANTONY' tHORNOROFT 

'•one indicator Of the health- of the automotive industry— were was a 10 per cent rise lo demand C1TJ n A, • ' - .. 

. U.K. engineering — fell in 3.977 to affected by unsettled conditions for machine too! castings and £ G ^ * ' v ^° sg r Z 

their Jowest post-war IeveL Out- which saw production of an one of 9 per cent for - castings a the London 

■ uTouivtn net imfi tori . Am mn < ne » theatrical world -for more man a. 


- MIWVHUl IV- * Vi* VliV- r J? VS HU VMV Vi V Vlpi bbUU iUl VUUUKD .. 1 / . . a ” . * 

' put at .2.795,000 tonnes repre-. estimated 400.000 cars lost for ships’ engines, turbines and J2*^ S r 

- .seated a drop of 5.7 per cent, on because oHndustrtal disputes, so on - . ■ century, has sold his majority - jb 

•.-.the 1975 level. As a result, what might have Sales of castings to the build- . In ® ve lhealreB onS *& 

V The Council of Ironfoundry been a good year for the foun- tog industry fell by 14 per cent Associated Newspapers. The ^ . 
■: Associations .also estimates th3t dries supplying automotive cast- to 274.500 tonnes. Output of cast Hj“™ . **• Albery ana r-g. 
. a further Iff iron foundries shut ings ended with a I per cent, fall iron baths, stoves and castings JJ/RdRams, Sir Charles 

..down in 1877. leaving an esti- in output to 732,100 tonnes. for furniture and domestic **ynahjun, a -relative, at- the turp -i 

- mated '714 still in operation. Output of tractor castings fell appliances fell 7 per cent, to ° . t v 1 ,f eBt * 1 i y » tl,e Cri ?®? , ®“' i V % 


.;sjv> • - 


BY DAVID EREUD ' 

Q CTO 111 TWOOF the largest .depend^ ^ 

d\*dUl ‘ U.K. policy research whoim p^cy 8 recommendations an 

O .... toms are to mm T**" f a ° kc ?very seriously by tte.lTj 

body, will be railed the Poucs « dministralion . 

By David Churdun . — Stupes ^jnstiWt ^ ^ wj]] . There., has beciJ^consWctaM, 






' 4UI1 Ilk UMUdUUili W ^T - - IVII appUflUL« ICII I |IGi ivm. UJ n; i' V • A t '*.*■«* 

However officail statistics, show by only L5 per cent.* much less 87.500 tonnes, about half the and-Donmar (Ware- :-[?i 

iat tho industry’* work force than the fall in sales of wheeled 1970 IeveL house), the new 1 experimental -jy . v* 


'-that the industry's work force than the fall in sales of wheeled 1970 IeveL house), the new' experimental yfe, 

; increased from 79,569 to 80,861. tractors — 8.7 per cent— a per- One. of the three remaining theatre m Coyent Garden. &.?■ 

'[ The industry, forced by prob- formance- again affected by foundries making cast iron baths Health reasons have forced Str i>?T ; 

;lems In the home market to push industrial trouble. closed last year. • - Donald, who is 6$, to ..sell. His w-r 

■’exports more strongly than ever. Only, the .foundries making Production ■ of ■ pressure pipes son Ian : iUbery,' who is. pH’; 
"'managed to increase direct ex- engineering iron castings showed and fittings fell by 23 per cent deputy managing -director, will 

-ports from I74J0O tonnes in 1976 any perceptible increase in outr to a new low of 205.000 tonnes, succeed his father as managing -J 


«g- price war with -_a cut it " Mr Pin«r tdd'xM* tha 

■™,L P ^. m .ed e cS?™ •* The Incomfr— front a variety of , hc merjrer would hel| i close ft, 




to 175.600 tonnes. 


put last year, with tonnage up by -mainly because if. local authority I director,- and managerial control 


At home, "production of cast- 3.5 per cent to. 524,200 tonnes, .expenditure cuts. 


is expected 4a remain with the 

. Albery family. ■ 


Barclays chairman suggests 
exchange control loosening 


First vfeature 


BY MICHAEL BLANDEN 


MR. ANTHONY TUKE, the 
chairman of Barclays Bank, 
advocates a “ measured loosen- 
ing” of U.K. exchange controls 
;.to help make the best use of 
'North Sea. oil revenues. 

In his annua] statement to-day, 
Mr. Tuke also re-affinns the 
bank's intention of maintaining 
Jts operations in South Africa, 
which have been heavily criti- 
cised by onti-apartbeid organisa- 
tions. He insists that this offers 
the best hope of achieving a 
more tolerant society there. 

Commenting an the benefits af 
North Sea oil. Mr. Tuke says 
that priority should be given to 
improving the U.K.’s produc- 
tivity and increasing, its foreign 
earning power. In particular 
business desperately needs a 
long period of confidence 
which can only come from 
“steady and sympathetic Govern- 
ment policies.” 

It also requires, he says,.. a 
“ sustained reduction in the 
absurd level of taxation, in 
particular at both ends of the 
range” He goes on to argue 



This yfUL be.. Associated News- . ; 
papers’ first, venture into the ■ 
theatrical world. The property ! 
potential in its' investment seems, j 
minimal, since the theatres are I 
protected and the Albery family - 
has been at the forefront In pre- 1 
- serving London's theatres. 

There is potential on tbe pro 




Sir Donald Albery 


Over the years the Albery 


‘ground, coffee on* coffee ™ «te tUHS 

! This move means that Sains- amount to more than £5QQ.Wp J olicy res0 arch organisations ir 
birry’s coffee prices have dropped a nd total staff will be about 50- t &e two countries, 
by a duarter over the past- six The two organisations will be „ A lol 0 f the needs viblch 
monihs. The company said moving into premises in West- neoDlc thought should be fuV 
yestentoy tiiat-the latest-cuhwas minster in the next two months, jj.. £ by a British Brookings 
due to the falling, price of raw The chairman of the institute s . fulfiled by the new Insn-'; 
coffee beans on the world former chairman of PK* and tne r* ‘ „ h e uld. 
market. • British Steel Corporation- The merged . insUUrte had 

Earlier, the CMP cbt &» bri ce Sir 0>erl« p acreed to Uhe part In »ofer. 

is wr Jsras s? surrs^SSP 

SSt SSt s P to? 5 ? SV! S3e!. R T^vrt!wt ^cialis 

In another move, Waliis stores tbe joint organisation. me^onferenre C pape« XflaSr 

in London have cut the pnee of The merger reduces the “e book Form, 

a 4-oz. packet of Maxwen House number of major independent PHSr Monrv said he believed the 
coffee from n.09 to 99p. The policy research institutTons to Sir Mont^gm £»»»• 

new price will be reviewed, in three. .. _ nrea ter impact on Government 

three weeks. . The other two the Bgg than its predecessor. 

Salnshury’s pure coffee wiU InsUtute « We hope we will be more 


uuuijr a "»ui bnnum as we aovc «> -a«wao 

cost. £l.np for an 8rO».|-^nore COI Il™° n p , ly _ effective in getting oar message 

* jti. . n( I Chatham House . auu i *_ #>,■. nnuimimMi nut 


aucSon a ,tnuu* l0 SS 7t E»noi“ 55= »«*• G^cmm«t ,S 

Productions, which: puts-on plays. -watlve works as Waiting for coffee and chicory mixture-cost- Rational the public at large. Continuity, in 

banks policy. But the banks There te- also scope m developing Godot, and Tea' and Sympathy, ing S4p. Md Soc - al Kesearc P: ^ o vtot.- 

to nwirtwr'fl ImahtR .rftirittAa U ...VSa.U t... 4..^ . - M ... 1 


DnHw Tbere iffai s D scope in developing Godot, and Tea' ''find Sympathy, ing S4p. U Mr Plnder said that co- this field is vital. 

SavTii «v.n th AWpa^ ncp ii 'Dvuiaxts leasing activities — it Another success, which has just Last April a tonne o£ coffee on p r ari0 wl[h these organ isa- Among projects for Uumediai* 

th^ili n fl»wnr7 v*°?o supplies theatrical props, lighting been revived at the Albeir. was the world market cost £4.4*nbut SSmf^as well as others! was examination are an analysis of 

equipment, stage equipment, and- OUver! ‘ the' price has now dropped, to j£2i increase European demo era Lie institutions 

soi?etv " 0Ut 3 happier fairer the like, to more than 200 com- • The Duke vt Devonshire is under £1,400 a tonne. ' Uk r£JL e has criticism over and British educational policy, 

society. • . panics throughout toe U.K. : appealing for £100,000 towards Meanwhile, the Cooperative wo years of the quality The PSl also plans to look at 

On the bank’s own results, Mr. Ian Albery said last night -the lota! restoration cost of wholesale Society, which - hr z * ^ rp cparch Droduced by the unemployment ana me role of 

whidb showed pre 1 -^ profits up that he dfd not. expect any £500.000 of Buxton Opera Britain’s biggest off-licence Sr i t j s k organisations British institutions, including the 

from £ 197.9m. to £287.6m M Mr. change in the policy of Doxunar House, Derbyshire, - -locked up group, is offering a cut-price. wine " it has been said that they com- trade unions. 

Tuke draws attention to toe im- Productions. ?• since the end Of the war. Sffer for Easter on three of . its - . 

paot of dnfiatuon. The bank’s SS DMular wines. ^ 

inflation-adjusted accounts show , , : ' most popular wines. - 

that a total of £69.6m. was # . 11 j 


It has been said that they com- trade unions. 


most popular wines. 


needed to maintain the value of 
its working capital, and with 
other adjustments brought tbe 
pre-tax profit down to £177m. 
against £124. 8m. in the previous 
year, . 

• A warning of possible 
increases in. bank charges was 
given yesterday by Mr. Douglas 
Horner, senior genera] manager 
of. Barclays. He. said that the- 


Derek Crouch plans 
U.S. coal venture 


BY PAUL CHEE5ERJGHT 


Saint Saens 

letters 

auctioned 


Hotpoint sells most 
washing machines 


BY MAX WILKINSON 


HOTPOINT automatic washing and to take Hotpoint up-market 


Mr. Anthony Tuke 


bank's operating costs had risen DEREK 'CROUCH, one of the big- production is set at 750,000 tons SOTHEBYS is holding a two-day machines have overtaken Hoover as far as possible. 


UO.UK. a UUCraUUK costs UaQ men u..ww»u, vu« w ■•v.wi u>ua uutuww.u ~ a — — — - . . . -r. - TT-_ . ■ V M „ 

further since toe last Increase of the U-K Qpen cast. coal a year,- rising to Im. tons. sale of musical manuscripts. The as the market leader In the U.K-. His strategy has been to 

{- ^ , D _ , n » a ii a rf coa oak t K figiinw mm Audits attack Italian Imoorts with an 


in charges for running current operators, is expanding into the Mr. R.- Scott, the financial first day totalled £29,346. according to figures from Audits attack Italian imports with an 

accounts had been approved by U.S. for its- first mining venture director at Crouch, explained MacNnt, the Tunbridge Wells of Great Britain. image of quality, ana prompt 

toe Price Commission in April, overseas.. It -is taking 60 per that toe company had been look- dealer, paid £2,400 for 66 Letters, Hotpoint is a subsidiary of the “Tfi®?* M _ llt „u. n » iiotnnlnt’s 

1976, and would justify a further cent-^of a new-xompany making ing at various parts of the world and other items, from Saint- General Electric Company which ma ehinM and 

application for rises. * £8.9m. investment in western for a new mining venture and Saens. Haas gave £1,200 for a announced last week that it was ®“S*„tn?!fhave imnraved The 

However toe bank- would wait Pc " nsy ' van ‘ a “ al Properties, had been attracted to toe U.S. pencil drawing by Mendelssohn dosing its English Electric s e h iw P toat Tint 

r__ .l. Derek Crouch, with head- hv Uip rarunann in f*«al nmiinn. nf an Italianate hill-town. o<-inVnr- fartnrw in T.ivnmnol. Audits BBures SaO l * . , 


Regarding the bank’s Involve- death 'at Mr. Steve Biko and 


Annual report. Page 2% 


of toe investment by' lo'ans7^rbe . The operation starts with thel “““ machines and refrigerators, was per rent to 20 per cent. 

tejrf r - ‘long-term ?.« *S*^*ZS™ 


miuai equity oase of rower inc. r* - “A, „‘r’ ® nafa for put unaer me managemeuc ui . . inis is 

will be $4.8m. (£2.5m.) of which ^f 301 10 p i? v l^ e r° tomac Electru: Parade. paid £4^,00 fcr^arjYppded^ foj. chalm . Schreiher, whose But. of course, until we can in- 


n?P 


^0- 






ni 


BY ANTONY THORNCROFT 


Crouch’s share is £l.5m. This Power witti 500.000 tons a year. . ■ .r - 

sum will be mel by a Eurodollar Power -Inc. is hoping to win • 

loan. additional long-term contracts e>a, tbaam 

The rest qf toe investment in -and it is in this connection that dALIlKfJUIVi 

the coal pipperties, which are Grouch’s partnership with Erick- „„ 

being pur^iased from an undis- son and Summers will be of BY ANTONY THORN CROFT 

closed company, will cost Power «wpecial significance. . / 3 

tnc. $12-2in. (£6.4m.). A medium Crouch, which last week ■ •*’ - 

term loan has been arranged announced a rise in pretax pro- Landscane’’ attributed to M. 
with a U.S. bank. 5! s Ji 0 JO* i 3 ^ Schoevaerdts, and Bateman gave 

The coal properties contain £lB2m. in 1976, follows in the -£3 rm for a still life of flowers 
20m. tons on 20,000 acres of steps of Consolidated Gold by Johann Martin Metz 
land. Mining will be by the open- Fields, which said last November The ton orice was toe £7.50fl 
cast - techniques with which it was spending £I95m. on a coal pajj for -X ot b er 5*111 1^- of 
Crouch is familiar, and initial venture in Tennessee. Twers tS toe by Gw 

- Verbruggen the Elder. 

Christie’s sale of historical 

‘ I ■ ’ _ ‘ ornamental lathes and tools at 

English China Clays ssn^«Ba.'iffSsss 

■ 0 •/ cnllectnr naid £2 400 fnr an nrl« 


furniture^ business was amal- crease and maintain production 
gamated' Into a new company as we are now seeking to do with 
called GEC-Schrelber. controlled very substantial investment In 
by r GEC. . the factories at Peterborough and 

He persuaded GEC to back a Llandudno, we cannot expect to 
substantial investment pro- maintain this leadership,” Mr. 
gramme to increase production Schreiher said. 


■ * 

Rodgers opens £87m. 
suburban rail link 


BY VYNTOH McLAIN. INDUSTRIAL STAFF 










CJ •/ collector paid £2,400 for an early BRITISH RAIL'S £87m. Great notified in January last year, but 

IniiIM Tf € ' n l nn i l»th century Goyen screw lathe. Northern Suburban Electrifica- British Rail was' reluctant to say 

Lll D U I 111 IJ -O. ill HI 11 Ullmann gave £2.000 for an rion scheme was opened yestes- how many more passengers were 

w * Albion letterpress, built in 1828 by-Mr. - William Rodgers, using toe modernised services. 

FINANCIAL TIMES REPORTER by R. W. Cope ' lxi London. Secretary ; for Transport, amid Both services use purpose- 

- oriental ceramics sold at Christies cheers fronr commuters. But built trains, with top speeds up 

A CLAY-PRODUCING plant will Construction should begin in for-£3I,364, with a best of £2,400 there is no prospect 4>f Its paying to 75 mph on the inner lines 

be built in Georgia, US. by spring, and production should for a hardwood four leaf screen. ,ts *Sf jay * 1 . ' and 90 mph on the outer routes 


FINANCIAL TIMES REPORTER 


pEPSO 


i^S-° 




3?^ 




English China Clays, the company rise from an initial 20.000 tonnes 
said yesterday. to about 50.000 tonnes. 

It is toe second American deal The company’s American sub- 


Jki IO UAC occuuu nuitri xi^LU UC4U a uc cumpdfl jr » muenuan 6UU- ^ • 

conclnded by toe British com-, sidiary, Anglo-American Clays I_^3D1 l 3J 
pany, itoich accounts for about Corporation, set up a joint ven- " O 

80 per cent, of U.K. clay produc- ture recently with Flintkote Com- fnv .rplipf 
tion, and brines its total recent oanv-of Connecticut Un nrarlure LvUvl 


80 per cent, of U.K. clay produc- ture recently with Flintkote Com- 
tion, and brings its total recent pany- of Connecticut Co produce 
investment there up to 58m. calcium carbonates for the 
.. The- plant will produce high- paper and paint industries, 
brightness calcined clay.mjuhly Italy and Australia, are also 
for the paper and coating mar- main areas for expansion by the: 
kets. . company. : 


Victory for parents 
who ran Own school 


s’ The scheme was authorised to from Kings Cross. 

~ — ’ — : ^ *w, ai rt n ! ) iWa W y,!J The Journey time from Hitch in 

*- *-1 • have cost more than double by to Kinss Crow has hi»en put from 

■ Capital gams ^ e e *** ss SSmes “33 mmStes? 

L- fnv rp l; A f The investment covers an ha A a Jfo. been spent on 

e IdX ;reuei inner suburban electrification ^ bnd S es *, ?*&*$*& 

e j project from Moorgate to Hert- ol ® s** 11 *^ bo«s and installing 

extendetl fordshlre and an outer section ov * u *ead electrification. 

0 ‘ '• \ running from Kings Cross to lQ spite of- the heavy invest- 

e ;■ rmanaal Times Reporter Roystoo.. mentthere was no Hkelihood of 

FTCWNTJS’h from The 1 first was completed in a. purely commercial return on 

avSable to tooMsell November 1976. and British Rail the electrification of- the services. 
' said yesterday there had been a Government approval was 

Sml the Ud£d Revenue ? et 30 *** ^ Qt ^ “ 1 , re J r . enu e El ven in 1971, on the basis of a 

announced vesterdav fr °® passengers using the hoe. cost- benefit analysis which took 

Previously, an individual sell- ' -T* 1 * wa * after allowance for account of toe social benefits of 
Log part or all of a business which 16 per Cent ' nse ^ * ares reduced congestion on the road. 

he -had owned through the whole ' . ' : — ; — ; r_ ■ • 

of the preceding ten-year period, - ’ • r ' 1 - - 


Financial Times Reporter. 



PARENTS; WHO set up "their not prove that toefr attendance ^^aj gain^tax not only that - Bus insurance snag for Leyland 



own school for their ^children - would increase the education business, but on separate busi- ... ■ 

.during a row with, their ednest .bill, as required .by the Act. nesses in different localities pro- PRODUCT uaomty insurance would lead to insurance pre- 


tion authority -have won their - But other parents wHJ not -be ’ritfiag.' they were concerned with requirement might prevent Ley- miuans of about £5.000 a vehicle 

battle over which school, the able to exploit the loophole. Mrs. goods or. services of the same £ aa ® Jf 1 ® 01 "7®' a ? \p r a contraot a year being paid hv the manu- 

youngsters should attend! ' WiRiams intends to introduce kind. This . provision is now for 50.douDle^eck buses in New facturer. Leyland is* thought to 

A loophole in toeEdncaUon to rislationtoraake parents obey dropped. w ■ y° lfc «?i.!? - |l< Jl 0 L a I” 1 ® ?r d . er *“ . Ibe law before 

Act helneri the nirentenf 11 “h 001 allocation rules. In future separate businesses for public, tran^iort vehicles making any bid. 

-Leicestershire chjlrtren * win toe ^ rebel, parents registered (Including those held through which the a ty will place soon. The passenger transport 
ll-month taattie Cttliaran : WlD * tbelr children at the school every family companies of which' ihat Leyland has double-deck buses authority of Southern Cali FornU 

S, ”?: ■■ • . - d *y Since; last . September but individual: was a full-time work- on triai ln New- York for two is invifiM tewSTfar 


Education Secretary Mrs- were turned away because no Ing- director), which, have been years and is thought to be keen double-deck btisosT LevlanduJd 

lirlflt? Wr!l tame hue O CrrPdH fTlSft* nTamo 1*4/1 haan A ll fnw mimarl F/m* m to-vnoe ' norinW uril 1 AUnnk j?o lac - 'PlvnH* OmU S“" 


Every department of every business 
needs the FinancialTinies-daily. 


Shirley Williams has agreed toit places had been allocated for owned for a ten-year '.period, will to cRnch.^ales: There are no yerterdav it wa« ■* ranHnfi^iv 

the children can attend Soar them. .They set. up thclr .oam be. treated as -the same business double-deck buses of the usual interested " in tho rniif^ia 

Valley Comprehensive in-5yston school -and employed a teacher For the purposes of the relief British variety in the US. In contract but nnint^S «n? w it 

against education autoonty to give basic lessons for lour available under section 34(1) of regular public transport service, had carried nut n n tri.hwMi 

wtehes because the authority tan- hours on three mornings a week, the Finance Act 1965. Torn* prodnot liability liws “uch atas tJ! the teiSpmtuJa 


Because they all need up-to-the-minute 
business intelligence 

Circulating one or two copies just 
isn’t enoughThafs why all depart- 
mental heads and key employees 
should have their own copies of the 
Financial Times. 


Partnier warned brokers about ‘image’ 


FINANCIAL TIMES REPORTER 


.WARNINGS were given'. ; by the 
senior partner of Chapman and 
Rowe about its image .-bn. 'the 
Stock Exchange eight 'months 
before it was hammered, in 1F74 
with a deficiency of almost £2m. 
the Old Bailey was told yester- 
day. 

Mr, Alan Harman, 34, “Who is 
accused of conspiring with two 
other former partners and* Its 
managing clerk to defraud 
clients, and with furnishing false 
financial information to the 
Stock Exchange in l973-7'4. said 
toe Arm achieved a great surge- 
of business alter he joined it 
about 1970 and then became a 
partner. 

His commission totalled more 
than £300,000 in five years, dur- 


In these competitive times 
everyone in business needs the 


FENANCIALTEVLES 


EUROPE^ BUSINESS NEWSPAPER 


- ing which he dealt for the Slater 
Walker gfoup' and other impor- 
tant institutions. 

“We were one of the first 
stockbroking firms to break 
through tbe establishment 
harrier,” he told the jury in his 
defence evidence, adding that he 
had brought in more than £30m. 
worth of business for the firm 
during his time with it 

Mr. Nell Denison, prosecuting, 
pointed out that in August, 1973. 
Mr. Herbert -Wpolmer, then 
senior partner in the firm, com- 
mented about- Chapman and 
Rowe's “image” -at a meeting 
with other partners. 

Counsel said Mr. Woolmer at 
that time referred to toe suspen- 
sion Of one of its partners, and 


warned: “It - Is becoming 
apparent that Chapman and 
Rowe are being regarded by 
many people as at toe worst 
spivs, and at best a firm whose 
only object in life is. to make 
a fast buck.” 

Mr.- Harman, said: "Mr. 
Woolmer was very cross that the 
firm hid ben censured and said 
the conduct of Its ; partners and 
dealers must be above reproach 
in future. I agreed with his sen- 
timents.” 

■ Mr. .Denison suggested that the 
Stock Exchange compensation 
fund had to pay £200,000 to meet 
claims over clients' transactions 
involving Hr. Harman, and had 


enjoying a high standard of 
living. 

Mr. Harman said he was un- 
aware that clients’ securities 
worth £500,000 had apparently 
been pledged by Chapman and 
Rowe to banks without authority. 
H I think this is a small propor- 
tion of the business which was 
going through toe firm, and I had 
no idea such a Urge amount was 


being pledged.” 

Mr. Denison questioned' Mr. 


probably only recovered £9.000 
from him. although he had been 


Harman in detail about the firm's 
balance^heet, which showed a 
liquidity margin of £175,000 in 
September, 1973. He alleged 
incorrect entries In the balance- 
sheet made it £lm. better off 
than it really was at that time. 

- Ur. Harman denied knowing 


of any wrong entries to the 
balance-sheet, although large 
amounts referred to partners' 
2* dealings,' including more 
toan £250,000 which concerned 
him. 

Mr. Harman agreed that the 
S i another defendant, Mr. 
riaipn Clarke, was quite separate 
from his own, and his dealings 
JLu^.v 01 ! a different scale: He 
tbat a third defendant, Mr. 
George Miller, had shown bad 
gold . shares 

Short m 1973-74, 

The four accused are Mr. 
gjWBM. « r . Miller, 38* Mr. 
2n rk «i aQd Mr * J °bn Good* 
r« i AiI den ? the charges 
Adjourned 

until to-day. 







oik'" ^ 

* '“«««, 


labour news 


miners 


White 

collar 


BSC craft union 
leaders win 


BY RAY GERMAN, SCOTTISH CDRRSPONDaiT' 


SCOTTISH miners Save asked to 
. ■ meet the National Coal Board to 
discuss complaints . about 
recently -introduced ' incentive 
schemes, which, they say; yield 
only derisory pay Increases In 
many pit*. 

' Scotland followed other nxili- 
, . tant coalfields in deciding, 
against the advice' of union 
: leaders, to call. for local produc- 
tivity deals. 

Results, as far as output-ls con- 
cerned, have been impressive- in 
•. ‘ the short time that the. arrange- 
ments nave been working. 

• Production In Scotland: id the 
'Rest Week of this 1 month was 
181,000 tons, the best figure since 

£20m. lost 

in disputes 
at Leyland 

• ' STRIKES and disputes -at British 


last April, while -productivity 
reached 42 cwt per mao shift, the 
highest level- for tvro years. 

.. Complaiqts about the. level or 
earnings hive led to strikes at 
Bed) ay and al Sofojdrtb. Scot- 
land’s tojr producing pit where 
a previous unofficial stoppage 
sparked off the. demand for in- 
centive arrangements. ■ 
Earnings figures have shown a 
wide spread. In six. -pits, face 
workers- are .sald.^bs the C 03 I 
Board to be taking-home more 
than £20 a week exfra. but dole* 
cates to an SUM conference in 
Edinburgh yesterday . ■ quoted 
examples or a colliery where in- 
creases were as -.low as 61 P a 


week and another where they 
were between £1 and £2. 

Mr. Graeme Steel. Scottish 
vice-president, of the NUM. said : 
“The mood '-of the meeting was 
of great disappointment sti the 
amount of the remuneration. 
This could .prove disastrous to 
the scheme in the future.” 

Many delegates thought that 
the arrangements did not take 
sufficient account of the poor 
geological conditions in many 
Scottish pits but there had been 
no demands for industrial action. 

MUM leaders will meet the 
Board as soon as- possible and 
will report back to a delegate 
conference cm April 3. 


Second* teachers’ 
union joins action 

By ALAN WjKE,' LAftpUR CORRESPONDENT 


machin 


Leyland ’s Special Products . divi- LOCAL authority leaders yester- The main • sanction involves 
sion last year cost the company day met Mrs. Shiriey Williams, teachers refusing to supervise 
more, than £20m. in lost prod uc- Education - Secretary; 7 !^ discuss school meals, 
tion. Mr. David Abell, the the teachers' pay sanctions cam- The NUT said yesterday that 
managing director, r said in the paign as. the action.- joined 116.000 members in 234 of its 
.-ttMJtpany s newspaper yesterday, by : the second largest .teaching associations were involved in the 
• The future of SP — new union. . . . action and Leicestershire had 

name for the company-depends . Representatives. ' of ' the muni- become one of 11 locaT educa* 
iS-tq ™ ». ® 00 - ■ produce in cipal and county cotiBriJ assacia- tion authorities which generally 
v warne ^- ; More than tions requested the jnieetlhg with support the -teachers' case. 
•J3.000 hours, were lost in one Mrs; Williams to discuss the cir- Mr. Terry Casey, general 
month last year because- of cumstances which £ed. _to' the secretary of the NAS-UWT. .said 
internal disputes — '.and this did teachers' action and --to' seek yesterday.' some headteacher 
not include lay-offs caused by clarification of the Goyenunem’s members of his union were 
. industrial . troubles, both inside guidelines. " J-f V . being exposed to pressure from 

and outside the company's Earlier vesterday' the local !°cal authority officials tocon- 

authority . representatives me t working normally. 

The disputes, were unprece- among themselves -to review the Provided a head had informed his 
dented in the company, he- said. dj spu t e . They said* afterwards education authority of the situa- 
In 1976. hours lost . through, they were anxious to maintain tion and asked for help, Mr. 
internal disputes were- between goodwill but bothi associations Casey said, he had the same right 
2,000 and 5,000 a month.. • reaffirmed their OTppfrt for the to leave the school premises as 
Last year some companies Government's pity gulaklines- a class teacher. * We have told 
within the organisation were The teaching unionsare seek- a class teacher. **We have told 
down by as much as 37_per cent, fug increases of 121 -per cent, from local authority officials, 
on the targets set for output They ' have been.^offered'fi cer whether it is directed at a. head 


“ • y — ■ — cent with another''^ to cent, or a teacher, must be reported ." 

allocated to cover; the- cost of There is some difference 
jfa fllll V Stflfl incremental increases toad-correc- between the two onions over the 

tion of anomalies. > Teachers say Precise nurpose of the sanctions. 
1AA : . this 1 ner cenL shmHd.^6 part The NUT sees them as aimed; 
niHTH^ 41111. of the direct pay offer, r ' purely at- seenring an improved 

■. V Yesterday members Yof the pay offer. Mr. Casey’s union 

• -v- . ■ National Association ;of School- says It will not end the action 

in H2V row masters and Union Of Women until local au‘| oxides give an 
AW vv Teachers joined the:, sanctions undertaking that ' voluntary 
A DISPUTE involving 20 main- camoaign started, a week ago by activities are not part of a 
tenance electricians at the Bolls- lie National Union of Jeachers. teacher's contract . 

Boyce aero-engihe plant in ;■ - - y ; - * . 

Coventry caused 400 manual 'jg - 1 - - 

BlJMtm ACAS neutral onlCI 
"Sfrrtrr union recognition 

RnIJs-Royce has offered a 9.7 perl- ' ' _ . ..v,." • 

cent wage rise, which, would give I j , • ... • 

A^sory^on^on-ind or^'^cientific. Technical - and 
Service fakes' Staffs, which put in 

pay rati* SreStiSJ on aTull ’ reromTnendation for ® lion recog- an app liesuon for recognition 1 at 
10 p” cent 8 0P - -: fu “lniticn in a report sent to-day to -ICI under Schedule 11 of the 

Sanctions include a han orfiWtto* involved in.rthe battle to Emolonnent . Protection Act, 

middle managers at ^ elaijned a mini . 

components. COnW> V ° T ”j The report, based on a ballot Mna2n?S£h 


pay fight support in pay fight 

■ By Pauline Clark, labour Staff - ' 

I LEADERS Oi 2<.000 British Steel problems on some of the condi- 
j UNION leaders expect a special ■ Corporation craftsmen received lions, including the jobs cut at 
1 conference— which could lead to 1 unaninious backing from a plants not. included on the 
a confrontation on pay between ! 6 P®? a L„ ,ie ; e8a * es , > conference Beside* list, 
the Government and 444.500 local ln ^ r re ^ ,sa * !° The special conference in 

government workers — to be osgotiste 3 pay settlement in Sheffield was attended by 200 
called before the end of Phase exchange for jobs. delegates representing 12 staff 

Three of the Government's pay Jfo Les Dixon, vice-chairman and manual unions, 
policy. • of • the National Craftsmen’s It was called after the com- 

The 700,000-strong National I Coordinating Committee, said mittee and BSC registered a 
and Local Government Officers’ BSGVinclusion of conditions in failure to agree during pay talks 
Association said in its latest' the P?r cent, pay offer, such BSC’s chief executive, Mr. Bob 
journal yesterday that the pro- as'-'- the early closure of the : Scholey. has already tnld the 
posed conference on Government Besvri.ck plants and reduction in unions that if they want 3 pay 
pay policy is the public sector manning levels in those remain- offer without strings, the offer is 
was “ Ukely " to take place. . ingL'was unfair and unrealistic. 6 per cent. 

Although only 15 of the The conditions affected the The industry’s biggest union, 
required 50 branches have form- industry, as a whole, including the Iron and Steel Trades' Con- 
aily called for the conference so the TUC steel committee. federation, representing 65,000 

far, half the representatives from Mr. -flixon said: “We will now steel production workers, has 
178 branches were said to have try to persuade BSC in this new already accepted 10 per cent, in 
signified their support at a recent atmosphere to give us 10 per return for agreement on the cost- 
meeting. cent- without any strings, while saving measures. BSC is confi- 

:If the conference takes place reiterating our willingness to dent that other unions, including 
it will decide whether to- press meet them on the conditions those in the NCCC. will fall in 
union negotiators to resist accep- separately. Bat he foresaw line. 

tance of a ten per cent wage : — ; . 

I .celling in settlements reached ; 

Phase" Three of the Government’s ’ Act over steak houses 

pay policy In July. - 

This could thwart any attempts • Tn <nl 1 

fasrt.-G ssjssts strike, Booth urged 

guidelines. of the only remaining 

major negotiations left under AN M-P. called yesterday on Mr. group of catering workers in 
Phase Three for NALGO mein- Albert. Booth, Employment central London and their 
here— the white collar workers Secretary, to intervene in a bid management 
in local government whose pay to eDd a 'dispute at Gamer’s "It epitomises the problems of 
anniversary falls on July 1. Steak Houses in London’s West the whole hotel and catering 
The recent meeting of branch Hindi industry which .has been sadly 

representatives _ in London was About 100 employees, mainly neglected'by Parliament and the 
called by four Scottish branches from - overseas, have been on Government. Unless an amicable 
—Glasgow, Strathclyde. Central strike for more than a month solution is reached, we have all 
K ^S on aD ^j^ <lmburgb V a f' 1 . over, their demand that the the makings of a wider industrial 
The meeting was raid to have management • should recognise dispute which would be a 
passed overwhelmingly a resoiu- their union, the Transport and tragedy." 
tion winch would be put to -the General Workers. - Mr George has asked Mr. 

titm tn e “th*> Mr ’ Bn,ce George, Labour MP Booth to call the parties together 

Sf »SSi7 - f orW«teaU South, said: "This is to see if agreement c£i be 

public sector." . . : 

The xuaoh says that because ^ J 1 , . • -> 

public sector workers have been RedUndanCV teiTOS TCVlSed 
used by the Government to regu- f 

late wages nationally, its mem- CADpURY-SCHWEPPES an- proved redundancy terms. The 
bers have suffered more than ndunced last night that the 550 company is to phase out jobs at 
private sector workers during workers to be made redundant its Birmingham Typboo Tea 
periods of Government pay res- at its Bordesley Street plant in plant to concentrate packing at 
traiot- • Birmingham have accepted im- Moreton, near Birkenhead. . 


h ■ iTifr’WO 



r’i’/'Ii* '4 iTvif * 


' . v - 




'j 

• • T 

* - 1 


*, • K ,« 


lie cannot be&&l 
acornpr^ : | 


S ix-roor-roiB <iKor*VT "Tinj” G*rr“c, DCM., peihaps the 
bra\ 01 man bu Colonel c^erl. new. 

Bui nou. .nfii*r sceiny scrticc in Aden, after hein? booby* tupped 
and ambushed >iuain more recemly, Seryeanl “Tin;- - cannot bear so 
turnau.>i ncr. For lour of what is on the other side. 

It is 1 Ik bravest men and women from the Services w ho suffer mo«.t from 
mental breakdown. For thev have tried, e.ieli one of them, to give muic, 
much more, than they could in the service of cur Counts? . 

Wc look after these brave men and v\ omen. We help them at heme, and 
in hospital. We nm our own Convalescent Home. For some, uc pros ide 
work in a sheltered industry, so that. the?- can live without chanty. 
. For others, there is our Veterans' Home v\ here they can see out their 
days in peace. 

These men and women have given their minds to their Country. If wo 
arc to help them, we must have funds. Do please help us with a donation, 
and with a legacy loo, perhaps. The debt is owed by all of us. 

“ They’ve given more then they could — 
please give as much as you can. ” 

ee-S€Rw«s 

meim mw socioy 

37 Thurloe Street, London SW7 2LL. 01-584 8608 


ACAS neutral on ICI 
union recognition 



f~~~4 


’ • ■"* • r f?‘ ' . ;J 


i r 


] THE GO\ 

*11 m 

tl I I * |H * who were 


Pay ballot for print men 


BY OUR LApOUR STAFF 


01 viiai suo-coniract worx aatt. . - . ' mum of 20‘per cent, membership 

components. The report, based nn a baljot amon2 mime manase rs. which 

conducted lart August by ACAS woulri be enough for ICI to have 

Minister hits fe’™ ir para1 ’ 81 

» „ iT at hospitals : 

tu l .... f fcssional. Scientists and Tecfa - managers asked showed that 

If Ilk IS* 1 Dlione action nologists; - ASTMS membei^hip was 6.6 per 

* Tiii. ".vrovMPVT . ' ' Only 12 per cent, voted for cent., or 513 people. APST had 

THc* government yesterday ■ representation by the Association 3.739 members, or 47.9 per cent, 
attain condemned- the. industrial ; . 

action by hospital telephonists . ' ' : ; 

whn were “censririnR ".calls. I 1 11 . t* '4 . 

I'nder-Sccretary.- said in 'sssi Pay ballot for print men 

tn ari emergency Commons' - - 
question: “ Both the Social Si>r* I BY OOR LApOUR STAFF • 
vu*es Secretary and I deprecatei 

action of this kind which may: A BALLOT is to he held among and negotiators for the British 
adversely affect service to 1200.000 workers in the general Printing Industries Federation 
patients." printing and provincial news- and the Newspaper Society. -The 

Some hospital .telephonists ! paper industries on a proposed settlement date is April 2L 
were taking the unofficial action; 10 per cent, pay settlement- The agreement also provides 
because thev were, dissatisfied j Agreement on the ballot was for discussions in the coming 
with a recent pay settlement 'reached yesterday between year on future wage structure in 
within the Government's pay! leaders of the four print unions the two industries. 

guidelines. ... ' ' ■ 

Mr. Deakins said it was. for ! 

tion with his Department to deal ! New stores for International 

with the effects of (he. industrial . ... • 

action and safeguard patients* ■ INTERNATIONAL STORES, .the (49,000 sq. ft.) 
interests. I BAT Industries subsidiary oper- The Aldershot store, in Wel- 

Dr. Gerard Vaughan, Tore SIP i ating 720 International. Wallis lington Centre shopping pre- 
for Reading South, who* had land Pricerite stores, will open dnet will be International’s big- 
asked for a statement said wide- 'three big new stores this year. gest. 

«nread industrial action in the! They are at Weymouth (30.000 . TnlernatloaiTs programme for 
health field was having “ an ! sq. ft.), which will be opened in next year already includes aa- 
evtremely serious affect on! the summer, and at Windsor other five superstores and five 
morale.” 1 <37,000 sq. ft.) and Aldershot more supermarkets. 

’ XOTICE Or BSDEVriVRf " . 

U.S. Rubber Uniroyal Holdings Sociefe Anonyme 

Curutccd Siaklaf Food Deteatara ■ 

Vottkt is fizREVT Odw thill, pursuant to the prarlAtons of the Jadentaro dated aa of. April t 1857. provUtae for tha 
shove Debrouixe*. ibcre wilt be ndeeswd for accoun*. or u»e Sinking Fund on April 1, 1978 ftbe “Sedenpaon Dale" 1 
SVi’S.POO prtactpal amount ol the 6‘<V tawrahteed aakmg Fund Debentures fine 1982 (the “Debtoturts"), at the 
redemption price of 100 > of the prmapa! amount thereof plus accrued Interest to the Redemption Date. 

The serial nuahen of fhe Pchuteres which have been adeefad for redemption 
" (each hearing the prefix letter 'W> are;.. 





— p— -,^^*** 






going downhill 




M-27 

1374 

2H? 

4463 

54« 

7529 

100» 

10753 

12231 

1*5 W 

15709 

16826 

17731 

18871 

19482 

82 

■ms 

2718 

4500 

5424 

7646 

10130 

■10766 

1226* 

14526 

15740 

16667 

17788 

187*9 

-19*89 

206 

wa 

2734 

4506 

5429 

7584 

10133 

10781 

12278 

14545 

15755 

16718 

17783 

187S1 

19499 

317 

1464 

2523 

4537 

5453 

7819 

10136 

>10832 

12299 

14627 

15805 

• 1673* 

17796 

1883* 

19579 

367 

1496 

2566 

4566 

5460 

.7661 

1014* 

10845 

12426 

14729 

15BW 

16765 

17621 

18850 

19617 

‘ 374 

1517 

'2903 

4587 

5467 

7750 

10152 

1088* 

12785 

14748 15921 

1684* 

17865 

18874 

19633 

471 

1525 

3061 

4643 

5173 

-7773 

10158 

10595 

12890 

147H1 

15941 

16867 

17902 

18837 

19663 

405 

1543 

3078 

4677 

5478 

7811 

10234 

11041 

12953 

■1497* 

15980 

1E899 

17961 

18975 

19716 

505 

1563 

3101 

4686 

5303 

-78SS 

10253 

11070 

12971 

1*988 -16038 

-1GW3 

17971 

19000 

19806 

527 

1619 

3125 

4687- 

•5573 

7925 

10303 

11106 

13115 

150T4- 

16054 

16951 

. 17976- 

19046 

198*7 

5-4 

1645 

3188 

4708 

5578 

S007 

10308 

11115 

15169 

15133 

16092 

17017 

18084 

1S07B 

19858 

569 

16S2 

3209 

4861 

5631 

' 8056. 

10322 

11114 

13189 

15155 

16103 

17063 

18077 

19099 

1983* 

f f 

1710 

3249 

4916 

5633 

-8122 

10326 

11167 

13320 

13174; 16119 

17132 

18127' 

19120 

19690 

699 

1733 

3268 

4923 

5660 

• 8161- 

10351 

11214 

13353 

15193 

. 16135 

17163 

18134 

19138 

19925 

725 

17a£ 

3365 

4958 

5680 

8556 

18364 

11637 

13447 

15203- 

16146 

17235' 

1814* 

19177 

19935 

763 

1821 

3401 

4985 

5687 

8615 

10378 

11391 

13550 

15226 

16221 

17272- 

1S173 

19188. 

19939 

779 

1850 

3441 

5012 

5704 

8698 

10386 

11407 

13629 

15251 

16235 

17317 

1818* 

19191 

19942 

5C6 

13G5 

3473 

5111 

5742 

8754 

10389 

11446 

13679 

18287- 

16334 

17365 

18206. 

19196- 

15945 

Jo4 

1892 

2527 

51 T5 

5872 

- 8929. 

10398 

11492 

13716 

15279- 

16355 

17380 

18242 

19209 


925 

1915 

3567 

5124 

59S9 

5992 

.UN 26. 

1161Q 

14175 

15335 

16363. 

17413 

18285 

192£4 


963 

1«51 

3629 

5153 

6027 

9080 

9137 

10457 

11558 

14197 

15374 

15382 

17427 

18300 

19249 


978- 

2010 

3681 

5169 

8220 

-10519 

11585 

14218 

15*33 

16383- 

17457 

18319 



1007 

2175 

3748 

5173 

6310 

9290 

10541 ■ 

11627- 

14319 

15478 -16397 

17473 

.18340 



1035 

2214 - 

3311 

5137 

8726 

9932 

1056Z 

11663 

14328 

15490 -18411 

17497 

18371 

19305' 


1116 

2398 

3878 

5223 

6926 

10022 

105S5 

11700 

14361 

15501 ’• 16421 

17573 

1W14- 

19329 

19351 


1133 

2419 

4059 

5239 

7068 

10056 

10588 • 

11775 

14370 

13615 

18435 - 

17582 

18426 


1175 

2U9 

4163 

5257 

7104 

10058 

10591 

■11802 

14393 

15528 

16449 

17607. 

18557 

19362 


1303 

2507 

4198 

5263 

7220 . 

10074- 

1D694-- 

11886 

14416 

15546', 16460 

17526 

18533 

18407 



2535 

4227 

5335 

7246 

10081 

10609 

.11967 

14447 . 

15563 16182 

17648 

18600 

19*27 


1332 

2596 

4255 

5341 

7371 

100S5 

10626 

12020 

14470 

15575 

1BW 

T7658 

18610 

19435 


1327 

2630 

4407 

5412 

7515: 

10090 

10650 

12061 

.14511 

15620 

16575 

17669 

13646 

18457 



Capital tied up in vans is capital opportunity gone for 
ever. Moreover, those vans are not depreciating in a straight 
line. Simply put, this means you'd need to fork out today 
3 times what you paid 5 years ago? ' 

And then running a van is getting (and going to get) 
more of an. administrative hassle.. With more and more 
valuable management time involved. 

-■ Now let’s take the jpb vans do. Workloads, unless 
you T re. remarkably lucky, fluctuate: Which means it’s 
pretty near impossible to get the full capacity to resources 
equation right. And that means under utilisation. Probably 
on the outward trip. Almost certainly on the return one. 
And that -is money down the proverbial drairi. 

There are lots of other costs, of course. Maintenance, 
-for instance, which probably accounts for some 14% of 
your vehicle running costs. Or fuel— which hovers around 
13% of your annual vehicle budget. Cos ts that won’t stand 
still. . 


On a more positive note, the Royal Mail Parcel Service 
can probably do most of the things you bought your own 
vans to do. Only better. 

We can deliver.85% of your parcels nationwide within 
3 working days of despatch. And if your requirement is 
regional we’re talking about 2 working days. Local and 
we're down to 24 hours in most places. 

Ail of which makes us highly competitive. And for the 
regular, large user, there are special deals. 

Royal Mail Parcels. For profitable distribution. 


I 

I 

/ 


« m m nan aa ■■ cat ca wm esa 

Return This coupon to: Mr G Ghaleb. FREEPOST-. Room 434. 
m- p os J al Headquartere, Si Mamn's-le- Grand. LONDON EC1 B 1 HQ 

^ Pleas? ask >our postal represent at to me f~~l ^ 


Pleas? ask your postal representative to me . 

Pieace send ,-ne : A copy of your saeciaPv coor.iiasioned articla 
'O 11./7 vehicle thet cosrs vcriUS ewers' pne-js' By J. R. Kelly 

A copy of 'Raya! Me;: Parseki a poc-.et guide". 


CkruiCal Bans, hy hand: C/jrp«*at* TCitrs, 55 Water sirwt— E«nn M4. aid F *oe »rth Bnfl&np, New Tort, TCcw York 
Ipoit, or at i»e oCiec oi Men and -Hope ln Anutardan. Ow ofiice of SoeHtt Gte<n]« it BMMiVe S.A. 10 Bnuarla, lie 
nflicr of Deutirlir Batik A.O. tn FrauLfurl. Uie rtliee of Hamfroc Bank United. Samuel Uonugs Ss Co. Ltd- and 6. G. 
w.,rb!irc Ar CO- Unutcd Ml London, tit- office or Banqne oencrale du Lwamtourg, BJL la Luxembourg. Uia -office o t 
r- nco j( 3I jjaale del Lavo:o in btitan and the oE.tr of credit L> onnals In nm. 

In' erf- 1 on ihr Dtbmtyr?* rf> deufltatcd for redemption (ball Rase to accrue on and after the Redemption Date. 
All coupons maturing alter - raid date vkich appertain to well Debentures uiu be ind. Coupona suturing an April 3. 
1976, should be dc lacked and -umaflered lor payment in tlic M«al mannar. 

U-5. Rubber Unhttyol ^oSifiiigi Sadat* Anonym* 
By: Chemical Bank, rnuree 

CATES: FcWuety 2B. Wtt . 


•Source 'Own vehicle flow cosrs versus 

cacies'priccs'— J.R. Krili; 1977 



m Name 
£ Comtw-y 

W Address 
® Postcode 

m 


\ 




'O' 


“l ’ j :;V:Vsrt« sums - 





u 


10 


ntfANClA& TmES TCBSPAT MARCH M W! 


PARLIAMENT AND POLITICS 



ft 


u T 


DEFENCE DEBATE: DAY ONE 


Demand for Mulley 


Minister urges big 
production effort 


AS POWER-SHIFTS APPEAR IN EUROPE - • • 

Tsihmir nnnders its links 


to resign Over pay by u.k. car industry with Communist parties 


Or JOHN HUNT* PARLIAMENTARY CORRESPONDENT 


BT IVOR OWEN, PARUAMENTARY STAFF 


BY RUPERT CORNWEU- 


THE RESIGNATION of Hr. Fred attemplins to reduce tension taken iu below the minimal level Entails' «?r industry to EEC rule£ other Common twee meetings which could have. 

Mulley, Defence Secretary, was through international agreement of defence. f !ep ip pSduction so S to counlriesdid ^ nnl a significant bearins on how the " 

called for last night by the Con- on arms control and disarm* Sir Ian said that the Govern- ensure that it is able to fill the inln party handles the increasingly 

servatiyes on the grounds that menu . merit did nol only have to face 1,^5 the Uj? market created ™ ^!l P E. 5 S? «**»'<»* topic of relations wth 

bis altitude over forces pay had A Tory amendment claimed the Warsaw Pact. It aLso had to k v the limitation of Taoanese , Then* were any impedi- ot j, er European Socialist and 

been “negligent and indefens- that the defence- policy of the fight a bitter battle against its uSpom w^Sbv air .NhSSl Communist pSties. 

Ible” Government had weakened the own Left-wing. “The Tribune M^er. ■ UnSeJScretarr fof r? ,d ntrt The most important will be a 

The demand came from Sir Ian security of the U.K. and there- Croup always want to slash Trade in the Commons^ eMer- exis in reaon t0 lhe ^ Kl . session of the National Ex ecu- 
Gilmonr. Tory defence spoke-s- fore banned the prospects of Britain's defence expenditure d av . ‘ Mr* bleacher agreed that the tire’e international affairs sub- 

man. who said that the forces reaching such an international because thev are not interested ’’ y . ' . ■ . ^ 3 °^ of Japanese cars into committee, devoted to a study hf ; 

must get a substantial increase agreement. in the security of this country.*' «ionn waft, shadow iraae Italy had been negligible while formal eutrielincs that would 

when their rise becomes due In jhe House will have an the Tory spokesman declared. &e c ret 3 r?_ vmo copiplamea aDuiit the level of penetration of the govern its links with the Com- 
Apnl. adding: “ !f something is opportunitv to-night to vote nn Sir Ian said that the Labour JJ® . Pasture of French market had been around munists in both eastern ?qd . 

not done, the Secretary of State the Tor* amendment. But the Party had many members who Mjn’StersCMn rdmundDell. 3 pr cent compared with approxi- western Europe, 

cannot retain his ofiice. He will Left-wine amendment cannot be were vocally opposed to Western Trade Secretary, was & .notable mateljr 10 per cent, id the Case cviai*i« af»Arward<t will bPbhlH 

ta " to resign." &SSTiSSi ' +«J*SZ “* UK JtSS&SSmJ! 

Sir Ian also aUacked what he called by the .Speaker for debate. m “rk% bactoound to the debate ^ ^tt Pf ^tie aa a He told Mr. Tom Lltterick newly-formed Western Europe 

claimed was the general weak- Sir Ian ** House had tS Lhe St tiia German y 1 ® fill u£ gap left f*«P Oak, that Mr. Dell Committee. Although this. Too. - 

cmn S of Britain s defences under Iistened to a thoroughly com pi a- ff* fo™ woSd rtiU have to ^ the Japanese. P 3 * onl >' >ped to forego seek- is under the auspices of tbeJMRC. 

the Labour Government. On his _ enr spcec fa jj, s>i,.i| e « in ... . . .. . mg more formal controls over it also comprises members of the 

reckoning, the Government had ha<ed q P a thorough ly‘ uni nf or their ?»! 9 * 4 * 55 ? 11x6 le ! el oF Ja P anese import? Parliamentary party as well as 

lopccd a total of £iOhn. off the malivp While Paner J Nn one l !™ 11 u,e on their of the problem .was the fact that after the Japanese Government academics and journalists. '."Itt 

TT K.'s defence spending when whn ^ 1,44 0n thp s^oretarv nf 5¥l»i T | iv,ew are announce ^ on at th® raoment. the British motor bad made a dear commitment goat is to improve the party’s 

^ - we ™ SsxMJus KS®* — * .SSSSSC H 

state nr the armed forces. nav restraint if inflation is to he „ _ , , , J . If the Japanese do not keep The. attempt to work put the 

There had been no mention controUad “ he sJid Mr - * otT a, « underlined the to their side of the bargain— guidelines springs directly from 

.... .Of fhp^unoreeedonied erSli of C The Defence* Secretary successes achieved by the British and I expect that they will— the embarrassing rumpus of last : 
its defence contribution in real mora]e an d lack of confidence in stressed that the canabilitvof cap c0nip0T ! ent * Industry and the then we are under no obligation autumn over the reported— and 

terms in the years ahead He , he Government that now existed th^ Warsaw Pact forces 'was v or pmercia| vehicle industry and on our side to do so." subsequently dented — praise of some western r .-r . ' n h-1 rhal i™. bv 

also denied the Opposition the eervici J ^ fo^ldable and crouinc Thev “ M 011 to take these Part of the aErMment h C h «Pe^ u P° n Soviet system parties only rem forced 1 his view, which will be chair « W. 

Charges over Service pay and ,n T hV re had been a sen mis i e refna hSh Sof readu >ntn so that proirctinnm stre^cLwasthat tSshould hy aT« Kitson. a Left-wing i 0 Italy, lhe PCI. the main Mikardo. MP for Bplhful Greet, 

declared: shall do my «nrtus of skilled and ^nenenred ness and equipped for offensive S“ r Se d h5!!lS S5 ?>* Wl« momtoring of the votes S nowTSJS tS fn\ss^ce, the guidelines .*r e 

ParHamentarv majority, while understood to attempt io provide 
... British France could have Communist a system oF classincatlon fnr 
strategists Cabinet Ministers by this time individual Communist parties, so 
licrht have n *n week. that relations can be judged; by 


U. 

exislin w . 
taken into account. 

But openin, 
Mulley decla 
would, in fs 



Mr- Eric fleffer . . . advocate 
of new approach- 


sincere. btit sec their taetics as 
a means to an «*nd with do 
guarantee than -they .will there- 
after abide by che rules of th a 
democratic game. .. 

Further to the left, there are 
those who trust the Eurecom- 
munists but accept that relations 
should be as national slater 
socialist parties and who deeply 
dislike the enduring traces of 
the rigid Internal, discipline 
traplied by “ democratic central- 
ism.” even in the Italian parly. 

At the extreme Left of 
Labour's brood church are a 
few who regard - most Eutu- 
camtnunlsts as loo ftUHterate by 
half. There was a memorable 
moment at a Commons meeting 
the other day when spokesmen 
for the far Left set about a mem- 
ber of the PCI’s central com- 
friendly to N'sto and the loathed 
friendly at Nsio and the loathed 
Commun Market. 

As is often the nay with NEC 
sub-committees, the late Df tbs 
guideline proposals will be deter* 
mined by the number who 
European actually attend today's meeting, 






m.ijor attack from a lame group 
of his own Left wingers. "With 
the support nf the Welsh 
isatronalists. they had put down 
an amendment declining to take 
note of the defence White Paper 
on the grounds that it provided 
for a real increase in arms 
spending which would heighten 
■world tension and di\*ert re- 
sources from social needs. They 
claimed that the proposals con- 


Anns race taking us 
to war, says Ailaun 


encouraging signs that British 
Le viand was increasing iK I ore l 

_ of production, accused Cnnserva- lI/LJcL,. r 4 ,._^_x c . 

travened the Govern mentis E) said that although his motion Mr. Ailaun added: "The tive” leaders of being prepared ?» lllMvy tADUllb 

pledge To reduce military ex- had not been called he 1J 11 1 * *' * n '“** — * — * — • — ■ r 

penditure. * speak in support of it 


Conservative international and the more in- to avoid the inconsistencies 
dependent ■ minded Etirocora- which arose under the previous 
njunist parlies. Three of them, ad hoc approach. An early Ulus- 
indeed, were invited by the NEC tratlon of the mood will come 
to send representatives to the with a decision whether to *end 
conference in representatives to the forth- 
coming Spanish Communist 
naturally any Assembly. 

w«j*vr • w yi*-servo in-p-*-.--,. th« -nm Lsomir insn mimes* muai con- nunroer ur different shades of But even if endorsed, ihe 

extra production for the British tracts wiih the USSR— and the opinion inside the Labour Party, guidelines will have to go before 

industry. Me intend to see that L‘ „»5L_ nHiUhinHiictri. accompanying political landmines Orthodox Social Democrats in the full executive, where frt-^b 
thR . ext E a Production is forth- ° ^ Lnm^nrnte fSnn that these are apt to detonate. ■ the Cabinet and elsewhere do not Right-wing opposition may be 

"SKeacWr wb* fMke of , Th ' ">"«»“« t0 '« rts «« ^ Eurocopm^niste .It espmed. 

*--• •* - - - British car. 




Mr. Frank Ailaun fLah. Salford defence spending. 


UUUVH • .iimuJI 4VUUU. IIIU — .v»Mwn ucuia cpdj CU 

would threat to humanity is not the pos- to accept an increasing level of 
"The sibility of a Russian invasion. It imports, whatever the conse- 


AdrtirionaJly, the amendment arms race is setting out of con- is the ^nns race Itself M-hich is quences for Britisfa industry. 

inrtCPrf ini . 1 Pfintmifmant «<• frnl T i ic lilrA nn< 9 i>h L-(n rt fa L-inn nc fnu’orWc -a nn»*lmp urn p ^ flAvamniant maIiau L* 


WHISKY EXPORTS worth 
£169m. were exported from Scot- 


Case put for PR 
as election issue 


Privileges 

inquiry 

agreed 


proceed with a new generation mankind towards a precipice and. In that arms race, the West had was aimed at securing a balance U.S. during 12 months to 
of nuclear weapons— a reference instead of applying the brakes, been the pacemaker. between an open market and pro- January. Mr. Michael Meacher 

to the neutron bomb. the drivers are acceleratins." If the militarists held that we tertfonism. Trade Under-Secretary, said in 

The Government motion which Everyone wanted multilateral could negotiate only from a posi- Mr. Roderick HacFarquhar a Commons written reply vester- 
the House was debating asked disarmament but what hone was tion of superior military (Lab.. Belper) suggested that day. Whisky*! exports to the EEC 
MPs to endorse its policy which there of achieving it when *he strength, they could hsrrtiv blame one of the reasons.why Japanese in the same period amounted to CAMPAIGNERS fo rproportfonal the constituency MP could sur- the Daily Mail about the findings 
was based on a collective effort Government was moving In the the Russians For using the same cars had enjoved such success in £130m. and those to Japan were representation last flight Tive. of the all-party Select Committee 


T 


BY RUPERT CORNWELL, LOBBY STAFF 


TWO REPORTS which appeared 
last week in The Guardian and 


w 


s a 


to deter aggression while opposite direction by increased argument. 


penetrating the U.K. market was worth £41m. 


LEGAL 

NOTICES 


\o. 0B»33 of 
Tn lhe W.K COURT t»F JUSTICE 


Xrt. mow of WT* 

In th- Hif-M rrvirpT of JUSTICE 

rhanr»rjr ptvr-lnn Omr*. Tn 

th-* >ti-*-r of fiBCHin DFVFl^PXrETrrs 
UMITF.n jn<1 in the MJtter of The 
Cotni^ntPis Art. IW. 

NOTICE IS BERKBV r.IVEN thj; » 
1 P»titt<tn 'or the Wmhr : op **f th.* .iho»r. 


No. W7M nf ifm 

In Ihf WGW mCRT OF JCRnCE 
i Ch»ii"»-rr Dtrislnni Cnrawnlw Conn. In 
the Matter nf COLNE FINISH RS COM- 
PANY t.nfITED »™i In the Matter of 
| "Oi- Cmnnajil'-s Art. IMS. 

: NOTTCF IS HER FEY GIVEN thil ■ 
Prt.t'nn fnr ihn irtndfrc-np of th- abon*- I 



. nam-Hl C<ims*RV he th .1 Rich Co'-n of in-*mrtl Campimy hr the lUeh Coon of 
Olan.'-rr Division Comninlcs Ow. In 1 h-hs on ih-t 1st ctiv ni Map-h :ah<hx> >h* on iV mh 4nr of lljir# 

the M liter Ml TAI-LY-PO ELECTRIC 1 9^ pr^-m-tl t" th- C«ir hr [ wr». im-ow-fl to ih- *’M Cnnr* hr 

UitlTED and in the Matter nf The j nARnxt-RS Sr \FFOi.OiNr: cn're ANY ! the <*nwmsrn>-FRS nr customs 
C ctni'nies Vet. IMS I T.r.JtTEP who**- n*c't'«rrtl Of"--** Is . *ND FVi'ISF of Kina’* Re-im 

NOTICE IS HEREBY GIVEN, thir a ! <i»tat<* at «. St. D-'v-h-* II til. F.Trt-r. j 39-41. Mark Lane T-omlnn EC-"R THE- 
Prti»inn for the Wtndlne op of th- above- ) and that the *i:d P-n"nn is ritnVfrt »nrf rhit tV «»kl P-iit:«n is d-r-ct-il 

im«n>*4 Company h*r the Hifih Court of i 'n be heard n*Uorc lhe i.*wn sitone »! ' in b- h“»nl iWoot th- C«u>n at l 

.Ti***lce was on lhe 2-irtl d»y <*f E-hniarr \ the Rural C 0 "” S nf .tu^ire. S'ranrl the Ron I Gntim or Justiov Strand- 

10TS. pn-v-n*.vi ia rtw uxl Cour hv ■ LonrfiHi WC3A 21.1.. on th- jnrh rtiv nf I tonilon k’ClA 2LL. on rt*e 17ih day of 
ITT. CONSlMEn PRODl’CTS t»-K.l Annl lore, and -ny rrodiinr or «>n:rtb«- ' V**rll 19^. and any rrrdsw or ctinrnbn- ' 
L’MITEO. Maidstone Rnid. Siilrun. K-n'. r for.r of the «a'd Cimnarr deniroi's to :o-r nf the s?*d Cpmnanv deamjiiy to ; 
and that the sail Petltlnn Is dirocloil | ""inonri or opnns.- the ruak'ne of it ^iwort nr noun*-* rv maki.na of an 

to be heard before the Court sltrins at , Ord-r tm the '"id P-Nfi»n mar appear • Order on ”>e stsrt Petnort roar app-ar 
die Royal Conns of Jiuite*. Strand at the Mm- of heannu. In penen nr by ! at lhe time n( hearing in person pr 
London WC2\ 3LL. on the jnth dav or j h's oonns-u. for iha: pnrpo«e: and a (by f.wmsel for that onrsose: and 
April l*5S. and any creditor or centrum- ropr of th- PrtH'on mil be forn'Mi-d . a cony of »v> P-mio" mR b- fnrnishiH 
tory Of the said Cormuny desirous to ! he flip andpr»|co.-d to am- creditor nr the *h- tindercimod m a nr creditor or 
snnnort or oppose the mikm; of an • comrUnuorr of the «nid Cotnoanv roetiir- , cnrrr-hiirorv of tfte <a«d Cntrpany rconlr- 
nrfer nn the satrt Pentinn nuy atraeir j Inc s«i»* rope on pjentem of the r-cnlated . '"3 «nrh cost an p«vnteDt uf the regulated 
a: the tune of hi-anng. in person or by i charge *y .he s*tt»o I charge for the «tnw»_ 


RDBRINS BLIVET & LAKE, 

SIS. Strand 
Tamdon W'-'R SAl’ 

R»f- PjrWP-Gs Tel. 01-333 3KL 

JarvHoo Vsonts fnr- 
STEPHENS 4 Srou*N 
?«. Somhrrohar East. 

Er-*er EX I IRS. 

Solirtmrv l,,r 'ho Petitioner. 

NOTE.— Any t>f*ni who Intends to 


F fit AAR. 

■ F‘na*« Ream H»nse. 

| .tn ai. Mark Urv>. 

I T-Ondon Er3R 7TTF. 

j Solicitor tn the Petitioners. 

[ XP; t. — Any ner«on who Intends 
•*o>»ar on the h earl ns pf the aaid PetlHnn 
' must serro .jts. or send hr i xm to. |h« 
: *ho«-.. ramcri ro-’ty >n writing of his 
ten* ion so to d*> The tuple* mnq Mate 


to 


h« connsrl. fnr that ourpaw: and .. 
rnpy nf Ih- P..-!l!iot» will be fi*rnisfced j 
Jvc th" nnd.-r<luned lo nor >y-*dt'nr or 
rnntnbtttorv of the said Contnam- rooiilr- 
me Mich copy on rvtvmont 01 the regulated 
charge for the same. 

rOLL\FDS. 

3J-5* OsfOrd Stnvt. 

Tendon RTR 1PD. 

DJ I. 7 JH 7 ___ ^ _ 

Tel:" PI^13f KIP1. " ! otitwar on tfw hennne of ;h- paid Prtltinn . the n -me jnt] add mis rt th- person, or. 

Soliriiors Tor lhe Pcntioner. ! n ' u * !f ww <* " r s 1 ™ by post to. iti" j ■» J d-m iH*- name and address of th- 

NOTE —Any person who Intends fo I above-bain - # b? ,,V L. ln v Tlt»0c ot his h«m nad most he «cned hv the person 

amu-ar on the h-ar.ne of the said P.'Mfnt. ; ^ or his or their Solirttor nf attri. 

must ».tu- on. nr send hy post to. rho i •J® n*l*M and address of the person, or. and most »w *errod. or. ir posted, must j 

abo-'o-named n.aic. in i-Ttnn* nf h>s *f =» ar.<j ad<jr,-ss o- tn* h« %>u» by post In jasirlmi flyne :n . 

hrm and mii«r nc *'en,-d hr the turnon ! r-vb the abore,ru>m*>d not later th»n I 

nr linn, or In* or :h»-r so'icttor <>f any 1 *.mr o'oorh In rh" afteroonn of the ! 

and If'is: he served, or. >f posted. tnw«t tvh dav of Apr.l llirs 1 

h? seW by port in -mfliHrnt -into to . 

reach th- above-named nor later then 

four n'clnok in ti-' afternoon of the j Id th» fTTGFf CniVT DF JIMTICK j 

Tth .lap of April l"ty. Oia-wrs- rnrtrton Companies Court. In : 


intention so in d.» The non*-*- mtisl stnte ! 
the name and j.liln-bs of »h” person, nr. ] 
if j iirm :U- i.a/ni- and .vldr*- -s or ih-* . 
Arm and tnns: It c s'an d l» the ta-rson , 
or firm, or bis nr ihi-ir solicitor *11 anvi | 
and sansi hr aerntef. or. if pnsicd. must 
h.- s>:nt hy post in silfiis-wnt 1 ‘uii- tn . 
re.i.li the ahoM-pemcd not Jai.r than 1 
Koir o cin -4 in re ■ afk-rnnrn *tf lhe 
rrh dav of April iw«. 1 


the Matters " r 

No (HITir of lpf« I N<*. HOW? of IP?" 

In th? HIGH O'l.’RT i)F JI SnCF : S^PFRinw nan.Y nFFU*F 

dunc-rj- Dirlsmn c’.vmoan'^s c nun In ■ t'lVPCDOF CL® - sNtxr; 1 V 1 . LIMITED 
No (KrtHrt I3P- ; the Mayer nf 1.4 V A! .LIE RE LIMITED _ No nor» o» 

Tr. the iiiuU cmtRT uf n.s riCF , ar,rt ,r tTif. Matter or The Companies: 5 ft E, fnvnMrWp< LUirTEi) 
r3wnr.Tr Pivis'n" Cnmn-.aies r.mii-i. in *"■ ! \>. enrw of ]Prt 


»hi- 


Mati- r of MFN^WF'llilriTD and ‘ ^ rtT, r.F. D 5 V^FRT r.IVEN. >har a '/A' B. M. JOHNSON wni.Tiivr.s LIMITED 


lit rbv Matter of Tb" Companies Act. , Potition ror the winding up of th- ahoee- 

ja^s j twined Onpuiy by *h* Hteh ro or rt 

vfinCE is irFRFpY r.ivp*-. Ihnt a ' tTrtici* was on til- ?kJ djr of Mir-h 
Petitmn lor th.- W ndtnc up o« rh- .HKtrc- 1 r " Mf '_ br 

n lined CumpBii} hr th,. H,rfh four' n f : M" Tiri > »A«in"\< MMlTEn wt.e*» 


Jortlce was on flic 2 inl day rt r..hrua*T ! oin*-- Is s.nmi* a- lfu rtrea- 

tors, pvnsmp'.ed in -V" evil Crmn bv , Por-'and F*rs«*i. f ondon bl\ -DF a 
TP F. WHOLESALE p ITTI\r;s CD t jo i Crrtlfor nr ihi- ihtri,nwt C"™t»nv 


<m;«n of tore 

A R SOUTH and «ovs LIMITED 
«n the yiaiter of The Comtmnles 
, Ae». |Wt. 

v ot rrF rs nFR*Rv rtnTV ;h>: 

P"i"'n« for -O'- Windier. t.'p rt fh«* ehor«. 
itvmed i‘.et-inap : -'s hv th- Risij r.mtrt rt 1 
J 1>, *lce ■*v— ■*. on th- B»h Jit of Mjrrh j 
If. p-e«on*»a •« -Sc ss 'd row— hv ! 

Dagenham. Fss-j:. PM«n *sx. an.) Ihar ', n be heinj hefor? the c, M irt 51l'i» at J r|: ^T nM * / 

th" said Peii-iotj IS .lir-"-tn« -n h.. i.- nr rt 'be Ror 3 * r wr, nf .Tnsti-e Siran.1 , * .V I .SF rt F'"c « Ream Hov,-. 

hefe?.i the Court sunog .11 the R..vnj ■ T.iterton H’CI 21. 1.. on th* UMi day of . MarV l^ioe. London FC3R THE 

Courts JMIIi-e. S-rand. London WC 2 A • '""1 an ' 1 "W cmdunr nr rtmtrlbn- , ^ ‘V1- P 1 2I , ?S *F *:"*'** I 

3 LU on the lifeh dav of April ibts. and I »orv of 'ho 'i'd comoanv desirous m ■ *" be board h-rore ;h? '.oorr slfoc »« \ 

ptir creditor or contrihutnrr ol the ^at«f j «'r*oor» or nptej— the mal ms rt an ’*»" RwpM Can-, m .iitsiV'-. 5’rann 

Company desirous la stipwirf or appose • p:t *S. p "L 

ih- making or an Dr* r on flu* said ' 2 * r1m t . . . . — - 

TN'ti'ion may appear ar fhe t:me of | ht« ccq n avi. fnr_jfiat purpose: and a : wry nr »ov of jne did rompaT^ desirous 
bearing. In person nr hy his 
for Ihar pniTswe: and a sopv 

Prtillon will lv furnished hy the under- , r — - - - - _ - . . .... . L „ , . -- 

signed tn any er-*ilunr nr '- on j T ibuiorr I trK ,ocn ,,n "I tdgalaied ; or by bis Cnruts-’l for ;h?t purpose: and 

of thr said Company requiring siirth com- 1 clwW *T„ *L ?lj >l «,L A ^ rtn 1 r, r, ‘ l ^ 

on pivment of tbs' regalaied charge for AFHI.RY RsLVH. . hr th e invfrr<iBn"d 10 an? creditor pr 

o V ivnuwieu cnaree tor 1 THAVF'-L CH . ! ,mr r« i» w of pm- of the said Cmrnyi B l" S 

5 *. fymitnn goat]. i retrOnti- vn-h cons - nn namteni of the 

SortthonH-nn-Sea . reCTjate^ char-e ft * • the same.- 

F.ssex. P'-l 10Q : « F ft'OlMT. 

Fef. OR - HD t«inn F-" t's Re? pi House. 

■ T.'l: »•!»: Yi41Vi. .-w-ft M--V Tj-v 

Solh-'itijr? for :h? Ferttlan'.- ! Loadiw Fftp SHF 

NOTE.— Any ptrs/jn v hn intends *« ; So'-rttor ftwr- the pe*rtinn«r» 


FOREIGN EXCHANGE 
PEALER-BAHRAIN 


Applications are invited for an appointment as a 
• dealer in the Bahrain Office of a 


MAJOR INTERNATIONAL BANK 

The requirements are for a proven ability and ex- 
perience in all aspects of Foreign Exchange dealing 
at a senior level with a London based or important 
overseas banking organisation. The major company 
benefits include 

1) Free accommodation, utilities and servant 
allowance 

2) Free leave air travel for staff member and 
family 

3) One month's home leave after completion of 

turolro mnnlVu - 1 n'"rl- 


twelve months’ work 

4) Free medical insurance for staff and immediate 
family 

5) Salary free of tax. there being no tax in Bahrain. 
The contract would be initially for two years, thus 
with annual leave would run to 26 months. 
Applications will: be treated in confidence and 
should be submitted in writing giving full details of 
present experience to: 

BOX NO. A.5989 
FINANCIAL TIMES 
10 CANNON STREET. EC4P 4BY 


APPOINTMENTS LTD. 
’ Fvtu.'St 


COMMODITY 

requires Piwul and . 

Ti-alnaes, At-outi-ants 

Saalt fcr U.K . Europe. US.A. and 
Hprta Kona., T«l„ Grahaqt Stewart. J 


Traden. i 

Support | 


GOURMET 


01-439 1TO\. 


PUBLIC NOTICE 


BORDEAUX DIRECT 1 * Pr-- Catalogue 

■ OuUtandinu and Oenerdui. ■ Guardian. 


I T. 


Suffolk county council 

p L2.000.0M Bill* WJ7TB 

“ if * 


-2 Daow n*»tn snd nncyir d Jirustraitiotis. 
Writ^ Tony L*ffftw*lto. BOnleAUv Direct. 
AnuitiiTv^ Houie. 'Farntour*i Avenue. 


r n»nri — 'H- rn-sr 'iik nr .•«nifi- 1 *’ruin S**v* m + Co mJturc 15 6 79 Tatif apcHr- nguic. urnoun ain 

:he «aul Petition may WNT . f."^» JJCW 84. on rh- iTrh Ha- nf cation* 22.75m. Total 'oubundlnu 6m. I Slough. RianUonlno Financial T*mea. 
- Of nearine. in p-non itr hy 1 Amil IP^R. and any -r-ilitor «T mtFrhd- | 

■!. for fliar purpade: siml a : wry nf »*rr of fh- rnmD* , rn« de><rtui< i '-. 

I «-o»y nf the P.-rihnu win he furnirtiPit ' ” mpport "r onon«e ih- mairirte of an ! 
of rh" I ,hp mw|P r *is n ’Nl M Fnv tr-d:!nr «r . Onior on any rt the wrf p-ririnn< mar 
, under- I conrrthntorr rt th- aaid Cnmnanr r«nir- ■ a»p*’ar a? *he nine uf heanns in ncraon » 


the same. 

pnr.LARD?. 

.'.’-.11 letfortl S'e-nf. 

I ondon W|R IRH. 

n--f: km n.r n-.rvtrt. 
t.;, m-ra smi. 

Solicitoni fnr ihe P-aimr-r. 
Xf'TS.—.Vny norwn vhn irr-nd. 



Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


launched a drive to slop thi'two Mr Robin CorbetL Labour MP on InimlSTaiJon were referred 
major parties suppressing elec- ^ or ^ erne ^ Hempstead, argued jesterdaj to the Com mono Com- 
toral reform as an issue at the that tfle prospects for reform nitltce on Privileges The 
next General Election had improved. He warned that ^ciston. by 133 votes lo 70. was 

it the next election produced taken despite opposition by 

* ‘ ' MPs. 


Door tbe ru B n BC h?- r08 t , K n “ 3 ‘T. a^er cTose finfeh. BiT™ Labour Lef? win 

Campa ign* n f 0 r *EI ectoral £ ^ ^ctSrfi 1 would , } Vm ? <L, , h - Sun h dcp * 

Mr. Christopher Cbataway. a aonear to ™ Vv0Uld Ian d > ^leci Committee chair- 

former Conservative Minister. P J mDII „ other well-known i!il n -«? aic i h t «' as u complaining on 
accused most MPs ,of wanting ro ad VSates of on oortiona reore- « hi * f ?I ,hc who,p wmmmee. 
“hush up * the .matter, even J3“ S nf^t H* *9 


though QjJlnionpolI^ showed Ui.l 5S^? ~ t ^ 

r.ohnnr r -. ihinnf Umi.lor PV lu 


«j *u A c*ii riiuidtu •uotou. me »v» - 

■ 4 C Jl nl lH 3 n O ? e fr. p 0 P tt Ja?p^r n,er Labour . Cabinet Minister. 

t0 t0 a fairer and jj r Dick Tavern e.- ousted in D wa * opposed by Mr. Jeff 

syUem ‘ 19731 as Labour MP for' Lincoln. Kooker (Lab.. Perry Barr) who 

Mr. peter Walker. MP. another Ai the same time. Mr. David s ? ,t * an . v . journalist wurth the 
former Minister and a leading Steel, the Liherai leader, re- ^fe OF journalist would never 
figure on the Tory liberal wing, affirmed his party's commitment divulge his source of in forma* 
argued that in 1974 a party had to change, insisting that the tion. *' 0 -one would tel] the Geni- 
com e to power against the views authority. . of Government had mi tree who commuted the 
of the majority of lhe electorate, been weakened by its repeated alleged breach of privilege. “It is 
He favoured a more represents- failure, to represent a majority a total waste of the time of the 
tive. system, but one in which ofthepeopld. j 


SNP seeks Budget boost 
for Scottish economy 


House.” he argued. - 
Mr. Dennis Skinner 


Bolsoveri said that much oMhe 
steel Industry Select Committee 
report had been discussed in the 
Press beforehand and no action 
bad been taken. 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Mr. ‘Willey was supported hv 
£ ,S . u C £ c " Hirm * n Mr. Dudley 
* (.V Leamington), who said 

mf*tl nC l n 5 s L nf tl ? e Select Com- 
mittee nad been leaked onlv ao 
THE Scottish National Party has lion in income tax of 12 per cent. or two after It reached its 
told the Chancellor of the Ex- and in corporation tax of 2* per fi7,a3 conclusions. If action was 
chequer (Mr. Healey) that it cent. He has also called for con- not taken, future proceedings of 
wants lo see tax cuts and other cessions to the whisky industry, an - v Select Committee could be 
measures In the Budget which help for small businesses, and feaked with impunity, 
would boost . the Scottish econ- an increase' in pensions and tax 
oiny by £645tn. a year- relief for widows. 

Mr. Douglas Crawford, party The SNP has been denied the 
spokesman on finance, said yes- opportunity nf trying to bring 
terday that the SNP would con- down the Government in pre- 
aider voting against the rious Finance Bill debates by the 


Entry controls 
effective-Rees 


Government in the Budget de- fact that there has been no vote top pvtrv . 

k N «N r *2 TB .11 nn tK« nflnffmla nf tka Hill TUa — * 1 *^. into Britain of >V 


hate and on 
if its demands 

“The vote on 
de 
and 


the Finance Bill 00 the 'principle of the Bill. The Ku KIiiv in J ° ?5‘ tain . 0 
were not met. same situation could arise again, number, is 


no 


tii^Budeet k P Rrt - v might* ffiiii of^^mmimtt? *** ef J° 5 , t ^eneFj 

the Budget IS enma simnnrt from nthor it nnfivi. -m m . immigration control*. Mr. 


.‘malVer of SaSUS ST JSffifSMSff** 

hZe de^nd^Sr “dol'd “f* "j >^«rdly C ° m "’ I '" S ^ 

the Government if there arc no SSEC? JSL Mr. Rees s aid the iminicration 


eral election," he declared. 


will attract the support from aeonle t-t 

some Conservative It also niFmh>r< in” a o 35 
!n a letter to Mr. Healey, Mr. hopes : for .Liberal backing in “Thlre 


Crawford has demanded a reduc- steps' to’ help small businesses/** “the " 8 t0 identlf: ° 


if a firm tftp mine and ol rh- 

firm ami mu<: r- «:snwl by m** wrwn 


rte name and address nf the person, nr. 
if a firm ihe name and aildrw nl rhe 

firm and nras; be «inw«t hy ih" nnrwin . --- — - h . ..- ... . 

r.r firm, or bis nr their solintor i If any* ;tir fi rm, o r hK -jt Jie.r soll riiw L r an> 
ami must bo tarred, or. if iw«fi>d. tnw« 'and mnsi he s ^ r 7' frt - 'I DCSied. imn. 
bo sen: by post in snffl>.-n*ni lob* :o , *>'• wnr hr '*» *ufllrl>*nj nmo in 
n>a«* ’.ho jboso-mnwd am later shin >. reach ih* awr-njim-d no. later dijn 
four o'clock In Iho afternoon of iho ! foW o ri«» J • at lemon n nf ibo 

Ph day nf April «7S. ■ Dh day or Annl IN* 


nrtlrti im*h: ;*:r tb- nn* and addmcc 
rt Uk tt-HHoa or :f a firm th' nart'* | 
and sr*rln*ss nf rhn fl-m and mi**r It 1 j 
«*«n-il hv itji pftrann nr firm, or his or | 
rh-rr So ,a <Mnr nf ->nri. awl mns: h.’ i 
vrv-.-d nr nn«-i-il. tmKT be v>n> hy | 
nort in enffi-vn' rtr* *n roa«'h :h? .ihn*- P . j 
n -, me<l nn: la - - r rtn fmtr o'rtnrt: ip 'ho | 
afiernoon nf rh* 14ih day ar April ion. I 


ART GALLERIES 


AGNGW GALLERIES, 43. Old Pond St 

W l_ 01-62? 6176. THREE CENTURIES ; VVILDENSTOIN: 


THE PARKW GALLERY. 2. Atenaurle 
street. Plt«atlllltf. W t EjlnhHion or Old 
marine, tnilitar* * , -d toonlps and waa- 

nrart-.Ul pc mV. *n<J OAln'.tra-. and shin 

models. 


.. . Qeirc’-pectire Evnib.- 

CF BRITISH' ?AIMITNCS. Until 2B Aarll. • t ion ol ScidPturs ' <r<iuema a series cj 
Mnn.-Prl 9 r-o-s 10 Thur* until 7 ’ jiudif- V* . Rd"l b" 6NZO 

PLAZZOTTA. __ WtcKtN 1Q-S SO Sit 


cox GALLERY. Ea-'dbltion of (he oainf. 
ip m t*y BritKh a re C'lropran ArllTK 
(rent 1700.1965 5-D Cort Slii^T- Lon- 
don w 1. Trl CIS.734 2626 Weckdavl 
10-6 5 atS 10-1 


ijrdiyl TO* 12 50 
4dmi:'"i n f'K 
Lordan. W 1 


U-tit rtn Apr. 
N-V» Band Street. 


MAAS, VICTOBI.-N TAIPV PAINTINGS 
Lin" n-t Marti, W—«a^. (D-S Salt. 
ii ,1 at lha CiU-ONl St New Bonn 
Jt 


W 1 


CLUBS 


nMELL GALLERIES- Fine Britftn 4*>d 
r?r>!th Modern paintings .m 
Medem Brill ih MARITIME PICTURES. 
40 AIB»"*a»|e 


EVE 1 8 a Keflrnl *.:re«t 734 0S57 A U 
C4tte or * ll-, ?." , snu._t(irea SPKUCular 


IN THC MATTER Of 

CAI INTERNA NAL LIMITED f 

and . 

IN IHE -TTTR OF 
THE COMPBNi** A'T TVJR. 
NOTICE as HfpepY GIV r N (Hat tt|t 1 

i*l the .S-.r-.-*arr— d Compjriv, 1 

nhlrS IS hpina itjl>in*aeih w-unfl o" *"T ■ 

re-1. I»n or h-ltire 'h- 1P"h lae or . 
Anri I m-g ro r—n in -he.r full Cn-i.tla-i . 

■-1 w- --t— -h- - .sp-r-un «-n en-.-rln- ■ 
11 — 1 * h><l nH:.1xs M ,»i— - r e-v«\ or ■ 
-la-ms. i"r| rn- ra-nei .ml m: 

■II* * tr»||r'*«rt '•( m»t. - 0 ‘h- -■id-rtl'.-etl ‘ 
M -n—l |rhn P‘r*e*l ETA *M 2 B -?1 ■ 
Pr ire- Sl-rf*. Hin-n. Smi are Ln-OO" • 
W1 *he LlMl!j!«r of (he -.«ld Comre-t 
-i •*. ‘I so r eq-_.i -d hr -at Ire in nrrl-na 
t-o-i *h- ua L'B'.ida-o- r*rvullv ' 

or hr ***e r 5»l.- 'rn -c -arie in ana pr nve . 

:y>' ’I"-- a-«J n>a e 
- "A entire Pr in 
'mm • 


There's no need to hunt around the Wdst 
End for a suitable venue or viewing theatre. 

| The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic Vz” colour] 
video tape and Philips 15G1M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dming rooms with 
extensive cateringfacilihes. 


financiAltimes cinema 


OSCAR 

Lqwndrs 
fMVTHES 
17. Wcel 


S*ce~. SWMS 10 41 II*5»«J I 44 AM ? |', 2 

tr*««-: rt H jwy-jWQf tl, A FnCTO j, ,h.fH ^ 

l-rp<»l- Strr-t. tculill., w I qaAGOVU. if D~4-* 5'r-rt. LOmJoi. w"l . . H*— — ir '*h-»' will p- '-irilMtml *r«in 

V'neTTB JOHNSON LTD.. ?7 NfW StPIPTEAIE FLOOPSHOW "nr h-i-'t m mr iSic.-.h-ir.m m*S- H-l--, 

fs; Nv'1 'THE THE GREAT AR.mH STRI" ,n - ' 

r<. f«7 itKWirH until M.nrh ! VfS^at Mi^nioi- r( : * m. I ■■ Dof-d S- * 6»» ts?» 

'rtt sa-^ 3'30-S- Sab. UMI. M5«i.-Fl>- C'B{<d Sata-di i. 01-437 6*35 j M J. FIRKETT. Liq-jidaiar 


AH enquiries to: E. J. Dorter, Cinema "Manager. 

The Fmanaal Times, Bracken House. 10 Cannon Street, 
London EC4P 4BY Tel: 0I-24S SCOO (exL 67Cj. 


inmiigratioD 
officer as a member.” 

He told Mr. Robert Adley tC. 
^nnstchUTch and Lymington'. 
who rowed the matter: “while 
nre general, question nf the 
effectiveness of our immigration 
controls ts kept under regular 
review, there seems no reason 

THE Soviet Union's “sickening to do so.' and showed no dis- eSIeHvenw*^ 111 1 ° d0ubt ^ clT 
history' of religious and other position to make 


Minister attacks Soviet 
stance at Belgrade 


. any conces- 

repressioo and disennitnation stons of substance in the key 
was attacked by Lord Goronwy- areas of human right* and 
Roberts, Minister of State, human contact.” 

Foreign Office, in the Lords yes- Lord Brockway said that while 
terday. everyone was disappointed by 

He made^ the attack following "'hat had happened at Belgrade, 
a statement in reply to a ques- ' r . should '.not be regarded as 
lion by Lord Brockway (Lab.) disastrous. The conference had 
on the outcome of the Belgrade constructive things to say on 
East-West conference. economics, technology and other 

ferenop said- “i should lik* »„ .. 0131 tne soviet union had 

X3?„f , , l u ?™n .n'S'b.h?, r^jgSJMhV SS ?nd 

He added that western enun. l^rri Goroimy-Roberfs agreed 
tries <i1 Hr I era dp had bocn pro- ‘lt.it the cnnfnreoer had faired 
pared to negotiate on the basis Vo meet the expectations r.f the 
of a draft document pui forward MVsr ..?■[ agrpe there is a 
by the neutral and non-aligned dichntomv of nhilnsophv and 

ITH l iT ” f B " r , lh *- ui Europe that cannot be 

Russians and their allies reiused bridged overnight." 


NOTICE OF PURCHASES 
To the Holders of 


Mo&e 

Bonis De* 19 82 


NOTICE IS HEREBY GIVEN 
that, pursuant to the provisions 
of the Bonds of the above-de- 
scribed issue, an aggregate prin- 
cipal amount of SUM30.000 was 
purchased in the market during 
ihe tweRc-month period ended 
February 15. 1975 . an d such 
Bonds have been surrendered to 
Morgan Guaranty Trust Com- 
pany of New York, as Trustee. 
The principal amount remaining 
outstanding is S 2 -I.OUO.OOO. 


Mo och Dony-io Aktiebolag 



h 


V 





1 1 iquin' 
aar«d 


{ *iif* 

, ;;U‘‘ 










THE EXPMDIBG WORLD QF BATHOHD 


With years of experience approaching a century, 
Raymond are shji aiding new talents to the resources that 
serve the world ahd you. - _ f 

The acquisition of Raise* Engineers of Oakland, California, 
has brought new engineering expertise to Raymond’s work 
for power generation, transportation, mining and mineral 
processing. Kaiser Engineers’ current order book covers over 300 
projects in 27 countries. 

Raymond’s achievements include design-and-build jobs such 
as an oil terminal at Zueitina, Libya, piling for the world’s longest 
bridge across Lake Pontchartrain in Louisiana, and the foundation 




-• - . 



■ 

• - 

‘ 


♦ ^ ^ 



- J* 

- • • ‘ ‘ 







* 



- 


- 

■ 


- 










'■* - 






>**• ... 






- : " ’ 














■and to the Sahara. 


At Zueitina in the Gulf of Sine 


>r panning, design* engineering and construction. The job was 
dun a year: roads, breakwaters, piers and loading platforms. 


Sand from the Sahara? No, not good enough quality for concrete. Raymond 
shipped in qpaaaDy selected tana from Spain. 


pipeline trestle support for Aramco in Saudi Arabia and are building it oSdSSp^ e S^ T had e SS P S 2 

with components manufactured at their new plant at Ras-al-Khaimah SSttSto 
in the United Arab Emirates. 

We’ve combed through the records to find pictures to show the 
range of Raymond operations. Seventeen illustrations might just have 
done it. But we only had space for five. If you’d like to see more, please 
ask us to send you the missing dozen. 

And if you have plans for construction, tell us about them, too. 

We’d be glad to help. 





Over a decade'* work In BBgerio. In 1965 Julius Berger 
AG awarded Raymond die foundation conn e ct for die fim 
Bridge crossing the Lagos Lagoon. Since then, Raymond 
have been working almost continuously in Nigeria; parrs of 
the Lagos- Ibadan expressway, the Lagos Ring Rend, and 
sheet pika and pipe piles at the Apapa wharf and Tin Can 
Island. . 


Kaiacr Engineers work on in the snow. One of the worst winters 
inOhio'shistory didn't stop the building of the Wm. H. Zimmer nuclear 
p owers tatjon. While it snowed outside work went on inside 00 the pressure 
suppression chamber (right). Low pressure turbine spindles (left) rotating 
at 1800 rpm will drive the electrical generator. 

With a record like this, it isn’t surprising 
that two- thirds of Raymond’s contracts come 
„ , from people who’ve used them before. 

wtesspa-msd-bcnW project in Saudi Arabia. For Aramco, Raymond (Saudi . . * £ . .. - - ■ , 

Arabia) Ltd. are bunding- a £70 million nr-mife trestle support for liquefied vOfilC 10 tfllllK 01 It) IS II t tJuHt 3 . gOOQ rCflSOH 

*^S%*a^p*io^isS-Khaii^ 1 n^e Si for asking Raymond what they could do for you? 

to service the Middle East. 

BAY M. OND INTERNATIONAL (UKl LTD 

cw *o« Housa. 83-89 Uxbridge Road, Ealing, London W5 5TA 

. -U Telephone 01 -579 9381 . Tele* 935741 

^ Kaiser Engineers & Constructors Inc. 

: , 7 Regal Noose. London Road, Twickenham, Mx. TW1 3QQ 

T . .. Telephone: 01 -892 4433 


Power begins with Raymond. This 
was the beginning of a new power station 
at Porto Ttrfle near Venice for ENEL 
(Eme Nazionale per I’Energia Elettrica). 
In England, Raymond worked on two 
power stations for the Central Electricity 
Generating Board, the Isle of Grain and 
Littlcbrook D. Each job in its time was 
one of Britain’s tamest piling con- 
tracts. LinJebrook D is planned for 
completion in 1980. 


Zim 


One of the Raymond 
* International 
Group of Companies 








I > >c- 



SUED BY ARTHUR BENNETT AND TCD SI 


PACKAGING 



CONSTRUCTION 


COMPUTING 


BANKING 


Less risk of slipping 


Evaluation Day and night service 


Lightweight cartons 
take the strain 


REPLACING wooden dnckboards designed as a complement to tie "ftfYl* tllG ' wiwly the wall 

to great advantage is a new. Inter- company's flooringW Mr trad AU1 CUC 3f TC loX SSSvg relf-S tofforxa of a 

locking floor tile being moulded products andto satisfy a market nmr]pQ terminal and Lloyds Bank a one-inch thick steel safe with 

for Ferodo by British industrial m machine shops, shower rooms, decision to order 200 of the new appropriate locks while a vandal 

Plastics. laondnes. ^eenhouses, vebicl^ MEETING user interest, RTZ units to extend its programme of resistant panel covers the key- 

The “Ducktile" consists of a lospecuonpits, processing plants, computer Services* financial on-line cash-dispensing and board and its associated gnifl* 

■ 300 mm square by 30 mm deep car showrooms and canteens- planning division, has developed transaction processing units. ance display until a valid magne- 

injection moulding in polypropy- Compared with, wooden boards, a project evaluation modelling The IBM 3624 is cheaper and tic striped card is inserted, 

lene into which Ferodo friction the DudctHe will- not. splinter, is system based on one of its two easier to install than the 3614 ^jj e can j entry slot is pro- 
strips and pads are inserted on rotproof and highly resistant to Interactive' financial planning that it supersedes and . will by a gate which Will not 



|1i? * . 


WELDING 


' • strips and pads are inserted on rotproof and highly resistant to Interactive' financial planning that it supersedes and . will tected by a gate which Will not _ -.i.Mrk) rt 

APPROPRIATELY enough, a rugated . pre-pnnted both upper and lower faces. wear and abrasion; in addition It systems — the Money and Profit allow users to provide various opea except for a card of the ■ .nilLlUli!) 

package deal -is being offeree! by blanks and to install toe ‘Roda *- ki_ — ,.i — — — i — a ♦«. m«tnmaK nnt K v _ 


is capable of withstanding load- Simulator. 


Simulator. services .to customers out of c^rect size and rigidity. . n. j 

This runs ou the company’s banking hoars. The medium AcQulsitiDn 0 * these 200 CI\Al WPlflC 
time-sharing service and used, is a magnetic stnpe card ... Lloyds Bank Tv ClUiJ 

provides the user who has little eo^nurnSr ^ tt tte foro “ bank terming p^viDING AUTOMATIC weld* 

“ p .^ c f.- in JE2S2 v^-the 870 in-lobby and 38 ^meadipstmeat for line volt- 


sHKS rlSpg ssri-aMf-s bmv“ M9 ns r gr^aSSS SNgBSSS 

the handling of products the unique ribbed design and the - SSSSS Methods fat Models l and 11 are for instal- JWJJ**" 1 JJ* IffSJSSSZ PJ*£ U I5 k SKKf eta mSlfii 

delivered in lightweight plastics use of hot melt glueing in the ■ _ incremental analyses areincor- lation in branch lobbies or other about 

containers. way developed by Roda. _ ■_ _ porated together v^S thefadSto supervised locations and models foe withdrawals worth aoout „ a spot-weld quality ooraoiier 

The simplification comes from Equipment has been designed IVTp-rjrr TonOfipcp PYIHIVSliTir to consolidate any number 0 f 2 and 12 for. through-the-waH 45“- . H - .. ra j se the Castlelnau, London 

the. fact that the cartons, are so as to fit m easily with a manu- IT CW ddDdllcSc CAldVdlOr proJwtTinto a singto set of situation*. . . . u i ESSSLSrtSb fo about S2r« m ( nSn Si MOa 

made in such a way that they facturer’s own production line. r financial return! Currency for use in the equip- nmnbjr of the terming to about $W13 9DJ (01^451 H34J. _ 

allow stacking to considerable including standard , shrink- DIGGING. LEVELLING, loading or a long dipperstkk can be From foreUsts of sales ™eat can be. loaded off-site m LOW) by the end ofl97J by wtuc i If the 

heights without deformation or wrapping units. ... and grading can, it is claimed, fitted to the boom— the long ver- ^veuueo operating costs, capital Peking cartridges each of which am*, there will te “JJJJ? G !j w?ld j*SSSJ- ^5?°vimal 

damage to the product on offer. Various sizes of Beam Box be carried out with an 11-ton sion gives a maximum digging expenditure and nroiect financ- has capacity, for up to 2^00 up as through the wall or tamed audib a n .2 h JH {®! 

At. the same time, relatively are available and shrink-wrapped hydraulic excavator introduced depth of 5210 nun, a digging ^ defined bv toe 3 user toe banknotes of whichever. denomi- stand-alone units “ “^er- ings are given- The “.* r 

small amounts of carton are used stacks can be handled by pallet by Mitsubishi Heavy Industries, radius of -.7850 mm, cutting Sftemwm develmf cashflows ration. maricets and other suitable sites, will aJsoadjUStweld-time ifin. 

so that toe product is easy to if required. The excavator has a speed of- Height of 7480 mm,, and dumping Sd to neS the ^rojeSS Electronic security provides ■ More details of the 3624 from advertontlytocmachi^operator 

see. The developer suggests that 3 {±h SdTS «5Sb a Mdee height of 5240 mnC- . ' profitabiU^T^ Sandard that sensitive account data is IBM, 301 Wigmore Street, makes welds on toe edge of toe 

^ “2» <S L2d 22 *® pital»”ttention hS All op.ntit™..*, hydraulic, STffjfffS “« trancmicsbc to or toodou W1H 0AB, 01^35 6600. shcej .Jg™ “J* JJ 

fc2r«£lA. >n4q p .i.^gwo^ne^ gs 'g&.l, f? MTSi ZS£?f. 'EJTS*r£2l SEAfiE jr2. e 3LS°S • handung ■ 


sssz “ as*.”! s 

tSS&SrS&giSS SS3 withdrawals worlh about S^-we Id duo llty»n^ 
to - consolidate any number of 2 an d M for. throug all ^ fatentioil ^ w ra i Se t he ^ od 190.- Castlelnau, London 

ratool smg for use in the equip- number of the terminal! to about SW13 9D j (01-T48 5434). 

nSTSSTi loaded .oS^T.S » by to end of bywtoh It the tolerances preset hr 


: t „ J -fcolorno umnMIu. POJU LU uinse kuuuuuu, WUUUI 16 U uj mu icvttra, <Uiu u*e u ustK, C14UIIJ uuw, 

Zt ^ company and °° botil outside and in the cab, and machine is driven by a diesel which allows for the effect of 


i\UUd W Uie duauiuic utuutUUUL _ _ . _ . „ * Cornel MO v 

developed toe Further details of the system Bucket mm. from 0.15 Details _ from the maker in 


Nelsen. . while handling would be reduced toVase Tf matotenanro SuT 

'.The - Swiss company Roda to the absolirtt minimum. to ease ot maintenance. engine. - 

Macchine SA developed the Further details of the system . Bucket sues .range from 0.15 Details froi 

machine for the production of and ..the - manufacturing equip- *° 0,5 cu * metres. ..A standard Tokyo, Japan. 

the cartons and patented the ment from McMillan -Bloedel 

design and toe U.K. group has Containers. 24,. King Street, Wat- . 

made arrangements to offer car- ford, Herts., WD1 8BP. Watford -w-k . » 

ton makers in Britain toe cor- 42306. Klimn TrVl* rho nOOfl 


nnffnrnc SPECIFICALLY FOR operating pressure flexible hose. Rated “'fonza results if toe effects of - “ ~T r^dime'^Tioni JUUIIV AAV TV 

l^diUDUttl il Udllt/1 IKS “ 3 ** mt mrtres/ ^ore^Toi-oS 10 ^ The hydraulic lift tables made . A typical Installation is an 

ry - - ^ minute at an optimum bead of by Trepel can operate between .n tonne lift at the Cartier super- UlOnilUnilJi - 

Ai,f .. 15 XT Low cost ’ SiL lef Spi3tto fa^5 S ^«or a S^SS The Institution' of Metrical 

Ctll laSI ■ handli^submeriiWe pump bas Pottos rotating ajttw Wades IT. CWl .. •» < tSj "*£%&£; ^metrJ and a IMttaS Engineers tbgither with six other 

^ been developed by Toyo, of whicfaeiuure a bounced flow 1!^. oiVineTL start at^ 2 x i5 meff of Tfi metres which It technology institutions is to hold 

NEWLY developed by the Held now can cut'dfes faster than he - - ofsolids/l! quid thm * "" ™§ snare _ ^ 11 

company of West Germany is a previously could reproduce the It is equipped with a compen- puTKp ' •• OFFERED by CompeJec Elec- lift toe usual enclosure, gates Tr \ ir - _ th . __ b __ (April 26 and 27) covering 

cylinder model of a laser cutter outline on the plywood cylinder, sator which automatically adjusts Applications include winning tronics is a multi-user time and control gear are supplied. >. : m , : More trom roe maser _____ measurement and control when 

rViuch provides the means to cut The unit uses a BOC 2kW the oH pressure in the motor sand and gravel, removing siit sharing computer system aimed The lifting mechanism is con- Road, Sheerness, Kent, k±jLZ handling and processing bulk 

lit-, rotary plywood cutting forme laser which. Held says, .is the housing so that it equals the in harbours, clearing sand from znainly at educational and sden- tained within toe scissor, lift 1NB (07956 4582). materials. . 

'pi, practically any complexity at best available anywhere. external water pressure, prevent- oil rig legs, and handling effluent, tific applications. • Apart from emphasising toe 

jiigh speeds. Held is already known for its ing seepage past the seals. sludges and shinies. Based on the Altair 8800b a SAFETY for a systems approach to 

The necessary information is flat-bed cutting unit which is. The 15 ho motor is driven Marketing in the U.K. is by mainframe, it is fitted with 64k the whole problem- or bulk 

■c&nveyed to the machine from a able to follow th e most complex b y a conventional hydraulic Sykes Pumps, Woohrich Road/ bytes 01 r ead-write memory and n 1_ _ A materials handling, toe confer. 

flat drawing an the copying table patterns and has ability to step power pack located on toe sur- Charlton, London SE7 TAP a Pair of Altair floppy disc SOQTIC TOf flOT SOOlS S 110 ® W1 con i? in slx ,, papcrs 

5a»d while toe laser cutting head and repeat these, mirror them fTce and connected by hiS (01-85S 8121L drives whidi yield 300k bytes 1V1 UUl “ measurement on the move" 

tooves in toe Y direction, the or angle them In any given way. per disc. There are three serial PUT ON to the market by Tele- tery operation is offered to cope covering belt weighing, moisture 

cylinder .is moved through the The stored pattern is repro- input/ontput ports. System soft- mechanics of Camberley is "a with possible mains failure. measurement automatic samp- 

^ppropriate distances in toe X duced by toe catting head which ware provided is toe company’s temperature surveillance system TTidne standard- electronic sub- for on-line analysis, and 

a»s. both motions being under moves in both axes at; a speed t • a. aL V l i dis<M!xtended timesharing which, although designed to ^ particle velocity, 

the control of a small computer, which _ is automatically cal- I JfTnT flTl fhp ClOTIl basic which will support up to monitor almost any cumber of wminnimt «nit anv Further programme details and 


Pump for the deep 


uow <11 eqnny casxi uuw, u ay n i IMA edven TOW Of SPOt WCIOS. 

which allows For the effect of G HANDLIWG . . ®The unit can be connected to 

project financing; and -an ill most makes of spot welding 

external cash flow based on toe U>wr|4w«c||v||/> HTTiriCr T *A lllpC machines which have power 

monies subscribed and received JtlY 1X1. ALLUV'' AjULLaJLI.^ IdUiCiJ switching by. electromagnetic 

proieS? . 6harehoIders ^ 11,9 ACCORDING TO Trepel (UJt) base frame, requiring only a contactors, ignitrons or toyrisi 
Inflation factor*! can be aDnlied conventional type of goods shallow pit to place toe plat- tors, 

to all susceotible in nut items— wlto its overhead, hoisting -form at ground level. No cables, mNFfPENCES 

StepSStSsQi^fSrbSS ^ar. deep pit guide rails, ^lioist gear ^or. guid« ajjnj • CONFEK£Nt.t» 
evaluSoM^wbteh ■ wmild give can *>« advantageously replaced quired, reducing the overall wj ii £1 

distorted^snlts if th^effecta of jP^ome applications by a scissor hei^t needed and minimising J5|||jj 1|0 W 

inflatinn wpn> Tonnrarl - lift Shaft dimensions. "7 .. _ 

More on Qi-83n aim The hydraulic lift tables made • A typical installation is an V H/\vtiiA|*|'r|rr 

^More on 01-330 4163. by can operate between -11 tonne lift at the Cartier super- lllOnilOrillS - 

T nT17 ‘ two levels, up to five, metres market Strood. Kent The unit p.®,. 

JuOW COSt apart Capacities range from ias a 25bp motor; a 5.5 x 2A The In^toUon ^ Hectrical 

-j m ‘ i to 15 tonnes, and. platform metre platform, and a lifting Engineers 

|*1 Trip CniJrP sizes start at 2 x lfi metres, height of 3.6 metres which it 

time MMl C When used to renlace a coeds a two-day conference in London 


inflation were ignored: - 
- . More on 01-830 4163. 

Low cost 


axis, both motions being under moves in both axes at a speed 
the- control of- a small computer, which 'is automatically cai- 


rn ootn axes at a speed -r • 1 1_ • ff j 

uxv wvuuvm u*-a*uuKi» wojiuwi. wmen ‘ is automatically cal- I .IfTfl T All | Tip <21 Or! I Dasic ■wmen win support up to mwritOE almost any cumoer or nT -iyinde an eouiomeatto suit any ‘ eiuis«»u*«4C! uciiuis auu 

-- A; drawn reproduction of the -culated. dependmg on the thick- AJI&ill Vf|J UiV MglU eight users simultaneously, all remote or local temperature 7 registration forms can he 

asxmng forme can be produced ness of the material being cut 0 „ TT , nnn ^ ^ ^ working with different pro- sensors in a complex of grain ^ requirement. ^ obtained from the conference 

Rl-.toe same time as the forme is and toe intensity of toe laser COLLABORATION between 7 kWIJsterdieael generating set grammes. Without toe display storaee silos, should find appli- More from Frlnrley Road, department, IEE, Savoy Place, 
•made, providing toe printer with beam. Johnson Machinery and Henry and the mast can he erected and {JJtatoe sysS selU for fsSei caSf intactorS sSmiud Camberley, Surrey (0276 25107). London WC2R OBL (01-240 1871). 

•S-T Ct C ?! I h ° £ U ‘ e J=““ n S tod The new. rotary onit will bo ^ooch te resulted m Ore tec- ft* tmlt in operation in abont 5 o^bSldin™ r ; ~ = 

.Which could be married up m available in Britain through cess ^ uI inversion of a 2-ton minutes. vision for three visual-disnlav Farh mpasiirpment channel is “ ■ . ■ H A H 

udvanco with tbe printed work. Riverlock. Mooeyrow Green, 81 ^w. ty ,? i ?E“ g d o II1!, or lnt<, o The dumper is driven by a 16.7 unit! (available at £695 each) provided with a moving coil PEPCtriCvll WirP^ I 

M Ma i d “, hea /-, R o Cri “- rvc™ ™ro, g ter ro a d ron^ h P oir-cooled twin cylinder and every extra pur of diaplw m™“diSiTon of tempSatorc CICUUIU1I VVIIC KUUUIC . 

*eot m Fraoce reports that be SL6 2ND. Maidenhead 37648. SuJ^!^?lfiL r0,d c0 "* t,TC ' Fetter diesel engine, and has a "Hla wiU need an additional from zero to 50 deg. C. and the 

_ “ 8 “ . _ fnn nf to rvvL_ dual serial interface at £196. equipment is also provided with 

\K/rinnci miivirl f]U « r\4- , By re ^' ov l n ? four , bolts - G*® p spe J p This means that a maximum a simple column printer which 

Wraps round tne product '’tliSL'S including eight VDU. prints' tech chonn^ value ulti! 

* "r be taken off. It is replaced in required. and all necessarv interfaces is measured. - -r^ i 


basic which will support up to monitor almost any 


electrical wire &cable? 


taken off. It is replaced in required. 


and all necessary interfaces is measured. 


wranarnund nankin? Kvstem «»»* r~ r - — v-oes., oxvo auu luoi-wr tviL) or more irora lui. xuiourn overneais, an alarm sounas ana 

Packaging of individual products The mobile lighting unit can Henry Cooch, P.O. Box 40, Seven- Square, London NW6 (01-328 the location is shown on the 
■CKpawe °t cartoning products as well as qf multi-packs of be operated by one man, using oiks, Kent,' TNlff 8LN (0732 1124). indicator panel. Alternative hat- 


Hxxisandsof types and sizes instodcforimmediatBcleriveiy 
•NO MINIMUM ORDER «NO MINIMUM LENGTH 
LONDON 01-561 8118 ABERDEENWW32355/2 

TRANSFER CALL CHARGES QADIY ACCEPTED 
~24Hi: EMERGENCY NUMBER 01 6373567 Ext 409 



snch as boxes, cans, jars, bottles, different sizes of product " an automatic safety wipch to 667297).. 

cops, soaps, tiles, etc. ■ Accessories include collating erect and retract toe mast- • - t -. 

The metre-long magazine takes belts, elevating station. for form- Standard mast height is 25 feet ■ 7* 7- 

.Open vertical blanks of solid or ing layers, -intermediate card- but masts up to 00 feet can be • By agreement, between the 

coriguated board, slotted or die board Inserter, collating system, fitted. Four individually-set Financial Times /and the BBC, 

cut" Product infeed is against and coding, marking and label- 1.5 kW tungsten halogen flood- information front The Technical 

the blank, with the pusher ling devices. lamps are mounted on the mast Page is aoailaWe for use by the 

mechanically operated through Marketing in the U.K. is by are capable of lighting about Corporation’? External Sendees 
^njs. Encase. Beaumont Road, Ban- eight acres. os source material for its over- 

Glueing is with hot-melt bury. Oxon (0295 50971). The lighting unit bas its own seas broadcasts. 


> .no: 


I ? ;;:S . - r. .• • T?-v> JT \ \ \ »' 


/v> } 






■ " ’ .. 




S V*' ,^r 

xar 



Can you afford to be out of touch 
with your own industry’s statistics? 

There’s no magic way of ensuring success in any commercial 
enterprise, but one sure way of failing is to be out of touch with the 
facts and figures necessary to make decisions. 

One fact you should know is that the Business Statistics Office 
can supply you with information you need about your own industry on 
a monthly, quarterly or annual basis. 

The information comes in a series of publications called Business 
Monitors published by HMSO for the Government Statistical Service. 

For example, the quarterly Monitors cover over 4,000 individual 
products, giving detailed sales figures, often supported by import, 
export and prices data.- 

For businesses wanting an early indication of trends, 
estimates of the total sales of about 150 manufacturing 
industries are published quarterly within 13 weeks. 

Get your secretary to send off the coupon below, or 
telephone Newport (0633)-56111 (24-hour service). It could 
be one of your most important decisions. 



WY. • 

0» : .'SV 










The new Jford Gmjiada : emphasis on engineering. 


ercan 




save you even more 



T he benefits of leasing Company cars will 
already be well known to yon. Your capital 
is not tied up. You have only a limited 
financial i n vestment. You can more -accurately 
estimate future transport costs. You don’t have to 
worry about depreciation, maintenance and 
replacement. And recent changes in HP and 
credit agreements make leasing even more 
advantageous. 

What you may not know is that when you lease 
from a Ford Leasing Dealer you can expect all these 
extra benefits: 

1. Ford cars are iamous for their reliability and value- 
fbr-raoney. 


Please send me an explanatory booklet 
(with, full list of Business Monitors), 
a recent specimen copy, a price list and an 
order form. 

Which industry are you interested in? 


Post this coupon to: The Librarian, 
Business Statistics Office, 

Cardiff Road, Newport; Gwent NPT 1XG. 



□ 



2. Ford^s wide range of cars should meet all your 

Company’s normal requirements. And everything is 
on one agreement. " ^ 

3. Ford’s large dealer network is able to give you fist 
and efficient service. 

4. Ford s- up-to-the-mihute cars will enhance your 
Company image. The handsome new Rad Granada 
is a typical example. 

There is a Ford Leafing Dealer near you— an expert 
on the leasing of Company cars. He’ll be happy to come 
andsecyou. And you’ll be surprised at how much time 
and money he can save you. 

Just post die coupon and. we*H arrange for him bo get 
m touch with you. 


- JJ* 3 * mange for one of your Rird Leasing I 
\ Dealers co coatact me My Company is interested { 

. ", mt h e niHwat adBMdcar Tangfl s, I 


Granada (2000-2800cc) 


Cortina (1300-2300cc) 



Get the facts straight from the Government Statistical Service 


i 


Escort (1 098-1 599cc) 



Capri (1300-2994CC)' 


Fiesta (957-1 300cc) 

To: RadLeafing System l/327 r R>rdMotca-Co.Ltd 


^7Hli-iia255T: ■ I k*\ avi 


JL^iSterctiin England No. 235446 

















FINANCIAL- TIMES TUESDAY MARCH 14 1973 


The Management Page 


13 


EDITED BY CHRISTOPHER LORENZ 



• W 




f , —NG 


opinions are split on the 
virtue of German bankin 


ANYONE who fails to grasp 
the . significance to his company 
of the much-reported “North- 
I South dialogue,” or cannot spell 
lout the meaning of LDC— the 
latest euphemistic acronym to 
be borrowed from the U-S.—- 
should immediately get hold of 


"T am always very thankful 
that 1 do not have to operate 
within the British financial sys- 
y\ n)i te7n - While l support' wider 
1 MHi ownership, the heavy 

h reliance British companies, have 
on the Stock Market for -finance 


Product innovation: 
the crucial 
test for Britain 


The highly developed “ universality " of the West 
German ba nking system is proving a double-edged 
sword. The evolution of a struetare which ties the 
banks closely to industry is seen by many people as 
one of the keys to Germany's post-war economic 


the. latest issue of “The Busi- 
not mean, however, that it can- ness Graduate," the journal of 

is nonnaUy withheld. the Business Graduates’ Associ- traditionally gone to these mar- entirely new industries for the 

banker, on the ation m Britain. kets— many of which practised future." 

other hand, elaborates his pomt He will find a masterly expose „ . 

about the advantages of West by one of the tea r^Sted a P™f!«»ce for Couuuoiwealth . Like other analysts of ttis 
German banking regulations hy American management con- eoun eS ' inexorable situation, Mr- Parker 

eiipppstincr that if f nr ovantnls «<1+aanto ««i luhar “But this is only the begin- has plenty to say about how 




company, - compared with those in other countries — particularly 

'All this pious talk about the the UJK. and U-S.-^have very small capital bases In 


German banks' deep and search- relation to their high level of borrowings. Even in 
* R 0 knowledge oj the needs of Germany, questions are now being asked about the 

effectiveness' of the banks; a Government commission 
is investigating the situation. A parallel atmosphere 
is to be found in -the U.K., where various committees 
and commissions are probing the whole question of 
industrial finance-^inclnding Sir Harold Wilson’s and 
Mr. Harold Lever’s. Following the articles on 


industry is so much hogtoash. 
It is a damned good device the 
banks have invented for tying 
industry to their apron strings. 
What they do is get . a company 
borrowed up to the eyeballs, and 
put a man on the Board to 
ensure they grab aU future bor- 
rowings ”■ — an overseas banker 
based in Germany. 


Mr. Hugh Parker— presi- 
dent of the American 
Chamber of Commerce 
and Tormerty managing . 
director of McKInsey’s 
British operation. 


Commerzbank and Barclays, whieh illustrated some a raec ^ a f ical engineering con- operation, and is now president far more cheaply 
of the issues involved (this page February 28, March .’’SSJJSS ?L5, e „^ eritan ch!uni,er of P os S. b, . e _ iI, _^ e ™ 


3, 6), Gny Hawtin reports from Frankfort on the 
views of individual bankers and industrialists. 


?> c °^ 


K «lk floi I 

ln °fiitorii 


THESE uncompromising views 
reflect the intensity of the mush- 
rooming debate in West 
Germany about- the relations be- 
tween banking and the nation’s 
indmrtry. 

Not surprisingly, the strongest 
support for thp German banking 
system is found. among German 
bankers themselves and the 
nation's industriabsts and this 
is underlined in the comments 
reported in the first part of this 
article. The - critics, featured in 
the second part, embrace an 
oveirseas (largely Anglo-Saxon) 
viewpoint.- that reflects scep- 
ticism about why the German 
banks have developed such a 
tight hold on industry. ‘ 

The executive of the engineer- 
ing 



allowed to collapse. Moreover, and-, on what UJL companies mediate, and ultimately, into negative Impact of proliferating 

he says that AEG-Telefunken. should do about it. higher technology manufao government agencies and 

rescued by the Dresdner Bank in The reason why the emerging tuxes. Areas of engineering regulation, 
particular and the country’s challenge of many “ less such as automotive products. A less obvious suggestion is 
universal banking system in developed countries ” (LDCs, in shipbuilding and basic machine the establishment in this coun- 

general, would probably have the new international parlance) tools are already being Invaded try of at least one institution 

gone to the -wall if it had been has not yet been widely peT- by countries like South Korea, like the Massachusetts Institute 

a British company. ceived is that it is still indirect, Poland and Taiwan. Hong Kong of Technology, whose contribu- 

The advantages of the Ger- according to Mr. Hugh Parker, and East Germany are now pro- tion to the creation of real 

man system are also propoun- who was for 15 years managing during high-precision goods like wealth in the U.S. has been directors committee (see this 

^ e r__?L an . e ^ ecuti ?5 director of director 1 of McKinsey’s British cameras and optical equipment “incalculable.” This would page, November 11. 1977). 

than would be help meet Mr. Parker's objec- The key to getting an innovav 

— — west. This trend live of linking education in tivc programme off the ground, 

deal wth a banker than private commerce. is likely, not only to continue, engineering and the “ hard Mr. Parker considers, is Mr. 

shareholders, , especially the type By this he means that UJK- but also to accelerate, says Mr. sciences” to “the practical Pa cock's last suggestion: to 
that keep goi^on about share- and other western companies Parker. realities of industrial require- enlist an entrepreneurial execu- 

hoioere rights, he says. He are not yet meeting the LDCs as The key to the future com- ments.” tive to look for opportunities. In 

?mwi ISLE***’ head-on trading competitors in petitiveness of British com- From the point of view of large corporate organisations, 

Wind >hP^?PvtriiviSi y thlrd countries on “y substan.- panies in this difficult situation companies Mr. Parker reviews Mr. Parker emphasises, “the 
is tint if m mhfc ttal scale. Instead, many of the will be technical innovation— the pioneering efforts of only way to get something 

nrenenr launches his nlmnanv U)Cs m becoming self- 0 f that Mr. Parker is in no several of the larger ones in started and to make something 

onthrstm^SSanee hTinwJ 5uffi« ent in certain mature and doubL In spite of the continu- Britain— British Steel, IBM, ICI happen is to assign specific res- 

controi if he sells anvHihiP ba ®- c Products— textiles, shoes j ng massive transfer of wealth and Shell— to encourage -the ponsibility for it to a senior 
aDoroachine a blockin'* minnritv “MTs tee! are the most obvious to some LDCs through petro- creation of new enterprises executive with the necessary 
If I have an outsider in my e,:am P les — and 316 therefore dollar flows, and in spite of the from within, or in their immedi- authority and motivation." 
company Td rather have a dosing as export 1 outlets transfer of technology and other ate community. In this, he echoes 

banker who hnc nn for 1 western manufacturers. forms of assistance, western many of the proposals of last a . .. __ , .. t 

the financing side to contribute ^ companies will be par- countries wDl still have a vast year’s Ashridge Lecture by Mr. Association, S* Jennpu Street, 

than a representative of a group ticularly hard hit because such resource of technological inno- C.‘ C. Pocock. chairman of the London SW1 6JD. Tel. Ql-930 
of people who are only inte£ a lar 6 e P* 1 * of their exports has vation “ on which to build Royal Dutch/Sbell managing 936S/9. ' 
ested in how much earnings will [ 



grow this year*’ he says. 

A Frankfurt private banker part OF Mr. Parker’s thesis Tv • • industrial design which became 

claims that he would prefer to developed late last week by I IPCIOTIITKT TtfVT SI increasingly accepted through 

see most companies operating Britain's top civil service over- ■ r I wB Hi XILrJL %M, the 1960s — at least among de- 

, a “H** smaller ratio of ^ industry, in a speech • 0 ° signers themselves— that of 

? ebt J? S eir 0W S resc ' urc f s ' . II about the need for better indus- 1 aa tf* a adding what might be called 

w . t ? s tpAMr much easier for the ^ design in UJK> HP IT PF Til T11FP “styling" tot industrial products. 

or iacreaang Hs 1 overdraft within reason, ‘they have no real ^ UK * was “not all that UCTTCI 111 TUI V This key ques tion (discussed 

leveL” financing, problems, it enables good at managing change,” but in depth on this page last 

Hpi also hpli^vpe' that the 1116111 to indulge in a form of would have to improve if it was cept, but were not designing it One necessary change was the October 28 and January 11) was 

ThR g n3ti2? dirprf T»artirmatfnnAfthR hanks lo “««*** corporate planning to survive with a comparable well enough. fostering of the idea of design side-stepped by the President of 

The iT Br * tl s * 1 ■ m apa f er c ° n ' ^ irect participation -of the banks that would be difficult, if not tl ? at he 1)11731165 sensible poll- standard of living to that of its “Sometimes we can see cer- as one of the central functions the Society. Mr. Richard Negus, 
stantly worrymg about has in- in West German industry pro- impossible, in Britain. cle ®' . ■ . , . . neighbours, said Sir Peter tain factors which contribute to of company management. Sir when he complained that while 

ten m and tos annual dividend, vides a vital stability .for the His opinion is echoed by a ^ “™ en “ n ba pker, who is Carey, permanent secretary at this situation, such as the lack Peter said. There must be tk i s country produced more 

H he doesn* think mmnly about country s companies that would West German private banker ? ppose “ t0 tbe universal bank- the Department of Industry. of suitably qualified or expert- strong links between design and ‘•designers’’ (no definition) 

. lacking _ under a different who claims that universal banks If it was not to become just enced designers, or the conser- other company functions; only than any other, they were having 

this way would companies to look overseas for a wonyingly 
able to avoid their products high proportion of their work. 

- — — — e . — * — -O.V.J «, vuiv, ui,„iu«iui 4 u.- . - . . , ■ iu iiwuuij jju>uin»u ucxku- -• — - — ■ ■ ». ..»> failing because their customers’ j^ven Sir Peter Carey clouded 

he will have trouble maintaining secure in the knowledge that, stitutions, because their lending Participation in industry has a Jhonj-g jt s route must be up- base, from which to export an wishes or production methods t h P ;«u P b v rlaimin® that Con- 
^ , — : : 1 jriness. combined with share- positive side. He _ says it may| mazke1 . with hi-h^uaiitv poods innovative product - ' -* -* — L 1 e 155 y 




\srr 




)1 1C\' 









da 


Someone to answer the phone 

AGOVOX ANSWERING 

• Agovox C 380 telephone 
answering machine 

• available now on 1-y^r rental 

• competitive rates 

• the smallest and latest model 
irom the Zeiss Group of West 
Germany 



RING 01-778 7255 ANYTIME! 

Agovox Answering. 4 Sydenham Road, London, SE26 5QY 


holdings, enables them to take h , ave . encouraged long-term ^ aes felmd wphisti. 


product. had not been given enough was a "magnificent ex- 

uav«M ww **** ** * • ■ . . w* eujFVAiui ii\,DJ£4i uuv< oupuiau” We have heard of sound attention in the original design, ample „f industrial design," and 

a more relaxed attitude towards £ s cation, based on technological basic design being affected One of the most telling of ^ en go i ng on to g— that “ the 

dividends. “A bank with two skill and craftsmanship. Sir adversely by poor design detail. Sir Peter’s appeals was for com- translation of designs into corn- 

horses to ride can afford to jr“ „ , “ a J_ “ff some " Peter told the annual dinner of or poor reliability and maintain- panies to “avoid the false mercial, profitable production 

accept a reduced or waived divi- nmes Deen Denenciai - the Society of Industrial Artists ability," and of insufficient antithesis of industrial and en- muc h more difficult for 

dend with less reluctance than and Designers. attention being paid to ease of gineering design.” To him, ^ 

those who rely on dividends for ( OHSCITH. tlSUl There were a number of jndi- operation. industrial design was the design pti, er remarks, however, 

their sole income. This is not cations “ that our loss of market All this contributed to the of the products of industry; for seemed to reflect a view of .iih 

to say that the banks are •‘soft* “Despite the fact that there sba** bas derived from the in- reason why NEDQ had asked any sort of product it should a us trial design which was in line 

or ‘easy touches,’ but they take are * SO me pretty big outfits over appropriateness of many .of our Kenneth Corfield, deputy chair- include whatever, design — with the new thinking at the top 

a logger view of things,” he here, there is hardly anything products to market require- man of Standard Telephones and engineering or otherwise — was of the Design Council: that good 

says. that an American can describe meats.” In some cases this might Cables, to prepare, with the a necessary part of the whole industrial design embraces pro- 

He also maintains that one ^ a conglomerate West Ger- be primarily- a marketing prob- help of an advisory group, a To the outsider, this might duct reliability, appearance- 

reason fbr Britain’s slow growth man y seems to have missed the Iem > in that we were making report on the measures neces- appear little more than seman- ^ ecolu >mic viability, 

in industrial investment was f 0r conglomerates that we th e wrong thing. But in others sary to raise the standard of tics. But, in effect. Sir Peter 
that the U.K. banking regula- ^ad in America in the 1960s. it seemed we had the right con- UJC product design. was challenging the definition of • 

tions denied the joint stock This means that Germany just [ 


CL. 


banks the. type of security — by didn't have the problem of the 
way of equity stakes in com- conglomerate gone . sour. Of 
pomes — enjoyed by the West course, it hasn't got any good 
German banks. conglomerates either,” he said. 

“ It is very important to know n e feels that the conservatism^ 
that it is possible to step in 0 f the banks probably con - 1 
and sort out a mess if it is tributed to this state of affairs, f 


necessary. Naturally, one still b 0 t points out that conservatism 
has a responsibility to one’s jg not always beneficial “Look 


depositors; that is unchanged. a t retailing,” he says: “the I 
But holding shares in a com- banks own a whole lot of retail- 1 
pany enables one to obtain far ing stock yet retailing over here ! 
better information on the state i s terrible. There is nothing 
of a corporate borrower before more conservative than the 
a loan is made. Membership of German store groups. Profits 
a supervisory Board gives much are poor for the industry al- , 
the same advantages." be says, though mark-ups are fantastic | 
'This view is in sharp contrast by American standards. The 
to that expressed recently in merchandising is sloppy. The 
these columns by Commerz- consumer lo^es out So does the j 
bank, the third largest of West -shareholder. The banks are | 
Germany’s Big Three commer- the shareholders as often as not, 
rial banks. Commerzbank but the banks' shareholders j 
recognises that there is a suffer." 
potential conflict of interests in Such criticism of German . 
being both shareholder and banks is made even more force - 1 
lender. Thus, when branches fully by the overseas banker 
pass on to a local head office quoted at the be g i nnin g of the 
for approval of applications for article. Elaborating on his 
loans the identity of the client point about their tying industry 

to their apron strings and 


iiourmA- 1 




Disci 


■ jK^ f ^H^ 0 industr Y*s £2000^ ■* 

KSggpsigS; pSssar 

1 Company. 

L 


* Position. 


^SSS!*i*i 




putting a man on the Board of 
a company to ensure they grab f 
all future borrowings he says: 
■* It makes a farce -of competi- 1 
tion within the banking sector. 
It’s bad for the companies, 
themselves, and it’s bad for 
their shareholders. If the 
company gets into trouble the 
bank puts in a few of its boys 
and makes sure that its own 
funds are safe, not hy working 
out what is best for me 
company, but what is best for 
its own profits. The share- 
holders — unless jt is one only — 
can go to hell in a hand basket 1 



Why there's a growing need 


for the Adler I31D. 


tv. 


Iheitew 





Dismayed 


The West German banks are 
not unnaturally dismayed by 
this view. One German banker 
says: “Even if such a policy 
were in our interests — and I 
most firmly believe that it 
would mean commercial disaster 
—we would never be allowed 
to get away with it. The Govern- 
ment and the cartel office would 
react immediately." 

Another German banker 
admitted that there were 
possibly drawbacks to the 
system, but pointed out that 
there appeared to be no 
practical alternative to it that 
offered industry a better deal.. 
He pointed out that banks had , 
been investing in industry fori 
many years before the First 
World War; the country’s) 
history since 1918 had left 
neither industry nor the banks 
with any real choice other than 
to develop the banking industry | 
in. any other way. 


Thel31D is a very versatile office electric 
indeed. With the standard 14' carriage, it’s at 
home with virtually any typing or secretarial 
duties. . 

But change to a 16" carriage, and it becomes 
perfect for more complex forms, such as multi- 
part import/export documents lip to 10 sets. 

Thel9" or 25" carriage can extend its talents 
even more, making it a natural choice for the 
solicitor’s and accountant’s office. The extra 
capacity necessary to accommodate stencils 
length-wise is a great advantage. 

Thel31D is a dual ribbon machine. It can 
take on anything from an executive letter, 

• to preparing art work f orthe litho department 
using the carbon- ribbon. Routine work can be 
dealtwith usingthe economical nylon ribbon. 


Like all Adlers, it's builtfora hardand varied 
working life. It’ll go on reliably for many years to 
come and you can get fast service from over 
1000 dealers, nationwide. 

Call into your nearest Adler stockist or 
contact us for more information about the 131D 
and its range of carriages and other options. 

It’s the best all-rounder in the business. 


n 


i 


To : Office & Electronic Machines Ltd., 

140-154 Borough High St, London SEI ILH. 

Tel: 01-407 5191. 

Reaseseraimefiill infornwfion onthelBIDandlhe rangenof carriages. 


I Name, 


Company. 


Address. 


1 = 


Tel, 


1 


4AMifc.EKOQO 


FT 14/3 





' 14 

LOMBARD 


F3 TUESDAY MARCH ltfTUTS 


Doomed to 
co-operate 


Fine wines from Germany’s smallest 


fh 

i • 


Ti BY JONATHAN CARR 


- -TT IS NOT often that one Is Herr Schmidt is left holding the 
treated to the spectacle of a line, seeking tp fix up a com- 

;.rT member of the European Com- promise with his friend Jim 
.--.-mission publicly taking off bis kid Callaghan on matters as diverse 
gloves and laying into the govern- as the European unit of account, 
rtnent of an - EEC member state, nuclear fusion and fish. 

.-..West Germans have therefore And of course Herr Schmidt 
- . - been astonished to see two is Quite right Arguments about 
members of the Brussels body— which member of the EEC is a 
:one British the other German— “better European" are ulti- 
:-:.ttoing just that. mately fruitless. 

Last week Mr. Christopher TOe truth is jthat despite much 
.‘TugendhaL -the commissioner mutual finger-pointing West 

- responsible for budgetary affairs, Germany and Britain are doomed 

• told a Munich audience that Bonn to co-operate, and are likclv to 
'...was. in effect, being two-faced become closer .allies than ever. 

- :0ver the Common Agriculture This is partly a function of the 
“Policy (CAP). While moaning historical accident that Britain 

■: about the costs of the CAP, he is the only eountrv directly and 
said, Bonn was itself acting to simultaneously Involved in three 
increase them. Some of the biz- key areas of German interest — 
gest farm produce surpluses In the EEC. Nato and Berlin (as 
■the EEC were now held on West one of the three Western occupy-' 
- -German soil. Mr. Tugcndhat also ing powers). But it Is also a 
wont out of his way to contradict judgment based on what is 
the view of Germany as “pay- likely to happen in the Com- 
.. master of Eurone noting that munity over the next few years 
--the Dutch and Belgians actuary because of -enlargement. The 

■ pay more per capita into the EEC impending accession of ' Greece, 

■ coffers. Spain and Portugal will put in- 

.. . • , .. creasing pressure on the richer 

- Snlmarirv member? of the Community to 

... iJUAiuaiiij help bridge tbe gap via theJr 

This was an unfamiliar line Poorer southern neighbours, 
■of argument to German ears and That means West Germany of 
some of Mr. Tugendhat’s course — as usual. But Britain 
audience appeared politely dis- with an oil-induced balance of 
believing. Not so those who heard payments surplus and a relatively 
a lengthy radio Interview from strong currency may well find 
Herr Guido Brunner, the member itself in the unaccustomed "role 
of the commission responsible of potential European “pay- 
for energy and research, a few master" too. It will protest that 
weeks earlier. He suggested that it has ail sorts of essential tasks 
‘Britain had so often put itself to perform at home with Its' new- 
in a minority of one on a series found and limited wealth — which 
of EEC policies that the very is a very German-sounding sort 
basis of the Community was of argument ■ The Governments 
being put In question. And be in Bonn and London will have a 

- 'dropped a broad hint that Chan- common interest iu seeing that 

- ‘ cellar Helmut Schmidt should increased transfer of resources in 
-• use Bonn-ParU co-operation as the Community only takes place 

a lever to bring more Community under appropriate conditions — 
.solidarity from the British when f • example when the economies 
the Germans take over the EEC of tbe members of the enlarged 
' 1 Council chairmanship. Community are running. M ln 

“. Well, there is nothing like p™ 11 * 1 " (whenever that may 
.plain speaking, perhaps these De> -- 
. remarks would have carried even -r-* v v . 

...more weight as an independent JT 6Q6F<il SVSI0ID 
.V assessment had Herr Brunner * 

.“ made Mr. Tugendhatls remarks But is there not a fundamental 
; about the Germans and vice difference of aim between Britain 
versa. and West Germany? The 

The British tire rather easily of Germans surely want a federal 
the vision nf the Fpderal Re system in Europe' while the 
. public as the best boy in school — British want nn such thing. .It 
ODe whose enterprise and thrift is true that the Germans say they 
are an example to weaker want a federation — but agree 
•.brethren. After all, the British t!.-* it is a -ery long way off and. 

■ am inclined to say. the Germans meanwhile, there must be n 
-have gained advantages from the series of “small steps*’ to solve 

■ Tree market of the EEC which practical problems. 

. have far outweighed their net The British agree about the 
r - contribution to the pitifully small “small steps" and will be 
Cnmmimity budget As for the disinclined to Interfere with 
-Germans, they often ask when other people's dreams (merely 
"the London Government blocks noting from time to tlra<? that 
-; another EEC policy— ■“ was it for federalism is not an aim formally 

■ ‘this that we fought so long and enshrined in the Treaty of 

• hard to have Britain become an Rome).-' - -With apologies to 

- EEC member?" The number of George Orwell It fa fair to say 

- those in the- German Cabinet that “there abidetb -faith,- hope 
with an axe to grind against the and money in the EEC— but the 
British steadily increases. And greatest of these Is money." 


THERE- ARE 11 officially 
designated wine districts in tbe 
German Federal Republic— tbe 
full title is spelled .out because 
there is a tiny, rather remote 
12th in the- German • Democratic 
Republic near Meissen— but even 
fairly knowledgeable wine 
drinkers here might not imme- 
diately be able to name the Uth 
and ■ smallest: and then unhesi- 
tatingly place ir on the map. It 
is the Hessische Bergstrasse, 
which lies on the right bank of 
the- Rhine about 45 miles south 
of Mainz. 

Nor are many in this country 
likely to have drunk its agree- 
able, often distinguished wines. 
For their output represents only 
about 0.3 per cent of average 
German wipe production, and SO- 
90 per cent are sold and con- 
sumed locally, or within an area 
of about 20 miles. 

Within Germany the Bers- 
strasse is particularly known for 
its micro-climate which caivrs 
it to be called the FrOhlings- 
tmrten. the Soring Garden of 
Germany, where flowers and 
blossoms bloom exceptionally 
early, and people drive out from 
Mainz and Frankfurt to enjoy 
its pristine luxuriance:- and to 
partake of the local wine. 

The favourable situation of 
this narrow strip or vineyards, 
not much above ten miles iu 
length, comes .from the mellow- 
ing influence of the Rhine to the 
west and the slopes of the pro- 
tective Odenwald ou the east 


which shelters the steen vine- 
yards from the rough easterly 
winds. Frost is Little known, 
and the worst natural enemies 
are the starlings, against whom 
the vines have to be netted- 

The 1 Bergstrasse, so - called 
because it runs along the foot 
of the Odenwald, continues south 
into Baden, past Heidelberg and 
down to Wmsioch, but tbere it 
is not a distinct wine district as 
in Hessen, thoagh somewhat 
similar wines are produced in the 
southern section. The Hessen 
part— nothing to-:do with the 
Rheinhessen on tbe other side of 
■the rlvpr — runs south from 
Darmstadt to Heppenbeiin — and 
its vinous Unks are with that 
other Hessen district, the Rhein- 
gau. So much so that the State 
Domains at Bensheim on the 
Beigstrasse is administered from 
the famous State Domains at 
Eltville and Kloster Eberbacb. 
whose chief glory is the great 
Steinberg vineyard. Tbe labels 
of the Bergstrasse wines have rn 
them the same stylised black 
German eagle, -which for some 
carries an uneasy recollection of 
the years when a swastika was 
planted on Its breast: thouch 
now, one is- assured, the eitsie 
faces In the opposite direction ! 

Although Bensheim is almost 
directly opposite. ‘Worms, the 
original source arid inspiration 
of all the Llebfraumilch. the 
Bergstrasse wines are much more- 
akin to those of the Rheingau. 
The soil is lighter, composed of 


granite, sandstone and loess, and of Agriculture, was founded and All the 


granite, sanastone ana loess, ana w nenwitwe, aw L, ml «• Growers, 

these more southerly wines have in 1970 was amalgamated w?th bo called week-en P nei ^l 
rather less aridity than tbe the State Domain*, which had whose main .jobs Ue wine w 
Bhenwraus. but they can also already received the estate of the bourns Jndusmai ww*»- 
have a firm hardness, in both Graf Von . Eberbach-Schflnberg^-some part* of the wa rid he 
areas the leading grape is Or- To-day it produces 200350,000 cooperative there. 0SIS “ 

many’s finest, the Riesling, and litres, or 10 per cent of the total .Wtozergcoossenstma ) ^ . 


many’s finest, the Riesling, and litres, or 10 per cent of the total Wmzergcnossenw^* ' affair 

except for those rather few Bergstrasse production from six a ..rather . poor-re I8 uoth« - 


Rheinhessen 


her few uergstrasse production hto ib a ..rawer • 
produced sites, including the- two best In pialdus -rather 

denominator wine, out not *» 

— ; — SKKS a£d *• Heppenheimer 

• ll/IMC one is as jnodeni and spick and- 

WlNfc - 'jspsra as most "of the others- “ 

, has a' turnover of DM6m.. and 

BY EDMUND PENN1NG-ROWSELL' 5M Hotels, shops and 

• as. customers, most of vmm 

—— supplied with wne in Jit^ 


from this grape, the Bergstrasse the district:- Centgericht ■ *nd linen °\rine-" 1 ^ 


irom U31S grape, we u»e »-*«****»—«. •««« — ■ * open ^ne. 

wines tend to have more char- Steinkopf. Although the head of General run of Bergstrasse 
acter and style than their neigh- Domaine is Dr. Hans are ‘fairly light, though 

hours across the river. At one Ambrosi, the weB-known director those made from the Ku lander 

time the Beraitrasse was largely . , , s ; ■ _ .. the 


<1,. T> InflTinlr 1-onr.K. KUtfJTKC ut ocuiuaa mhuiuuo: aicoyuilt ou -- • . ..... 

hausen; the Hatteoheiin property moderate 10 degrees, and - they 
£■“■* 55 c5SL ce !tiS^ff 0( fa™ 1 ? ot Prince Frederick have a nice flowery bouQuet. 

Domame). the Prussia, though with less acidlri' than the 

th? Uei S U 43S“ ■ There are half a dozen other more 8 aristocratic Rbeimjaus An 

substantial growers and mer- toteresting developinent also to 


operative at Heppenheim is the Thfa w achieved by fermenting 
imnm?inr largest organisation, reaponstblrthe wine right out. leaving no 

mi5 M It h SS?irad^i?tM?hv for about 66 per cent, of total residual supar. The new Taihinn 
S?e GranaSu£ nf Damstodt ta out P ut: Utres. Fouadcd M Tftr these -frwdteit" wines is 

Emm M'S '*SiSS£ Ion? 350 as 1904 ^ 550 said to arise from anew German 

growers. In the.. Tu*enties _a 100 als0 enpaged -in -other- forms by health organ Isauoris 
Hessische experimental centre, of agriculture in this fertile part journals. Very ripe sr.tpw* 


owned by the Frankfurt Chamber of the Rhine valley. 


needed to avoid an 'excess of 


*• green ness," but they are cer- 
t^nly mare suitable for driaWns 
with - savoury food: though l 
found some of thorn rather 
austere. If of sufficient quality a 
yellow seal will be found on the 
bottle, instead nf the red one 
on hotter qwiUty trine*, pro- 
duefed in the normal way. 

Most Bergstrosse wines are 
drimk young, and It would be un* 
common to find anything older 
than tbe fine TSs and Tfis: and 
this- .summer- the 77* will be 
available. • as most wlnw are 
bottled early- 

Since, as stated at' ihe 
beginning of this article, these 
Bergstrasse wines are unlikely m 
find their way here It may he 
queried why they are worth 
writing, about. The . answer is 
that they are wines trf fine 
Duality with a character of their 
own. and if not imported here to 
any extent. It fa for the same 
reasons, that face small-district 
wines from elsewhere: a lack oF 
commercial strength to promote 
them, and -our heavy fixed duties 
that discriminate against such 
wines. - But comrary w EEC 
policy,' -are these with us fur 
ever? Meanwhile, travellers- still 
risit the RhinrJand. indudmi! 
tbrwc on bosine-is; and a day off 
front the . scrarabled-together 
Frankfurt / Wiesbaden / Wains 
i-Dmirhatmn in the relative 
peace of The Hwwvhc Bers- 
stra^c i- to he recI5nim'ertdcd-- 
and not just for the flowers. 


Watch the Irish at Cheltenham 


IT WILL. BE fascinating to see 
how the 50 Irish challengers at 
Cheltenham this week Tare over 
the three days of the Festival 
meeting. 

A team of 43 from over the 
water produced seven winners 
last year— one short of the 
record eight achieved . by Ireland 
20 years ago. In 1976 a slightly 
smaller force landed five races. 

Although Ireland fa not 
strongly represented In either 
the Piper Champagne Gold Cup 
or the Waterford Crystal 
Champion Hurdle, there are a 
good number of Irish-trained 
hopefuls for such prizes as the 
Daily Express -Triumoh Hurdle 
and the two Sup Alliance races. 


Richard Head's Iso Up is recom- 
mended. 


The six-yearrold Orchardist 
gelding, from an Upper Lam- 
bourn stable which does remark- 
ably wet] here. Is sure to make 
his presence felt if he repro- 
duces his form when he beat 
25 opponents by a wide margin 
ip a division of the Bristol Long- 


RACING 

BY DOMINIC WIGAN 


To-day -alone, coo Id yield three 
or four victories for tbe sham- 
rock. ' 


.In the onening race the Sun 
Alliance Novices . Hnrdler-an 
ev»nt Ireland has won since- 
1972 — I shati be surprised if -the 
first prize does not tm to either 
Glasgow Express' half-brother. 
**1ame Gun. nr ’he certain 
favourite. Mr. Kildare. 

• The Eddie O’Gradv-trained 
Flame Gun. a . model of consM^ 
ency since finishing down the 
field on his first-ever appearance 
over the minor obstacles at Naas 
on Guy Fawkes' Day. mav prove, 
capable of testing Mr. Kildare.- 
but it is doubtful wbe*her he 
will quite have- the pace to 
master' him. ' - • ■ . 

- Those -who are^looklng forir 
long-priced outsider as an each- 
way alternative to Mr. Kildare, 


distance Hurdle ou hfa last 
appearance here. 

In the Sun Alliance Chase. 1. 
find it difficult to look beyond 
Jim Dreaper*K Balivross who 
comes to Cheltenham with the 
most exalted reputation of any 
Irish runner. - 

That liahtly; raced Cantab 
zeldinq has eone from strencr’h 
to strehq+h since the start oF the 
cnronaieri and rerentlv fonov.'Pd 
a TS-'e-^h Leopard* town victory 
over HUtv Wav (twice a warmer 
since) with an eqnallv imores- 
slve success over Siberian Son 
In that course's Sandymound 
Chase. 

Although the farthest he has 
attempted has been the 2i miles 
of those Leopartfatawn. races. I 
have tittle doubt that Ballyross 
will- see out Id-day’s three miles 
and stamp himself as a future 
winner- of the <3oia“Cup.-'*^ : 

A year ago, Grangegood Girl 
found Skymas^ just ,a neck too 

?- 


good at the end. of a dramatic 
race to the National Hunt two- 
miles Champion Chase, and with 
that winner an absentee this 
time, Grangewaod Girl’s connec- 
tions must be hopeful of going 
one better'. 

She win not have matters all 
her own way with the tikes of 
Flashy Boy and the under-rated 
Tingle Creek in oppostion. , but 
shnuld. nevertheless, give her 
able Shaftesbury trainer. Mrs 
Anne Finch, her biggest success 
to date. 

Another race which could fall 
to a leading contender from a 
year ago is the closing event, the 
Cheltenham Grand Annual 
Chase. 

Last year’s winner, Tom 
Mnrean. faces one of bis closest 
victims Dulwich, on 9 lbs worse 
terms for a 34 lengths heating. 

Dulwich, third in the race last 
roar and separated from Tom 
Morgan by Casbab, conld well 
torn thp tables this time with- 
out .perhaps, dealing with 
Ira'amT* grev. Vasueiv Attrac- 
tive. the game conqueror of 
Rs’hgorman at Naas a few days' 
aso. 


CHELTENHAM 

2.30 — Mr. Kildare 

2.30— Isotlp 

3.05 — Grange wood Girt 
3.40 — Son and Heir 
. 4.15— Badlynws*** , ., 
4.50 — Jack of Trumps* 

5.25 — -Vaguely Attractive** 



BBC 1 


t Indicates programmes 
In black and white 
- 6.40-755 a,m. Open University. 
9.10 For Schools, Colleges. 12.45 
pjn- News. 1.00 Pebble Mill. 1.45 
Ragtime.- 2.00 You and Me. 2.14 
For Schools. Colleges. 3.00 Racing 
.from Cheltenham. 330 Pobol y 
-Cwm. 3.53 Regional News Tor 
England (except London). 3.55 
Play School. 4.20 Wally Gator. 455 
Jackanory. -1.40 Playhouse. 5.10 
John Craven's Newsround.' 5.15' 
Take Hnrt. aJ5 Ludwig. 

5.40 News. 


5J5 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

(L50 Young Musician of the 
Year. . . 

7.20 The Rockford Files. 

.. 4U0 The Good Old Days. ‘ 

9,00 News. 

9.25 Pennies from Haven.. 

18.40 To-night. 

1L25 The Engineers; 

' II -50 JVeather 'Regional News. 

AU Regions as BBC-1 except at 
the following times: — - - - 
W ales — 5.55-t2fl pjn. Wales To- 
day. 050 Heddiw. 7.15 Pobol y 
Cwm (senod) pennod 24. 7.45-8.10 


Ask the Family. 1150 News and 
Weather for Wales. 

Scotland — 555-020 p-m. Report: 
ing Scotland. 1150 News and 
Weather for Scotland. 

Northern Ireland — 353-355 p.m. 
Northern Ireland News. 5.55-650 
Scene Around Six. 1150 News and 
Weather for Northern Ireland. . 

’ England— 555-650 pjn. Look 
East (Norwich): Look North 
'(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol): South To- 
day (Southamnton): ■ Spotlight 
South West (Plymouth). 


F.T. CROSSWORD PUZZLE No. 3,617 

arm in m rn ir i i — i 


BBC 2 


s 

m 


m 

1 

m 


TO 








H 


n 




12 





H 

B 




M 


m* 

15 












18 


19 


g20 



650-755 a.m. Open University. 

11- 00 Play School. 

*11.30 Propaganda with. Facts. 
1155 The Living City. 

12- 20 pjn. Having a Baby. 

2.00 Other People’s Children. 
2.15 Racing from Cheltenham. 

. 4.55 Open University. 

7.00 News on 2 Headlines. 

— 755 On the Rocks. 

7-20 Newsday. 

8.10 Pro-Celrhrity Golf. 

9.00 Pebble Mill Showcase. 

950 The Man Alive Report 

10J50 Poems and Pints. 

1055 Late News on 2. 

1055 The Old Grey Whistle Test. 
1L35-1155 Closedown. Hutrh Dick- 
son reads ‘Pain're Hooper* 
by Thomas Hardy. 

LONDON 

920 ajn. Schools programmes. 
1L34 Felix the Cat. 12.00 Paper 
play. 1250 pjn. Rainbow. 1229 
A Fair Chance. 1.00 News. 150 
Help! 120 Crown Court 2.00 
After Noon. U5 Sam. 320 The 
Rolf Harris Show. 350 Couples. 
420 Get it Together. 445 Magpie. 
5.10 Sporiscerie. 

M5 News. 

6.00 Thames at 6. 

6.40. Crossroads. - - 


7.05 Dave Allen. 

725 Charlie's Angels. 

820 Armchair Thriller. 

■O.fMV Wilde' Alliance. 

104)0 News. 

1050 DustbowL 
• 11.15 GibbsriUe. 

12.15 a-in. Close: Geoffrey Hins- 
liffe reads a poem, by 
Rabindranath Tagore. 

All IBA Regions as London 
except at the following times: — 

ANGLIA 

- L25 p.m. And I a News. 2 jOO House party . 
330 TTu.- ElrciriL- Tfiealn- Show: Donald 
Sutherland 535 Kmmerdate Farm. 6.00 
About Anglia. 11J5 Qumey. 1235 ajn. 
-\n Urology. 

A TV 

U-55 a.m. Belly Good. 130 p.m. ATV 
Newwlw»a. 3 20 Quldt on the Draw. 5-H 
Utohic and Shirley. 6.w ATV Today. 
7-00. Emmerdale Farm. 7J0 Dave Allen. 
84» Robin's Ne*L 

BORDER 

tX30 P.m. Bord.-r Neirs. 2JtB Hoaw- 
party 330 Frli.-nda nl Man. 535 Indoor 
League. 6.00 Look 3 round Tuesday. 74)0 
Erarai'rtaie Farm. 7 JO Dave Allen. 
*30 Robin's Vest. U.15 Bantu. tUJA 
un. Border Nir<n Snmmary. 

CHANNEL 

LU pjn. Channel LuniMlnw News and 
Wut's On Where. 330 Fm-ods or Man. 
935 The Fllatstonca. 6.00 Report at Six. 
735 Treaaun- Hunt. 7JS Charfle’s Ansels. 
1038 Channel Late News. Z11I Dan 
August- 1230 a_m. Communialrefi et Pro- 
visions UeieorolosJques. 

GRAMPIAN 

*33 a-m. First Thins. 130 jmb, Gram- 
pian Neva Headlines. 3 2D Women Only. 
3J5 Cartoon Time. 5 AS Winns U' TtUnBS. 
6.00 Grampian Today. 6Jfi country Focus. 
1U5 Reficolonii. U3B un. police 
Woman; 

GRANADA, 

•120 pjn. This Is Your RlKfct. 330 Mr. 
and Mrs. S30 This Is Your Right (second 
chance to see Lord Winsranley's pro- 
Rnunme). 5J5 Crossroads. MO Granada 
Reports. 630 Emmerdale Farm 1U5 
Reardon on Snooker. 1L45 Walt TUI Your 
Father Gets Home. 

HTV 

130 pan. Report West . UeadUnes. 
House party. 33S Tbe Electric Theatre 


135 Report Wales HeadUnea. 1* 
Show. 5J5 Siflbad Junior. 530 Cross- 
roads. 630 Report West 648 Report 
.Wales- MS Emmerdale Farm. 1X45 
Folic? Woman. 

HTV Cymnt/Wales— As HTV General 
Service except: 1-20-133 p.m. Peoa-wdan 
N'evyddhm y DyAL 430 Mlrt Mavr 
4J*4j 45 Seren Wib. 6JXF648 Y Dydd. 
10JO Bru-yd- . UL15 World in Action 
1L45-12J0 a.m. Celebrity Squares. 

HTV West— As HTV General Service 
except: 130-138 p.m. Eeport West Head- 
lines. 648-645 Renan West. 

SCOTTISH . 

135 pjo. News and Road Report. 330 
Mr. and Mre. 545 PlDH and Fnevls 
530 CrosyroadS. 63* Scotland Today 
6J0 Whai's Your Problem 7 730 Emnwr- 
dale Farm. 7J0 Dave Alk-n. 3.00 Kotdn's 
Nest. 1U5 ute Call. IIS Hush. 

SOUTHERN 

330 p.m. Somhern News. 2.00 House- 
oarty. 330 Survival. 545 Betty Boon 
530 Crossroads. 6 00 Day by Day Includ- 
ing Sauthsporu 7JM Emmerdale Farm. 
740 Dave AUen, 830 Robin's Nett. U45 
Southern Ksut Extra. U35 DrWe-ln. 
1145 The Practice. 

TYNE TEES 

*30 a-m. Ttie Good Word Followed by 
North East News Headlines. 12* P-m- 
North East News and Lookaround. 3.20 
The Odd Couplo. 545 Nobody'a Home. 
6-00 Norttwra Life. 7J» Emmerdale 
Farm. 749 Dave Allen. *JB Robin's 
Nest ll is Ttw Collahoratoro. 3245 a-m- 
EpDomw. 

ULSTER 

130 p.m. Lamdtttme. 330 Ur. and Airs. 
448 Ulster News Headlines. 430 -Get It 
Twcther. 545 Frlenda of Man 6-00 
Ulster TetevWod Ncvre. 645 CToasroads 
4 R) Reports. 7X0 Emmerdale . Farm. 740 
Dave Allen. 3.00 Robin'* Neat. HAS 
“'tsCaJebrfty Sooofcer. rouowed W Bed- 
tlmo 

westward 

1227 p.m. Giw' ■ Hooeyhun's Birthdays. 
130 Westward News Headlines. 320 
Friends of Man- -545 Tire FItanattmes. 
6-00 Westward Diary. 133 Treasure Hum 
U28 Wesm-ard Late News. 1245 Dan 
August. 12JU) a-m. Faith for Life. 


YORKSHIRE 

13B p-m. Calendar News. 330 House- 
pany. 545 Indoor League. 6.09 
Calendar (Emler Moor and Belmont 
editions). 7.00 Emmerdale Farm. 740 
Dave Allen. 8-00 Robin's Net. UJ5 
Police Woman. 


ACROSS 

Assistance leaving outdoor 
observer a sight better (5, 7) 
Thome by a student dealing 
with current affairs (7) 
Finished without having to 
ch.-mge (7) 

Month shortened on part of 
stage (5) 

Strict proof of bitterly con- 
tested Ashes encounter (4. 4) 
Current flow from oil wells 
(4. 6) 

Sounds tike food to apportion 
(4) 

Cat's-paw also left (4i 
' Coming up for air (10) 

Hard bein^ without part of 
Bible (S; 

Fish to catch returning to 
church (5) 

Whiskers driving vehicle to 
ditch 17) 

Light Leathcrhcad tanner dis- 
turbed (7> 

Start putting places for 
vegetables (6. 61 
DOWN 

■Risk, using force around 

Rhode Island (7i 

Munstrou* stretch of northern 

water (4. 41 

Deceive a bird 141- 

Part of church sound? hostile 

to non-conformists (10) 


6 Violin quickly starts up (5) 

7 They sue maybe in sleep (4-3) 
S No crooked way to House of 

Lords stroke (3, S) 

9 Burdensome thing for a pale 
trumpeter (5; 8) 

14 Fall behind -to set down a 
southern bird (4, .6) 

17 Excuse crepe net-getting torn 
(S) 

19 Trips lead to dismissals at 
Lords? (7) 

21 -Small Klrl enthusiastic over 
cotton cloth (7) 

33 A better hen (5) 

25 Iris' made to lose her impetus 
(4) . 

SOLUTION TO PUZZLE 
No. 3.616 


RADIO I 247m 

(Si Stereophonic brMdcwt 
640 a. nt. As Radio 2* 702 Nod 

Edmonds. ■MO Simon Bales. 1141 Paul 
Bunu-K including 1240 p.m. KuwabesL 
330 Tony Blackburn From East Kilbride. 
J41 Dave Leu Travis Including 540 News- 
beat 7.W folk TS <S> ‘io ; ns Radio 3>. 
10.02 John Fuel iS>. lZOO-lZAS a-m. As 
Radio 2 

vhe Radios l and 3— MO a.ra. With 
Radio 2 tndndlns 1-55 p-pi. Good UsieD- 
iPR. ft'ilb Radio 1. 1Z0M2JS ajn. 
■vtui Radio 2. 


RADIO 2 leStWin and XBF 


QS0O0EEE- EG HBEHI 
n is - q m 

rasgHHHQBv- csEnnr 
H "0 n n . ,m: 3 L 
□nsEEaHsa HsaecG 
a . 0 s n- n- b = ss -n 
’ - snEncHHnsn 
a s„5^q. n- a s b 

a a a -m m n -E m 

HE55BBS KQEgsnSB 
Q IS Q - E . B :,E’ □ 
rjEflQEE /HaananaEs 


630 a-m. News Sinmnary. 6 02 Ray 
Moore »Si tMi Tbe Early Show mcludbic 
645 Pattsc for Tbouctit. 742 Trxry Waaan 
iSi Includlna >37 Racing Bulletin and 
845 Pause Tor ThouxUi - 1842 Jimmy 
Younr >5 1. 12.15 p.m. tt'jramtu' Walk. 
1240 Pcce Murrays ripen House 'S' 
Including L85 Spnns Dnsk*. 240. David 
flnmllron >S> inriuCIm: 2JU Sports Deslt. 
5.05 Xadonal Hunr Tup lIHi-s QiamplOn 
'CSa*. 3.85 Snorts -Desk -'and 845 Sim 
MHanre Siwpleghan.-. 840 WagEOnr-rs' 
Walk. 4.4S Sports 8.87 NUb 

Paae 'S' inrtndinp 5^5 Spots Desk. 
6.45 Sports D’JSk. 7J12 l-oW: ?S pMS'-n>5 
|)i-n.-k Brmsionc in concert < S - . 740 

(Jii thi- Third D»d| *4 S.02 Uub--r' 

c.nfii a» T)v Lund on Theatre.-, part ftf 
Lvi.viint Gai'-re 8.02 AmO’ic Vnur Swir,-. 
mrs <S> US Swirte Desk 10.D2 Bo*r 
0ii- Ri-rord. 10 40 Fdiwndn Rk s.tye 
■ llv CUi'st «!*■ 11.02 Brian liaiihi-w 

■rilti The Lull- ^hc-r 12.00-12.05 a.m. 

1 \i<J!l S ' 

RADIO 3 WmcSlereufeVHF 

t Med linn Wave 0Hl» 

■jt.55 -am. W->nlht'r 7.00 ■ ,W> 7.05 
ilivrtiire- 'Si 3.00 X* «v S05 Minima 
tortceit tSi. 1.00 New*. fJB The Week's 


Comucser John Bull iS). *45 Viola and 
Plano Recital rs*. 1015 . MaeomJuf and 
Berp cancan iSk 1120 French Harpsi- 
chord Music <Si. 1245 D.M." Lnnchrfnie 
Prom, part ]: Elgar. Mozart 'SI. 140 
News. L05 The Arts WorWsdfc?. L2B 
LunctHtmi* Prom, pan !■ Purcell. Viraldu 
Handel flu 2.05 OitlinKlrtan 'String Quar- 
tet ‘S3. 3.20 A Little Llaht Knsto (S'. 
6 30 Haydn cfaumber music iS». 845 
■ The Vaughan WIDIenu Symphoales (5'- 
545 Jus Todav ifii. t5.45 Homeward 
Round. J6 05 Veure. tUO . Homoward 
Boom icootlnurdi. 16.33 Lifelines; Work 
and Training. 740 BBC Scottish Symphony 
Orchestra, part l igi. m Timltna a 
Voice (talfc by Dannie Abaci. 8JS BBC 
SeotflBh Symphony Orchestra, pan S (S'. 
•35 The Ring and the Book lU5'Pra*»" 
•trine Quartet <si. 1840 - Haydn and 
B"prboeen. piano rociial iS>. T 1 * News. 
" *8-1145 And Touiaht'a Schubert SOBR 
iSl. 

*nlh 3* VHF auly— 4*0-748 a-KL and 
5.4S-748 pan. Open Uim-vrs:iy. 


Carder* ra' Question Time. 045 Story 
Time. ' 5..W PM Reports. 540 Serendipity 
JVJ55 weather, pronramme news iVHFt 
R"«lonai News. 6-60 Nmrs. 6.10 Jnsl a 
Utnute 'Si. 7,00 News. 7JJ5 The Archers 
738 Time - for Verse 733 RBC Scottish 
Snnpimny orchestra 'Si fas Radio 3'. 
♦ H Kaleidoscope. *.H Weather. 10.00 
The World Tonis hr. 1048 Not Now. I'm 

IJwenlou Attain. 13-00 A Bonk ai Bedtime: 

" Esther Waters." pan 3. tt_X5 The 
Fhniiclal World Tnnlcht. 11.30 Today In 
ParHaniefll. 1LO News. 

For Schools (VHF only) 9.B5 nJn.-lZOO 
and 2.00-3.00 o.m. 


BBC Radio London 

206m and 949 VHF 
6.90 ua. Ax Radio 2. 640 Rush Hour 
• h* News Eon. *30 London Live. 1133 
to Town. 12.05 p.m. Call to. 243 ?W 
Showcase. 603 Home Run. 640 Look, 
Slop. Lute* 7J" Ttr-- -ns ll.o:; a.m.i. 

rt Ml Thai Jazz. U43 l.atc Nluht 
laindon. 12.05 -CIosc: As jtadto 2. 


RADIO 4 

■134m. 330m, and VHF 
6.15 a^n. N.-ws 6.17 Farmliu Today. 
.6.35 Ul» to ih» Knur. 642 iVHF> RiVona) 
Vrtra. 740 Xcnn. 7.10 Today. . 745 Up 
to the Hour ii-nnnnunlr 7J0 tVifF* 
Rnpional Ww-O. 8.04 Neva *44 Titter 
ineiiiilinu item h<-adlim-a. nvaffier. papers, 
spprr. 8.85 YHOtertlay in Parllaioent. 44® 
:»•*»■*. *445 TufMa>- Call +U.30 NrifS- 
U9 *5. tin I-uvatinn. 1040 Dally SeriUr. 
*ui 85 Martin* tlLU ‘-itv*. *LLAS 

Tbiri>-Miuuu.- Thuprtv. UlS ■‘•vOlc 
12 00 Aijns 122)2 p.m. v ou jnd Your-. 
I" 1 ?0 R'.-w-n Lslturi nifts. -ri» w Weather, 
prorramme ww VIIF London 

■and 3b i Hi-^lrmal \«irs. LOO 'tTtF 1 •Wnrlrt 
at line. . 1 Jo tju- Artticr- i.as U’tinas i 
Ilottr t'Jrnm ?no, mriiriinc 2.00-242 News. 
«.«5 Ll t-.’n tt-uh Mnllwr. 3 00 Nmn. 1M 
The WinidLiuders ifii- 8.00 Ne«- 4-05 


London Broadcasting 


26Imutid97.3VHF 

5.00 a.m. Moraine Music. 646 A.M.r 
Son-yon nctrs. travel sport, review, 
information 1044 Brian ltay-*s, 144 pjh. 
LDC Ri.-norts lurlintlns fTenrcr Gale's 
n o noeft Call. 840 After «~«itb tan 
C.dFltrisi *2X1 MRhtllnr. 140-5.00 a.m. 
.viqhi-Krtn. 

Capital Radio 

1 94 m and 95^ VHF 

6.00 a-m. rirahtun Dcn>-’S Breahtasf 
Sliuu I.SI.-4.00 Mirhar] 45pcl <Si. X2.00 
Dave Cash is> S.BB p.m. H«»*r Scott 
*S>. 740 London Tocaj (S' ■ 7j* Adrian 
Love's Open Line <S». *68 Ypur Mother 
wouldn't l.ikc Ft with Nicky Home *s» 
JIM Time Myall's I Me stnrw tSi 

aan. Duncan Johnson - * NlKhi Kiishi 
<S». 




■o* 


A Time to Buy Clarets 

Limited Offer of 2,075 Cases 


LAYTONS advise purchasing from this excellent selection <*f 
U .K. Bottlings by. various merchants of integrity before the full 

impact of Bordeaux replacement prices hits our market. 



‘ ‘ I"* 

Per dozen fonts. 


Ref: 

Ml 

300 doz. botts. 

250 doz. botts. 

1973 CH. GAZTN, Bordeaux. Not the 

incl. Vat 
£22.0fl\ 


M2 

pomerul but futi and big flavoured. 
Lasts 3/4 years. 

1973 CH LAFITTE GAUJAC, Bordeaux 

• • \ 

£24.00 \ 



Superieux. Possesses soft fruitlnes^ 
with fine balanced taste.. Drink now 
and 3 .roars. 

• \ 


M3 

275 doz. botts. 

1973 CH. SICARD, St Emilion' Dark 

£25.60 

• n 

M4 

60 doz. botts. 

cnlour, firm body and rich stamina. 
To last 5 years if you wish. 

1972 CH. LA FLEUR, Montague SL 

1 

£26.01) 

i 

M5 

400 doz. botts. 

Emilion. A Calvet wine — soft fruity 
and decent. 

1973 CH LARRJEU, Medoc. Refined 

\ 

tt. 1 

£26.20\ 


MS 

300 doz.' botts. 

gentle style .with fine finish. 

1971 CH. LA TOUR de BY. Medoc. 

1 

£30.00 \ 



Deep powerful flavour -from best 
“ bourgeois ” property. First class 
keeper. 

1 


M7 

300 doz. botts. 

1973 CH. LA FLEUR Mlion, Pauitiac. 

£30.00 ’• 


MS 

• • .w ; 

90 doz. botts. 

A Cordier wine — lie* clo6e by to Lafite 
and Houton — top quality. 

1971 CLOS des JACOBINS. St Emilion. 

\ 

£36.00 



n UlttUlU \jlldLVOU If A 

tradition— attacking bouquet with ' 
strong flavour just ready to drinfc- 
SPECIAL EXCLUSIVE SHIPMENT 

M9 100 dot bows. > 1975 MAITRE d'ESTOURNEL. A claret 

' r i . front Cabernet Sauvignon grape 
produced exclusively for LAYTONS hy 
the proprietor of Ch. Cos d'Estournel. 

, Our tiest find In 1077. 


... . 


£24.00 


TWO WHITE WINES OF SPECIAL VALUE 

urm Tiiia Lam. tivjff 


100 doz. bolts. 


300 doz. botts. 


1976 MENETOU SALON, ATel lot A 
little known . trine neighbouring 
SanceiTB— clean -dry. 

BLANC DE BLANCS L’Ecaillcrc 
- Superb value dry white. 


HOW TO ORDER: Hurry by post or telephone — nrinimum order 1 doz. bottles 
unmixed. ’>■_ 

DELIVERY: Free U.K. mainland except 1 case orders charged £1.50 extra. 
Following payment of invoice thel'detivery will be made promptly-. For advice on 
tthe wines or telephone orders contact: 

G. J. CHIDGEV-cir RICHARD HUMBERT at 

LAYTONS, 11, SOUGH SQUARE, EC4A 3JJ. 
01-3531178/9 353 1170 353 2985/6. Telex: 21139. 

WOULD YOU LIKE TO TASTE BEFORE BUYING 
* AND PAY LESS? 


Y'OU are invited to mil at our “CASH AND CARRY” Cellar Vault between 9 a.m. 
-B p.m. (Mon -Fri ) or 9 a ra.*l p.m, (Sat.) for a tasting. 

SAVE £1.00 per case collection discount 


• LAYTQNS WINE VAULTS, 

20, Midland Road, N.W.l (alongside St Pancras Station); 
01-387 8235™-^ohn Freeland /Nick Shailer. 


FINANCIAL TIMES 

IWt •fAl*-***' bllttli*. I-O.X lAi.V liL^f 


T<4«- RrillATlfl A? 1 biUCJi.. L^.SiAi.V 4BY 

■ Telephone: Ot-^f 3000 ^ PS4 


r lOBiinune; UI-H8 JUW - 

For a bare index and business News Summary in Umdon, Bir ming ham. 
LnrerwMd and Manchester. Teh 246 S026. 

INTERNAHONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsierdau: I'.G. itex 12S6. Arosierdam-C. 

Telex 12171 Tel: 240 553 
Birmingham: Geort-e imu .- O—irse Road. 

Telex 338650 Tel: 021-454 0922 ' 

Bonn: Presahaes; 11/104 Heussiuiee'afe-HL 
Telex 8SC9542 Tel: 210039 
Brussels: 39 Roe Durale. 

Telex -232S3 Teh 512-9037 
Cairo: P.O. Box 2040. 

Tel: 935510 

Dublin: 8 FltzwiUlatn Square. 

Telex 0414 Tel: T8532I 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 4IM 
Frankfurt: Im Sachseniaser m 
Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex fl-6257 Tel: 838-7545 

da Alegrla 38- ID, Lisbon 2. 
Telex 12533 Tel: 362 508 
Madrid^E-sprondceda 32. Madrid 3. 


ADVERTISEMENT OFFICES 


Manchester: Queens House. Queen SlnreL 
Telex 666&13 Tel: 06T-834 93St 
MMcnw: SadovotiSamoteehuaya 12-24. Aol 15. 
Telex 7900 Tel: 294 374.<i P 

York; 75 Rocket ellcr riasi. N.Y. 10019. 

„ Teles 66390 Tel: (2121 541 4625 
Pork,: 36 Rue du Sender, 75002. 

Teles 220044 Tel: 2363743 

TbPmhmSub Aven,dl Prefi - Vargas 418-10. 

Rome; Via della Mercede 55. 

' Telex 61033 Tel: 678 3314 
Stockholm; c/o Svens ka Oagbbdet, Raalanibs- 
vagen 7. Telex 17603 Tel: 50 GO 88 
Tehran: P.O. Box 11-1879. 

. Telex 31263-1 Tel: 682698 
To £ y ?.'- 8th Floor, Nihon Kebal Shimbun 
Bui Ed rnt^i Otemacbi. Chfaudu-ku? 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1325 E. Street 
NX WasbiBRiQU D.C. 20&4 
Teles 440M5 Tel: (203) 347 *576 


Hi rm in^hani: George Iluu-se. Clearer Road. 

Telex 338690 TeL' OSIHM OS * 
Edinburgh: 37 George Street. 

Teles 72484 Tel: 031-226 4139 
Frankfurt: im S.ichseniuger m 
Teles 16263 Tel: 534867 

^t&mSSS noase - Tt,e 


Manchester: Quronc House, Qneen» Street. 

Telex 666S13 Tel: 061-&M SQSl 
S ew Yo rk: 73 Rochefeller Piaai. N.Y.. 10019 

» C fl C 4 S SOiS J Tc,: 12,21 woo 

Part: 36 Rue du Senlter. 73002. 

Telex 220044 Tel: 236.tt.0l 

i 4'rhlhanda. 

Chivodn-hn. Teles J. 27101 T^t: 2»3 JOSH 


SUBSCRIPTIONS I ' 

(.flpieh nbiainanlc frem nev^uscnts anti bookrtafls worldwide 'or on regular MibMfjBtiou 
from SubscrlpUnn peparinurol, Klnsw'al Tim.-*. J^ndnn. - sa "™ :,puo " 


L 


15 





FlNANCL^/nMES j TUESDAY MARCH- 14 1878 

Tate Gallery 


| Coliseum 


5 C 


by DAVID PIPER 


The Force of Destiny 

by ARTHUR. JACOBS 

Superb interpretations by hero's pistol should accidentally and pleasing line. Like Carlo 
Josephine Barstow and Norman fcilj the heroine's father: Hero Bergonzi (who may be his 
BaiJey in two of the three the events are handled with skill model) be disdains that iadis- 
principal roles, phis a gem of and dispatch. But the evening's criminate p ortameiao or sliding 
a comic character part from greatest contribution to verisiaii- between notes which disfigures 


both expressing themselves in ° e *« liea \ ana aesigneu very skil- t he hieratic linear compositions The books include some of the tpougn. to read fairly deep into scenery retained from me determination to make her words translation. was first-class. 

i. Jr without gutinucks, to of ' contemporary neo-classicism, least successful (for example “the Blake before gathering that this, original production oE 1968. but iniellieible. Best of alf is her Richard Van Allan brought to the 

» , 1 fa** concentrate the ? mind on his to the illuminated books, from Tyger tyger burning bright/in the in ' typical contrary form, is a with the action re-directed by QU j te exceptional ability to per- role of the Father Guardian his 

woo analyse the Eoglishness of. Visual, work, yit reminds the Songs of Innocence, of 1789, oo- Forests of the night” is betrayed critique of the Almighty, con- David Ritch in place of Colin f 0rra v iQ] maximum intensity custoraarv firm and noble tone, 

hngush art, an integral element viewer constantly of .the mextric- wards. These hooks are not only by the drawn image, apparently straining creation by reason Graham. (not meaning greatest volume, of Susan Daniel was an attractive- 

in the national character— but able . . mter-relationsnip of the result of great sustained Faithful Ftdo rather than a cal) rather: than releasing it by It is not an ideal solution, coarse) all the time She is the looking, animated Preziosilla but 


using line for marvellously B1 ake’s three main capacities — - 
different ends, while Rowlandson as poet, prophet, and artist This 
would have been very baffled to is part of the reason why, ia 
Understand Blake's conception of the last capacity, as artist, he 
excess. Rowlandson'S line bound- has until very recently been 
ing across the page, tracing the very difficult- to " sell ” to other 
elastic curves of young flesh, and than Anglo-Saxon tastes: he has 
finding the same carves in Q ot been a product f or ex port 
English landscape and ■ foliage. And he is indeed .an extraordi- 
t racing with equal zest the sag narily uneven artist, - not only 
of ageing flesh, bellies, noses, In the quality of bis drawing, but 
carbuncles. Blake’s- Mne’ leaping in hfc balance on the dizzy brink 
up the page, sometimes quiver- whence the sublime falls head- 
ing still as candle-flames. They I 00 ® to the ridiculous. There 
were almost .exact confem- * s ad evocative introduction, at 
poraries: Blake bom in 1757 a tte threshold of this exhibition. 

/ -showing the persistence of his 

“7*777 spirit through artiste, such as 

Dvnd Piper will be writing about Palmer, Rossetti and. up to David 
art every month in the Financial Jones and Sutherland, but the 
Times. He is , •Director -of the irreverent may at times be also 
Aslunolean Museum, Oxford, reminded of James Thurber. 
h avin g previously held similar The exhibition "does ~bot ignore 
posts at the( National Portrait the .occasional' absurdities; but 
Gallery and -the Btzwilliam what it really does to startling 
Museum, Cambridge. '-He is the effect is, of course, to focus 


imagination. Four states of this since David Collis’s scenery is ODDOS jte of that tvoe of prima lacked strength in lower coles: 

nil — i 1 J I A..,r4 .r " L ... c i i «. L ... /. .» . 


>v- •••;>! V*. . ** 







illuminating juxtapositions of re- crowded inn — are naturalistic. ,. ' _ . exciting performance on Satur- 

worldngs of one subject. This, but the battlefield and monastery Borman Bailey, shedflmg tne d a y. Even with an extra-large 
combined with the bringing are represented by geometric wisdom ana palriarcnial dignity male chorus, the monastery scene 
... together of long-scattered rocks and flat outlines. °f Sachs and \\ otan, attacks the failed to overwhelm with 

A sequences — the large colour Reasons of economy, however, 8randeur of sound - 

& l 7905 } _* e _ As the long evening (four 


author of sevmd books on British again and again on the finest 
painting and portraiture. qualities and achievements of 
* — L -.— ■ — — ■ has worfc 

if, important tension of the line 

m " - to'T„ r 

t6e rtrong, can Dave bott an In- 

neriencifi is. ^ 5trange ex " tensity and a subtlety jfespecially 
peneuce k is. ^ a sense of physical 

Queues there may weH be at mass in images as vivid yet void 
the Tatq' for ever since that as flames) that has: no rival 
band cf youthful admirers among English watercolourists. 
clustered -about Blake in his last Even in the extraordinary faith- 
years — linnell, Samuel Palmer, ful - facsimiles that the Blake 
Richmond — he has been at the Trust has been producing via the 
centre if a cult: in recent years, Trianon Press, the concentration 
especialy among the young. He somehow falters: ' ' • 'r. . 
is accorded cha ri sma, he is an To see so many originals 

Angela Flowers Gallery 


... "I# - * 

f|$|, - #-• • 

■ j&r 

h % 




{magic almost » ^roductiont Not hoSs.“ith^o 

4 wraitos, some of them) to economy was openly pleaded this SSfrSSSJ" gressed, Mr. Hitch’s staging did 

A Y pnng a nd to Gray; the biblical time: The Force of Destiny was 2fi*^?5!2S2 ' < S not flag. His only notable failure 

fllurttations, those to MUton, and announced as a replacement for is t0 Provide no proper dance at 

the final burning of undi minish ed a completely new Fidelio, said to f s i^T the opening or the tnu scene, 

virion in the Dante designs. have been postponed “at the ^ 3St sadsfacDon on w j, ere Verdi has written music 

.Hie work in tempera, or rather, request of the producer." eartn. that calls for nothing else. Here 

. in that weird amalgam involv- Mr. Pitch's new stage action Tom Swift has not the same the reason is perhaps economic. 
•i ing gtun that Blake invented, is begins excellently. So often ft natural ease on the stage, and But 1 can hardly blame that for 

•1 represented to more telling seems a double absurdity that the his singing in the elopement the shortage of headgear— initi- 

| effect that I have ever seen. If eloping lovers should, for purely scene was awkward in phrasing tary. ecclesiastical, and other — 

P most of the early ones have not vocal reasons, linger so long that and declamation. But in Alvaro’s which so often belies history in 

>v ;1 lasted too well, clouding into a they are caught, and that the later scenes he produced a full modern opera productions, 

sometimes almost muddy gloom, 
some of the later have a 

.. . radiant Umpidity-notabiy that Tu it bridge Wells Assembly Hall 

M mysterious scene, perhaps the 

j Cave of the Nymphs from the rr'tl f"T "i * 

The Seraglio by ronald crichton 

*■' ;i -prophesy in verse or drawing 

' may be, the message of Blake’s Kent Opera's new production Handel) with an oriental back-tral playing under Roger Kor- 


ean Dura wnue-not in its Caturdav) romps no the heels cosuuue is too unseuy lor ner ui nuive^mg uie- uarser sioe at 

ephemeral frame of flesh. music, and Blonde’s spectacles the work only hinted at in the 

yj, The exhibition has been 01 &co ™ s “ uperas sanguinary, (borrowed from Glyndebonrne?) production and mostly out of 
‘-fi organised in association with the screwea-up version in Glasgow, flash distractingly in the foot- these singers’ grasp. Did Kent 

William Blake Trust whose Moshmsky. the producer ugtits. Otherwise Miss Clancy is Opera think long and hard 

^ great work now approaches com- *P r . “ en 5* worlcs m Y^ 13 * first an acquisition, and must be per- enough about the problem of 

$ pletton. Part of that will be appears a quite different g^ded to give more of her time casting this work? Of the 
Martin Butiin’s full catalogue of aust ere t0 openu present team only Miriam Bowen 

Blake’s work, later this year, £ eter and IMiengrm at gtyle apart Mr. as Blonde— agile, firm and dead 

while for this exhibition he has gSSi Ga ?r5?- Moshinsky’s treatment is not so 0“ heT . notes > was really up to it 

nuiw». . compiled an admirable, fully Deirare uancy, sets ine ^ffprAnt after alL The acting Patncia Reakes has the tech- 

is acctrded charisma, he is an To see so many originals Antaeus Setting Down Dante and Virgil in the last Grde of Hell Illustrated, select catalogue. Seraph© in a handsome baroque area ^ H aflTie ri. mov^ nique for Const anze’s daunting 

• WUUam Blake (paperbound pro ? c ®?i u ^J el i h meat and physical gags are kept succession 0 f arias but neither 

. .. ! v £2.95, hardback £4.75). Simul- st ®f e ’. PYP! 611 _Y idss ’ a to a minimum, the chorus is only tone for the passionate side 

Angela Flowers Gallery taneously, David Bindman, th i£o£55t UP “1SS’ seen once (a Pity, since the co^ of tte role nor the ability to 

• already the doyen of the younger tnmes are so good). The tone is P^ase cumulatively . 

T 1 T r\ ° ^ ' "f -f generation of Blake scholars, has comedy of manners with serious The Belmonte of Neil Jenkins 

I C\ M I CIO H flAfl r\r\ compfled the Complete Graphic * iSShSTsSf nnder currents, desires, and per- would make an excellent Pedrillo. 

.1 I )| I I I I ,()Kr| S I vHTl(ISl;H T)r:S V^ofWmia^BlnkelThmi^ SLS' 7 4„ w raV1 to I15 -„ h T I i t sonal vendetta^ kept weU under That aimable character is too 

^ V/lVVl kJ l^/tilXvi'JvU'L/vJ and Hudson. £20) with 765 Olus- t hp°hark2nth !lea controL Torture is more a threat lightly sang by Wynford Evans 

; / . ’ strations— no colour, but with ^ a than a reality. The chorus sing except in his serenade— and there 

' WTT TTAlf DArFED enviably and consistently high . p . ^ p * m the finale in the orchestra pit: he is allowed to play the last 

‘ - Oj . -Vr • X JL» Jj JL IVl Jr AL. Jv JCi Jv quality of reproduction,, it must This is more than an exercise the couples walk away to free- verse for laughs (the opening of 

. • „ . . . „ ' become a standard working tool in antiquarian nostalgia. like fl om there is no sea. no boat. Act 3 needs attention — the trans- 

"here is rather more to paint- enough, usually the long and may be exploited, both of them refined to the state of sophlsti- (Including all the illuminated all good designers. Miss Clancy Pasha Selim is left sadly alone lator. Michael Irwin has con- 

in; landscape than just sitting distant horizons of sea and hill; fairly standard coo temporary pre- cated ideograms for landscape, books in full). . Also to be has one eye on the period of the An effective end. but send- densed the text too much at this 

ina cornfield, or on a beach, try- ““S'?* his .subject is quite as occupations among painters. His perhaps, free, gestural, positively recommended. Morton D. piece and the other on present mental— even young producers point). Philip Summerscales, 

ire to make something of the m °ch the vocabulary of signs and basic images as they appear to us calligraphic. We are close in Prey's William Blake (Phaidon, day modes and materials— tex- still seem to have enough of 19th another good but lightweight 

vew for the eve is erven such ^l ar ^ s a I^ a ^ le ^ or 3Te already at a certain remove spirit to the eastern sensibility. £1T95), a useful general intro- tiles notably included. Though century romanticism in them to performer, doesn’t come within 

^ „ the procedures by which they from their - source m nature, in which the means imposes itself duction with a representative it fits this conception of The jib at lSth century formality. sight of Osmin's lower notes, 

amass ot material information and qualifies the end. selection of. large and clear Seraglio well enough, with small However pleasing the spec- Blonde apart, the best perform • 

*■ — * -- — ' • These images, or rather sug- reproductions. The exhibition adjustments it could serve for tacle, the distinction of this mance came from Thomas Lawlor 

gestions, of landscape are super- at the Tate .continues, till May 2L almost any baroque opera (say. Seraglio comes from the oxebes- as the regrettably songless Pasha, 
imposed upon a grid, the scale ofi- — » ' ' — - - - ' . ... 


John Loker’s Landscapes 


by WILLIAM PACKER 


amass of material information 
t> comprehend that selection 
■rom it, and any subsequent 
irdering, present many prut* 
ems, to which the answers can 
mly be drastic and • extreme. 
This has always been so. for It 
is in the nature of the business; 
and we have only to look at a 
Constable or Turner a Van Gogh 
or Cezanne, to see that whatever 
truth it is that has thus been 
realised, it goes far beyond mere 
verisimilitude. 

The artist is free to choose 
his own terms, and to act upon 
them at bis own discretion: but 
whatsoever he does is sure to be 
founded upon his own physical 
experience and understanding of 
the world. The myth persists 
that artists to-day, particularly 
abstract artists, are in retreat 
from visual, communicable 
expression, increasingly ‘ with- 
drawn into themselves, wantonly 
obscure, when all they have done 
is simply to extend their scope. 
They are islands no more than 
tiie rest of us, and share the 
common response to the natural 
world: and ft would he wrong of 
us to assume, when their 
expression . of that response 
extends beyond direct depiction, 
that there has beenjno intellig- 
ible, indeed no intelligent- 
response at all. 

John Loker (whose latest paint- 
ings are on show at the Angela 
Flowers Gallery in Soho until 
April S) takes the landscape as 
the source of his imagery clearly 

Elizabeth Hall 



which is increased by stages up- 
wards through the work; and so, 
by ti\e time-honoured trick of 
squanng-up, they grow by 
degrees: we zoom in on the detail 
as the image breaks down into its 
constituent elements, which 
seem to fly off in all directions, 
out of view. The composition, 
meanwhile, is left to look, after 
itself, determined entirely by the 
disposition of the original state- 


ENTERTAINMENT GUIDE- 


CC— These theatres accept certain credit cards by telephone or at the box office. 


-OPERA A BALLET 


DUCHESS. 838 8243. Man. tfl Thora. ,OUJ VIC. 


ment, and the programme of coustum. emsn cam* oi-24o-sasa. „ • .. «no 
pride. Reservations &1-B36 3167. "The N udrtv to 

6*1,,. ... •. ENGLISH NATIONAL OPERA .. 8 *h SEMSA, .viwl >w<n Mawni «nu ujturaiiwrn. #.**. VAUDEVILLE iu MM BvakTaTS 

But it would be unwise to make Tonight & FH. 7_J0 Don GJo*a*mt Tomor. Sat. 2 JO amt 7.30. ALL FOB LOVE E b -Xh ■*. 

h,. nf , 1 ,- or Wt«rinoo» * Sat. 7.00 Fore* of DwUmr: Thar*. S.OO DUKE OF YORKS. 01.838 5122. returns Maijh 23. Swdav Marc* -6 at M *gr Tr^t. 2^*5. 

too much of the armtranness Of 8nal penormnner of To»». loa. tMleorty Evas. 8- Mats. Weg. and Sat. at 3- 7J0 THAT MIGHTY HEART wRh S^MEnFlELQ l^m^rc.RDUT 

( this proceeding: chance and order ainMtabie OWM awlarwanoe. earOara Je8ord ao«t John Turner. A^MURDeili tt J$'n&hced out 


tvus. B JO. Frt.. Sat. 6.15 and MO. 
0H1 CALCUTTA! 


PROSPECT AT THE OLD VIC. SprflM 
season to Maixf) 25 In repertory: 


028 7616- {THEATRE UPSTAIRS. 


The Nudity .la stanniao." Dally Tel.j SAINT JOAN today. Wed-. Thun. 7 JO. 
8th SENSATIONAL YEAR ANTONY AND CLEOPATRA Frt. 7.30. 


YEAR ANTONY AND CLEOPATRA Frt. 7.30. 

— — Sat. 2 JO and 7.30. ALL FOR COVE 

01*836 5122. returns March 23. Swdav March 26 at 
nd Sat. at 3. 7 JO THAT MIGHTY HEART wKti 


Eves. 7 JO tSat. aold out). 

CLASS ENEMY 
by Ntfld WHIUnta 


are old obsessions, shared byjco^TGAMrai. 


In Julian Mitchell's 
HALF-LIFE 


01-3W7 6069. Opens 

as. Tues--Sun. 6.0. Mat. 

S NOTES » SQUEAKS. 


01-437 6634 
5.00 and 8.40. 


John Loker In hb studio 


effects. Loker is a fine craftsman, ' jngi:m&XL mSnS*tr.oo. ^ ”* l> - - - 

and knows W-hat he is about, his SatTVao nilenT^MriHe. 6S FORTUNE. 836 223 B. Eves. B. -Jlmm. 3. P M^S.-Thi»f*. 5.00. Frt. at (JOIN 

drawing precise, his surfaces Amohl' seats for ai] peris, on sale from Siterdays 5.00 and B2W. _ JE5-U5 CHRIST SUPERSTAR 

__ — 1o i.m. On KIY Ol pert. MURDER AT THE VICARAGE GOOD FRIDAY 2 Prts. b 0 and 

exquisitely controueo. sadler* wells theatre, notehen rnird Grcrt Year SSSnucT 

Tn the end the associations, the a«c~ bxt iiw. «'*>'. THF . T » B ..XT evbs- s. mm. wh. i.o. sats. 5.0 

references, the primary subjects, e*^ 7.3o.^^ht^^^or.- st^Pi^ MStaei w«i mm. Ti» ^ N airtwmM»iui 

E J RIC S.YNN ■a£ L, R A 0B Fir^Y 

thrown from painting back into Garden;.. Mar. 20 to A®r« T. PILOSOLUS .„ ui ■- SiKC«wlir«lcJrEmrrtaTnTS. ■ o. 

the landscape again, with its Dance Th * ,atTC - entertainment.” People. 71 4374506 . ernm card 

gentle' shifts of scale matched to ?e s b mo^S?. 41,” . 836 107 ’' w?u ft^oo-. 45 ^ 

how. closely we care to look at - THEATRES -go three times." c. sames. nvt; bist comedy of the yea 

it, the subtleties of light, colour mwh> SJfi&xJVZ. GLOI,t J9 2*"» B -° ii 

and atmosphere. We are given ^d. f rjda y — §0 w. ’ barry francis. b* T P^*? N NS^ 

an experience that is other than london-s rot^night out oonald gee, jeremy irons ana trenail nm suitable tor ChiMn 

the. real thing, but to one side tunes .. t& mo ^r w ^uSn w^iCU« N z5£R T £ , ?i^. 

of iL . commenting upon it and rac? s. People. 1 l£Ji°a wiHawwAus. cc. 01-930 

and, in its OWU quiet way, equally credit card’^ngs bm 7611 I}*™- 

as real. Inkers paintings are -■ -■« w - gsrsrtg Greenwich theatre, oi-bss 7755 good friday One perf. at 
very beautiful; and should be Sr,rSS“S JBESPa 

seen. S EJM Eis»r l«rt; wSi-^z ^ mena It warmly." F Times. RICHARD beckINSALE 


THEATRES 


JILL MARTIN. JULIA 5UTTON. 
ERIC FLYNN, and ROBIN RAY 
In the 

_ " BRILLIANT MUSICAL 
ENTERTAINMENT.’* People. 
SIDE BY SIDE BY SONDHEIM 
“ GO TWICE." S. Morler. Punch. 
GO THREE TIMES.” C. Barnes. NY 


“ GO TWICE-” S. Mortev. Punch. 
"GO THREE TIMES.” C. BamtS. NVT; 

ELOBC. 01-437 1502. Eve<Unn 8.0 
Mats. Wednesday at 3 JO. 

BARRY Foster, clive Francis. 
DONALD GEE. JEREMY IRONS and 
SIMON WARD hi 
THE. BEAR COLUMN 
■’ SIMON GRAY’S hne play. RarMy have 


I fifeen a show as Perfectly cast.” Times. PRINCE OF WALES. CC. 01-930 8681. 
Directed by HAROLD PINTER. | __ Monday to_ Friday at 8_o.m. 


Conway Hall 


4JQ- A WOtgAND 'HME! WELCOME HAYMARKCT. 01-930 9832. Ev«L 8.00. 

MjaACULmjs'fcMISK-Af - Fin TVwSL S***- kVM A‘ z - 30 . Seta. 4.30 and 8.D. 

MIRACULOUS MUSICAL. Fin Times. Easter Pert*, aood fn_ Easter Men. B.D. 

®LIYEB • INGRID BERGMAN 


Peter Frankl 

by DAVID MURRAY 


Coull String Quartet 

by RONALD CRICHTON 


Wttli ROY HOOD and JOAN TURNER. 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mirror. 
APPLY BOX OFFICE FOR SPECIAL 


PARTY RATES- 


INGRID BERGMAN 
WENDY HILLER 
DEREK DORIS FRA 

30 OP REV HARE CU 

* In 

, _ WATERS OF THE MOON 


FRANCES 

CUKA 


ALDYTYCH. H36 -6404. Info. BZ6 S332. . 88 

ROYAL SHAKES PEARS COMPANY Wate— u rnma liable charisma. O 

l No perfv . send - * April hut POSTAL Weody HIHj r la auperb." S. Mirror. | 
BOOKING flow Open tor ne*» London 


Mr. FrankV's recital on Sunday all robustly; though in two or The South Place Sunday the Chiller Quartet. One can 

ternoon was devoted to Schu- three definition suffered through Concerts continue their admir- heueve that those idiosyncratic, Pcr»on_j>v waa or Td. fpr-gge ggggo ph. 


afternoon was devoted to Schu- three definition suffered through Concerts continue their aflmir- tnai mose idiosyncratic, neraon ntwanne Td. gw-aga seoe.) 

hert, Schumann and Brahms, but thick textures. able work-in the Conway Hall, Sifted play ere brought to amba|^doi^ 1171- | 

it was not a rdotihe affair! For The programme had opened best for sound f if the most . .. guwmN crSp' 

one thing, it displayed the ripely with the first of Schubert’s aparlan) of London's small }5Jr5S?^S«»n Ql S U 

mcllnw Bound he makes -at posthumous Three Pieces B.848, . . , yuanets vigorous attack ana extraonnavy . entartaiuraeiTt m London.” 

generous jSSh anf that £ given enteipririoglv in S ^amber-music halls. Admission full, wholesome tone brought out ^ ** 

something which grows, steadily original version with the inserted i S o2th °«!nf¥rf n^undav the a ?. 0C J n0t P^ A ^^d°Wrf 6 i 1 st 7 niohi e 29Ui r 1t 

upon the 1 [srener: warm, Andantino ~ farelv heard per- *^4lh concert on Sunday toe always in evidence and by no 7 ia n». .8 p.m. tu«. s.o. 

mToeany colour™ .uiS Oup S bSLu tte returu frag i, ^ Jr — 

hniw fftsflhitriir lifl-ppffli ssi vfr r. to tht main spetion is less effee* ov&c i3Aii full Wimtne unuusiuK strops rhythmic linpulsc ssuicd ston es r oll 


sSS* - i SN^^aSr ra HER MAJ g2SS, £Sjr h °L*»»° 6606. 

HENRY VI. din from Stratford. Box 

fro^^o LC f^V)lLL^G^l^Tc ^WW^* V l 


Barbara J^ord »i>d John T^. ^ 

I OPEN SPACE. 01-307 6969. OMdt THE “^J^WHODUNNIT HIT 

Tonight 7.0. Sabs. Tuct-San. 8.0. Mat. ■■ n r r.i^r Inrtth Vn^m-r 

sat. 3.0. STEPS NOTES a. SQUEAKS. Ottr AMrta * 

Bcaamont, Brtrtgwra. mrtgud. Kelh-. 

*- oaI g f ’ oi her trcndHhlv tneenloai murder 

PALACE. 01-437 6634 mystert**.” Felix Barter. Ev. News, 

Motk-Diiwj. 6JJK Frt. « MW 8.40. WAREHOUSE. Donmar Govern Gar. 
GOOD FRI DAY 2 PrtL 6 0 and 6^0- ^ seiwrW™™ 1 0°Aprtl? W SrtSdbe?S^ 

TS wed. 1 . 0 . Sa&Vsj fcVo. 

Frank finlay in Thompson 5 the lorcnzaccio story 

Tr>c L c&ika Brlcuttc MiaicaV l* 1 [ cp tC l ^' c - ***+• Afriwvtti. All 

KINGS AND CLOWNS seats gt.80. 

Directed By Mel Shapiro. WHITEHALL. otJSD 6692-7765. 

" Succev-jpi. Slide, EmerHinmg. " P. MdlL e™ UO. Sat. eii ardf.OO, 

. -AliiLLY. 437 4506. Credh card bkB*. PauJ Raymond Brcscnp flw 5eifsatloiia1 
836 1071. EVBS. 8. Sats. 4.45 and 8.15- Sex Revve the Century 

Wed. Mat. 3 00. DEEP THROAT 

BIST COMEDY OF THE YEAR Now live on Stage, limited Season. 

Evb. Standard Award and SWET Award 12-we<?JC season prior to World Tour. 

• R< PR , iVATP? , SN e B^ 3 JiL B or V )n WINDMILL THEATRE. CC. 437 6312j 

PRJVATESON PARADE Twice NlphtW 6-00 and 10.00 

IPMteps Not’^Tuple^Ch.WrenJ ^pa^TaymonS 0 ^- 00 ' 

’’ HUGELY ENTERTAINING PAUL R ofy or * s ® n& 

5 - T| m«*. THE EROTIC EXPERIENCE OF THE 

PRINCE OF WALES. CC. 01-930 8681. MODERN ERA 

Monday to Friday at 0 o.m. “Tates to anpreccdenied rimiu what la 

Sat. 5J0 and HAS. Mat. Thurs. 3 JO. oennbsaWe on our stages." Evg. News. 

GOOD FRIDAY ONE PERF- AT 84>. You may drink and smoke In tiio 

“THE* STAGE IS AGLOW." Auditorium. 

■ RICHARD ■SkBbaI 1 WYNDHAM’S. S36 30ZH. Credit Card 

KD WCKIN5ALB booklno 8_S6 3892, tex. SaXJ Mfln- 

I LOVE' Mv WIFE Thors. 8 Fn. and Sat. 5. 15 and 8.30, 

” NAUGHTY BUT NICE WITH A LOT ” ENORMOUSLY RICH 

IF LAUGHS;- New! If the world. VERY FUNNY,” Evening News. 

CREDIT CARO BOOKINGS 01-9300 846. Mart O'"}*"*?* SS.DLIC 

.9 1 1 1 6 - "Sure ftre comedy on sex and reunion.” 

Evs. 8.0. Matt. 5 JL 8 JO. MalS. Wed. 3.0 Daily Teieflraph. 

.per 5SSw C KL N fiK s ^-*- "MAKES YOU SHAKE WITH 

&v A oS? 5 F cT? JE AJa™ R j^gffai-sagasi 

_ THE OLD COUNTRY YOUNG VIC inear OW VI el. 928 6363. 

A New Play by ALAN BENNETT Tou t 7.45 ROSENCRANTZ & GUILD EN. 

Directed by CLIFFORD WILLIAMS STERN ARE DEAD Ueats SOd). 

W— “iST £ tAY OF ™E YEAR - 

Pisyg and Ptaygy London critic award. 

A. 1,*®*!? cc. 01-734 1593 nueiaie 


bv Peter Nichols _ 
(Perhaps Not Suitable tor Children) 
'■HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 


SALE WYNDHAM’S. S36 30ZH. Credit Card 

booking 8_S6 3692. tex. Satj Mon- 
et Thors. 8 Fn. and Sat. 5.15 and 8.30. 

WITH A LOT •’ ENORMOUSLY RICH 

the World. VERY FUNNY,” Evening New*. 

01-930 0846. Mary O’Malley’s smash-hit Comedy 
— ONCE A CATHOLIC 
01 -734 1156. ■■ Sure «re comedy on sex and reunion.” 

£au. Wed. 3.0 Dally Telegraph. 

fS "MAKES YOU SHAKE WITH 

- YEAR LAUGHTER. Guardian. 

TOY™ YOUNG VIC inear OW Vie). 928 6363. 

BENNETT Ton't 7.45 ROSENCRANYZ & GUILD EN- 

WILLIAMS STERN ARE DEAD Ueat* SOP). 




KING’S ROAD THEATRE. 


Mon. to Thur 9.0. Frl, Sat. 7 JD. 9.3o! I HOUND HOUSE. 


PAU wr E §^ L 'sr n “ 

^SS.585m. 


CINEMAS 

ABC 1 & 2, SHAFT E5BGURY AVC. 836 
6861. sen. Pens. ALL SEATS SKULL. 
1; SILVERS BEARS CAJ. Wk. and Sun. 
1.45. 5.00. 6.00. 


THE^ROCRY HORROR SHOW 


SlSHiJ- LAST WEEK. 


2S7 2564. I 21 THE BOVS IN COMPANY C DO. 


Wk. and Sun. 2.00. 5.15. 8.15. 


Thp Sat. 5.0. ' 

A Rock RWH 

lined let THE good stones roll 

Lq— The RolUng Stonq Story. 

APOLLO. 01-437 2683. EwflS. 8 


in London CLASSIC 1 . 2. 3, 4, Oxford SL (Ono. 
O”. Tottenham Court Rd. Tuhe). 636 Q31Q. 

1J0 174S. 1. ABBA THE MOVIE fU>.' Stereophonic 

30. Sound. Prog*. 1.30. 3 JO, 6.10. BJO, 

TH| HIBING PLACE IA). Sep. gem. 
i 2.00. 5.00. 6.00. 


premiftre. " 

Dubbed for the. occasion 


^xtendpfl draft After the “new" a composer ^ meianenoiy ui uie siow move- 

SchiSnanU TOme Brahms: the by lip-service) as Ernffit Bloch, ment The performance, well 

' mmwm . . • . • " ihst tc Tiftf half Rut these COD- wnrfh TloartilP waa framnA" hr 


’’ WIOtEDLY 0 f1»SNVr W Times . I LYRIC THEATRE, 01-437 3686. Ev*. 8.0. 
ARTS THEATRE. 01-83S 2132. ^JOAn’ PLOWRIGHT ** 8 M ‘ 

■ 7 °awS B rMap ,s coun^ ■uSSSh 

Hajnteg .“'fLe^Sudda, Time*. * nd PA p T , B L^M A EN H ^ YeS m 

Mondav to Thbrtday 8.30. Frtdav and ov Edoardo ST FHiooo 

Saturday at 7 ,op and 9-1 S. O.wted hy fiSnco 2EFnR£LLi 

CWilB Cross Road. •• Ary' £ VENT TO 'TRwSij'ftE " 

0171* 4291. Nearest Tube: Tottertfiam ■■ May it f ill iw i viY°'rS2 ro l- 
Co^ «ote. ^Mon.-Thurs. BJO_ o.m. hundred P WaS-- J2S * 


latL hioodlKs nieces but an Variations — the variations is a solid, four-movement work 
Mriv “dm Which Schumara themselves splendidly strong and in a late-romantic idiom that may 
SSh-tS? S f? had imaginative, the closing Fugue be strictly keyless but is never- 

icnufiS^a fornL The 2 Wt (arguably Brahms’s theless full of passing modal and 

JSfenS offered was fauIt ' K Fr «thl concluded with tonal references— the style is 

drawn from three different * sorting account of Schubert’s roughly ■ between Debussy- and 
dSfEof toe musk! alldate " Wanderer " Fantasy: nothing Vaughan Williams, with some- 

from^tlto early 1830^ *nus theme £!*** e !!7 thi ° 8 ° r - **J5E5 


Rupert Foundation 
Competition for 
Young Conductors 1 

The Bupert Foundation, estsb- 


tfjv TIrih. 
Friday and J 


Friday and Sal. 64)0 and BAS. 
. • ELVIs 


Tie fcef ' s £l .S QX5.50. Tnrtant Credit Card I ^to'^Frf. 8 . 0 , *£» £ 30 ^aroi 
R«erY»lltfo. - Eat .In our fgRyJHCnsed I GORDON C HATER -BrifkaS.'fF w -4 ?’ 
RKHurast or Btrtfct Bar lundMimr and ■ THE elOCUTIONw E ‘ N ’ ,n 

heforc or afier fliow — bootebH In) SenjamINFRankum 


BE|T| MUStCAL OF THE YEAR 
EVENING STANDARD AWARD 


and teoual Goast Star r- . ‘ ’ ’ 1>lfe * p r | > e rtrangtlt.'' Oh*. Tottenham Com Rd. TuOc), 6S6 0310. 

antf°5lAffl.lf’^M l |TH6RS ROVAL CajRT. . )M 1745. 1. ABBA THE MOVIE IU)' Stereophonic 

BOOlC NOW~S^?ta 5- LOOK|NG_FpR MR. GOOOBAR IXL 

LONDON PALLADIUM. CC. 01-437 7373 R °YALTT. CC OTJoTioST . 

zgggl^vggjgjl iSsraW: ^^ us i^ 00 ro - ^ i -°- 

LYRIC THEATRt 01-437 3686. Ev*. 8.0. auS?' oSStFLsTf ^fSSg t. C BB S ?g' A Xil ■ S737. 

Mats. Thu J^2-PLOWRl|ST' WI WILLING BROWI^SUGAR I MJtMJtSoa, m rtite Now 1 Froncn 

COLIN BLAKELEY nnn i ' i . ,^ 1 il 1977 Comedy. Directed with Anm* by Vw, 

Md ,n ^tsejmtes&g"- SSTK,. ^tn. 3 ^ at 

0 L"g&.%^?£° ..fe 1 ' “^Bhtly a* _ y ' 8888. ^™^y° STwU ,,7 iS 

•’ AN EVENT TO TREdSugl - Nightly at B.OO. Mat. Wed. 2 JO. 5g. Tube. DEREK JARMAN’S JUBILEE 

" ^HUND R T E D F Y EA ^ T^i. * PATR,CK CARGILL^ TONY ANHOLT _9;1P. SIOOHAmH^ix^ .^S? 0, 7mt l0 ‘ 

FfPIPl 

”A AwnSfeiT .tereen, ~ &&2SZI* SSL j ?- gyp. lMe 

P**y. . Gdn, "HHarious." E Jtd. “WrcLediv ■ ’ SLEUTH ODEON. Hmuriicb *930 2738-2771) 


HUNDRED YEARS. ” Sunday tSSL 
MAY FAIR. CC. 629 307 


BENJAMIN FRANKLIN 
BY Slew j. soesrs- 


”A compassJonare. ftini-v. tercdy ekwuerw 
Play.-; Gdn. -HHarious." EiU “wS « 
amusing. £, News. ’SpeiRimoi^^oS? “ 


5pemundlgg." oSl i ** g1tnd dy. oamesmanshlp and) Fonda. Vanessa Redgrave' 


g- jf °HINC TOR MR. GOODS AR tX>. 
Pros*. 2.30 a.BS. 7 JQ. 


'’HCSsS:. LuriDn hirer, w.i. 499 S 7 JT. 
PARDON MON AFFAIRE (X.IESoJiU, 
uib-UtteaL -- a sparkling New FrSmSl 
Comedy. Directed with Ane*$e by YTe* 
Robert. Sunday Express. Prog*, at 1 Jq 
loot Son. 1 , 3.35, 6.10, 8.30. 

SATE TWO CINEMA ”937 1177-8402“ 
{Formerly EMI IntenMUonaJi. RinseH 
sg. Tube. DESK JARMAN’S JUBILEE 
1X1. See. Peris. 1 . 00 . 3.00, 5.00. 7 Jo 
9.10, SIDDHARTH A «Xl 11.15. 

LEICESTER SQUARE THEATRE 1930 52521 
OLIVER REED. SUSAN GEORCE Sd 
eSS?. °£* r TOMORROW NEVER 

4-50, B.10. Seat* hkste. wr a. in 

S og Mo/L-Fri, and all proa* Sat. and 
__un. except late mows. 

o®5° ”38-27711. 


*gg“iBt-a*e.T<a6. teSL 243 2®3S. 
Tom CONTI "A SHoeriatJve Prrinnn. 


(Uigiuse,” Times. 
Eves Cl IO £4. M.fe, £1 


often pre-echoes the familiar 


tors have now been selt*cted from 


Seat price* £ 2.00 and CS.Oo. 


Mats. Si to S3. 

836 6596. 


anc* T -‘ Jane^fljher SHAIYESflURY. 836 65t_ M 

„ WHOSE LIFE IS IT ANYTrtAY * . . _ Q°Wt March 21 “®!i SQUARE. I5M S t IT , 

Cte gftt me up m a weiier of eidte- **° hn Jo * n P'e^ in &Sa E ,f, NC ?H. MTE S®- OF THE THIRD 

"lent. FT. ■ AO&crblrrc, arifn. Minu . KI5MET 5^® CAi. Sop. Peris. EUy. Man.-Sa* 

mqv!i^— ^ play to be proud Qi. m * Eva' ?Jl5Ijsp l ^Si r,c, * T¥ Prenv** ^O.DO, 1.0S. 4.1S. 7^5^ 

"Z-jFCFje 1 : r* 

■“ ,B4= - “ 


Zlnnemami nim JUUA ai. Sep. Orooj 
Dlv. .Jo, 545, 8.45, Feat arc Dlv ? 
6.00. 9.00. AH Beats bUttcT • ■ ®* 


non 15 SO Close ID one or me me uraau rrn oe i .tuaunme i , v v ‘ '" w-^uuun w ue neiu 

latter Etudes (which revolve- Disc . Francais 197S and]“^ ia - * 2 . nd e P ,!osue - dunag the week of April 3-7. 

around a quite different theme) Grand Prix da Bisque have beenj “SSSS-iSJi AL T Candidates from tbc United 

as to suggest that Schumann won by Philips Records tar] JSSSLsiT $****• <*™**F- Japan, France, 

had the piece in his head before Sibelius Complete snmpfeb«iesi~’f« Norway. Hungary, Rumania, Den- 


MaiB»rg COURTENAY. Dernwt WAL5H 
r ^,„«JT COMEDY THRILLER 
MU»OSR AMONG FRIENDS 


n A **°~ C FRIENDS Combined Dlnner-Tteavo Tlurei £6.S0. 

•■gipcxman armu robbery, douoie Bln* I . - 

and ™*rder. Times, “ A eod deal • "*TIONAL THEATRE. 928 22 S 2 

°f fun. E vening N ews. j OL' y , ER_io»e^ Toot A Twwor, 


the Ninth Symphonies, as well played by the Beans Arts Trio. ; [ ime 2Tld .1*^^ skilfuUy down pete fora prize of £4.000 and an l 

as from the Vivace of the The formal presentation of thej ™ an expectedly but not banally allowance of up to 1300 to cover! 

Seventh, in authentic 1960s awards took . place in Paris epilogue. costs of travelling during the I 

fashion Frankl expounded tosra earlier this month,: ' “ “ '-j The Second was written for year of the scholarship. I 


LESLIE PHILLIPS LYTTELTON lproscpnltm suae): Tpn't A 

■•Impeccable . IjTwlc r,” Sen, Times. Tomor.^74S BEDROOM FARCE by Ala? 

“ HILARIOUSLY. flj NNY 1 .” N U W 0 rid. COTTES.OE (sm.II lUdlMriuiBH Frt. tl a 
O^URY LANE. 01-826 BIOS. Every Ntaht X JL 3 ®, “’ , 2’ OM BLUE 

8 00. ■ ..MjMIuee WJfl. ai~j 541. SOU. 1 PAFER «* Arnala Weiktr. 

.. .... line 1 M»nv Hceiienc cimi seats all. s uiearre* 


HO SEX PLEASE— 

iaTional issr-iw nsswasw 

OLIVIER (men «*ae): Toot A Twt»r LAUGHT ER. MAKER ' r s ‘ 

b^SeS^O’SSJ” 1 AND ™ E STARS ST. MARTI ITS. CC7 836 1443. EA 8 DO. PRIKcfi “swcJF* SO. 437 8181, 


Mat. Toe* 2.45. Sat. A Gud fri. 5 A 8. 
«AHA CHRISTIE 
- MOUSETRAP 

WORLDS LONGEST-EVER RUN 
ZBtb - YEAR 

THE TOWN. CC. 7J4 5051. 
B.po Dml ^Panung. JO^ Snpcr - Revua 

JACKIE TRENTANo'iONY HATCH 


SWEPT. AWAY IX 


K a i “V- tine. Sant. 12.10. 2.45. 

WlHwly 11 -si : 

i"- 'DL^Sun.Thuni. i jo. 5,3s. 

Fri. and j| 12.40. 445, 8 4* 
PANYHER 4 fui R ^ l,RM T^ ,|: PINii 






Iff 


mAK CTAL TIMES TtTESDAT MAHCH H 197S 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON 6 CAP 4BY 
Telegram*: Flnanthue, London PSA Telex: S86341/2, 883897 
: Telephone: 01-348 .8009 .... 


Tuesday March 14 1973 



the 



U* A DOCTOR finds that the raents which hare, undermined, 
treatment be has prescribed has the dollar in the exchange 
produced no improvement in markets, 
the patient, he will try to find Until quite recently credit 
some other remedy. The Cerman creation in the U.S. banking 
and American authorities, with system was proceeding at such 
a sad lack of imagination, have a rate that it was able to finance 
sunply prescribed a further dose a growth in the U.S. money sup- 

** Jf* * am ® ■ med i cme i rt 18 P*y above the target rate, as well 
*ardiy surprising that the mar- as an outflow, across the ex- 
,kets have decided that the dot. Ganges of no less than $28bn. 
fSJ* t0 re r? aln ahout , as fa a few months— a flow much 
11 w tl i ue * at lar S ef 11,80 current account 

? at deflcit in tte period, 

slightly different formulation Recent Indicators suggest that 

e ^ : °! e “adit growth has now' been 

Americans have undertaken to checked, though not halted: the 
borrow on their own account outflow' across the exchanges has 
tough their IMF drawing drained away most of the recent 
Tighte if they require to. thus potential growth in the money 
shouldering part of the supply, if this j s a trend ra ther 
exchange risk. The change has than a statistical accident, and 
been too small to alter the out- if the Fed allows it to continue. 
' 00Je • then the market should stabilise 

Understanding itself before long, as private 

1 T . . * , credit demand in a growing U.S. 

It may be that on further economy drives up interest rates 
reflection holders will decide f 0 whatever level is necessary 
that since the UE. authorities to attract the funds it needs— 
'are at last committed to some Bn( j incidentally to finance the 
concern about the future of the current deficit 
Exchange rate, the dangers have 








BY COLIN .JONES 


A T LONG LAST, . the disliked most of ail — creating term financial control. For the 
White Paper on the a two-tier Board- structure for medium run, a scries of financial 
nationalised industries each industry and putting targets, tailored to the circum- 
has almost hacked its way representatives of the main stances of each industry, will 
through to the tight of day. But interest groups (management, be re-established and they will 
whether it will “solve the prob- trade unions, .civil servants and be buttressed by a system of per- 
lem of the nationalised Indus- customers) on the new 'top-tier form an ee criteria (an Idjea which 
tries" when it does emerge — policy-making Board to deter- featured In a similar White 
it is due later this month — as mine strategy', and lay down Paper In -1967 but which had 


another matter. objectives. 

That it has been so long com- 
ing is no surprise. For the pur- 
poses it must serve range far 
beyond the relatively straight- 
forward task of re-establishing 
framework of criteria- for 


Arm’s length 
method 


been developed to only a limited 
extent). 

On pricing, the White Paper ‘ 
is expected to state that, while 
Ministers are bound to be in- 
terested in the pricing structure 
of: - particular industries. 


investment, pricing and perform- NEDO believe^ that continu- especially those possessing sub- 
ance in the nationalised sector ity of purpose, was more likely stantial market power. -the main 
now that the years of govern- to be achieved.-. in this way. by way in which they will seek to 
ment-induced price restraint are the concerted Involvement of all influence pricing policy wiH be 
over and several Boards are interests^ thanbjrtiie traditional through . the financial targets, 
again making substantial profits, arm’s length, method. As the leaving the details to be worked 
: One task— and a far from easy idea had achieved, the notable out by the industries themselves, 
one "because of the opposing fbat the united As fOr investment, each Board 

strands of thought which have opposition of Ministers, civil will be asked to show that the 
had to be reconciled-— has been savants, and chairmen alike, it whole of its 1 annual investment 
deciding the Government’s attl- w ® s not 100 10 turn down, programme is capable of achiew 

rude' -to the question of worker In another, and more difficult, ing .a “required" rate of return, 
representation on the Board In concession to the chairmen, This will overcome the problem 
the nationalised sector. Ministers agreed that if civil of investment which Is regarded 

Another has been preparing a servants i&re appointed to the as inescapable for one reason 
reasoned replv to the damaging existing ' single-tier boards, or another and. which has meant 
criticisms of government- alongwitJa worker, and con- that some Boards, notably, 
nationalised industry relations sumer. representatives . — as British Rail and the Post-Office,- 

which the National Economic could happen more frequently applied the fell, techniques of 

Development Office made some 111 future — then they would investment appraisal method 

lfr months ago Memories' of the he regarded as fully responsible to only a few of their projects, 

after all been somewhat * .T* 15 J* ,pful re ? llt only NEDO -report may have faded board members rather than par- ^ short, the White Paper's 

reduced, and that the currency ? ,low ’ h< £ vev * r ’ ** Federal but the Issue needs: careful ticipMmg observers. Meanwhile theme will be evolutionary 

will remain somewhere near its *111 Bo ” d under its new handling for two reasons. First, the idea of having a permanent rather than revolutionary. Trade Gas Board 

- — . — .v__ ... chairman wishes It to do so : in the study was commissioned by body 10 -conduct, ' efficiency unionists have already taken of the. Nat 




t timiai) Hurt 


present level rather than resum- other words 

in* its precipitous decline, background will only come r S 
Equally the Japanese author!- = * ... «... J . e . sni 


filial" - c *L n j .. »F tio a i iuiv v&miiHbi « ■* 

ties are now showing some real taJhtalSSwSS is the 


monetary) sir Harold Wilson when be audits”; In the., nationalised s ee- their places on the Post Office 
was Prime Minister. Secondly, tor . appears, - to . have lost Board. Neither the appoint- - 

ment of civil servants as board 


chairman .Sir Denis ftoofce. who is also chairman 
Nationalised Industries Chairmen's Group, the body 
recently set up to represent to Ministers the views of the 
leaders of State industries. 


concern about reducing the size 
of their current account sur- 
plus. 


and their orsafa&atiotiwerenof 
re-fashioned accordingly.. 

In most cases, a "ring-feneo* 
remained drawn around an 
entire industry. Derisions oq 
investment and new technology 
rcmaind centralised, gravely 
increasing both tin risk* 
and the consequences of error. 

They cannot so bust, be taken 
over, compete for capital, 
diversify — or even. In many in, 
stances, chanw their o*a»lsa- * 
tion without seine bock to Par. i \ 
liaroent. Competition may have] i 

grown— in transport, between 
fuels, from imports, or.-becem** 
big industrial tiffin life to 

douMe-smirev— and financial 

tarwts may have been -set «=’ 

surrosnics for market forces to 
promote nffirfanev and gidde re- 
source allocation. But what . 

doe's DiwfltaWhtv measure vrin-n. j ?*• 
dominant market power ,ob- ... w 
tains" ... 

In short, the nationalised hi. 
dustrie* arc* structured in shch 
a way that Ministerial intervon - 1 
tion is not only ■inevitable but 
positively desirable, which fa* 
turn means thol'-pBlitico! fac- 
tors will usually be paramount 
If inconsistence* !of objectives 
is in be reduced. then logically 
one has to redone 'the need for 
intervention. Tf ihe nrert for 
monopoly control bv Ministers 
is to be reduced. tVn lorionliv 
there have to smetnral 
chances which eyt»»#d the dis- 
ciplines of Ihe marfcVt. 

Tt may be annieA that the 
" BP solution.*' in wfljch 
owned on ler nr»«.es hav to c«vm- 




the was widely regarded as valid— : On the positive side, the White members nor .specific directions aesinsi the. idea as an extension ine time-scales on which Minis- 2UT*” Pn » rB "^ es 
Worrying ,hn„ t . „ro£ ** ~ KrW ^ S 


and exchange 


lem. however is no substitute IL“ 1 T“f y sro^' measured and objectives, which has led to tion Df “ Bullockryr or worker up the British National Oil 
for understanding it. and neither 0n lf s V o cre ? 1 ^ r ? th . er confusion over the roles of board representation, it will Corporation. 

Government has urn nosed L™!? 1 of Ministers and Boards, made it suggest that— as in the private 

Extension 
of power 


measurcs^hicb addres^rhiTreal n30n , oy 5u . p ?; ly ,' . is th ® appro- impossible to assess perform- sectoi— this is a matter best left 
'cause of their respective pn ■ yarQ5acK for POticy- anee, created discontinuity, and to negotiation, Industry by in- 
troubles. Meanwhile the con- Structural bre<i “mistrust, widespread re- dustry. Those. who wish to ex- 
sequences are likely to get u - “* sentment. cynicism, and loss of pertinent, such as the Post Office 

steadily, though not dramati- ' In Tokyo the trouble seems morale among those most closely and British Steel, would be free 
rally, worse. t0 b ® Pr^ty “uch the reverse involved.” -. to do so; while those that do 

'•’So far as the dollar is con- o£ L that . “ Washington: the Finally — and for 


ce'rned, there is still no sign 


authorities are showing con- Ministers an 


make clearer the respective periods extending well beyond in France. M>«t Gcret\ny an»l 
responsibilities of Board and the lifetime of a single parlia- n ther cunntries whAo. as 
Minister. ment nr government. Vet,- when NEDO observed, a "lenr uf trims 

If the new procedure is Ministers beewne involved, deci- jjon is made between! S'aie- 
adhered to, if the costs of noil- sions are too often dominated owned enterori^es with\dnmi- 
commercial activities are quanti- by short-term political rather nfln j mai^et power. Mfch as 
fied (which will not be easy in than lon^r-temi economic con- utilities, over whom thVr is 
Concessions will have been OTme cases; for example, price, siderations. Indeed, the White e in<?e Minfstorial oversi"»^ and 

iuju some not will be under no statutory made to the chairmen. A con- intervention). If the costs are Paper itself will bear some of rt,os P operatin'! in n fnllv.com- 

increasjnelv tin- compulsion— not. at any rate, in cession will have been made to met by grant-in-aid (rather than the marks nf this. petirive climate when? mtrket 

the White the foreseeable future. the Bullock lobby, though not subsumed in the Board's. finan- The second reason why the pressures arc relied nn»« to 


SS *»ot in their monetary aS trade Paper shoSld serve a wider On the vexed question of the « far as to arouse trouble else- cial target or in a capital write- ntuaftoa l* unlikely to change ®P“r efflr ^nev and nrofitoh|,K, 

weataess, which is esseltially a measures, and have subs tan- political purpose. An election industries* non-commercial obli- where. Financial controls win off), end tf grants are charged is that nationalisation has It ma> be armed •!*:»* fb«PP 

monetarv problem, can only be ttalfe smoothed the short-term £ approaching, and the Com- gallons, the White Paper is ex- have been restored,, indeed to the appropriate depart- vastly increased Ministers’ res- solution is und^.rahte bo- 

cured by measures which in- movement of their exchange m0 ns Select Committee's pected to suggest that Ministers ^tenod. And the Government mental rote, then it ought to ponsibikty as well a? their «"«»»»*• 0 ^ ers ’ ,,n .^; n ^* 

votve monetary policy The rate; but they show little sign criticisms of Ministers’ actions should bare the power to issue ^ J 18 ™ gone some way be easier to assess both the powers The nationalised in- tr> makes it powihle Ur 

balance of parents problem yet of addressing tiie difficult _o r inaction-on British Steel specific directions and provide toward* staying the anrieties Board's own performance and dustries' role m the economy cm-ernments tn i»i«r-e win 

appears to be well understood: structural transformation which ami the Waterways Board are suitable financial recompense. If ° f boto NEDO and tte Select the cost of pursuing a particular and their market power as sop- tKintic.nl or social ob.ee ivw. 

tt is partly cyclical, and partiy wiU be needed to turn Japan still fresh in mind. The White a Board U asked to take a par- Committee in establishing a social or political objective. ; Pliers, buyers, or employers not Bnt what lone term pnHti.v.1 
structural.- Borrowing -is an’ fa to a good- trading-neighbour. p aper coaid be of enormous Ocular course of -action which 5*??.® d U? ctI S5? s ^ that having been said lu -2 ! nly POhtiral expeeta- obiwtlve can there he .«r 

appropriate way to finance a The Implications of this con- help if it were to put the Gov- Ministers consider . to be fa the ^ 3ri _^? parate finanan £ for ^ the White Paper’s favour, one b<,ns and opportunities but also nationalised mdnstne* othij* 
cyclical deficit and the Carter tinued stumbling are forbidding, emment In a' position of being "wider public interest” but DOn ' commercial needs consider whether the new creates J pI ? fa3 ” ns w ? ich * lf f 5 ev ***?" tiiat -thev should bo oP. 

Administration is trying to The trade disruption caused by able to say: " Look, among other which dearly cutis across the ac S2SfS' framework It proposes will ocmyrefl in the private secror. ■ 

tackle some of the structural the _ dollar's e 

causes as fast as Congress will decline in the short 
allow. by Japan's structural 

However, central banks are dence on a large trade surplus | Whether this hope will be an ■ obsolete steel works — then 


the inevitability, and even at 1 * ■ v. . . _ . 

-------- ... — r „ — ^ - _ times the dpfdrabilitv ' of is not so.mucb the fact 

borrow; and it is the attempt foe same result: protectionism, factors, including not least the specific direction. This would be- Mjni ^, erial intervention imr also that Ministers do iitfervene but 

to use official borrowing to This threat and its causes, at public reactions of the made public, the cost— -where the fact that nothin®— not pven lack congfctency that 

shield the private sector from least as much as any effort to nationalised industry chairmen possible— Wimld be quantified, NEDO’s auadrinartite doHcv- breeds coofusion. It. is the 


Consequences 
of error 


lop 

pounds off nenrinnm* winter- 
elertrieffv hills or to increase 
th«r non sions ? 

Flnallv. vhat about parlia- 



Dangers of 
retribution 

LAST WEEK-END's raid on faltering Israeli-Egyptian 
Israel by Palestinian commandos negotiations on the eve of Mr. 

and the carnage resulting from Begins now postponed visit to ______ 

it can only be deplored by the Washington. It may have uerman PrESS 
civilised world. The guerillas succeeded despite the stated in- . *«, j 

of the Palestine Liberation tent by Egypt and Israel that uaiLie dECiareU 
Organisation may feel them- talks should continue. . From W est Germans went- to bed last 
selves justifiably at war with the point of view of the people nj h worK jerinE whether thev 
Israel However like similar of the ■ region, not least the ® ^ 

bungled operations in the past. Arab inhabitants of . the ™ ^ 

the latest could not in anv sense occupied temiones, the timing radical Der Spiegel and the 
be considered military, l'ts only «wlU not have been worse- It ultra conservative Springer 
tangible consequence was sense- came just as clear divisions Press stable still for once in 
less slaughter, mainly of inno- " ver Mr. Begin s fundamentalist agreement, 
cent civilians. Moreover, it was lm e on retaining the West Bank unique occas i on bas been 

undertaken apparently with the ®n d supporting continued settle- . . w German unb- 

blossinc of the top leadership ment were emerging within the P*™OKea ov west German pno- 
at Fatah the leadiflc PLO Israeli Cabinet: there is likely Ushers attempts to introduce 
group and probablv nf Mr. now to be a dosing of ranks. A those sleek computer* and video 
Yassir Arafat, chief of both. The few days earlier had seen the terminals of which many of 
escapade can’ only damage the significant letter from 300 their British counterparts now 
Palestinian cause. Israeli Army _reserwsts im- talk in wistful tones. 

plonng Mr. Begin to put peace ... 

PLO frustration before territory and the decisve „ We ? , ^ enx J a " papers, 

Yer hLever shocking the action of Mr. Ezer Weizman, whatever their political iean- 
ai even bnelta and their Minister of Defence, in halting mgs are to start a lockout of 
most zealous protagonists should work on a Gush Ernunun settle- printing workers at dawn to- 
be able to see it in its historical menL day. A month of "annihilating 

context as amother twist in the - « warrt :„„ strikes” has afflicted one paper 

vicious spiral of violence and warnings after another, from, the Baltic to 

hatred for which both Jews and Mr. Begin and Mr. Woizman the Black Forest 


But. judging from the way the Paper- will re-affirm. with modi- jected to some kind of financial pension arrangements.. as lever- th pubIic interest is without Preference bv MF? 

White Paper appears to be fictions, most of the procedures discipline. age-that generates mistrust havitSte bei orotent^ v£rs ^SL 

shaping, this particular hurdle, which have operated in the past ' The concept of specific direc- and problems of management a deSde or soTater th’evwre Commons Select rUrmdtteo 'on 

should not prove too difficult . Cash limits on each Board’s tions was fiercely opposed morale. SJ[ *5“ a °« 

lb« 0 «“ S I a ^I h 5rSn rnme i t finamung requirement.. within Whitehall by those who One cannot see. this being generate more of their <wn In- been to nrote'ct the Jarilnaliid 

[has rejected the NEDO recom- year by year will be retained, as saw it tying down departments, quickly changed, for two vestment finance. But their industries from the wnm* <nrt 

mendatwD which the chairmen the roam Instrument of short- Some Board chairmen were also reasons: the first ' ia the- differ- struotiire. their Ktatutory duties, of intervention hv Ministers. 


MEN AND MAHERS 



less the market research ia New Year resolution that would 
totally discouraging. Glasnevin prove to falter before the 
will go ahead with its innova- deterrents of snow, rain and 
; tion. All these changes aTe hangovers. “ Certainly not,” 

.inexorable,” said one of its offi- replied Dcaves. “We are all 


. rials in sepulchral tones. 


Royal jumble 


still jogging.. - It makes 
whole staff very bubbly 
much more active. 1 *' 

I asked Deavcs whether he| 
thought some oF his staff were 
still* running because they had 


“I'm afraid, Pierre, the 
latest forecast says -we 
Should waft for the seebtfd 
ballot on the border with 
the engine running 


Arabs bear responsibility. Of have both warned of the rett«-|wnpperthi' 'and Dusseldirf hare 
more immediate importance bution that will follow the , . 

politically the mounting of the slaughter of Israel’s citizens last! . _ . ww 3 . orst filL , 

- -* ■ - - * A Spiegel spokesman told me 


Grave question 


.H you fancy clambering into J^rSTlS. ttSTlST fear 
'XJLJS** of the sack. The idea shocked 

1 ^ f him— in any rase, he had no 

• ’ 1 the if °k- ^ P r ' P roof that . everyone was still 

61 10 b,t L f ° r 8° in S off in tracksuits before 
them against all comers They breakfast but was just sure 
-may not be the most fashion- they were [rom their briRht 

ab e pyjamas, bat serviceable e yes. As for himself, he is out, 
withal and tastefully adorned j n Kensington Gardens every 
wi^the royal monogram morning-" iust for half an' 
The sellers, who happen to be hour.” 

; Save the Children Fund, are 
not saying how they came by ^ ^ 

His late Majesty’s night attire, 
but declare it to be all above Swiss rhvthlTl 
board. The fund is organising 
a gigantic jumble sale .at Olym- . Caught out by digital watches, 
pia and among the unlikely con- u \ e Swiss are novrstriking hack 

• tributions, .apart from the w hh an unlikely weapon, 
pyjamas, are a boxful of hats feminism. Details nf the 
from Harrods and six tons of “ Ladvntimate ” are shortly to 
unclaimed dry-cJeaning. The he released in the august chaoi- 


Mam I 

Professional services include- 
£> filiations ^Management 
^Rating ^Investment 

^Rent Reviews £> Agency and 

Development 


suicidal operation reflects the Saturday. Yet past Israeli retali- a apiegei spoxesman told me a market survey of a curious ary-cieaiung. ine r” „ J . c ”? m : 

frustration of the PLO at its ation against Palestinian refu- last night that 20,000-40,000 kind is being mounted in- the diverse goods are currently |>ers nf the Swiss Industries 
exclusion from the negotiating gee camps and guerilla concen- printers’ jobs are threatened by Irish Republic; to discover ”r 

process. trations have not prevented fur- the new technology. He said whether there is any call for more than fast KimT^Hari 

Tactically the PLO has ofay ther terrorist incidents, though tlia{ even those managements jrswation. Currently, about 100 “V p wf office 2 in th? rimfes^nTlld fa a 
itrolf to blame lor being on the tte pungent , B tern,, of which hare re « herf amement5 bod.es a ye.r « S eo, north to ™°pts ih™ f™ e tnd ch^f, maoofaomr™ , b“ Show' 


! which have reached agreements 

towards recognising the right Massive air raids like the ones I . h 
of the Jewish state to exist last November following rocket! e 10CKQUL 
have been ambivalent and attacks on Nahariya would cer- 


sidelines. Its tentative moves human life has been far greater. ... Belfast, but this somewhat "“, u 

rh. n-aht r mirie i«,« .h. ««« w lth their workers are joining „ — * Ti 1 ilST, the Fund at a special cut rate, ynnr romolete feminine rhythm. 


are joining raaca b re export traffic is looked 

* . . * . , at enviously by Dublin's Gias- 

is^it gomg to hardeaprinters nevjn Cemetery, “We think 


‘risky’ and ‘safe’ days for 
love, has a reminding signal 
1 Take the pill ’ and rounds down 
for resuming the pill after the 
pill pause.’ 


hedged with conditions that tainly make more explosive the or bring them to the number would be doubled, Iswcri ncr 

Israelis could not possibly be already volatile situation in the tii£ ir knees? There was no but for the troubles," says a Off 

expected to accept Divisions Lebanon where more than .other way,’’ Der Spiegel told Glasnevin spokesman. “Start- Has jogging really Ml(rra 1U1 

within the movement may, 30.000 Syrian trops are sta- But tiie failure of concilia- jng from scratch it would cost City chaps and girts? Trevor 

arguably, have made it tioned. If President Hafez a! tion attempts by Josef Sting], us £500.000 to get into the ere- Deaves, branch manager of the ~~ 

impossible for the PLO to take Assad felt force to react in some Ptestdent of tne Federal Agency mation business. Since we have insurance brokers Berkeley Pirvl- iuivtIok 

a bold initiative like President way, a regional conflict could be of Labour, brought much closer most of the facilities already, it Walbrook. has no doubt abour r 1,1 K u *- ABer 

Anwar Sadat’s decision to visit triggered off. Some people in Iast m 8 ht t he Prospoot of no will cost us less Ulan a tebth it. Since he spurred all his J 

Jerusalem Iast November. As it Israel might actually want such newspapers at all in West of that.’* staff to start running through s 


MTS. 

ffl 


ini 


«■ 

ass 


After a colleague had been 
running through served a pint of heer. in a Flept 
his sen-ices as a Street pub last Friday, fie held 


it, the effect of the latest Fatah an outcome, destroying the Germany- One of the attractions " for the dawn, ms senices as a ^rreer puo last r naav fic-held ■ m ■ 

raid will surely mean that not Midd’e East peace initiative and How did the management feel Glasnevin is that it already has lecturer have been fa demand the B la<* up tn the "light and B K ^ ^ - 

only Mr. Menahem Begin and releasing the State from the *b° ut * at? 1 “ked one pub- lm. occupants so far and space among insurance companies then told the barmaid that the H I%I1 BfU fT 1 -ffi 

j lichtkr WttVi MmtMl invAiintnnnA i o ennnltin «%••« O.si _s- •.*, e^li .. , \ v M 

stuff looked rather cloudy. Hi • . W* r-u.,... 

routine for “ It’s not that, love." came the 
consultants reply. “It’s condensation. inside I 

entity. . _ 1^ a « llwwwk hotiday^ and did not Irish Catholics; the chuYchSK good ration of 'publicity back fa the ^ ass - 

Clearly, the PLOs objectives for many more v ears the chances I read a paper once. I have never no objection to it even if some January. So I thought it time 

was ro deal a fatal blow to the of a peace agreement jfelt better." priests are hostile to it So un- to ask whether it was just a 



Observer \ 


Chartered Surrey 
■JSnowMHi London ECTA 2DL 
01-2363000 Teles; 885485 

Also in Manchester. Leeds & Brussels. 


<}■ 






it 




•j* 


FINANCIAL TIMES TUESDAY MARCH 14 1978 



SURVEY 


Tuesday March 14 1978 


OVERSEAS CONSTRUCTION 


& 


i 


Despite indications of improving home demand, overseas markets tend to offer greater appeal 
to British construction companies. Many- are strongly geared to these markets, but operational 
conditions can be difficult, and . there is often a problem of inadequate financial support. 



future 

success 

by Michael Cassell 

Budding Correspondent 


and consultants are still there- 
fore firmly . fixed -in)' markets 
further away frpm home, where 
. -each pound' may fwdl be more 
« difficult to earn butwhere there 

T ^ „ is' at least the. -promise of 

I I 1 I con limi rag business. * ■ 

A glance at the annual report 
of any of the building and civil 
engineering V majors" will 
dearly underline.:' the growing 
dependence on such operations 
fpr overseas work. Foreign 
business -Is ' eagerly sought and 
the reports’ show (hat contracts 

.beyond the UJUs' shores have 
been representing \a steadily- 
increasing proportion of turn- 
over and profits. :.••••• 

The extent to which a con- 
tractors’ reliance op- overseas 
work should go has been the 
DESPITE THE first signs that subject of/ Iengthy- debate and 
one of the longest and worst not. a little criticism, with some 
recessions ever experienced b>* companies now finding 80 per 
the U.K. construction industries cent, or more of jthei^ business 
may at last have bottomed out, outside the U.K. Their, activj- 
rhe search for business abroad ties have in many cases- turned 
by contractors and the con- the .** strong home - base ” con- 
struction professions seems set cept on its head, but .with such 
to intensify further rather than a lack of suitable - domestic 
ease up. * work available-^particularly for 

After four years in which the civil engi n eers— they have 
construction output in this really bad no other option, 
country has fallen by at least . 

25 per cent., throwing upwards y qjii'a 
of a quarter of a million people . ' 

out of work, there are now The impact of the construe- months. The total was made up work. The total construction has certainly not been realised, phasised. even the largest and 

indications that the worst is tion industries' efforts abroad of £320m. from contractors, contribution to “ invisible earn- jt is clear that the volume of most experienced contracting 

over. ' can be gauged by: tbb official about £250m. from the profes- ings'’ is significant and in overseas work could still be operations can run into major 

There are no suggestions that statistics on their performance sions and about £1.45bn. for 1976-77 represented no less than substantially increased, either problems in foreign markets, 

an upturn is going to prove compiled by the Government. exporting building materials. 25 per cent, of the favourable through greater involvement by where conditions — from the lem- 

anything other than marginal. No figures for tlie financial plant and machinery. - invisibles *• balance. existing participants in foreign perament of the client to that 

however, at least in the year just ending will. be avail- As Mr. Reg Freeson. Minister But although the current markets or by the arrival of new of the climate— can demand a 

medium-term, and there are able until much later in the for Housing and Obstruction, year's performance is expected operators. But the decision to fundamental change in approach 

plenty of indications that the year but they seem certain to recently pointed out. the figures to show even greater strides go abroad is not an easy one to and skills, 

revival will in any case be a show another improvement over represented about five and a forward and the Government take and could certainly lead The medium-sized contractor 

patchy one, with some areas of thp achievements recorded in half per cent, of the value of has openly praised the efforts a company into serious difli- now considering working 'abroad 

const motion continuing to offer 19T6-//. the cmintry’s total exports. now being made by contractors, culties if :t is approached on cannot have his confidence 

fcv. chances for new work. In that year, overseas earn- At the beginning of this year, consultants and material sup- the basis of a “ last chance " strengthened when he observes 

With such a bleak work ings Tor the construction sector British consulting engineers pliers abroad, it is accepted that manoeuvre to keep it function- the difficulties into which some 

pattern staring them in the were over £2bn., an increase of alone were responsible for over the full scope for exploiting ing. of his larger counterparts have 

face, the eyes of contractors £500m.. on the. previous 12 I30bn. of overseas construction business opportunities overseas • As recent events have cm- fallen. 



The dry dock at the Arab Shipbuilding and Repair Yard, Bahrain, which involved several British and 

foreign construction companies. 


The well -publicised troubles 
of Tarmac in Nigeria exposed 
the dangers of working in a 
market where accepted contract 
terms can be changed almost 
without notice. Some overseas 
clients — in the Middle East par- 
ticularly — also have something 
of a predeliction for changing 
their ideas about what they 
want long after construction 
work has started. They do not. 
however, often change their 
minds about the price. 

Rumours currently abound 
that one major UK civil en- 
gineer is considering pulling out 
altogether from a foreign mar- 
ket in which it has been involved 
for many years because, at the 
end of the day. the return has 
not proved to be worth the 
effort. 

The newcomer certainly faces 
something of an uphill struggle 
in most markets. He may, in 
the first place, have to spend 
considerable sums of money in 
simply establishing his presence 
in the place he wishes to do 
business and can then expect to 
follow that up with the expen- 
sive business of tendering for 
work, without any guarantee 
that he will be successful. 

Pre-tendering activities can 
represent a major financial 
burden for the largest contract- 
ing and consultancy businesses 
and the resources of a small 
operator will almost certainly 
be too limited to allow anything 
other than the smallest outlay 
of risk capital. 

Another major problem con- 
fronting the contracting opera- 
tion which is venturing abroad 
for the first- lime is one of co- 
operation from the banks. ' 
There has been considerable 
criticism from within the indus- 


try that the U.K banks have 
shown themselves ovcr-cautious 
in extending their financing and 
guarantee facilities to companies 
wishing to tackle overseas work. 

It is not too difficult to see 
why, in many cases, the banks 
are reluctant to become 
involved. But some of the 
foreign banks based in London, 
nutably the American ones, have 
been picking up sound business 
in the wake of the British 
bankers' reticence. 

The bankers' responsibility 
to the contractor is apparently 
where most problems exist and 
it is clear that some bankers 
simply do not understand the 
construction industry or the 
nature of some of the markets 
in which the contractors have 
to work, notably those in the 
Middle East. 

As a result, there is evidence 
to suggest that solid contracting 
operations have found it un- 
justifiably difficult to obtain the 
banks' help, particularly in the 
field of performance guaran- 
tees. As one U.S. banker said 
recently: “Some bankers still 
have to learn that the basic 
risk of guarantees lies in the 
competence of the contractor 
and not in the contractors' 
ability to cover potential calls 
on guarantees — an unlikely 
event in any case— with his 
assets." 

The same banker also made 
the point that many of his 
fraternity vveie guilty of errors 
of generalisation. They often, 
he claimed, applied analysis 
techniques to contractors which 
were only valid for manufactur- 
ing concerns. "Formula lend- 
ing,’' such as total facilities ex- 
tended being equal to a multiple 
of net worth and so forth, did 
a disservice to contractor clients 


CONTINUED ON NEXT PAGE 


t "r T £li 

L % 


; t 


* 

1 L 







liH 







55 ess 



% 

J' 




Britain’s leading international construction group 

111 Westminster Bridge Road London SE1 Telephone 01-928 4977 



1 9 7 E 

COSTAIN 

international 

LIMITED 
















HNA-VOAL TIMES TUESDAY STARCH- 14 19T& 

ii 


under the Suez Canal, 
aharbour in Aqaba, 
power stations in Oman, 
an office complex 
in Saudi Arabia and 
a quarry in Malaysia. 

We are currently working on, or - 
have completed, all these projects; 

Which gives you an idea of our 
experience and specialist skills in 
all types of building and civil 
engineering. ^ 

INTERNATIONAL 

Big in World Construction. 

TARMAC INTERNATIONAL, INTERNATIONAL HOUSE. 62-72 CHILTERN STREET. LONDON W1M 2EL 
TELEPHONE 01-486 4444. TELEX 23713. OFFICES IN OMAN, BAHRAIN, UA.E, EGYPT & SAUDI ARABIA 



construction equipment. 


ns* 









• + 



Tough, 
unyielding. 

Proven on world scale. 



3 Taking the knocks, but giving the service. O&K's range 
j of top-class machinery for the construction, mining 
and dredging industries includes 17 different types of 
l tracked.and 4 wheeled hydraulic excavators, 8 front-end 
■ loaders, 4 graders, 2 dumpers, 34 forklift trucks, 

4 hydraulic telescopic cranes, 3 fully hydraulic bucket 
wheel excavators, giant bucket wheel excavators, bucket 
chain excavators, spreaders and a full range of dredgers. Any 
company which has been moving the earth for over a century puts 
its reputation right on the line with every machine. Hence, from 
first to last, O&K machines are the embodiment of far-sighted 
design and engineering as near perfect as 
can be. 




O&K Orenstem & Koppel Akliengesejischafl. 

P.O. Box 1 70167 • O-tfeOQ'Dortmund 1 • We&t-Germany 



r • • ’J 

The compressor house under construction for the Qatar Fertiliser Company's ammonia plant at l- mm Said, 
i cluck is being built by Costaih: Process Engineering and Construction. 



behind 

terms 


THE MIDDLE East has been a which performance and reten- was contended that the terms of if he can insure against this 
boom region for-- construction tion guarantees remain- out- the contract had not been unfair calling, 
companies ever since the oil standing in order to ' protect broken. The judgment was that jy ow this type of political 

price explosion in 1973. But against latent defects which may this did not apply. The guaran- „sk insurance is quite separate 

companies wishing to operate in not be evident at completion, tees could simply be called hi t ] ie main contractors ali- 

bis area have found compeli- No- contractor, whatever his and when they were the banks ^sk insurance that he will 
tion tough. They have also dis- size, could put lip the cash for had to comply. • carry m , the project. There 

covered that contract conditions these guarantees, it would he if un F a ir calling was wide- are only one or two insurance 
are just as tough the imposi- far to big a drain on his cash spread then nobody would 'be brokers that have made a spe- 

tion of on-demand performance flow. He has to use the services pr e pared t0 operate in' this area, dality of arranging cover for 

Oo *™’ °f international bank which u ut companies are still compel- political risk insurance, either 

There has been a lot of pub- will make the guarantee for him j n g very keenly for businesf. through ‘ the Government 

licily in this country concern- in a Torm acceptable by the The number of cases of calling agency ECC.D or through 

ing these bonds, based on two principal in the country con- j P 0 f guarantees has been rela- Lloyd’s. It is indeed a very 
court cases in which payment cerned. Then, should vthe lively small- The principals specialised market, and until 

has been in dispute. The situa- guarantee be called, the bank have not abused the system and recently one that has been 

tion, however, needs to be put will pay the principal and re- W0 uld be affronted to- even have rather ‘overlooked. Now not 
into perspective before making claim from the contractor. The n implied that this was a surprisingly it if* growing 
a rational judgment on the need growth in such guarantee-busi- possibilitv-. Nevertheless, U.K. steadily although without 
foroften harsh terms. ness has been phenomenal and contractors have found them- much fuss or publicity. 

The basic types of guarantee bankers have had to develop selves being priced out in The other alternative is tn 

required from contractors fall a controlled risk strategy in tendering for contracts, and one endeavour to have some or these 

™ tesories \ ««* re - ™'“ lo n “ *"«» awn m reason given is iUat the harsh pona lrics relaxed by the 

lating to the successive stages their portfolio. premiums required to insure principals to gel some form of 

r definite ' • ^ ainst this risk ’ which are fairness, from the contractor's 

i" rwulred It sS'S'i Guarantees added to the price or the tender. vu , wpMnl , |„, 0 tlte atiaranlee, 

tees is required. The first is a are extremely high — simply antl bonds pill u „ u the pnn . 

rontt^ct^ sSbJ!ts en ht ,e bid a ’ The t f mble h f arisen be- because the potential risk is . e ipal is rhe national government 

| Th“ s Ts desired to S. *5® pnnc,pais ' i : ,a ^ t ? e ttwre '*” ' " ‘ . then the chances of this hap- 

' ensL-e t^at ^L who bld for a M ‘ dt “ e ^countries have m- What can b e done about the pe nmg are remote while there 
i project axe SuT in their in- S ‘* ed guara , n, ^ s are situation? Well in the first place is . slU1 kee n competition fur the 

terest Uost mStc« are or eniorceable on demand. There is the contractor can tighten up contracts and a desire to get 
1-5 per cent KwdX no ducu«.on and his control. to ensure that ho oslabliohod in Iho area. 

Then »ma° ae'p“.nc« SSS“ UnS? r.“ ly ".IS TnZZ VZS.'X'VEt B “< is '“I* 

guarantees given by a contractor oreredenL Contractors are uLd '!hu down Uw SL ’ a,e - Principals will 

at the start of a project. This invoKcd in ? lh “ accept bonds and guarantees 

is the main guaranty and its fiJ "J . ^ 8r /\ V ^ car ,? £u,Iy -- H , e t has 0 which arc less harsh in opera- 

purpose is . to ensure that the ^Vher LahtAcS. hew ?h.‘ P ‘ in™T W °?nI?ro^ ti«n. Mr. Virtnr Fowler, the 

contractor will complete the S fulfil th * lp ? environment not ma „ aging director of the Credit 

project in the manner expected. i„ Middip feast is that ^he °Pf rate hare a f s D P er *J es \ n and (j uara m e e Insurance Com- 
Should performance fail for any orindo^ toL whal he wants others P ms th * W0 ™‘5w. W. speak.ng al the Arab In- 
reason, then the guarantee can j? ♦ , n . . f principals . will not normally gurance Conference ’77 held in 

be called. The value is normany he ^ deSdes ’ SSSe/ ^or^n«^ m! aCcep , T ^ ses . for t fai, . u . r t e 10 London in the autumn, advn- 
between 5 and 10 per cent, of ™ n ^ct ter^ Yave been ful T™# mth cond t i t, ° t ns ' ^.ed the use of supplier default 

rhe contract value, sufficient to SSSmBuST^Suo! 1. eeminlv ? 0tB , 6r TV® . CDntractD l r insurance’ as an alternative to 
cover any potential losses. s ^ P i e •ff^lJTSSn ‘I, w nomework on-demand bunds. This type of 

Advance payments to the thoroughly before embarkmg on insurancCi which Credil and 

contractor enables him to speed o„«-'thprp i«s thp fpnr th-»t te 2? e *? n ^- . . Guarantee market vigorously 

up work on the project and in But there. Is the fear that Having got the contract, the prov j des An indemnity to the 

several cases advanced pay- t* 1 ^ bonds wUI be called contractor needs to keep a customer against the conseaucn- 
ments are forthcoming provid- unfairly. If the principal needs close control over the opera- tial Io5S on 8 the part of the con . 
ing there are adequate guaran- ® om . e cash then aU he has to tions and always in touch with traclor defaultin'* on his con- 

tees to ensure the repayment of dQ J 5 ^ L in a guarantee. It is his principals. The bank put- trai . I 3 

In the event of a dispute. 


an advance in the event of de- vei T mut ’h a political risk in ting up the guarantees 

fault Finally, there is a reten- maQ y wa > ,s - Tb ®n contractor be more than willing to help howewpr -mnsiun maria fa- 

tion' money guarantee, which may well feel that he has lost out in various means to ensure ar bjt rat io n t h at L. „ 
operates during the mainten- the basic right- to defend what that the contract conditions are both DarTie e th'p arbitral.™ 
ance period after the contract he has done, to defend his con- met. In practice, the imposi- nroviaio^tre fJru- LhrV?- 

Is complete. It enables the con- Mention that he has fulfilled his tion of on demand bonds means P arH holr ^ f K !Vri St ght ^« 

tractor to receive his ■ money contract terms. tight control from the start by / ** ..“5 

[rather than having part of the The crux of the two cases last both the contractor and the r aaartc 0t ,K , L ' K " 

payment held tip until the main- year — the Harbottle case and banks. riH-rahi* 6 in. n V , u tnal u Con " 

tainance period has elapsed, the Owen case — was that. the Even- so many contractors ,, 5 been 

Most Saddle Eastern contracts banks should not have paid out feel that, the political risk, in j. in * - vp _ e ‘r insu ranc-e. 
have a period of one year during under the guarantees because it its widest sense, of these bonds Jif j rs an a f bltflry 

hangs like a Sword of Damocles ftf.' 1 ? pn> 

over their heads. They could '? d,ns the P rlnc, Pal ^tth finan- 
be in financial trouble if one 
is called unless they have a 
wide spread of business, 
with some large contracts, the 
contractor has too many eggs 
in one basket and feels happier 


Success 


CONTINUED FROM PREVIOUS PAGE 


and also increased the banks' struction “tank" into which in- 


cial reimbursement should the 
contract not be completed satis- 
But facloriI y- But whether it will 
Set general acceptance is an- 
other matter. 

Eric Short 


risk of bad credits from a weak 
company which accidentally 
fitted the formula. 

With competition in the 
developing markets now becom- 
ing even more intense, the con- 
tractor vying for business needs 
as little hindrance and as. much 


formation could be put and from 
which it could be taken. 

The Board has now, however, 
been wound up and its work is 
to be taken on by the Overseas 
Projects Board of the British 
Overseas Trade Board and the 
National Consultative Council 


Secretary for the Environment, 
had been largely completed. 

Suggestion 

The Board's existence was in 
some respects always an uncasy 
one. with the ever-present 


help as he can get if he is to Working Group on Exports. The 
be successful. There is a CEAB's work, said Peter Shore, 
fairly common assumption, that, 
in back-up . services and 

Government support, the U.K. 
construction industries do not 
perhaps fare as well as some of 
their competitors, despite the 
vocal encouragement afforded 
them by Ministers. Apart from 

Fa- bit Other peoples toe*, — an atti- 
Ihos^direct/y* involved' ta tt 

export effort, recent attempts !S~ e n !?J! P i U SLi r rh^ £° m 
have been made to co-ordinate j j , 3 ? in ?f»ri Q h ffnrt ^ bejie_ 
the efforts of design-contracting are more 

operations in this country and r y appreciated, 
to create a better climate within . Whether the politics of the 
which they might export more situation overcame the Board 
effectively. To this end, the or whether it has indeed left 
Government established in 3975 behind it a ■ collection of in- 
the Construction Exports dustries better structed to meet 
Advisory Board whose job it the overseas challenge is not 
was to bring together the main yet clear. There is no 
sectors of the industry and the question, however, lhat future 
professions concerned and to co-operation, from the widest 
assist them in winning aver- type of intelligence operation 
seas business. Much of its work to working joint ventures, will 
was centred on improving the be necessary if the U.K. over- 
scope and quality, of market soas effort in contracting and 
intelligence available tn the in- consulting is to grow even more 
dusuy, of establishing a con- successful. 


Where to get 
your tax-free 
Renault 


Tf you’re goin R overseas tn work, or returning home 
temporarily, fora maximum of 12 months. you mavwtll 
qualify for a tax- free Renault. So come and’talk to our 
Export Specialists. As well as a test drive, they’ll 
arrange everything to 

make exporting a Renault DFMAIIIT 

as attractive as its tax-free t|£|\|flU| || | 

Dept FT3, Renault Special Export Salas Ltd. Western Aenue, London W3 ORZ 
Tel: 01-992 5544.Tefex: 265188 RENEXPG. 


Bovis 

Bo vis Construction limited 

The international contractor 



Telephone: 
01-4223488 
Telex: 922810 


KN'ANCIAL .TIMES TUESDAY MARCH 14 1978 


OVERSEAS CONSTRUCTION IH 


19 




> kl'S 

v -.«- .*-*:*■ 


m 



■i. * 


f 


id 


is 


•AT THE SAME time as British 
companies are actively seeking 
Jo increase their exports. and 
overseas work it. is sometimes 
forgotten that , their ; ...foreign 
*-q counterparts -are seekjag.-t© do 
' exactly the same - in ^Britain; 
f And although the U.K. .market, 

,'i like that of. most industrialised. 

/ countries, is a difficult one to 
penetrate — especially in times 
of recession — any upturn will be 
eagerly awaited by some foreign 
companies, particularly those in 
the building materials - and 
. equipment field. . ~ ; 

Not only does overseas work 
provide foreign currency; it also 
makes a significant contribution 
towards any nation's balance of 
payments. In addition, construe- 
non work overseas can act as an 
important stimulus for exports 
of plant, equipment and all the 
necessary* materials. 

The international contracting 
scene has been dominated until 
fairly recently by companies 
from North America and 
Europe. Lately, however, some 
newcomers like the Japanese, 
and South Koreans have been 
making considerable inroads 
and are fast becoming a signify 
cant .force. 

Recently, for example, the 
British Woodworking Federa- 
tion attacked wooden door 
imports from Taiwan. Taiwanese 
doors have been coming into 
Britain at the rate of 1m. a year, 
equal to about 15 per cent of 
U.K. production. What annoys 
the U.K. doormakers especially 
is that with the housing and con- 
struction industry depressed one 
of the real growth areas is in 
home improvements. 

South Korea itself is hopeful 
of earning about £2bn. in con- 
struction jobs abroad this year. 
The Koreans’ strong selling 
point is their ability to bring 
thousands of their own skilled 
workers to overseas construction 
sites. This gives them a com? 
petiti ve edge over American, 
European and Japanese com- 
panies which can deploy only 
engineers and foremen in most 
cases. 

Official figures show that out 
of 6.800 Koreans working in con- 
struction projects abroad at the 
end of January 4.700 were in 
the Middle East. Exporting 


construction experience as well 
as labour is a trade, quite new 
to South Koreans,, who obtained 
their . first . International 
experience in : South-East Asia 
only a decade ago. 

Well over 30. South Korean 
'contractors ./operate-' abroad, in 
sharp contrast to the position a 
decade ago. Their efforts have 
been greatly, assisted by a 
Government which- has put its 
full financial weight -behind the 
export drive. • 

Newcomers 

The arrival of the' Koreans is 
ample proof that there is still 
room for newcoraers-ra view to 
which the Russians, now in Iraq, 
would clearly subscribe. Nearer 
home, one of the best known 
companies operating; in the U.K. 
is the Dutch Sttfviri. Group, 
which has five companies in 
Britain .and plans -to eventually 
go public iti this country. - 

Stevin has a turnover of 
£363 m. and experience of work- 
ing in over 40 countries. It is 
one of the top four international 
pipeline companies- in Holland 
and is also involved in dredging 
and. reclamation, civil , engineer- 
ing, road building and bousing. 

One of Stevin's UJtv. com- 
panies is the Nash- Dredging 
and Reclamation : Company 
based at Guildford, Surrey. 

At the moment,. for example, 
Nash is working on the Group's 
Beverwijk Five, claimed to be 
one of ■ - the most powerful 
bucket dredgers iiithq world, on 
harbour extensions just south of 
the Arctic Circle. Th^ contract, 
which started In i&75 and will 
run until 1978. is worth over 
£12ra. • ■ • ' ‘ 

Tbe company is also deepen- 
ing Peterhead harbour .so that 
it can fake giant oil tankers. 
This involves .dredging to. 50 
feet below the water line. 

Another Stevin • company in 
the U.K, Harbour and General 
Works, is . a specialist - civil 
engineering company concen- 
trating on marine works and 
concrete structures. Clients in- 
clude British Rail, British 
Steel, Shell and ICT as well, as 
the Department of Environ- 
• • * 1 — 


meat and ; a wide Tange of local 
authorities. ■ i 

While- Stevin and other com- 
panies have had considerable 
success in the U.K. market, 
some engineering companies 
involved in manufacturing pro- 
cess plant equipment for the 
construction bpdu&try . have be- 
come concerned at the growing 
number of orders lost to over- 
seas manufacturers.- - ' 

The Process Plant Association 
says that, last year up to £17m. 
of equipment had been ordered 
from abroad lor U.K projects. 

Apart from the plant makers 
losing opportunities, the British 
Steel Corporation also suffers 
because foreign steel is being 
used. Many of the plant makers 
are quite sure that they are 
losing orders simply because of 
the prices quoted. Some of the 
foreign tenders have been 30 
to 50 per cent below those 
quoted by British. companies. In 
fabrication half the total cost 
may be in raw materials, so 
the question remains as to how 
such quotations can be made. 
The answer, according, to the 
Association, is that some 
foreign companies are effec- 
tively buying work' by taking 
contracts at cut prices to cover 
overheads and keep their labour 
force together. 

The Association has alleged, 
in a letter to Mr. Eric Varley, 
Industry .Secretary, -that “in 
many cases the foreign com- 
panies are receiving assistance 
in various forms from their, 
respective governments to assist 
them in exporting.” The plant 
makers argue that any overseas 
company accepting a contract 
at below cost price is as guilty 
of dumping as any producer of 
a product sold at below the 
market price. 

One of the reasons for the 
plant makers’ concern at the 
size of foreign orders has been 
ihe recession in the UJC 
economy. The Association had 
expected spending on process 
plant hardware to rise by 6 per 
cent, in real terms in the cur- 
rent year compared with last, 
year. But it now seems likely 
that tbe growth will be nearer 
3 to 4 per cent. 

David Churchill 



The 1MW diesel power station at Birkat af Matvz, Oman , one of 19 built by Hawker Siddeley Power Engineer- 
ing under a £17m. contract. 

U.K. presence abroad 


BRITAIN KANKS among the 
top two or three in the league 
table of nations successfully 
competing beyond their own 
boundaries for building and civil 
engineering work. 

It is a position which has 
been held for years, and which 
was originally sparked off in the 
wake of the U.K.'s colonial ex- 
pansion and continued there- 
after because of world-wide ap- 
proval of tbe depth and breadth 
of British construction skills. 

The U.K.'s ranking, however, 
has never been under greater 
pressure than it is now and it 
will require a monumental 
effort— demanding full Govern- 
ment support — to ensure that 
British builders and civil engin- 
eers continue to attract the 
volume of worthwhile business 
which has come their way in 
the past few years. 

All industrialised nations 
have been struggling under the 
strains of economic recession, 
which have left their construc- 
tion sectors underutilised and 
fundamentally weak. 

The result has been ruthless 
competition and almost every 
pound now earned overseas by 
the U.K. construction industries 
has been taken after a fight 

Any discussion about con- 
struction in overseas markets 
inevitably centres on the Middle - 
East and at the risk of repeat- 
ing facts which are already well 


known, the U.K. has been 
achieving considerable success 
in the region. 

High profits have been 
achieved by some U-K contrac- 
tors in the oil-rich states, 
although margins are now com- 
ing under considerable pressure 
with the arrival of competitors 
prepared to under-bid anyone 
and any price lu win work. If 
there is any compensation, it 
might be that the risks involved 
are now apparently reducing. 

The names of U.K. contractors 
operating in the Middle East 
are by now well known and 
include most companies of any 
reasonable size. Names like 
Costain. Taylor Woodrow, Tar- 
mac, Wimpey, Sunley. Mc- 
Alpine, Laing and Mowlem have 
been joined by newcomers like 
Bryant, Higgs and Hill and 
Robert Douglas, while on the 
materials supply side companies 
like UBM. Redland, London 
Brick, A PCM and Marley pur- 
sue overseas sales policies — 
either through direct export or 
local purchasing and manu- 
facturing. 

But while the Middle East 
may be a major talking point, 
the UJC’s overseas successes in 
the construction world are much 
broader. . The last official 
statistics from the Department 
of the Environment showed, in 
fact, that of all the new con- 
tracts obtained in the year end- 


ing last April, just over half 
came from outside the Middle 
East markets. 

Even more significantly, there 
is overwhelming evidence to 
suggest that the overseas effort 
is not being confined to the 
largest builders and civil engi- 
neers. Although big contractors 
with well-established overseas 
interests continue to dominate 
the markets, smaller companies 
and those without any previous 
experience beyond the U-K are 
making considerable strides. 

The DOE said that, last year, 
of the 100 or so contractors 
which won new work abroad, 
nearly one fifth were new to 
export work. The share uf the 
total value of new contracts 
taken by companies from out- 
side the "top twenty” went up 
to nearly 30 per cent, from only 
5 per cent, the previous year. 


Doubts 


The U.K. presence spans the 
world, with interests particu- 
larly evident in parts of Africa 
—notably Nigeria, where there 
are now serious doubts about 
the market's profitability — the 
Far East and Ausiralasia, as 
well as South America. 

Contractors hate tradition- 
ally not done too well in mar- 
kets closer to home, such as 
European countries, where the 
level of skills and expertise 
available is broadly equivalent 


to anything the British can 
offer. There are notable excep- 
tions, such as Bovis. 

The same problem of penetra- 
tion exists in the U.S., where 
participation by foreign con- 
tractors is still fairly unusual. 
At least one major U.K. civil 
engineering company, however, 
has a success tale to tell about 
iLs activities in the U.S. 

When in 1973 the U.K. hous- 
ing market began showing signs 
of the coming recession, Taylor 
Woodrow Homes began casting 
its net wider and its gaze settled 
on the U.S., a market where it 
had operated before but where 
it had been inactive for some 
time. Taylor Woodrow found 
Sarasota, in Florida, a fast- 
growing town with good com- 
munications and an even betteT 
climate, which the company be- 
lieved was ripe for luxury hous- 
ing development 

About 2.300 acres of land 
were purchased and develop- 
ment began on what the com- 
pany describes. as “a little new 
town-’’ offering all the facilities 
of a recreational resort. 

When complete, about half 
the total acreage will be for 
housing, with the remaining 
land being used to provide a 
golf- course, lakes, a village 
centre, equestrian facilities and 
a recreation centre. Most of 
the housing development is 
being carried out by U.S. 
builders and so far over 500 


of the plots — there are nearly 
4,000 in all— have been -sold. 
Over a dozen developed are 
already involved. 

Taylor Woodrow has set 
itself a 23-year selling pro- 
gramme and says it is now -on 
target Encouraged by sits 
Florida experiences, the com- 
pany has acquired over 400 
acres of development land in 
various parts of Southern 
California. Taylor Woodrow' in- 
tends to do some of the build- 
ing itself but will also act again 
as a developer in some cases. 

The move represents a 're- 
freshingly new slant oh the over- 
seas contracting - developing 
scene. Until now, few house- 
builders from the U.K. have 
contemplated working overseas 
— industrialised specialists 

being the exception — but there 
is little doubt that if this type 
of busness can be won in a tough 
market like the U-S., the oppor- 
tunities elsewhere may be good. 

The industrialised bouse sys- 
tem builders in particular have 
the chance to capitalise on the 
□eed. for large numbers of 
relatively cheap homes. 

Selleck Nicholls Williams, 
the building division of Eng- 
lish China Clays has been pin- 
ing up its homes in the Carib- 
bean, a far cry from its Corn- 
wall base, while London Brick 
Buildings has formed a joint 
venture company in Nigeria to 
sell, among other things, low- 
cost housing. 

Operations like these can in 
one sense quickly be discounted 
alongside the mammoth, multi- 
million pound projects in 
which some of their colleagues 
are involved. But while much 
oF the attention might be 
Tocused on the huge civil en- 
gineering challenges confront- 
ing companies like Tarmac — 
building a tunnel under the 
Suez Canal or Marples Ridge- 
way — facing the rigours of the 
Iran desert to build a 300 km. 
highway, the smaller scale 
contribution is equally essen- 
tia] from the point of view 
of overall national effort. 

It is the type of effort which 
the Government is anxious to 
see reflected many times over 
by companies which until now 
might have imagined that 
overseas markets were too 
hazardous to tackle. 

There are grounds for sug- 
gesting. though, that if the 
Government wishes to help the 
small exporting operation — in 
construction or materials 
supply or any other industry— 
it should consider ways of en- 
couraging them to step up 
overseas sales. Measures intro- 
duced so far to help exporting 
operations still compare badly 
with the concessions available 
in some competing countries. 


Michael Cassell 





Contractors: all over the world are increasingly turning One reason is that we have the resources and experience to 
to us for insurance cover, particularly when the products are arrange cover and deal with claims fast -and on the spot, 
com plex and out of rite ordinary and involve large sums. So when you need help of this kind, call Dick P ummel . 

You’ll leant what first-dass insurance service really means. 




>■* 

i* 

•.i 

■> 

■ '* 

•* 

3 


C E. Heath & Co. Limited 

International Insurance Brokers Reinsurance Brokers and Underwriting Agents 
Cuthbert Heath House* 151/154 Minories* London EC3N iNR and at Lloyd’s Tel; 01-488 2488 Telex: 885280 888088 




Recruitment for the Middle East 



it takes more 
than dreams 
to build 


It rakes people. 

The right people. 

We'll find them for you. Quickly. 
Saving time. Saving money. 

It means you can get on with what you're 
good at. Construction. 

Because we've got on with what we're 
good at. Finding you the right people. 

To find out more about our recruitment 
services/ please contact us at: 



ASHBRITTLE CONSULTANTS LIMITED, 

International Recruitment Consultants, 
Seabrook House, Wyllyotts Manor, Darkes Lane, 
Potters Bar, Hertfordshire, England. 
Telephone: Potters Bar (0707) 42406 
Telex: 299328 AshbarG 
Telegrams: ASHBAR Potters Bar 


New leads to major overseas 
construction projects ? 


If you are looking for major design 
or construction opportunities. 


YOU SHOULD BE READING ZESSES toa c 


It is your dependable weekly source of verified opportunities in 
the world, with emphasis on developing nations in Africa, the 
Mideast. Asia and Latin America. 


INTERNATIONAL CONSTRUCTION WEEK is written for 
management and marketers engaged In the export of design, 
contracting, equipment, materials, or financial services. 


For information and a sample copy, phone Brian Shelley, 
McGraw-Hill Publications. 34 Dover St. London WIX 3RA- 
Telephone 493 3165. or mail the coupon. 


INTERNATIONAL CONSTRUCTION WEEK 
1221 Aire, of the Americas 
New York. NY 10020 USA 




0 Enwf my subscription for ? y«jr it U5S5 15.00. 

0 Surt my 1 3-wtrk nil subic -iptioit n U5S1 35.00. 

0 Bank drtt' in US Doilari enclosed. 

0 Bill my company 

0 I'd like to im * simple before I subscribe. 

Name Position 


Company 

Mailing address: 


Telex No. 


Bovis <>£-4223488 

Bovis Construction Limited Jjv Telex: 922810 

The international contractor 


Bovis Construction Limited 


0gD 

HOGG 

ROBINSON 


FINANCIAL TIMES TUESDAY MARCH 14. IS7S '. 


OVERSEAS CONSTRUCTION IV 


earn success 


-V MEASURE OF the success of negotiation with the then ruler alien to the professional stan- 
British consultants working — described as “three hard, dards of the British consultant 
overseas is thAt this Year they- frustrating,', infuriating, nail- but it is almost impossible' to 
are expected to add about biting weeks ” — a contract was know the extent to which 
€350m. in fees towards ■ the eventually signed.. others are being sponsored. 

British balance of payments — “We had started off with a This can take the form of direct 
an increase of some £50 m. over 12-page agreement”- remembers Government . assistance, either 
the previous year. Mr. Grant “ We ended up with of a monetary, political, or 

Moreover, latest figures on a single page in 'Arabic with a diplomatic nature, to personal 
the value of capital projects spidery signature on the bottom. . pressure on the parties 
handled by consulting engineers The original contract was for involved. - . . 

alone reveals an increase. over work to a value of about £5m. Payment can also be a prob- 
the past year from £25bn. to b.ut work was eventually carried I?®. A change of Government, 
ESI.Tbn. - out -under the same document for example, in a politically' 

These figures amply illustrate to a value of about £30m. Our unstable country, between- the 
the importance of - consultancy problems had just begun.” award and the completion of 

work 'in the international , the commission could lead to 

market, an importance that is TTlpYlhlp • a 1 ! efu ? aI honour previous 

sometimes forgotten when the obligations. . . 

large contractors grab the -head- Based on his experience in . Section of the correct level 
lines over massive construction the Middle East, Mr. Grant technology is also important, 
projects in a developing concludes: “The less sophisti- Consultants have to take advan- 
country. cated the country, the more f 3 ®* °* *" hat equipment 

British consultants are flexible must one’s approach be. ls iS! , 1 u , 

“urrentty involved in such pro- The ruler of some newly-rich ?i hat b ? l; ad ? e< J 

iects as a £628m. port in Saudi patch ol desert will want to buy **** metF,od of 

Arabia, an £85m. highway in a new deepwater harbour just 


award and the completion of 
the commission could lead to 
a refusal to honour previous 
obligations. . . 



Arabia, an £85m. highway in a new deep-water harbour just 

fhe Philippines, or an £80ni. as he buys a new- Cadillac He r Toe problems of staff engaged 
power station in Venezuela: in won’t want to sign an Associa- l°* 


Weir- Westgarth built this and two other flash distillation plants /or seiwaife* 
desdltnniion, at Shuaiba w Kuwait. 


not be overlooked. An engineer body set up 


fact, there can hardly be any t io n of Consulting Engineers thnfouotv JmmLtSrt 

rounry i„ the world where a , arm at contract. But in a f Jw 

Rrirlsh (*nn«iiilanT ic nnl ar-fureli? * u *1 i- • ulnQon ora ~ may. alter a TCW 


Bureau's aim 


in 1975. The The opportunity to improve the consultant in estimating 
is to promote contacts is one of the major the potential resources avail. 




British consultancy services, - attractions of the Bureau as able to complete a i 
particularly those of its 200- ft arranges meetings with The Export 1 ™ tha 

member firms, in all overseas British high commissioners and Construct irnial industries is an< 
countries. ' - ambassadors and incoming other organisation of benefit to 

Thie » «irri<»rt nut in tion. from overseas the consultant. The export 


nna me success or are as sophisticated as our own. it ^ t0 a member countries. ' ambassadors and incoming otner organisation nauani m 

w^»ati)!? I>t rn7 U i!!?ffrire l>e f n ri 11 wil d0 0De 00 g00d in SUCh of for hi » -Personal This is carried out In two delegations from overseas the consultant. The tx^rt 

IJBfiJ 11 ‘5?., f ?J . ll 7 » country to tey to compete with characteristics as well as abtlitv. ways. Within the U.K.. the countries. Other meetings are Group proi-ides membera lw icc- 

I™ ^ J h ~ * ,? d ^ b( L? loca! architects and engt- There are. of course, many Bureau represents members* arranged with British aid weekly with details of projects 

JiL consul,ants 10 other neers. The sensible approach other problems confronting the interests in acting as a pressure officials and with represent* overseas, offers i of services, 
countries. is to team up with a suitable consultant overseas. - These group with Government over lives of international, regional foreign contractors seeking 


But such a reputation has firm a nd apply for work on a include variations in planning such issues as taxation, and country funding agencies, joint ventures with British i-oni- 
usually been earned the hard j 0 j nt basis.” -* -— -A; *rr " 6 -j , — i *«*> i. .^ n «wi/j a ;n« th» naniu and anv relevant m- 


way. The experience of Mr. Alan other experts in the consult- 'mentation. tendering pro- support Its second function is competition between member formation. . . 

ii n i' ed i 1 ? 8 r ®£® nt b00 !j ancy field overseas echo these cedures. and the' thorny old overseas promotion with day to firms, the Bureau points out If maintains comprehensive 
called Consulting Overseas views. Consultants working question of fees. day advice and dortimentation; that it has never been known files on countries and advises 

hy Robert Bidanod. shows the overseas should be aware of the Not surprisingly, in a sector A recent development aimed for a member with long on such quest inns as exrhanpe 

problems to be found, especially degree of competition involved, as lucrative and important as at strengthening the - involve- experience in a given country control, taxation, tendering, 

in the Middle East. sometimes of a rough and none overseas consultancy and con- meat between members and out- to turn down a request to brief contracts and labour lecislnfinn 

The firm of Alan Grant and too ethical nature not usually struction. there are many side bodies has been the setting another member "going In Information on living condl- 

Partners had decided to expand experienced In the U.K. Not sources of help. One of the up of working groups in each, cold." tions Tor expatriates is also 

the Middle East and had only do competitors from other main sources is the British . major sector, such as public • One of the Bureau's most available, 
heard of an opportunity in Abu countries openly sell their ser- Consultants Bureau, a non- health, planning and buildings, notable successes has been the Background notes and lists 


!>■«. >U VSi IBIII/U9 -J I A M iOJUii I I t, mm WM liNWVii V IS ^«s V»UI|| BIIU VU " y ^ 

and building regulations, docu- exchange control, and financial Although acknowledging the panies and any relevant in- 


After three weeks of vices in a manner described as profit making multi-professional energy, and finance. 


publication of a directory of of consultants and contractors 
consultants who are members working in particular countries 


Growing influence of 


of the Bureau. This is in great are available as the Group Is 
demand overseas and treated frequently approached by enn- 


virtually as a bible by many sultants and potential em- 
Govemment officials in foreign ployers seeking guidance. 


countries. While the problems of enn- 

Another source of help ls the sultancy operations overseas 
Building Materials Export may seem immense at first 
Group which promotes build- sight, the range of help avail- 


Far East companies 


mg material products overseas, able means That the major pit- 
The Group last year allowed falls should be avoided. And 


consulting engineers and other consultants who have worked 
professional firms to apply for overseas point out that there 


associate membership. 
The Group is a 


are many advantages to foreign 
channel working, not least the challenge 


through which - buyers abroad and range of work which is not 
can locate supplies of all kinds often found in Ihe U.K. 


UNTIL RECENTLY, the inter- of the business which they share if they try hard enough. land’s major contractors which 
national contracting scene-had might normally havt. expected.. The United States seemeset jranks alongside names jikeJBos 
been dominated by building and 10 receive themselves. to continue to dominate many Kalis, HBG and OGEM-Neder- 

civil engineering organisations The challenge has come from of the global market, horst, is heavily committed over- 

fmm pL. .L i Finite the Far East; from the Phillip- Their involvement is world- seas. 

from Europe and the United pines> Japan a ad South Korea, wide, with single contracting Th e Group, which - Recently 
I -> tales. a nd there is ivery indication companies handling work worth discovered that one jhan had 


of materials, components and 
fittings and is thus useful to 


David Church ill 


It h your most timely source of early I tads to airports, tunnels, 
highways, nuclear or hydroelectric power, water supply, flood 
control, pollution control, manufacturing plants, hotels, hospitals 
marine and other heavy construction projects. 


Contractors from these geo- that their eacroachment into more than the combined value purchased a 40 per 
! graphical areas have built up whal la ^ e, y th * preserve of all the contracts held by con- i n it. is working thr 


per sent. 
thiVuEhn 

i * cur 


ent. stake 
ghnut the 


SAUDI 

BUILDING 

SYSTEMS 


technical and commercial know- of the Ara ? r * ans and *? rae of tra J tors J[ ro _ m an y ollMfr ° n e Middle East and * currently 
teinntcai and commercial know the Eump ^ ns is sat t0 become nation. Estimates suggest that engaged on a extract which 

ledge m their home markets a permanyrit feature of the in- in the Mjdd.le East alone, the forms the preliminaries for one 


roian^m 

over many years and naturally ternation^l civil engineering 
extended their operations to scene. / 
those parts of the world where Strange names like Hyundai, 
demand is high but where paellm, Dong AH and' Yulsan 


a joint venture of JUFFALI & BUTLER 




engineering U.S. construction industry is of the most iraa^hative schemes 
now winning well in excess of ye t to come from th« region. 

Re ^Jf n , dai ' . - _ Intersile, part of the Steyin 

ana ruisan _ The U.S. can offer not only Group and an international geo- 


expertise is often tt \»n on the ? re . no . w ®PP ea h n 8 . on the best in contracting skills but tedinical and survey organisa- 

oround. boards in an ever growing num- a full range of consulting, tion which' works on land and 

17 " her of locations around the designing, engineering and con- at sea, is . currently conducting 

Their overseas activities have wbrld, particularly in the Mid- struction services to match any investigations help establish 

been seen as an essential part die East They are the names of in the world. the feasibility of 24Jun., four- 

of their expansion in an Indus- Korean contracting Among the major names in I* 11 ® causeway .to link Saudi 

ttj where Bueme.e jg- contrS Arebie B^rain. 

violently and in which It makea i t0 ^ a bie to offer as wide B ® cbte1 ' 1 which as a design con- The investigation alone rep- 
sound common sense to estab- a range of contracting skills— J® 10 * 1 ? 6 * specialist a £lm. contract and the 



tlon aa is possible. . P nw 

I The contractors' foreign-based ° D “ 

work has also generated large , * *'*' “* c wm-t parsons and Brown and Root have an enormous impact on the 

volumes of busioess for the . * region. At present all traffic 

“support” industries, such as The South Koreans; often pQ r fininQntc between Saudi and Bahrain 

plant and equipment manufac- working as a combined force X dl llLipdlllo goes by air or sea - at the rate of 

turers, as well as the building “ n d* r tfae banner of the Korea . . ,, ^ 500 passengers and 2Q0 tons of 

material producers. Also in Overseas Construction Corpora; th fSfer big cons rtruc iion enter gonds a da ^‘ ■ 
their wake has come an army no, v operate in -.&udj prises come froni prin . For the moment, however, the 

of designers and consultants £ rabl ®* ln ?' ^ uwa i£, ® atar » cipaily the • U.K Germany' 8011 conditions under the Gulf 
who have been able to sell their ® r ^ nei ! Indonesia, Sidgapore, Italy and F'ollamL ? re ^ question mark -hang- 

own skills as a fundamental part Hon 8 R ong and Bang- othert Iess 0 ^vioas participaots if 18 . ® ver f 1 reject and the 

of the total construction ladesh. _____ f* o expanding Into’ "ft. “ ™ . C ™ e “ P 

package. - . Their early successes were international scene, such as the Wl - th most of “ e &aswers - 

■ The interoaUonal construe- built on their ability to marshall Yugoslavs. Energoproject, for Holland’s neighbours also 
lion market has never been a large labour forces together and example, one of the world’s Ur- have a good record for winning 
quiet pond in which to float, to organise them on site in an gest contracting companies, overseas contracts. The West 

and competition for work has efficient and military; style, works throughout the world and Germans, in fact, have been 

generally always been tough. Cheap labour was undoubtedly has recently won a Kuwait Gov- running second in a somewhat 
But within the last four or five a major factor in their .Initial ernment contract for a Minis- unofficial table of new overseas 
years the established cantrac- contract gains, although there tries complex valued at no less contracts awards, with corn- 

tors have had to come to terms was undoubtedly an element of than £99m. The contract was ob- panies like Holzmann and Hoch- 

with a new element of compe- “-buying” work at one stage, tained in competition with nine tief winning large volumes of 


fiolSes^o^nuws^t^ 5 raanete gas plants complex. Other work -for someone or some con- 
n anv th J names include Fluor. Ralph sortium. The causeway would 

-a? almost any of the competi- parsons and BrQwn ^ ^ . 


South Koreans; often r» • . 

I as a combined force JrRrUClpRIltS 


Competent supply and erection of your buildings in 
the Middle East is your biggest headache. Butler 
Slock Buildings are available Ex Jeddah warehouse 
within 1-2 days. 

15m. 18m. 21m x 36m x 5m buildings complete 
with doors etc. 

RING 

Butter Buildings (UK) Limited 

01-572 5531 

M. Armush, Jeddah 22222 Ext 218 
Juffali Building, King Abdul Aziz Street 


Specialists 


with a new element of enmpe- 


already with tenders going in at any- bt£er international contractors, business abroad- particularly in 


achieved considerable success thing’ up to 25 per cent less a measure of the fight which 1116 African states, 


in taking away from them some than those of any competitors, any company now faces if be Algeria, Nigeria, Sierra Lenne 

I That situation no inneer expects to win big contracts, and South Africa- The Gentians 


MARINE WORKS 
BRIDGES — SILOS 
LARGE BORED PILES 


^TSJSJTS cioser to home, thV Du.ch 
tracis are going to the Koreans continue io pick up large eel- furthw afield as well to the 
on_ which they intend to snake umc nf bus, ness, specially tn 


on wruen uiey iniena row. developing nations in Asia and 

suitable profits. Their .cause t* 1 ® Middle East and, in par- Soutl| Afri-. 1 

may well have been helped, Ocular, in the marine engineer- . 

particularly in the Middle East. In S sector. Stevin. one of Hoi- - IV1.U. I 


Hogg Robinson-Specialists in 
Contractors All Risks Insurance and 
Reinsurance and Contractors Bonds 


Contractors Department 
Hogg Robinson Group Ltd., Lloyd 5 Chambers, 
9-13, Cruiched Friars, London EC3N 2JS. 
Telex’ 884633. Tel: 01-709 0575. 


particularly in the Middle East, 
by recent rejections of . what 
have been described by clients 
as over inflated bids by some 
Western and Japanese’ con- 
tractors. 

There are now over 30 South 
Korean contracting operations 
working abroad whereas -there 
were none just ten years ago. 
Neither is the type of work 
being undertaken by them 
simply labour intensive— build- 1 
ing roads, housing and ports. 

A contract now underway 
involving the electrification of 
a Saudi province is ample proof 
rhat the higher-technology .work 
will no longer necessarily/ find 
its way into the hands of the 
Japanese, Americans or 
Europeans. 

No-one is suggesting - .how- 
ever, that the construction world 
is going to be overrun by the 
Koreans or that the total Inter- 
national market Isn’t tartf*- 
enough for everyone to Win a 


E 


PETER LIND 


44 WALUNGTON SQUARE WALUNGTON SURREY 


Telephone : 01-669 4400 


Telex : 946769 




We are the oldest professional Recruitment Consultants in the Sub Continent with over 
35 years of experience. We have handled recruitment -of semi-skilled and professional 
staff on behalf of H. M. Government and-internationally reputed companies within the. 
Construction industry. For further details and enquiries contact:— 


Mr. M. ENVER BAIG 
JAN. MOHAMMED & SONS 
International Recruitment Consultants 
P.O. Box 4013* Karachi, Pakistan 


Telex KAR 848 
Cables ALARAfe 
Telephone 227240/233520 









21 



AV." r ' j!8 


08 Protection ptatfoims. Trinidad. ... 

W^ey fabricated tvvod^horeplatfdnns atthefr v 

Goodrich Bay Yard for the T^inidad-Tesoro Petroleum Co. IAt 


>>*•</ 


rXNANClAL TlJ^SDAV -MARCH 14 1878 


OVERSEAS CONSTRUCTION V 


of the Middle East 




rHEORY making a lot of run - tremendous leap in construction nations turn more of their construction rush from going of most of the region can repre- "To assemble a suitable man- sights set on more modest con- 

lie fhi» nmvikinn 9nv furthw .rant mo in r nnpnlimnl nmK' gnnmant anil I. hnna ranui •- .1 j:ir . - ■ 


He requires a management 


• *? the Ias * or so is a l ,enlion towards the provision any further. sent major operational prob 1 agement team and labour force tracts, the difficulties can be 

A 1 to? construction world’s ? h, ch put a grwt 0 f facilities with which the The smaller-scale operator, in lems for the contractor. Road, can also present headaches. gTe ^ y magnified. 

i\ fc- ^ s^sest-ever bonanza -— the aied,l,m ‘ 10 sma11 ‘ sued particular, is likely to find the air and sea links are in many High salaries and the opport- 

h *V?rtaii of the oil-rich Middle I?d to the* Sl^arkeU can- comfortably cope. list of problems too long, and areas being quickly improved, unity of working on projects . 

at — is now alt fairt rw*r ' . . ... ^nSSI?.?- ‘ wS,,? k Thc Bntistl government has .the risks too great, though map? as are telephone communica- the like of which may never be team with knowledge and 

v, ' ‘ ^ been particularly keen to are now. taking the gainble, if tions, but organisational prob- seen again elsewhere is usually experience of his new market 

^expenditure levels; goes the ■ .T? e .J? . ®“tPhasj» the opportunities for only because their backs are up lems of a magnitude unknown enough to attract a management and he may be forced to recruit 

3«* have been &WU he 7*2". contracting opera- against the wall at home. b the developed nations are an team: but the enlistment of outside The ttouMefctiwt 

ned T»ck and most of the ^emelve?* contractors tionin the Gulf and some have There is always a bright side cvery-da/ fact of life. reliable on-site labour can Sff reso^cel to 

or contracts have been let- themselves success- t0 the picture, however, and in The problems are plentiful, prove extremely difficult, upon, he may have to hire some- 

t is left is subject to 'fierce T ^ d * y - says Mr ; 1h e 15 in a ^ J; eglDn ’ ' some cases the contractor can There is often stifling and badly Workers have to be boused, fed of M un j aiown auanl jty at 

«V ket ® .^ ve .•rtUetf down md The British presence in the expect to receive advance pay- co-ordinated bureaucracy which and cared for during the con- a ttoU when re minfpeopte 
petition and is, W. any case, although Immense , operational Middle East is by no means a meats on contracts which can can cause vital delays during tract period and failure to do the htehew S^ mmSp 

Uy worth the expensive and problems remain for the con- new one. Contractors from the represent as much as 20 -per the all-important mobilisation so correctly can lead to a fast of ‘ inc , wi1h ! rt TL 

e-consunung. effort involved' tractor, the situation is UK. have been operating, par- cent, of the job’s total price, as period— the profitability of con- deterioration in relationships indi lSiaiatinn and 

asing it In addition; there improving all the thne. ticularly in the Emirates, for is the case in Saudi Arabia, tracts has been seriously- under- not only within the project team r i,nt n ms which ^m-ronnH it With 

110 - n ?? m , -for ■ T1 ? wcciiners On - . actual . construction JJ*ny years /arid ..along with These payments effectively re- miiiedon a number of occasions but between the client and con- finan p; a i fw h nn him the 
ause all the valuable local expenditure figures, Mr. Nelson ^ritish consultants have estab- present interest-free loans in this way — and the Middle tractor. medium to small-sizeri cnntrac- 

tacts and partnerships, have, has ample evidence to suggest lished for themselves a tepnta- which can often help overcome East' client- has a way of chang- For the major international tor can have , j C e-wav 

” since been signed up. .that things are by no -means tion which has led. to the win- potential cash-flow problems. ing his mind about what it is he civil engineer, such problems r or makin a mistakes 

e message in some quarters 1 over 'In -the Middle . Bast, ning of some of the biggest con- Apart from the contractual really wants as soon as work is are immense but manageable. “ 




* 




s 


m 


2TAL 




difficulties, the physical nature well underway. 


But for the contractor with his 


M.C. 


grow wary 


attractive business. 


structures have been attempted 


|uld therefore appear' to be: Approximate expenditure ' on struction conltTacts bn offer, 
outh America, here we : come/' construction projects in the There has been longstanding 
ere the boom is yet to happen , Middle Elast by government criticism that the U.K. constroc- 
i where competition is, as yet, sectors was about ?l5m.to 1973. tion companies have not been 
t too intense. ■ - ... of which about half waS’.speot prepared to go to the lengths 

Hie facts, however, are some- on hard construction as opposed of some of their competitors to 
at different and any contrac- to equipment, design costs, etc., win business — with their reluo 
* who believes that the Middle By last year, however, pro- tance to mount joint-venture 
st markets for building and jects expenditure had grown to operations uppermost in the 

• il engineering no longer hold about $65bnu with $32bn. in critics' minds. 

t the promise of worthwhile direct construction. worSc -The The record in this respect. CONSTRUCTION ALL risks munity."' 

• rk is seriously mistaken. figures are, of .course, difficu 1 1 however, is not a bad one. cove r was only, a gleam in the Back in the late 1950s, con- But that which glitters over- by those new to the market 

‘Anyone who believes that ■? compare with western. stays- although the U.K. .contractors eye 0 f many an insurance tractors all risks insurance did seas is not necessarily gold, these have not been able to be 

rk is drying up in the Middle Jl ec ^!£ e . 0n * », -i? 1 ~ -I and some other of their com- broker back in 1958. But with m>t generally extend beyond the The commission ■ earned from sustained against the pressure 
st Is misguided . and badly ?£* pel *J a ^ s aTe nww *J e - l H JJ?® a e emergence and development usual fire and perils insurance, the cover often has to split five of competition. 

•armed. Ask contractors from [ h | f°° d on the ben^lts of of Third World countries, and Documentation of policies could ways as the risk is insured and “What is needed" sa-id a 

» ftr Em if dm drink if. L he "mount 0 , r -g* “"S” the growing .mbrnom of oil be end the urbnle reinsured, with the rump uf the broker. -ro bring fusible 

SS producing netmns, brokers bsve process Mowed s convemeotl? commission going to s locnl bsdt to the market is a monu- 

™rr lh T c KnZ° m ™Z£ Stifmtti ELsz s T le fo r at . “ p,s t s on businHB ' mea ^ Jr be incat r by 

• could not pnssiblv be profitable cover insurance Smce Wo ^ jporunt fac- This would not pose a pro- one of the reinsurers. It must 

and that they ’re the Middle International contracting work tors ' complicated the pro- blem if conditions were stable be realised that it is not suffi- 

East simplv as a useful way of has evolved in the less de- cess * The source” country m worldwide insurance markets, cient just to go for volume in 

' deploying ‘large numbers of veloped countries where f from where the insurance busi- But conditions are far from this business. Realistic and pro- 
But if spending seems.set to P««p»e and bringing in foreign demand has been for basic ness emanates) in most cases stable. There is chronic over- Stable premium rates are 
... remain at levels which make currency. • - infrastructures of roads, rail- insists that the insurance is capacity '-in insurance markets essential.” 

*“■ primarily, is a other construction - . markets People closer to the Koreans’ ways and ports. As these coun- P^ced locally. as too many interested parties Meanwhile the problems of 

udi Arabia expert, though around the world seem . almost operations dismiss such specula- tries • have developed their But because the sire of the chase after too little business, weak premium rates, and there- 

iny of nis observations apply inconsequential,- other.' Changes tion. They praise the level of economies, a further demand risks have grown to such an Premium rates have been fore vulnerable commission 

• 5ora ® of urn largest oil pro- are taking place In the nature expertise which- the Asians are has grown for industrial con- enormous extent, the source shaved -to the point of folly id rates, are compounded by the 

cers neighbours aau well, of Middle East constrnction showing— now in high tech- tracting work, a trend which country’s capacity to carry this 601116 cases * 41111 certainly to the high operating costs ofarrang- 

•onstrucuon expenditure in wor fc The type , df contract nology as well as more normal has been helped by the oil type of insurance is usually P° in t of unprofitability in mauy i 0 g construction all risks insur- 

^ e ?f now becoming available, rather construction projeets. — and nations attempting to reduce limited. For example 9-1 Oth s others. ance packages, 

mming or budgets, is set to than thc volume of business, is repudiate any suggestions *hat their dependence on oil wealth. 0 f a £2bn risk would have to 4lfhnn*»h ««iv tu-n hacio nnii 

. nain at enormous levels and changing Mowly as basic tievel- profits, are not being made. These markeLs have long held £ revered to the internationS RsitPC ciesareinvohfef to^on^ 

neone is going . to pick up the opmem work progress^; and They have apparently made appeal for the international con- SiSSre mike^ Kat6S cres are mrt, ed ^ in enutrue- 

' .attention turns toyiards^rtrond light work of the obstacles tractor, more so as home q u jmgHer type of risk 0ne U.K. insurance broker needs individual tailorin’ in 
“It » true, that the- year to priority" construction prejects. which any contractor faces in markets have become saturated. of a few £1M WOtoe said that the market is cur- SnedetS There is n^w» 

, ar growth rate; of the “Jumbo contracts oertkinly the Middle East and are lining Moreover foreign workloads ° „ ho _> v - r , r K f .’ rf k„ thB rentlv offerine rates wiiich can ^ „ if er « j Way 

nstmetion boom seems to be remain and more of- them are themselves up for much more have become essential as a , , y be ^ mucll as go ner cent be sl jndardised. 

irtlng to flatten out in most in the pipeline-notahly to work in the Future. Those ob- hedge against domestic cut- below real-Sic rates AnS bv ^ rBks 

irkets but there is a big Saudi Arabia, where one of the sfades are fairly daunting, even backs. 3 “realistic” he meant ‘•profit 8S f°, n const £ UCb 

Terence between that and the latest- plans Is to build. 'a ^ km to the most experienced con- Not only has the international ^ ecourse ^0 a iddle man. the p tion, need careriil evaluation 

-•lure which some people *re four-lane causeway between the tractor. Rigid contract rendi- contractor been bedazzled - by * ns »rance broker. If a broker ■ and are the subject of much 

inting. country’s east coast' and the tions. fixed-price work and the the number of noughts attached jf used on } ha,t Slze of business Less and less business is work and analysis. 

’Many of the discussions offshore island of 'Bahrain. »it need for performance bonds to the jumbo overseas contracts; " e ^ aIrnos4 ceminly be being placed m the London The physical damage tn 

out inflation and problems m it does seem likely that :the which are not always easy to which can run into billions if locally based. markets by brokers as a result works, third party liability, and 

.._3 Middle East really relate real chances for the smaller come by are often sufficient a joint venture or consortium So the international broker is of the competition from new- physical- damage to plant 
' ' ‘ck to the 1974 to 1976 period contractor may now only 1 just reason to dissuade would-be par- project is arranged; but so has committed to chasing the comers to this type of business, and equipment insurance is 

. — jeh there was an absolutely be emerging, as ; the jflient gei pants in the Middle East the international' insurance com-, larger, and superficially more But although orderly rate arranged as a package under 


over. The comments come - tfies wlth bet 
im James Nelson, a vice-presi- infrastructure 
nt with the Bank of America industries. 

London who is becoming 
own among U.K. contractors j. 

■ liis knowledge and under- 5>PCI1U IDE 
nding of the Middle-East con-, r ° 

uction world. 


one policy and is insured in the 
international markets. While 
the workman’s compensation^ 
automobile and office premises 
insurance is organised in the 
domestic market. 

At a time of weak premium 
rates it is not surprising that 
insurance brokers are . consider- 
ing of ways to rationalise this 
type of operation. According 
ro one broker the trick is to be 
economical to practice while at 
the same time provide the 
quality insurance required. 
That has become increasingly 
difficult ’ ■ 

It is customary fur a U.K. 
broker to be competing against 
up to five international 
brokers. And this adds to the 
problem. In South Korea there 
are often ten local insurance 
companies competing for one 
job. and 20 international 
brokers working on the same 
case. 

In these conditions brokers 
have found that the answer has 
been to specialise in certain 
areas such as South America. 

Others arc preferring to con- 
centrate on offshore pipeline 
business in conjunction with 
their marine departments. 
Others who are persevering 
with traditional construction 
all risks business hope that new 
markets will be consolidated and 
developed through existing 
insurance business. For ex- 
ample, where a broker has 
handled the insurance for the 
construction of an oil refinery. , 
h • cnuld cream off any business \ 
arising from improvement work. : . 

The major constraint of 
further development of con- 
struction all risks insurance is 
the size of the risks. The claims 
experience is beginning tn build • 
up, but even sn premium rates ' 
remain weak. 

Traditional insurance business ' 
rales are under pressure as well, 
so the market has tended to 
contract for the ancillary types ■’ 
of insurance. U.K. insurance 
brokers themselves are keeping " 
close control on their expense 
ratios during a time of currency 
movements, with a strong pound 
reducing earnings. 

Given that background many 
insurance brokers are looking 
at this class of business care- 
fully and are wondering whether 
it is worth the effort. 

John Moore 


Eastern Community Trunk S«Wec City of Ottawa. 
Wimpey Instated the sewer outfall, each section* 
weighing approximately 27 tons. 


Saudi Arabia's dvfl ai/port Abha. 

fn joint Venture with John Laing Construction and 

Haji Abdullah Alireza & Co. 






t u * - 


!?«»■ - r 




■ it. . 

- ; y 

■■■ 


Oman's Royal Guard Parade ground. Salalah. 
Constructed in record time for National Day 1977. 
with seating for 40,000. 


Wimpey went East in 1946 and established its first overseas office in Egypt, doing extensive 
ork there and in Kuwait Since then Wimpey expertise has been welcomed worldwida A multitude 
: substantial projects, completed and in progress, stand to our credit around the world 
Wimpey now has permanent offices in eighteen key countries, staff ed by 
3optewfto understand the prevailing social conditions, and who know the terrain 


and its peculiarities inside out All you’d expect from a local contractor - but with the added - 
experience and immense resources of an. international organisation. 

Wherever we go, we go local. Which is why we’ve been made welcome in 
sixty countries so far.The best is expected from Europe’s largest contractor, and 
theygetit 


Totally constructive 

: Georg»Wimpey& Go.LJmited,Hammersmlth Grove, London W6 7EN.^ Telephone: 01-748 2000. 

Principal overseas offices Australia; Bahrain; Canada; Dubai; Egypt France; Iran; Nigeria; Oman; Peru; Qatar; Saudi Arab!?; Singapore; Spain; Trinidad; Venezuela. 





L * 


23 


nfffSfCtAl. TMBS TW5Sl>AT'SlAHCir M'Wffl 


31 

:3J 


M 


M 


M 

M 


M. 


YET miN-MOTHEa 
URGE PROJECT 
FOR ENERGOPROJEKT 


The leading Yugoslav construction company Energaprojekt of 
Belgrade, was recently awarded another large international contract. 
This time for the construction of the ” Ministries Complex " in 
Kuwait. The investor is the Kuwaiti Government and the value of 
the contract is SQm.KD or £93ro. The contract was gained from 
an international tender in fierce competition with nine other con- 
tracting companies. 


The Complex has t»»o basements, ground Boor and three floors. 
The office area is 150.000 sq m and the garages and other premises 
occupy a total of 120.000 sq m. of space The Complex wifi have 
the most up to date technical installations and equipment, including 
air-conditioning systems * coating and heating}, fire procecion. 
security dose-circuit TV. lifts, escalators a standby generating 
system and others. The works will be completed in I.Q0Q days. 
The ceremony of the commencement of work took place two 
monchs ago. The major works will be carried out bs Energoprojek: 
as the main contractors, and a great number of leading world 
companies for electrical and mechanical services, as well as some 
local Kuwaiti companies w ill be involved as sub-contractors. 


OTHER PROJECTS IN KUWAIT 

Energoprojekt was in Kuwait as long a;o a; 1966 
Since then the following projects have been completed: 

— Centre for handicapped children in Kuwait. 

— Pumping station for fertiliser factory in Shuaiba. 

— Housing with 3.120 units In Mina Abdulah. 

Energoprojekt enjoys a ■rreat reputation in Kuwait because all con- 
tracts were completed on time to the invertors satisfaction. 


INTERNATIONAL PROJECTS IN 1977 

It should be noced that 1977 was a suecessfrl year for Energoprojekt 

The following large projects have been completed or are nearly 

completed. 

— Hydro power plant Kariba North in Zambia. 

— Chirj-Piura irrigation system in- Peru. The largest in South 
America 

— Construction of 1 .000 farms with two village administrative 
centres. 100 miles of road'., overhead lines, transformer stations, 
water supply, wells for irrigation and others in Gara buffi. Libya. 

— International Trade Fair in Lagcs. Nigeria. The largest and the 
most attractive trade fair in Africa. 

— N«w centre in Libreville. G.’bci* -which includes Conference 
half. Banqueting hall and “Spectacle hall,” with all the most 
up to date equipment 

— Juba Town project, the new administrate centre in South Sudan. 


PROJECTS AT HOME 

In addition to these international projects in Yuroslavia. the First 
phase of the building of a new. large TV Centre for the Radio- 
Television network of Belgrade, has been completed. The drilling 
of two parallel tunnels under Belgrade for a new railway system 
is nearly completed Work is being carried out by very sophisticated 
machinery which drills the whole profile of the tunnel in one 
operation and simultaneously covers the walls with concrete sections, 
leaving behind the finished tunnel read- for :he laying of the railway 
tracks. These machines wii 1 soon be employed in the work For 
Belgrade Metro underground system 

The total value of -work undertaken by Energoprojekt w 1977 at 
home and abroad, exceeds £200m. 


ENERGOPROJEKT 


Contracting & Consulting Company 

Head Office: Belgrade, Zeieni Venae, W 

P.O.B. 712 Yugoslavia 

Phone: 627 522 

Telex. 1 1 191 YU ENERGO 

Cables: ENERGO BEOGRAD 


We are specialist manufacturers of natural 
veneered panels with over 40 years exper- 
ience, supplying the Construction and 
Shipbuilding Industry and National Govern- 
ment both at home and abroad. For further 
details please contact Mr. H. Goodman at 
01 -807 6228. 


LEA VALLEY TRADING ESTATE 
EDMONTON N 18 3 LA 


REINFORCEMENT 


Large stocks of Reinforcement^ 
Fabric and Bars available 
for immediate shipment f. 



Jones Reinforcement Limited. 

PO. Box No.4-0 
LONDON MW 10 OJN 
Tel. 01-459 8500 Tete- : 861J492 



Bovis 


Bovis Construction Limited 



Telephone: 
01-422 3488 
Teles: 922810 


OVERSEAS CONSTRUCTION VI 


The need for labour 


»\ fXNTNG THE artual contract 
nay he the Hrst h«rd!»- to be 
iveirnme by the building 
r actor at-ekm^ work abroad, hoi 
.cry hiyli «.n ih«* list of ddlicul- 
.ie* which follow i* the provi- 
sion uf an adequate labour 
urec. 

In thn Middle Ea-t in parti- 
-.liar labour ahorlage* have 
mm br-en a constraint un the 
eve I uf development made 
lu-siblc by ml revenues. There 
ire iwo parts in the problem. 
Fir.-t, the contractor needs to 
ind skilled men to form the 
management team at the sue. 
second, he has to recruit the 
’ahotirers themselves. 

The first can often prer-enf 
■jllle difficulty, ai least a? far a-> 
recruitment is •■rmcernc-d. to the 
big organisation. Temperatures 
*f I3it degree^ farenheii or more 
notwithstanding, nver.-eas work, 
especially m the Middle East, 
does have one big attraction — 
the money that i«. available, to- 
gether with low tor mm- 
e.vjsren: i taxation. Salaries can 
he iwo or three nines higher 
than in the l\K.. a strong draw 
at any rune and especially .-u at 
the mnment when the d*- prosed 
state of the building industry 
means that top-notch jobs m 
this country arc rarer than a 
few years ago. 


Savings 



The net result is that work 
overseas can present the indivi- 
dual with the opportunity to 
amass a capital sum uf a .size 
likely to be forever beyond his 
reach if he remained in Britain. 
On top of Iht-i. there i.s the 
challenge of the work itseli — 
both the opportunity in he 
involved in real!; major pro- 
jects and the mre o| working 
overseas for ns own sak-. which 
-.an prove quite a potent force. 

Thus, the large company ar 


least is unlikely to find obtain- 
ing skilled manpower for an 
over-ca» project too much uf a 
problem Within ii> ranks, it 
will almost certainly have 
people with ihe requisite skills 
who are willing, to say the least, 
in move overseas fur a period. 
Indeed, the difficulty which can 
ari->e comes at the other end of 
the operation, when ihe ox- 
patriaie wants to come hack 
home The contractor’- system 
must he flexible enough to allow 
his reinstatement when and if 
that becomes necessary. 

For th* smaller contractor, 
however, tne assembly °f the 
management team for an over- 
sea > project can be more of a 
headache. Where the company 
has a relatively low level of 
internal resources, it may be 
forced to recruit from outside 
in order to get the level of 
experience it need-; without 
denuding its own ba-ie opera- 
tion.-. And that can he a risky 
business when the need is to 
have people you c-an trust im- 
plicitly in every way m charge 
of what may he a make <<r break 
contract thousands of nnlet 
away front the dome-nc base — 
and those people have w be 
unknowns. Indeed. su*-h have 
been the difficulties encountered 
bv some companies that there 
has been some movement away 
from recruitment uf outsiders in 
favour uf Lho elevation of people 
already within the company who 
may be relatively inexperienced 
but are at least already well 
established employees. 

This can even prove advan- 
tageous. The members of a 
management team f. r nn over- 
seas contract need n-« only to 
he competent professions Mv in 
the some sense that i.-iey have to 
be for a domestic ; • eject but 
:he» must lie ahle m -dapt to 
local customs and working con- 


ditions. .And that can be some- 
thing far easier for a younger 
man to do. than an older man. 

.Nonetheless, agencies which 
specialise in finding skilled 
labour for overseas work play 
an extremely important rule. 
With an estimated 250.000 
people leaving Britain each year 
to work overseas, most of them 
in • the construction industry, 
the number of such agencies has 
been growing fast. Their clients 
include some of the largest con- 
tractors in the U.K. as well as 
the smaller concerns, and they 
have reported especial problems 
at the moment in finding 
experienced senior staff for the 
relatively new offshore industry 
in particular. 


Immigrants 


The second part of the con- 
tractor's recruitment problem is 
to find his rank and tile labour 
force. Here, the approach is 
multinational, with a workforce 
drawn from wherever it is avail- 
able at reasonable cosL This 
might well be the country in 
which the project is underway, 
but in the Middle East, for ex- 
ample, considerable use is made 
of immigrant labour. And some 
contractors make a point of us- 
ing only their follow-nationals 
m (he labour team. 

The South Koreans exemplify 
this, with an Army-based ap- 
proach to the problem which 
has allowed their construction 
industry to secure considerable 
success overseas. From the 
South Korean Army come some 
4.000 skilled craftsmen a year, 
trained during their military 
service and offered the chance 
of an early discharge if they 
chouse to work on a construc- 
tion project abroad. Once 
abroad, conditions are much the 
same a* in the Army, and the 
resulting team is highly disci- 


plined. and highly efficient. 

Other nations with relatively 
well developed construction in- 
dustries such as Cyprus, Greece 
and India tend to import their 
own labour force into whatever 
part of the world they may have 
secured contracts. 

Others again recruit where 
they can — India and Pakistan' 
are among the favourites — us- 
ing local agents to offer one or 
two year contracts and then 
shipping the men out to the 
site. With local labour often not 
available — indeed most Middle 
East contracts stipulate that the 
necessary labour is recruited 
from outside the country in 
which the project is sited, with 
the contractor taking full re- 
sponsibility for the welfare of 
the men involved — the numbers 
involved can be substantial, run- 
ning into two or more thousand 
people for just one contract. 

Looking after such a mass of 
people away from their own 
homes poses problems of its 
own, especially if the workforce 
Ls a mixture of peoples from 
different countries, each with 
their own dietary needs and 
other customs. The tendency is 
to establish labour camps close 
to the construction sites, pro- 
viding sleeping quarters, can- 
teens, medical facilities, and 
other basic amenities. 

The camps are seldom of the 
shanty town variety associated 
with such great engineering 
projects of the past as the build- 
ing of Britain's railways, where 
relatively scant regard had to 
be paid to the comfort of the 
navvies doing the manual work. 
Indeed, they may be of- a per- 
manent nature, to be used for 
other things once the original 
project is completed. Thus, for 
example, the British Steel Cor- 
poration and Tarmac are cur- 
rently involved, through a part- 
nership - with the Triad multi- 


national conglomerate headed 
by Mr. Adnan Khasiioggi, the 
prominent Saudi Arabian busi- 
nessman, in bidding for a 
£440m. contract to build a cause- 
way between Saudi Arabia and 
Bahrain. Linked with the 
scheme is a plan for a new town 
in Bahrain to house 5.000 
people, aimed both at accom- 
modating the large workforce 
needed for the causeway pro- 
ject and supplementing Bah- 
rain's own housing facilities. 


This sort of deal displays the 
advantages the need to import 
labour can bring to some com- 
panies. notably those making 
largely prefabricated buildings 
which can be shipped out from 
the U.K. or elsewhere and need 
only final assembly on site. 
International competition for 
the supply of such factory-based 
housing is intense, but British 
companies have been scoring a 
reasonable amount of success 
here. 


future economic growth and 
change must be significant. 
Quite how much so should' be- 
come clearer once the Interna- 
tional Migration Project riiiw 
being undertaken under the 
auspices of the International 
Labour Office has been com- 
pleted. The project will assess 
patterns of labour migration in 
ihe Middle East and project 
them to 1990, examining the 
supply and demand of labour 
country by country and study- 
ing educational standards. 


Jg-: 

«:■ 

tt r 

e' 

* ■ 

ii, 

h 

S; 
i- : 


Requirement 


Certainly it is a market which 
looks set to remain strong for 
some time to come as the pace 
of world development con- 
tinues. Thus Saudi Arabia._for 
example, with a 4m. population, 
estimates that its current five- 
year plan will require up to 
800.000 immigrant workers, half 
of them to work in the construc- 
tion industry. And in the 
United Arab Emirates, around 
half the 700.000 strong popula- 
tion is thought to be of Indian 
sub-continent or oLher immi- 
grant origin. 

The pressures such large 
influxes place on the host 
society, especially where that 
society i s as conservative as in 
many Middle Eastern countries, 
are clearly considerable. Like- 
wise. Ihe implications /or 


The intention is to be able to 
forecast the balance of labour 
demand and supply, making' it 
possible for developers to allow 
for constraints imposed by : a 
lack of skilled or unskilled 
workers and to identify labour 
sources within - the region. 

Meanwhile, the relentless 
march of building workers 
across the world ' continues. 
British expatriates work and 
live in the desert, often with a 
style like that which character- 
ised the farther outposts of the 
British Empire, swimming nr 
playing squash at the end of a 
working day which may start 
shortly after sunrise, stop to 
avoid the worst uf the heat, and 
then continue into the late 
afternoon. Labourers from 
India, Pakistan and elsewhere 
are increasingly to be found 
many miles from home, some- 
times highly vulnerable fo ex- 
ploitation by an unscrupulous 
contractor but at the same time 
also able to boost their own 
worth — and hence wages- next 
time — as a result of the training 
and experience they gain. The 
huge travelling gangs of 
workers found during the great 
civil engineering projects of 
Europe's nineteenth century 
are now truly writ large 
around' the world. 


it 


David Walker 


The advantages of 



consortia 


BRITISH construction '"nm- 
pames with large interests in 
overseas market*, have for some 
time been concerned at the risks 
involved in contracts requiring 
joint ventures or consortia. But 
new insurance cover being 
offered by the Export Credits 
Guarantee Department may «n 
.-ome way m solving this prob- 
lem. 

Although bigger contracts in- 
volving sum-: in exec** of 150m. 
themselves present a consider- 
able risk to a single company, 
the involvement of two or more 
contractor; presents the addi- 
tional problem of pn-.-ihle 
failure by one of the partici- 
pants. 

For this reason. ECGD has 
introduced ihe new .-rheme, 
aimed at encouraging Bnti.-h 
industry a whole to bid for 
export projects of £5'»ni or more 
which involve a diversity of 
l cell n i cal riiMriphn*- by provid- 
ing .Tiihstantia! bur limned 
cover against certain con tin- 
gencic-. 

Tht- construction industry i* 
now studying the detail- nT the 
new cover, and initial reaction 
is that it could he a useful :f 
limited addition tn the already 
wide range of ECGD services. 
The overall a;m of the so-called 
Joint and Several Facility, is to 
enable estimated sums in the 
lender price to cover -uch 
Unaencle* lo be replaced by a 
-mailer and precise amount in 
the ECGD premium. 

The facility has been formed 
in Ihe most flexible way p>i--ible 
and can he adapted in nn-et the 
needs of both con-urtia and 
joint venture-. .Vuiri-di-«.vpline 
contracts of £50 m. am! over will 
he eiigihle for i-nn-ide ration and 
cover will he offered on a -elec- 
live basi- for project.; judged tn 
be of exceptional national 
intere-*:. Support will be in 
m.-p-cl of ]o«%e< arming on any 
l_'.K. subcontract nonir.iaied hv 


the applicant, the value of 
which amounts to fl per cent, or 
more of the total project value 

ECGD will indemnify the 
insured main contractor against 
unavoidable and irrecoverable 
cost over-runs incurred for 
reason? outside the insured con- 
tractors control in connection 
with insured subcontractors in 
tw-n sets of circumstances. 

The first is m the event of 
default by an insured sub- 
contractor which necessitates 
termination of his subcontract 
and completion of his work by a 
replacement subcontractor al a 
total cost exceeding the original 
subcontract price provided for 
in the tender. 


Costs 


Braham Millar Group 
Suppliers of construction & quarry processing 
equipment to the world 

Z,iZV:,; r _ 

>**•* wom.e-.o-. v"': 1 \ t&g&yR.. jrl } ■=. nr* srz rikrrrr-' 

Ion ccmaiaof i-.- ■ D08d 10 lfx SLuoi 

»rnpani«%' Mobile A sphalt Plant 

"C *0ila IM :heir qju','- , — . ■ 11 * — 

johal; Plant jctT'Y 


Asphalt Plant 
A M r «P«« Proeoiaing P| sn - 

CQndratfl Plane 


Conc.ro to Plant 
Conerste Mu arm 
Vibratory Scrasna 
Chip Spreaders 
Road Rater Hmtar.TlaHer 


Mobile nnner ete Plant Mobile Crushing Plant 

&aham Malar G pcx^LW. . cl Hm , En fieid. Middx, enz wa 

Tq1:Qi. aB3 ^ c ^ Gf oup Tri"*: 81 SOS- -J 




The -ecr»nd i« in the case "f 
unavoidable additional cojt. 
incurred hy rhi* 111 am contractor 
and artnhmablo to an insured 
-iibi.-omravior bin not recover- 
able from h»m hy reason nr 
limitation.* impn**d in hi.* cwi- 
irart. oih-'r ihan that arising 
from an evcni occurring in the 
buyer's niry. 

Thf 1 n mount nf onver will be 
limited m 8ft per cent, of 
admirable In- .-os w |th a maxi- 
mum liamiuy of 2 o per cenl of 
ihe lotai value of the project 
i.-on’ravl. The premium is 
payable in iwu tranches. Th*- 
lir-i. a nnn-retumable sum of 
£ 5 .imi(i >-i!f ho payable on the 
project being selected for 
further «:->ii-ideration and ihe 
„e«-ond. amminiinj to two per 
v**m of ih^- total U.K. contract 
vaJue •*f ;he preset, will be 
pavah!* on i-*i!..- . t f cover. 

The rn'e of ih«- Department of 
Trade in bringing about the 
introduction •>( iv scheme and 
continued involvement is 
under lini.-i hy the fact that 
applTcaiion for cover should 
in:;id>]> i»v made to the British 
' er*e-*- Trade Board's Ovcr- 
->.-a- Pn.ij-i-.i- 1 , roup This group 
*iil i*e re- - pi>nsib)e for initial 
-vice! son of ■ In.*:? projects 
deemed ^uiianie for further 
.-on era 1 ii>n. 

V.';:h ;h»* help of a co.isulianT. 
fin-! ?s*lvv ,: ion *i! ( be done by 
L'CGD wft.cn. aTii.-r consultation 
'N.'fi 'rt'ni'ehai: departments. 
■*:n ■nform applicants whether 
dud «n = 0 rm , cover will he 

av.i.iible. ;-.'o -tandard polity 
'i.-i-iim-.-n 1 •* available because 
'■ 3 favi.iT?- -Ail] have tn be 
<1 rr-ried .id: ■•.dually. ECGD 
po;n: - n.r. 

Hnvu-.-i-r. r should be stressed 
rha; .n”:;i!:y a; Jr-ast there wifi 
probahiy >;•«; very limited use of 
^h'- and several scheme, 

sucre 3.-0 the constnic- 

*:or ndu.-T.-y relatively few 
eon-ra«T? -*h:cb are of the si?e 

’ r -d TPC w-hieh -4-nuJd qualify 
for cover inri «o far is 


no indication that ECGD has partnership deal tn Saudi 
be* 1 approached. Arabia, while Costain, through 

It is more likely, however. Coslain Blankevoort is working 
that such cover may first be with the Dubai Transport Com 
given for projects such as un- pany (Gulf Cob la> on the huge 
derground railway systems, for Jebel Ali industrial city and port 
example, in which the company complex. Balfour Beatty, also 
carrying out the civil engineer- in Jebel Ali, is working as part 
ing work may be involved in of an International consortium, 
joint and several policy' taken in Saudi Arabia Laing and 
out by the lead contractor wimpey have reached an agree- 
against failure by the subcon- ment with a local company and 
tractors. are handling more than £40ra. 

Although the construction in- worth of business, while Laing 
dusiry has generally welcomed has joint venture work in Iran, 
the ECGD scheme, there are These are only a few examples 
some misgivings about the pos- 0 f the type of work which hia 
sibiiity of that premium charges attracted joint ventures, 
may be prohibitive. This is by 

no means certain but the fact f 1 n»n TIP 1*9 tf fill 
that each facility will have to UJJC14UUU 

be drafted individually (and the Qj, e a f.the main reasons for 
risks are considerable) indicate® cooperation of this kind remains 
that this could be so. the need for particular skills 

Another problem could arise from . companies which are 
through the inability of ECGD experienced in working abroad, 
to include non-British companies Also important is the reputation 
in the cover, although' the which a joint venture partner 
mrength of the construction in- may have in a particular part of 
duatry in the UJC. wiH provide the world, and thirdly an 
a broad base from which a bead element of risk spreading is 
contractor can choose partners, regarded as essential in some 
However, there is no doubt circumstances. 
th*t cbe number of large con- The most widely accepted 
tracts lending themselves tn terms of a joint venture remain 
joint ventures or consortia is those of more or less equal 
increasing, and there have been partnership, with an equal con- 
a number of notable link ups tribution of capital and load of 
between British companies, responsi bility . However, should 
particularly jn the Middle East. t ^ ie industry take more advan- 
In Dubaj Taylor Woodrow and la S e the joint and several 
Cost am are cooperating in the ? over ^ could become far easier 
extension of Port Rashid in a f " wmpanwa to partlcl- 

1120m. contract, as weti as on P a l e ' glTen ttia j ^ ns ^ of their 
rhe £l62nt. dry dock complex. 

Taylor Wnodrow also has a 



failure to perform is covered. 

Lome Barling | 


Carruthepi MO Nb.BQX cranes I rft toagte in vfrtually , . 

avoty country of the .world.’ . . • ■ •' v -i !. . ; \ .1 * : * 

. : Just about anything ydu can'tftmk of tipMo 200 tonnes 
' in weight -itas came .tmder-the ^arre^ers gantry. Pipes. 
metal fabrEcatidn£r B cab[e,^craj3, sheet glas 3 ( -you name it 
'rtVbeen "moved by Car/vthens.'Orttoou/cl'be^wftft ' 
taflor-made equipment. .• T -. ••'T- 

' Hooks, gr ^>8, ; m agnets, vacuumflear v . ^ . there' s a . -'J% 
Wide range of specialised tackle, available to. lift almost • 

anything. v ' Lf' 

Probably the most important factor behind Carruthersf 1 
success story is the outstandlng'design. Theaward- 
wming MONOBOX, a single welded box gtrde r- structure, fc- 
eutstandlngly. effective and impressively reliable. The ■ 
MONOBOX range is, quite firmly, a world leader! - 

. The day will come when you’ll need some crane 
knowledge. And when it does it’ll pay Jo keep the best nama 
in mind - Camithers.- 
MONOBOX by Can till tetSL, Britain ’sfcadJnQ crsK manufacfuahi 

J. H. Carruthsrs & Company Lid. «" ” ■ * 

Pocl Pailc Ptaco. CaBoga Mitton. • ' 

East KRbrida,GtaGaaw Q7S HJL 

iMOVb ut*. WiiH A4QMQBQK 


It 

i- 


Carruthers 



For Construction ftisk insurance world-' 
wide, Minet is the name to rememben 


Tb a thorough understanding of the 
problems of overseas construction, we 
can add a unique knowledge of local 
insurance markets and current legislation 
-knowledge that’s gained from our own 
offices and on-the-spot contacts in over 
\ 100 countries. And that makes a big 
' difference. 


Contact Peter Mill, Deputy Chairman, 
Engineers & Contractors Division, 

J. H MInet& Co. Ltd, Minet House, 
66 Prescot Street, London. El 8BU 
TO; 01-709 0707. Telex: 881390L " 


The name that's recognised for construction 
insurance and reinsurance^ worldwide. 




1 -V- 




i-.'cij-. . 


- 1 


j,/ 


3 ■ 

s. v 

f\- 

r 

y r : 

9.' 

fy. 

t . 

a. 

a f 

8 .1 


b 
■s ■: 

:e . 

i.e * 
■P : 

IS 

IP 
n- 
er - 

■al 

i8: 

as 


% 


l b 




, u>& &>' 



Ur 


“E PROLONGED recession In were not to see their markets earlier. More significantly. 54 Portland Cement and Tarmac joint ventures overseas via its' pickings to be found. Thus the 
level of construction disappear. , per cent, of group profits came approaching a quarter. London Brick Buildings sub- UBM group pointed out in it* 

iviiy has hit the manufac- Pointing out that m unly 12 from overseas companies. In most cases, much the sidiary. In Abu Dhabi, it has 1977 annual report; published 

n^nL* U ' m ? €rialS years the UJC 3 share of the At. the ^ame . timet, direct ex- larger part, of these figures is established Banbury Union last June, that its overseas 

“J?!*!”*,** hard ‘ ■ Bu ,L i mp ? n Port® from the UbL amounted accounted for by manufacture Maadfachiring and Construction toen-hanting companies had 

! Ifd ™ sro H ps involved, the dropped from arotmd SO^Per tQ £2S.4m M with two major con- overseas (in Pilldngton’s c?se. with a/>4ocU partner— each “ade a significant contribution 

of depression has not been cent to 15 per cenU .be stressed ^ ^ gained during the year—' 10 a considerable extent by holding a 50 per cent, stake— to profits for the first time with 

*rt“d "rSfV'Ff'T S £or U* supply of U HO— 1 rather dun by dbJ to slw iy ami erect Baahury * fourfold iccreaae ic rales. 

the last few m closer partnership with over- lQ Nl p en aand Venezuela— exports. concrete buildings in the Arab M«r overseas outlets to ex- 

irs have seen a steady ex- seas concerns when carrying out - * , . ‘ 1. . .. . Emin* as And X T i<r _._ = r pand this trade are being 

■ins- , s«sf v 

'ssr&JT&'z KW5S5RS „ . ! 7 Zirs? f*“ e stsassrss.- 5s “ m rs 

ne extent downturns in one tions, and to hold meetings with PpviVJlI Thus -London Bnck, for ex- owned bvibe uk course reduce dependence on 

rket with increased activity the purchasers of the products " CV1Vdl f“P le > ^havmg reported a by Uie U.K ^ licaJ nature Qf ^ U>K . 

- to ensure, -far example, tbat 'the Those two . contracts, A. J~L ZX S? V Se" UTfi ■ bai,d >"8 '»■” 


choosing and 


Overall, however, few build 


To a considerable extent, the technical language used m largest ever woo by a British iS briSSorta per -cent Nigerian owned, is ex- involvement abroad can bring 

recess here has been le^ts about the goods being -cement company. marked th e first Jtont Pected to achieve a rumover of Problems, as Rugby Portland 

nufacture overseas; the basic supplied was fully understood, another stage in the revival of .7” ILK 10 usitia £I.5m. in its first year and to ^“ent. for example, found in 

ssage for the companies bis/.-. Other pitfalls have been the groups cement export ® ^ us reaeh £5 m . wiuhin three years Trinidad. Its company there. 

>8 been the same— to sell pointed out by -Mr. % F^nk business which, after languish- raetJl0d of bnck production. reacn aom. umn tnree years. one Qf ^ gub . 

road you need to make .McCrossan, chief buyer for ing at a low level for nearly 20 The project, like many other -ip mnotnc sidiaries. was nationalised after 

road. -Trafalgar House, who toltf the years (in the words of APCM's overseas operations .by UJv. X cFUltdlCS seven years in which virtually 

Building materials by their same conference that many com- last annual report), have in- building material companies, is Joint venture a dd roach D0 price rises were allowed by 

hire are relatively hard to panjes Wlth high export; hopes creased enormously in the past a joint venture, in this case permeates every facet of the *** Government. And it is clear 

import. The wealth of faiied miserably as a result of four or five years as the level through the Iranian public buildins materials industry' that io a sector 80 basic t0 the 

Terent regional building Insufficient preparation. A of building activity in' the joint stock company, Tehran Colin Co mess chairman 'creation of an industrial infra- 
■les in the U.K. and in other lengthy investigation and re- Middle East and other oil London Brick, backed by a long d nndoubtedlv snnkTfor structur e as building materials, 

entries, now. unfortunately, search period was necessary producing areas has out- term loan from an Iranian mT/ch nf rhe indiKtrc wh*n h* Gove rnment regulation, at the 

:t disappearing as the dead bef ° re moving into. - a new stripped the ability of domestic state bank, with London Brick in hS 1977 annual rpnnrt- Ieast - te * lways 3 hkelihood— 

nd of so much modern archi- market, and a reliable dtetnbu- i ndust ries to maintain an holding a 20 per cent, stake. Zl another factor working toward 

■ture combines with . rhi» tor or agency crucial. Transport adeouaip „,nniv n 7:. as^eo io menury t h e creation of joint ventures 

' rt e rial P prod uction m aid ««c|doafflSS APcM 18 from alone in of the project has brougtwthe strerStto-day^^ld no?fU IfdtarU! 18 " Wh ° Uy ° W " ed ^ 

x *»szSf 2 say? z . fw rri 

1 Transport, costs Shanks obtains about a third ol - turning its sights 'to oOier de- working •• harmoniously with 15*^ material companies which 1 

me or ]££» ^"diSnce bee^ exporting ?o^t?ftdi poten- ** business abroad; BPB veloping countries in which it outstanding partners in 25 Af- SvJ^ hav^ re^euedT A°iS 
•re prohibitive enough to pre- tial has been acknowlegded by Lidu-sj-ies much ; the same, ought ^be ab e to help mt^ernise ferent .countries of the world.” for many it has heen an esserj . 

nt that being done within an. industry leaders themselves, Marley and Foseco Minseps bnck : industries and companies in the building tial factor in helping to mitigate 

dividual cauntrj'; to-day they mos t notably by those meeting Fosruc division around 40 per thus sell both it* skills and niaterials field active abroad are the effects of the prolonged 

main high. enough compared in the forum represented hy the cent.. Pllkingion Brothers, maenmery. riot just. restricted to the aiami- recession at home, 

th the basic value of the pro- Civil - Engineering Economic Ready Mixed Concrete and • Away from bricks, London facturing side. For merchanting n ,, - 1; 

‘ rts being transported to make Development Committee. •• In a Redland around half, and Rugtiy Brick is also active in other groups, too, there can be rich * • USLVHl Walker 

ass-f rentier movements un- paper on the sector’s role in the 
sirable if local manufacture Government’s- so-called: -"indus- "■ 

possible instead. — ' - trial "strategy, it pointed • in . . 

The problem ' «n W U P«rtlculir to the f.ct Ttot pbteo- 

ss- -sis Hpssp Boundless openings m 

■abia. the transport charge w fo . 1 j°? |r was Canada, ^a^togaes 

!' ue S e 1he U ex-wDrts prireS’toe Sd spires ^abTtowgdn •' TF * ' j 9 A ' • 

-gicks themselves. er” ssSd to^? a T 0^1 tl /V pt*! /"* Q 

thriving which could well he 'etm0l!ed ^ wl J. A. A. V- 1. A.1.WA -a w W* I 


openings m 


iriving 


Latin America 




here is a thriving world trade 11 caXalogue 01 senice§ and pro- 

such basic items as cement amiable from British THE AMOUNT of work that with Mexico Cily ending the are forested and the rest suit- the 1960s. Taylor Woodrow has 

Id consumption of which has ir,t Y istry . . use .*? consmicting CO nstrucUon industry should decade \rith no less than 13.6m. able for agriculture. done work on the Peruvian 

ore than quadrupled in the’-fj"* SSSS ^’ be facing in Latin America is inhabitants. So little of that potential has ports system and in bidding 

st 20 years to reach some EiS*** SiSJSS: large enough to satisfy the ^The challenge and opportunity been put to work that only about for work in Bolivia. If Britain 

__ Om. tons a year, around '3 demands of the most ambitioris ^ P" sents f ? r construe- a third of cultivable laDd has in bids for big projects in Latin 
Ml tons of It. shipped from «^ tr ?^ on a ? he dtiw tion m *'** tr * 15 dearly e l 0Tm fact been “ d *** a America, like the Zulia steel- 

^^lle country to another despite ° ... . ... \ bulldcrs * The bursting cities m0 us. It i s even greater than tiny fraction of that is under works in Venezuela or the 

bdng aiulky and expensive . Moves llke tbls - of lhe rc S lon "« d tens of milJ such crttde -figures. ST/ggefl- • in irrigation. The task of bringing expansion of rail services in 

gH^Q' to send by ^Ca- And- t^^to& ^awareness oX-^^pi^ u ons of new houses and the that many milHons. ol dwellings that land^nto use is another big Mexico City, this should bring 

■Britain has scored considerable ? aU ® «eneTaUy, 'Wifl oWio^sly services to cater for the stream American cities are challenge to the indostxy. ' more business to British con- 

• aljkcccssin the export of building lho1 ^ ^tie nsjn^A'alV^of 0 f new inhabitants they ore /-h , sultants and construction com- 

i il^ttgriais; with a business which * e P. ound has alreag' becn ui- constantly attempting to accom- and *^.S™^***? ^ SCfleillC P anies - 

HftiAotinted to £500m- iii 197% 22 creasing thc sales r^istance.of modat e ..l n ihe country S ide there some nurocle h hdted 1 °T t “ ^ ^ - The big question hanging 

Rr cent up in volume terms potential enstomersf 'is scope for many times, the morrow there wohldbe a sre at ft is not without significance over the realisation of Latin 

k 1975. and Is thought to havie ■ Nonethriess, the overall in- number of major. public works deal of work to carry on with, that the largest civil works pro- America's potential as a 

| proved again last year despite votoement -of : ft U.K. buildihg now being, built,, though these The Inter-American Develop- ject under way in the world is promised land for the con- 

Lie obvious shortfalls." . . material companies in overseas are among Uie world’s mort ment Bank ratimates that L2m. sited in Latin America. The ruction industry is whether 

„ . . . ' .• markets is someebino of a sue- ambitious. In a word, it should new dwellings are needed in Itaipu scheme on the River the eovernmenti; of the rp»inn 

Both deliveries and service “““ be the construction mans Latin American cities everyParanS.which is being under- wiLTegtopSstonfooS 

vc come in for criticism as „ oc J._T_ dream. rear to accommodate growth. takAn ininriv hir d 0 ^.. ^ . oeo, . n . p . sujn °. P° ,lc,e ! 


ireliablc. mnst recently from 


Portland Cement, -for example. dJr ? am '. .. . 

vrWrh w«M mutates the im- The increase . in thc popula 


year to accommoctote growth, taken jointly by Brazil and Para- wh ich enable the populations of 
l- tlOt to mention the cumulative dii*v. ■ rnn\d end un moino .1.. 


greater. During 


--■^T.Soducts were .first class, £360m. . And , overseas com- Caracas are expected to economic exploitation in the' it is" not surprising’-tiiat the ° r \ ne re ^°“ continue policies 

importers needed -to pay more panies accounted for £ 120.4m. of experience increases of popula- region is put at some 31 bn. large size of the- civil works be- m Iorc L , 0,6 mo ? lent which 

^Jxention to other things if they that, agaliuft £^0.9m. four years tion of more than one million hectares of which nearly ibn. jng Undertaken in Brazil should ^ Tlt ^ nt * ale econo ® iC assets in 

ja — * — : — ‘ * ■ ■ ■ — | , .. * . . tn6 nands of a small minority of 


Itajpd is comparable .in the Latin American agricultural 
hydroelectric sphere with the sector 

^^ l&n KSSJTSS - f Cl } ttinS If x 'he Principal governments 
JU ^! e \v of the region continue policies 



™ the hands of a small minority of 

have bred the largest of the con- t j, e population and which re- 

Snn° n rlSZSSaZ* the move from tbe poorer sectors 
region. Companies such as 0 f population the opporl- 

SSfff 0 rS'Tf^ wbl . cb ,s en ’ unity of purchasing a house 
gaged in the Itaipu scheme and then La(in America is likely 

^ ISiiS w h lS!*- inv S y J5. In to Stay with its present shortage 
the Brazilian highway building of 15 t0 20m . houses In 

programme, is now competing sanje W ay, unless the region's 
with builders from the devel- governments put greater 
oped countries tor contracts out- emphasis on- agricultural pro- 1 

Th„ ifrpa ' nritirt, , d :Ction and on wider ownership 

The large .British construe of Jand, there Is little like- 

tion- companies have had mixed 1Ih00d th at tbe large amount of 
experience la the region, usuable land in the region will 
Wimpey took a major part in be brought into production, 
the budding of the Furnas u 
hydroelectric dam iq Brazil in Hugh U Shaughuessy 


As building said civil engineering contractors, wo'hsve half 




We’re big enough to cope but small enough to care. 

We understand how people tick— consultants, clients, derks of works. . 
We know that time is money. So we get jn, we get on, and we get out. •’ 
We have our own Plant Department and a high-grade Joinery Works. 

We also have a first class structural steelwork associate company, Denbar 
Engineering, at Romford. - 

Our establishment in Britain provided a spring-board for our highly 
successful operations in Bahrain. Completed contracts worth £24 million in 
the past two years can't be bad. ^ i in ' 

Wherever you want to build, talk to Webb. First. Or even last. Whatever 

tbe outcome, it won't be time wasted. -' 

Tan Abxngton in Romford and Barrie Webb in Bahrain look forward to 
hearing from you. 


Our spread of interest indudes: 

• Tbe whole range of indnetml and 
commercial building work, big and 

- "-sroaE. fra name* like Ford, Chloride 

• "Balteri**, Keddies and Thorn 
EfcnricaL . 

•' Local Authority housing of all kinds, 
froth lower blocks to sngle-riorey 
OAP homes. 

• Schools and Colleges uf Further 

Education. * . 

Municipal works, such as ihe 
disriapiishsd, modern Courthouse 

' for l be GLC hi tin* London Borough 
orVVathora Dwt. .. 7 

. • And. iDoaraed below, (he striking 
ilew Queen 's-The^re'el ifornclnirch . 


tig. 



CITIES WITH. OVER 1m. INHABITANTS BY 1930 

Country and city^ - 

•. 

Population 

(*000) 

Projected 

absolute 

increase 

(’000) 


1950 

1970 

1980 

1970-80 

1 

Argentina 

- 





Buenos Aires 

4.722 

6.353 

10*40 

1,887 


Cordoba 

370 

791 

1,011 

220 


Brazil- 






Bclo Horizonte 

409 

1.505 

2.279 

•774 


Brasilia 

0 

538 

1,082 

*544 


Curitiba .- • r. 

. 157 

647 

1-093 

*446 ’ 


Fortaleza 

251 ' 

' 864 

U40 

*476 


Porto Alegre • 

464 

1.409 

2.133 

*724 


Recife 

. 547 

1.630 

2^07 

•677 


Rio de ianeh-o : 

3.044 

6.84? 

9,619 

2,772 


Salvador (Bahia) 

396 

1,067 

1,563 

. *496 


Sad Paulo 

2.336 

7,835 

12^73 

*4,435 


WEBB CONSTRUCTION LIMITED : 


WbSev,un9lRU«*fiwnium<.iEw. J poBo,8W. Bab A1 Bithaiiii HUrurra. 

Southend Arterial Raad,nnnford. Eswx RMS QNU . ■ . $»!*<* 8*w«m, 7«&m. , 

Phone: inarebourne l45) 4284 J Telex: Webuild 89^59 ptwna: Sir *t> 02S0 coauv a. J. 


Fine 

construction, 

naturally 


OVDKSAS, HOME 

isnnisBiL 



CircLriated to key 
construction executives . 
throughout the world — 
executives. who control the 
purchasing of equipment 
and materials in 
established markets 
worldwide. Each month, it 
covers major international 
CBRSTRyCTIOli projects, current 
techniques, market activity and news on ' 
bids and tenders. 



The mosf reliable and informed weekly 
publication in the U.K. building and 
construction field, Contract Journal has 
been essential to the industry since its 
inception in 1879, and is the main home 
information source on contracts and tenders. 


H 



The world’s leading journal specialising in 
the vast building and construction markets 
_of the Middle East, featuring monthly the 
latest design and technological advances, 
and critical ly reviewing new products. 
Distributed to key buyers and specifiers 
throughout the area. 


An IPC/Builder Group Publication 


And launching in April. 


II 



A new journal designed to provide vital 
information to the developing West African 
market, West African Construction will be 
circulated bi-monthly to the main buyers 
andspecifiers throughout 20 countries. = 
It is backed by the full experience and 
international expertise that has made 
International Construction, Middle East 
Construction and Contract Journal such 
■ decisive leaders in their fields. 





Santiago 


Guadalajara 
Mexico City 
Monterrey 
la 


Lima-Callao 


Venezuela 

Caracas 

Maracaibo 


Projected increase "between 1970-50 is greater than actual 
population -in 1950, ■ 


-To The Marketing Dept.. Room 212, IPC Building and 
Contract Journals Ltd.. Surrey House, 1 Throw ley Way, 
Sutton, Surrey SM14QQ. Tel: 01-643 8040 

Please send mt A Specimen Copy • □ 

Advertising Details n 

Of: 

International Cen*urik» □ Middle East Construction □ 
Contract Journal □ ' WpstAfifeanGcnitruciMn □ 


Company.. 


LjJjJz] BWLDiNG & CONTRACT JOURNAjJSlJD 

A member of IPC Business Press Lid. 










FINANCIAL TIMES TUESDAY aiABCH f4 l&g- 



CAMPENON 

BERNARD 


A French civil engineering group 
with worldwide activities 

CAMPENON BERNARD CETRA-GBC 

FREYSSINET INTERNATIONAL 

OGER 

G.C.L 

VIAFRANCE 

DAMS— HYDROELECTRIC EQUIPMENT- 
NUCLEAR POWER PLANTS— BRIDGES— 
HARBOURS— MARINE WORKS- 

OFFSHORE PLATFORMS— 

PRESTRESSING SYSTEMS— DESIGN— 

REAL ESTATE AND HIGH-RISE BUILDINGS— 
ROAD CONSTRUCTION * . 

present in: 

BRAZIL — CANADA — IRAQ — IRAN— 

MEXICO — MOROCCO— PAKISTAN — TUNISIA — 
U.S.A. — VENEZUELA 

For further enquiry please contact: 

M. L. GODDARD 

92-98, Boulevard Vietor-Hugo 

92115— CX1CHY 

FRANCE 

Phone: (1) 739 33 93 Telex: CBTRAVO 

610 221 F 


OVERSEAS CONSTRUCTION Vffl 





in the U.S. 


T *? E V'o' con - structi °n industry, If that is so, it will bring figures. Far example, one major inflation, has made ths- tost 'of the normal rate, the foreign tas OTinptet "J- * 

after 18 good months, is now some, comfort to the U.S. heavy U.S. company won no new doing business, in such countries credit was limited, and the IRS Americans sr . too expend 

preoccupied With nP<>hl»m« imnrM..,:.: i~ .... . - . ii M M fnn<« thp ITnlPSS chances a r«l mo.b. 

which could 

both at home «..« «*«.««.« «i situation -apnoad and panicu- Meanwhile- other figures sua- - ^ uniaiu, — , „ 

. inH » farly angry about The effects on &est that a, e ’ American share of Saudi Arabia with a satiny of treated as income. cumpetitivdy ror swue 

At home the housing industry its overseas competitiveness uf lhe international construction $26,400. actually -costs' a cbm : T. Companies have tried to make cent, of the bustftesslu { 

5^“,^ 1 'if 00 ~- r St «* 1976 T “ Act ZtlStSSbSSiSSS^Z P«* up tte diff*™ 1 * but . tthta. Saudi Arab, a and -Ihcr 


although it must be 
recovery 


remembered that if ceeevery «dl, about three yean,. _ Well over a f this “L^tl.e NM SS S!“ £ZSfiSg , l 


beean from a nartimiarir ini- can companies -have taken a ago to about 20 per cent, now, figure is accounted" tor by the ^ons and, — - — - hnr at- 

oegan irom a particularly low lmroo cliM 4U _ k ..,at, nn mii «,;*k ~,..»k ~e. *t.i„ -J. ; „i enough to make U.b. companies exaggeration, nut Mr. 


Meanwhile a Conger, the director -of 


base However a combination of lar ® e s ^* ce 0t the^ burgeoning with, much of- this decline astronomical housing costs. La 
risinn interest nte* mri th» construction business. partiCu- occurring. in the past year. Saudi Arabia.- Even tn London, uncompetitive. 

weather have put something of by *the Al1 wrts of masons can be Wj/fiQOOO lo^een th« ^ panTeshai"e 'bwn either’employ- Department broadly agreed 

a mmn ,n i»M™ Sntd CcStSctore aLcUi- ad ? uced ** ** Jf**** The “ *225^ - S£ non-American engineers the NCA. In Congress, hfi 

tion (NCA) ^sSxnaies that U.S. if das £' ’ : \ m t ' ^road or subcontracting busi- there w - a general mu vet#, 

fs7s than^t 8 h b d°l^? * 233? ?n%ved°Tn p^/ects^n wi *n ** sluggishness in DeClSlODS "''V"--' " omSH-S. company, ^rtem but .ttamtojf- 
Many analyst, have Ten sup «g«- gjj ^ agedTount^Sran. S Until the 1976-75 ‘Tax 

£ 'ttSTAml com- - T — ^ SAmE? Thus, the U.S. constnjf 


Be up to date on what's new in 
building and construction 
by reading each week 

Engineering News-Record 

The world's most experienced trade magazine 
serving the building and construction 
industry's needs around the world. 

A highly respected source of business and technical 
news written weekly for contractors, engineers, 
architects, owners, manufacturers, suppliers, and 
officials in government agencies. 

Write for a complimentary sample issue. 

MAIL THE COUPON TODAY 

(or Telex E. Bressler 232^65, New York) 

liiiiiuiaiiiiiiiiiiiiiiiiiiiiiiiiaiixiiiiiiiiiiiiiiiiiiiJL 

Engineering News-Record Subscriptions Dept. 

1221 Ave. of the Americas 
New York. NY 10020 USA 

□ Start my 1-yr subscription, my bar* draft is enclosed. 

Europe US $45.00: other eastern hemisphere and 
Latin America $40.00: Canada $24.00: USA $20.00 

□ Send me a sample issue, then H decide. 


Name 


Company 


Title 


(Company) (Home) address . 


□ I want my copy sent to my home address {above) 

Type of business . 

if contractor, please check type: □ Building 
□ Highway & Street □ Other heavy construction 
□ Both Building and Non-Bidding 



world’s largest department store their own despite fierce 


chain, which also had a very _ . . 

good year in 1977. and European contractors, but 

Rising interest rate levels a ^ s0 fr* 3 ™ Korea, Japan, and 
have led at least one analyst to i. n °™ recently. Pakistan 
talk of a 10 per cent mortgage Lidia. ; 
rate by the end of this year, But ,as * year saw a 


competition both from British 2s5o'^ been a**" there - lias ’ 22?™ note that one side effect of this out of contracts. 


pause. 


520,000 was taxed at the lowest m y be t0 reduce U.S. influence Yet companies like Bet 
— . Bul “ ie U-S. industry believes rate. . . j n 0 ji rich countries and also and Kellogg, to name only, 

and that a much more important The practical effect, pf .these. t0 reduce lhe demand for U.S. have unrivalled expe 
single reason than any of these and other benefits was that an exports . abroad and arc in the van* 

sudden » » be found In Washington executive whh SfO.Opp ip taxa- The u s Treasury end the of new technology. , It m 

end of 
lose loo c 


although such a figure is prob^ reversal, of the trend. The NCA “J nlfd S12 140 Consre5S ’‘ in lhe face of intease 1Utel y that - at l ^ e 

ably unnecessarilv alarmist In estimates, on the basis of blame for the apparent decline paid $UM4Q m the UB. would lobbying pressure, is now trying day, they will los. . W Ii 

the figures for the first six months ln business at the door of Con- usually pay only some.-. $4,880 t(J g ra p p i e ttd th these problems busines even ‘if for now t 

Dne of last -year, that contracts ^ ess u - s - Internal if he lived abroad. - and some relief may be in sight, seems some justice to their - 


David 


unnecessarily 

any event the increase in 

nothing to reduce prices and the dropped to about $11.5bn. on Revenue Service. Butin 1976, all this changed; But U.S. companies fear that plaint that they are havia 

Carter Administration is cur- an annual basis. The NCA and The sudden expansion which The $20,000 exdtunon. was much damage may already have compute with one hand tit 

rently working on a scheme to individual- companies waste no has taken place in countries like reduced to $15,000, the 1 .remain- been done. One U.S. -company 

reduce the mortgage repayment time in? ^fleshing out" these Saudi Arabia, combined with mg income was to be taxed at quotes the Shah of Iran, for 

burden in the first years after a : ' • ‘ T - . 

house has been bought to try •. 
to make it easier for middle 
income couples to buy houses. 

In some cities the- past year 
has also seen a surge in office 
building. Washington, in parti- 
cular, is now in the middle of 
an explosion of office construc- 
tion, partly because of the new 
underground which has now 

begun to operate. San Fran- • . * 

cisco's centre also benefited NIGERIA IS NOT the booming lng.~ Some of the government's Lagos: Taylor Woodrow 'build- the hazards of the construction tion company was unabli 
from that city’s rapid transit construction market it once was. priorities can be assessed by ing new roads In ^crowded programme. For. example, complete Hie work. Once a; 

system a few years ago. Ui the middle of last year the news of the latest contract provincial capitals and: Costain Makurdi's efforts to rebuild its the State Governor expre 

But in Atlanta, long regarded federal Government realised its awards. One of high import- with its major involvement In town roads have resulted in ex- his disappointment at the 
as among the “brightest" con- 6nances we *e badly over- ance to the city dwellers of industrial projects such as the tensive disruption of water and of progress and the ir 

struction prospects in the studied. According to some Lagos is the contract recently Ashaka cement works in which telephone services. It is here venience caused to people w 

country, the owners of one giant re P°ris, when the Ministry of awarded to the Powell Doffryn the Blue- Circle Group has a that the patient survey work premises bordered ou the 

hotel, office and exhibition Financ e marshalled all its com- Group for supply of waste dis- major interest. Amey Road- undertaken by the experienced works 

centre complex have run into mitments i for the current year posal equipment and expertise stone's company ARC . Nigeria contractors Tram overseas is so AH this demonstrates a fi 

serious financial trouble which they totalled over N.15bn. to the Lagos State Government. . has also secured road-birilding j raporlant in av0 Ldin g distur- obvious fact: that apparc 

has in turn affected several of This budget was virtually cut Anyone who has nsited Lagos contracts in Nigena which bance l0 pub j ic semt es. They simple jobs like road w 


Wary approach to Nigeria 



. only really 

begun to “straighton out” in Since 
the past few months. revenues 

Even in the “sunbelt,” the world decline in demand com- fects required °to" give" road ” vo « 

eentral southern section of the bined with the nsp in aitenia- access 40 undeveloped - regions. “®S tn,c ^ 0B J0bs by any slan ’ C«OIlClllSiOn 


’ then, Nigerian oil One or two states, are Dro . throu ^ bill country .as .Wim- dust nuisance got out of experience behind him. So t 

„ — .is have . been hirby tSe ceStag h>£ pit ™ “ araple , in 

Even in the “sunbelt,” the world decline in demand com- jects required to ^ give road Jos R? ucb u are formidable /-^ ■ • the . contribuuoa uf lhe 

ni» An ,. ■ I j , _ , construction jobs by anv stan- I OIIPllKIAfl +“ patriate contractor, lnchn 


badly needs -the - Undo - Slate lias 


patriate contractor, inclm 
traihing of Nigerian labour 
recently- These efforts have been 


country which has been growing • ii*e sources of Tight crudes of But in" place ~of*'lh7 fererish da f?.' 

furiously these past seven years, the kind produced in the boom of two or three years _„„i gena _. „ . . . •_ . 

there appears to be something Nigerian oiLfi elds. One of these back there is now a distinct f enn{ !? s con trac- terminated N.ltm.- worth of hibited by Nigerian insiste 

of a slowdown in places like alternative's the North Sea. phase of austerity. tqrs for all the aipise that- is ‘contracts for reconstruction of wn majority control of fore 

Phoenix, -Arizona. On the other Emerge/ce of new resources, some British contractors have Sw 55f?Vh T ^* y easo ? v J as enterprises and strict limits 

hand, Houston, which adds 1,000 rombmeo&iih drastic measures he!” Si* nma vmrtrjhn the local contfactor remittance of earnings to pai 


Bovis 


Bovis Constructioii Limited 



Telephone: 
01-4223488 
Telex: 9228m 

The international contractor 


- — — « — givcu 

PrPfHptfnn OPE^ Production has been cut federal GovernmenL 

I I CUItimn 1° uuder two million barrels a ambitious development plans international contractors. mnB . 

For many months, the Ad- miJ droT “ low i^m! TSZJJSJSP. home4,ased contractors ** Another 1 °b^g 

ministration has been predict- barrels training colleges at do not have the resources re- Anambra e ’— *- ‘ v 

struction if»ide the U.S But tion ’Jn revenue for the Federal 
anno-f 5 ^ 10 Government at a time. -when' 'Its ^ OtOlicly 

rmSrs ^ Ad h rain ? sl ” t,on commitments are ' expanding 

mists say that in the past six Fast. • 
weeks there has at 


dove 


fmsmg&szm mpjFiizmsgm mss® 


®? ne . rai 5^ much cheaper been completed compared with Nigerians ambitious- 
th »° fi om sophisticated ^ n per cenL esitaated in n,™ plans 

Che construction schedule. British companies have U 

in the a heavy knock Uuriug 

quired to undertake massive Abakaliki road 6 has-been ^ finan ! ;ial ***“ , thc ** 

rondworiB in difficult conditions laycd du e to lhe inability of prising ‘‘'“tot'^eir t JSL 

m r ^f° te i0C8 ^ 1Da f- the -Nigerian stone supplier to f or Nigeria as a base for 
Contractors in Nigeria will tell keeb un with the main pnntrar igena as a case tor 

= - .. U P wiui toe main conirac- pansion has waned ennsiden 


last been 

■ SJr 8 ? 2 '- ™ “■ irvx »&, NiBerian suppl,er 

iJ hew industries, air and sea port over I^the^lnterim. ****** sheer ; effort re- tb is didnot go down well 


• . : — ^ luuiuuiM, air uuu aca uuci .... v v Tarmac Tn rho fntnrim weci uiun 

.developmeni and modern tele- however tte contSci Q«ired fo maintain efficient pro- wia, . the state Governor who 

i ^t^r T4 countrtes^llh'indirrtriiir'mobf ch ^ d dUCU ° n When n “ Ie " al5 “ d 

than the A 

expecting, in 

the signs are that the economy's cloth 


John D. AD 

Editor-ra^I 
Coostmcricm iV. 


supply ; hv cuhiiTs Ninarfa nn Favnur. v ~r uhuuqx uis iviKenan suoDiier 0 f need for l he ir r?xuerl 

If the Nigerian economy • 
able to create the right ca 

was highly displeased at the tl0nS ’ there W0ll,d be 1,0 # 
. . ... - fii^erian*"cllenLs discovered -how p,an * have to be hauled 1,000 lack' of progress ' of an enthusiastic response Ii 

r"4ar ra inwhTch ^ If- ha t vin .f - t0 . jp** 8 much it was going to cost This ^iles from the seaports to the .Ggun Ste h'as been forced ^ overseas wotroctors. 
t 5 theecrmom^ u ,ts ^) e ill-fated deal is responsible for ^nges of the Sahara desert. , . to redet the contract for road' 

growth will alow do^ 222 S?* r ,S seUln ® • notiCeabI y a large part of Tarmac’s. £12 m. Some recent news items from ronstruction in Abeokuta be- 

.rowth will slow down some- thinner ■ ± losses in Nigeria, news of which the Nigerian Press iUustrates cause, the indigehous co^troc- 

t? ' , - Priorities in government h it the Citv like a thunderbolt c 

However, most analysts agree activities are being reordered Sst slntember 
that it is too early to chart a so that the available financial “1. T, , c f 

reliable trend for plant and resources can be concentrated This sudden reversal of fotj 
equipment spending, even if on essentials. It -was made tunes * completely unexpected 
many of them have a “gut" known in Lagos at the begin- even by th . 0SB close 10 l he 
feeling that many companies ning of this yeap.': that the b ® s bad ils repercussions in 
may be close to deciding to Government jiad ’ .' virtually Nigeria and did not exactly 
undertake modest expansion, an stopped awarding- : contracts lin Pro v e the climate .Tor the 
expansion which many of them unless of the highest Apriority. £f itish cooriacllag industry, 
apparently feel they can delay There are now si?*s-thaf the ^ ^ ^ elr competi- 

no longer. severity' of this cutback is eas- \ 0T ? Erom France, Germany and 

Italy, were caught up 
Nigeria's financial crisis. 


Worldwide involvement in the construction industrv 


i he Balfour Be ally Group — a 
mUltt-millioo pound, 19.000- 
strong orcamsstion, • 

Experts To all forms of civil, 

• eieotriccland mechanical 
.engineering a.ncf construction — . 
from polder plants, motorways-, 
and bridges'.- to harbours.- marine 
works. £-0. heavy industrial 
construction With expertise ;n 
‘easibiiltv study. oesion, ■ 


■-WM 

4i5 

■WM 

m 


mMmmi 






mmMm 


ill 


Era nrring. cp-o rd fnaifoni-".' 
-.rpateriais p ro c u r$ m enl . u- -. . 

exbadirincancJ'irvstditatfpn.' 

' T’.vc-jhikbs of thevyorldfrl/50 
■ per cent 'of our'order oodrrs. In 
- Widd-e Bast.'-f-ar' East, South 
Ameirca. Africa — Balfour 
:sbdsy.'r,o;,v. conslrbctlng- 

Baifour Beatty— .'solving.- 
problems; meeting chairdnqe; 
.across lhe dobs,. 



Balfour Beatty Group 


-. j.*-. : ,v; 'han he uPc S-. 'm, SB*: ~f. A 

Tr..EC“Crit:' -i CC-'- h - '0 •: ; . ire: W.v.m. ~ Vr-.^nh:-.- c ?-h-Tb . -- - ; - Hou^U-.v, 

--. V" m.- : - -. a •: .. : G . 




On the whole, strong financial 
backing has. helped the Conti- 
nental-based companies to 
weather the- storm. Even Julius 
Berger, the- Dresden Bank- 
owned contractor which has 
enjoyed spectacular success in 
winning big Lagos contracts.; 
lias come under heavy criticism 
recently in the Nigerian Press. 
Such attacks- are usually the 
first sign of official displeasure. 
The Petra-Monk consortium, 
which has now come creditably 
out of ils disastrous Lagos 
urban motorway contract, had 
to suffer much abuse; the Lagos 
public couldn't understand why 
it was making such slow 
progress. 

With the thoroughness of the 
U.K.-orieritated dvil engineer- 
ing contractor, the contract 
management was picking its 
way steadily through a maze of 
uncharted cables, pipes and 
drains, as well as the more ob- 
vious ’ industrial sendees • and 
railways. It was months before 
any construct] oh work 'became 
evident. To build an eight-lane 
motorway, in Lagos could rightly 
be described as a contractor's 
nightmare. Small .wonder that 
Monk decided after this ex- 
perience to offer services in 
other fields of construction. 

Several other well-known 
British firms are putting up 
creditable but little- publicised 
performances in Nigeria: for ex- 
ample. Wi ropey with its success- 
ful asphalting business in I 


lew 


Planning on wuming to NawJaatondJ Then we 
would like to talk to you if you are a commercially 
orientated structural engineer, architect. -or senior 
marketing executive experienced in the construc- 
tion industry. 

We have several positions available to suitably 
qualified people who can demonstrate: at hie ve- 
mem and performance in their particular fiekte. 

We are a dynamic company a leader input held of 
management and project control with a reputation 
for qualitv. speed and efficiency in the construc- 
tion of majot building projects. We offer above 


average reward* and fringe benefi™- and ihn 

team of people wth^mllar 

° fd'natmg and leading multi -diserp 
- hrtary teams in the construction industty. 

The people we seek would probably be m iheif. 

Interviews in London. If you 

these positions furthw 
ca,0€f bartgio'jnrf to 
Cltril & Civic Pty Limited, 
th s address bdovr; 


Cily of London 

P financial Pnhiu R-I.m.^ns 
R:cruii iiu-m 1I>III; . 

Oricni I l>iuv> 

4!-4' \c.v llfiusd S*. 
Li-inl’-n tt-M 



gostruzioni : 

GENERALI S.p.A.-WLANO 

Basfioni di Porfa Nuova-,2t '.' : ' 

20121 Milano- Italy- Tel. 6312 

Teleor.tcOGEFAR Mila’nb 
Telex : 3I35B COCEFAR. - • 

COGEEAR a leading International Contractor 
|"hV„ 9 ^,; h rJSa«l in aU dvil en 8' n eeri„g "fields, j 

tion of d , Sms P and°hvdTOelectric scheme" t* 11 ° U | ‘ h * cons1ruC ' 
railroads, underground railways. htTou r ' U h 7l ls ' a,rpo ? s ’ . 
bridges, land reclamation W orkJ il jl , ^ > , gbtvays and , 
fabricated buUdings. industrial buildings ani ^fc- 

Branches and Associated C^6mDan»f*« iw 

HnnH a,Ca,n ; POons ’ Malawi, ^Zambia i r L„ ! and. francs, 

Honduras, Guatemala. iran * Austral w^Canada, 



r 5. 



i 

> 






\\C 


TNANCIAL TIKES TUESDAY MARCH 14 197$ 


e U 


r .. j.* i. 


SOCIETY TO-DAY FROM NEW YORK 


quiet American is back 


O' An 


UNITED STATES has primary, and Robert Kennedy 
a long way towards said that he too would try for 
ed social stability in the the presidency. It Was too 
10 years, but still has a much for President Johnson, 
way to go. In 1968 many Ho allowed himself to be 
icans were seriously hounded out of office, -to be 
*ul about the immediate succeeded bv Rkhard Nixon— 
e of their Republic, but in in an election year in which 
of the current troubles of Martin Luther King, jr^ and 
ollar such talk is not heard Robert Kennedy, were xnur* 
.“ ays - dered. and aril disorder 

l some of the underlying reached such a level that it 
stic problems persist. For seemed to some people to 
Pie, the contrast between threaten American democracy 
and poor is as stark as itself.. 

deni 13£? "ST. He ' "*«* 

. much Ihunt «;■« vl many tunea ance then ' but 11 
y of his predecessor w«e 

In ham achieved. The worries in 

im«L hfJS. no Ionger a** 011 * a war ’ 

or rtifemt crookedness or otherwise, of a 

cL? g«at migration of President, but rather about such 

relatively everyday matters as 
sH J? the- level of the currency or the 

as the starting point for competence of the Administra- 
ssessment of most of the tj on - 
lies of the West . since 
By March of that year 0 . 

Tet offensive had taken SPHOUS matter 
ong shells into the U.S. UJailCA. 

issy in Saigon. Now the fall in the value of 

? may not all have realised the dollar is of course's serious 
ten (I certalnlv did not, “after, but given a inodieunt 
ng from a ‘Washington good luck and fair judgment 
ly conscious of its mill- *t should not constitute an 
power)- but this, surely.- insoluble problem. I vtisb : the 
the start of the subsequent 88 me could be said of some of 
r at of the U.S. in the Farce the underlying social problems 
•Sviet or other pressures in I® th® U.S. ^ _ __ : • 

parts of the globe. 'Take,, for example, the 'gap 

n years ago this month, between rich and poor. Accord- 
rica was scarred by riots in ing to President Carter’s 1978 
■ities. Protestors against Economic Report, the proper- 
jvar kept President Lvndon tion of families with incomes 
son trapped in the White below -the official poverty level 
f e ’ aoparentlv afraid to ~ has been halved since 1939. Rut 
* among his people. Seija- most of that 20-year fall took 
[Euaene McCarthy won 40 place jn the 10 years io I96frr- 
bent. of - the vote in a race the figures are 18.5 per cent, 
ist the President in the of families on or. - below 
Hampshire Democratic ‘"poverty” income in 1959 and 



Compared to the traumas of 1968— the year Robert Kennedy (left) and Martin Luther King 
(centre) were murdered — America under Jimmy Garter lias moved a long way towards 
social stability, but the problems of inequality still remain. 


10 per cent in 1968, with the 
latest available figure, for 1976, 
down only to 9.4 per cent. 

This slowdown in social 
advance since President Johnson 
left office is even more marked 
when the poor are classified 
according to colour. In 1959 
some 15.2 per cent, of white 
families were-.on incomes below 
the poverty IeveL At the end of 
the era of the “Great- Society” 
this was down to 8. per cent, 
front which it has- not fallen 
very much since then (7.1 per 
cent! in 1976). 

For blacks the pattern is not 
dissimilar, but the numbers are 
far higher. In 1959 some 50.4 
per cent, of families were living 
below the poverty level. In 
1988 this was down to 28.2 per 
cent. The years of slow social 
progress since then have taken 
the figure down to .around 26 
per cent. — still far higher than 
the eouivalent fisrure of white 
Americans in 1959. " And since 
the nnmher of black families 
has increased by half over over 


the two decades the absolute 
□umber living in poverty has 
hardly fallen at all. 

it should be emphasised that 
these statistics are- based on a 
hard-headed Federal Govern- 
ment calculation of the needs of 
various sizes of family living in 
varying circumstances. They are 
adjusted for inflation once a 
year, but they do not suffer 
from the defect (previously 
found in too many British 
equivalent tabulations) of dis- 
regarding the aggregation of in- 
comes within families: The story 
they tell cannot be wished away 
by ouibbling about the statistics. 

Nor can . the unemployment 
figures. In 1968, when the 
national unemployment rate 
was 3.6 per cent., the Johnson 
Administration's economists 
said that alarm bells would 
always ring in the U.S. if the 
figure rase much above 4.5 per 
cent Well in 1975 it hit 8.5 
per cent., for reasons that will 
be painfully familiar in most 
countries of the West The fall 


since then has been encourag- 
ing — down to 6.1 per cent in 
February - according to an 
announcement in Washington 
last Friday. This is the lowest 
figure since October. 1974, but 
it is still not far short of twice 
the level of 10 years ago, when 
there was rioting in the streets. 


Disruptive 


Again, the contrast between 
the races is instructive. Over 
the past year white unemploy- 
ment has fallen by a fifth but 
the fall in black unemployment 
has been a mere twentieth. The 
figures for those who are 
potentially the most socially dis- 
ruptive are even more disquiet- 
ing — unemployment nf whites 
aged 16 to 19 has come down 
from 18 per cent, in 1975 to 
below 15.. per cent now. but 
the figures for their black 
counterparts actually rose by a 
couple of percentage points id 
the same period to some 37 per 
cent 


At this stage the outsider 
should pause to explain that the 
the observation of these social 
phenomena is not intended as a 
typical piece of British anti- 
Americanism. In political terms, 
or in terms of the everyday 
courtesies, the present genera- 
tion of Americans has undoubt- 
edly tackled a long inheritance 
of class-racial conflict with a 
vigour and a good will that is 
only too sadly lacking in these 
matters in Britain. Their poor- 
white or black — are far better 
off than most of the American 
poor of previous generations. 
The progress that has been made 
cannot be gainsaid. The doubts 
creep in, however, when one 
considers the next decade. The 
last ten years have seen a 
pause in the momentum of dom- 
estic social improvement with 
no concomitant resurgence of 
social unrest. It may seem to 
some people that this proves 
that there is nothing more to 
worry about, but can that be 
true ?' 

One way of understanding 
the serious nature of the ques- 
tion is tu consider the change in 
the age pattern of the American 
population. This is of course not 
dissimilar to the British and 
general West European experi- 
ence (babies became unfashion- 
able on both sides of the Atlan- 
tic nearly a generation ago) but 
because of the greater size and 
ethnic complexity of the U.S., 
the problem is writ largo. 

As in the British case, the 
post-war “ baby boom ” is well 
and truly over. It could be that 
this great ‘ wave of youth 
accounted for much of the 
worldwide unrest of the 1960s 
and that the various social and 
economic theories about that 
period are to that extent ill- 


founded- And it is certainly But would it be enough? The 
true that America is “growing great numbers of 25 to 44-yea r- 
older" — the median age is olds now coming on to the 
moving from under 28 in 1970 to labour market will coincide with 
about 30 by 1981 and. savins a a relative fall of the numbers 
sudden explosion in the birth- of younger job-seekers— tmt 
rate, will rise to 35 by the year that may be no consolation. 
‘2000. Under-educated blacks may still 

... . find it hard to got work: over- 

Some Americans like to educated persons of all colours 
explain the growing conser- win almn £ RnA that 

vausm of the country by this what is available is less reward- 

? nn C ?H l ^ nlh ? in s than they led themselves 
age ^ the faas,s ° f to expect when they went m 

“ can college. The social need, fur 
iqoS .£? l r “ n0W and them, will not be just jobs— 
P9PU; there might well be enough nf 
n those in the 1980^-but good 

^ and 44 — jobs. Every indication we have 
the baby boom youth pre- t0 _day is that large numbers of 

and **?"■ such people will be as frustrated 

SLST ec ^?if: J he pr ° cess has in middle life as they were 
already started, and some ansere d and afraid on the cam- 
sociology believe that it helps in Acir youth . 
to account for the slow fall in * 

the number of burglaries and T%Jrfc* iminno 
robberies that the FBI is so It 01 Unique 

A""."”' tau« of this kind are not 
the police reckon that three- th sort that Governments can 
quarters of this kind of crime do much aboul . They are not 
is committed by under*:*. (I unlque to the U.S. But in 
have my doubts abou all such Am ; rica people are most 
•police records statistics, but d wh P en the> - have a 

iSmSii SUEZ WUh vision and most frustrated when 
commonsense supposition). ttey endure the unfamiliar 

It could be reasonable to sit experience of coming up against 
back comfortably on these problems they cannot solve, 
statistics and proclaim that the It could be that the outcome 
only remaining social problem j s not social unrest but just an 
is how to finance the pensions increase in the number nf dis- 
of this large cohort in the next satisfied and bewildered people, 
century when it might appear i r could be that an unpredicr- 
that there will be too few a k»le change of circumstances 
workers to support them. One ij PS immediately ahead. We 
could then point to the room cannot tell. All that can he 
that still remains to employ sa i ( i i jo years after lHfiS. is 
more women (nearly hair of that when you think about it 
them take work now as com- there is something more 
pared with under a third in unnatural about this year's 
1947) or to increase the retire- calm than there was about all 
ment age. and settle for the that clamour 10 years ago. 
eoonon.ies of that kind of e,uo- J oe Ro „ a|y 


• -.1 - . . - 

Letters to the Editor 


■flpjal flllthnritv they first undid ‘the. In tbe U.K. ao advertiser can He must know that an 

wuniuiiij Cabinet overlordship . and 'went* normally obtain as much TV ex- organisation so created would 
• back to three separate Ministers, posure as is considered oeces- be so large (larger than 

Dancing • s « months later they used a-sary to achieve the objectives the combined Armed Forces?) 

° plan, for the creation,. •'-of a. set. Id Germany the complete and diffuse that it would be so 

t the Prospective unified Department of-.-.the opposite applies in that time on concerned with justification, self 

creative Parliamentary Environment which, bad - been TV is severely limited.- Whereas perpetuation. communications 
lidate, Hammersmith North worked out under Labour and . in the U.K. there is (theoretic- and co-ordination that it would 
-.—John Grugeon (March ? ro ? W al J y * ’. ,,ore 1haD 8® minutes of have little time for solving the 

Is richt The finanrincof had won the 1970 elee-. advertising time .allowed each problems he envisages. I am 

auWrities needs Sdepto H® n * Good ll 5j ck j : « ? e “: Th^y day with usually 60-70 minutes quite sure that the organisation 
unation The transfer of canceled the for taken up by advertisers on he sees could not operate swiftly 

ation and social serviSs to h »j°DC towns which had been averace. in Germany advertising and logically to the tenets he 
Seds of niwiv ^tJd ““dertaken by the Labour is confined to 20 minutes per day outlines. i 

il Government as a result of the on each of the two channels. , «. T ^ 

Preservation Policy Group On Sundays and 'Public Holidays 
live superfinal re-organisa- rep ort T- there is no adverticino tnat smaller . decentralised 

with which we have become * _ ... c \ ~ r advertising at all. or3anisation dependent on 

familiar. .The problems , ™ to . 8 wDg. .hundreds, -of. anerefoi-e media policies ia the. centre only -for. high techno- 
rae murkier' as . the oppoi^ “pal authorities to cleaning t his- each country are bound to differ logy - and .financial disciplines 
y for increased “Mickey- tone buildings-, renovating slums especially in Germany where a would be a better bet, par- 
sing ” between Government • .■ ■ cit 7 , centres . . . country- heavy-weight campaign would tleularly if the modern urge for 
local authorities is ex- P ark . 5 - • ■ etc.: .'.what, be eight spots per month with self-examination and to re- 
ed would be interesting to know is advertisers unlikely to get more structure every few vears is 

great deal of the problem " 01 whether the Conservative than two spots per week. Yet eschewed. Ind'eed. and* for in- 
aused by the absence of Government did anjihing about, such is the power of TV that stance, I am sure that there 
isions for reliable account- ![ ,.°J course it did— but whether advertisers queue up to get on would be more operating 
standards and detailed pro- ]t did. more or less about it than the air. This year some of the examples of his favoured techno- 
res in the local government Preceding and succeeding regional TV stations are as much logy — heat power stations — if 
, To-day the presentation of J- abou J Governments. That lies as 300 per cent, over-subscribed every county or region were 
government accounts is be >' on <* the . sphere of simple for the time they have available, responsible for solving its own 
Isteot neither from year to party polemics; • It is not unusual for the larger local energy problems. For my 

nor from authority to KenaeL branded goods' advertisers in' part I believe that we have 

ority. The equivalent of the House of Lords, S.W.l. . Germany to use two. three or energy-based organisations in 

:h (and other) Schedule(s) even four media, governed by existence not at all short In 

ic Companies Act, 1948, is _ the limitations and restrictions ability, dedication or expertise, 

nily needed. TV flflVArtlQHlG which also apply to radio What appears to be In question 

is also essential to have - a “fv*lWUI b advertising as well — a medium (perhaps amongst other things) 
rendent audits. The future i* which still . receives more than is the collective will, direction 

be Chartered Institute of 3lJ0C3tl0llS : twice as -much in advertising and a sense of urgency. What, 

ic Finance and Accountancy .. .. revenue than its counterpart in for instance, is haDuening in the 

nds upon the maintenance From the head of International the U.K. . matter of Energy PapeT Number 

; local authority “peculiars.”.. Media, OgUcy Benson and Michael Hook • 20 on he 2 t power stations, issued 

this reason it is -too rarely Mother * Brettevham House r,ver a "• e * r a "° afld.no doubt 

ared to shed light on the sir.— 1 refer to .the article on Lancaster Place. WCX twn - vears iT1 the makm 5 ? 

ral uses to ..which specific media - weight - testing by _ 1 _ The solution that appeals most 

ort grams are pul. Those Callaghan- O'HerJihy 'which B * to- me is an independent small 

hers of ihe public who find appeared on March 2. l lTOilTll^Pn and able technical group suoport- 

inlerpretaiion of company un-ji. i : wnulri nnt v-qhi tn ine a formally appointed indepen- 

ints difficult. find interpreta- ar ^“ e wftlT rSc- fnte?^^ ‘ ^ dent political committee given 

Of local authority accounts hlmJJbesis puf toward by Ihe CflergY the task of reviewing, monitoring 

ally inmossible. author nn Ihe subiect nf weiebt * and procress over the 

. i.rugeon was rather ^ JS ■ -T 'i S Snh- ara^in From My, W. Wilson.. . whole energy spectrum; Ideatistic- 

u-tipr* irlAnUfvlnn' lh»k rirolv. le *** H n f veriainij t ... .. _ . - 11 ,. 


i the Prospective 
emtittie Parliamentary 


GEIVERAL . 

Balance of payments figures for 
February. . 

European Central Bankers end 
two-day monthly meeting, Basle. 

Chief Jeremiah Chirau, Presi- 
dent of Zimbabwe United Peoples 
Organisation (ZUPO), arrives in 
London for five-day visit, during 
which he b expected to meet Dr. 
David Owen, Foreign Secretary. 

European Parliament in session, 
Strasbourg. '. 

Power workers' unions bold 
joint meeting on pay three days 
before expiry of national agree- 
ment, following their rejection of 

-Kririty . Councd's • unproved 
offer. 

Private inquiry opens into pay- 
train guards dispute. 

Sir John Methven. CBI director- 


To-day’s Events 


general, speaks at National 
Federation of Building Trade 
Employers' hinch. Royal Lancaster 
Hotel. W 2. 

Mr. Joe Gormley, president 
National Union of Mineworkers, is 
guest speaker at Westminster 
Chamber of Commerce lunch, 
Hyde Park Hotel, S.W.L 
Amalgamated Union of 
Engineering Workers women's 
conference. Eastbourne. . 

Housing Corporation announces 
its national programme for 
registered housing associations 
during 1978-79. 

PARLIAMENTARY BUSINESS 
House of Commons: Conclusion 


of debate on Defence Estimates. 
Motion on Industrial Training 
Levy (Engineering) Order. 

House of Lords: Scotland Bill, 
second reading. 

Select Committees: Expenditure 
(Social Services and Employment 
sub-committee). Subject: Employ- 
ment and training in the new 
unemployment situation. Wit- 
nesses: Manpower Services Com- 
mission {9-30 a.m. County Hall, 
Lincoln). 

European Legislation (sub-com- 
mittee 11). Joint meeting with 
sub-committee of House of Lords 
Select Committee on European 
Communities. Subject: Liner 


Conferences. Witnesses: Depart- 
ment of Trade (10.30 a.m.. Room 
4). 

Nationalised Industries (sub- 
committee .VI. Subject; British 
Airports Authority report and 
accounts. Witnesses: BAA (4 pm. 
Room 8). 

COMPANY RESULTS 
Brooke Bond Liebig (half-year). 
Ductile Steels (half-year). Klein- 
’v.irt Ben-.in l^r-dale (full year). 
Vosper (full year). 

COMPANY MEETINGS 
Investors Capital Trust. Edin- 
burgh. 12.30 Norfolk Capital. 
Norfolk Hotel. SAW. 12. 
Pleasurama, Park Lane Hotel, \V., 
12. S.G.B.. Waldorf Hotel. W.C, 
1150. Smallshaw (R.) (Knitwear), 
Hinckley. 12. United Scientific, 
Howard Hotel. W.C. 12. 




mm 


m£L" .-Vy -a— 


TV advertising 
allocations 


It is not unusual for the larger local energy problems. For my 
branded goods' advertisers in' part I believe that we have 
Germany to use two. three or energy-based organisations in 
even four media, governed by existence not at all short In 
the limitations and restrictions ability, dedication or expertise, 
which also apply to radio What appears to be in question 
advertising as well — a medium (perhaps amongst other things) 
which still • receives more than is the collective will, direction 
twice as - much in advertising and a sense of urgency. What, 
revenue than its counterpart in for instance, is haDpening in the 
the U.K. . matter of Energy PapeT Number 

Michael Hook • - 20 on he 2 t power stations, issued 

Brettevham House. " ver a >'« r and no doubt 

Lancaster Place. IV C2. >' ears 171 1he making? 

' _! The solution that appeals most 

. m * to- me is an independent small, 

IfTPStTIlSPn an ^ ah ' c group suoport- 

ine a formally appointed indepen- 
• dent political committee given 

energy the task of reviewing, monitoring 

. and urging progress over ' the 

From Mr, W. Wilsnn._ _ whole energy spectrum; Idealistic- 








-^ n accord Wftb what- he Wis L- Sir.— It- is -seldom that T find a!1 - v - perhaps, one would hone: 

do Teel. 'however.' that the open- myself in contention with the ? at j" 


ahkOnna nf na S UOl HUB at-vuuui. me wu w .1 n WIU> swure Itjisi .... „ ul ^ lll 

. kJt fondamental difference br- I must record my total disagree- and Powerful. 


w *«*« media avahibtitty and ment with his proposition for a w. L. Wilson, 
tniont and funj-uon. zerp- URagp in v.K. and West .single energy industry (March Ocktrood. 34. Chestnut Avenue. 

•X'SinS 6 ™”- ■ *V: OurtMH'r*. 

ultiplicated effort. - - T : “' • ’ 

Lame ducks and development funds in Ulster 

From Dr, J;- Watt and NIFC itself supported by an in- as a u lame duck." We note that 

e n Messrs. D. Hatfield and dependent report prepared by the the MFC has beeu credited with 

Jin ,/lT^nf H Stewart Irish. Congress of Trade Unions, the establishment of Glen Elec- 

This . experience influenced the trie, which was a successful 
n “*i« cfu , e J pcnd mie d<ld s *r, — As members of the legislation which established the business before being taken over 

natinq waste. original executive team of the NEB and the Scottish and Welsh by NTpA. 

iiy G. A. Cripps. ' Northern Ireland Finance Cor- Development .Agencies. It would be wrong to suggest 

Jill Lane. NAV.fi. poration, we should like to com- It is well known that, following lhat the NlFlTs decisions were 

ment on some of the allegations the establishment of these new tactical rather than strategic. As 

" j . l mide anainst thp cornnration on a number of lame ducks a . ee rtain Investigations, 

nvironmental ■!»«* Ihe corporauon were jnj^ed upon them by the MFC acted to influence fbe 

^ March 6. \our reporter wrile nniiticsi riiT-M-tinn ssmiiarir ihf* Province's infrastructure within! 




n\ ironmental March 6. Your reporter wriic« political Arectiim. r siiniiarlv. the Province's infrastructure within 

of the NIFC aB beiDS “ d,6 ‘ N1 FC was politically directed to certain industrial sectors. For 
irtlaKciS credited" and of “ the ensuing take over Ben Sherman and instance, it was soon realised 

accounting nightmare" follow- Regno, both of doubtful commer- within the MFC that Northern 
L nrd hcnnci in g ^ demise. Neither of ihe*e cia! viability. These accounted Ireland's metal fabricating indus- 

— Mr. . Eldon. -- Griffiths, criticisms..’ Is substantiated in the fdr"!'the majiir pari of the losses fries suffered from geographical 

Hi fi> is pn titled to remind article and we believe they d0 of the NIFC and subsequently- disadvantages when compared 

p-of all the good things he not reflect the true situation. acquired by the N. Ireland with the mt of the United King- 

nr Ihe environment between The establishment of a develop- Development Agency.' dohi and Europe. As a result of 

and 1974. but not 1 think, .ment fund inevitably means that Furthe cannot aw (hat 1 i Je investment in the 

pi> that there was anythipg a number of lame ducks will be . N1 pr jnadcauaic industry- in Ireland, steel 

new in this In October, assisted despite the requirement JJ* ' TOntrols orer i£r i?v4l- becarne ava: | ab L e at a pnce cora- 
Tbc late Anthony Crosland of applying contmcrciai viability rartSsTmitied hUoiir articJe E2l l,ve U ri\' th w. rest of a nrea ] 
ue Sceretarj’ of State for criteria. This situation was fore- gJgJJJ : l S!2?SJ5n T55S the 5, nta % *Il- has b ? en ^ nflrmed 
mat Planning and Local seen by the Cairncross Committee j(SFiSqtad?d th“ roptinuous ! 6 « that this continues to apply 
rnment: he was thus them Ulster at the height of the monitoring or each casebv an ^ , 

overlord Cabinet Minisier political crisis in 1972. The MFC SSutiveVho regulariJ?e^rt?d f P conclusion.tberefore. we 
the Environment the was set up not only to "fight d "^em- entiesms of the 

iters of Housing, Works, etc. fires " but also to help restructure w/ti) ™ n the MFC itself^was NIFC , iI T flJied . ?' our art i£ le 
ig tho Cabinet at that the base of Northern Ireland’s Sril ^'aalh' hv ™"»‘ be snh^antiated The 

industry. With a high calibre SXi ^ ■ SBiiS!7 XTFC has not discredited. 

* the autumn of board of directors (Sir Charles a . nor did St suffer from veak 


Lnrd Kennel 


0 during the autumn, of board o{ directors (Sir Charles Jgjj " 1 AerotrattSS- « or dl 1 il su ^ r fr ? m veak 

there was thp Fabian Villiers was followed by Mr. SmS? the ^rfBwofl Se supervision;. twas an 

-hlrt (published with Prime Kenneth Cork -as chairman and “(SSrollS and Audflo^GwiereL I ^r , “ eflt ^2' ant . t0 V 16 need 
serial approval) ControlUno other directors included senior comptroller and Auditor benerai. of lts tll0e performing its fums 

^niircmmcnt Which set otft industrialists from Britain and Referring to specific cases, tion m as professional and com- " 
it Structure and theory for Northern Ireland, as well as the take Strathearn Audio. The petent a manner o$ was possible : 
and there was the setting Permanent Secretaries of original poocept of Sttathearu as in Ulster's difficult political, j 
<■ the Royal Commission nn Departments of Commerce and initiated by the MFC was for social and economic circum- 
Environment.' In the aprins of Finance!, the MFC uttempted a joint venture company hawiq stances. 


managing director of 



Or howto 
schedule yourself 
some relaxation 

On your way to Asia* or 
Australia* stoppver in Malaysia, 
No matter how tight your 
schedule, it’s a relaxing and 
inexpensive break in an 
arduous journey. 

For as long as five days, 
for just £4 per night, you can 
discover fascinating Kuala 
Lumpur. Or for a little extra 
(airfares only) explore the 
sweeping beaches of Penang, 
or the swirling, busy, multi- 
cultured city of Singapore. 

At the end of it all you 
settle back relaxed and 
refreshed in the roomy MAS 
DC-1 0-30 for the rest of your 
flight. And enjoy all over again 
famous MAS Golden Service. 

Ask your Travel Agent or 
MAS office for the exclusive 
details of our Stopover Holidays. 


♦With connections at Kuala Lumpur 



Fewer seats and more 
room than any other 
DC-10. And there’s 
always someone 
_ there when you need 
$ her. 


/a ... 



S- - « 


shed the White Paper The constraints established by jb p widely employed in developing p R. Hatfield 

. C tinn of the Environment, Order 4n Council upon which it economies throughout the world, (formerly MFC executive), 

i laid down the lines fol- was founded. v the original plan for H. M. B. S tew-a rt 

l bv subsequent Govern- A number of these constraints Strathearn been implemented as (formerly MFC executive). 

* - ‘ have subsequently beffl removed, defined bv the- MFC. we believe 3. Wffmn House. 

ien the Conservatives came largely due to the efforts oE the it would not now be referred to 87. Rnightsbrtdgc. S.W.L 






■ • —a -V • .. r - i *-* 




■ ‘':V* *5 : : 



Fly uiiiiATbuchafCdd 



malaysian airfine system 


25-27, St. George SL 
Hanover Square, 
London Wv ... „ 

Tel: 01-629-5391/4. 


4.' 


I 






Rolls-Royce Motors up to a record film. 


AFTER RISING from £3m. to 
£3.67m. in the first 24 weeks, pre- 
tax profits of Rolls-Royce motors 
Holdings finished 1977 ahead from 
£8. 63m. to a record film, on turn- 
over of £I2L94 xzl compared with 
£104.51111. 


HIBHUQHTS 


Current 
. payment 

C. H. Bearer ..... -int. L65. 

Cement BoadStone ........ L 2-99 

Dawnay Day int. 64 

■ • _ IOU Enterprises _ 2^ 

aAWil • “A VM Merchants Trust Ui .. 

.. •+ I 1 If* Merchants Ware mL 0.33 

U dUX lllli t D. and S. Rxvlln ...int. Nil 

Rolls-Royce Motors 2.48 

Thames Plywood JnL 0.75 

January 31, 1&7S, subject to tax George Annftage 1^3 


DIVIDENDS ANNOUNCED 

• Date corre- 'Total 


of Spending: 
payment dfv. 
May 15 15 


FINANCIAL TIMES TUESDAY MARCH U J$ 1 

Cement Roadstoa 


Apr. 28 
May 31 
Slay IS 
Mar. 31 


27% higher 


May 9 


, _ ~ rrr~ rrHand's largest wim a m ueot te 

- • ■£§* sas&Eifii ^ ^ * "J 

Jl DC ■ 1 aaA i 4C " npr fML from 


a«iv»p» - *»- 

nlfiSm. to a record £14. • • m. tor pstpnuj *j»r« IIWIH uijm 
1977 on turnover l&u per cent, Tradins wte* - — . HW 
tether at £13437m. gSRl «“■ ' g 

In September, reporting a m Ddm tu li» 

hi risHn profits from ; £*£ 

to £6.63m. toe tarerto ” ££ T^*SSd« 
exp ected full year results to snow profit* 

artaaonaWe improvement on Making ... .... Ukr 

1976. Awlictblo w OWL I U* 

Full wear earnings are smown 0rtf . divMen da Uat 

. *2? £Tfimil458B to 17.43P 1 After «4a. ■ 


of S44M aim n^ed with £41583, Dividends shown pence per share net except where otherwise stated. jnl£Bm. to a record £14*. Esternal *£* 

ta«Sto2 . * Equivalent slier . allowing. .tor. .crip issue. tOu Capital. Sw on turnover lSu> per cent. Tn£» *«*.* 


a drop from 2 p to ISp increased by rights and/or acquisition issues, 

per Sp &hare for the frill year. 


Basic earnings are shown at 
1057p (8.79p) per 25p share and 
folly diluted at 9.7p. The final 
dividend is 2.4572p net for a 
45972p (3583SP) total. 

1977 UTS 
£099 BOO 

Turnover HUMS 194410 

TTadiua prtflt ZJL.4S1 8JU 

Loan stock Interest 456 4*8 

Pre-tax profits 2X403 M34 

IMC. tax 4.087 L988 

Foreign tax .... ... UC0 USfi 

Net profit 5.33V 4450 

Exchange losses — - 308 1497 

Extraordinary credits 1438 — 

To minorities ti U 

Interim dividend W7 852 

Final (reco mmen ded) 14® 1,155 

Retained 3438 2443 

t Gains. 


Rolls-Royce has pushed -pre-tax profits some 28 per cent 
at higher although part of this reflects the run-down of stocks, 
and With the publication of the Barclays Bank annual report Lex 
5nai discusses the wider aspects of bank disclosure and the possi- 
r a hility of the Leaeh-Lawson accounting roles being dropped. 

The column also concentrates on the currency movements yes- 
«« terday and the stock market implications. A strong all-round 
£sifl performance at Dawnay Day has almost taken half-time profits 
Ma to the level achieved in the whole of the previous year. Parker 
Timber gained volume growth, but higher costs left profits 
Lag lower by more than 20 per cent while Cement Headstone has 
substantially increased its dividend on the back of a 26 per cent 
1487 profits gain. 


An- interim dividend of 0.75 p 
(0.7p) net has already been an- 
nounced. The total for 2976-77 
was LflSp and pre-tax revenue 
came to £287,000. 

The net asset value of 
Ordinary ; Glares stood at 107£p 
at . toe half-year end Compared 
with ll4ip at July 31, 1977. 


Dawnay Day recovers to 
£0 93m. at halftime ; 


Final (reco mmen ded) 1,269 1,155 reception exceeded expectations 

Raiainefl — .... 8438 !M hut the company was not able to 

T GalnH ' meet the subsequent demand 

Direct exports from the TJ.K. because production for the year 
of all products amounted to amounted to only 2,872 cars coxn- 

£4 5 23m. (£39. 62m.) but group pared with 3,261 in 1976. 

turnover in countries outside the - The reasons for the poor output 
U.K. rose from £50.96m. to were the manufacturing problems 
£59.99m. arising from the engineering 

Contrary to previous practice changes themselves; toe dis- 


ux luc picviuus year, rarkei -w-^ ■ 

but higher costs left profits I lOWTinim 
while Cement Roadstoae has ” Akl WA U. 

d on the back of a 26 per cent . 

— . ■ at Parker 

Advance by Timber 

■» -- * . " TURNOVER for the six montl 

iV/i DPAn Q ntc September 30, 1977- at Pa 
-Lv ivl vilulltlj ■ Timber Group rose from £20. 


PARTLY REELECTING a turn- days of 1972-78 when that business Sr^^Rto^and^e^ivM’S JjJSiBl « rHBta 
round from a loss of to alone made £*7 hl, hut rfter ^ m ^io635p to 

_a profit of oaumjA investment several years ^orttarnkfagb final of 2^3p. A ^ 


banking, Dawnay Day reports a again on a firm fooling. The 4J*p ^ 0 CO I 

Jump in pro-tax profits from trading subsidiariK.wWch include two-&^Gw«® trains 

an AfWI fA rMflAM Air rba civ cororal garioii nrftfff N mtube— i ftv*b DPOTOSW. ;V r a “ . 


comment 

ilnst a fiffl in UK--; 


“ontts to^Decentoer B, 1977 UMgu mei^fa^.food.mill.. The anclors ^ rSSSS* ton^e^ 


Profit for the 2970/77 year was mg, film supplies, bfecito maqu- ^ profits increase .was duetoa kmokuw^. 
£947,000 compared with £52,000 for tectumg and food importing — farther significant increase in toe 


£847,000 comparea wim £M,ouu tor ractunng ana iroa uuparnng — farther agmucam murra*; ---- *he ctdihi £ 

1975/76 and a loss of £L73im for have shown miotoer good per- contribution from overseas in- LJj a f pSteto 5 
1974/75. formance with half-time profits up Crests: some improvement m 


1974/75. 

Mr. E. P. 
man, says 


rormance wim uan-mne prun» up terests: some unprovemem «* — ^ Cement Readtfa 

>. Hatchett, the chair- 42 per cent, on the comparable volumes in the home market ^benefit 

that the trading sub- period. One of the ! main features Continued buoyancy in hJ, 


»«m ^ *. si x s|SSSS 


Trust 


Tiib«rGnmp ’ rose from mum. JSSSiTtoTifrttaS; ^ wi* thoqood ^ “ •**-. «* Z 

to £22-74m- but. after depreciation a jn UC b better performance by the the unit trusts, interim profits 1 PF *».« noUcy eomium* 1 ’ 

of £312,090 against £272,000. and fjwvi eection. show a near six-fold increase over reflect the po £3lm. was spent, some £j 

Interest of £160,000 against S9.000, f ^?,e^2gS unit trust companies the comparable period and of continued too Katin «mert 

pre-tax profits fell from £L74m. a «yjjA T pri mod results he saw hut almost match the whole of phnt. they add. In 19*7 ment. now com mg on stni 

^ JgJBgta (takes fHO.000 com- JfTR "SSjf l*wm. profit For the 4reS him. was spent on fixed invest- ^ 

pared with £906.000. . faced more difficult conditions, year Dawnay Day could get close men*. , , . . hn ndimrs , g5< ^S?Shw l i' 

Prcxfits for all 1967-77 came to Lower interest ntos led to a to £2m. pre-tax. _ Taking a line The gxwips tend JOTSS 


the directors have decided, m rapbui of the. production GROSS REVENUE for the year *> £L37m. Tax takes £710,000 com- ^ U fe assurance subsidiary 1976-77*s profit For the current £21in. was spent on fixed mvesi ^ on plant repfe 
accordance with ED 21 to remove brought ^ontby disputes In the to January SI, 197S of Merchants Pared with £906.000. . . ^oredScult ronStiSZ year Dawnay Day could get dose men*. ... hllflf , irars fVnotoer 

exchange gams and losses on the suppbrmdustry ; and the loss of Trust rose from £2. 19m. to Profits for all 1967-77 came to Lower interert rate led to a to £2m. pre-tax. Taking a line The groups tend tmtofangs invertment prognugme 

translation of net current assets coadi buflt cars caused by a 16- wam , and revenue before tax £2 74m. and the dividend was marked decline in sinele through the interim tax charge have been valued, as at Decern scheduled for toe oimq 

"HyaSi. ffi 5S«5l« fnSTSLtSSJS: ZESt* £rA SnJS %££.* totoe e second » a prospective p/eTls ber n. "f 7 - A.'SfSSk •SftSSS 

sterling from trading profit and Ward Division in London. _ _ _ . . • memhnrv w»ro ihat fumover hirt annnal nn-mfum hnaiiwss has at 36|p. or over 10 on a full tax valuers. The surplus oyer book 0 jd cement works at Dn 


to show them instead as a special The directors are encouraged by 
item. Comparatives . have been demand and. provided toe corn- 
adjusted. pany remains free of Industrial 


Air. L J. Fraser, the chairman, relations problems they see 1978 r°if £*1° ?„ 
lys the company is investing for as a year of new record levels 01 1 - op ' 


growth and toe prospects are ex- of motor cm* output 
citing. Demand for the major In un&t terms diesel 


engine 


and a further successful year’s profits for the first time for 6.3 per cent 
trading wonld be enjoyed. several years, he states. And there 

T*. directors „ the softwood a TV/TJ 


product lines is good and 1978 sales were 10 per cent up 00 the imprest Mfl'co raiitM il h v 61 ^. 0 Jf, ^ realisation of~’~to vestmen ts and 

has started with a strong momen- previous year (including military Cr0sa re»eaoe -s^asw SLiss^sa continuing recession m 


uiu akuiuu thiui a auvuii uiuuw-u- j/ipi<vuq jedi (iDCiudiOET militar y “ ,VM •«- «v«“v - -i Wm wi «wiww 1 |- «.. « 

turn. Expansion programmes in- engines and knocked down kits i£-S® construction Industry, 


iiaaui tfiu^ouuiiu *■» ouu lUlULlVCU UtiKU nn.> llph ami 

i tea ted in the last three years are for export} but diesel engine Revwm 
starting to bring in the new turnover at £S1.75m. was 32.5 per Ta 


properties. 

After an absence of three years 


ind loan interest 132424 105395 although turnover continues to be 311 an T euce 01 y e «5 

*e before tax ... tzsEoi Vm.m StisSrtora Bv contrast Parker company is resuming interim 
«M10 ra,s» 5SSKr^2IL-S - dividends with a payment, of (L5p 


OL4X* LfUo Uf U1 CU. Wl.ivrn. n<D 0^-0 — ... IIM^N fiS m Knw !. awv/nnvt<v . vui lucuua WiUl «t UdVIUem. U2 

capacity which wiH enable the cent higher, due to a better ggp^gggS-J — J per Sp share, absorbing 


company to meet market demand product mix, to cost inflation and Barnlnq far oid! — 
at a much higher level. to increased sales of spare parts. Ont <tMtten<u ” 


isv.njf 37.191 high level of business and Parker n<t& non i 5 cf cmni. 

HJfS toternationaJ a period of etreng SW J2SS.' 


Midway slip 
by Thames 
Plywood 


amounted to 123.05p (92.02p) per pens borrowings may wd 
chare a sizeable jump from the < 

Group poliw in accounting for £25m. Meanwbile the dx 
deferred las has been altered *0 J27p ftxp 6p) stand on a 
comply with ED19 and compare* 7.1 and yield 6.1 per cent, t 


lives have been restated. 


three and a half times. 


Qualified success 


to increased sales of spare parto WH £SS£ SSSSEtSa Sto°V^SSf- ™y**&**^* 

For the first half demand for at toe vpar end total net aacetc ineiv ^ W°« extraordinary items are 

engines was maintained at 1976 st^d at f£?LSS^flJf l“P«>ved profitabiUty. shown as 2Jp (0J6p) per share. 

levete During toe s«ond half SSt, 1 'iofSSrt/Sl to?frir«2: • Comment 


Depute an increase in turnover 


Any constraints are Ukely to order Intake Improved to such an mentdollar premium £3i)4m _ Moamnomna 

came from toe ability to manu- extent that despite planning for (vrtflflm ) ^ SP®*® bf weaker soft wood ivadias profit toss 273 1 19s 

facto re in toe right quantity and an upsurge, the division is cur- .. , " ... * prices, • Parker Timber has Trading s«bs.~._ 551 415 loti 

^j£ 5 Sf n £o^ I -I I 

p“d r 'uSr^ Js coiS , n u“ p '5 1 £ f f P ^J‘^l r t lutnle ' 11 10 Z « sr-*- ■£ £ js 

dustrial relations throughout the present rate for the next two p6r share * c f nL la ww— have been hit by toe Taxauon m ss m 

automotive sector are thus of years under current programmes. The 'number of Ordinary units sharp rise m overheads. Neve rice- ^ — Si « *2 

critical importance. Diesel engine capacity continues was increased in August less, the results are slightly bet- ^ w m 

The year 1977 was one of only to. be e^nnded and it is ex- 1977 from , 49,660,702 to 50.401^304 ter than expected, mainly because * Loss, t After minority in 

Qualified success. Production, uar- uected that wiiirin a few vMn 85 ? result of the conversion of of- p»rir«i- intanvatinnafo mbsidiarte. 


before extraordinary Items are from £846,000 to £1,089.000, profits 
shown as 2J)p (0J6p) per share, of Thames Plywood Mansfacturers 
Sbc roomhs Year dipped from £74.000 to £71.000 for 


at growing rhythms of output, rently having difficulty in meeting a a rS? u S , i? 1 i? M P rd ii , ? ry increased first half sales by 13 

which in turn deDends on sat>- ahr»rt term rfp.mnnH stock (after deducting prior . ... 


charges at nominal value) were pCr ^ en J* 


■? Invest. . 

voiume Parent expenses 


cent lower— have been hit by the taxt " 


Six mottLhB 

lfi!7 

isrs 

saw 

£000 

LOSS 

279 

391 

415 

143 

a 

3M 

niM 

10S 

68 

48 

51 

va 

ICO 

zre 

38 

881 

72 

259 

19 

1.060 

M 


Rivlin loss but sees 
recovery in 1978-79 


f£4.63m.); 


subject to tax of £37,000 against External turnover of L D. and S. faBj (togm.***, 
ig? £39.000. Profits inctade temporary Rivlte Holdings, unporter, whole- £2.09m. gaMm.\tan »t 
L0 S empJoyineirt snhsklte of £47.000 saier and retail distributor of WW 
49 (£72/100). clothing and textiles, was ahead Directors say tnat exciurn 


49 (£72400). 


cinuuio; turn itAunw, *»«** t - - • u 

The directors say they expect at £3.9 lm. against £5.3 lm. but the sales of ?* ,0 P s J^I , *52_ h ^‘ 


second half profits to exceed company incurred a pre-tax loss closed since ^October 31, 


smuiuvuTE «UV‘ IU 1 UC 1 VUUCIH UlUgfdmiUGk , , j . . Pnnnn) 031 aa 

critical importance. Diesel engine capacity continues n LJ? s ? e was increased m August less, the results are slightly bet- SiSt* . “ i.om n 5S 

The year 1977 was one of only to be e^nnded and it is ex- 1977 from , 49,660,702 to 50.401^04 ter than expected, mainly because * Loss, t After minority m 

qualified success. Production, par- pected that within a few years ?f n f 45 s ? 11 of the conversion of & Parker International’s export “Canaries. 

ticularly of cars, was held back the turnover in. diesel engine Loan btQCfc shipping and packing activities (30 _ . • 1Q77 

by manufacturing problems products will almost match that At January 31. 1978 the port- per cent, of profits) which have • Comment to 9? 197M7cme » £ 

“ESZSFK 'a < bene&O^from the upturn Dawnay Day's investment banking ^AflnSdSSEt ?PL 

in the year, by labour disputes the introduction of a sum U^. and 3.9 per cenL else- estoblished Lt ^ 

both in the company’s own to tbe Silver Shade* in some w *»ere overseas. However, with the continuing fall 


i*4 those of the first. In November for the half year to October 31, there was a o per cent 

7ss they took toe view that futt-year 1977, of £117,600 compared with a retell sales during jwrt 1 

« profits could reach £200,000. profit of £201,000 last time. Profit There has been a mark 

First half figures esetade tbe for the 1976-77 year was a provement in sale? since I 


« profits could reach £200,000. profit of £201.000 1 
k* First half figures exclude tbe far tbe 1976-77 
w results of Technical Panel' Indus- depressed X6&29S. 

SSf- » The directors st 

sold m September 1977. Profits i 


■ofit of ^01^00 last time! Profit There has been a mark 
r tbe 1976-77 year was a provement insoles smeel 
.pressed £ 66J0 8 ber and Christmas tramn 

’ . . .. . . much belter than last yea 

dosing of shops which ho 


both in the company’s own to tbe Silver Shadow in some 
factories and those of many of its years’ time and part of the outlays 


However, < 
in timber 


suppliers. As a consequence the on this model change has already 
opportunity for a useful leap been incurred but thy work is not 


forward was missed. However, impeding the continued growth of 
thanks to able marketing and car-making capacity overall. 


rigorous cost control, part of tbe 
damage was made good. 

The year began with the intro- 


SECURICOR 


as ©saw »=.. s jt- ssssjrhsuw sssssmtis. 


The report and accounts of 


Glendevon Inv. 
sees fall 
in earnings 


l c'preiS comment SSSTSJ^-mSSS B = SSV 

nefiting from the upturn Dawnay Day’s investment banking or £232^)00 excluding TPL thrv longer than anticipated, to 

i with eastern Europe, operation has built upon the The interim dividend is effec- ^ tS but tiie policy is proceed! nf - 

■ with tbe continuinc fall recover 7 established last year with lively raised from 0.6S5p to 0.75p co ?f!. ohnJiM fast a rat ® as ^ commen ■ 

n trie* 52? profits ttearly wt Pet 25p 9bare. Ust year? C?lK?f2S&2SS l £ the restricting closure los 

ir Prices (latest Russian up on the previous six months. At final was lJ3p. W profitability in the reasonabIe level. 

- ’ Thc wholesale and Imp 


softwood prices are down 20 per £350.000 the profit from banking Thames Plywood is wow a sub- 1978 ’ 79 year 


cent, on a year ago) the company is still a far cry from the heady sidSary of Ashley Trust 

will have to make provision for 


There Is no interim dividend division has not yet felt tl 


losses on forward contracts, and 
fuU-year profits could drop back 
by about a sixth to £33 m. On 
a full tax charge the shares, at 
108p. are on a prospective p/e of 


version Silver Wraith H. The circulated to members. 


more than three times 


C. H. Beazer confident 
after mid-term rise , 


this time compared with l~l7p — 
there was no final payment test 


benefit uf lower interest 
and toe improvement in the 


year. Tax for the six months took ^ ^ pound. Due to the 


£8.000 (£98.500) and tbe loss came Previews of the autumi 


out at £127.900 (£100,600 profit) winter 1978 ranges have 


£140.714 for the six months to assuming the maximum dividend. ON TURNOVER of £&84m. stffl proving extremely difficult 

ja^aint £399m, C H_ Beazer but it is now possible to see a 


after minorities.- very well received and cusb 

Turnover was split as to whole- orders placed are consld. 
sale (including manufacturing) higher than last year, they 


77iis announcement appears as a matter of record only 


we****- 



(Holdings) lifted profits from slightly less difficult market tor 

£322,000 to £369,000 for the half certain activities and products — anmnn a ■■•vri re*n a ■ n-r ire 

year to end 1977 before tax of and the directors expect there no THF nfl P R|>H A lU I S I R 11 Si 1 i 

£192,000 (£187,000). be a small upturn in the general 1 Itli-ltWlIrtlte ■ W ■ nU« 1 r 1-1 

The directors say trading con- level of operations. > . • trw CI . 1U ,- DT neucAki 

ditjons remain difficult but the • ManagerS““KLEINWORT BENSON 

situation is improving and if cur- • Comment * 

|JSS 5 c ™Sd P ^ n cSa& th ' 5 oetwwn tEBmrt PRF1 IMIHARV AIM0DHCI.IIEIT RF RFSRI T 


-n,_„ ““ e/ i. current and pre\Tous first half 

S n r ck o f af ?„ r SFh off S JSa , ft. b dSTSpT2 FOR THE YEAR ENDED 31st JANUARY 1! 

SS 0 ? p,t TlS i hM t SdS r ^ *• 7,10 total dividend ,or Ihe ' ,ear is 2 -®p - an inc '’ 

something over „ i a< a «kSh - 14^ per cent, on last vear. 


Managers— -KLEIN WORT BENSON 

PRELIMINARY ARN0DRCEMERT OF RESULT 
FOR THE YEAR ENDED 31st JANUARY 197 


REPUBLIC OF PANAMA 
U.S. $170,000,000 

MEDIUM TERM LOAN 


Managedby: 

FIRST CHICAGO PANAMA S A 

THE BANK OF NOVA SCOTIA INTERNATIONAL LIMITED CREDIT LYONNAIS 
GRINDLAY BRANDTS UMTTED KREEHEIBANKN.V. 

LIBRA BANK LIMITED TORONTO DCMNKDN BANK DE*PANAMA SA 


Comanaged by: 

BANCXE BELGE LIMITED EUROLATINAMERICAN BANK LIMITED 

subcf ol dieSoddleOCnvrdlr deBanque Group] — EULABANK— 


£100 000 wver P and 1 account . As a result 

Thl ini nrim ^ tm i Pro-tax profits are weS over a 

^IL. be V'^S’ XXired £ further eaS&ki£b} 

tore b^SSiSSble 2r01 ” 1C ' £20 °- 000 

meats li\ both the rate of lettings r™™” 

and sales in an the countries in At tbe trading level there seems 
which tbe group operates and little to get excited about in toe 
this trend appears to be continu- to" 5 * six months. Beazer has now 
ing. . completed its disengagement from 

Since the end of the half year the troublesome French property 
the group has disposed of its re- market, and is now looking for- 
ma in Lng French projects. ward to a more buoyant second 

The private residential building half. Tbe private housing side is 
sector continues to make a con- showing an upturn. And Beazer 
tribution and barring unforeseen is widening its regional spread of 
circumstances they believe that bousebuflding activities. But the 
in 1978 markets will continue to cost of this, together with the 
be satisfactory. replacement cost of land (there is 

They are widening the area of around two years life in the land 
housing operations although this bank) is high; and £i m. repaid m 


14.3 per cent, on last year.. J 

Net Asset Value per-unit at the Year End was 84p4 
increase of 9.1 % bn last year. * 



1978 1977 

REVENUE AVAILABLE FOR 

ORDINARY STOCK (Net) £1435,000 £1.145.000 

EARNED FOR ORDINARY STOCK 
(Net) 3L65p 23! p 

DIVIDEND (Net) ZMp 2375p 

ASSETS— 

Value of invested funds £48,767,000 £42.997,000 

Attributable to Ordinary Stock £42358.000 £33386,000 

NET ASSET VALUE PER UNIT OF 25p »S4p 77p 


(Membcf oldie bod dtvO^nvrjlrdeBanqueGmip] — EULABANK— 

THESANWA BANK UMTTED THETOTOTRUST&BANKINGCO^LrD. 


becomes ever more difficult as property borrowing has been off- 1 
the Community Land Act begins set by a further film, funnelled I 
to have greater effect. into private housing work. Profits 

The operation in Nigeria is tors year could reach £790.000 
maintaining its planned pro- against £616300, and at 55$ p (up 
gramme. 4JpJ toe shares stand on a pro- 

In the contracting and spective p/e of 8 j 8 and yield 11.7, 
specialist activities conditions are folly covered. 


DILLON, READ AND Ca INC 


BANCX) DE LA NAQON ARGENTINA CUICXIRP INTERNATIC^AL GROUP 
EUROPEAN BRAZILIAN BANK UMTTED REPUBUC NATIONAL BANK OF NEW YORK 

— EUKOBRAZ- 

BANCO NAOONALDE PANAMA 

Provided by: 


*Tfie number of Ordinary Stock Units in issue incres 
by 740.602 to 50.401.304 as a resuit of the convert 
of Loan Stock. 


Peak £34.7m. by Kodak 


The full Report and Accounts will be posted 
Stockholders on or about 14th April, 1978. 

Annual General Meeting — 20, Fenchurch Street Lond 
E.C.3. Monday 8th May, 1978, at 11.45 a.m. 


IN 1977 Kodak consolidated the As already 
progress it made during the pre- revenue for 


known pre-tax 
1877 rose from 


THE FIRST NATIONAL BAl'flCOFCHICAGO THE BANK OFNOVA SCOTIA INTERNATIONAL UMTTED CREDIT LYONNAIS 

Panama Branch 1 Panama Branch 

TORONTO DOMINION BANK Dfe PANAMA SA GWNDLAY BRANDTS SA. KREDETBANKNM UBRA BANK UMTTED 


vious year, says Mr. Jora Moor- £L24m. to £Z.4m. and the amount 
foot, tbe c ha irm a n in a report to available for Orffinary share- 


abbey panels ltd_ 


employees. 


holders is up from £754476 to] 


8 ANQUE BELGE LMTED THI 
(Member ot theSoOM Generate* Bmp* Qtwpj 


CITIBANK. N A 


EUROPEAN BRAZILIAN BANK UMTTED 

— EiJROBRAZ— 


THESANWA BANK LIMITED BANCO DE LA NACION ARGENTINA CITIBANK. N A 

Panatra Branch 

REPUBLIC NATIONALBANK OF NEW VORK THE TOVO TRUSTS: BANKING C(X LTD. 


Total sales of goods and services £855543. Tbe dividend is lifted 
hit records both in the ILK- and Irom 4,B5p to 55p. 


overseas, 

matins 

states. 


overall profit 
maintained, he 


Directors say there was some 
redeployment of funds from toe 


THE BANK OF YOKOHAMA UMTTED 


THE DAHCHI KANGYO BANK LTD. DGBANK 
Deutsche Genouenschatebanfc 


Sales by toe Kodak group toe UJC during toe year 

reached £224.701. in 1977 — an a™ tois together with the rela- 


The Annual General Meeting of Abbey Panels Limited 
was held on 13th March at toe Sheraton Skyline Hotel, 
Hayes, Middx. The following is the circulated statement 
of Mr. E. Loades, Chairman. 


EUROLATINAMERICAN BANK LMTED BAI^OFLONDON AND MONTREAL LTD. 

-EULA 8 Ah 8 <— Nosmu Bahama* 

BANQUEa»(TlNENTALE DU LUXEMBOURG SA THE DAIWABANK LTD. ELBtOPEAN-AMERICAN BANKING CORPORATION 
THP HOKKAIDO TMtKHOKU BANK Lm HYP(»ANK INTERNATIONALS A THE KYCWA BANK LTD. 


increase of 22.6 per cent on 1976. tive changes In the market values. 
Exports from toe UJC were up by b&s been responsible for tbe 


29.7 per cent to a record £SS.48m. proportion invested in toe Ujj. 
BarmngB, before tax, In 1977 falling from 40J. per cent to 2«5 


THE HOKKAIDO TAKtKHOKU BANK, Lm HYP(»ANK INTERNATIONALS A THE KVOWA BANK LTD. 

THE MTl^UBlSHITRl^ AND BANKITKi CORPORATION THE S AlTAMA BANK, LIMITED SOdETEEUROPEENNEDEBANQUE^L 
ALLGENO^DHJTSCffiaiEWT-ANSTALT BAT® (^LOI^XJN/^SCXTTH AMERKlAlJVffrED BERLINER BA WINTERNATK^ 


rose by 21B per cent, from per cent. Other overseas inv&st- 
£28j2m. to £34. 75m. Net earnin g s mento also showed a relative fail 


This financial year to toe 30th ^September. 1977. has 
again been a difficult time at Abbey Panels Limited, but 
it has been made easier by dedicated hard work by the 
: members of the company, therefore*! am not disappointed 
with the results. 


for the year, after taxes up from from 8.9 per cent, to 6.4 per cent. 
£H36m. to n& 23 m .. TOcreasrd with the UJL- proportion rising in 


ILLGEMEINE DEUTSCHE CREDTr-ANSTALT BA^ OF LOI^XJN/WSWJTH AMERICA LIMITED 

Panama Branch 

THE COMMERCIAL BANK OF AIBTRAUAUMTTED EUROPEAN ARAB BANK (BRUS^LSJS A 


BEFUJNER BANK INTERNATIONAL 

Scoalc Anonyrnc 

FIRST PENNSYIVANIA BANK NA ' 


INTERNATKWAL COMMERCIAL BANK LIMITED JAFftN INTERNATIONAL BANK LMtED MAIBL BERMUDA (FAR EAST) LMTED 
PEBSCH FELDKtNG &PIERSON (CURACAO) NL UNITED STATES TRUST COMPANYOFfEW YORK 
THE YASUDAmiST AND BANKING CO n LTD. ASSOCIATED JAPANESE BANK {INTERN ATIONAU LIMITED BANCO CENTRAL. SA 


from 03J7zQ. to £16j2m. 

Dividends declared for 1977 
amounted to £llm., with toe 
badance of £5.5m. retained for 
Use in the business. 


consequence from 51 per cent, to 
19<< 67.1 per cent. 

The Trusts’ balance sheet . at 
the? year end shows that invest- 


The turnover for toe year amounted to £3.488,173. com- 
pared w ith £4.424.H4 in the previous fifteen month#/-- ^ 
£549^^ before taxation o£ £433,924. compared wl^ 


Assessing 1977, which toe chair- ments fated at market values m 
man describes as a creditable ® 228.43m. 


THE YASUDA TRUST AND BANKING CO, LTD. ASSOCIATED JAFANESE BANK {INTERN ATIONAU LIMITED BANCO CENTRAL. SA 

London Branch ' 

BANCO DIROMA (CHICAGO) BANCO UNION, CA THEBANKOFADELAK5E BANK LEUW GROUP BARCLAYS BANKS A PAEHS 


year, he says the two events “of £l3 .QSm. (£17.87m.) 

out-rtandiug significance ” bad elsewhere. A statement of source 


the launch of 


and application of funds shows a 


instant products in the UX, and of JE60L000 

the commencement of develop- (£317.000). Prudent ial Assurance 


An interim dividend of Op .per share (net) has already -' 
been paid in September, 1877, and the directors 
recommending a final dividend of 1 . 34 p per slSre (nert_>iK 
T^refore toe total dividend for the year represents ab^ ’■ 
effective gross dividend of 4p per share which cold* -1 

H WSW 01 ,! 18 yreyioAwn moX-r -■ 

--_ and J^ades have waived their rights 

“ofw staJS ^l ideaii iB - mpecl 01 a ko'®* «r.. 


CREDIT CHMQUE DEOTSCH-30D AJM^RTKAWISCHE BAN K A K Tl H glE s ELLS CH A Fr RNANCIERA SANTANDER SA. PANAMA ' 
HAKTTOSD NATIONAL BANK ANDTRUSTCa IBJ FINANCE COMPANY (HONG KONG) LTD. 

Nassau Branto _____ 

INTERNATIONAL BANK OFSNGAPORE LIMITED ISRAEL DISCOUNT BANK OH MERRILL DTKH INTERNATIONAL BANK LMTED 


rnent at Aimesiey— toe new ate Company holds &91 per cent, or 


in Nottinghamshire. toe equity. 

Looking ahead, Mr. Moorfoot Meeting, Bncktorsbury House, 
expresses confidence— reflected in EC. ou April 5 at 330 p.m. 

toe company's continued high p— - — 

level of investment. Jr—— — - 


AND INTERNATIONAL BANKS LIMITED NIPPON EUROPEAN BANK SA OVERSEAS UM^f BANK LTD, SINGAPORE;.'. 
SiNGAPCSENOMIRtA MERCHANT BANKING LMTED SOCIETEFINANCIEREEUROPEHVNE FINANCE COMPANY N.V 
THETAIYO KOBE BANK LTDl THAI FARMER BANK LIMITED TRIDENT INTEJ^ATIONAL FINANCE LTD UBAF BANK UM1TBO 


sfsjss at" 


UNITED CHASE ftffiRCHANT BANKERS LTD. 



Agent Bank 

FIRST CHICAGO UMTTED 


Sterling Trust 
at least 
to hold 5.3p 


THE PHILIPPINE 
INVESTMENT COMPANY S.A. 

Net Asset Value as of 
February 28th, 1978 
U.S. S9J25 


March 


. The directors of Sterling Trust 
tell shareholders in their annual 
statement that revenue forecasts 
Cor the current year indicate that 
the dividend will he aL least 
maintained. 


Listed Lvumbwrfc Stack Exchange 
Asm: 

Basque CCoArtie tfu Uuemboar* 
mveaftbem Bankers: 

Manila Pacific Securities S.A. 


•The company is still making small! blit- nec«sarv> ~- 
changes in the management stracture whiA : - 

will show itself, to future rwSST’ ■ v 

tSZrZFSkniEF? L obea «£,arp market deefine to soriek* : ; 
h£i» d JEf B S^ 11 ' To partiy Cou °to#- this stiBa- * A ' 

SSSS2SW ■* 

loiiBOfel revive should arrive jL 








..-v 

-~^s 

L 




' FINANCIAL TMES TUESDAY MARCH MISTS. 


* r. c . 

». -i-, . „ 

^.a •’ ’ ’ 




'-V> 

•i 


; LOWER interest rates seep--. the; aim to reap the benefit of 
he latter half of 195T wfiV the* sobstaatia] capital -spend thy on' 
etors of Barclays Bank hope. - capital ; spending on automation, 

- ‘ -'ide an incentive For industry WK& '"as' Barelaybarik, ' and 10 

onsider if the climate is now realise the potential benefits, 
e propitious -for. .both long-.-- arising from - electronic ‘ .fund 
■w. capital investment afldvxrmmtesloir systems. 1 
t'terin replenishment.', . : \.-r -Mr. ■ -Sevan stresses that" any 

■ bis review, of the group's -alteration to the branch network 
. division’s' operations . ~wiil.be- implemented over a‘ period 
piby Sevan, chairman - «T of .years and the. directors do not 
, Hays Bank UX'Manegefeept* con templBte ' clo^ng one-fifth of 
11 . 7 there was relatively 1 little the branches., as somepeople had 

and for' new advances -.last, suggested.’ 

■- and thus tending in- real.' r - The group, wmdefi an increas- 
» was generally static,: show- amount of export finance in 
only a modest increase ni-nrr: bavtdg WEedr. tinder the 
ey terms. . -.7 - ■qowrrnneDCa Torig'-.’smd imeilUini- 

ie directors priority was to tenri's£hente.'to make av*t£2D0m. 
. ode assistance to industry but Additional finance '" available 
. .. he ypar end utilisation of theV durfTTar the- jear to? the end of 
'■ * aCJ ' ltJes marked - ’ tor- March. 1978. and further • ■sub- 

as^S-SSTO iSW ■ 

•,M 64 - p “"^ Workir® capital , : / 

• ■ W“ a noyfa As reported on February 24. 

• - and for . medmm-term lending -rtup taxable profit lumped 
; • ^ >“ Wopriate^wwa,. .tu -fw.7nr.-to S67.Bm. for T977. The 

ey market- i^tes rather than net dividend fe lifted id: lttttfri- 
. -..onventional base rate. . ... (9.8924p j per£V share* including 

"» aSltlonS^JOWlp lit ; regpeet of 
ta marked and. their use did ]Q7g ' 

"• ^ d R^L ^SEJSSSSHSSf' "■ At year end <topesl» and «urto- 

■■ • ta h facilities. avail- ^ current accounts": were 

. at December. 31 approached higher at £l&55bn, t£l7^bn.l 

'■■ 'wiinniiio th. «««{«.« and. advances and other acccmnfa 

. jmmuing the- previous. sears £*4001—, r£i2 72bri>~ "Cash 

. ; ern the rate of new provisions ciTvfiY' « MnA a r 

S n declined and the property g* ? Jf* * 2£*in£ 
,-nr is- now -less worrying, he £4J - 7n V (£3SlmO and- womnfi 
ments. . - 1 capital- va» up. £U&2m. 

'•:ae drop. in the ba.<w- rate; from' (El.lfon.I. • • 

- -ier cent, to 6 pe rcent/ during ' Under the Hyde Guidelines for 

hed - an ■ adverse -jetted 1 oo Inflation accounting profit would 
’’ leatlc branch' profits during have been' : reduced* to' 177m. 

■ second half and the increase ■(fl24_8m_) after’ a maimetuttwe-hf 
1 '{ per cent for the last four monetary working capiQl adjust- 

- -ks was too late to ipake-mnch ment of £B9.6m.) f80.5xn.l. 

act. Even so, profits of the additional depreciation of . &2m. 

- i division- as a whole were -<£5.7m.) and a reduction of. share 
-rn/-fni-». , jfr." pewpTi oTnTaini of associate.-, profits.-, of.’-; l&8m . 
icreasing casts combined with (£6-9m.). ■ 

.. ng, interest rates have' caused Profit of the tnternstional.group 
. directors to take a close look was ahead from gUim. to £U3Jm. 
!he hank's : branch' network,' he Deposits and customers current 
. », As part of this. reappraisal .accounts' amounted tb k £Lfi3fihn- 

■ . • ■' . J ;„TV.. -‘ •• .. ■ -• 


(£8.SSbR.) and advances and other 
accounts' f7.99Dh.' (£6.4Sbn,). 

For the year- to September 30, 
19* * Barclays Merchant Bank 
expanded pre-tax profit lo a 
record 13.7m- (£7 Am.). • Despite 
intense rate competition its 
acceptance credit facOities showed 
a satisfactory increase "and these 
trends continued into the first 
three months of its current 'year. 

•The Trust company achieved 
improving results following the 
previous - year’s- reorganisation. 
The business of Barclays Life 
made particularly satisfactory pro- 
gress back by good investment 
■performance of unicorn Trust in 
which much of the Life Fund is 
invested. - 

Monthly premiums readied 
£lm. in. April last year, and at 
year end Life Fund . assets 
exceeded .£60ro. (£40mX The 
directors -of. the trust company 
Io.ok forward to the .current year 
.with confidence. 

For the purposes of rationalisa- 
tion ■ Touche Ross and • Co. have 
submitted then* resignation as one 
-of the auditors -to .the -bank. 
Auditors. Price -. Waterhouse - and 
Co. are to remain in office. . 

■ The. group has formed an audit 
committee to make recommenda- 
tions about its accounting policies 
and to review financial control 
systems. 

Barclaycard had an excellent 
year with a considerable advance 
in turnover and good profits. 
Rapid growth is card .usage, both 
within the U.K. and internation- 
ally. confirms the; directors view 
that it will become more im- 
portant as a means of debt settle- 
ment and. may develop into a 
multi-purpose transaction card— a 
cheaper rival to the cheque,' Mr. 
Bevan says- - 

In tiie autumn the group's 
practice in relation to merchant 
service charges was referred to 
the Monopolies Commission, The 
directors welcome this investiga- 
tion and await the outcome with 


action 


confidence, he states; 

The Price- Commission fs ex- 
pected to report, before March 31, 
on bank charges for money trans- 
mission services with particular 
regard to -current accounts, follow 
ing its sectorial examination of 
the Hankin g- industry. " 

Suceesful year 

In the international division the 
corporate finance . department, 
which is involved in medium-term 
Eurocurrency . loans and .placing 
and dealing in Eurobonds and 
note issues, has a successful year, 
says Mr. Anthony Tuke, chairman 
of i Barclays Bank International 

The European operations of the 

division performed well in almost 
all European countries in spite of 
increasing credit restrictions and 
higher costs. 

In October the division took 
over Hambros Bank's Hatton Gar- 
den branch which' plays an im- 
portant part in the diamond 
business. 

During the year. a branch was 
Opened in Seoul, Korea, and 
another in Manila in the Philip- 
pines, and the division purchased 
a 30 per cent interest in Korea 
Mer chan t Banking Corporation 
from Lazard Brothers and Co. 

It also acquired a 30 per cent, 
interest in FNCB-Waltons Corpo- 
ration in Australia from Citibank 
NA. and Jardiae Barclays bought 
a 30 per cent, holding in Bangkok 
investment Company. 

■ Following a public share issue, 
under an agreement with the 
national government, some SI per 
cent of tbe equity in Barclays 
Bank of Trinidad and Tobago was 
sold. 

In Jamaica the government 
bought the whole issued capital of 
Barclays Bank Jamaica and this 
company will eventually acquire 
tbe other Jamaican subsidiary 
Barclay Finance Corporation. 

A further CRS25m. was injected 
by the group into its Brazilian 
associate Banco :de Iavestmentos. 


27 


ioss hutseftClydesdale Bank Up £3.24m, to £14m. 

*V i n I (PC *<1 S-TAX profit of Clydesdale 
? Ill 1 / «V -Ilk, a wholly owned subsidiary 

1 ■ »» 1 I MMInnil r. Runt rm*o -from 


Midland :<■ Bank, . rose .. from 
Sim. to £l4105ml for 1977, and 
• r . tar of . £7.76m. against 
0m.- net profit- emerged-' as 
. 9m. compared with £4-75m. 
he dividend ia lifted to 21296 
, ’lint. (19-36- per cent.) for the 
r with a 12296 per cent final, 
i fiends absorb - £L37m. 

24m.) and' there is a retained 
-fit of £4.ssm. f£8-5m.). Shore- 
Jers" funds totalled 1 £S523m. 
:9.34m.) as af .December 31, 
T: ■ 4 . ' - 


^airey„; ; / 
vound“Up ; 

he Fairey Company, formerly 
-rey Aviation, one of the 
aeers of the British aircraft 
is try. was compulsorily wound, 
in the High-Court yesterday. 

company has' been in 
dversbip' since last October. ' ; 
he order was made, by Mr. 
tice Slade on a petition by 
.-company’s solicitors, Asburst 


Morris Crisp and' Co., "claiming 
£378 unpaid fees. . r - ' 

. Fairey’s -Board had passed a 
resolution approving: die /fcentioa. 

There was one supporting 
creditor £>f BJrsJZaaa^ Mr. 
William Stubbs; .counsel. .for >tbe 
petitioners, stud that most*? the 
company's assets- had Ineavfold. 
but with an estimated : -defi<3t df 
£5nl for unsecured creditasej - * 

Drayton ‘ , 
Commercial 

Mr, -Philip . Shribonznar o~tbe 
chairman -of Drayton Comffiecridl 
Investment. Company;. teUa share- 
holders -in -his- annual- ytatement- 
that.1977 was a difficult yeac for 
.many U JC- companies ;ndtb over- 
seas operations as a. resdft.'of the 
strong performance of sterling in' 
relation to other major currencies. 
Its effect on Drayton t htsy3,«« 
: to_ cause, a partial reduction; in 
the value: of overseas earnings and 
assets in terms of .'Sterling. „vAnd 
ih the case of the latter., yds has 
been compounded by* a decline 
in the Jevek . of the 'investment 


currency premium. 

•' As already known pre-tax 
revenue for I9T7 rose from 
£lA2m. to £2.95 m. hnd the' divi- 
dend is lifted to 4fip (4p). 

Net revenue: available for 
Ordinary shareholders rose by 
162 per cent, ta £123m. and was 
achieved deq>&e the Sharp de- 
cline in UJL interest- rates and 
the current restriction on divi- 
dend increases, Mr. Sbelbo'urue 
says. 

Investments ' listed : at market 
value in the ,U.K. rope from 
£2i.35m: to £30. Mm. and overseas 
feh from £19.76ca. to £I3.7in. Tbe 
chairman says that the reduction 
overseas was also due to «ales of 
foreign securities, .(he proceeds of 
which were used to .repay the 
dollar loan on tetniuiation of the 
forility. Mr. Bheibourne adds that 
the directors have decided, not to 
renew the loan, bearing tn mind 
the high cost of borrowing dofiars 
and the effect tiafe would have on 
the company’s revenue account. 

Despite the change in Exchange 
Control Regulations, ' ending the 
25 per cent surrender require- 
ment. Dravton does not expect an 
early abolition of the premium 


altogether. The Trust’s overseas 
investments will .therefore con- 
tinue' to be financed by means 
.of investment currency. 

' Meeting. 117, Old Broad Street, 
JLC, April 3 at 2^0 pjn. 

Isle of Man 
Enterprises 
over £70,000 

An advance in taxable earnings 
from £64486 to a record £70239 
was achieved in 1977 by Isle of 
Man Enterprises, holiday camp 
operator and subsidiary of 
Nicholson Investments. Turnover 
improved by £15.071 to £172339. 

At-hatftime when there was an 
increased loss of £15,752 (£11330) 
dub to higher maintenance and 
other expenditure, the directors 
said they expected an increased 
contribution from holiday season 
bookings at Rentachalet in tbe 
second half. 

Earnings per 20p share for the' 
year are ’Stated at 5.J5P <5.02p) 
and tiie net dividend is stepped up 
to 23p (2p). 



finance 

service 


In B fast-changing jrrtemational scene, it’s more 
than likely that you could find it profitable to 
review yourtrade financing arrangements— if only 
to make sure that they’re as efficient as they , 
should be. 

And when you do review them, you'll 
probably find that we at A P Bank can help you - 
to a more efficient— and profitable — solution. 

Not only are we specialists in international 
trade— we’re also specialists in providing 
tailor-made solutions to individual problems; 
and in the kind of professional service that 
comes only when a customer is the personal 
responsibility of a senior manager who can make 
immediate decisions. 

As a bank with many years’ experience of 
international trading, we know as well as anyone 
that importing or exporting is never an easy job. 

But if you'd like to find out how we may be 
able to remove some of the difficulties, please call 
01-588 7575, and speak to David OllettorGreg 
Brzeskwinski. The/!! be. happy to help you — 
personally. 



A P Bank Limited 

A member of the Norwich Union Insurance Group 


7 Bishopsgate, London EC2N 3AB. 
Telephone: 01-588 7575. Telex: 888218. 



CHARTS ”23.1 r - 

-.... * ; 2 f 

mc^.THErsE' 

I& fMBLSiis:.® 


' - >• 


. r-H .iu'-.Vi* ■'!>! 

. ; .■ V, c . -;. - ^ iit > v ? V ~ 

. • v>:V,v.7- 



for the future 


The Company is in vesting for growth and the prospects 
re exciting. Demand for major product lines is good 
nd we have entered 1978 with a strong momentum”. 



: During 1977 turnover increased by 
16.6% to £121.9m while jprertax profit 
rose by 27.4% to £11. Dm. 

• Final dividend of 2.4572p per share - 
the maximum permissible under the . 
presentlawv f. 


Export sales of all products are vital to 
the future prosperity of the Company. 
In 1977 overseas sales increased in 
sterling terms to £6Qm. 

3fC Expansion programmes initiated in the 
last three years are starting to bring in 


the new capacity which will enable the 
Company to meet market demand at a 
much higher-level. . ... 

The reception accorded to the {Silver 
. Shadow II and the Silver Wraith H has 
exceeded expectations. 

Good prepress continues to he made *. 
with tie development of the new 'V* . 
range of automotive and industrial 
dieselengin.es. 




- r J& 

Left: The Tie w 

. Workshop for cars, at Crewe, wiihe 

Silver Shadow II inthe foreground. - 
Right :A tilt test rig for testing . 
V12 diesel power packs t with the new 
\Roltd-RoyceMuitary Engine 
Division budding. 


The Report and Accounts for the year 
’ ended 31st December 1977 will be 
available from 22nd March 1978 and 
( copies may be obtained by request 

lo The Secretary. Rolls-Royce Motors 
Holdings Limited, Pytn’sLane, Crewe. 
Cheshire. CW13PL. 


jft(oYQ 

MOTORS 


Preliminary Announcement 


*. Thoooftsolldflted tradin^reajftsotflolls-.Royce JVIotors Holdings 
Limited .and its subsidiary companies for the year ended 31st December 
1 977 are'shown below : 

' . ... 1977, 

' £000 - £000 
Turnover - • . 


[-' Trading profit . . : • 

Loan stock interest 

Profhbefore taxation' . 

. Taxation- United-Kingdom 
Foreign ' 


4,007 

1,620 


121,940 

11,481 

478 

.71,003 

5>27 


1976 

£000 £000 
104,510. 


2.986 

.1,298 


9,112 

478 

8.634 

4,284 


Profit after taxation • . _ i . 

Translation gains/losses on - 
consolidating foreign Subsidiaries - 
.Extraordinary items ■ — 

Minority interest 

Dividends 

Interim paid- 1.84p pershflre 
(19761.85P) r - ■ -■ • r- - .<967 

Final (recommended) 

- - • 2.4572f5 per share (1 976 Z2pJ1 ,269 

Retained profit ’ * 


5,376 

- 4350 

<509) 

1,226 

497 

6,093 

• ■ '2i- : 

. 4347 
11 

6.072 , 

. -4,836 

..... 852 

- T 

2,236 1;135 

1^87 

3,836. . 

,Z849 

!0.37p 
.9 70p 

. , 8.79p 


Earnings per share 

.basic . ... - 
fully diluted 

Direct exports tromtheUKofaH product* amounted to £45.230.000 (1976 

hul Group turnover in countries outside ihe United Kingdom rose from 
. £ 50.962.000 to £5S,987 >000. . ... 

Contrary to previous practice the directors have decided, in accordance with the ED21 
recommendation, to remove the exchange gains end losses on the translation ot net 
. current assets of foreign subsidiaries Into sterling from trading profit and to shbW 
. tnem instead ase special item. Comparative figures tor 1 976 have also been adjusted. 
1D 3 P p ™ va | 1> V Company at the Annual General Meeting a final dividend of 
<-4572 pence per share will be paid on 9ih May 1 978 to the holders of the existing 
ordinary shares recorded in the register at the dose of business on 1 1 th April 1 978. 
Earnings pet share have been Calculated on .prof it after taxation less minority interest. 

— 13th March 1978 







38 

• HEPWORTH CERAM ICS/JOHNSON-RICH ARDS 

The attraction of tiles 

8T CHAISTWE MOW 

CKT YESTERDAY’S announce- £2®m. a year and net cash pipe maker. It controls virtually 
meat that Hep worth Ceramics has balances of at least £20m. (Pre- the whole of the U.K. market in 
invited Johnson-Rlchards Tfles tax p refits should be £26m. plus its product (though this gives it 
to bid talks J-R’s market value compared with £lS.9m. last something under half the entire 
rocketed from flSAm. to £25 m. time.) pipe market which takes in con- 

Of course there is a long way This comfortable position must crete and plastic pipes). It is also 
to go before an actual bid is be seen against the background number five or six in the world 
launched and some opposition of Hepworth’s recent investments amongst refractories menu 
from the J-R Board must be which have Included a £50nu facturers. 
expected. At present the Board is three-year modernisation and ex- B Q th Hepworth’s major busi- 
its position but Mr. pansion programme, a . £15m. nesses show little chance of 
J. A. Done, ihe new chairman stake in ajont venture in Ireland organic growth for some time 
(who only took office last Sep- with Cemart-Roadstone for a linked as they are to the de- 
temoer after the death of the seawater magnesia plant and the pressed steel and construction 
prevous chairman) has only just £gm. purchase of a major U.S. industries. Of course, Hepworth 
completed a manag em ent and large clay pipe manufacturer, could grow by further acqulsi- 
org an isatnonal restructuring, yf S. Dickey : tions in these fields— obviously' 

designed Particularly to put J-R * abroad, but J-R offera a tittle 

back into acquisitive mood. SCODC for evnsncion extra. 

, On the other hand there is un- “P 8 ™?? . The tile business both fits in 

likely to be any resistance in The a ^ u g 1 ^ r ^ Dl ^ ^ wen and broadens Hepworth'! 
principle fro mtbe ma jor out- 9P”®* Hepworth s policies g^pg The main tile outlets and 
side shareholder. London Brick. ***■ * blg markets are the same as Hep- 

LB bought its 9 B per cent, stake J®™? 31 }?* £ was self-financing wort h’s-^to builders’ merchants 
some thre years or more ago with fn ? m JJ® Purchase j n the UJL, Europe and N, 

the aim of establishing trading raised through a dollar America. But the ‘ ultimate 

links so that-It could utilise JR's loan with the interest covered by mat ket is decoration and renova- 
distribution network. In the e surto g Jepressed nrnfite-and It g?, indS? ZS1 
event LB undertook its own off er f“ scoep for substantial ex- . tha Because of this 

overseasc development and yes- tiles coSld^reride EteS?orth vritib 

^ n J? y ,iJf I n i^ nagin ^- dil ? c l or ’!l r - SSt? m h 1 Hepwortba a. useful defence against the 
M. 0. Wright, explained that the . depressed industries for the 

stake is no longer so relevant. Johnson-Richatds is a big central products 
Mr. W right rules out -any bid established company in its field. * 

for JR from London Brick itself. It controls some 65 per cent of Ta/n cnnac 

the mar kct for ceramic wall allilga 

UUlSlOe iaClOrs and floor tiles. It is already There are two snags, however. 

At this early stage it is impos- making comfortable profits. The tile market internationally 
sible to tell whether any outside Half year figures show pre-tax is highly competitive with the 
factors — such as an alternative profits improved by over 40 per main competition coming from 
bidder or a Monopolies Com mis- cent, through wider margins. It low cost countries such as Italy 
sion reference — will muddy the is already expanding into Europe and Spain which have made big 
issue but, in the meantime, it and overseas in places such as inroads on the British and Euro- 
is dear that Hepworth has both Malaysia. It also has a U.S- sub- pean markets. And there is a 
muscle and industrial logic on sidiary. albeit loss' making, which decided element of fashion 
its side. could tie in with Dickey. Its involved. No one can be certain 

A bid for J-R, even at the business, like Hepworth, is whether ceramic tiles will con 
upper end of the price range, is dependent on 'clay. tinue to maintain their current 

well within Hepworth’s capacity. The real attractions of the real, vogue particularly as they are 
Next Monday- Hepworth is due however, is that it would more expensive than other wall 
to release its figures for 1977. diversify Hepworth out of pipes and floor coverings. Obviously 
They are widely expected to and refractories. Hepworth is this a risk Hepworth has already 
show cashflow running at around already .the world's largest clay discounted. 



MOTOR TRADER HAS 
15% STAKE IN 
W. J. REYNOLDS 


Clements and associates in W. J. 
Reyn61ds, the Dagenham motor 
distributor which last week re- 
ceived a surprise take-over bid 


Bishopsgate Prop, cuts debt 

Bisbopsgate Property and important step towards reducing Gram an. Mr. G. B. Audley and 
General Investments is to reduce the company's overall burden of Mr. D. A. Brown represent AGB 

by over DM20m. its DM46 .5m. debt The loan, which was renego- on the Boards of both of these 

(£lL9m.) Floating Rate loan fad- dated in July last year, will now companies, 
tity. This is to be achieved partly stand at approximately DM26m., 
through the sale by Hiilgate repayable at the end of the cur- 
GmbH, a 50 per cent owned Ger- rent calendar year, 
man associate, of its sole pro- The share price of Bishopsgate 
perty, and partly by the purchase remained unchanged last night at 

of a further DM12. 79m., which wiH 6p, which compares with a peak . _ . . . . „„ 

be bought out of the company’s for 1977-78 of 9±p and a low of . A 5 ^ e ti 

sterling balances and which will 2ip. *** built up by a Mx. T. J 

also be set against the loan. A __ __ „ 

The .sale involves a develop- AGB TRANSACTIONS 
ment site in Stuttgart which, after IN EUROPE ceived a surprise take-over ma 

allowing for outgoings and ex- AGB Research announces that from fellow Ford main dealers 
penses associated with winding its wholly-owned Dutch subsidiary Manchester Garages, 
up the German company, will Infomart BV has completed the Mr. R. W. Marsh, the chairman 
result In Bishopsgate receiving a acquisition of 6 per cent of the of Reynolds, said yesterday that 
sum of DM8 .5m. (approximately capital of LCM Gram an Spa the preference of the Board — who 
£2J7m. at current exchange (registered in Italy) for L3m. together are understood to hold 
rates). This figure compares with (some £1SOO> and has also around 28 per cent, of the equity 
a book value of £ 2J 4m ., as at acquired 10 per cent of the capi- — was to remain md&pendent, but 
December, 1976. tal of Organisation Gnunan SA that the directors were reserving 

The company has been allowed (registered in Liechtenstein) for their judgment on the Manchester 
by tbe Bank of England to buy £88,200. The consideration in Garages bid until the formal 
the DJI12.79m_ at the official each case has been in cash. documents are posted, 

market rate, rather than go As a result of these trans- However, if the bid is contested, 
through the investment dollar actions AGB now holds directly the shares held by Mr. Clements 
premium. and indirectly 50 per cent of LCM —described as "a successful 

The latest moves represent an and 50 per cent, of Organisation motor trader”— could prove vitaL 

Rediffusion’s £4?m. expansion 


agricultural engineering— and 
Company; broadened the agricultural base 
Company on which the company had been 
increased built 


RedifTnsion, the television manu- per cent), 
factoring and rental subsidiary of William Jacks and 
British Electric Traction, has William Jacks and 
agreed in principle^ to pay a cash (Malaya) Berted has 

sum of around £4 .5m. to acquire its holding from 4&S5 per cent to Mr. John Atherton will con- 
Good Listening, the major trading approx 50.20 per cent Jn- . the tinue as managing director of 
subsidiary of British Photographic Ordinary capital by the purchase Green Hammerton Hatcheries. 
Industries— a public but unlisted of 100,000 Ordinary shares. Wil- 

company. liam Jacks and Company (Malaya) CHOULARTON SELLS 

Good Listening has nearly has informed William Jacks and icfl/ f)F PARI PFflRIM 
50,000 television rental contracts Company that this increase does £*- ,/ S -Li 

and owns 37 freehold or leasehold not signify any change in the - . ** 

shops throughout the country, as pobcy with regard to its invest- SS’ 

well as a freehold factory in ment which it has held for many ?L£r* 7^ ^L! 0 
Bournemouth. However, a spokes- years. tutional investors for HJ.tol, but 

man for British Photographic, . JkJe ol Mann Enterprises: ® retaining a t&B per cent, stake, 
whose remaining interests will Nicholson Investments has Chonlarton placed the l-am. 

include a “small discount finance acquired 4.066 shares during the fbares ataSp per share (coinpared 
company." said last night that Jest foDr months and total hold- t0 the middle price of 62p hi the 
Good Listening had not made a ,n S 865,068 shares at February maricet) to improve its .internal 

profit “for a number of years.” 28 (72.09%). Total holding of all liquidity. ; 

directors and their interests Th G deal is another example of 
SHARE STAKES 883,144 shares (73.9%) at February Air. Cyril Choularton’s disengage- 

Regional Properties — Friends Overall reduction due to i from public company. In 
Provident Life Offices has transfer of 8.150 shares belonging May ^ year his company Ashley 
acquired 484,437 Ordinary shares JP kte Mr-.J- E. Kerruish into todusfrta I S* ld lt S r J£. pw 

making total holding 488,937 lLa {‘ ds of his executrix. cent stake m Rehance Knitwear 

(19.4 per cent). In addition it T property Corporation: and he rehnqmshed the chairman- 

has acquired 687^43 “A” Ordi- Ma ^ T «hrector, bovight 6,000 smp. 

nary shares making total holding shares on March 10 at ^P- ^ 

892.843 fa fi ner rpnf l received for Thames Plywood m 

Dares Estates— Peter D. Jackson, J^EDEXTO BUY wiuch^Mr. Choffiarton’s company 

a director and substantial share- HATCHERIES 

holder, sold 25,000 Ordinary shares Negotiations are at an advanced of^nSnS^P ^ 
at SJp on February 27. stage for Feedex, the Humberside SL £ Z ^ xJT 

Tosco Stores— Sale is announced agricultural group, to acquire KL n n ^ 
of 718,056 shares being non- Hammerton Hktcheries aud com- 

beneficial shares of a charitable pletion of the deal is now only the 

trust of which Sir John Cohen subject to contract. hk 

and Mr. H. Kreitman are trustees. Mr. Rex Kingsley, group manag- r ln .. ^ 

Prices were 300,000 at 38 Jp and ing director of Feedex, said it 
41SJ56 at 38 p. was a logical extension to the 

Brittains — Gerard Finance Hold- group’s other activities— animal SrEns te the comnSnv^* “** 
togs holds 1034,000 shares (9.99 feeds, livestock pr oduction and 

that Cableform had become big 
in relation to the partnership’s 
net assets and he wanted to use 
the funds to develop the banking 
business. 

Cableform manufactures control 
gear for battery electric vehicles 
and trucks. Its pre-tax profits 
jumped from £53,000 in 1975/76 
to £343,000 the following year. In 
the latest six month period, profits 
jumped yet further to £370,000 
and the company made a dividend 
boosting rights issue. 


Yeoman Investment 
Trust Limited 

Results for the year ended 31 st December, 1977 


Profit before taxation 

Taxation 


1977 

1976 

£727,065 

£629^28 

257^06 

230;i94 

£469^59 

£399,334 

7A6p 

6.85p 

7J9p 

• 63p 

229p 

I74p 


Profit after taxation 
Earnings per share 


Total distribution per share ........ 

Net asset value per share 

Net revenue rose by 17.6 per cent an^ d the Directors propose that 
the total dividend far the year be increased from 6 jp per share 
to 7.59p per share. This is an increase of 16.7 per cent and it 
is satisfactory to note that over the past three years the Trust 
has maintained an increase in distributions above the race of 
inflation during this period. The Directors are confident that the 
increased payment for 1977 will be at least maintained 'far the 
current year. 

Twenty-five largest holdings 


Market 

CoMMnv Value £ 

Shell Trmufert 579.SM 

British Petroleum dzg.oao 

Prudential Assurance . . 401 ,3B4 

F..A.T. industries las.ioo 

Hanson Trust . 325.400 

Staffordshire Pattcricc . . 318.200 

Imperial Chemical 

Industries Z5T .6-09 

Tialjl-jjr House 237.502 

Pan Holding S A 21B.1S0 

General Electric 190.400 

European Ferries 185.400 

Tofcya Trust 181.055 

Barela vs Bank *74.200 


Market 

Company Value C 

Standard Chartered Bank 157.053 
Save ft Prosper Linked 

Investment Trust 1SS.000 

PentOS 153,750 

Mark* ft Spencer 142,200 

Oanr International .... 132.265 

Slough Estates 126.000 

Rovai Insurance ...... 123,900 

Bcecham Group I <B.b50 

Do flee--. . 1 17,600 

Tout’d Comoanlas 

Investment Trust .... 115.S20 

inencape 114.600, 

Arthur 6*11 114.000 


DIRECTORS: D. A. R«'d (Chairman) 

M. S. Baring S. W, Glass R A. Pcllatt ( Manager) 


MINING NEWS 


Transvaal coal owners 
seek new markets 


BY QUENTIN PEEL 
COAL PRODUCERS 


wal PRODUCERS to South 1 

*£? F-J5S? S2J& BOARD MEETINGS 


- FINANCIAL TIMES TUESDAY MAKC&14 

| OIL AND GAS NEWS ' 

Alberta oil sands 
lure Japanese 

JAPANESE 

JOHANNESBURG, March 13. _ SmUJU- th. m* 

develop otl ando *“ 


their export trade, in spite Of the 
current aversupply on the world 
market 


area is under the water of .Co21bu Xibcrta' province. 

Work on defining the Aimea- ^ok^^news Agency for oil *** 

eras of the deposit continues,- but has approved Stoai,.w». the area of El-Arish, 


Th® fdOowio? companies lure twtifleO 

tf Boart fl to a c m to ihe su^c .sions of the deposit continues,- but ^myrrirment has approved , 

SS**^ Gulf mere was insuffiefent S , T) J^ K, SSScipation. It said been halted wjde. theresuh* 

Tlte second phase of the huge dtvMenls. ^wa Sitoitaii«BtoB« information to estimate- t* 6 the ^ovestmenti would be chan- 813 

Richards Bay "bulk cargo harbour avaflaae wbettcr djvweods a»«ra«d «ra magnitude and viability of the IS n-ii through either Japan Oil have been uweffeo to tins a: 

h cunvntty te P.R 
pptroleiioi Development Carp, and Aajdod. 

rnn n/virp • other business interests, including Holfnig of the drilling 

rUK liUJltfc JnJaSSS olactrh: power and El-Arish does not mean that p 

oil renrun^., . r peeping there Will be **■— 


pi*ed br (fcdte. inorasmg S &T w* 
capacity there from 12m. to 20m. to-oay 

tonnes a year. But already major nmrimo-Bmoke Bond LiaM*. Ductile 

expansion to raise coal exports to pm, 



PROFITS BOOST 


40m. tonnes by 19S3-S5. pro- rirads-Saat Laacasfatre Pvct. Fair- On the back of the higher trend trading companies. "'sjaT' 

Visional espont permission ha« dneah Cccatnrcttoo. Fudersied Land, and « n *h 0 hllllion nriee. Dome BHimul. Oil sands Spreading OVer 5,000 al together, wr. IJOrstreg 
been cranterL RutkUna, Cwral Mining »nd FuSa*. “ “J® km are believed to con- adding that the gnwrinnoqt 

oeen granted. «*. ^ Gold muoik. Grind- “e Canadian gold producer, fast ‘ZZ-JZT hut >u AM ^ funds for prosmwii. 


Soganidt 


per ^hare 

sive ana ineiow. 

ra^e^pohcieS' toe U govemment irtg in Israel and that 'he' 
■considers investment in oil sands engaged in negotiations wth 


*ere fCU. 


Association—- the organisation 

ordinating South Africa's coal ex- ... futu RE dates 

port effort-^tpects tbe bulk of T J,‘^r tegr _ Mar ^ reports John 

the long-terra increase in demand aum&ers'aiid ga ro»« ‘ ^ Mar! 5 Toronto. 

to come from Europe and the nmntei Group Mar. 23 The figures consolidate 87 '.per ■ronsiaerainvt^wicni^w'-^-*-- *“ 

•stattLtss ^= 1 == j s:s t-a.'^wasH SsE 

— p<aMira,i “ n inu « Ki 

“S ” Sigma ODas (Qaebae) where ^ ^ * TALBEX/WARREN. 

exports, France is the biggest ^ 1977 earnings were more than. * 

customer, taking 4m. tonnes, fol- bzowo and Janraon ! aiar! si doubled over 1976 at -'SCSLOSm.- Commercial 


America. FfawiK- 

Of the current 11 *n tonnes of Anglo-American Industrial 

Bpuause ConxJraUon 


dnon Mar. M aouoien over A»ro « CXHnmcrcul exploitation is 

lowed by Japan with some 2J2m- Jones fi. a.) and mupman — Mar. 52 (£974,000). The results also take due to start tiw week from two «s '‘7’ «r 1074M j 

5H- S in a M per ceat. ia Dome M wHs off aba MStern ahoK of 


iith'raoSm SSes a ”ract“ ! Ui ' — “S'“ K>"<£Sr”<>f Suo^mar A-Tur. 

Japan, however, o-ants to cat Stfl 4 Alth.ogh Dome hadjo^taojo fcfe'ro^ S s S.Ol^ 


back on its coal imports by some Teledume R««ais Apr. 28 terms tvitil higher operatms unu, me HL-eiiue- w %*■— p- — • — % 1i«.\«dpd arc -irrmhi 

300.000 tonnes, according to re- Tnroer (W. uA E.i r - My. :i bullion revenue rose to *5fl.06m. by Israel to forewn tatoBsa but cent). Incliid^ are acreptm 
ports here, because of the de- «“£“ JMBM tEratoeemiMAr. a from S C4«.7m. This reflects the the oil is to be stopped by tanker thec^i alternative in rr ? 

> - - .... ; . ♦ Amended- ... nt PonaAion rm- 1 KA in Israel’s «, < » u warren uncut 


pressed state of its steel industry, 
and there is concern over the 


recent buoyancy of the Canadian to Eilat for use in Israel’s 

gold mining companies. Dome refineries. _ „ . _ nwtrtm A- t . 

shares on Canadian exchanges The two weBs, Alma H and HI, Both offers are unconditH 


shares (3.51 per cent.). 


Likely effect of EEC plans to pro- _ . . shares on Canadian exchanges The two wew, Atma u ™ "‘Mln T , 

tect hs i<n4wn^ steam coal to® Carajas iron ore project to lateriy been trading just are expected toproducebetowen °”dreniainopen. The cash aJ 

traffic s.t=un sou the Amazon, putting back .the tmder theJr 1977-7S high. 10JOOO and. 12JW0 barrels a day. native has closed, 

ipha* uyvia imiw th +h - start of production from 1979 to 

Sm " h 

persuade the EEC not to take any ■j^e project is operated on a 
action which might prejudice the wht>Uy Brarilian-owtred basis by 
steady Bow of South African coal Amazonia Mlnerecao. a subsidiary 
In the immediate future the of Com panhia Vale do Rio Doce, 
brightest prospects for South wbid! bought back VS. SteeTs 
African exports are also in shareholding some time ago. 
politically friendly countries. The venture is an amhithms one 
Israel has tentatively agreed to involving an initial production of 
boy between 590,000 and 800,000 10 to 15m. tonnes a year and a 
tonnes a year, possibly rising to total investment of $L49bn. 
lm. tonnes, for its Hadera power (£78&3m.) if output is increased 
station. to 20m. tonnes a year. 

The other hopes are Taiwan The deposit is rich and 83 per 
and South Korea, to both of which cent, of the qre is high-qiiaMty 


MONEY MARKET 


Extremely large help 


Bank of "En gland iwintnmm revenue payments to the In the interbank market, o 

- c, Exchequer over. Government dis- might loans opened at 61-61 

Lending Rate or Si per cent burs ^ ents and the monthly cent, and firmed steadily be 

(since January 6, 1978) adjustment of call on special de- jumping to S-10 per cent 1 

Day-to-day credit was in short posits. On the other hand there ever, conditions eased tow. 

the TCOA has had recent sales anterfeed type, making it com- supply m the London- money was httle comfort to be gamed the close and rates fell to 
and technical missions. But the ^titive on the U.S., Japanese mid market yesterday and the from a number of maturing per cent. Short term into 
salesmen remain extremely European markets. authorities intervened by buying Treasury bills. rates showed a firmer tendt 

cautious booh about details of cur- Treasury bills and local authority Discount houses paid 61-61 per with tbe yield on one m< 

rent contracts and the hones for CENEX CLINCHES bills which totalled an extremely cent for secured call loans at the Sterling certificates of deposit 
new """■ “South -Unca could rm a tvttttii* oarr large amount. The market was start and closing balances were creasing to 61-61 per cent, f 

bTin a diffinSt poriho? if we CRANIUM SALE faced with bank balances run taken around 6-6J per cent per cent 
started talking about what we Armed with a contract to sell down from Friday and toe settle- although that Rfite| ^ ^ tebks be tow 

were doing," according to a TCOA uranium oxide at $45 a lb. a price nt Friday's sales of Gilts, smne mar have had to pay over ... 
official which indicates new high levels There was also an excess of MLR for funds at one stage. nominal In seme cases. 

in his annual statement last -for nuclear fuel contracts, Cenex, 
week, Mr. Graham Boustred, the tbe small Canadian company, is 
chairman of Amcoal. disclosed seeking to put together a $C5m. 
that talks had taken place with (£2L3m.) finance package ior tbe 
South African Railways, who development of its property at 
planned to experiment with longer Cinch, near Uranium City in 
unit trains to determine how Saskatchewan, 
much more coal could be handled The contract, which Is subject 
over the existing line. to Government approval, is for 

’Die Richards Bay Harbour 240,000 lbs to be supplied to a New 
Company was also undertaking Jersey power utility. If Cenex is 


Mar. I3X 
1870 

Sterling 
CerttScate 
of deposits 

Intatteuk 

Local 

Authority 

deposits 

Lrenl A nth. 
negotiable 
bonds 

Finance 

Huuw 

Deposits 

ft 

Sw| 

Dtaconat 

market 

•iepuslt 

Troaonry 
Bills <t> 

KHgible 
Bank 
Bill? 4> 

Pinal 

Bill 

Ovcralfffat— — 

_ 

6-10 

_ 





65, 

6619 

— 


- 

2 iteya notice- 

— 


6<4-6Je 

wmm 

— 



m— 

— 

— 

7 d&yB of 









— 




7 dny« notice.. 

— 

6 ft- 6 A 

614-6S8 

— 

638-678 

63 4 

6 63b 

m. 

— 

— 

One mcnrii 

69b-61( 

63a-6ia' 


65o-6l4 

6 33-6 To 

63, 

6 

6 >5-5 7b 

6 rt- 6 i* 

7 

Tiro months... 

eiia^t - 

6 jfr 6 ftr 


6 I 9 - 6 I 4 

6J«-7 


6 

6i|-5t» 

6,9: 

7 

Three months. 

6TJ-6&8 


65a -6»« 

6 A 1 - 6 JS 

7-7 1« 

7ia 

61, 

BSi-Sft 

63« 

7 

fits monlira--. 

7H-7i a 


7-7 U 

7-65a 

7i # 75 t 





7-' 

JTtne months.. 




758-750 

8 I 4 

wm 

_ 

— 



Out year 

7T8-744 

8-am 

734^ 

8-750 

aig 

— 

— 

— 

— 


Two yarn 

““ 

— 

8"a-9 

— 

— 

— 


— 

— 



ing the coal terminal facilities ii miles to an Eldorado mill for 
from 20m. to 40m. tonnes, and treatment. Local authorities and financo houses seven days' notice, others seven days fixed. Long-term local authority mortGasv 

a urst estimate of . the cost in- . . Elsewhere in the province. Golf nominally three yean M- 10 i per cent.; four years 10 !-IQJ per cent.; five years ti) j-lOt per cunt. <P Bank hill rales in tahl, 

volved," Mr. Boustred said. Mineral*: Canada has encountered Horin* rates for prime- paper. Buying, rates lor four-month bank bills 64-63 per cent; Wur-montb trade bins 71 pur win 

““fr": 9 mile Appttwlmate sefllu* rales tor one-month Treasury blDa 51-3333 per ccnL: two-month 513|6 per cent.; and throc-mant 

I'D A T AC nrr ’ urannjn mmerausanon a nine ^ cwa _ Apprtndmaec selUmr rate for one-momb bank bills SUt&6) per am.; two-month Wi6 per cent; and tbreemonib df 

UAJKAJ(id Jill JL axriiy from its previoosly disclosed per cent One-month trade bills a dot cent.; wo-raontb 61 our ecu.: anrf also three-month £• per cent. 

nr « . -%sc Collins Bay deposit. Ore inter- FlaaM House BaM Rates (du Wished by the Finance Houses Association! 7 per cent, from biarch 1. 197k Clean bo 1 

BY UfetAI!) sections have been found in 85 D ® po * lt amaU aums at wreea dars- notice': a per cent. Cleartus Rank Rase Rates tor Vcndtag 64 par cent. Trea 

" * / ^ , r' , . .. . secuons nave oeen xounu m » BHte; Average tender rates of dtacwmt 5F1S8 per cent. 

The apparent lack of immediate holes extending over a length of . . . • . — ... ■ . — 

resources ’ has caused delays in 1,800 feet and a width of 200 feet ' 


Rescue scheme 
by Drummond 
Investors 

By Eric Short 
Drummond Investors; 


Merchants 
Warehousing 
headway 

After voluntary severance pay- 

ments of Drummond Investor, . the 

Warehousing Company* investment company at present 

?! subject to a petltiwi for winding- 
£227^96 for the -4 weeks to u p r putting forward a scheme 
December 10, 1977,- compared 0 j arrangement for the approval 
with J214J119 last time. of its cmlitors. Mr. Robert Reid, 

Tbe directors say that there counsel for the company, told 
will be a slight overall Improve- Mr. Justice -Slade in the High 
ment on the 1976-77 year, when Court yesterday it was hoped to 
the company reported a down- have the scheme ready by next 
turn from £375.798 to £326.579 Monday. 

after voluntary severance pay- Tbe petition against Drummond 
ments of £65,248 (nil). was brought by Mr. and Mrs. 

=_ Stanley Swift of Weymouth, who 

' rfa e .dividend m main- ^ r f al ^ in ^ £2,000 which they 

^ 32 finJi e Jiic l t»^^n hare 887 was pajd t0 toe company for 
—last year’s final vtas 0.975 p. investment with Property, Equity 

The company is presently and Lite Assurance Company, 

extending its cold storage and They are supported by four 
conditioned storage faculties and other creditors, 
a major exercise In re-equipping No details were released of the 
the grain discharging plant is scheme but Mr. Colin Nixon, for 
well advanced. Negotiations one of the supporting creditors, 
regarding revised •manning levels that the outline scheme of 
are progressing, the directors say. arrangemmit proposed by 
It Is anticipated that these pro- Drummond was .well worth 
jects will be completed by the tovestigaring. The judge granted 

Sid of the current Sear. LtMoa^ ad30Urnniei,t o£ ** 

Because of the work being a detailed scheme is ready 
carried out in the grain depart- for next week’s hearing, then 
ment, intake facilities will be there would most likely be a 
restricted for a considerable part further adjournment for the com- 
of the second half and a Joss is pany to call the necessary -meet- 
anticipated in this department ings seeking the approval of 
The current level of activity in creditors for the scheme, 
cold storage is satisfactory, they Note;— Drummond Investors 

add. was associated with Drummond 

“i.in-nin Assurance Society, the friendly 

in? ^ibts society which was banned last 

f i week by the Chief Registrar of 

Tradra® uroflr -si 7.334 iS3.or,4 Friendly Society from taking 

interest received . ss .35+ U.7V5 new business. One reason given 

&ropb<ma] doom ... _S 9.|22 — for this ban was that the society 

StSfit SS! la £ ked independence and had 

imrtaj dividend . 15.5m is.500 officers in common with 

t Voluntary severance jnymenu. Drummond Investors. 


Tfris Advertisement is issued in compliance mih tkereqtdremenis of the Council of The Slock 
Exchange. It does not constitute an invitation to zhepubticto subscribe for or purchase any Stock. 

THE TALBEX GROUP LIMITED 

Issue of up to 

^62,009 111 per cent. Convertible Redeemable Unsecured Loan 
Stock 1979/83 in connection with the acquisition of 
James Warren & Company Limited 

The Council of The Stock Exchange has admitted the above Stock to the Official 
LisL Particulars relating to the Stock have been circulated iri the Extel statistical service 
and copies of the particulars may be obtained during usual business hours on any . 
weekday (Saturdays and public holidays excepted) for 14 days up to and including 
2Sth Mardb, 1978, from 

KITCAT & AIUKEN, 

9 Bishopsgate. 

London, EC2N3AD. 



D 


DONNA 
FLORENCE 


FMAZZDPim 
BMAZ20 D6SU /WK 

- HOTEL B^GUON 

1-4 APRIL 1978 

COMPLETE SHCWNGS OF 

ITAUAN LADES . 
FASHON 

OFFICIAL PRESEMTAnON OF THE 
AUTIJM\|/WINTER P 78-79 
COLLECTIONS EYTHE MOST 
IMPORANT F/^HON FIRMS 

admission restricied to buyers and the press 

CENTRO Dl FIRENZE 
PER LA MODA ITAUANA 

for information, programme and list of exhibitors- 
109/111, Yia Faenza - 50123 Firenze (HaJv) 

- __ telephone; {055) 219331/2/3 




VA 







‘ TbeAmmdL GenerdlMeeting of Bardays Bank Limited wUl he held in London on ApriL5, 1978. The 

JbUowing are attracts ftom the address to the Stockholders by~ the Chairman* Mr Anthony Take, for they ear 1977. 


ielp 


itis right to point out that they:' 
aid reserves - not out of the way 
ist tie results achieved in other 


LJ in a comparatively prosperous tree econoptyor when measured against the results achieved in other 
sectors ofindustry and commerce. 

In line with the majority of the.foraar banks in the world, we have moved ahead on the inter- 
national side and this has helped to of&ef the recent fall in the profitability of our b ranch b anking 
V' business in this pountry which, in 1973, provided about 68 per cent of our total profits. The figure is now 
■ nearer 40 per cent and die main reason fortfiSieduction is that; during the lastfive years, the commissions 
• : which we have been able toobtain on day-tcnday domestic banking transactions nave consistently fallen 

• *• l • Lii TT-.i • ' .i__ .i_ r ii rt~- r . i. i i i -i ' - it i - i i-t ■ 


• \ which maynot be seen again for many yeadisDn the other side, of me coin, one must bear in mind that 

- Jit" ■ _r _■ 1 T .1- ■ -T- ■■ 1 ■ . If ■ ■» r - -1 A 1*. 1 Tt 1 1 ■ 


■ : United Kingdom 

hi die United Kingdom the outstanding feature of the economic background over die past 


"in sterilng.and the associated- fall in ititefost rates are attributable primarily to the tighter control 
exercised over government spending and its close relation, the money supply. Without this, the 
contribution to our balance ofpayments madebyNorth Sea oi£ like that ofNorth Sea gas mrecent years, 
would have generated little confidence in sterling and the pound' would also have gained relatively little 

f .1 1 - f.l l it * '*.‘l 1 • 1.1* - 1 f - * - f • 1 1* - I- TW.1 .1 


\ worid economy offering little stimulus, the_tightening of fiscal apd monetary poliaes has had an adverse 

- , effect; for the moment at least;, cm United JGngdom private sector activity as a whole. This has bem 


■ ' when adjusted for theincrease m prices. : r [{ 

_.. North. Sea oil is now giving the country mpcfi needed room for manoeuvre but is also 
_ .. provoking consideiablenigument as'to hriw this shouldbe used. ■ - 

We probably all agree that^priority should be given to improving Britain’s productivity and 
increasing our foreign earning power: In particular, what buskiess.desperatdy needs -is along period of 
confidence, and this can come only fern steady and sympathetic government policies. 

77 Exchange Control 

There is now an opportunity to exploit Britain’s skills in foreign investment by a measured 
i; loosening of exchange control 1 The Government’s reluctance to take more than small- steps in this 
f direction is said to be due to fears that last year’s capital inflow might just as quickly give wky to an 
» outflow and that the investment -of British savings overseas would divert finance from British industry 
; and British jobs. The first of these fears need not materialise if; now that the bailiffs have retreated, 

' public spending and monetary policy axe kept under firm control The second .reflects a fallacy. If the 
exchange rate is supported, the purchase of foreign currency by British investors provides the Exchequer 

• with sterling; so that correspondingly fewer gilt-edged securities need be sold by the authorities. The 
■ supply of funds to British industry would then be unaffected by the relaxation of exchange control, 

* which would impinge only on the level of our foreign currency reserves. Alternatively, if loosening 
exchange control reduced the exchange rate, the effect would be to check the overall outflow of 

. sterling. In either case, home investment and employment need not suffer at alL 

The prohibition bn the financing by Britain, in sterling; of international trade between 
other countries is particularly unjustified, especially as the main cost of removing it would be of a once 
; and for all nature. The improvement last year in. sterling; in which the Bank’s equity capital is; 


banking business that would help to support the. country's overseas income when the tide of oil recedes. 

Industrial Change 

Bankers have seen many changes in the structure of British industry and it does not seem 
possible to prescribe how just what that structure should be in ten or fifteen years’ time. We should- 
certainly use the opportunity provided by North Sea oil to make the economy mote adaptable, 
especially to the changes taking place in the outside worid. The less developed countries are acquiring . 
the skills of the more advan(xd eamomies sa that.the problems of the cotton textile industry 
yesterday may become those of; say the engineering industry tomorrow Such changes are inevitable ■ 
and indeed essential for the progress of peoples poorer than ourselves. We should react to them, not 
by propping up bid industries according to some, preconceived plan, but by fostering change in our 
own economy in the direction of iimovation-and enterprise, wherever it may lead-in the short run we may 
wellmeet difficulties butyaevertheless, this seems tome to be the onlyroadtosustimed natiorialprosperity. 

lifeboat 

What is now called the Tifeboai? operation, namely the derision of the Bank of England to 
ask the Clearing Banks to recyde deposits to a number of secondary batiks, has now been underway 
for four years and it is appropriate to review what has happened .When, at the end of 1973, we discussed 
this rescue operation with the .Governor no-one was really sure of the amount of money that would 
be involved or the time it would take for confidence to return. In our case, we have recycled an average 
of £240 miflfonper taken a turn on that money Of the twenty-six passengers who 

were at one time in the lifeboat; those who have readied or will reach the shore have provided us with 
a profit whilst losses will result from those who have sunk; e# are now in recerraship. One might 


Thus, as unpaid interest accumulates and passengers in the lifeboat neither sink nor swim ashore, 
the operation becomes more expensive to finance. m - m \ . 

It i$ obviously very difficult to contemplate what would have happened, particuariy at a 


all foe. hindsight that is now availably these is no.doubtthat the action taken by the Bank of England 
and supported by the: Clearing Banks was My justified in that a situation which could easily have 
developed info a major .disaster for the City of London was handled with relatively little difficulty 


International 

\ Barclays Bank International has had a- very satisfactory year with profits before tax at 
.£113 million, five years ago, just before BBI ~ formeriy Barclays DCO - took over the foreign branches 
; of Barclays Bank Limited, its profits were £34.5 million whereas five years before that; in pre-disdosuxe 
days, profits were about £7.5 million. BBI Group deposits in the last decade have risen from some 
£1278 million in 1967 to £10,355 million, and the whole character of the Bank has changed. In 1967, 
we were trading in 41 countries of which 34 were either in Africa or the Caribbean; today we are 
represented in over 70 countries with a much more even distribution throughout the world. 

- A widdy spread branch network has been transformed into a more modem international bank with 
a number of subsidiary and associated companies. In some cases, as in Nigeria, Malta and Trinidad, 
the Group now has a minority holding. We have also been involved in the Eurocurrency market 
■almost since its inception;. this has become an important part of .diitr business, and we constantly 
. monitor our exposure in that market country by country 

The increase in our profits overseas has taken place against a background of disappointing 
worid economic activityj 'the rate of growth in wbrid'output and trade has 'ag ain been less than what 
would once have been regarded as normal In 1978, little improvement seems likely; general business 
■Conditions in the European Community and in Japan should become a little more buoyant; but the 
common expectation is that there will be some slowing down of expansion in the United States. 
Despite the foil in world commodity prices over the past year; which poses serious problems for the 
commodity producers of the less developed world, inflation remains almost everywhere a stubborn 
obstacle to the foster economic growth ana the rise in employment that we should all like to see. 

South Africa 

Banking on an international scale brings its own problems for; as all foreign investors knovyl 
politics and nationalism are rarely on our side. We realise that when we invest in a country we must 
accept- the laws of that country; it is not our business to seek to overthrow' legally constituted 
governments though we should' do. all we can to. influence’ opinion, especially through our policy 
towards our own-staff. South Africa is an obvious example. ' 7 ’ 

- 7 We have been criticised by a small minority of stockholders on two main counts. fnst is 
our policy with- regard to the employment of our non-European staff fair? Axe they given a proper 
chance of promotion and equal opportunities in .their jobs? We are confident that we have no 
difficulty whatever in assuring our stockholders on this score. No member of the staff is paid less than 
the seksifled Minimum Effective Level - that is Poverty Datum Line +50 per cent -and this has been 
our polity for many years, ever since this particular form of measurement was invented. All clerical 
staff, irrespective ofrace, are paid on the same basis and enjoy the same benefits; we are told, nevertheless, 
that ihere is too small a proportion of non-European staff in the more senior jobs. On the face of it 
this is true but, accepting the constraints imposed by local conditions, it is only in recent years that 
the employment of non-Europeans in deried jobs has become feasible and there are very few cases 
anywhere in the worid - inducting this country - where a membd: of the staff .reaches managerial 
grades in less than, say ten years. The total of 53 non-European derical staff employed in 1967 had 
grown to 1,912 by the end of 1977 and, in addition, we employ 2JL 02 people in non-derical jobs. There 
is still a long way to go, but we are- moving in the right direction. ‘ ' ' ' 

The other and more basic aitidsm applies to all the seven hundred or so foreign, investors 
in South Africa: should those of us who dislike the apartheid policy of the South African Govern- 
ment vote with, our feet and sell our investments? We cannot believe that the under-privileged 
majority can possibly be helped by withdrawal of foreign investment; for from it - attitudes would 
harden, and there is not the slightest chance that our withdrawal or that of other investors would bring: 
about some miraculous crumbling of the pillars of aparthrid The only real hope of a more tolerant! 
soriety lies in all of us soldiering on, though one cannot deny that the events of the last six months 
have made a’ dent in this polity. But there are very many white people in South Africa who are working ; 
for change, and withdrawal of foreign investment would be a severe blow to their hopes. This applies ; 
equally to the great majority of Africans, although one must exdude the more extreme fringe elements ! 
who feel that there is bound to be a holocaust and would prefer it to come sooner rather than latecOuf 
. Dolicv: therefore, is to stavin South Africa hid use all the influence wehave to try to bring about a happier. 


Staff 

. *Tbe ability to deal with people is as pstrcbasable a commodity as sugar or coffee and I pay more for 
that ability than for any other under the sraCTBs was said some fifty or so years ago by John D Rockefeller 


at least; beyond our control at the moment The ability of our staff at all levels to deal with people ■=- and 
this indudes both their colleagues and members of the public; be they from Norwich, Nairobi or 
New York - is of paramount importance to the Bank and its stockholders. A few years 'ago, we ran a 
successful advertisement which said that money was our business; this is still true, not least its quick 
and effitient transmission throughout the world But we can equally say that people are our business, 
and the health and the pioq)erity of the Bank dq>ends on them. 


AnthonyTuke, Ch airman ofBaidays BankLimited.\ 


BARCLAYS 



REGISTERED OEHCE:54 LOMBARD S TRKRT 
LONDON EC3P 3AH.SEG.N0.48839. 






FINANCIAL TP BBS TUlJSDAY lCA^CS 1978 


AMERICAN NEWS 


New move on national market system 


BY JOHN WYLES 


THE NATIONAL Association of 
Securities Dealers (NASD) has 
started moves to comply with 
the Securities and Exchange 
Commission’s demand for a link 
between the over-the-counter 
securities market and the pro- 
posed national stock market 
system. 

In its efforts to nudge the 
securities industry towards a 
national market, the SEC is 
asking that key elements of a 
national market be operating by 
September 30. It has asked the 
stock exchanges and the NASD, 
which regulates the over-the- 
counter. market, to submit a 


timetable of developments to set 
up the market by April 15. 

For Its part, the NASD has 
commissioned a technical report 
on bow existing electronic equip- 
ment can be modified to “ plug " 
over-the-counter' securities into 
the proposed national market. 

Among other tilings, the SEC 
wants a facility allowing brokers 
to route orders to any par- 
ticipating market whose trading 
would be linked electronically. 
The NASD Board has agreed that 
some over-the-counter securities 
be traded in the national market 
although it is aware that trades 
would be more visible and there- 


fore competition sharpened 
The SEC is still reportedly 
unhappy about the securities 
industry’s intentions on a 
national market The commission 
has long felt that there was a lack 
of will within the Industry to 
embark on the enterprise and 
had hoped for more positive 
efforts following its statement in 
January that the SEC was 
wedded to an evolutionary 
approach. The commission Is now 
drafting rules to force the indus- 
try to- adopt the chosen elements 
of a national market if it is 
unable to agree on its own pro- 


NEW YORK, March 13- 

The New York Stock Exchange 
believes that It is making an 
enormous Stride in the direction 
of a national market with the 
pilot scheme being launched in 
April which would link It witb 
four other exchanges and 
theoretically would enable 
brokers to secure the best price 
available on a particular stock. 
However, the plan is weakened 
by the non-participation of the 
Chicago Stock Exchange and by 
the fact that it appears to do 
nothing to seduce the " Rig 
Board” domination of securities 
trading. 


Columbia 
agrees new 
Begelman 
contract 


Abitibi Paper takes 


eurobonds 

Australia 


xf . phi 

ia sa * 


optimistic view on a f^g 
outlook for newsprint market 


By SteWart Hearing 


GM overseas 
restructure 


Banks freeze Corco deposits 


DETROIT, March 13. 
GENERAL MOTORS Corporation 
said it will reorganise its over- 
seas operations, with effect from 
April J, to improve management 
co-ordination between North 
American and overseas opera- 
tions and to improve efficiency. 

It said vice-president Mr. 
Alexander A. Cunningham has 
hcen named as group executive 
in charge of overseas operations. 

In addition, five new General 
Motors vice-presidents have been 
named to responsibilities for 
specific geographical areas. 

GM said Mr. John F. Beck wilt 
be responsible for Latin Ameri- 
can operations and Mr. P. 
McCormack will be responsible 
for European operations exclud- 
ing Adam Opel in Genua ny 
and Vauxhali in England. He 
will also have responsibility for 
Middle East and African 
operations. 

Mr. Walter R. Price will be 
managing director of Vauxhall 
and Mr. James F. Waters Jr. 
managing director of. Adam OpeL 

Mr. John Qick will be respons- 
ible for Asia and Pacific opera- 
tions. 

Reuter 


A NINE-BANK lending group 
owed about 3170m. by Comm on- 
wealth OH Refining Co. (Corco). 
has frozen S12m. of the finan- 
cially troubled concern’s deposits. 

It was learned that the funds 
were “set off" by the banks on 
the same day, March 2. that Com- 
monwealth Oil petitioned a San 
Antonio, Texas, court for pro-, 
tection under Chapter 11 of 
Federal Bankruptcy Laws. 

An official of New York's Citi- 
bank. leader of the banking 
group, confirmed the freezing of 
the funds and conceded that 
the action had been taken prior 
to Commonwealth's Chapter 11 


filing. He said, however, that 
the action was taken after Citi- 
bank was notified 'by the com- 
pany’s Board of the pending 
filing. 

But, in Puerto Rico where 
Commonwealth’s Slbo. oil refin- 
ing and petrochemical complex 
is located. Government officials 
have charged that the action by 
the banks pushed Common- 
wealth into the Chapter 11 pro- 
ceedings. Under Chapter 11, the' 
company continues to operate 
but seeks court protection against 
creditor law suits while it tries 
to work out a plan for paying 
debts. 


NEW YORK, March 13. 

Meanwhile, the names of the 
eight other banks in the lend- 
ing group, previous unidentified, 
were learned. 

In addition to Citibank, the 
lenders include Bank of America, 
Chase Manhattan Bank, Chemi- 
cal Bank, First National Bank of 
Boston, Irving Trust, Banco 
Popular de Puerto Rico and 
Banco de Ponce, 

Also included in the group is 
Banco Credito and Ahorro Pon- 
ced o, Puerto Rico's third largest 
hank and itself in financial 
difficulty, 

AF-DJ 


Mixed year for Brazilian subsidiaries 


BY DIANA SMITH 


RIO DE JANEIRO, Mar. 13. 


BRAZILIAN subsidiaries of 
foreign multinationals had a 
mixed year in 1977 with sub- 
stantial trading losses for some 
while others showed healthy 
profits. 

According to recent figures, the 
worst hit were multinational sub- 
sidiaries operating in chemicals 
or phamaceuticals. Ciba-Geigy 
had the heaviest trading loss in 
1977 of any subsidiary — $52m. 

Trading losses of other com- 


panies in this sector were also 
of significant size. Dow lost S42m. 
— half of its 1976 loss, which was 
385m. Bayer lost S37m_ Rbodia 
lost S30m, and Hoecbst lost 
$28m. 

On the other hand, the upswing 
in commodity prices, especially 
coffee, soya, cocoa, and cotton, os 
well as the continuing demand 
for automobiles, was reflected in 
the 1977 trading profits of several 
multinational subsidiaries. Car- 


gill. exporting maize and soya 
particularly, had a trading profit 
of S172m. Anderson Clayton, 
thanks to coffee, made a trading 
profit of 8126m., and Erminio 
Eozzo, the Italian-owned coffee 
company, made a profit of S99m. 

Volkswagen made a trading 
profit of $96m„ Ford $40m.. 
Mercedes-Benz 858m., Chrysler 
$48 nu, and Fiat $15m. But the 
latter lost S12m. on its tractor 
and road machinery sector. 


NEW YORK, March 13. 

COLUMBIA PICTURES has 
reached agreement os a new 
contract for Mr. David Begel- 
znan, the senior executive of 
the company who resigned in 
February after a long-running 
scandal. 

The new contract with the 
company provides for Hr. 
Begelman to work as an Inde- 
pendent producer of films and 
television programmes over 
the next three years. Under 
the terms of the contract he 
may receive more than he was 
being paid as head of 
Colombia’s film and TV 
divisions. 

■ Columbia, a leading ' U.S. 
film company, said when Mr. 
Begelman resigned after 
months of uncertainty about 
how It would handle the widely 
publicised embezzlement scan- 
dal that it would engage Mr. 
Begelman as an Independent 
producer because It did not 
want to lose his talents. 

Colombia disclosed the new 
contract in a report filed with 
the Securities and Exchange 
Commission. The agreement Is 
subject to drafting of the final 
wording. . . 

The Colombia report also 
gave details of the forgeries 
and related events Involved in 
the scandal. Of the. $75JHH) 
involved, Columbia alleged Mr. 
Begelman took for his "per- 
sonal benefit” only $G1,008» 
which -has been repaid with 
interest 


MONTREAL, March 13. 


. . By Mary Ottfiplwfl- 

BY ROBERT GWENS \ : : MONTREAL Mm* U. ^ yMttrday ^ 

THE OUTLOOK for newsprint some price relief to. offset higher expected dominated by 
m 1978 faw *n«tK n developments In the cum 


business in 1978 has - improved," costs.” • developments In the cum 

says Abitibi Paper, winch with Lumber operations should front In the morning ^ 
its 58 per cent interest in Price show a profit this year with bonds continued .to firm,-* 
Company is now the world’s elimination of start-up costs of indicated prices of D-Mark, b* 
largest producer. Newsprint con- the new White River raw Mill fell in advance of the -£ 
sumption moved to higher levels in Ontario and the operating German agreement on fur 
towards the end of X977 and loss at another saw mill since measures to boost the da 
inventories held by U-S. pub- sold, . However, bond mm***. 

Ushers began to contract. The The U.S. building materials the currency 5 “~y w “* * 
Abitibi group sells more than «mmany “performed extremely clearly disappointed . with : 
60 per cent of Its newsprint lo well last year and further im* announcement and these tn 
the U.S. For 1978, Abitibi bases provement hr expected.” reversed themselves. . 

its projection for improvement planned capital spending in Trading waa fhm Tester 
in newsprint on the ■ growth 197s is SC35m. for Abitibi and dealers said. Particularly So- 
pattern of the North American «CS2m. for Price Plants, against D-Mark sector, but if . 4 
economies and stable demand sc2i.6m. and $22xn. last year. trends continue, issue man* 
from overseas. . It is hoped to continue divi- of tbo now very suostw 


The huge world inventories of dends on a quarterly basis of not volume ^ new dgUor bonded. £ 
market pulp and excess capacity less than 15 cents as paid last offer toternatioually . may 
have brought about a ^highly February 1. . J expected to face probletufc-** ^ 

competitive market,” ■ and Abitibi and Price have formed The calendar was JoadaTj 
Abitibi’s Smooth Rock Falls pulp joint companies Co market their further last night py : 
division will be unprofitable in newsprint and lumber. announcement of a 8300m. I . 

1978. Towards the end of last year, year offering for Australia. ? 

. The outlook for floe papers is “conceptual approval” was given brings the total value of £p 
brighter now than for the. past to a three-year programme cost- denominated Eurobonds on 4 
two years. The exchange' -rate jng $C32m. to convert Price Co.s over $600m. On top of.i 
is helping, and while volume is Kenogami newsprint mill to un- there are SS25m. worth 0 QtJ 
growing, the company is “getting coated groundwood papers, in New York, 


fort’ 


Hudson’s Bay Co. record 


BY JAMES SCOTT 


ndwood papers. in New York. 

The terms of the Austin 

issue include a coupon of 8 

cent, on a par pricing. Deut 
Bank is lead, manager, and 
■ rCCOlfl management group, which is 
same as for the past Austn 
TORONTO March 13. offering, includes the big,t 
Swiss banks., 

i orations and the fur The most closely compai 
This was up from issues outstanding include 
the previous year. EEC 7* per cent, issue, a TJ 


Dana lifts payout 


Bank leumi 


lEiSRflEL B.fTL 


■din) pja 

non Sniuj'S 


TOLEDO, March 13. 
DANA CORPORATION has in- 
creased the quarterly dividend 
to 32 cents a share from 
31 cents a share, payable June 
15, reports Reuter from Toledo. 

Earnings for the second 
quarter totalled 82 cents a 
share against 80 cents. Total 
net was 526.1m. against $23-8m- 
Salcs increased to 5505m. from 
$416m. for toe six months, 
earnings moved up to $1.87 a 
share against SI -62. Net earn- 
ings were $S9.2m. against $48m. 
Sales reached Sl.DIbn. against 
$820 m. (fiscal 1978 six months 
net includes foreign currency 
translation loss of 


HUDSON’S BAY reports that a sale operations and the fur The most closely compar 
strong Christmas selling season business. This was up from issues outstanding include 
in its Canadian retail stores, and SCUlSbn. the previous year. EEC 7$ per cent, issue, a 7J 
foreign exchange gains arising Profit from merchandising was .cent- Swedish . stotc-guaratf 
from its British and U.S. fur $C.56.Sm. compared with issue for Statsforetag and 
operations pushed earnings of $C4SS3m. per cent, issue for Norway. I 

Hudson’s Bay Co mpany to a Increased profit from its yield up to a quarter point 1 
record SC29.Sm. (8US26.55m.1 natural resources interests, than the Australian issue. 'A 
for the fiscal year . ending which rose to SC13.7m. from ance f 0T the per cent sc 
January 31. compared 'with SC10.4m. contributed to the ira- concession pushes Austn 
SC24.Sm. a year earlier. Revenue proved results. But because of a yield to well over &3 per ce: 
for the year rose 6 per. cent, to temporary drop in land sales, jj, the D-Mark sector, 
SCL42bn„ (SUSl-29bn.) from profit dropped* to SC14Rm. from Onrnjssion Federal de Elec 
SCl.34bn. SC23-2ni. A semi annual dM- ^Toffering toS been price 

- Of the total revenae, $L37hn. dead of 34.5 cents a share was Dar t0 y : c ? d 65 ^ 
came from the company’s mer- declared payable April 2S. an D uc for annoi 

chandising operations which' in- increase of two cents from the —S-,. n ir<ht wax the Ele 
eludes the retail outlets, whole- previous rate. 25? nSiSoS? 5 £aT 


Loblaw back in the black 


braz DM 150m. issne— the- 
question mark surrounding 
offering was the level at w 
the indicated coupon wouti . , , 
pitched, whether at 6* or 61 » 

•ABBBki .IM «Ka B>i«ltArli(lArf «.'»*■ , * • 


BY OUR OWN CORRESPONDENT TORONTO. March 13. 


CONDENSED CONSOLIDATED STATEMENT OF CONDITION OF THE BANK AND ITS SUBSIDIARIES 

as at 31 sf December. 1977 


LOBLAW COMPANIES of costs coupled with extreme cora- 
Toronto, the North American petition make the preliminary 
food retailing arm of George outlook for 1978 only modestly 

Wpclnn hnrt -a rpmarlrshla hum. ^.nnunhln 


cenL,- un the scheduled 
year maturity. 

The sterling sector was 
weaker yesterday. 


* nrn 

j 1 


United Brands slips 



US.$ 

Paid-up Capital of the Bank 

63,578,000 

Receive for proposed distribution of Capitalization Shares 

21,193,000 

Capital Reserves inducting Premium on Share and Earned Surplus 

91.585.000 

176,356,000 

Capital Nates— Convertible Into Shares of the Bank 

33.988JJbO 


210,344,000 

Interest of Outside Shareholders 

44.484,000 

Capital Notes and Debentures issued by 


Subsidiaries— Convertible into Shares 

13.233.000 

57.722.000 

Non-Convertible Capital Notes and Bonds 

131,564.000 

Demand Deposits 

1,096,199,000 

Tune and Savings Deposits ^ 

4,329344.000- 

Deposits and Loans from Banking Institutions 

1,218.208,000 


6,644*351,000 

Deposits for the Granting of Loans 

814,605,000 

TOTAL DEPOSITS 

7,453,956,000 

Debentures Issues by Subsidiaries 

1,385,099.000 

Other Accounts 

135,631 ,000 

Liabilities on Account of Customers . 

51 3,296,000 
$9,892,612,000 

Cash and Balances with Banks 

3,890,587,000 

Securities 

462,885,000 

Deposits with and Loans to the Government 

2^59^83,000 

Loans 

1^14^23,000 

Loans out of Deposits for toe Granting of Loans 

726,164,000 

TOTAL LOANS 

4^00^70,000 

Other Accounts 

81.136,000 

Bank Premises and Equipment 

44,338,000 

liabilities of Customers 

l 513236,000 

J s 9^9261 2JJ00 


UNITED BRANDS, one of the 
world's largest banana and 
fruit producers, reports net 
earnings of 50 cents a share 
for 1977, against $1-28 In: the 
previous year. 

Total net earnings were 
S7J5m. against S16-3m. The 
1976 full, year net included 
extraordinary income of $2.5m. 
or 22 cents a share. 

Sales increased to $2.4bn. 
from $2.3bn. 

There was a loss for the 
fourth quarter or SS.Tm. against 
an operating profit of $568,000 
or * cent. Sales were S614-5m. 
against S5 72.8m. 


Weston, had a remarkable turn- favourable. 

around in 1977,- reporting a 

profit from operations of -rT'TV’i 


prom rrom operations or r;vi -i/-i 1- 
$C13ra. c?USlL67m.), compared Jt 1 1 C Hill HU 

with a loss Of SC2Lfim. a year ° p financial *icti«s nvpwncr . 

SS2FE&U& on Fruehauf profits ^ w 

creased the final 1976' loss to said it intends to .appeal against Fr®"® h _. h 2”J8 l *9*2 
$C49Bm. ' a Federal Trade Conrmissioh of finance, loan ana- 

Sales .were . SC3.73bn. derision requiring the company purchase companies. 

f$US3.32bn.) (SC3.52bn.l the to divest itself of the automolive group npt prnfits.fc 

year before. / operations and -assets of Kelsey- moved up from hrs.419nt: 

Mr. Galen Weston, the chair- Hayes Which il acquired in 1973. Frs.461m. (around 8188m.) i 


Earnings lift 
at Bancaire 


Financial Times Reporter 
PROFITS higher hy a tenti 


man. said a great/deal has been The. FTC'S ruling permits! 
accomplished to relieve the bur- Fruehauf to retain Kelsey's aern-j 


den of unprofitable assets from space and agricultural operations 


purchaso companies. 

For 1977 group net prnfifsjt 
moved up from Frs.419mf- 
Frs.461ui. (around SISSm.) 
provisions for risks. j ? IV 7. 

Of this. Frs.2S7m- accrdw *** ” 
the group, compared \ 




the business and the profitable and assets. “ We are surprised Frs.219m.. consolidated earru 


divisions arc beginning to show and disappointed at the ruling,**! 
through, but warned that rising a Fruehauf spokesman said. 1 


1 per share of Frs.R7 (Frs.71.fil 
1 capita! increased hv n quarte 


77ns announcement appears as d matter of record only. 



Canal de Isabel II 


550 , 000,000 

Medium Term Loan 


ThDOonvanuonrataoTtlMlannQpoandiothaU£. Dollar t« *1 —1L1SJ9 on 31ttDeemnbtf, 1377. 

Head Office : 24/32 Yehuda Halevy Street, Tel Aviv, Israel. 

IN ENGLAND 

BANK LEUMI (U-K-) LTD. 

Head Office and West End Branch: 4-7 Woodstock Street, 

London W1A2AF. Telex 27119, Bankleumuk London W1. Tel. 629 1205 
City Office: P.O. Box 103, Swan House, 34-35 Queen Street, London EC4 P 4BT. TeL24S 7712 
Goiders Green Branch, 101 Golders Green Road* London NW11 SEN. Tel.455 3472 


DIM 


Israel's largest Banking Group in ihe World 
with 360 Subsidiaries, Branches and Offices world-wide 


X. ■ ■ * --k 


Toronlo 


Chicago 




DiDon, Read OTerseas Corporation 

Amstodam-Rotferdam Bank N.V. Banca Mas Sards S.A. r Banqne Beige I; — '*- J 

International Commercial Bank Lindted * IntemationdMericanBanklimted 

Kuwait International Investment Co. S. A.K. Kuwait Padfic Fb^^pany Limited 

Lloyds Bank International limited TLe Sumitomo Trust and Banking Co. lAmteJ 

United International Bank Limited Wobaco lnyestments limited 


Amrfenkm-Hotterdain-Eaiit N.V. A P Bank limited Banca BfasSarfaSJL^ 

Tbe Bank of Yokohama limited BanqueBelge pour rjadarfrie S.A. Banqne GenMe dn LniembonrgSJL " 
He Ckno Trust & Banking Company limited Hartford National Bank & Trot Company 

International Commercial Bank Limited IntematioS^ Banklinuted - 

Kuwait International Investment Co. S.AX. Kuwait Pacific FinSS^m.y iindted 

Lloy^ Bank Znteiaaiional Lmuted Mee.&HopeFinance N.V. . He Mercantile Bank of Conoda 

Midland and International Banks Limited He ffitadTn B t& Banking Co. limited 

MTBC& Schroder Bank S.A, p. *, ,, . _ _ 

Ptetton.HeldrmgdcRenonN.V. 

Provinda] Bank of Canada (International) Limited Sateuna-Union International (Hong Kong) limited 

Sodfte Generale de Banqne S A. He Snmitoino Tmrt and Banking Co. Iinrifod " 

United International Baak Limited writ*. _ 


Provided by 

A P Bank limited 


New York fm 


:j V]firuss els Antwerp 
Zurich \\ 



Beverfy 
, Hills 


r— 

V' ; Bahamas. V- 

. • . 

Miami •• 


7324 branches 
kin Israel 

— Qpna y 


Intemationai Mexican Bank limited 

__ ■ r-JNXKRMEX— 

Kuwait Pacific Finance Company Limited 


"^^^mari.lstahcl (i)>. • 


V;- • V., ; 








.-.a. %."■ 




Sffo Paulo 


• V-T/Zs'&r 1 '* 

, 2 .:" 


105 Aires 1 




He Mercantile Bank of Canada 
itsni Trust & Banking Co. Limited 
Piewon, Heldrin g & Rerwm N.V. 
iternational (Hong Kong) limited 
no Tnrrt and Banking Co. Limited 


Hoi 


m 


— WOBACO— 


Agent 

Lloyds Bank International Lnfifod 

A ■ratfolihiigABnkGmr 












JANOAL TT&ES TBESJDATHARCH1* 1ST* 


N I L. FINANCIAL AND COMPANY NEWS 


(1 

>rini 


S^TRALASIAN NEWS 


V , 
«* 


is™ 8 


JAMES FORTH 


Earnings 

Philp ahead so far s row,h 

continues 


SYDNEY, March 13. 


‘til'd 


lv‘h 


PHILP. the 
-- -ified industrial 
group earnings 


widely ings 47 per cent., frojn SAStfl- to reflected the continuing deferral 1 Q f T^T \ 
group. SA205ra. as reported in the of interest or a number of loans- ‘ ul JL ir\ 
__ 10 per FI Racial Times on Saturday- „ .... 

in the December half year Ip the consolidation, 100 per bearins 10 iSSf” 1 narTESEiXT^ 1 
in of losses in its finance cent of Robe Risers' revepue J 0 ^,’ pa . rrt _ cuJarly ,n 

my and 


By Iqbal Mina 

KARACHI. March 13. 


Rivers’ revenue V 6 iivuinciy in nniuium. *«• 

■ny ana its electrical ana cost were taltM jotn-Mcint. JKSi ™“t pn !' 1 iiTSSttfoLfe 

sS P n,T^c ™mZrt“f.K ra W e °Sn'5e a "^rL"t LiT^ZlZt | SuSf .f IK? by H jcr 
Tm.) compared will my Raided SA752.000 to Bams {!?? 1™*“ » mailer loss in ; CMt. to fcI72nt- 1517Jin^ 

u. the flm - halt of Philp group eamiDES, and raised ^econd half year ■! IcvTcom we« np ™ 

7 -. . sales by SA255m. . P p Erectors said that they > ^ ^ i «hV MSiMmA 

: increase was attributable Group sales increased from heheved the group profit should ! ■** ?. er SS^i^r kw* ihe 
j consolidation- for the first SA220rn. to . SA246m. (around be higher in the second half. ' i m 

Soup's 25.5 per cent. SUS277o.), indicating ftat with- ■ However, they cautioned that J to-day that the growth In 
Jil 11 S e ,ro « ore ° or Kobe contribution, the current economic uncertainty ! revenues came from a 20 per 

»hl nc W ™ Bu XP 5 £ hl1 ? revenue: -was vimatly smtic. made it difficult to be confident ■ cent. increase in Inlernationa! 
the U S. po up Engelhard An abnormal expense -toHopg of forecasts. They also pointed pasenger traffic. nper cent, on 
‘par jointly acquired just service leave provisions for pnor out that the Board of Robe River ! the domestic passengers side. 
■ P ^ r “P L of £ obe River, periods iff thfe Papoa New Guinea was cautious about prospects for i and 21 per cent, in freight. 

l B i 2 a 3o Per cent .subsidiary, caused by a change in the second half and that the i The results were, he said, a 
sst m the Robe River iron legislation, also reduced *he appliance group Snn Electric was continuation of the trends or 

grtmp result by SA366.00Q. ; The still facing difficult trading Coadi- j growth and profitability “we 


reject. 

3e River boosted its. earn- loss in the 'finance offshoot tions." 

Advance forecast by AWA 


t OUR OWN CORRESPONDENT 


SYDNEY, March 13. 


LG AHATED Wireless (Aus- unlike 1976-77. no dividoid' was result for the full year. Mean- 


major locally- expected in the second half from while, the interim dividend is ! immediate impart on 


<ia). the 

d electronics and electrical the joint venture in colour tele- held at 3.125 cents a 
5. lifted its earnings and vision. AWA-Thorru Last year 


share. 


end in the December half, AWA-Thoxn paid fiASOQJDOO. 
te a marginal increase in 


H. C Sleigh bus s 
stake in Goliath 


. Moreover, the director* PptprcviJlo confimiK 
rt a higher result for the ret erSYlfl€ COniUlUes. 

• rear. Sales rose only 1.8 per malrp nrrunvee ' 

. while profit improved 8.7 l o ma Ke Progress 

to PETERS VILLE. Australia. 

major food group, listed earn- g nl ia th'*ri m »n t * i?n i>u«i J * , * n . dU 

ings 37 per cent, up at *A4-4Sm. £ ' vabons -. 


H. C. SLEIGH has acquired a 
3 -2m. share ' bolding in 


had in the past four years and 
indicate that the Airlines will 
achieve a budgeted level of 
traffic revenues and profit- 
ability Tor the current financial 
vear. H Since the PIA's profits 
have started generating cash 
resources, the airline has 
initiated maior projects which 
on completion wii) have 
the 

quality and efficiency of 
passenger handling. 

These projects include a 
computerised reservations sys- 
tem ara cost of Sim. All PJA 
international stations will 
have computer terminals 
linked via sartelUe to a com- 
puter in Atlanta that will 


cent., from SA 2 .Sra. 

3 m. (SU.S. 3 . 2 m.>. 

e interim dividend is in* SffiJjjS "JL" DtSSbar -° ab f ut 15 jw «»*• of“Golia'th's ! r^natlons'i^lem "to Karachi 
ied from i MS cents a share haH veS outoanSc a TT oer ^sued caphaL Reuter reports costing Slfim. will begin - 
centt. It is the fourth con- ° ut P“ cm » » «■ _5* r from Melbourne. 


Tasmanian cement maker,] handl* all Internationa] reser- 

Tbe computerised 
:hi 
to 


««»- cent lift in «1 p«. "to SAiSfim *«w«nic. ; handle domestic reservations 

Uve divideqcT increase and Jggu JilL 1 ? sa i^ rJStS 51eigb said it bought the ; by raid-1979. Estimated to cost 
aoard said that it expressed ^ ‘ Qf shares as a long-term investment | over rupees 310m^ most or 

• confidence to the continu- ™ ea« wffn Md win not bu y further shares these projects, which also 

progress of the company. - ^ in the cam »W- ! Include ln 

rriag the year trading condl- ° However. the directors , Goliath earned SA2.35m. after; flight hi 1 ® 11 ®” ** Karachi, 
» for colonr television expressed concern about -profit tax ! n lt:? I* 8 * trading year I ground handling equipment, 
... ..r io the end ~ r T ***^ — 1 : —■ 1 


me very difficult, both in 


margins being eroded by pres- '.J-,"* 1 ' 
ralia and New Zealand. The sure from tncreaslnglycompeti- * ,a Cents 
stry was overstocked a "'* Miuotinnc snares. - 


iouth British profits rise 


of June 1977 and j eheck-fn system and constrnc- 
on its 50 cent par : tion of a large modern caro 
complex, will start producing 
results by the end of 1978. Air 
3Xarshal Nur Khan said that 
the overall annual growth rate 
of passenger traffic of ail LATA 
airlines was 7 per cent, com- 
pound during the past four 
years, as against PIA’s growth 
of 29 per eent. PIA had to go 
in for growth and expansion, 
because the alternative would 
have been, to let costs outpace 
revenues and to >e t/o reign 
airlines take away its market, 
causing a M massive M drain on 


more as 
earnings rise 


and tive conditions which developed 
eswd margins prevailed, during the last quarter.- -LTh* . 

ever, the poor results in Victorian power strike late last ' A mnffc novC 

xr television had been more year affected operations > hut wuvlw F^J* 3 

offset by increased profit- benefits continued to Row from 
ty in AWAY other activities, higher levels of capital ittvest- 
di rectors expected this trend- merit and cost control^'pro- 
intinue and forecast a higher grammes. 

It for the full year, although. The directors expert a higher 

’ “ • . By Our Own Correspondent 

SYDNEY. March 13- 
ARNOTTS. the biscuit maker, 

- has lifted its interim dividend 

•Y DAI HAYWARD WELLINGTON, March. 13. - profits for the** December Sialf! the country's forei 

; U.K. is the only area which SXZ27S.00Q in 1976 to SNZUlm. > ? ar - Grou P P rofit rose from [ resources. Air 
. not show a profit for tbe last year. The South British SA4.49m. to AS4.95m. after an , 

1 1 Zealand-based South British result continues the upward U Per cent, increase in sales,! 
ranee Company in the six- trend for New Zealand insurance from SAlOfim. to SAllSm. 
rths to December 31. when companies despite recession hit- The interim dividend is up 1 
company’s profit after tax ting profit levels in other areas from 4 cents a share to A5 cents. 

.. by almost 38 per cenu to of New Zealand business. The higher profit was achieved 

fi-fiDm. <SUS8.0m.1. from Tbe company has declared an despite a fire in the company's 
4.83m. in the same period of interim dividend of 10 cents— up snack food factory in Sydney, 
previous year. I cent .on. the previous year, which caused a loss of sales 

aims in the U.K. in the fire Premium income by the group and the now recurring costs 
• accident section: .were ..up- showed a 13-S per cent rise. to associated with Arnott’s entry 
illy heavy, the company said. SNZlOS^Sm. The group's income into the pet food market, 
ndcrwriting profit showed a from investments also Increased. AmoTts bought into the pet 
-fold -Increase rising from by 27 per cent, to SXZ6.7m:' food marker with the Spiller* 

group of the UK 
venture bought . the pel food 
division of Marrickville Hold- 


Khan said. 


eign exchange 
Marshal “ 


N'nr 


Recovery 
by Hume 
(Far East) 


ARKER UMBER GROUP LIMITER 

Interim Results (Unaudited) 

At a Board Meeting of PARKER TIMBER GROUP 
IMITED held today (13th March), the following Interim 
Report was approved:— 

Six months to 





30.9.77 

30 9.76 




E'OOO 

£000 

urnover 



23,741 

20.114 

radmg profit ... • 



1.837 

2.104 

e precis tion 



(312) 

(272) 

iterest 





f 160 > 


rofit before tax .. 



1.363 

1.743 

roflt after tax .... 



653 

837 


The softwood operations haw been influenced by th*» 
mtinuing recession in the construction industry, although 
irnover continues to be satisfactory. By contract. Parker 
Imber Plywood is enjoying • a high level of business and 
arker International a period of strong demand, both with 
■rrespondingly improved profitability. 


PAN HOLDING S.A. 

LUXEMBOURG 


ng of 3rd March- 197S. the Board of 
the accounts for the financial yeai 1977. 


At its mee-tinj. 

Directors finalised 
- The accounts show. net profir of SUS4.135.S83.05. 
including a pet ga»n realised on saies of securities of 
. ;;US3.014.S15 98. 

The Board decided to- propose lo the Ordinary General 
.Meeting, to be held on 30th May. 1978, ibei distribution 
■ -- of a dividend of SUS2.33 (two dollars tbirty-five cents* per 
share of SirsiO par value outstanding on 30th June. 197S. 
. 'efrf the year 1977. as compared to SUS2.25 for the preceding 
' ' *' '"year. -. 

This dividend is free of withholding tax in Luxembourg 
.>and will be payable as from 3rd July. 197S. 

The Company's unconsolidated ■ n?t asset value per 
.. Share as of 31st December. JP77. n mourned to SUSUOAS. 
■”i& compared to SUS 107.47 as of 31st December. 1876. i.e. 
increase of 2.9P<V, nr of 5.08*?, if the dividend of SUSS 25 
;s taken mtc account. The Company's consolidated ne» 
isser value as of 31st. December. 19* «. amounted to 
... :L’S 1-0.09 per sharp 

As cf '2Sth February. 1975. the unconsohdatfid net 
. trtrt value amounted tr> 8US30S40 per ihars and ihe 
?> rnnsolidated not asset value amounted to SUSI 17.35 per 
.bare. 


ings. 


N'ylejc regains 
more ground 


By H F Lot 

SINGAPORE. March 13. 
HUME INDUSTRIES (Far 
The joint- East), a subsidiary of the 
Humes Group of Australia, has 
staged a strong recovery, post- 
ing a' 134 per cent, increase in 
pre-tax profit for the half-year 
to December. 

. Group pretax profil for the 
period was SSSJlm- while, 
profit afrer tax and minorities 
NYLEX Corporation- the major : was 116 per cent, higher, at 
plastics, synthetic fabrics and ^ SS3.97m. 
cables group., continued itsj The higher profits were 
recovery m 1977. increasing achieved on an increaM* in 
group profit from SA850.000 to. : turnover of only 9 per cent., to 
$A 2.4m.i writes James Forth; S5 86.1m. 
from Sydney. ; Although Hume said that ihr 

. Tbe directors have declared a j results were not strictly com- 
ftnal dividend of 2 5 cents, which ; parable with the first half of 
together with ihe interim of the previous year, as a result 
I cent— the first payment for two of , hc 0 f its 31 per cent, 
and .a-half years— makes a total : interest in Hume Edible Oil 
for rite year of 3.5 cents. It is [ and the Inclusion of -the trad- 


covered by eamiprs of 6.94 cents . 
a share compared with 3.0S cents • 
io 1976 - 


Ing results of Hume Industries 
Sarawak and Yarpnin-Hume 
Quarries, the figures, nonethe- 


ear7| ed*ji peak profit of ; ^ ow that Hume has more 

J *5S, t W*S a ! 1 ,han arrested the sharp decline 
th?n declined un.il 19»o. when a. SU fr e red in the previous finan- 
group toss of SA1 3m. was in- * p{ ,| VMr 
Purred. Since then Xylex has! ‘ 

been on the recovery trail. 


Much of tbe Improvement 
mi,- ...h was due to the recovery in Its 

in^TPri i Malaysian subsidiary. Hume 

iprovea performance resulted | .. u-v,i»ti 


improved per 
from continued benefits from ! 
rationalisation measures j 

achieved in the face of sicnificant ! 


Aluslrics (Malaysia), which 
recently announced an interim 
pre-tax profit of SM4.08m. — 

and costly, disruptions caused by j ; araounI 

the Victorian power strike late ■ recorded pre lonsi . 
last year. Hume, which is largel 

The major improvement lay in j Involved in the h ° l ^ in 5 
Turnround bv the Xyiex opera- 1 materials indnstir. said that its 
tin? company, which contributed: Singapore operations co ntin ued 
about one third of tbe group] 
profits compared with a loss in , 
tbe previous year. 

In South-East Asia tbe Sinza-J 


to 'encounter severe competi- 
tion. but achieved slightly 
improved results. 

The croup has forecast that 


pore plant was being closed and i Its se*vnd half results will be 
the operations integrated w-p.h 
the existing plant at Kuala 
Lumpur- with a consequential in- 
crease in Xv lex's equity from 
50. per cent, to 60 per cent. 


Net .profits of Privatbank Ver- * 
waltungsgesellschafL of. Zurich. » 
dropped by 9.4 per cent last year : 
to Sw.Frs.26m (91.36m.). Tbe I 
bank's. balance-sheet ;orai * 
declined from Sw.Frs 172 4m. to: ... , , 

SwJrs 1 39 in An unchanged ; By Wong Sulong, 
dividend of Sw.Frs.140 is reeom-' KUALA LUMPUR. March 13. 
i . j n j j wn vivenv PmrMv Ruhh 


rnmparablp with tho^e 
achieved in the first half vear. 

An interim dividend of 5 per 
rent, has been declared by the 
company. 

Sharp upturn 
at Wilkinson 
Rubber 


mended by the Board, and a 
transfer to published reserves of 
Sur.Frs. 1.1m. (Sw.Frs.l J25m )- 


Bobeco 

Annual Report 1977 


w Total income fls. 210 million 
(I976tfls. 190 million). 

v> Final distributionDf intaxfree 
stock proposed, or 'fls. 5.20 in cash. 
Total 1077 dividend fls. I2.S0 
(1976: fls. 12.60). . 

-a- Net assets now's land at fls. 4,134 
million. 


■K- Spread of investment portfolio: 
Holland 19%; Germany 10 “q: 
Japan 13°-o: U.S.A. 30%: other 
countries 17%; other assets 11%. 

■£-170.000 new shares 
issued to meet public 
demand. More than «« 

25 million shares . 

outstanding ” 



Copies cf:he Annua! Report 1?77 and an evpIanaTpry back/e: ara available from the Company 

DEPT. 70QI P.Q. BOX973 RQTTEHQAM HOLLAND; 


WILKINSON Process Rubber 
staged a -itrong recovery in 
the last financial year, with 
pre-tax profits rising by 38 per 
cent. to S^om. ringgits 

(Sl-Sm.). 

The performance is mainly 
attributed, to the parent com- 
pany. which is involved In the 
manufacture of hard rubber 
and rubber products .for 
mining, and industry uses, 
and which benefited by the 
brisk pace of ihe tin mining 
industry. 

The company's Singapore 
subsidiary- Linatex. suffer a 
loss of 13.800 ringgits, com- 
pared io a small profit In the 
previous year, despite a 13 
per cent, rise in sales. 

A dividend of 24 per cent, 
is being declared for the year, 
compared to 211 per rent.. 
previously. 

The company said that Its 
sales for the first three monlhs . 
of the current financial year 
vi ere ahead of last year's 
figures, but added that jr was 
loo early to predig the results, 
as much would depend bn 
raining activities oversea*. 


31 . 


This aanannaanent appears as a matter of record unl> 



BANCO CENTRAL DE CHILE 
US $125,000,000 

MediumTerm Financing 

Managed by 

Bank of Montreal Chemical Bank 

Commerzbank Aktiengesellsehaft Wells Fargo Bank N. A. 
Libra Bank limited Swiss Bank Corporation 

In association with 

The Chase Manhattan Bank, XA. 

DG BANK Deutsche Genossenschaftsbank, 

First National State Bank of New Jersey 
First Pennsylvania Bank NA • Girard Trust Bank 

Provided by 

American Security Bank, N. A. “ Banco Central Y Economias, San Juan, Puerto Rico 
Banco de Bogota Trust Company • Banco de Vizcaya • Banco Real S.A. • Rank of Montreal 
The Chase Manhattan Bank, N.A. • Chemical Bank • Commerzbank International! S.A. 
Credjto Italiano-X ewYork • Crocker National Bank 
DG BANK Deutsche Gen ossensehaftsbank. Cayman Islands Branch 
Dow Banking Corporation • European Arab Bank - First National Bank of Oregon 
First National State Bank of New Jersey • First Pennsylvania Bank N.A. 

Girard Trust Bank • Gulf International Bank B.S.C. • IrvingTrust Company 
Libra Bank Limited • The Mitsui Bank Limited, Los Angeles Agency 
National Bank of North America, Nassau, Bahamas • Nippon European Bank S.A. 
Northwestern. National Bank of Minneapolis 
Provincial Bank of Canada (International) Limited 
The Royal Bank of Canada International Limited (Nassau) 

Shanghai Commercial Bank Ltd., Hong Kong 
Swiss Bank. Corporation (Overseas) S.A„ Panama • Union Bank, Los Angeles 
Union de Banques Arabes et Europecnnes-U.B.A.E.-Societe Anonyme 
• Union Trust Company of Maryland • Vereins-und Westbank Internationale S.A. 

Wells Fargo Bank N.A. 

• Agent 

Wells Fargo Bank N. A. 


SINCE 



1852 


January 1978 


Laurentide Financial Corporation Ltd. 

December 31, 1977 ANNUAL STATEMENT 


Condensed Consolidated Balance Sheet 

Assets 1977 

Cash and short-term deposits S 25.844.932 

Finance receivables 

Consumer loans and sales contracts 

Residential niortgapes 

industrial loans and leases ...... 

Commercial real estate mortgages . 

Wholesale and other 

Total finance receivables 

Less: Unearned finance income . . 

Allowance for credit Josses . . 

Finance receivables, net 

Investments 

Other assets 


Liabilifies 

Shortterm notes ..... 

Income taxes .. 

Secured long-term notes , 
Debentures . . . . ....... 

Other liabilities.- l.l . . . , 
Minority interest ...... 


1976 
S 21.786.559 


Shareholders* Equity 
Capital stock . . . . . . . . 
Retained earning^ . . . . . 


225.883,160 

22i?.0I4.756 

50492.445 

46.521 .584 

357.618.467 

Io4.098*t2 

56.114556 

48.947.219 

1 1 .850.92 1 

14.167,547 

501559549 

4^.749.888 

75.404.147 

79.076.601 

8351.1 04 

' "929^70 

418.024.09S 

412,743517 

24595553 

20.453596 

15315550 

12578512 

S480379315 

S467542564 

S159.457.281 

Sl71.340.S24 

12.365563 

1 5.507.378 

368.929.559 

341,890.947 

42390,705 

44.112257 

24592552 

24.384573 

2,472500 

2642515 

410A87.640 

40a 078.074 

42575.909 

43558219 

27.018564 

23506571 

69592575 

67.464590 

S480j079S15 

S467.542.664. 


Condensed Consolidated Statement of Earnings 

1977 3976 

.. S S0.903.617 SSn.llr.217 

• 5 1.589.561 ‘ 5Q.g48.iT4> 

49.316,236 492:0,174 


Income 

Cost of borrowings 

Earnings before other expenses . . . 

Other expenses: 

Salaries and benefits 35.731.364 

Provision for credit losses 5389.562 

Operating expenses J7 L 637.423 

Total other expenses 56358.349 

Earnings before The following items: 32. 357.907 

Income taxes 5.579373 

Minority interest 440.268 

- • 6,558,066 

Equihrin earnings of 

• unconsolidated affiliate 272-608 

Net earnings before extraordinary hem 6,810,674 

Reduction in earning value of 

;. -investment in associated company . . 700.000 — 

Net earnings S 6.110.674 S 6.051.04fi 


35.521.887 
4.789353 
18381.4 1 -4 
_ 3^92.659 

12577315 
6500.416 
_ 272020 
5,605,079 

245.967 

6,051,046 


$1.39 


$ 1.19 


SI .22 


SI. 19 


£** Laurentide 

Rnancial Corporation Ltd. 


Earnings per common share: 

Before extraordinary hem 

After extraordinary item . 

Laurentide Financial Corporation Ltd., headquartered in\ancouvcr, 
British Coirau bia. Canada, is a Canadian financial corporation 
providing diversified financial. leasing and specialty insurance 
programmes to Canadian consumers and businesses through more 
than 200 offices across Canada. 

The Annual 
canbeob: 


ial Report, available in either English orFrench, 
tamed by* ‘ 


by writing to: 

The Secretaiy. 

Lourentide'nnanc&I Corporation Ltd. 

1177 U%st Hastings Street. 

\hncouver, EC, Canada V6E 2Io 



AL-AHLIA INSURANCE COMPANY LTD 

RAS AL KHAIM A 

Incorporated with limited liability by a Charter of H.H. the Ruler of Ras A! Khaima 

PAID-UP CAPITAL UAE DH 2,953,000 

Competitive and efficient service offered throughout the UAE for the whole range of 
insurances including marine, cargo, construction, motor, fire, accident and aviation. 

General Manager Desmond Reynolds ACIi • 

AL-AHLIAINSURANCE COMPANY LTD 
PO Box 128. Ras A1 Khaima, United Arab Emirates. 

Telephone21479. Telex 9165 INSURE RK. 



FINANCIAL TIMES TUESDAY MARCH U 1973 


interMjionl\l 


ROYAL SCHOLTEN-HONIG 



AND <S)QMP\NY NEWS 


.. . 



A merger that turned sour 


The STORY of th* financially f.SM *n acquire ih® fond^i'ifl* KSH'* ahnruv* 4-id fnjr the Hocfna^®l*. «a -v h:f ?rand 

troubled Royal Scholten-Honiq divi-;nn. ,-\ .-econd yugar com- sugar producer CSM left it ;:h design coilap*® H»* reined 

tKSH). the Dutch starch and pan>. Smkerume. ha* expressed a sizeable slake in the company. !d*i September tn .nake v.jy for 

foodstuff* group, i« a tale of an interest in KSH'* liquid which tied up fund* d i .< i:m* rocth-’r reorcam-dtion of the 

over-ambition. sweetener operation*. vihen KSH urgently needed *!iem •.■onipaii'.'. 

The company. which wa- In »he yejjr which endrd |., *r finance H.- n^n aetntt.es Sale Mis -ucceisor did r.'t jari 


KSH"* liquid which tied up fund* -i .i hm® rooth-’r rcorcani-ation of the 


sweetener operation*. 

In *he year which ended hit 


vi hen KSH urgently needed then •;oOipanv. 
in finance H.- o'in aetiwt.es Sai® Mu* -iicceisor 


Kloeckner 
and Co. 
forecasts 
increase 

By Guy Hawtin 

FRANKFURT, March L 


Sandvik betters forecast 
with 15% earnings rise 


BY WILLIAM DULLFORCE . 


STOCKHOLM, March 13. £: 

The Board, a commendable result when com- . Itf 


l . .... . i<r 7fim The Board, a commennanic resuu warn com- . 

, SANDVIK. the Swedish cemented pared "i' h . , i[-' 8 i B " Go SJmSni?* oared with the rest of the. .* 
carbide and steel croup, has follow in- Jd d restraint Swedish steel industry, 

to. ' tnrnori in a verv strons'Dr*- renuest tor aivioena resixaj.i*. « __ . 


formed in 1965 'from a mersor Aucu*t. KSH made a Io** uf of this Iasi ‘September led to a *®ven months Mr F Van nF-ruvFR » V n r. : . tind^rv'rpnnrt for 1977 boa tine proposes to Pav an unchanged profits in the saws and tools.:?. 

of the Scholten and Honic con- Fls.31.-1rn i around *R5in . on book Io.*s of Fls.fim Heusden a former ins-n-ser of hoidin- rnma an V 5 hfch i'- >2n i tfmfler fXecast of uiiehanwd dividend of Kr.5.75 a share. division dropped by Kr.l4m. to ^ 

cerns. was to benefit from the Mle. of Fls.flWm . whil® Iwm But ,i was KSH'* attempt io ih« Osem trading croup w„o ne „hf! fo r ih2 ! ea rnfn -3 and TlV p« «nt tun? After the increase tn capital Kr^Om.. while the small steel-* 

dove-tailing of the two com- are forecast for tn® current year, diversify into iiwin®rn«.p which <up*m.*cd The reorganisation of “• ‘ ' 25 '"T tne , ear s a .a h vMr by a one-for-seven be i t conveyor operation turn r doe.'* 

panies* interests. But while The rempany's *haro* nr® .'nr- finally hrmight ihe concern io i* »he ir.<*-m;.kin 3 buihlms ;rouP . ^ 11 - In teresti i< forecasting! Pretax earnings after historic bonus’ issue of New B shares, this in earning of Kr.23m.. an fti-tij.'. 

Honig's grocery products made renily hovering around Kh.2:i— knee?. This decision, ratio wh*n Nederhorst. made hi* appoint- ^proved 'profits' for 197S Last : depreciation grew by 15.7 per adds up to a total dividend oa>- crease of Kr-in. te.j 

profits. Scholten s starch aciin- ,,,rn: renditions! on KSH con- ve p r thc concern suffered as a ;cent. 10 Kr.47lin. f SI 02.4m. ). ment 2 f Kr ' 4 ?57fi‘ Th^niJ—hare G™ U P orders rose hv 17 peret.- 

m i?rt ed r dee| u r i! nt rf- the r?d nrf ,in ,V\"\.frn^«n f I ,n ur.n rt .ri'wIi not result nt lhc sicei industry^ I while sales put on lfi per cent. Kr.39.6m. 1 " JJ 1 *" T 11 - : f acl if|l, e eent. to KrA^lhn. last year and 

A bid for Hollands second %vritiua from Amsfordam. CH \RLE« B VTCHELOR fills in , U .- uv ‘ mment support • . vor> , tear in the post-war to Kr.4.52bn. iS9S2m.V i*sue was desuned tj facilitate have continued to grow at about ay : 

largest sugar beet procewnr. . . ' , !“ LW b ULHtLUK n "' forthcoimn? -no ^ moratorium ^ . -" Hr ine ptm This give* earnings after tax ihe S35m. foreian the same rate during the first £ - 

Lcntrale Suiker Maatschapu the details or the financial decline of one of ihe major rood m micrest pay men:.* became * , of Kr30 a ^hare compared with bond issue nia de in ■ ^ciooer. part Qf Th e management " 

fCSMi was meant »n complr- and , h CUfnpanlw in lh Nether i, nfU nece**ar>. Mr. Tan ^ p , r . nfiLs s ^-- ed marked K r. 25 in 1976. If cost-calchlated which ' Sandnk followeg up ^y forecasts a rise in sales to around 2" 

ment the starch products divi- v ,np ■'"nminn. h .- «iuild resign KS*H surprised decline in 19<. Although no depreciation is applied, the pre- seeking a London mock e.xcnan^e Kr j 3bn this rear and a proftt*.. 

sion. Th® bid failed and KSH — ... . . shareholder* and unu-ns alike figures were given m the annuel . ta v fim.p*. rmnm mu at KrAlOm. listing. , eo-j a ; to that of 1977. k 


f SI 02.4m. ). ment of Kr.43£m. cwnpared with f; r0U p orders rose hv 17 peretT- 

ne* moveu deeper imotne rea. nnuinz as a s«ins on™ no( reiU lt nr the steel industry's (while sales put on 16 per cent. Kr.39.6m in UJJ The 1 new >hare cenl (fJ Kr.4.51hn. last year and ip/ 

A bid for Hollands second Writiiu from Amsterdam. CH \RLE« B VTCHELOR filli in , lf t tUU mment support • d - ■ J 1 ®* . vor> , tear 10 Ihe post-war to Kr.4.52bn. iS9S2m.V issue was designed tj facilitate have continued to grow at about ay : 

largest sugar beet processor. . 7. , ' ' 7 . “ o-\ l LH ll.uk nil* f.-.rthvoming -nn j moratorium -^ rfr ine ptm dr . This give* earnings after tax the S35m. foreign convcmble lhe same rate durin!Z lbe 

Lcntrale Suiker Maatschapu the details or thc financial decline of one of ihe major rood on 1 merest payments became M , of K r3 Q a share compared with bond issue »' a de in octooer. part Qf The management.; " 

fCSMi. was meant »n com pic- and h , in , hr .\ e , h p rlan ri* nece^rj. Mr. 'an Heuf ***'*'*■ . ****** s ^'_ ed * marked Kr. 25 in 1976. If cost-calculated which ‘ Sandnkfollowegupoy forecaits a rise in sales to around T' 

ment th® starch products divi- v ,np ,innm,n * h>- '-tmld resign KS*H surprised decline in 19<. Although no depreciation is applied, the pre- seeking a London mock Excnan^e Kr ^ 3bn this rear and a proht*.. 

sion. Th*> bid failed and KSH — shareholder* and unions alike figures were given m the annuel : lax figure comes out at Kr.410m. listing. ^ equal to that of 1977. k 

was left holding a 40 percent. wqih the announcement earlier report, it is understood that they comoarerf with the previous The groups strong pertorm- ... ; - 1n -*- id ■ 

stake in CSM. Tnp final straw rrun pared tn lh® Fl> 1S4 reaonpd vicjrld *ugar prices were it a thi* month H had jppiiert for a were well below the DM44m. year's Kr.355m. corresponding ance i* due enHrely to its ^apita, in.c. m n s in 197b arp 

leading tn the company'* finan ai i.i® lime of the merger in the record high, appeared t» open morn i»ri urn. and Mr Van reported in 1976 Thc year , 0 K r.27 against Kr.21 a share cemented carbide produc.s. ^rjonm comnare d with Kr tofim' • 

cial downfall -va# an ambition* in id- -ixtie*. ;h® way in expanding new mar- Heindcn prommly #i®pped down., before. Kloeckner and Co. ' after tax stock appreciation which accounted [or half the ,77', * r COI 7f , ' -A 

plan to start large-scale prod tie- Thi* parincrthir- '■:<* dogged k P t s Wiihin u>o year* ch-.n-je* KSH* dealing* 'vp.n is* *nare- announced net earnings of contributed some Kr.90m. to sales and Pushed their earnings w- ' "J rep ™j7|; , ® ( ' J* 

tion of Tsomernse. a maize-h:«*cd v.iih disagreement* from ih-’ in FEC, regulation* reduced -he holders the union- ar.d the DM20m earnings compared with Kr.aaui. from Kr.SSom. tn Kr429m. The i 07 S ,.hl n ° S 

sweetener. Construction delaj* beginning. Differences be 1 ween profitabili'y of this ^Iternafr.c public have been afagued nv Th Kloeckner and Co 1 m 1976. ' steel division hy contrast saw *1™;’^'.' on hiiViS € 

pushed up cost*, while change* rh- Scholten and Horn? fanulm* sweetener pour coimnumcatinn* The . *"*r h.° . The provisional figures show a its earnings plunge by Kr.fiSm. _ n a * } _* pent on bu > m * a 

in EEC regulations have meant in thc managing Bo;<rd meant an In 1972 the EE'': form union.* responded to new.* of the „ r ,7 no ' 1 “ j net a f te r tax of Kr.lS6m.i com* into a Kr.lm. loss. Even that is outer companies. . r 

that KSH has heen left viih far ouuider. Dr. Wicl HoefnasoH. a Ministers decided to >Io away payments moratorium with a »2«‘ " C 


. 11 -"“'iMers ueciueo 10 uo ,jo*i>iviiis mui oiui insritutert during the 

too much capacity It 1 * now former official at thc Finnic? with subsidies on imported m.«i.v» weck-lon: occupation of mo*l of ‘ „Vnte of vear* While firm 
Inking for a buyer fo rits Tilbur- Mintin', had to be brought 1.1 to for March manufacture The :ne company's fa,:or.es in -St« P .r? natur'allv diffirSJ 
factory in the U.K. * 0 r i mi t rhe company's problem* removed KSH'.* access m Hollaed. KSII. which .- flouting . I®™””* 

Meanwhile. KSH ha* now been r»i*a;.reements over *ubspqin*ni moderately priced raw maierial^. ihe FEE decision* liirough lhe-* * ' iq - ft 
granted a moratorium on it* takrover policy led lo a *enrs *.f Tlic second blow cam® last '.r- rf r Dutch and European court.*. • L 

credit until S-ptemher while resignations from Ihe Board when the Cominivilon put a >vy 'rcicnliy lu>t a court . a.*e d=ain*i ^“ r J. i,i 

“ hreak-up" talks enminup with The extent of ih® problems on thr produetinn of i*r.niero-e * shareholders' group heVween the 10 -B qu 

firm* in and outride Holland, thrown up hy the merger is By this tim-. work on Albion Th® iVivemntent na* helped 'p n Ine ,a,n ^ nn g 
Negotiation* are in an advanced re tier led — 13 -ears on— by KSH ■* Sugar’* Tilbury fa c lory — for KSH out with loan*, but 1 * e 


forecasts are naturally difficult 
to obtain, it i* understood that 


Bofors profits down by one-fifth 


j BY OUR OWN CORRESPONDENT STOCKHOLM. March 13. , r 

: BOFORS the Swedish ; anna- of Kr.22 7m for 1977 compared increase of 1.4 per cenl. asam*t « 
: meat*, steel and chemicals 'con- with Kr.lB.9m. a decline of one per cent, in elec- e 

com rennru .1 20 oer cent, slide tncity consumption for • the S 


Sofina lifts 
dividend 


By David Buchan | BT 

BRUSSELS. March 13 IvyiF-STORl 
SOFINA. one of thc top half- • t. ngin^-erine 
ioren Belgian holding com- the Govern: 
James, has announced a higher ..<h.i reheld in 
let dividend of Fr*215 for 19i». moot its fin 
*s again *t Fr*.2il5 the year rial yolutloi 
before. Profits are undersiond . vjricd hy 

0 show a rise on the Frs.566ttt. guarantee < 

1 Si Sin. 1 recorded in 1976. di®>ei ensi 

Sofina executives say the longer enoi 

results are in line with genera 1 ly Brink, h me 
improved dividend payinem* in Buard *aid. 
Belgium last year. In value. . . . ■ 

term*, a growing proport-on (60 ic 

per cent, bri yeari nf Sofina s 
portfolio is now held in Belgian , 

stock*, particularly as its U.S. ' a ^ 

holdings have shrunk in value p, a n % 
with the fall nf the dollar. I *5' 


VMF-Stork seeks State support 

BY CHARLES BATCHELOR AMSTERDAM. March 13. 

VMF-STORK. thc largest Dutch Fls.SO-fiOm in 1977 following a rag® of Robero? portfolio in- 


diesel engine division arc on while further lu>*es of Fl*.90-n re nt rrom SS ’per' ceni .'.il though . 
the longer enough. Mr. (. van d-n are forecast for the current * ear :h# . Jap in e«- stake Ml to 13 1 turnover 
I’ly Brink, a member of lhe managing VMF-Stork has already per cent, from 13.S per cent. r»M7.3bn 


announced plan* to shed 10 n»:r 


st year, in value- Vision on ^nvernn^nt cent, of irs workforce in Holland T - *. Inie ” in in large part 

Icularl v^as" its* L nnt *ncr« S e m competition. Jl 'SorhwB l ° th 

ve shrunk in value S ,, k r<inle,e offered last your. Thc slightly higher a: 1*1.4 cent . 

11 nf the dollar. 1 i arS *',», < | CUrr inin 1 US R o!lPPn\ [ } Q HO per cent 1 and in Duich local F, ' r \ h ° c ] 

mse d on ihe loan di® IVUUCLU > 1^.0- stork* at SS p®r t®n: i65 per spectacular 1 

unacceptable to the rumpanv . fPi1l , Kloeckner and 

md eves : x ;« ol, ®. , !?Ji! »r_.. r ^‘!! ui . n ," investment „ IhP r S ,nd r.„,d. R ,he® n » ovp 


j a improvement dipped slightly .0 KrMhn. thVVrocess of being ^ Txc^ln^ 5 

Ifp Profir* in 1977 came primarily The result is in line with the taken over by Electrolux, show on the company's foreign loan*. >- 

L iv L from the industrial plant ?e«-tnr. management's forecast at- the a turnoround from earnings of At lhe end of the year Sydkraft's ^ 

The jiteel trading sector, which : eight-uiontb stage but falls to Kr. 25 7m. in 1976 to a loss of. foreign deht totalled Kr.7S7m. ^ 

AMSTERDAM March 13. did veil in 1979. produced rather meet the target of unchanged Kr.35 2m. i$7.6m) last year, compared with Kr. 522m. bonked 

■ unsatisfactory results. 'earnings indicated in the 1976 Sales rose by Kr. 51m. to at the end of 1976. 

ag® of Riibero ? portfolio in- Famine m thp r rr matenal* shareholders' report. The lSn Kr.I.3Ibn. (?2S4m.). The total devaluation loss,' both \ 

e?t®d in North America declined ip jierj di«annomtiu- report offers no some Kr.55 7m. is being trans- realised and unrealised, has been J 

0 Flf .34 7 percent from Fi*3S.6 However ihe-® wer® markedW : c '’ >m,nent but ,he ?etbacii is f erred from the inventory reserve taken into the 1977 account and i, 

>vr cent, the year before porittve re«uit* in the buiidins 1 underst0 °d t0 be due 10 1 fa S P° or to cover the loss and give a net n Kr.59m. provision has also y 

Thi* largely receded th® supplies sector, while the com ! return on the s,eel operations. profit of Kr.l.2ra. The board pro- been madp for anticipated spend- „ 

leclinp in th-* U.S. from 34 6 per *tTuction machinery sector The pre-tax result corresponds poses to pass the dividend, noting ing on the treatment of waste ^ 

cut. in 3H3 per r®n». Th® hoid- moved out of the red. 'to adjusted earnings of Kr.12.45 that more than 90 per cent of Hie nuclear fuel. ^ 

ns in Germany ro.*r ;n 9.4 per .... J _ . . ,' a share compared witta. : Krl3A5 shareholders have accepted the Net earnings rome out at Kr.20 .- 

ent rrom S.S per cem . although , K,nffkner ?n,i Co - s ^2l eni f : 1 ' m 1976’ Th® Board proposes to Electrolux offer for their shares, a share compared with Kr.30. f 

h® Janane*- siak® D il m 13 1 turnover ro*e in 1977 to But the board proposes to pa v an 

>e r cent frmn ns n®' rent DM7J3bn compared with the pre- ’ ^ a > 30 unchang d divWejbd of _ - unchanged dividend of Kr - 6 a * 

r„ h . r , k >W* i>M«7Tbn Thi. •«. t- r f«K ta "* * p3ymen ' of Setback at Sydkraft ifftiSf. rateunfiliif : 

Rohcco* iniMtment m the , n large part an effect of the Kr.16.5m. - • • DEVALUATION LOSSES on its better profit outcome in 1978. : f 

o*P marrinaiiv m V? i-r of Maxhucttcs trading The operating profit dropped foreign loans have reduced the * * . + V; 

11 nor 1 ThP nnMml ^ «*"*? by Kr.l5m. to Kr. 130m. while 1977 earninsg of Sydkraft. the BURMEISTER ami Wain's turn- ! 

n Dutch miern^on-T -tor’ n ^ ,s «0ni. to the concerns turn-' depreciation, according, to' plan, south Swedish power company, over fell 12 ner cent, last year tn h 
U -h! U 4 cent 0Ver .climbed by Krl3n. to KrJ3m. despite a 21 per cent, increase in KrMbn. (S0.3bn.l. Reuter re- 

in per rrns •» and :n Duich Ir.cai ‘ Fur th® current year, no The pre-tax figure ts boosted by its gross Income to Rr.l.7bn. ports from Copenhagen. Nef 


Legrand eyes 
Krupp offshoot 


unacceptable to the rumpanv 
Negotiations are continuin': on 
the po**ible conversion of ih? 
loan into a direct State holding 
VMF-Stork. which rmplu-.-* 


By Our Own Correspondent 

AMSTERDAM. Marth 13 


and *ho-ving -fcope for further 


domestic and export business, 'show a provisional net-after tax year. 


represented an dend. 


PARIS. March 13. 15.000 in Holland. *aid ihsi if RflBECO. the Dutch-based mv®*t- dividend increase*. It added 

LEGRAND. a French elecinc.il speedy agreement i*_reach®d rh:* lTll r. n t company. *aid chang®* in Chas* Manhattan r orpnrat:on. 
group, said Monday i; is neto- "‘Ml affect ihe I9*i profit rrod * bo g®n<jraph;c.*! spread of il* Service Gompar.;'. FI Paso 

tiatins the acquisition oi a Ins* account. The annual report a «i*t* in 1977 w®r® largely due and Northern Nature: Gas anion? 
majority interest io VVEG of is due in lip nublirited '•••'ilhm the to changes in currency rot* s. other*, whil® *alc? inciude*! 
W®-^ Germany. ni?xl v ' pelf, ' «in*.e it r.ia:n'a:ned an unchanged Eastman Kodak .«r.d ?'tr*t 

A? PI It has forecs't a n®t lo-* ,-.f mve*i:n«;nt policy The perccn- Charier Financia!. 


Credit Suisse bid for Bank Neumuenster Kvaerner 

BY JOHN WICKS ZURICH. March 13. ! uOi’llg IXIOCll 


ZURICH. March 13. 


CREDIT Sutsse has made an offer however, and has called for the expanded by 15 per. cent. -.to; better 

to take over at least SO per cent, convening of an extraordinary -Sw.Frs. 1 .24b n.. or 1# per cent.;! 

of the capital of the Bank general meeting. to Sw.Frs.holbn. on a con*oli-j By Fay G jester 

Neumuenster. of Zurich. The. * J dated basis. Handelsbank N.W. j OSLO March 13 

medium-sised regional bank. ha* branches in Geneva as well - 

whose balance-sheet total was TJ , ,, i x: nr as the Zurich- headquarters, and . Maemer shipbuilding and 

Sw.Frs.320.Sm. at the end of last HandeiSOaDK fN.»r. representative offices in Bahrein. 1 enEmeenn g group of Norway 

year, announced Iasi week that profits of HandeNhank XW. Hong Kong. XaiM.au. and Vienna. ! s?vs Us results in. 19i a were 
ns internal resene* .tnd provi- a Zurich bank whose majority Subsidiaries are the Euromarket : Significantly hotter than in any 
*:on* wore insufficient to cover shareholder is the Nationa’l and International Credit and previous year, reflecting the Tart 
estimated debt risk*. Increased tVestminrier groun rose to Trust operator.^ ■. Handelsbank : that capacMy wa^ relatively well 
requirements for provisions and -? W Frs9 5ni <34 Sm ) azainri N W. (Overseas), of Nassau: and emp!or p fT and deliveries were 
depreciations reduced the 1977 sw'fYs' ^ 3m last vear' ’The Board' thft forfeit financing and finance- : completed on several major ron- 

prufit t.u Sw.Frs. 0.22 m. 1 31 13.000i r® commends the' p£ me m P a ^ r wading loTnpany. H BZ ■ tnct. . An unchanged diudend 

.^mpared With Sw-PrsAASm and ^ cent 'dividend in \hr Finanr AC. of Zurich. ' d per share ! 

the diudend will he omitted. pining share. capital of recommended. 

The Credit Suisse bid. which Sw.Frs 35m.. and a half. dividend Rank FurODaeischer Group profits- reached Kr. 169m i 

will he withdrawn if at least 80 on new share capital of a further J® "SS* i TO .S£ S3ln, m C V? ” th 

p®r rent of the Sw Frc.lSm. Sw.Fre.10m. Consolidated nef I. TIE Zurich-based joint subsi- » Kr.IJSm. in 197b and Kr.51m.ja- 
-hare capital has not been profit-j for the year, published diary of a number of European 19/5. Shipping activities resulteif 
arqaireii hv March 28. foresees hy Handelsbank N.\\\. for the bank co-operative. Bank Euro- ■ in. a loss of Kr.4m.. and expend 
the rxchangc or three Bank fii't time, rose from Sw.Frs.9.4m. P^* c ! ier Genossehscfaaftsbanken ; ture on, oil exploration durmg 
Neumuenster rociricred share.* to Sw.Frs.10.5m. iBEG). recorded a sharp m- ; the year amounted to Kr.4m. 

of S«- FreJQO nominal value each T h® surplus on interest w®nt SSre sheet^ola^for^lSTT ! Assessln ? Prospncta for 1978. 


^Inspection by SGS." 

Can you afford 

to sign a contract without it? 


By Fay G jester 

OSLO. March 13 


More and more financial decision- 
makers are insisting on " Inspection 
by SGS 5 ' before they approve any 
major industrial project. The 
reason: SGS inspection engineer- 
ing means lower risks, fewer prob- 
lems. predictable profits. 

Get what you pay for 

SGS inspection engineers help 
keep projects on schedule and 
avoid costly delays. They see that 
safety standards are met t vitally 
important where hazardous equip- 
ment is involved I. And they make 
certain that the product or plant 
is made exactly to contract speci- 
fications -before you pay for it. 

Keep full control 

SGS safeguards your interests 
every step of the way -from initial 
concept to commissioning stage. 
That includes design review, 
inspection during manufacture, 
site supervision, commissioning, 
expediting-the whole “package * 
You stay in full control through 
one convenient, reliable contact. 

SGS is the biggest organization 
in the inspection field, and the 
most experienced by far. Our 
Industrial Division inspectors are 
qualified engineers and technicians, 
with specialized knowledge of 
diverse industries. That includes 
steel making, power generation, 
petroleum exploration and refin- 
ing, railroads, the chemical and 
petrochemical industry, telecom- 
munications and more. So if you 
are responsible for an industrial 




I* "*>■■— *-71 


yp 


BY GODFREY GRIMA 


VALETTA. March 13. 


. 


SOS inspection - at itage oj a project - helps reduce ri>-s, a\o:d delays, 
reduce discrepancies. 


The Bank Neumuenster Board Profits from letters of credit noticeabfy from interest differ- [ *”1* 056 '” rv _J e a ^ V r!? , rrI , nnlt- 
h?= recommended shareholders m f ne 'U paner to ence> securities business and Imiii-iw a« wpH « 

to accept the credit Suisse offer. S>' Frs 4m Due to the reduction foreign exchange. Most of the ESSj 8, i^flue n!?^?mSS 
rod *ay.i the bank will probably oF the banks own portfolio and profit total of Sw.Frs.405m. i hli Sf S’ 

continue operations as a separate L° fa, ' s ln '.^ terest rates, earning (g2.07m.-j is to be set aside r ^ 

mtity. A group of Bank Neu- l ran ' *>*unlies were down from provisions, and Sw.Frs 400.000 ! S’? 1 *?* 

niu®n«tpr shareholders i< oppos- Sw.Frs.4.6m. to bw Frs.4m. will be transferred to published hIr WM ‘kpr'tVjm ^n ft 7 fyf- n81 ^' r ’ 

ing the bid in iu present form. The bank's balance-sheet totai reserves. y:, _ IVI *■ 

tiroirp turnover rose to 

— : Kr.2.4bn. (some S445ui.) from 

Bankers Trust Saut du Tarn move in Malta 

International ST G0DFBET CR,MA valetta. Ssx^ii^o” , KVub” n 7 te "n,£ 

BANKERS Trust International. SAUT du Tarn, a French poration said 1 that the company ^ r ' 1 l^ n 3 

rh® international ,n vestment «tnpany with a iuraover of more now plans to start producing ™ ’completion of a ^number 

Wanking subsidiary of Bankers ,han ?40m.. has acquired a 60 per hand tools and valves for the oil ldI s B oruers. 

Trust Company, earned profit.* c®m. shareholding in .John Baker industry. ■ The report says that the group 

before tax of £1.2m. for 1977. iMallat, the steel file manufac- Saut du Tarn operate nine st^nased to avoid losses on the 
compared with £1.39m. in 1976. Hiring company which was plants in France, and is a pro- d eva ' uap pns of the Norwegian 
The ,'mphasi* :-t BT1 ha* been recently faced by closure: ducer of s teel files. krone, which took place in 1977 : 

drifted to thp syndication of The Parastatal Development February of this year.. 

Eurocurrency loans and project Corporation, which sold the 60 * * + Liquidity throughout 1977 was- 

finance arnvities. participation per cent., is retaining, a- 40 per . anc * ^ CIU ^ funds at end- 

35 a manager and underwriter cent, interest in the concern, MALTA'S Investment Finance 1877 amounted to Kr.336m. ... 
in the international capital . which was being renamed Equip- Bank, which started operating in The concern's labour force, 
market*, the sale and trading of . ment Malta Ltd. A spokesman September, last year, 'made a', decreased during the year by 231 
securities -for the Malta Development Cor- pre-tax profit of £M3?,000. to 6.638. 


ins the bid in iu present form. 

— 

Bankers Trust 

International 


krone, which took place in 1977 : 
and in February of this year.' 
Liquidity throughout 1977 "was- 
good, and liquid funds at end- 


proiect-anywhere in the world— 
be sure the contract calls for 
‘■Inspection by SGS" 

for further information contact 
our headquarters offices: 

Societe Gene rale de Surveillance 
Industrial Division 
]. Place dc s A Ipes. CH-12U General 
Switzerland 

Tc /. : 3 1 33 30, Tc lex : sgs 33 NO 
In the U K. : 

Socictc Gene rale de Surveillance 
S3-9S Kingsnay. London WC2B6RH 
Tel: 0L-4V4 5037, Telex: sgs 35S3S 


SGS is ihe world's largest 
independent inspection 
company, with 2^] offices, 
52 testing laboratories and 
a stall ot 7000. including 
1500 qualified engineers 
and technicians. Founded 
over a century ago. SGS 
has earned the respect and 
confidence of major clients, 
representing many 
industries, in more than 
150 countries. 


STRAIGHTS Bid 

\ .-jo \u*Ta.ta *??: ’.??» 
\MF.V *p^ -.*»*: . . *7 

\iist 1 1., ;?*? 

\ir*-r»:na 7.1 ar.il a 3.i>c 
TP"? >5} 

•lir- :*■• * Bsnl. * : p; IPK Pr 

R.v -i " ?ijv. -.?>.■ . ®*f 

■ 7. K~. ;■ ?JP' S^r 

•.r-a.: \<li*>ni; *??■: iSfi 17* 
n r.murb :^4 IH! 


to 6.638. 


SELECTED EURODOLLAR BOND PRICES <IPC , r - 

Ml D-day indications S“ 6te .„ « 

MOTES Bl(t Offer BM Offer Peamce Foods 44 k 1092 w 

Vin:n>!u :*p* 19*4 ... Mi 97j R«rntr?e ID*®.: ilSS .... 97 97| p., lr , rp . 

B-. ! J SSKT ... Ml S*ars UHpo 19S* 07- ^aincc Fowls «pc im 10114 


MOTES 

Vns:r>ii4 ‘Jp’ 19M . . . 

B-. ! J I'.aoila Tip.- J9ST ... 
B.-: Comnbid Hyrtro ripe 
:wi 

■>11 Pi. SSo: iK 4 . . 
Pi 1 ,- fp^ 1??8 .. 

FuS Kik- WSJ 


Soci6t6 G6n6rale de Surveillance S.A. 

Industrial Division 



ft 




t-'\s 9n- ;?7i 

?*i 

yim 

ECS 35p? :W9 . 


M 

w.; 




EE>: 7‘p-r 19s: 


; !i; 

97i 











r.ita Cuiiiit *,p-: .. 

0:1 


:;-u :??9 

•*0 

w, 

«:r.-v.rK*n :ip. '.??7 



nft 

r.-.jor * .• :?s® 


y;. 

*■ 'j.km, 13K . 


• ^ 


:<:,n i,i •;». 

’lilt; 


’"ch- !m *‘p-- 10S3 



I O il 

•« r n-r ; ,n-. 

<n* 


'■"nrr-ai L'rb;in 

:**i 

t 


I-----. r< • ’a 


;.<i 

F.ruii*”-ii* 19?l 

97* 

Ijj 

-.-■i: A 0 I.;-* ?;■. :r*j 

*-n‘ 

0 ;.* 

*■ • ®.runi. Pro' a.n* 

:» 


;>r : 

]• • •.-» 

r* 


'.’I {-ilinil -:pc !J*> 


’ **if 

•Hit 

• .5 . * p. 



'.■>r-l-... i.-i. FA . *i>. 

:9*i 

9j 

'll. 

. -n ...Bv.'-' “a -«i 

Q" 

r; 

:or»*. -.vsj 




"I. ••• . r:rir.o;. P p.. IS9I 



■;.ir.-.-j 7. Be -33C . 


: i-ii 

37 

M- O.p.. -0:: 

1-1 * 

‘••3 A 

><vano II. v<iro *p. :?>r 


n-j; 

37j 

-.J.' ■ ro •,?. 


T) . 

■* r.; r ».pr WJ 


1«1 

;«1> 

• « . h-Krd -.t :**7 

'll; 


* of Svo:. Srn-: i 

i**l ■ 

w: 

ir«li 

•. ’5as 


-"'Z* 

*-,ft-1-n K .loin • ■•i’.' 


rtQ 


I'll. *“*1 '■.P ‘.'■-I 

.19'! 

>’ • 

■ .r-i.iS iuv '.-i 7;p.- ; 


nr. 

Vj 

.-.-i-s : «ns.T mm P 



T ;m.-y lip 19*^ 


w 


•®i ■» ■ 

07 

4“ J 

r --j-i--.ro 75.1 .9r7 ’ I > ■- 




• --0 • i-fl -HO 

'fc: 

V. 

'.«»«•• as'n 7jp.- .*•: 



’14 

- • . ■■■ <ir.. : 


Vi 





■ •v .1 ip .lii 


;o;- 

STERLING BONDS 




1 ■■ 1 *S •. Op 

or 


■ v.-am -.-n- I’n 


'•I r 


r.— • •■-r-Si: - tn *i® 



'.onriftin.r- 


’it 

-*1 


.|W; 

Vij 

F.*>. "Ip ■ 1?:9 


Vi 

fit. 

.a-.-s: Or* .’47 


v. . 

Fie ’rp- :*«■ 



in.- 

"'-•’f »n -"r- 

OT. 

>u 



IT 

’"J 

• f -- 7 ’- *ir- .'**" 

»-U 

1.1 

r If-r in-Iujiri* ’»j>t 



*- ’--1 En?-. 1* >T'- . 


;irt 



•7| 

0*1 

*r- 

Tl 


Fi’.nc- f-?r jnduatnf ‘.9»: 



?-• vi;-< 'Xi!®' 1987 

0*4 

9 ** 

;o«9 


97| 


Vnsrt Bjcuiu *>- [Ms 

39* 


Fifw i»s>c 1W7 


]°® 


vahv be 'iSer iura ... . 

u 

ut 

9iA Iflpc 1988 — _ 


87 

»ri 


Slj !Uwrntr?e 104 pc :4&S .... 97 

S*ara JWpo 19SS 07- 

Toial Oil ?Ldc 1994 361 

DM BONDS 

EFCX 3Jp-: 19*9 JO01 

** BXDE PcPC 1»W . .. . » 

. ..' PNinurk ;'p-: 1944 1004 

Z:-. ECS 5HK 1000 9ri 

EIB 3iac 5W0 . .971 

l! Fvnrnm jlp^ W7 .. IPD 

„ Karofljm Sfpc 1«wa . NI 

Zl, I'.nUfvl j:p? IPs* - . . -1. *»9 

■ 7 Forsmartts flipc. .iw 9o> 

2 WaUnd 5Sp- 59?9 t9f 

Xorvcm Sit*.- 1#S3 . ... io«ij 

. Xom-av »:pc 19*0 . 1*14 

■L:. £-.i-,d.'n toe IPs* 101 : 

• TTU’?rnauwb3hB j7n>: 1993 " P0I 

’■ T »0 PWn T Co oik !M Wl 

iTj* 1 Vcn-.-:uc1» 6pr 1BSS . .. 9*»t . 

Wflrii Bank 4Jpc l»»n . m* 

»**l* FLOATING RATE NOTES 
lf«)i Wjrlr m TnkiO I»1 riTispr on 
®*J N®CE 5!N4 7>- 

•»*! R7.-F ".0*3 91 h •»! 

1 ""* i-r p- sn*-. . 

OiMF IBM ::p.- <K, 

’14 ilrv-liT^PM jit 19M 7Cpr " 

i"rf4i! « 19SJ Spr “04 

n». eii-j. nxwiK . 00 ; 

,- f WB .i***i a':-!K- . ;m': 

''* Ini icosiwrr "S4 Tl -ooj 
>1 L'otd* I«FS 7;or . jnni 

LTCB :»*7. «p- .... IP:' 

MiOlanl 10 *: »p-: 10M 

’■I *1 <l‘.and !°*7 :,; ; .pr tn 

. ■’KB ir; 7r> i«n 

SN'er i*?5 S4pr 0*4 

Ctian. l?94- 

*■» '.ins: - 0»l 

:»ji -4.-ni5 * Ciyn» 19*4 Upp'; 99/ 
Kl Sntrea-.. tout*. Secwriaas 


ari B.-or-tinm 8fti- 1DBS ' ' 

Bord®a 3oc 1JM3 9 ^ 

101 . Brfladnw Hilo t:pe 19?7 774 

96i Carnation 4pi- IB97 jfi 

101 Chpirnn .ijv iptfl 

09 Dan 4!pc IBS? .. .. =>, 

9ii\ Kaarman KwJai: f.pr ;>r« «„ 

ton} Economic Labs 4jpc isst 77 

IMi r<r«fonc toc fB 86 . »ni 

aaj -Fnrd 5pr :s*9 .. . 

10 A( C®n:nl Etecmc i,p, : 4957 ST ’ 

1004 4JP’ iwr 

imj Gould jpe 19*T IO ** . 

11»J Gulf M(1 W^^t.-rn -.p,- IJ 03 aft 

197- Barns 3 dc !«>;, " 

1 IHJ 4 Bpc I5*s o, ’ ' 

too w:r 4iK 1 * 10 ? ... imi 

ion rvA Sik 10 *? . "■ ig* 

lOl'i fnchcapc ip ^2 iliM 7.- 

ITT '4?pc 10*7 77 ' '<* 

-imro'flri.- in?’ ' ' 

jro K«manii tijk imq ...... ;j, 

, ’ J; Bav Mi-n.-rmon Up.- "*7 its* 

12 ; «B--1090 . . I 3 |i • 

1«4 Mil'u: 7 »p: 1 *n# ’me 

J P Monxan fipc 19*7 - w - - _ ■ 

\*»hmrO .T^f»i' ■ 'f 

4*oc 10*7 . i]Q, . ; 

J I. P^nn-’y 4*[V 1047 rr ' 

J ,|rl < P‘i :io Unr IKT - iu,. 

!""* P- 'THI Mi 3U-:ais 3p. ; ii« . 
i 1 **. 5m4viK «jp r :«i*4 j<i7 

IM Sn"rrr Rand lioc 19V >y 

' 21 * ■'HOibh' 4»pi; T«4r 774 

Tcxa.-o *ip.- in* ~i 

‘ 2 ?* Toshiha 6i K j|f» . ;= 

«• 1 . mtui r nrHidft Upc 19K 0*4 

' • 1 ^*rs.’r Lamb^n . 4 *pc '. 9=7 ' oj 

i «»4 Wirn-r r.omh*n tife i!* 9 R — 

lOTt Xero* spe 10 S* rr 

• - 6 onro“ --KuMer.’ Peabos? S?cuW» 


;?( f^\ \J^\ 









S'A'Wv 



ANOAL : TaCSS : TUESDAY MAROEf If lSTSE 






BUSINESS AND 

/lEADE^S ARE RECOMMENDED TO TAKE APPROPRIATE PR OFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


33 






-V- . 




«« II bv 


01* 


H - 


s*v •• ■. 


llsU 


iV 

. I 
<: 

5 


chairman of 

Kins, chief 
Scottish and New- 
, -and Mr. 9L - 

*ruise», managing director 
iction),- Scottish and New- 
Breweries. have been 
ted to the Board of HARP 
L Mr. Van Gruisen replaces 
H. M. Clutlerbncfe, who has 
sd as a director of Ham' 
and also succeeds, him as 
tan of Harp laager Breweries 
iern). Mr. M. B» Bunting, 

« group managing director, 
become chairman of Harp . 

Brewery (Southern)- and 

• J- Roberts, deputy croup 
iccountant. joins the Board 
n> Lager Safes in place of 
’■ G. Browne, who has 

★ 

R- N. Klphfck hast, become 
lSn of R. GREEN PROPER' 
in place of Mr. Alfred H. x 
man, who has- retired as ' 
ian and from the Board on 
d advice. . Mr. J. EL Mephom 

* sole mending director. 

★ ... ___ _ 

Alan Crossland has been George Gadd and Co.; members chairman the McNEELL GROUP 
ited a director of. BEN- of the GLYNWED group*. in place of Dr„D. B. McNeill, who 
J PRIEST AND: SONS ■■■■..-. *■ -. remains on the Board. Mr. 

01NGS) following . the Mr. James B. Hyland has been David G. Hudson, formerly com- 
sfnl offer by that company appointed'- a .director " ~of mercial. .director,, has succeeded 
and A. G Cross-land. -‘ • YpUGHAL CARPETS (HOLS' Mr. Smyth as Vn»nag Jn g director. 

. Peter Lambert, wbo retires “ . 

>uty chairman of LOWNDES 
ERT GROUP- (the insurance 
ig subsidiary of JBH SamueSJ 
rch 31, has been appointed 
taut to the group on Mud- 
levelopment 

N. I. Bond- Williams has 
1 !. he DUNDEE port authority Is «- for 25 years, with an option to 

A METAL COMPANY but pected to make an. announce- renew the lease for a further 25 

hi* n* JS*h tor of DcKa jnent good about developmapi of years. 

lais itesearch. roll-on, roll-off faeilmev Mr. Kestrel is to build a North 

rr James ^ Chalmers; ehsdrmah. 'said Sea oil offshore .repair and 

i ° dSrmkn J' est€rda y after a Board meeting. maintenance plant and to reclaim 

tive of the NCR cbrnnra. A planning committee report land. It is also to constructs 70(V 
operations in the UJC Juts says that the port’s -recent agrees foot quay and . to. employ up to 
retained as senior, adviser at with Kestrel Martnewas 500 workers- 

KER BANK’S European ’ ' " L , ' . . . .. 

uarters .in London f nr- the . ; .' . . ’ : '. ‘ 

e. West Airies and Middle rV a i ■■ *-r* r 

««• * Scrap halfpenny, says MP 


Mr. S. ML Smyth 


pIG$) and Mr; John C Murray 
baa resigned from the Board. 

★ 

* Mr. N. N. Chins baa retired as 
a director of LEX SERVICE 
GROUP. 

* 

Mr. H..A,. Highest has ceased 
to be a director of HZGHAMS and 
subsidiaries. - ' : 

- * 

Mr. . P. Parnell has 
from ■ the Board -of AMALGA- 1 
MATED DISTILLED PRODUCTS! 
by mutual agreement . . .. 

* 

Mr. P. M. Tarsh has been ap- 
pointed to the Bogrd of L0NRHO. 

Mr, L, P. Edmondson has. been 
appointed a member- ' of 'the 
COUNCIL ON TRIBUNALS. 

' ■*' . . . 

Mr. Geoffrey Church fe' to be- 
come a director of SAUNDERS 
VALVES. He . will join the com- 
pany from Bristol Composite 1 
Materials Engineering on May I. 
★ 

Mr. S. M. Smyth-, has become i 



Dundee port to develop 
roll-on, roll-off facility 


Finance 



Companies 


’’ ' Ifyou are a shareholder inanestablished and 

growing company and you, or your company, 

; require between £50,000 and £1,000,000 for any 
purpose, ring David Wills, CharterHoiise Development 
‘ Investing in mediu m size companies as 
; minority shareholders has been' Our exclusive .' 

; . ' business for over forty jears.- We are prepared to 
. . invest in both quoted and unquoted companies 
. ■■ currently making over £50,000 per annum 
Vft pretax profits.-, . 

• CHARTERHOUSE 

. ' Charterhouse development, 1 Paterooster-Row, St Pauls, 

*’ " ■'“i 7DH.Te' ' ' 


-iTudor P. Morris has been 
ited by TEXAS' COMMERCE 
I-HOUSTON ' as senior vice 
lent-talerxnttional treasury 
foreign -exchange of its 
in office. 

■ * 

Arthur W. Rndge has been 
nted a director of Glynwed 
v and sales director of 


AN MP. - is to tell' Mr;' [Denis 
Healey; the. Chancellor' fit Par- 
liament next week that hfi should 
consider abandoning the ^9-''-.!." 

Mr, Michael Neubeftf*'l'drjr 
MP for Romford, said “I y&tid, 
sot like to see It go but irteeina 
increasingly irrelevant, 

■ i\‘ 


“The. value of it is so tiny in 
real terms that, it- is just a 
gesture towards a currency that 
is no longer relevant to modern 
prices: ' ’ - 

“ I . suspect it is ' only the 
political embarrassment of doing 
away with it that keeps ft in 
circulation." 




London ECXM 7DH. Telephone 01-248 ?999. 


middle east 


A Bntish company with offices and depot 
facilities in Saudi Arabia and thq United Arab 
;Emlratea- - ■ '- ' v -! - ■ 

.Plus a successful sales organisation selling 
tfieir own range of producte td the' 
construction and allied industries- 

is interested in hearing from companies • 
who wish to make use of the above facilities 
to enable them to establish theirproductin 
the areas named. v 

. Enquiries from Principals only please to Box No. G.1S99,' 
Financial Times, 10, Cannon Street, EC4P 4BY- 


Company Wanted 

Medium size Public Company which has been in 
business for more than 80 years intends to 
broaden its base by an acquisition for cash. 

We are interested in a private company with: 

(A) ANNUAL Pre-tax profits in bracket 
£* to £2 MILLION. 

(B) Growth Potential. 

(C) Good Quality Management. 

(D) Products used by general industry and/or the. 
Building industry. 

if you are the proprietor or majority shareholder 
of a business within this broad category, and 
wish to sell to a Company which' respects and 
takes good care of loyal and enthusiastic 
employees, please contact us for preliminary 
discussion in the strictest confidence, by writing - - 
brief details to:- 

BoxNo. G 155 J Financial Times, Bracken House, 

1 0 Cannon Street. London, EC4P 4BY. ■ 


Better investment return 
through a multi-million 
commodities group 


Dunn & Hargrtt offer you a new 
way to invest by participating in 
a multimillion dollar group of 
=» commodi1yinvestors. i Proven 
record of success: 




- mum 

*Hm 

- ’ - All participants reedve detailed account records 

monthly. Minimum investment $20,000. 


lo investigate this profit opportunity, write for 
the “Dunn & Hargrtt Opportunity 
'-rrp-'V Brochure" or call Dunn & Hargitt 
' .Brussels 64032.80. . 

«-7\ When writing: Dunn iHargitt, • 
t). Research, Dept 12a Bte 6 
18 rue J. Jordaens 
1050 Brussels. 


World Value of He Pound 


The table below gives the latest available 
of exchange for the pound against various 
-ncies on March 13, 1978. In some 
rates are noxninaJL Market rates are the 
tge of buying and selling rates except where 
arc shown to be otherwise.' In .some cases - 
et rates have been calculated from those of 
cn currencies to which they are tied. - - 
Exchange in the U.K and most of the 
"tries listed is officially, controlled- and the' 
shown should not be taken as being. 

• -cable to any particular transaction without 
-ence to an authorised dealer. 

Abbreviations: (SI member of the sterling 
otherd than Schedule^Territories: (k). 


. Schedoled Territory; (o) official rate; (F) free 
rats; - (71 'tourist rate; (n.c.) non-commercial 
rate; (nJt.y hot available; (A) approximate rate, 
no direct -quotation available; (sg) selling rate; 
(bg) buying rate; <nom.) nominal; (exQ 
exchange -oertifleates rate; (P) based on U.S. 
dollar panties and going sterling dollar rale; 
"(Bk) . bankers 1 rate; (Bas) basic rate; (cm) i 
Commercial rate; (cn) convertible rate; (In), 
fiftgacial.rate. 

■ Simp ’ fluctuations have been seen lately , 
. fat the foreign exchange market. Rates fat the 
table below are not in all cases closing rates 
on the flatefcAhottn.. 2 .-..-* • 


WANTED 

MACHINERY/EQU1PMENT 
DISTRIBUTION COMPANY 

We. wish to 'acquire a company supplying one or more of the 
following Industries as Sole UJC. Sales, Concessionaires: 
ENGINEERING, PRINTING. PLASTICS PROCESSING 
PACKAGING. ELECTRICAL, CONSTRUCTWN, 
-MECHANICAL- HANDLING 

Only- companies- with firmly established product lines and secure 
franchise can be considered. 

' ^Jpl'^^Mrictest confidence to: Managing Director 
BmcG.1553, financial- Times. >0, Cannon Street, EC-4P 4BY 



ice and Local Unit 


nitf an 

■ A... 

iiw... 

fai (Si. 

a» 

i«h d 

> (Si... 

• Ir. ... 
*P3| 


A Ik hud 
Lull 

ninar . 
j Frenrh Franc 
1 ^{■nnirii pra*H* 
Kmau 
S.Carlbbean S 
Ar. Prao Free Hnji 
AuMralien 9 
St-bilHna 
Pvirtug. SenidoJ 
BuUoltar 
ThIcs 
D inar 
bp*. Peart* 
ButttdoeStt 


Vafee.of 
£ Sterling 


• HOC 
09 3B99 
7.71M 
- B.D4 
163.45 • 

6.1651 
jw 1.827 
1.67696 
201 
705 
1.9 V. 6 
2L7J v 
B.78T 
Ui.ES 
5.621 


l..... B. Franc 




C.7.A. 7i*ne 

■ <52. 


t.nufi 


15.7481 


BSJ21 - . 

i* r*l. t*uto 

1.5822 


Bl.se 


. 1.8155 

’?> Hrun« 9. 

4.457* 


L/<8 

Kjsl 

18.1161 

Burundi TlUc 

17L54 . 

fn B.d C.F.A. Franc 

ca ■- 

. ..... 1'inofiu 6 | 

2.M6S- 


165. 4j 

■rde I. Cepe V Karudo 

BA 

Ir.tSuCey. 1.3 

| i-saar 

Rp... C.P.A. Pram' 

I <n 


1 <6! . 

c.re-' 

(Bk>.A2.TB . 

Henminljt Vues 

5.1758. 


(81 72.65 

« IMs. I’-f.A. Franc. 

46* ■ 

rHrt..C.V.A. Ptene 

458 

r* Onion 

18.43 


J(cm1FQ 86 
uronto.flfi 


. PlaOe and Locaf Unit 


Cuhm Pew 

Uyru.fi:.. 


!«l 

pnUt. Korun* 

*k — . 


■ ibi.. 

Hep... 


D*avih Rran* 

Ft. 

R Caribbnui S . 
'Oomink*a Pwo} 


i was ■ 

0.7278. 
i (romiiv.et 

'(DPtZl.lO 

(X)C.46. 
ULttk. 
snuia • 
6.1661- 


r ...... Sucre 

Bgyptfsn £ 

Ethlopl*n Bin 

ulnee Peseta 

* ^ | hlkluxl I*. £j 
JJsnlth Krone 

FW 3 

SlerkkK 

Fienrh Franc 

inAt* C.F.A. FWta: 
m.... Lovei Fient- 
I*.,.. U.F.P. Franc 

~ — C.F.A, Franc 

UalHt 

kMJ 


(((VM7.88 
1 IFJ4S-53 

i«miM 

(PJ5.B5W 

.155.45 

1.0 

; w.wie 
14801 
8.Wt 
. 9.94 
• 452 ■ 

8.04 . 
166.82 

4BS • ■ 
3.M44 - 
3.910 


a * mUUt! We« 1 
. Diuina (S)^.— UMI 
Olbraluu-^KK nibralT*£ *• • 
niwen iLu. aubj, imbu- - 
Greece... ...... Dnufau* 

Green taml .... Denlih Kroner 

Grpumti (Si.., K. CarrlbMn 9 
Gwulftlfiupe._ T join Ftau 

Gu*m ILS. S 

Guatemala^.. Quauel 

Golnm Bep». sUy 
Qnlnmtaiwau 
Gutwj* (SV~ OnpuaeM 9 
Haiti-.. Gourde . 
Bandura* Ken Lempira 
HwgKbng^ H.K.g 
0nngwy..M.- Forint | 

Iceland I: Krone ■ 

India W litf. Rupee 

Indonesia-.. Rupiah 
Iran .. — ....... Rial 

lra*l., — — Iraq Dinar 
Iruh Bep(kj.. irtth £ 

Israel „..U Israel £ 

Sul? Un 

leprv-OMat,.. C.FA. Franc 
Jamaica (B)^ JannucaDnllar 

Jspen Yeir 

ICHtipin (8) Jr«tlan Dinar 

Sunnttdtea. AM - • ■ 
Kenv* ML... Kenya Shill I ny 
Korea (Nlbf.- 
Ktww Wlh>.., Won 
Kuwait -(Sth). Kuwait Dinar 
Laos..— Kjp Poi jpni 
Lebanon JS.»- Utssw e t 

Lraotho S. ATnoan Rand 

Liberia-..: Uhertaa S 

Irihja Libyan Dinas 

Uecht'neCn... >wi*» Trane. . 
Luxembamg'. Lax Franc 

JCacao.— — . Films 

Madeira PonncVeBacudn 

Malagasy Rn. MO Franc 
Malawi U4>...vKw)Wih» 

Mata.vata p>)_. RlnnRll 
Alaldii-eKpi) mwijm 
M*H Kp....™. Mali Franc . 

UaiUW). .. lla tide £ 

Martin In nr. „ Inoat Franc 
Maiirilunla... Ouguiya ! 

Uanrif fua (d^lLltupee 
Vleslw.......... Mexican Pew 

C.F.A- Fram 

UoaanoL.— .... French Franc ( 
MnojcoUs Fo£rU j 
Montserrat B- Carribean 9 

Mdrmco... Dirham' 

UocastMque. Hoc. Mtcudo 


Vahw.of. 

gAterling 


3.915 ‘ 
1.13 «gi 
1.0# • 

1 #<626 
xu». 
W.i-Bi* 
6.1831 
9.64 
I..-106 
l.’lOS 
40.702 
77 2797 
4 8716 
8-55 . 
6.43 
. 6.777 

loom) 72.68 

,(T> tn-1 M.S4 

488.68 
lb. 7*2 1 
7B2.BB7 
(A. Ill 
D. 65913 . 

I .un 

50.BSS6 

1646 

452 

2.581 

447 

O.pTB •«! 
1232. 6 
16 08 
t.7«m6 |) 
618.16 . 
#.r26 
572.10 
6.5829 
1.64551 
1:8185 
(P. 0.56659 
8.725 
60.96 

8-984 

71.7s 

45! 

I. 6551 
4.44925 
7.508. . 
804 

0.7455 ' 

8.04 

91-535 

II. 956 
48-54 
452 
8.04 

llOAJfiSt ||i 
5.1531 
S.fl&lr-R) 
03.1840 


ffaurn la.— 

RepaKA — - 
Xarba-laitda,. 

Xeih. Aui'ica. 
New HobrUe* 
-X-ZceisodcSl 
Mcaracua... 
Niger 

Xlcerta iSL. 
Norway 


Auai. Dollar 
Nepalese Rupee 
Ouildcr 

ApiilHna OuUd 
! Franc - 
lAustl. Dollar- 
NJC. DolUi - 
OorrfoOa 
C.F.A. Franc - 
Naira 

Nrwg, Krone 


Oman Subah- i o-,.-! 
siwed (SI— / ^ 0m,,aJ 


Faktstu. 

From—. 


Fhat.'Bui-ea 

Dalfaoa 


PapmN.fl.ffll Kina 


1.9792S . 
25.86 
4.185 
S.41M 
7*8-101 
1,878.5 
1£7« 
18JS 
45! ' 
14*060? 
WJ7B 

0.8BT 

' 1AM 

UlOi 

1J9345 


_ Value of ' 

' Place and Loca' Unit £ Star line 


Parauusv ...... OuAram " . 

fp**- O. Hp 

of Yemen tSJ Yemen Dinar] 

Port! Sol 

Philippines... Ph: pe»o 
Puna, ml .W 
Poland . Zloty . •' 

Portugal Ppa. Vscudo 

Port Timor — rTunor Htcudo 
Principe Isle. Pgve. &cudO 
Fneito fileo_.TLS. f 
Q*ur (By—,.. Qatar Hyal 
Reunion 

He de (a,.— French Franc 
Rhode s ia..— Bhodnstui S 


1X1 Jl 
Art) 6524 
laxrfA 24BJB] 
14.08 
18700 

\ (Co) >64. 20 
!=| <T»4Jp 

78.75 
7375 

71.75 
1-8188 
7.17 

9-04 . 
1.292 


PLAYING CARDS 

Daring .- -one- s»rolnf , i - pby yepr 
Amrtnuism on jsx one pack ot 
rairfr wcmiW ha Men at toast 1. 000 
-umei. No other inediun can spread 
ro much good sriH.for «o Jiul* coat. 
Mlnimnm gnantuy .1.000 single or 
500 .twin packs. Send for priest aha 
ranoisa to: 

PLAYING CARD PUBLICITY 
- COMPANY LTD, 

.10 Ayon JExt^e, Avtfnmore Road, 
London W74 8TS. 01-602 3501 


Romania Leo 

Rwanda — Rwanda Franc 

SLCRuixtO'. 

phor (81 — B- GadUw B 

^SCHeteoa^.i: tft. Helena £ 

A. Lucia tel)_ B. t6antN«nn 8 
”IL Pfeore.-.-.C J:A. Franc 
'ir.Vincent(S) K. Carlbhaui 8 
■to radnr Ri_-. Cotan 
taunn iAiu).. U.S. 9 - 
wn Marlon." Italian Lire 
■SaoTuineT..... P* fc. & wido 
■town AraMa. HpU 
'enepii ..iiL. L.FjL Franc ■ 
*eycbeue<i.i..^S. Rupee 
SUorr Le’mKhJ latraie . . . . . 
rfH|pi{)CBu(i>>. dhigapere 8 * 
Solomon lHo| Au-ini llan 9 
MMjifiap,". aom tihiiiuuE 1 
» h. Afi ic< (si Rand 
I'.W. Airiam ' 

Tttrhorier (&&. A. Hand 

3pain„7«J_. Peseta ~ 

S pan. Pom hi 
■Nwth AfrfcslPereta • - 
*■. EnnkaiS-l^JL. Rupee 
ttolao Sjv:.-. Sudan £ 
Surinam -_™«S.W'rter -- 
aiw«zttanii(S.) Ujamtenl 
Srieden. Krona - 

Rwhurlaud _ Swiss franc 

BvH" 1 fi 

Tliwaft. Sew Taiwan 
rsnemia td-1. Tan. RhliJinii 
Thailand — ,. Haht . 
rodn Rp..„... CJFA. Firauc 
Tl»«* -Ib^(U.) Pa'anga 
rriiilftad (S.J. Trtn. * Tnhacp 

Tunisia Tun irtan Dinar 

TUrtioy LI..L- Turblata £4n8 

Turn* duraiLUJ.* 

Tonm .^.Auatralian £ 

*WSS , j&'S!i!F; 

lirufitay ___ Uruguay- Peso - 
Utd-A'bBmls.O-A^.. Dirham 

O.SjUL ' RtaiMe 

upper VoVou, vJAi Franc 

Vstiou — Italian JUra 
Veneroeta.: ", -Bolivar 

-Vletnsm(Nthj Draig - | 

VirftwmBth) Piastre -* . 
VirRtuts.UjCl. L'^5.' Dollar' 
Wiwtern 

Samoa. (SJ damdao Tala 

Yeman — Kyai 
Tutalavla Stw Y Dinar 

Zauuip Zaire - 

Gambia — Kwacha 


It fan 18.49 
• TOueVr 22.78 


189.80 

B.183I 

1.0 

B.1B5I 
. to- 
ll 51 
t.i/ 

1J1B 

- 1,849 

7.8.76 
6.S2 - 
*52 • 

. 1574- 
1.87. 
4.4f7E 
' 1-87625 
(A112.027 
1.B435J 

_J.B49»i_ 

153.45 

' 1UA 
^ -29.06 
(A 8.6862 
8.4186 
1.14551 
8.886 . 
5.725 
(AJ7-508 
(R.72-5W . 

14J5 . “ 
58.08B ' : 
452 - 
1-efMr. 
4.586. ■ 

. B.nsfrg 
-. 45.75 . 

- IJ1K 

' L 17626 . . 
14:7615 
1-8106 

f(cjnilLSO 
local 18J0S 
7.91 - 

* 11M ' 
462 

-1.648 
6.W . 

10} 4.699 
(T)4,8««|)| 

MM ' 

- 1.9196 

' 1.1117 ’ ■ 

■' }-82tsa) 
34.(19 . 
UU7N 
1.43' - 


LIMITED COMPANY 

FORMED BY EXPERTS . 
FOR £78 INCLUSIVE 
READY. MADE £83 - 
COMPANY SEARCHES. 

EXPRESS CO. REGISTRATIONS' LTD. 
. • 30 City Road. £Ci 
Of-428 5414/5/736 1, «J6 


IMPORTER 

VVi*h d""*a svailabUity foe U.K, for 
19/8 of 180 a/tn«iK Fulypro py tona 
wovsn matenjU ex Far East, srou.'tf' 
M-4tcpnta enquiries. 

Fiona Contact: 

. FOSTER lee LTD. 

<9 .Dvk 1« Strata Hanctener 1 . 

. . Tel- W 1-238 1921 . 


.WYESTMEIiT.OEpoSTUNlTYj 

London based professional engineer 
ewklng with jnHuencizl Ntgerim 
Fortners ru% escahttshed contracting 
and manufacturing licenses for profit- 
able capital products. 

Seeks entrepreneurial . industrial or 
finanaal hacker alfoad* csublUhed in 
Nigeria end interested . In expansion 

and diversification. 

maximum . lint of - credit 
(500.000, Very, good R.O.I. Nigerian 
partners meeting In .London in. April. 

Writ* Boa G.1600, Financial Times, 
tO. Cannon Stmt. SC4P 4BY. ' 


COMPANIES FORMED 

Experuy. speed^y, threuglmu* die 
^-«npare our prie« 

ENGLAND I £69 

SLE OF MAN £98.44 

GUERNSEY. ............ • £2» : 

LIBERIA rU35870 

Shi -,T COMPANY FORMATION 
Tel: Douglis (0624 1 23718 
1, . Athol Street. Douglas, Ld.M.' . 
Trltx; 623554 : 


U5JL 

I CATTU ranches 

-Wetrani -Lf.S:A.. Utah. Nevada, 

r non THm 0 ' 1 ’ ■ Arixona 

1.000-7.50^ vwnel- ooitc -/cow/calfl. 
some .larger hmar with or . widmit 
UJf. mwaiemera. For Information nail 
393-992-4394 or writ* in: 1 • 

Box 106. Muwoc, Colorado T 
USA 81326 -- 


or' la ocher 'word* . 

ARABIC TRANSLATION 

• • am..- • 

IfttaTprrten, ..Typesetting, 
Lapi, Technical Me General 
l t^ntrat: ANv>lXKUkomiv 
B .Portlind Rood, London.' YYI-1 
-.'Telephone: -01-221 7*25' 


‘ KRUGERRANDS 
AND SOVEREIGNS 
Bought ami Sold 
in strictest confidence. 
Shaw CayenfUah & Ca. 

.(Bullion Dealers) 

. Cavendish Hnnse 
Chester 34315 '■ 


QUOTED INDUSTRIAL HOLDING 
COMPANY 

producing net profits before tax In the region of £800,0U0 is 
interested in merging with investment company or investment 
trust with net asset value of up to £20 million. Advertiser is 
excellently managed, virtually free of any gearing and has no 
financial problems whatsoever. 

Please reply in strictest confidence to the Chairman, Box 
G.1587, Financial Times. 10; Cannon Street, EC4P 4BY.' 


AGENTS REQUIRED 
FOR 

TENTS AND 
TARPAULINS 


We are iMtUne^torj^cUae.ACcNTS.ta 


sell 
TARPAUL) 
MOB 


military TENTS and COTTON 
MV mantnactured U».‘ us-ln 
-- ALGERIA — - 


CO — ALGERIA — IVORY 
— SENEGAL — GHANA — 
GABON — RWANDA — MOZAM- 
BIQUE and NIGERIA ■ — to ihe armed 
forces as well as In local marl OB. 
ParCes Interested may contact SIODIQ 
SONS INDUSTRIES LTD.. 709 QAMAR 
H«j»USE, ■ KARACHI. CABLE 

" KRAPREW/VLA " — KARACHI. 

PAKISTAN TELEX No 33B79 TENTS 
P.K. Also tooklno lor SALESMAN *Uit-- 
inB above coumrle* on uHnuneraUon 
basis. 


BUSINESS OPPORTUNITIES 

Muldnarionil trading company (pri- 
vately owned) with officer and 
rapreuncuivef diroughotrc the world 
together with multi-million cash and 
Property suets, are looking to merge 
wkh Or acquire ftr cash effective con- 
trol of pubfic quoted company. -Only 
principals are requested to reply in 
scncteit confidence wkh breakdown oF 
share control, ‘ property and assets 
trad* engaged in. 

Write Boa Gf573, Financial Times 
.10 Cannon Street, EC4P 4BY 


LONDON FILM 
COMPANY 

seeks up to 00^80 extra capital. 
Share Wd directofsbi p -available: 
Tel: 499 '3531. . ' 


BEAUTY AND 
. SLIMMING CLINIC 

wirii Sauna. Expanding Exit Midland* 
town. Estaft'ishrd over 7 years. Lavish 
equipment and fittings. 
Excellent leasehold prams** 
Freehold negotiable, £9,250 
Write Boa Gt572, Financial 7>mei 
to Cmnon Street, EC4P 4BY 


Required for immediate' purchase 
DOUBLE JERSEY CIRCULAR 
• KNITTING BUSINESS 

Capactiy in the region. ot 15.000 to 
20.000 metres, preferably In the 
London area, 

Reply initially glWng detail i of 
. machinal, 'labour and property, to: 
CHANDLER’ COLQUHOUN' 
AND CON PANT r ' 
Krnyne Housa. 26 Thames Street 
Windsor. Berkshire 
Ref: JAC 

Telephones Wind tor 53914 


UMBRELLAS 

Hanufacairen if mdhrelbs. who would 
he Intaret'Md in producing' a new sod 
patanwd concept hi uktbr^tos. ara In: 
■ rited a contact roe for farther derails: 
' Write Box GJJff 
..FfacMdaf Times ' 

'. 10 Cannon Street EC4P 4BY 


FINANCIAL BACKING : 
REQUIRED 

I have' men's, retail sbooi in the 
London are*, and wfah u> develop and 
expand this good -w&abtishfcd business. 
I am conacre new ns, hard wording and 
•nergetie having fifteen years' expan- 
Wto.in the trade, dw -«)y, thing 1 
am laelung la capital,. 

Write Box G1591, Financial Tima 
10 Con non Street, £C4P 40 Y 


STARPORT 

Mayfair Company seeks up to £30.000 
"teed money' 1 for an exmdns'jMW 
concept in long term leisure itarao' 
dona aimed at the massive tourist 
market in London. Share- and director^ 
-ship available. 

TEL: 0M09 0158 


pari of the French community -tn * fries formerly 
tf French west Africa « French Bwatariat Africa. 
?s per pound. 

ingutyg has replaced dtp CPA franc. The exchange 
nude at a rale ei CFA Fi*A to me BWl o! U» 
rurrcncr. 


S General rates of oil and inn exports B1JM.' . 
B Based on cross rales against Rural an rouble. 

■** Rate ts the Tranater market (con trolled}, 
ft Rate is now based pa 2 Barbados l to the . dollar. 
» Now 01* official rata. 

S Following 34 per cent, deraJutiep, 


PROPERTY DEALING 
; L COMPANY . 

. with agreed tax losses of 
£175,000 for disposal. 
CJon Company— What off* rtf 
W«wr cumpcti — 

ALFRED HARMS A TROTTER. . 
Cbarttrcd Accountant*, 

74, Whnpoto Scntet. London W.L 
Telapbom: 0MS6 7340 


ENERGY CONSERVATION 
BUSfNTBS 

Company with wry "brg» pateneal 
requires £100.000 .fm’.. abort or 
medium term Equity and Management 
involve mane xoukf b* available to 
genuine concern* or lodividuaij. 

Write flex G1S90, Financial Tlm«* 

10 Canaan Stmt. EC4P 40Y 


FOR SALE 
SMALL COMPANY 

ENGAGED IN WIRE PRODUCTS 
MANUFACTURE 

Located in Northern Home Counties 
Annual Turnover approximately 
£400.000 

Write Box (71593, Financial Timet 
tO Cmaon Street. EC4P 4BY 


CARS. TO SHIP.., 
TRANSOM (UJC.) LTD. 
43/44 New Bona Street. London. Wl 
Tel: 101-V 4*1 4111 
AND AT LIVERPOOL 
A pari oF the TRANSCAR Group 
of Companies, Europe's leading ear 
shipping specialisn. Fully comprehensive 
Mro« and -low prices. 
Wriie'.or call now far brochure 
and quotation 


WORRIED- ABOUT YOUR 
I INVESTMENTS? 

Mori: -people are. In these rolrille 
market*. Flay uF* — tend tor a FREE 
copy of- Britain's oldest, beet-informed 
investment - newsletter. 

Ffeet Street Letter, 

. ' 80 Hcct Street, EC4.' 

Or phone 01i353 7S7T '. 


Weil-known and highly reputable 
PERSONNEL SELECTION 
FIRM 

Founded 1959. with blue-chip client* 
and Writ End office* wiahns to' make 
arrangements with possible buyer. Ohe 
partner retiring. 

Write 3o« GtS94, Financial Times 
TO Cannon Street. EC4P 4By 


Thomas 

COOK Bankers 


Thomas Cook Travellers Cheques 


PMRS9IOHAI. ASSOCIATION wife nan- 
Ths,fc ,0 - 

1*1 A WEEK tor EC2 ridrui or rtme 

naSmS^OI-fiZBOBM ; 

! COMFETOMOS; AGMs. Jtorottsed. T«n- 


PRECISION 

ENGINEERS 

Specialising i" etoee limit work* Hi 
maH to medium batches seek addi- 
tions! outlet* for these facilitfei or 
liaison with larger company. Situated 
in West Middlesex. 

Write Boa Cl 597, Financial Times 
fO Co"""" Mreri, EC4P 4 BY 


■ W e are Europe’s leading 
producer arid distributor of 
• 'PRE-RECORDED VIDEO. 

_ CASSETTE PROGRAMMES 

Our - home and in«e metronar markets 
ara growing fut-.^nd we invite 

£4 0*0 00 J nV “ ttD eni 01 tJO-lWO- 

Prindbofi-’onVy- ihould write to: 
*w Financial Times 

10 Caniio-i Street. EC4P «y 


CHEMICAL PROCESS 
ENGINEERING/POLLUTfON 
AND EFFLUENT CONTROL . 

Pubbc Company wish to acquire manu- 
facturing companies in this ano/or 
allied field*. Profits of at lcast-£25*000 
with continuing Management preferred. 

Write Bex C.I5BS, Financial Times. 
10 Connell Street, EC4P 4fiY 




sechttra srowgi. Aupv*- — ... 

too Exoert*. wrrte iw financial 

Tbnas. 10. Cannon Street. EG4P.4BY. 


_ company 
in fievelqp. 




trihvlora , arantea. 
hramtod ameer 

|i pilfer fa 

Street. £C4P 4BY- 


4Mc' 

.. — urn* 

i W product*. 


_ Write -Box 

10. ■ Cannon 


tMSt lMMeOlATtLTf- AVAILABU- for an 

^ Oamaoed ■«! Suretoe f - 

Assured, fens tnju 


VTWTU1W CAPITAL .. 
For Saund_ Biiijneae 


IUikco urseirtlv. 
“ oral. All £n 


paTibstEE of Novri MjUl^rVet Electrical 
Connector s *ek* mMi utaesurlna and mar- 
senna w*’2£5SF t yilh organ irauon 

■ES’fl^ftJwntcsS 

AGgNTS warned by Mertatr firm to aaalsi 
with otocine ofjrasuw.-finaotft lorali 
*ywm •»* “echlnerv. e«. 


LIECHTENSTEIN 

Companies formed with 
Professional Management 
Offshore Business Services 
• 175 Piccadilly, London. W.l.' 
Tel: 01-491 4559. Telex: 266627. 


GET 

YOUR 

QUOTE 

BACK 

FAST-GROWING 

. public company; 

requires capital for further 
expansion ' and wtti offer 
shares on .attractive terms to 
take oyer -delisted companies 

- with liquid assets. - 

Write Box G.1598, 
Financial Times. 

10, Cannon Street: EC4P 4BY. 


EXPANDING TO NEW SITES?- 
SAVE YOUR CAPITAL 

We will purchase the . site . for 
you and lease it to you. OR 
we can release cash tied up. in . 
your property by purchase ; cf 
your, property and rent back. 
B. Settler F.C.A-, 

RETAIL PROPERTY 
INVESTMENTS LIMITED, . 
47, Peter Street, 
Manchester M2 (AU. 

Tel: 061-834' 2510. 


wanted; 

Contact with an active concern 
telling . and distributing ' in the 
automotive aftermarket via a 
national sales fewee, with a view 
to amalgamation. - 

• Principals only write ,to: — 

• Box G.iS91 . 

Financial Times, 

' 10, Cannon Street. . 

' EC4P 4 BY.- ’ ■ " 


C.G.T. LOSSES 

Cry firm- of Chartered ' Accountant*' 
have -'ffienti interested In diiporing- 
ol men (han 75 “4 of a public com- 
pany (quote withdrawn! vfhich has 
Mcabluhed Capital Grin* tax lone*' 
of £95u;00&. Companyr which U an 
Invettmenc holding company «rich 
"cath 1 "- auet* of -approximately 
£130.000. .ihnutd enable a company 
to islve a built-in Capital Gain* Tax 
problem. . . 

For de tirlU; 

Write Box GU7T 
Financial Time* 

ffl pm non Street! Ep4F 4 BY , - 


-GENEVA 

Full Service is our Business 

O Law and Taxation. 

® Mailbox, telephone and 
telex services. 

• Translations and ^secre- 
. tarial services. - 

•. Foriiia'tion, domicilatior), 
and administration of 
Swiss and. foreign com- 
panies. 

Full confidence and discretion 

Business Advisory Service 

• 3 roe Ptorre-FMIo. UDM Geneva 

JVI: 38 65 «. Tdex: 2JM! 


> >. Established ?' 

- i.^iAbIES , Afil) 
CHILDREN’S WEAR 
. PARTY BUSJ3VESS 

engaged In direct', sales: from 
stock through home parties. 
Excellent goodwill. ‘ .Active 
countrywide agents. Local 
depots; .T/o about - £800,000 
p.a. Principals only write to 
Box G.1539, Financial Titties, 
20, Cannon Street,. EC4P 4BY. 


Arabs! Arabs! Arabs! 

' 5el* your product or'itrvkt to 
I miHitwr Arab* in Brixani this 
summer through the Arabic' Dirac tory. 
-. Others profiled just' year -L> now's 
your chance 

. ; Please shone Mm .BdrlU. on 
flf-439 A28S or write, to:.. 

KNIGHTS BRIDGE TRADING 

- CO. ■ 

Jr-WaJton P'ace 

: .London SW1 ' ; . . 


MANCHESTER • 
STOCKBROKERS SEEK 

.. AMALGAMATION.'** ITH 
.. LONDON-BASED FIRM 

For further Information please COMOCt: 

- • J. 5.. Wilkinton, Add'cihiw 5on 

. . . . 6 Littum. Solicitor! .-*■• 

- • Dennis House, Mariden Strefii 

- - • Manchester M2--IJD . - 

Tel.-06l.B32- 5V9* "** 


IBM ELECTRIC 

typewriters 

Factory rrcondtdofietf and' guaranteed 
by IBM, 'Buy, rave up & .40 p.c. 

_ Lease 3 years from- CT. 70. weekly 
R— n- from no ear jntirt-h 

Phone: 01-641 2365 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
IkVA-TOOkVA 

Buy wisely Fran the manufacturers 
with Ml ofter-salc* aenkt. 

CLARKE GROUP 
01-»8S 7581/0019 
Telex 897784 


GENERATORS 2-3000 KVA new and used 

Immediately joilUble. " 


PTK'_ 

Tel me S44 


3W7.' 


Keen ectooeoum 
(07JS22) 303a 


Business and 

Investment 

Opportunities 

: Eyery Tuesday and Thursday 

Rate; £16 persfngie column centimetre. Minifnum 
5 te njme&:es.Fbrfurflier infomiaticin contact.- 

E^™^(:S3. TimeS ' 10Cann0n Street 

01-248 4782 & 01-2485161 



'FINANCIAL TIMES TtJESDAY'MARCH 34 WS‘ 


WALL 



+ FOREIGN 




undennined by currency doubts Dollar erratic 

W Ttio IMS rinllnr nlntipri - are The, Rnnk of England S 


BY OUR WALL STREET CORRESPONDENT 


A STRONG early ■stock market 
rally gave way to profit-taking in 
later • trading on Wall Street 
to-day. but prices held their 
ad van taae to end slightly higher 
in heavy trading. 

The Dow Jones Industrial 
Average began the day .strongly, 
jumping ahead nearly six points 
by 10.30 a.m. By. the dose, how- 
ever, this advance had been cut 
back to one of only J.3S at 759.06. 

The NYSE, which was showing 
a gain of 22 cents at 11 am., 
closed just 8 cents ahead at S43.34. 

Turnover was 3.02m. shares 
down on Friday's total at 24.07m. 
shares, wit hadvancing .stocks out* 
numbering losers 737 to 638. 

The morning's advance was 
attributed to hopes that the U.S.- 
West German dollar support 
measures would help stop the 
currency's decline in foreign ex- 
change markets. 

But the dollar closed lower 
asainsl the D-mark, with currency 
traders apparently disappointed at 
the size of- the support package 

MONDAY’S ACTIVE STOCKS 

Chanae 
S' octis nosing on 


SnMT norp . .. . 

traded 

■y* *on 

Piter 

day 

+1 

Cirrier Cnrp. 

TTS-inn 

1IU 

-1 

Hardee's hood Sr«. 

.’^S.100 

iiia 

+ 1 

K-Mart Corn 

1MSM 

S3 

+ l 

G. D. Sr arte -Co. 

IST.SOO 

is: 

+ i 

IBM Coro. 

m.zoa 

239; 

-3 

British Ponxietmi .. 

tfis.*oi> 

i*; 

+ J 

•li.TcnW Inc. 

UCwOO 

IU 

-4 

Inco Limited 

1*8.000 

1*1 

-l 

Flonda Power T-lnht 

ras^oti 

23! 

— 5 


— disappointment -which quickly 
spread to Wall Street. 

After the market closed, the 
Government said it had cut the 
estimated Budget deficit for the 
current year by SS.fibn. tn S53bn. 

IBM .continued .in enme under 
selling pressure, ratlins three 
points to $239{' in heavy trading. 

Another outstanding loser was 
General Dynamics, which dropped 
to — the company has 
told the government it will stop 
work an a. submarine construction 
programme because of " breach 
of contract - ** by the Navy. 

On the takeover front, Hardee's 
Food Systems gained Si to Sift-; 
on a volume or 208,100 shares. 
The company disclosed prelimin- 
ary merger talks with Pet Inc. 
— down Si to' $364 — and said 
talks would continue later this 

week. 

Prices finished higher in 
moderate trading on the 
AMERICAN SE. • 

The index put on 0.30 to 125.65. 
with vohmle totalling 2.77m. 
shHi-es 1 3.22m. l. 

Honeywell eased SJ to S-lSi. The 
cwnpany said ir would not market 
its model 66/83 . computer, 
announced in January 1977. 

OTHER MARKETS 


ij Canada higher 


Share prices finished higher on 
Canadian .stock markets in fairly 


Indices 


NEW YORK -BOW JONES 


I j 1 : ; I w 

Jim. [ JUr. I Mat. , liar. Uir. | llir i 
13 I 10 | 9 I g | 7 ! « I Bfjeh 


iSifl f -urujilbit'n 
| Ulgh I . Lnw 


busy trading yesterday with most 
• of the main oeclor indices posting 
gains. Golds put on 10.3 to l ,*48.2 
and Oils and Gas 33 to 1.372.9, 
biir Metals and Alines closed 0-9 
down at 820.9. 

PARIS— -Sharply higher, in a 
trading session which lasted 33 
minutes longer than usual. 

Matra and DBA ended the ses- 
sion unquoted owing to a surfeh 
1 or buying orders. 

Among the highest rises of 
between 13 and 30 per cenL, 
Creusot Loire put on Frs.10.ft to 
64.4, while Schnelxer, Merf. llarti- 
etic. Credit NtUoml Rsussri, 
Sommer AlHbert, and Jeurnont 
also featured. . 

Buying orders ■ far outpaced 
sellers' offers, with difficulty noted 
in many cases in fixing a price. 

The sharp rises were tn response 
tn the results of the first round 
of the French elections on Sunday, 
which showed less-than-expected 
support for the Left. 

BRUSSELS — Mixed in more 
lively trading. Sidra. Union 
Mlniere. Acer and C8R rose. 

Asturlenne rose 5 . per cent., 
EBES. which announced an un- 
changed 1977 dividend, was 
unchanged, while Vieille Mon- 
tague. Hoboken. Cock erf 11. Mosane. 
Cometra and Andre- Dumont fell.. 

Petrofina and its Canadian and 
American units rose. 

AMSTERDAM — Most prices 
firmed on news of the dollar 
recovery, with Internationa Is all 
gaining. 

H.Y.SJS. *i-i. COKMOtt 

| I |1 1877 ft* - 

3N>. Mur. I liar . 1 Muz. L 

13 I 10 i 9 8 * Hl-h f L,-w 

*4354 49.4* «!si 4a.a7; V&l 1 «it 


Royal Dutch climbed FI&2-70 to 
131.1, Robeco Fls^.oO to 164.0 
ahead of its 1977 figures, and 
Rolincu FteJ.70 to 113.7. 

Banking-- slocks lost some 
impetus. ABN ended 30 cents 
lower at F1&.34G.5 after opening 
FIs 250 lower. ... 

The main loser against the 
trend was Pakboed. which lost 
Fls.l tn 34 .0. 

SWITZERLAND — Narrowly 
irregular, with a firmer D&s in 
moderately active trading. There 
was some buying al the lower 
levels after recent setbacks. 

Leading . Banks showed small 
losses. Among irregular Finan- 
cials. Elektrowatt. Forbo, Motor 
Columbus and Oeriikon-Diiebrle 
Registered wen? firmer, although 
Oerlikon-Buehrle Bearer lost 
ground. 

Insurances gained except for 
lower Ruecbverstchening Bearer. 

MILAN—' -Most sectors declined 
in thin trading on very light buy- 
ing. 

Banes Commerclale was a rare 
gainer in Banks, following its 
capital increase. -Mediobanca tost 
L300 to. L3&250. 

Sola VUcosaL Montedison. Ante 
and Fiat rose in mixed Industrials, 
while Assfcoradonl Generali was 
lower in Insurances. 

GERMANY'— Price changes were 
mixed with sentiment nervous cn 
confirmation that the North 
Wuerttemburg-North Baden metal* 
workers strike will go ahead to- 
morrow. - • 

Stores were firmer, led by 

UiB64 *11 -1 •• 

j Mir. 13 Mar. IO I Mar. 9 

Irate* traded. | 1.843" 1 1.841 : 1.820 

«mou. 757 ! 1.187 , B04. 


638 , 

blM 48.57 tnchwi-iwl ' 448 ; 

(4»|/77i ffra.'7Bt Aeiv Hiatt* i — I 

Me* Lnw«.___.t — i 


l ! ' ; i i l I 

In-t'iwnm ... 759.SE 758-68, 750.001 750.871 74B.7S, 742-72' ! 749.12 ! Io&I.iOI 41.22 

! • | ! i J (it 1/77) |i!a.i:<7bM 1 1 1, lit 

H'nHB u Is- 89.85 89.72 B3.S8 iSJMi 89.52! 89.58] s5.l7 ir.Si - 

J i J I 1 : ! tire) fc#-- 1 i') 

TranviKirt..... 201.40 201.831 189.112110- 14' 188.801 199.78 Z*bX • 108.51 87>-..« 15.24 

. I ! i i Ifiirtij 1( 9/4/78) ft,7»i2l 

t tUicic* 108.43 108.83 105.82! 105.41, I04.88| 108.721 JlsSI , 101*4 108.32 10.85 

i i t 7Ui . in ui. i'Ji. o jo. 


MONTREAL 


JI-. ' 3Ixr. 1 Mar. Mar. 

13 to • 9 I 0 


Inturtrui 188.65 168.00' 1B6.201 lEO.BSl lsb.4/ (17^1 1 
UomlriniHl | 176S2 176-ffij 174.8Z 178.251 I-7.-5 (Ifl.i: Ti:j 

TORONTO Urn* -in*! 1031.7) 1030.2) 1020.81. 1023.d let, 7. 4 iie.i, f 


Tn-i«ii>; i. 
W- / 


24.070 27 W 21.820: 22.050 19.908- 17.2dJ - - - I — 


JOJAAXNJSSBUKU 

liii/rl 
In liitrMi" 


202X1 205.8! 207.8 210.4 21W tliU.ta 
184.9 198.41128.0 198.4 214.4. ,4,1,7- , 


331 I S15 
3B3 i 601 

- 34 

- I 34 


15n.il2 [25/1-1 
IS5.*n 'fcrl 5: 


L4-.4 <2S4iS> 
16-. 1 .Ua/i. 


In-1. .<iv. ylflil i 


STANDARD AND POORS 


Fe*. 24 l"Yw.»w '»i»pr«*.i 


J 13 1 10 
*. tn luatn<i»-i 91.84 97. 


V ■» .} Mar. ! Mar. j Mar. . Mar. Mar. 


/iincr Li.mj ii 


v-i 97.94 97.7' 

. I UU an. 


iUimpwit* 89.95. 88; 


Ini. Hr. new % 

In I. P*K Kan." 

Irona Gnvu Howl ytehi 


W.Mj 96A8j 96.0 


— — Australia'*. i 44A.95 
Beisrium i|» ; 63-49 
Denmark**' 9*.tt 
~ France itu to-0 
TTT- Grerman.i:;? Wto-2 


1 Ua Koag ,2|., g 

ri*i! 

Feb. 22 | Fear avniappruxw Italy till; 6L2b 
5.47 j 4.17 Japan iai,397X7 


| . l vr 

He — 

if UiKir 

Iron ] 

U...J 
..-1/L7/ 
107. hi 
. t/t»n, 

86.61 ! 
C?lSiTt5) I 
88.80 
(11,3/73) 1 


j 8.80 j 8R3 



Japan uu^STiZl 
Singapore ' 273.41 


rrrV- i ii i 'i i Mr 
• ai- Hijh ■ !<•« 

447.63 17.-l.4o - - Itf-rvC- 

»3JBi-*i.Vf I -0.43 
lilJ. l.ifMfe.l 7- 
flfi.Bt 107.9.- 1»JX‘ 

1 w.fj liex iri 
?1 j0! »j.4 

•l/.Ll'Oi rlb6j 
8U3.7' -1 AJ, ! tU; 

. j.Ti It. ;lo.?/T( 
78 J ! ic .r 

' ( 4 i 0 ) ; ,i 9 .Hi 
4».Ul tSc.ll ' 6r0.44 
; 111 !UJ l I' 
6L92 , lo.'il '. r4-9b 
■>- I I r: r 22 ,ISj 
396.01 1 2&121 ico.it 
‘(13(5/78! &4. 1 ij 
272^0,2773.4X1 2«i-2r 
il3.<3/7tf •**< 


vimi ‘ j 

Hi-*l ' 


1 K»;.w ! 

ZA 


VlIKi 

lQi\ie 

3&6.9ilt | 

i il*-.— i 



•.aid 

J* II ' 

28U.» ] 

isjs.i 

4-1. 


(iiiIiim ana Da*r Halo tall aase rulum 
I US exL-epi PCli’SE Ail Uoimimn - M 
SunrlanlK and Poor* - 10 and Tnramn 
MM.niw. tn* laa. named haswi ™i is, 3 , 
r Kacludint nonrts . t 400 lodustnaiii. 
« 400 Inrts.. 40 Uilhlws. 4" Kioaoce -mn 
20 Transport, il > Sydney All Hrrt 
■Hi Uelaian SE Sl'llrGl i”* lUrtt-nluuiHr. 
SE 1/1/73. (t*l Pan* Bourse 'Ml 
mi Commerzbank Ovc..- 1953 <S}i Amarer 
dam industrial 1970 (ft) Haim ^mik 
B and 3I'7'84 fllti Milan 2'1<73 >a) rofcyo 
New SE 4/1/08" rln simile Times 19M 
(r> dose. irfi Madrid SE M/12'77 — RikH 
and low for 19TO only. ioi sio»*holn> 
induainal t/X/88 iH Swiss Bank dorp 
ihi Unavailable 


•'Inca ! 13 

AM**- Uin ! 54 

1.1‘lrew-Hiiapli...; 17( 
A«rt» Llfi-i I -*«- 541 
in j'., ntuii- ! "261 

- • 3fl( 

’ UumiAliimniiuni! 24 

39( 

Aileylitniy Unit... 131 
\|leslien.\ Pnwer 18i 
Allied Chemical.. 1 371 
Aiiid 1 Mi 

Mil- ChaimerH... 2G1 

AMAX | 334 

Voir main Hew , 25 

AnieJ. Airline — ' 91 

Ainc. Unnila... 451 
Amer. UnMiluaat. 1 381 

Amei.Uan • 351 

A me - 4‘yanaml.l 24 
Amer. Elec. Row.' 23 1 
Ainei. Ex|jie»s .... 32! 
Amur. Home Pro I 271 
Amer. Medic*-... IBi 
Anwr. Mourn*..... 41 

Ante' ■ An. Tim,..’ 40i 
Ainei. Mamlaiil.. 34 1 

Amei-Siwe^. 301 

AmeT-Tol. A I'ei. 61 

Ametek , 30 

AMF 16! 

A IIP 25 

Ainpex 121 

Kncliw Hoekinp. 26' 
Anlieuaer Bosch.. 175 

Arnh^isieel 2fli 

A.S.% 221 

Annum Oil....^ ; lOi 

Amn.-o ! J6J 

A:JltM<1 Utl I 281 

Alt. Kiebfleld. .....' 455 

Amo Data Pro... ! 261 

A VC i 8 

Av.ni ! 20 J 

Awn Product a.... 451 
Util llu Elect....' 25i 

Hank .Uuerifau 211 

Hunters Tr ^t.V.i 35J 

UarbcrUli 26! 

UuterTnirenol..; 351 

Ut-wrl -e Font 22 e 

UectouDu'kenion; 35s 

UeliA Hiivihi , 191 

Heiflix ! 34S 

UeiiKum Cuam 'B.i 31 
Bethlehem Ml eel 20; 
Hiv-k A Uecker...| 16 
Bueme.... 331 
Umw UiDulr...... 24-' 

Uor.len~ i 281 

Borp Warner ! 26i 

BiuiH Ini... .... 10> 

Braacan W* ........ j 131 

BnoUX Uym 1 30 1 

Brit. PW. A UU...; 14i 
Brock way [<iu».! 26! 
U rum) vlck — 141 

Bucyrus Kne | 18i 

Uudd 1 321 

Huimn IV a tell.... | 9 j 
H urliORUm Nthnj 361 
Burroush* -.1 -61a 

t'ampboi 1 fimifi...! 33' 
I'anwHan tkcilic., 151 
Canal Hamloijib ' 101 
Camaiwa ...... 261 

Camera Gnuraij 12 
Carirr Uawiey...i 16' 
lalvrfjli ar Traci/ 4B( 

CBS I 471 

reinnew Canal...: 365 
Centra- A s'. 15* 

i.'erlaintwsl ... — i 204 
(.ar-ua Ainiali.. 314 
LlweManlwnau , 29 
Uienil.aiUk.NV! 57 V 
CUeschiph K'rt’I 23 
Ihenie System. ; 321 
I'bLafiu Brli tee... 48l 
Chrunwllwv...— i 26 k 

Unyiw 11* 

Cinerama........... 2 V 

Cio-^ Mliatmn..., 21s, 

Cincrop. — 1 191; 

Citio> 6ervK-e...4 46 v 
City ln«rtiip5..,j 133 
C'OJ* Coia... 3?i ; 
Uulgt Palm. ....... I 20 

Conn- AU naan -I 11 
Cwurobia G*a._.. 28* 
Columbia Pii'l.... 131 

Uom.ln-C'n.olAni 151 
CgdUHiBCkm Enu. BH 
(Jombuairoo hq... IBS 
Cm’n'tb U*!'" 01 37 
CowVtfi tin Be |l 

Ctornm. W» hl t- S 5. 
Coara- ■■■••: ZZ. 

Ojo. Bdwm A-I- |3 

Vmu- Fooii*."-- 233 
lVmuoi Nat “-I 
C«URim«POw»j 2a i 

tVStlBen» **.TH S a 
Cnnti«aw O* 1 -- 27a 
Contioen*" 1 W-| 

cmniri*' -j 

Cooper Inrtu*-— -I 433 


Crane 

Cro-kerNat— ~..J 

CKicuZeiierbai-b 
i.'mnnilai- Knidnel 
v-urt-Wrlisbt 
I UlOH 

l>*rt iDdnatrira.. 

Ueere 

Hei Monte..'. 

UeUona 

Uentapl-V l»Wr... 
Detroit Nrfiaao... 
UliuntxidBluinrk 
Uletaphooe — 
i Dlitilai Equip..... 
Diraev 

Dover Corpn_.... 
Dow Dhemloac — 

Dravo ...... 

Ureaur 

Du Hail 

Uymo I oduatneB 
Eagle Fierier..:.. 

East Airhrtn 

Eaiamu Ktalak.. 

Ealcu 

E. Ii. 1 tl ; 

Hi Paw Nat. Oa&l 

Bnra 

Emeraun Bln-trU-i 
Miner) AtrlVIjM , 

‘J Kii lairl ■ inyiatMiiu 

1 ttupelbant.^..- 

; I'^nmrb 

; Elhj-l J 

i Exxon j 

| Fain-falhl Camera 
! Fcl. Depk. Straw! 
Ftrestooe Tire. — 
Far. Nat. Boston -j 
Pleat Van.—— 
Fllntkore... — ...., 
PkirtiU Power u.. I 
Flmjr.^^.w..— •■[ 

Fjy.C 

Fort Motor—.— 
Furemuot Mck.~. 

Fox boro. — — 

rrankiin Mint.... 
Freeport Min era, 

rruelniuf 

Fnqua Inds— — ■ 

li..V.F i 1 

ii* nnen — .] 

<ien. Amer. Int...) 

G.A.T.A 

Ucn. Cable- 

Cen. Dynamise... 

Gen. Electric*—. 

limeiiu tootla.... 
General Mill*-— ■ 

(ieneral lldorx.. 
Ueu. Pub. Mill.— 
Uen. Blgqal.-,— 
Uenl Tbi.JSecX— 
Gen. Tyre. -.-■—■I 
Cranomo 

Georgia ftdlic...| 
Getty Oil — — -1 

Gillette — 

(ioudneb F^ 1 

junljnrlliw 

Gwikt^. .... ' 

(fWuoW.K j 

Gt- Allan FaeTcai 
tlrUNurth (non— 1 

Urc3 - tuwd«l - | 

Cull A Western.... 

Gull OH 1 : 

Haiti lurion..—— 
dauna MhiIuk--- , 

l lainladi nyOT 
Hama Corpn.— 

Hoine H.J- j 

Heubkrtn - 1 

Hewlett F*ctoteii; 
Hnlirtay InPA— 

Rcroearake— — — ! 
Honeywell——] 
Unovpt — — • 

HoH'CorpAmw- 

Houatnn K«t.w 
Hunti Pli. Al Cbm; 
Hutton (K.P-1 — i 
i.C. liuiiHirle*—; 

1NA~ -•[ 

Lofferaol MW*— | 
lolanrl Steel,— , 
Inaik-o.-— - 
Interconi Eaersyl 
— 1 4 

TnU. FbiTOura— - 
Inti. Harrow - 

riatl. Mto Jt Cbeoaj 

Inii: Muli-Hortb- 

I non -I- 

IntL Paper.... 

tro. 

tm Eertllkf........ 

Inu Tel. A 

lncent.....M> 

Iowa Beet 

lit InieniaWireil. 

Jim Walter— 'I 


643* 1 6458 
151 2 ' 153# 
547b ! 361s 
44 Jj I 44Sj 
123g i 12 [4 
251* i 251* 
23la-l 23i ? 
lira 1 121a 
1 Ha j 11 
23Ja 23lfl 
38 lg 38 lj 
521* 53ia 
353* , 34ii 
13 I 13 


John» M an vllle— 
Jotanom JohoMUi; 
-Juiin-on CaHUni-. 
J».s Mnnur*etur'ri 
K.Man C«iri^._.. 
.Kai-erAnunmi'mi 
hnt-ei ImliL-trlr-. 

kaisei oreei 

Knv 

Kenneiott 

■van' McGee ... M J 

nkiilt- Waiter ; 

Kimlwny Ctark.^ 


Ki»ft 

•voqer Co. 

Cevi Suan»_„.' 
LJbbvOw-.Fnol...! 

Langeti Croup_..| 

Liny I»n— i 

LI 1 tun ImlijpU-.,.] 
LockbcoAAmyrt 

U'nenoir lmb_,. 
I.VUI Island Lid.] 
Louisian* laiui... 

Inbrlail | 

Lucky Store. j 

L’ker V'unc'l'ttiii 

MacMillan < 

Mac) k. H i 

Mir- Hanaiver,... 

Mspw I 

ManUlmn till ! 

t Marine MirHaml-! 
Musbali Field ...: 

May ItaK.Jliw' 1 

i MCA-.?.- 

j McDennoU J 

UrJUomK*! Dl-hx' 
HfGraic Hill 

.Uciriurcx .... 

Men* ............... 

Merrill Lynch.... [ 

Uee* Fetnwnm., 

MG3I , 

UinnMingkMtcH 

Mobil Corp. 

MimumIo. 

Morgan J. P M ] 

Motorola—...... 

Murntij Oil— ...I 

Nabtvco | 

Naleo Chemlral.-l 
National, Can.....! 

NM. UCtUIen....! 
Nat. Servk-e IndJ 
Natiunai Steel 
Natiunae..'.^„.„.. 

NCU. 

Nrpume Iron.. 

New Kncland El. I 

New KnflUin-iTpl 1 
Mipuii Mohawk' 
Nlaaf*n> oban:....' 
N. U imloalrie* ■ 
AacfpIbAWeatern 
Naab KauGas..^ 
Niton Sralea Fwr. 
Ntbwest Airlines 
N til wrest Baruorp 
Norton Simon 

O^-klaiLm Petrol' 
{JiTlvy MaMier...! 

Ohio tUixoa 

Ulin 1 


Uvenrn Slnp.....; 
j UweneCatnuu.... 
ill weni, Illinois....: 
Had be Caii_....„.. 
HamlicLigfaMtia-l 
! I'at-.l'ai.A L*_.. 

■ HknAiitWnriiiAir 
J Marker Hannittn. 1 
i 1'cstoe.lv lul.....; 

■ Pwtt.iv.* 

I Penny J.C J 

| I’niuruil.. 

IVnples Unii),,... 

PeotiLee Gas— 

Hops Ion ...J 

Perkin Elmer.— .1 

PM.! 

Flicei — 

Ptwipa Uodge^...] 
PhUaale-fibia Hie. 
Philip 

lTu:ip». IVlro’n ] 

HI if bury 

Pitney Bouos.— .> 

FiUfftiu.— 

Pieaecy U»1 ADKi 

Hpiarom I 

Potomac hid-..... 1 
.CPU itbiualrtes-,' 
I’m ler (l*tmtile..‘ 
Hill- ''cue hip-1..] 

Hull man 

I'urex.. 

tjuakei Dabs., i 
Hairt 1 Aiwtv-bb.i 
i Itmheiai— .—. 1 

] KC.V , 

] ILoyutiiu: oledL, i 


Iteviun 

tteynoida Ueta<t. 
Ileyno'da K. -I..... 
Uleh'aoo MerreK 
li.*-kn- II Inier... 
Knhmft Hiuu ! 

lluya I lurch ] 

Kur/UiKB ] 

Hyrler Sywem....! 
aaieway Stoiea. J 
Hi. Joe lllneraloj 
7U Itegi* Paper... j 
Santa EV I ml*....: 

Hair Inreol | 

suoq lub.....J 

Huhilia BreiHim ' 

Hi-JUumbeifier 

HCM 1 

S.‘ou.P*pei„ ‘ 

*wvli Mrc— ! 

Heudr' Duor Vem[ 

Sea Cunbilnera...] 

'TOLgram i 

Searie ili JU.l ; 

inn lloebiick ; 

SKIKXI — I 

Shell Oil i 

'•beUTranspcm...' 

Siqnal , 

amn,»teCurp. ; 

si in pli, -1 tv Paf_.(. 

M"gw 

■siiilrb Kiin«u„....j 

siditron — 

. n>.aiib<l>iwD — 

j wuibemCal. Eu., 

1 a<jiabern Cm 

j Stlin. Nat. be*^.( 
j Si ait hero Pai-ifirJ 
Sourbernliallny] 
ooutblann._......J 

a'w't thoalniru. 
Sperry Hutch — 
Sperry Hand— .... 

Squib—...—.— 
Standard Unuidi 
Sul.OUCal ilornia 
SOI. Oil Indiana.. 
Std. OH Oh»_._. 
sCaud Chemical.-. 
aceriiiUi Drua— 
Studebaace. — — . 

Sun Co. — 

Sunditmnd 

Scales., 

r«wton looior 

Ceftironlx 

Teledyne 

relex- — . 

L'roeco — 

lea in HetnUcumj 
rexa,-o.. J 

TeaaoRUit ! . 

Ff-xaS Instm 1 

Texas Oil k Gas 4 
Texas L'tilitle* „ 

Time In,- J : 

Tunes Mirror 
flniken...— ........ 

Itane. — 

mnsuiertca..— .. 

Utanm-O- — 

rianr b'ufaui 

Tran-way Int'm 
Tran* WprM Ail . 
rmveliera 
di L'linl menial 

1.K.W- ; 

J -/Hh(.«ntui\ K'-x' 

IlAL — .| 

l.tlHiU ! 

j CD I • 

i. OH i 

CnuevcT. 

Cnlievta N V M .„. j 
I niiHl lonnnajs. 
Unlua Cart-1 ile— I 
Lnlrd UimiiwwJ 
i.nkmOt.CalU.J 
„ L'nluoPactflr I 


j. ILn'rtjni [ 

4 United Braitita_..r ■ 
u US Ban lirp™.,—! 

2 US-flypSum— ...] 

if US. Shoe. — 

2 t S.Srcel ' 

■f ■ Ii. Tech rtukttiea. J 
^ I L'V liliiurtriei..,. 1 
' VTrnmia'Klftt— '. j 

H i ^ lxne ?. I 

j’ i W*rneM.-nmniQ..| 

4 Winter- Lainben J 
U'mte-Maii'nienl I 
T 8 WriiS’KaiRt,,.,.,. • 
•i. Western Ban orj 
WoUfli A.Anirt' 

! ? J W L -H cm l ititm . ; 

.-I Weal hrn hep Elect! 
fe | 

i We- toy i u 1 

• Hetr haeu-d... j 

Lj .] VCtui i |*v> [ 

- .WUhrlini.ltrO! . 

\n William ( ii.„ ► 

la i Wixonaui Eioi i 


W.iuiwitili 

Wylv 

Serna,..— 

•topata 

Zenith KniUu.. 


18T B 181* 
01* Ol 4 
43 j 431* 
163* 161 r 

13 i 12is 


Ocnilh Knillu...... u .la's 

L'.H.Imui*^ l*-L 96,it | tSMHJ 
I'S.TrravklVlh ic Bllat . 181«» 
U.S.40 Dht Hiliv. 6.25^ j 20-6% 


CANADA 


Abltiiit Paper..— 

AcnW' biiuic 

AlcanA'umininm 
Vixuina Mcr<—. 
AllthMe 

dan* nt Uuotree . 
dank Nava crHtn 
daak- ttevou «*»--■ 
lieu Jeiei'inme— I" 
dow Vanev Imt .( ■ 

•IP Uuu*-.„ U . t 
ikuwi ’ 

tlr1n..-u ,i..{ 

w'siyan l*..wer.:.i 
-'aiulk> lime 
■-« itaiia lenient... 
vdiiMiia AWUui. i 
Jsn InipbiikiJmn. 
usniuta IiiiIumI ...j 

l«u. Ha. UL ] 

wan. MXi in Inv.i. 

1 L4o. $uiei dl 

Cariinn u'Kewie 
-Jaaeiar Aalwatnoj . 

Uhieftoln—^- 

ckvnlno 1 — 

Cona Bothuntt.— . 
Uoasumer Gas—, : 
C-oaeka Iteaniirres ■ 
Unstalnfilcfa — — 
Uenicw Mln ea.... 

. Dome Mines....' .„ . 
Home Petroleum - 
Dominion Bride* 

lbmhr_ — 

Dnpom— . 
Fa*on'l?e Nickel, 
--art Motor Uw.. 


Duun ifeuirknili 133*. 13 to 

Otiil On Cnmtda> *265* 96*4 

Hawher Sid, Uui. 6 61* 

Hjvunzpr 29to |29 

HumeOii ■* m..m - 304* 38Sg 
Hudam Bay Mny .155* 161* 

Hudson day 181* lBlg 

Uirtioo OH JtG*. 43 lg 43 1* 

l-A-O. J. .178e 173* 

im-ao --- 30to 301* 

Imi.ierlal Gil— . 193* 195a 

In* 161* 17 | 

iuda — i 101*. 101* 

inland NaL. Gas-. 101* 107g 

ina'pr'yPipeUne ' 14- 13Ta 
Kaisnrllewmrcoi. 155* 13 *8 

Lnurm't FlnCorli 71* 71g 

Lob la is Com. ’b.’ 3.75 3.65 

liCmiu'a Bleed-. 17 167s 

Massey Feavuwm 10 to 10to 

Uiilulyre., . £3 to SLSfig 

M-ant? Cunm.— . Hto 33to 
V'huiJ* Mines— 23 to 23la 
Aomen KaeriUM. • lrts 13*9 
I -NLhn.TEuptnii,— . !261g ) 87 lg 
Auinai- On a U9r : -.20ifl I 20la. 

■iakuqial IVlr'm I ' 4.90 i 4.90 
Hat! Ill- t.-|i|«ri .u (- 2-13 i 2.10 

H«- ilu l’er roieiuiu 38<* j 30i* 
Han. Can Pn’mi 841* ' 33-1* 

1'itlm J.flSl* ; 181* 

Hocqife. Uepr. s.J ' 4.05 j (400 
I'au-e fa v Ol J 004 I 0.82 
Placer Dev^opmtl -21 1 2U* 

i Vn»en. , vrjpm,t ’ul.’ ll.tB J 0s 8 

Hu. a* 12 lira 

i^ueliec Slurcewd 1.37 . 1.38 

tauytrCH' 1*281* 28to 

Had Slmw ....... 3 flla [ 9 

j B4i* 36 

K'tvaiBk. <M fan ' 277 8 j 27l8 
ICuym Trust .1 16 7g ! 167$ 

i-eidreH'-^aircerf ' 84 : 

engrauuu '.856$; 263* 

| liel; Ctuuda 14"g 147$ 

I 'herrlli G.M>n^I 4.70 ■ 4.65 

I jietien# U. o ^ 31 is J 297$ 

J >iui|siiiv 4.65 ■ 4.70 

i ->i«h « limaila., -..28 Ir i 23 1* 
TtWpHttk Inni; i 2.66 I 2^61 
! Ivmhv l ojm-ih. .. 387$ ; 381a 
I lunjuin Ikmi .Bti.- 173* j ITS* 

} I rauaUUI H||«Ld ' 143* | 147$ 

] t ram. Mi mm Ui * - -'9to ■ 99$ 

» run _-.y-t.10M ] tlOi* 

I uniiui Ua-- -10M j lO 1 * 

i UUt.SiawLXi Mine*) • '71* j 71* 

'. 'Vi kei Hlmm....l -311a ! 31 Is 
1 W-m t o» «i tv. ‘*395$ , 32M 
: Ww«... r, .. .... * -aO'9 ; 161$ 

| t Bm. • Aabaf - 3 Traded. 
r m Xvn. am*. 


NEW YORK, March 13.. | 

Karstadt add Kaurhof, which 
raised DM3. Chemicals shoned 
ruses of up to DM1.90. 

OSLO— Banking and Insurances 
4uiet. Inti ua tria ls steady, but 
Shippings barely, steady. 

VIENNA — Quietly Heady. In 
mixed Breweries. Goesser and 
Schweebater eased moderately, 
while fteiqinghaiis met some 
.demand— the market believed the 

stock id be undervalued. 

COPENHAGEN — Lower in 
active dealings. In lower Com- 
modities. East Asiatic ended the 
day unchanged at Kj\ 223J after 
beins the most activeLv traded 
stock. 

TO!x>'C>— Higher . in active 
trading, led by Popular. s and 
“Blue Chip.” 

The new stock exchange index- 
reached a new “high" 1 for the' 
'year at 397.27. Volume totalled 
S40ra. shares. 

Export -orientated vehicles and 
cameras rose following the -jump 
dollar recovery, while' Public 
Works issues also rase on specula- 
tion that the Government would 
take Fresh - measures early next 
month to stimulate the domestic 
economy. 

JOHANNESBURG— Gold shares 
drifted easier to dose mixed on 
lower huHlon indications and a 
general lack of interest. 

Financial Minings turned easier 
in light trading in sympathy with 
producers. De Beers was U cents 
easier 0 at R5.57, while An am int 
gained Ri lo R81.Q0 on its re- 
sults. 

Industrials turned weaker* after 
a mixed opening in slack trading 

HONG KONG — Share, price 
ebanges were narrowly mixed, 
with a slightly firmer bias. 
Volume was moderate at $HK30 35 
(8HK28.73). ' . 

Among ” blue-chips,** Swire 
Pacific “A" rose 10 cents to 
SHK5.60, but Hong Kong Hank 
lost lO to 3HK17.20. 

Jardrne Matfieson held steady 
at-$HK12J2Q. 

AUSTRALIA — Prices in Eydney 
generally held or Improved on 
their rises . last week. Melbourne 
was closed. 

BHP rose 4 cents to SA5-54. 


NOTES : Uferacas uncut sbron bolow 
exclude S pretntum. BelgtoD dividends 
are after vrtthhoMUus tax. 

♦ DM30 dconm. mlesa oiberwixe stated. 
V Pias.380 denom. -unless othera-iK staled 
4 -Ktjoo denonu aalen'tnhcraiUc seated 
v Krs 300 denou. and Bearer shares 
unless mhcra’ise stated, l Yen 50 demon. 

. mtess ortterwue staled, c Price at time 
b( suapenswn. n hlortns. f, Schillinm 
Ceurs. d Dividend after pending nehit 
andrar senp Issue, e Per share. ' Prams 
•r Gross, div % h Asanmed dividend after 
scrip and/or n$bts issue. . k After local 
(axes, m "4 tax free, n Francs: includutg 
Uuilac dlv. p Nam. a Share Split, i Dnr 
and yield exclude special payment, t fndl- 
caied div. « Unofficial trading r MUorlix 
-inWers only, u Mercer pendns * Asked 
> hi it. | Traded, t Seller, z Aaaumed. 
xrBx rmbta. xd Ex dividend, xe Ex 
scrip issue, xa Ex aO. * Huerta once 
increased. 


The UJ5. dollar, plotted- ah The Run 
erratic .course, in yesterday’s of its t 
foreign ^exchange market, open- to' 64.4 
ing much stronger against most showed 
currencies. This was mainly- the- noon Gp 
effect of speculation an voutiding the mor 
the pending announcement nf Gold 
meksuren jointly arranged by an ounc 

U.S. and West German authorities — 

.to stabilise exchange rates. iqD »fS 

In terms of :ho. Vest Goman 1 
mark." the dollar impravetf .to 
DM2,00 and aw.Frs.L99 against t 

the Swiss rranc, but after details 180 - 
of the package became known, 
most dealers and bankers regis- 
tered their disappoimnieri* of the 
extent of measures revealed -end 170^ 
the dollar slipped M DM2.0490 
and SwJrs.1.93 against DM2 USJa . 
and SwJFra.1 .33 on ■ FrUav,- - -igo - 

Morgan Guaranty's calculation 
of its. trade weighted overage- de- _ 
preciaiion using .noon rates in 
New York, widened to 5 JO per 150 -J 
cent from 4.76 per cent; . : . 

Best gains of the day. were 
marked up by the French franc --.-zgfel 
sauung over the. dollar >o -Ual^i sei 

at RJYs.4.735 against F-Fts.4.8725. 

This.no doubt stemmed from -.the CURR 
level of support given to tHe-left 

wing- parties, which turned ,uu{ to 

be less than expected in the first 

round of France's general elec- 

tion. Morgan Guaranty’s- calcula- 

lion of its average depreciation r3T 0K _ _ j 
showed .a sharp improyexzient to uji. uaiiv 

S.48 per cent -from lU5.pec cent, .itotu-iuin | 

on Friday. Au-irt* *u...; 

Sterling suffered during , the S^hVtX. I 
early part of the day agamst the jj«it->-tiem - rfc ; 
dollar and was seen at St -8825 Uuri-h KinMerl. 
where some official help may have Froh. ii i«*t--l 
been given by the Bank of 
England. However, positions were N *nr» v kV-«^l 
reversed towards the end - of the 
day and the pound closed at sw*«ii*iikn«<-{ 
$1.9100- L9 L10, a gain of SO nolwfca. hwi^ tra u.--.-. 

EXCHANGE CROS^-RAT^S 

Mir. .13 jFranUiirtJNBvr York] FKrto | SnirKlx 

Prank furt-i ~ I S.Ca8-OG0 *S.3QfO ■ I 
No York I 48S2-88 I — 2U2-17 . 

,?2a.fr3ai ; 4J7&-587 — w.T77tn : 

Bravwla..... lfaJj2-ca' 3838 *1 6.76-79 . - 

IrfMrtna J.H1^S IAIU9II- 9XBi-0«-. idO.Bfrrl-OO 

. .1.1 I lucn iu , X-WLnl IKMlD > R 


The Bank of England $ calculation 
of its trade-weighted lnttet fall 
to' 64.4 from 

showed an improvement on tne 
JSSn figure of 64.1 and 643 in 
the morning. 

Gold managed to P®SJJ2:JU* 
an ounce to finish at SIS7-S1S71. 

~ MB thnrouwM " — 

T London >] 
-Gold Price A 


GOLD MARKET | , 


Ii.*! MutlU'U.; 
m Hup tmavrl. 

IT,**. ,6187 1873* 

tljirnlnK....... 

, t C#7.77Zl . 
Gi-hl lVnn....i 
b rocr^Tnil'. 


NiiwNir'an - 
l‘nl Sw*r$h- 


-SHPi-lMt. 

: ,C100*-101h- 

,a28.*-50-'*-, 
,»581c 60l|i 
..l-30to 41 *1 


Aiav-dB' 
M86.« 
!'C97.a». 
«165.90 
■it® 7 

;^190L-.l 

lClOO-M 

a?.ao 

.iOOSis 
*581* -«0 
;i£30i$3t 


hnl I 1 l-t.J 

Vp ncr «w tg -tw 


CURRENCY RATES 


Special ; 
Drawing 
Blglt tu 
Min-h i3 j 

QX43152 
1.21624 
X.36667 
18.2376 
39.3514 
6.95689 
2.53477 | 
2.71*498 > 

5.81464 ! 
1.053.51 i 
206.769 - 

6.61878 j 
97.8S8J 1 

5.688 -*6 ; 
2 .41180 


ttaropciui 
Uni' o> 
AtPonn , _ 
'\i*V i. ti 

~U6E1341 

lJfSMQO 

1.37760 

18.H43»> 

39.76^4 
7.0/492 
2.561*1 
2.734x9 
5.8816? 
1064 54 
289.91 3 
6.b7**b 
98.7751 
D 138 O 
2.43058 


liiu-l C'utO".. ] i . ' . v 

KrwJrran-i. 

:,£100l?-1DI«a^C100+^t 
S’uSuv'ren H57 69 

(£29 ’1-80*0 UW4JV 
QM SnrrVi.- l S -6D‘j HBto'-H 
ti*30<j-31ii» iCSai-J] 

f»s»ri«sN“ ■■■•$2»»u-gn7b t saara t 


FOREIGN exchanges . 

Hauh 

Mar.U Kiiicm 

' " 1 y I ,ICTl1 ■ ^ 

\ t i» Y.»k..: r ’^'r.m5-i.9i ra J i .a iso.t 

M-'iittvAi. . j 71$2.HfiW.I«0'2.1<StLl 
ViiiMci-Ui'i 41;. 4. IS 4.71 i 4.1M 

Hni-o-cl- sm M-UHil-U ‘ BILS&J 
«-i«cni»Ki*i*i *» ’ ».I?-10JW W-SJj l 
rn»iifcmrr..J a ; JA7-I 

IM* ; IJ ; 7.’./5 «.M fii.tti 

1 toil nil H 151-40 151.50 153.4R > 

Ilk' 1.850-1.647 ;kHS*. i 

IM.v . a , ia^3 IU.28 I8.jn 

iwn- aid A3/a.su jatlijK 

Sti- fclFrtfn.. i - 8.8fl-8.rB ( S.B94 

Tii\lu.».. IW 44S-453 - Uf* 

VI.-UIH t*«7i '28.10-28.36 , 2a.I5S 

/.uri -Ii 1' i i.nW.ifi ' SJ2J 

T RauB bivoi an* fw raitvi-nlhto f* 
Financial frauc GO-aS-iil FS. 


Lrmrtrw AH1-HS l9J08II19XBi-O«. MV-w 

Ain-t’ilatn.- 106.79-84 [ tLt22^0l 46^3x8 ( 6^7^+tJ * Vto^ 19J 


UmkA !.Vjnvt'3'm} ZurU-h 

3,-oa ntto i' aito 63 ; u«.4o si 

1JM8-9W ' W.IV^SJ : sl^K-4S 
y.tM-04 -’14.7e-a.i6; ttlibHb 
cl. ill- 17 : Ui>4c9 ; 16^7 44 
- i 4.16 17 3.7 :W 

J.lKj 19J ' - ; ll2AJ-4i 


Zurich, M5J7a 7aH , 1 j 4|jaM7a . fl^rt-lftl A(3*I 4(3 Jr 9 14f.fr O , - 

t'Ji. 5 in Tnrotrt" tT.6. 5 = 1I2J9-42 iwinillMi «nlx - 
Ciuuuibiuf iu New YuHi=8fr862fr38 .1llD■ , l S in Milan E6S.KHJM.U0 
. Stwlm = 4u Ml inn IW&.t'.Vaa 

EURO-CURRENCY INTEREST RATES* 

C*aailte«"T j buVlI . 5ttT» [""tt .irJrouTti 

Mar. U Sterling Dollar ID.S. Uoltar; (»uil»ler» j frail-- [ mark 


OTHER MARKETS 

; .Vile- K*ii 

ArjjeutuiH 14.8S-1S.29 Ai.euuin.ilSDI 
Auanaila. 1.6873-1.6847. ku-tt-ta.... ; 271 

ui&su si.b3-42.os..»<'-k<uiii.. i a 

Him ubl.... 7.88108.01 4' 

IJrwn;.. .. 1 iu. ■ -^na*ln... 2,iS 
ItansK'iilui 8.76* -8.79 •'^uiimtL ,10.. 

trim ; 128 H4 Fraii- ■■ . :3J 

kiiwiut 0.620-0^40 'Hcnnant _ &A 

UM-ml' 1 '!- 1 60.M-h1.lrt i*w I- .... 6. 

it*M'*UL. ! 4.4d*-4.SB v 

A.iSiwuuiiI 1.9606 1.8794 ' i|«u ' 43 

soihIi Aiail 0.47-C.S7 : Set lion* u«] 41 
4. *0-4:4 1* i"M»n ...18.1. 
M i lin. ,1.6307 

l.S.„ ! — i *15 

I'aii-utn : . m-l/' aii.- J i.l 

■al I I-S 

li.-S. rt-nt-.! B9.0939.P5 ,» --••live 1 45 

Rule irtvrn Tor Arsciilinj is a 7 pw 


tahurt true...] 64$-6to «6V74*.' 6 s$ Sib 6*a S J t ' ittr-i* 

I ila.v« iHHioet 6ti-6t* 64*-7** - ai«,-T 51; 5** vnr-U art-d,’* 

Miinth 65$-7 7>a-7l$ 6r$-7l$ to >8 . 6rk *-A 

Thrta*mi<nih«.i 7to-?7$ 7fV7(i ' 7l$-7to toiVbfg to-to 

sia miuiLU-.... 77$-81* 7»$-7S* a-0«* B-1A 3H- 

Oneywr ■_■■■■ ; 8i*^6a 8 Ajjtj fc* _7 to-8 i 5 A -5^4 - lit tA _ _3 14 ■ J ii __ 

Euro-French deposit ■ rates: two-da v 1W-1W per oral.; seven-day fU-ll| per cent.: 
one-month ILMSi per cent.: .three-month 12-124 per cent.: six-Riontta. U-121 per ccnL; 
one year lli-12 per cent. 

Long-Term Eurodollar deposits: two yean H-Sl per cent.: three rears SHU per 
cenr., four rears 81-81 per cent.'; Bve rears *5|6-1 ,7 ]d wr cent. 

The ronowmjc nominal rale* were quoted far London dollar cenfficates oi deposit: 
ono-monlh B.93-7.B1 per ccai.i three-month 7.10-7^0 o.-r cent: slx-monih 7J5-7.40 per 
cent.: one-year 7.65-7.70 per cent. ■ 

•Males are Mimim] can tog rates. 

rShort-term rates are call tor sterling, U.S. dollars and Canadian dollare. rent 
days' notice lor ftulMers and Swtm -francs. 


FORWARD RATES 

* j ijne tiiinii 1* 1 lw "!•' 

New Vurii iaQ5i-tini-o.6/'-.-li' I**. 13 u.03 
.UnHtrnii .]|ur-U. 10 •vli" 10-05 • i-i'iO. 
Viii-i’ UiuT.'g i-.|un lg *'. ili*:Ziit lip . 
ilru ^oi-...|3 •-.\nn-5 •■.*!« iIi-5'- in 
i il i ™ n . tS 7 wtwll* lt5i-17f *-ii 
fc'i-MjRTun lla$-5$ |4. pin i4bn-5w i*i 

Li 180 •-. iIin 1373 600 , 

Mnln-l....i5O-120 •-■ ill* 190 370. 
Milan «... Jl3- 19 lire ill* 33-41 lire 
im>t...„..(3l*-5i* ore >U« |ll$-1S r -»r 

Hans 121: 3ij -. «(is 6 8 o. ilo 

't,'kti,<'iitiri 3 urv .11* 3i- 5g ore - 

Vienib* ... iior- 10 j;inxTi» .5-15 sror 
Aun**li.- . '2»s-lt -« $>iii 6^3-5 'i e. 

Six-muath forward dullar U33-0.23i 
12-niamh o.sn-o.TOc nm. 


GERMANY ♦ 


[TOKYO Y 


| AUSTRALIA 


Prw + or D'v. ;Yl>i. 

Um. - * j % 


•Hnceal +«r 1 Dtv.;l'li( 
Ven \ -r \ % 1 *r 



AMU- ' 88.1— 3 - 

A iamx VehMcb-.i 488 ‘+1 -18 

tfMW I 228 ‘ 20 

HAMF -—..I 139 ! + 1.11.17 

B«>er j 139 1 + 0.7 Id 

Us.vet Hrpt*- j 288 1 + 3 .20 

Buyer V oein-Lb> 322 i—. ... 20 
Lih*!nt.Xed.wrt>i 177 J+7 — 

Uummeretwnk..„.! 232.5) + 0-4 
•.'.■iirlGumin' I 78 +0.2 


- tmtolGlM 322 +-1 M 2.2 

1.9 Uanon 465 +S 12 ; 1.3 

4.3 va-.io .691 —9 26 I 2.0 

6.2 t hiuon 395 +5 80 2.6 

. - Uat Mpucn Prim 630 +9 . 18. 1/r 

3.4 Fuji Hbuto. 573 +12 la 1.3 

3.1 Hiudil 222 — 12 2.', 

- Hands Motor*-.... 676 ;+3 1H l.t 

3 8 Uou«e Puod U30 -10 ia 1.4 

- c. Ituh — 217. [+1 12 2.8 

3.1 lu. Ynkadu '1,20 j ! 3u 1.3 

3.1 1 666 i— 4 13 l.v 

4.- I.A.L. [2^10 +4J - - 

3.2 w.n-*l KIM. I‘w. 1,100 +10 10 4.5 

4.1 hnuwh.ii . 322 18 2.8 

; 1 3 huliiSa 279 1 Ij j 2.7 

2v i\ 4n4.'co«mie... 3.850 —50 3a , a.t 

: 3.2 tfsfmshiU lit-l... 647 *1- 2. 1.5 

3.e UilMihiiiili Batik- 279 — 1 K 1.8 

6.2 UitwilnsliiUroi^ 143 |— 2 12 4.2 

4.3 IliUnitHhbl C«rt'.- 41>> la 1.6 

4 1 Mltsu A+V 309 :... 14 2.3 

2.9 tl II Min will — ..... 506 +4 ; 2U 2.0 

3.3 .\i|qiin L29U -30 la 0.6 

5.0 Ni|f*ni Mhinism.. 674 + 9 | 12 0.9 

- Mswiu Motor. 797 1 16 1.0 

3.3 Pioneer i.6ou —10 I *Ms l.b 

- sauvti Klccrrit; — 817 +1 .1* 2.8 

5.3 wbi*ui Preiah.„ 8c0 + 20 ■ a*. 1.7 

! l.a ’lilM+la L,18 j —80 I 2U u.8 

3.2 win - 1.66 > —10 I 4v 1.1 


670 + 12 j la I 1.3 

222 ;,.1 12 t 2.'» 


>.'<nilUumcn< 1 

| iMmner Uen/—.. 

iVaiww 

l Minna 


78 +0.2 
308 i+l 
275.9 — J.l | 
161 1 


Ui-uiwie Bank.-. 1 309.4-U.l}2O 

Drvilner Ksnfc. ..I 26U.& i 2U 

Dtcia Ihdt 2woi. 150 j— 1.5 4 

> : hi efondru ins ....'i - 20581+4 12 

Hnpsj- Lu*dZ....j 113:5+1.5 12 

Huimner I 272 +1.5 »H 

H-wh-t 12B.9 + 1.9 16 

Htie*cH 4a.7i-u.l 4 

riurteu 122+1 10 

w*u uiul stole. 155.5—1 .9 

Ktr-tsdl 298 +2.9 20 

Kz in hm' 2u4 -t-3 20 

Kkndtiwr Dm 100. 93.5+1 1 — 

KHU * 176.5 +2 3* 12 

Kru W ...._ -J 97 +0.5 | — 

Lin-ie ' 241 j-0.5 16 

Lnwenbraii 100.—! 1.48 1—80 4 Cv 


LuiUuuini ~_.| 

UA\ 

tUnneroonn — ... 
vietaliae- 


109.4i-0.lt .7 


J L94 1—0.5 i -12 ' 3. j l •meltuMiulne — j 2a7 — 1 


170.2 — 1.8 i *14 ' 4.1 1 ii«h i »tot. , liwnic*i 


1 UK.;. '1,7 jo 


BU u.8 
I 4v I i.l 
11 I 2.1 
! la i 2.3 


Huijrfaener Uuck. 610 !.«— ...; .18 . 1.8 ie>jm . — 119 14-3 , Iu 

Xedmnimn 110 1+0.5: — - - inhlu Martuc_....! 622 1— 5 . 12 

Hreu.-Mu* U U IU*. 109 1—0.8, — UAtahieci HawV.l.laU o 

•theiRWn-t.Kiecl. 189.5s rl + 0.3 -, 16 j 4.2 mayo -amyu 1 286 —5 I 1* 

*d Kt-mg .— 24o 46. i 4. ii»ky.-,!j|iH*iirB_.i la8,: + 3 1 

lenient 294.5)— 1.8., 16 ; a . ’• inrav" — 128 '+1 -l* 

5u I iCucLer .1 246 ; — 1 17 a.5 nnir» u,itor ; 94a '—5 ■ £ 

lias tnn fi ! 4 '.l snaree Nlhkn Wiintoes r.jhyo 


.VecXetm-uu)' 110 1+0.6: 

Hreu.rau- UU 1U7. 109 1—0.8 

•tlieutlVLt.Hiecl. lS9_5srl + 0.3 : 

nJienns 24o 46- i 4. 

‘euien^ 294.5)— l.ft, 16 ; <. 

au l 2ud>er — .1 246 i—l 17 a.I 

luv-en A.O......| 126.5 +w.5 11 • 4.. 

Vane. 17a^ +0.8 .14 ; 4j 

VKBA ' 117.2' +0.2 ' 12:5.: 

Verciut-i Wert 61.! 307 j.-. 

V.nk-wmten..' • 215 U 0v4 ■ 


17 a.5 

11 <4.3 
14 ; 40. 

12 : 5.2 


Iu I 42 
11 1.1 
o , 3.5 
1* 1 4.1 
1 3.6 

.1- 3.9 
z 1 . 1 . 


%:li BRUSSELS/LUXEMBOURG 


AMSTERDAM 


ni\-.' 

+ or 1 Pi*. )Vl,i. 
— f iNet I #, 


^-or; Div. n 1. 

~ - M* . 

[ *21 3.6 

+ 0.1 j - - 

— 0.3 lA2fi.fi 6.8 


SB i-8. Inan-Bm 1.865 

inv 7?. L238 

*21 Jr 1 . „ ! Vi. S-2 Hobi*en -.[SUIj 


66.4[+UJ2| 28 7.8 nl««w, 

279.0j- .7 121 1.6 
137.9^+Ll 524) 4.1 
630^+0.5 94^ 5.5 J* “SK*? 
.36.W+0.4 22 6.1 
105-81—0.8) 14 l.a 
96.41+0.3 8.0 


About CFL.aO). lOO.rt !*21 3.6 £camlT!Z- 

AkrotPlJD) 22^+O.lf - - BbSi. 

vfisvWth 10 ! ®ao Its? $4 --46.03d J— ib (43U 

Swtolfwr SiA so WwlqueK**.:- .J2.395 L 170 

Bon Weal 1 m{P JO) 107 L-l 7u 6.a KobJ+^1 

■lurlirtaTesuande. 66.4[+UJ2 28 7.6 

KlaevtortPUdJ)— 279.0]- .7 121 l.b 

HnnlaN.v.Beerw 137.9^+1.1 52j, 4.1 

HuroUomTdyUO 630^+0.5 94^ 5.5 t* “gtoto Be', 

Ciwi BrocwiatFlO 36.2^+0 j 4 22 6.1 HoIiUmt.. 

HeurokentP JOi.. 105^1—0.8) 14 3.* — 

HeoaiwemiiFijO* 96.41+0.3 Jt*.» 8.0 jSS SH 
Hunter U.(P..iOOl 8L7 -04 1 »' 8.6 ^ 

6..L.U. tV.-Um- 127.5]+ 1.' - - 

imumierii^-- 37.& -o^ ib 9.5 i^'r^rv 

Neardea tPi.ito.. 36.lL+u.M IO. 2.8 

M«Uto.iina.(W.l» 108.5|+0.4 48- 4.3 UnffitaTniS 

■\ai Cze4Hk(PiJdl| 64.4^+0.3 ,3U 7.3 v"eii« Monti 

Aed lIWirt(Fl JbOl\ 188.51+0^ 28 5.9 ^ ^ 

IV-e (Fl^O) 164.61 +0.3 .134 4.4 

Van Ommoren — 135 .5^ 16 5.9 CW1T7FBU 

ttolthoedtK^..: 34 — 1 31 18:9 

Philijw (Fl.LO) — 84^ +u.8 21 6 A 

ttjndcbVenP'.luO 74.-3 16 — Mac. 13- 

KcberotFliO). lt>4.0 +2J A*&> 7^ 

HoIIwmCPIjsOJ-..'. 115.7+1.7 - - 

Uo rente (Fi^O] — 130.4 +U.8 14 6.4 A.ummnnn ._ 

ttuyaiDincblH 20 131,1+2,7 Aou 7.6 daCJ*A’. 

dievenburji 844.6) -0.4 19 7.6 iMbaGmirylFr. 

rtcviBGrpiP.^O) 142^1-UJ 271 3J Do. HtTL’^it 

Cubxo Pac.Unta.3 99 1 + 1 30 0.7 itv kw 


i Arbed ..12,285 }— 5 

1 uq- Brx. Lemb— .il,418 +6 

I Bekert **B" ^..iLlSu 

t-'-HJB. Cemeot.... 1,190 + 14 

! UaeUerU I 382 —4 

frBBB „j2.3b5 


+ 6 6j 4.2 

112 6.« 

1 14 90 7.6 


.177 l.a 
|43U 7.1 


I 

L238 +2 

2^1j 'r-AQ 
il.640 


VL'MILffibecai). j 

ViTTiw Attstmito. i 

\ 'iio*7 Mnt-Tnli*. tadn- SI 

Vnuidi Kxptomrkm 

\ m pm Fptiweuni 

\«*de. ’Mineral''^... 

V one. Pulp Paper 5L__„. 

IwiiHtrte^ ...... 

\u-4a Pnumlaltiio Invert... 

V.V.I- 

\uritifUO. 

\u-u Uii A ttnrb.™ 

■tine Metro ln>l — . 

mi *n»i unite u 

Hini,eii Hhl Pnnmtnrv.... 

i»H ■Snmtoi 

.luiliiu Uuilftl Uremwv— 

.. 

->K .Slu 

L'liW. (ioblfletil Au* 

OintalnfrtSli 

■ on/l ni.- 91-4 1 ii(ii 

udetalii Aiwirsiia 

Diinlup KuHenSk... 

l&COK 

Khlci atnith 

KJZ. liulitmtes 

• ten. Pmpeit V Tn isr ......... 

Hamenuey.. ................... 

Huuher- „.l 

I .C.l: Ausl m lto_... 

I uicr- Lk$iuer.... 

Imninitp I leuisrrlea. I 

iwica (D>vnl)_ _....] 

MeUia Kxpknwtinn 

HIM 

Mvei Kminrlum 

'ewa. 

■M bilaa luttmuiHouii- 

.v.ntb Broken H'-uugi* • 

LiakbriiiRe. — ! 

Dll leurta 

utter Kxpkmtiofi. : 

Pluueet Cnn.-rete..— • 

KaiiU A Lranuw ,i 

H.C. ^tetoh 

Muilihml 11 ini on I 

IVMb.ttk - 

w iluma. i 

Weatern Mining itOieniBj.! 

Wwj wttt i , 

Hme: Melbourne closed; 

ex-Sydney. 


OSLO 

“ 1 I s rWe j + ,w ifl» 

Au*t_ 9 — Hat. 13 i Knitin [ — > ft 

i Uereaa Hank I 91 1+1- | 9 

t0.67 j ...... MorreRaanl ‘ 56 • 4 

J0.69 *4.04 ■. rcdtttwnli 106. 76m + 1.75: U 

ta.16 [ Kir-mo- ...... 275 ? — 12.SJ 3u 


tl^B 1+U.B1 KreiltUtro-en 104 )+l r 11 

♦0.71 . — Vor-k Hvdinlrr JO 182 +3 i 19, 

10:77 { 1 tunehreud J S3 1 + 0.51 9 

tl 06 r-fl.Oa 


•JCii brazil 

-i. i * 


■r>Vt?K i 


f'Pff«*”| +'w ;DI*. 
Mm. 1} ' I fun • — |tnri 


Vt+TIUL. 

1.37 | + u..ii[ 

ic 

mimi Mrn-ti pp.j 

4.29 , + u.M. 

IB 

'hiu»« luu l*N:„.j 

1.11 !+ . X 

n 

wl<«. \Un<’irs Ul'j 

2.20 i+0.02 

.1. 

Amer. Ql*..i 

3.23 ;+O.10J 


iVtrxiiro. 1 

3.82 j- .,3 

.1- 

I’ll Hit III* 

2.6a j 

.ie 

■niu*i.nu OP....! 


.k: 


6.95 : — O.Djl 

.2 

\ roe Hi.. O.HH- 1‘| I 

1.81 : + 04! 

1; 


tO. 34 -3.0 1 
T0.99 -... 

tl.05 I-O-IM 
ta.54 +-.4 

ttl. ^9 

ti.ta fO.iu 

tl.t9 +0.01 


tl.a5 t— U.ol Vol- CrJH-t^m. Shares Kanu 

tl.05 [+0.03 Source: Rio dc Janeiro SE. 

+1.68 *4.ta 

tl.76 i+0.05 JOHANNESBURG 

taco UTi mimes 

to'?0 Jot Vareb a Rand • 

ta'oa Ando .imcrk-an Corp- — 4.K3 . 

to'^9- 0arKr ‘'ntsuUdatcd . — 2 73 - 

*1 is' USTTi East UttuTDiiwln 11.30 . 

Kinross 0 .u . 

Irrr ^ 2 Kus:cnhnrK Plaiuium ... . 1.43 

Ii-™ ». Helena i;sii 

I , i? ; •••■■ Soullivaal a uu • 

t;.96 «41.10 Cold Fields S.V i$.M - 

it ■»? i ,,,llw Corporal Ion titiu 

In',Z I ,ff Beers Di.-fi-m.-tl 3 33 

, ' Rtyvoonuizlehi ....... • n.4u 

to.16 i. — Eaxi Rand Ply «U- > 

! i’2f , FTw Stale CctllUd h!7.fl0 


.70 7.1 
.30 7.0 
BO 64 


~ Mkr. U 


. *6 £i i TS ola,e 'rtrouja r; 

! J2.63 1+j.oS Pri-sident Brand i 

I Irvin. '*“■•■ Sieyn 1 

, -ri./B j Welkom • 

I iH'S? We “ Dnetontein : 

m\v 7 ,+ ®' D, Westeni Holdlmoi X 

• — f* ^7_ ' . INDUSTRIALS 

ed: all prices - - 

Analo-Amer. industrial ... 

.t Barlow Rand ; 

GMA Investments 1 

— Conic Finance 

■*-° r Y,, ‘- Da. Beers Industrial J 

- | Fr *-| i Edsars Consolidated lav. 


v'dCcn 




98.4 +O.S jl ■.** 8.0 ■«« Ben Keis 
2L7-03 1 18 5.6 " 

-27.51+1.1 - - _ 

is a a ^n“ftrci^520 

xr’ S'S UUU._.: 918 

“Kal ?'f On Mln.diUt 718 

188:2:8:1 •« il vsssjssssA^. 

164.61 +0.5 .134 4.4 

1*5 -W — ■ 16 5.9 CWIT7PDL&ND ® 


Intercom i [1^40 J (142 | i.. 

a\ Kredieti«nii [6.39 j *6a 3.*, 

55 Ln Uoyroe Beigh.a.35J +30 305 3.7 

61 Proi ttolillnx 2.36 J -2 rSL26 3.^ 

a’J l*ctnjAnn a.B5J +50 174 4.B 

R ' n M.-4x0n BRJtr*ue.'. 2.cO J -40 189 8.7 

ST V* Ban Kalutqui> l.b40 +5 14u 7.9 

3 - t> rnttriii 3.1.65 1—15 io5 b.7 

—10 A230 a. 2 


ireute H- — 725.11—61.7 41$ 0.6 EverSeutT 'sa 

e 380.6,+ 33.0. 31. Ifi 5.6 Federate Volksbulee^nips 

\ir LiquW . 959 +9 lb^ 6.4 Greatcrmans Stores 

Uiuitnlne «‘2 ^°? rtHira Afisurancc <SA1 

026 12. /6 ZA Hixleits 

BnuBii^. 467.6 +50 -5 31.86 GJ1 LTA ' 

HJS.R: 349.D + 1.3 J 37.. 10JB McCarthy RndwAy""!'. "" 

verreiiuir I 448 +126 7b 6.2 NpdBanh W 

309 +23 27.e 8.9 OK Baxaars".. • 

L.l.l. Aii-atei 1.000 + 100 5U.. 5.8 Premier Simiiw' 

— it® +» i** 9.2 p w5SoS2S..”:r 

UuhMiylligr...— 397 +44 I l.a 2.B Protea HokUnga .. 

‘ .wtu y nw Pr t 117.5 +7.0 ie )ojs Rand Mines Properties ... 

Creator t^nro. — 64.4 +103 12 18.6 Rembrandt Croup . 

,^?2 + ZK x - s RetCB 

101 -° + 8 - s I4.ID]14.2 Sage HoVMngB . _ 


n - — |— ■ Edears Storus tM.UOxd 


, LjUltllDO 

■lIU 

ifciupnea.-.— _. 


51-J 0.6 EverSeady SA 

i.a,+ 33.0.31.15 8.6 Federate VolkEbdeestoiss 

! JtSL _ 6.4 Creaisimns Store* 

‘Ht 2 !' 2 ..a^r 2‘? GwriHan Assurance <SA) 
f J*j6 12. 76 2.4 Hutelts 


I..18J I— IU A20U 0.2 

3.520 162 6.4 

918 f- 2 - _ 

712 +19 60 8.4 

1,350 1—14 100 7.5 


16 M SWITZERLAND ® 

jgjf+u.a ** | Price -for Div.i 

74 .—3 16 — Mur. 13 - Fro — t 

lt>4.0 +2J A2Jh 7^ 

115.7+1.7 - - I 

130.4 + U.S 14 5.4 A L iimiim nn 1.18J +30 8 1 

131,1+8.7 Aou 7.6 aaC-A'. 1.645 +20 . lw 


r.miT- Pnc.Unte.5 
l/uliever (FI.3VJ 

VilriocHraJatlSi 

WetUma'du, Bun- 


142^1 — U.S 27* 3 JB Do. Pt-Lterth... 85 J 

99 +1 30 - 0.7 IJ.,. hw „J 644 

122.2 +0.7 XiLt 6J9 GrodH -uW+„._.!2.<25 

30.0 +0.2 20 1.3 BiKtrotvatt ( 1.600 

407- +3' 32 3.9 Ptrt+ief (Oeorgei.^ <40 


+30 8 

+ 20 . lb 
+ 0 *2 

+ 2 > : 22 
+ 4 1 42 

t+to 1 16 


— I 51^| + 4JB X.39 10.1 Irr ■■■•'. 

— 87+2 — _ SA Breweries 

154.0 + 4w3 UL//io.fl ™ er 0au Na *L M'S' 
... 698 .*64 is.) ok unUec 


= 22 2.6 
I 22 d.o 


COPENHAGEN * 


HoOuian PiLerto-u 7u.730; + 250li5U \ S.i 
Da (Biusill — 17.976 i^ZOO 35 : u.7 

Interfuml B ;3.32a —25 20 . 3.0 

Jelinr+i iPr.lCO)... 1.+65 : — S I 30 . *.5. 
MratierFr. UD) ...’2,920 + 20 U.a.j! 15 

Ua K«t — ] 2.250 i + 2J hS.b] 3.8 


Dutnnz — H 490 +41 

Kr. Peonle* 10 U +9.1 

Uen. Utk+denlBK-| 180 ...... 

Imeb.1— 51J1+4J 

inuquB' Bore! 87 +2 

Lttoren 154.0 +4J 

L’UnTO 628 + 64 

LeKrond — 1.496 +18 

JiAUro Phonlx.. 858 +88 

Vttobeiln 1,161 +91 
Uuet Ecuneuay... 416.0 +36^ 

UouUoes ... leg | + au 

r*ril»6- — 150 , t 8 

itocbinev. .... 78.61 + 4 5 

PeroHl-Hiaud.... 228.lj + 23.fl 
PetiaerthUunen.. 284 1+13 

PochOa 110.6....... 

IfadiuTrefaniQue. 402 +36 

Ueiloure.— 685 U37 

ithOne POuteni-.. 68.4 + 1^ 
U-tiuMn.: 134.51 + 12. 


4.6 c. g. amah subbtT.Z^— .. is.so 


+ 64 13,-7 2.8 O'" 3 *® 

+ ia3 3ij5 a.j Secni 
+88 39.; 4.6 (D 

+ 91 32.56 2.8 ' 

+ 36J ld.t 3.0 — 

+ Bu 3 1.8 SPAIN * 

+8 I r.rti 12.8 3r * Mr * ^ 
+ 45 "Jje 9.6 r March 10 


^ 1.1B T 

Securities Rand flUMfin 
(Discount of 29.6%) 


, '®( 8.4 Anlmd 

5J Banco Bilbao - 

'iJ a a S®"™ *' lanfwo G. W) 

6.4 Banro Central 


Auderehanken— .. 145 

Burm'iar W. »«.. 441 tc '..... ' 

Usnnke Bank jl2BlgK— I* I 

Earn Artert-Ca.. 223Ai—- 
FlauwUinhou-. ..! 140U. + U ' 

Fry. Uyi^etitf ...f 341 i + In 
Fit, thpu mM . — J 713*: + 13* 
Uroutetetonak ISSU: 

■i.N'tfa'nE.iErixhJ 261 1-4 
A'ort Knpel^— . ' 2CG — Z 
Uliobbm I . u .[ 65teH-to 

l*n vath«nl. 14l8 4 ; I 

I'mvinaljnnli j 149l«i — | 

sofJi. Berra riaen.] 3793*:— I* 
I'uperfos L 185 1—1$ i 


-fe-roitteniqua...: 595 +64 ’af r’uS l Mndlmn"| , iLJl 0tt) 

i»y BraiMlJ UArW I«.KIU RaS USSTTjZ 


13 19.4 3whw Bank I F. ICO 338 1-8 
IS’’ 3.o 3wl»<Ee.F.2Mi.;4.r50 :_so 

8 , 1 1.2 Uukw Hank -.2.990 .-20 

12 ■ a.6 I'.nrk'b Iub. — ..... 9.8 JU I+8QI 
12 ) 4.1 . | 

12 I 4.5 : * 


I.S7, 3.9 
10 i 3.0 
40 2.5 
■dO ' 3.5 
40 2.0 


STOCKHOLM 


AOA AU fkr jifl.J 179 ,„ 
V.tolMvro BtttraOJ 168 + 1 

VeKA (Kr.001._J 65,5 +0 

VtteaOojiiDlKjfibj 113 . ... 

tfiiteniilv— „| 64 +2 

duion 130 + a 

ttorto..- 101, + a 

UeHukun J 215 . +8 

Aa-TIim fb'fKsC 135 +8 
! Krleswa 'B’lKrtH 141 — 1 
draelte 236 +1 

Fouwtu J lu2 

•Intuf^v 4Q +0, 

rt*n>tei«twnkni.J 300 +3 

U^CSllKI J uO 

lit* O h UoniiKi ..j 69 ;+i 

'AOilvU A.B .j 230 L® 

’.K-F.-’U* Jtro,.,; 31 |+4 
'tout't tfirtltll'in.. J* 1+5 !+g 
IN n- 1st IB 'H'KrK)' 02 !—i 

L' hiehnlm ,! 44,3 + 1, 

V’dwtlfr.'ffitH... 1 68 j-^a; 


VIENNA 


■J'editMUta,L....:.t 36u . 

Fei l nmraur.. 263 ■]'... 
*e-ects-.. H .. .S70 -I + , 

'wnicitt..: • 9u 

■4(11 Unint’pt ... i 182 j ,, 
i>1i Mncnemt- .■ 239 1+1 


S"ts '.if 1 1*1 • Um , I3 • |-E!?| vns^ 

I I I i , . .. ’ i _ i ^ 

| A21IC. 127.fil-0.ffij _ i 

l iHribiffl 508 1 + 6 , — _ 

I FL*t l.sBl ;+4 ! 140 7 s 

j Du. Prie ... l.QUb l iso* 9 •* 

— j Huskier 80 25:-S , - ‘ 

rtny : ■+.« [ ui» ,f,i f luiceinent l-J.730i-69 1 2ju: t a 

t -» j lubrt.ter 130.25- ] _i „ 

: ■■ ■ — i Mttlluhuii0 ... — ai.Bfei'— 300, i.2M 3 i 

36u . !.. ) lb ‘ 2.6 ) Uoutediaou 162.2BI + u.-.al — . 

863 .]. S 3.4 { Uilveut Prtv 831 !— 10 I . 

570 1 + 5 ■ J 8 8.4 i nroili t Co. _.... J.195 :-25:iiCi sa 

Sj FtreUiSnOi.; 1. 26-J-6 | BQ 1 % 1 


3.4 j Snia Visa** -i_. 614 • + 9 

M\ i i 


90 , T l I'tfin.u ruuiiur 

I — ! — _ Banco Santander ias) 
Banco Uroulto n.HO) . 
Raow vt*cjt« 

— - Banco Karamno 

*n>si ^-or Dre. y+,. Ratdtoltion 

rime — Kr. * Ramw Aodaiuria ”.: 

— l-L— Wlkwt 

179 . 5.8 | 3.1 C1C 

168 +1 'fi < a i DraEados . . .... 


168 +1 -&■. 5 i| Qracados 

*J6,6 +0.2 .6 : fij' Innwtouritf ■ 

6- 5.3 B - *• Anuumwa* 

64 +2 '«6.B o.4 Eauauota ZJw 

130 +;J 4 j a.O Bxp> fbo Ttrao . 

101* +2 lj j a,0 •'■fuse il.ooot . 

Bis +8 ld ki Fraoaa rt.eoiM ^ T ._. 

135 +8 , 5.6 ! •*. i 0*1. Prevtudm 

L41 —1 $ | Rrupo "Vrtazqucx f4W) 

ag +1 .813.4 S5JSL-- 

tea -439 '“Tduero 

40 + 0.0 . wtaira -. 

100 +8 Id 5.3 Retuudaa - 

it'O a o.i 2“*“ 

M i+l ' 6o lira - 

130 -*5 J.Oxi 2 2 ;w,u,hS MWa 
31 |+4 4.5 j- 6 .e . 

al '-i i ' 6.1 

44,3 + 1.5 J - . fT 3 * • 

SLkWL-tJ *■* -r: 


;oS j+2 

aa '-i 


us +a. 

245 —r 
70S - - 

300 -.--A. 

2U 41 

2M .1 -to- 
151 - 

aa ■“•s 
ui - 1 

123 -v 
M7 —» 4 , 
334 +12 

2U - 3 
2$2 - 

MO . - 

133 >X 

at - 

» - . ■•».-• 
um - - 2 

m --rl 

75 -« 

50 ' 

101 A 

two +1 
MJS t ft 
.1730 , 

M -J 

us 

njo + J- 
u 

<7 - 

M 

15330 ■+■« 
U 
xw 

120 — 

» •-+K 

WJO - >•» 
ISA ■« 







35 


lANOAL TIMES TUESDAY MARCH 14 1978 


V 


ARMING AND RAW MATERIALS 


celand 
sh ban 
fted 

Our Commodities Staff 

RESUMPTION of Icelandic 
□d haddock landings at Hull 
ilikely to bring a significant 
n prices for tie time being, 
'ding to the National Federa- 
of Fishmongers yesterdiy. 
t should help prevent prices 
; up. 

e ban on landings, operated 
embers of the Transport and 
sral Workers' Union in 
»athy with British fishermen 
had lost their traditional 
. s in Icelandic waters came 
•‘operation in November 1976. 
it was ended last week, after 
- than four months of 
sure from Britain's non 
ting fish industries. 

: 20,000 stones of . fish was 
aded yesterday from the 
ler DagDy — the second 
indie vessel to dock since the 
of the ban — the fishmongers 
led that prices could not be 
cted to show a marked fall 
sb is always scarce at this 
ot year. 

Federation spokesman said 
resumption of landings was 
id news" and must help to 
prices a little. “Birf it is 
one port and at best can 
take a few pence a pound 
t this stage. 

‘3efore we get any marked 
ction they must be coming 
t Grimsby and Fleetwood as 
■ Then l think we shall sec 
2 difference," he said. 


Minister sets 
p farm 
'a ter inquiry 

Our Commodities Staff 

JOHN SILK1N. Minister of 
icuilure, has launched an 
ury into the future water 
viiremenls of the farming and 
icultural industries, 
i charge will be Sir Nigel 
tt, chairman of the Advisory 
ncil for Agriculture and 
ticulture in England and 
es. 

le inquiry was announced in 
Commons .yesterday. The 
n bodies with a direct 
rest will . be invited . to 
nit evidence soon, but com- 
its from other bodies and 
viduals not approached 
aally will also be welcomed, 
he Ministry investigation is 
ed to the Governments 
“"is— outlined in a recent 
He Paper on the water indus- 
-to set up a National Water 
hority to replace the exist- 
Natiooal Water Council. 

• main job of the new 
aority will be . to organise 
ational strategy for all water 
vices. ... ... 


Cocoa surges on new 
futures buying wave 


BY RICHARD MOONEY 

SPECULATIVE BUYING sent 
cocoa prices soaring on the 
London futures market yester- 
day. The prompt March position 
climbed above £2.000 a. tonne and 
May cocoa closed £142 higher at 
£1,974.50 a tonne. . 

The market began strongly 
with nearby positions registering 
£40 permissible limit- rises within 
minutes of the opening and the 
advance accelerated in the after- 
noon following news that the 

International Cocoa Organisation 

had cut its estimate of tbe 
1977-78 world cocoa surplus from 
R9.000 tonnes to 20.000 tonnes. 
Blit many London traders were 
dubious about the influence of 
this news on the market, . 

' The Cocoa Organisation's pro- 
duction and consumption figures, 
which depend heavily on infor- 
mation provided by the pro- 
ducers- themselves, have been 
generally disregarded in tbe 
market this season because they 
have been so far from the trade’s 
own projections of the situation. 

Its first report. Issued in Octo- 
ber. predicted a deficit between 
production and consumption of 
33.000 tonnes and this' compared 
with market forecasts 'of a 


surplus ranging upwards from 

100.000 tonnes. 

In January the Organisation's 
secretariat brought out its own 
forecast of a 39,000-tonne surplus 
but even this was considered far 
too low by most traders especially 
as it followed closely on the 
publication by Gill and Duffus, 
the influential London trader, of 
its first crop report, which put 
the surplus at 99,000 tonnes. 

Last month Gill and Duffus 
trimmed its estimated surplus to 

86.000 tonnes. . By this time 
declining production prospects, 
particularly in West Africa, and 
signs that consumption may not 
have been hit as badly as had 
been feared led many dealers 
to argue that this figure was 
probably a little too high. But 
few would have suggested that 
the surplus would be as low as 

39.000 tonnes, let alone 20,000. 

The rise in cocoa values which 

has lifted tbe March position by 
more than £500 a tonne in the 
past month has been mainly due 
to speculative buying ■ and 
minimal producer selling. And 
some market sources thought this 
pattern was also responsible for 
yesterday's rise. 


A striking characteristic of tbe 
market in this period has been 
the almost.toral absence of manu- 
facturer buying, initially this 
might have appeared " bearish ” 
but it now seems possible that 
the manufacturers, having failed 
to ‘ hold down prices, will be 
forced to buy soon because of 
declining stocks. 

. If this happens a further price 
surge could follow. 

A further Influence in the 
changing mood of the market 
has been the world currency 
situation. The growing in- 
evitability of some action to 
support tbe dollar has been 
viewed as inflationary and there- 
fore encouraging to higher cocoa 
prices. 

u Chartist ” Indicators have 
been pointing upwards for some 
weeks despite the basically 
“ bearish ** situation. But it now 
appears that many of the earlier 
"bears” have maintained their 
short positions in the market 
in the hope, of a downturn- . 

A large number of these are 
now accepting their losses and 
buying cocoa futures to cover 
their “shorts." 


Coffee export move lifts market 


BY RICHARD MOONEY 

COFFEE PRICES rose sharply 
on the London and New' York 
futures markets yesterday In res- 
ponse. to the announcement by 
Central American “ other mtlds ” 
producers at the week-end that 
they plan to suspend dxporfsales 
in an attempt to halt the fall in 


world prices. But some London 
trade sources were sceptical 
about the likely effectiveness of 
this strategy. 

On the London terminal mar- 
ket the May quotation rose to 
£1.456 a tonne at one stage be- 
fore closing £49 higher on the 
day at £1.450.5 a tonne. 


Currencies boost metals 

BY JOHN EDWARDS, COMMODITIES EDITOR 

CURRENCY uncertainties than forecast This shortfall, 
dominated the London Metal together with currency fears. 
Exchange yesterday. The fall in helped offset a shafp fall in the 
the value of sterling gave a Penang market over tbe week- 
boost to copper, lead., zinc and end following Iasi week’s pro- 
silver prices, and limited the posals to tbe U.S. Congress for 
decline in tbe tin market- releases of surplus tin from the 
As expected, copper ' stocks strategic stockpile, 
held in t*ME warehouses’ fell for . , A * ,W* le 4,l2S! 1 , 5tocks fel J 
the seventh week in succession. by 1 -} i 50 - tonnes and 

declining by 12.475 tonnes to a ?iVL by 100 o J^i.7S0 tonnes. 

'“Vt of TY'T; , , ■£» gMSPSJT by 

stoctoslnce NoVeXr. »7jU>ur mtiSS ferrito? at^e^oreteg 

fvssu iasss fixing was raised by 7sp to 

a transfer of surplus holdings 281 .3p an ounce — the highest 
s°® level since April. 3977. Values 

tton of the U.S possibly impos- ^ furt her In later trading, 
uxg copper import restrictions. : with tbe London Metal Exchange 
A rise in tin stocks— up by cash silver price closing at 
125 .to 4,135. tonnes — was Jess 2S2.S5p. 


London dealers said the “ other 
milds " move appeared very simi- 
lar to the sales ban agreed last 
autumn but that circumstances 
were far less propitious this time. 
While some signatories to the 
agreement, such as Gautexnala 
and Nicaragua, have little coffee 
left to sell, others, such as El 
Salvador and Mexico are still re- 
latively poorly sold. Tbe firsi 
group may be happy to suspend 
exports but the latter would pre- 
sumably be very reluctant to do 
so. 

Brazil’s eagerness to sell coffee 
has been illustrated recently, by 
the offering of substantial “dis- 
counts” on exports and the suc- 
cess of this policy was underlined 
lest Friday when 306.000 bags (BO 
kilos each) of Brazilian coffee 
were registered for export 

Betwen March 1 and 9 export 
registries totalled 884,000 bags, a 
figure -which greatly surprised 
many traders who said they were 
no. aware of such large sales. 
They said there was no doubt 
that Brazil’s sales had picked up 
since the introduction of the in- 
demnity (discount) system on 
February 16 and tbat this, to- 
gether with low basic prices, had 
ensured that BTaxil had regained 
Its traditional share of the world 
market 


Blenders 
shun tea 
auction 

By Our Commodities Editor • 

THE LONDON tea auctions 
'yesterday were again turned 
■into u * farce.” as the major 
UJL tea blenders were absent 
as buyers Tor the second week 
in succession- 

Although there was slightly 
more baying interest from 
other • sonrees — mainly 
exporters — only about a fifth of 
. the total offerings of 50,000 
chests' (of 50 kilogrammes 
each) was sold. 

In these circumstances no 
official price quotations were 
given, hot it was claimed that 
prices paid were only about Ip 
to Zp below the sellers’ valua- 
tions. 

UJL blenders say- they can- 
not buy new stocks of tea until 
■ they have some Idea of the' 
Government’s Intentions abont 
imposing a maximum retail 
price, following tbe controver- 
sial Price Commission report 
that price should be cat by 
about Sp a quarter pound, 

Mr, Boy Hattersley. Prices 
Minister, is due to announce on 
March 21 whether be will take 
any further action to bring 
down retail lea prices, or 
whether he Is satisfied that tbe 
recent cuts have reduced prices 
to the level recommended by 
the Commission report. 

While uncertainty remains 
Ute blenders say it would be 
madness to buy when they 
don’t know at what price they 
will be able to sell. 


New fall in 
world sugar 

'By Our Commodities Staff 

SUGAR FUTURES prices on the 
London terminal market came 
down with a bump yesterday. 
Tbe London daily price for raws 
was set at its lowest level since 
November at £98 a tonne, £1.50 
lower than on Friday. August 
sugar ended tbe day £5.45 a tonne 
down at ,£103.10. 

Dealers blamed the continuing 
general oversupply of (he market 
and alack demand for tbe falls. 

Reuter reports from Hons 
Kong that the Philippine Sugar 
Commission has decided to 
undertake hedging activities in 
the Hong Kong sugar futures 
market. - 

Mr. -Leandro Vasquez. a con- 
sultant. said the Commission 
plans to. open an office there in 
the next few weeks. It already 
trades in the New York and 
London futures markets. 

Mr. Vasquez believes tbe low 
turnover of sugar futures market 
in Hong Kong since it opened 
last November is due to lack of 
sellers, such as the Philippines. 


SPANISH AGRICULTURE 


Shadows over the 
orange groves 


BY A CORRESPONDENT 

AN ALL-ROUND increase of 17 alarm over Israel's. “ Competent 
to 20 • per cent. In guaranteed sources " were quoted as affirm- 
prices For farm products in Spain log that some poisoned oranges 
is expected to follow a meeting Found in consumer markets were 
last week between the country's from Greece, and that Moroccan 
Ministry of Agriculture and a fruit was also suspect. Such 
number of rural organisations, statements are bound to take 
On the face of It, it will be tbe their toll of sales from the coun- 
best thing that has happened for tries concerned, to Spain’s 
years to Spanish fanning, which benefit 
sorely needs relief from gloom. Yet even with the sunny side 

The most spectacular piece or uP r P !£ 

adversity to have beset it lately /? aJ °L boost for farm 

was the scare about Israeli “J «*«£ 

oranges “poisoned" with mer- thing in the Spanish garden, and 

cury The consternation that PWJSg the citrus corner of 
erupted in Spain over German 1 tSulLt |L 
assertions that mercury had been . J” Quarters it 

found in Spanish oranges as well, has been ^id that the mercury 
was volcanic. fright served to divert attention 

„ „ , from a more serious and leas 

It swept other news off front transient problem— lack of 
pages, filled hundreds of columns, quality 

prompted emergency meetings of Climatically the season has 
citrus industry leaders and pro- been difficult for citrus. Floods, 
test notes from the Government, frost, hurricanes and hail-storms 
aD « , cai i se£ * w fiat the papers destroyed and impaired the 
confusion, panic and maturing of much fruit, with 
hysteria throughout the in- such economic consequences for 
dustry. producers that the Ministry of 

For a while, exports of Spanish Agriculture has granted those In 
oranges, which bad been running the Valencia region a two-year 
at more than those of the year moratorium from debts and 
before, collapsed. In the week allocated funds for aid. 
when the German-inspired scare The deficiency causing most 
was at its height, only 4300 concern at the moment is that 
tonnes were sent to tbat country, a high proportion of the dtrus 
normally Spain's main outlet crop consists of fruit which, if 
Now the figure is back to 15,000 it is exportable at all. is too 
tonnes or so* a week, and it is small to attract prices sufficient 
likely that the Israeli affair will to cover production costs, which 
in the end benefit Spain and remain constant regardless of 
other citrus producers by serving size. Up to now “ salustianas ” 
to give them preference as have been the chief offenders, 
“ safe " sources of fruit. but other varieties including 

In defending its own oranges, “valencias” are expected to 
Spain went further than simply show similar shortcomings, 
to dissociate them from the Before the announcement of 


higher farm payments, It was 
being said tbat much of tbe 
citrus crop was not worth pick- 
ing — an operation that con- 
stitutes a separate problem in 
itself since, although strikes by 
rural workers have proliferated 
throughout the country since 
they became legal, wages and 
employers' social-security con- 
tributions have soared. Last 
year, farm incomes fell by 4.3 
per cent, in real terms. 

The new price guarantees, 
covering 19 different products, 
will enable citrus producers for 
tbe time being to forget about 
such drastic measures as leaving 
fruit to drop and rot, for even 
juice-making now becomes 
economically feasible. 

But what are termed “ political 
prices ” have been firmly con- 
demned by the administration, 
and the long-term answers to 
problems bedevilling Spanish 
citrus would seem to lie more in 

the realms of science and invest- 
ment, with improvements in 
varieties and. especially in the 
case of smaller growers, more 
mechanisation than now. 

This will take time. The 
country is still growing types of 
oranges that have lost favour in 
its main markets, and trees 
planted even within the last five 
or six years have been spared 
so closely that implements »f a 
size common in competing citrus- 
producing countries cannot work 
between them. 

Meanwhile, the Spanish tax- 
payer, to whose pocket 
democracy is blazing new trails, 
will have to shoulder much cf 
the industry's burden. 


Sisal export quotas suspended 


BY CHRISTOPHER PARKES 

FOLLOWING A reported “contre- 
temps” between delegates from 
sisal-producing countries at a 
United Nations meeting in Rome, 
the system of export quotas gov- 
erning trade In tbe fibre has been 
suspended. Tbe UN Food and 
Agriculture Organisation re- 
ported: “It was agreed that 
export levels of fibre and cordage 
would be determined by the 
market.” 

The meeting, between producer 
countries and consumers also 
agreed to reave the range of 
target prices for sisal unchanged. 

Tbe fibre Is used mainly -for 


baler twjne— * product which la 
increasingly being made from 
polypropylene, and consumers 
regularly stress that any price 
increases for the natural fibre 
will serve only to encourage the 
use of substitutes. 

The target or “ indicative ” 
prices for sisal stay at $450 to 
$550 a tonne for East African 
UG grade. London trade sources 
said the decisions at the meeting 
would not have any effect on the 
market or prices. 

However, the meeting agreed 
to reinstate target prices for 
abaca, another fibre endangered 
by -synthetic substitutes. World 


production of tbe fibre has fallen 
from 1m. bales a year only a 
few years ago to 300,000 bales 
last year. 

Used mainly for making 
speciality papers such as tea bags, 
stencil tissues and even in 
sausage skins, abaca is produced 
mainly in Ecuador and the 
Philippines. 

Delegates from these countries 
had asked for action because 
prices had been too low for the 
past year. Market sources in 
London commented that follow- 
ing a boom in 1974 when prices 
were too high, they had slumped 
to “ critically low levels ” a year 
ago. ■ 


DMMODITY MARKET REPORTS AND PRICES 

•ASE METALS 


lUKI# I rf.ni. [ I- IH 
(IDIm — 


KB. 

Uiwfflrii 


+ 4J 1 *59,8 
k#6.7», 672.3-3 
+ 4.5, - 


♦ 6.25 

+ 6.6 


ssa-M 

itrra..) F6B-.5 
‘ra'nii €95.5 
ole» , 

I r46-.5 i+6.75 648.5-9.5 +5 

Mbs. 658.8-60 +6 J 1 683-3 1+53 
iti'uil 645.5 |+5.6 — 

oi > - ! 6£MM.9_ 

PPER— Htakcr mta. mainly reflect- 
-urreacy fluctuations. Forward rami 
-d at the day'a high of (C 5 but railed 
- Kid ifaar level as nreflt-taktng and 
ass selling took the once down to 
■ on the morning Kerb- However. 


T+w 


the fresh- downturn In starlliut in the 
■Herman prompted a Use to *672 on the 
late kerb. The further- large fall in 
warehouse stacks had been widely antici- 
pated god had Utile effect on sentiment. 
Turnover: 12.125 tonnes. 

Amalgamated Metal Trading reported 
that In the morning cash u-trobars traded 
at £856* three months £672. 71. 78.5. 78, 
69-5. rn. US Cathodes cash SMfi. three 
months inn. 56.3. Kerb: Win-bars three 
months. £668.5. 7D. 68.5. 69. 68 5. After- 
noon:. wtrebars cash B583. 9. three 
Booths £670, 69. 094. 78. 70.5. 71. 714. 
72. 71. 714. 72. 72.5, 73. 72.6. Kerb: 
W I rebars three months £672, TL5. 71- 

TIM — O wn. The week-end decline in 
the Penang price caused forward standard 
metal to ooeo lower at £6.010. Put the 
weakness of sterling coupled with a 
smaller than expected rise in warehouse 


wheat did Sail Anglia: April £83.00. May stowed Caribbean port) for March IS: 
£87.08, June £8840. Food barley did East Daily otic* 7.68 ct.trv. lVday grama 


stocks enabled tbe price to harden to PAfOA 
Hi .UK. In the rings, however, hedge 

selling left the price rt £S.0W at which Opening trades aKBoogb Ann ware £7 *- 30 - May £76.60. June 8-2* 18-275. 

level it traded throqghout the afternoon hesitant. However, renewed baying 6774a _ 

prior to Closing at O.OM on the late Interest during the afternoon pushed IMPORTED— Wheat CWRS No. 1 .13* \%rr\f \ V CITTimcC 
Kerb. Turnover; 1400 tonnes. values sharply bJshor with origins very per cent. March 0740 TtBrnry. 04. Dark WUUL TU 1 U nCJ 

limited sellers. Gift and Duffna reports- N«ib Spring. No. 3 U per cant- April 


PRICE CHANGES 


Prices 

■rated. 


mm* unless otherwise 


TIN 

. -.ml 

Off Ilia- 

t IU 

l-tu. 

L-ieiffi -w 

T + ia 


-ae '■ 

1* 

£ 

r 

6T101S 

-62.B 

+000-5 

r62-6 


5975-85 

-/LB 

5970-901—46 

deulem't. 

t015 

-S3 

— 


Standard 

C-aab 

6010 5 

-DM 

eo 0-6 

-624 

s month*.. 

697W0 

i-f/.fi 

5970-60 

|-474 

setuem.l. 

6016 

-86 

— 


at wit* B.. 

t*jB87 

-S3 

— 


Sew York. 





— — 


L'OCD A 

Ze* tenure' 
Ckh 

-f- 04 iiUrlUOe 

— - Done 

NokbCotr't 
ttvttu — ... 

Her 

3? 

lUnsit 

M*»- ' 

2Mfl.fi4S.fi 
1674 fl 7S.0 
1625 J 29.0 
1691 0 55.0 
16254 9.0 
1780.5-954 
1750.8-60.0 

+1S 14 2fl5L«-1fl8fl 
+ 142.0 1885.0 1846 
*148.0 I960 8 1796 
+ 1474 168941768 
+42.76 1830 0-1700 
+ 1274 18804-1675 
+ 1354 — 


£82-50. May £74.75. Transhipment E. LONDON -The market was dull and 
Coast sellers. U4. Haid Winter Ord. featureless, reports Bacbe Halsey Stun. 
West Aust- faq NSW SW area. NSW Prime r Peace per kito) 

Hard. Argentine. Soviet; EEC Feed. EEC 
Milling all unquoted. 


08140 transhipment East Coast sellers. 
Sooth African White undiluted- Sooth 
African-Yellow April £7X08 quoted. Kenya 
Grade Three April ni5 fob quoted, 
ffartayj All unquoted. 

Oats: All unquoted. 


Monring: standard cash £8.015, three 


Sates: 0488 (54821 lots ot 10 ICtioe*. 


index Limited 01-351 5405, Three month Silver 288.0-290.4 
jmonl Road, London, SWIO OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for the smaller Investor 


N 

World Commodity 
Report 



FTBSIIfS 


If your business interests demand 
regular information on any of the 
world’s commodities, just clip your 
business card to this advertisement and, 
return it to the address below; we will i 
send you a sample copy. • 


Send to; . / 

Subscriptions Dept (WCR), * 

Financial Times Ltd., Bracken House,’. 
.10 Cannon Street, London EC4P 4BY. 


OMPANY 

OTKCES 


AKTlfBOLAGET SVENSK 
UFMTKAtDIT 

wedbh fano rt Crodn Corporation) 

kvJArc&m.--- 

the third Injaimm of hoods mr a 
ui value or U4, ooiitri l.soo.ooo 
been earenaied (or redcmBtion on 
Ami!. 7978. 

t. Doliara 19. SOp. 000 nominal amount 
tnraiU outstanding alter 15th April. 

LSSWSk. 

Ml March. - 1378. 


DAVIES AND MITCALPE LTD, 

mez n HtRtUY GIVEN Uwt tbe 
Iff BOOM' or the Company Will K 
1 from 20th March. 1978 to ZTlh 
h. 1078. noth date* Inclaftye. 

Bv Order of me Board. 

R. ALLAN, Secretary. 

vetor Works, 
miicv. 
can Ire. 


iLLIS & SONS AMALGAMATED 

pmnniu limited 




ijicf re 


Mono« 
■any mm 

It 3 1 Cl 

•Ire. 


le oeMomre Stack for thl* 
Be ttataU horn tho IBM* 
March. IB?*. Pott day* 


By OM+r Ot (awl _ 

M. R. KNiaMT. Secretjry. 


CLASSIFIED 
• ADVERTISEMENT 
RATES ■ 


JVr 

1 me 

X 


Staple 
Coturfl n 
cm. 

£ 


4J0 

5S 


14 00 
8.08 
14-00 


E.2S 16.00 


Rn mnwirial A Tn^nwHa) 

Properly _ 

Rrwdcntlai Property • 

Appointments 
Business & Investment 
Opportunities. Corporation , 

Loan?. Production i 

Capacity. Btulwgaes 
Kor Sate/Wan ted 
Education. Motors 
Contracts A Tender*, 

Personal. Gardening 
Borate and Travel 
Book Publishers 

' Premium poritiottii available 
(Mhrimm she 40, column cm*.) 
EL58 per sineJc ufern cm- e**r» 
For ToriJKT dclpla wrilr »■' 
Classified Advertisement 
Manager. 

Fiaanci* Times. 

10, Cannon Srfeet, EC4F 4BY 


4.25 

2.75 


1340 

10.00 

7.00 


E-KAV 

M.iiu 

O fffcta 

+ u* 

p. m. 
Unoflfcu 

f u 


y 

K 

K 

t 

J«h 

£04.76445 

-1.25, 

506.6 6.5 

+546 

1 Enuutita. 

ai.aa-9 

+246 

010-4 

+ 6.5 

'eu'.iu'ui 

Mj545 

+ 148 







U 



Au iruii+u 
GlwnW'»i 

traienM> 

Clone 

• fiR 

Burintw 

Done 

Marefa 

21B.0-224 





828.629.fi 


_ 

July — 

230.653.0 

-0.5C 

— 

O toner 

232445.0 


— 

Do ■emher — 

225.0-58.0 


_ 

M«reb 

(384-404 

rTTTTT 

— 

M+v._ 

238.0-42.0 


— 

I'llv 

258.642.8 


— 


Mataig 

Aluminium 

Free Market (dr 
CoppmuhW. B%n 
flncnUw itarin. 

Uwb Cathode. 

d month* da da... 

GoW _Trr*y ok 

tow t Cash 

6 month* 

Nlcke< 

Prte Market tefn.. 


Uar. 13 
18io 


es so 

f-08-8* 
db6B-25l 
fifaizre! 
in 49 
Oc 68-761 
>1*74761 
£306 
£610.25 
t 

tUM 

-8.A 


COFFEE 


three month* £5475. 80. average 133.68. 

-LEAD— Firmer. la Use with copper and 
following the downturn In eterilng. For- 
ward metal opened {Inner ai £313 and 
rose to £315 in tile pre-market before 
easing back to 13084 on ihe morning 
Kerb, in Ihe afternoon moved narrowly 
with forward material finally 018 5 on 
the late Karts. Turnover: 7,075 tonne*. 


■RADFORD— Tbe market For tops was nation m trey or.. 

■*“ " ~ I14.SC 


Feed wheel: S^EaK. £7946. S. Wea ^ Bnd biom Btonwraw were rnotiS 
nS40. Baciere CT.40. E,_MUtaod* 1W40. Was K MOIaM P«e Mark** 


CUFFBb 

Xo tentay’ 1 

UK*e j ♦ » 

Uutinto 

Done 


£ pei tonne | 

Maivb ... — 

May 

Juiy 

deptesnbe> ... 
Npvomooi — 

January 

Itarefc 

16904- 15814] +«54 
l450.B-i46I.fi. + 49.0 
r3434-lM64;+41.D 
12854- 12254, — 54.5 
12804-12704+424 
1915.5- 1235. 0, + 384 
1 1864- )220.l' + S21* 

1608-1676 

1458-1426 

1S47-1BS 

12M.12M 

1284-1145 

1230 

1208-11B6 


9 o I79 ' [ u'K. N 'nvM^ toreaiee of up ro Bp per kilo were noted. (totonil«er()Wb.v 

=18- S«S' K'268. reflecting strengtb In the U4. doUar Surer Tiry os 

FM bartS: s. Seal EJ8.80, S. West *25,, 1 « « £!«■• 

£70.88. Eastern £M.flO, B. Midlands £7840. 

Ur IfftHlwnHs NdM N Fie m u N PODttJOOna 10 CUTTBOOF OfiflHs ITC 1 R31W11 

W, Midlands £*8-78, . East *7846. N. wtUe<L Wot foil 

Sidney Crew I In order hnyer, seller, Aww nsh^.. 


West ratal. Scotland, £73.50. U.K. £7848: 


e reniin "»»». piio-m uonirea warnn a ns 

Mahto berl*^ S. B«K «L00. Bastera si5.e-3i5.6. ssr.wss 5. S4: May 3 «M *3 3. 

£75.88. E. Uldlanaa X7M0, N. Bast juIt xm s-.’usi s /lub ? ... 


i months.. 


(£140.85 
»tasJo| 
ai3 
86.3 
[to 808. 
*3 976 
SJ50-65| 

mu , 

...|£868.7S| 
3 aao 


+8.26 

+8.5 

+5.0 

+5.5 


+ 1.SKJ1/8.S76 


+5.25] 

+6.5 


+0.01i 


+ 74 
+74 
62.61 
—47.8 


Uomb 

vr 


£68J 
1955.05 
■Sc 35.75 
SbeS.fb 
Bt8 6.5 
Eb39.7S 


£316.76 

£316.75 


>1. 8-2.0 


.. ... j£ 106.5 

+D.WKU34 


flAu-tbB 
es4.0b t 

4a745v 
Cb.402.6 
£0.232.5 

+a.26i£a51.75 
+ 84 J£8a3.75 
...5658-600 


Sales: 2.445 low of 5 totmea. 

LONDON ARAB1CA5— Prices (in order 


UJf- raws: change -90: tonnage 1.638. IUi4 &Z ilMi-O — 

RUBBER ;■ ® WES* 1 3aty ~ 

STEADY opening os tbe London 

MEAT/VEGETABLES *«>. 

Lopre Philip 
lUa' 


660 
£68 1 
*310 
t&BOi 


aoyoheen <U4j.... 


440v‘ 

I266.15z| 


tinner, owing to cur- '■«■* 

reocy .coasltfo rations and the strength “• Sato^-i lowtfl74W «]»■ 

of cower and lead, Forward metal ICO tadfeaur prices ror March 10 fTJ.S. 

opened ar the -day's high of £268 and cents per pound): CWombo MUd April .... 

came aff to 1288. 5 owing to proflt*taking Arabicaa 178.89 ri77.B0»: unwasbed 

prior to closing at war s on tbe late Arabics* 182.88 f 163.091; otner mlltJ Apr-J>L 
Kerb. Turnover: 3400 toitae*. Areblca* 17146 «t7045i: UobmM* ia.58 'Jv-tap 

(Samel. Dally average 168.73 (16543). y*-Uo 

Apff-ial 

•44y-aevu| 

«jh>» 


ZINC 

■ -.IU. 
Offlcta 

t uij 

(«.<■+ 

Uantticia 

+ « 


t. 

* j 

l 

£ 

4flh — l 

259 50 

-.25 

261-2 

+246 

> mnntiu. 

■4&0.*-l 


262.6-3 

+ 24 

ymeau 

. -'<860 

ron.““| 

— 

werv— 

rtWLWiw 

— 


29 



Morning: three’ months £265, 82.5. 52. 
AI,. 604. fL Kerb: three months £2fll. 
M4. Afters Don: three months £261, 62, 


1389, iw g 

Umta per pound. ton mriotu gusl 
u&efflciaJ ctaso. ISM per wcuL 64.M. 


WKEA1 


BARLSY 

M'nib 

foswtday'k 

tense 

+ « 

Zeautetoy'* 

ckoe 

t <»• 

Mri. 

May 

84.15 

86.18 

+U.66 

+ -46 

Uo,66 

73^5 

73.80 

77.80 

+ + 
op 

sa 


89.60 

80iB 



I MX- 

B0.QS 

+ .161 82.60 



VemerdayY 

Frevunu- 

bus) neat 

clew 

etoee 

done 

49 B0 M 00 

UJKr4iM 

4840 

BO 3 60.51 

50^0 504E 

— 

50 25 50 40, 

60.28 604. 

61 M 60 66 

5S4j 2.0+ 

624«K2.a. 

C240+2 46 

53 26 566 

53.45-6 5 4( 

e 4.4fl-r3 25 

54 85 4 70 

5449- 1 4 9 

tB 66 64.70 

M. 5--B 2u 

M.2>«6,25 

66 9u 

6 1 2fl<7 

574047.66 

»79B« J3& 

63 SO -i 4 

MTWSJib 

* 

b§ 


Drains 

Haney KKC 

Home Future- 


624 to 64.0, Eire form Darters 38.0 to 4L6. 

Veal: Dutch hinds and ends 93.6 to 98.8. 

Lamb: English small 50.0 to 59.8. English , . ---, 

medium 434 to 374. EngUsh heavy 38 0 _ rwBch ND - 5 Am 
to 484. Scotch medium 49.0 to 67.0. Scotch 
heavy 38.0 to 484, Imported (rosed: 


Wtu»l 
Nix 1 ttoi ripnn 
6d& Harti wintej 

hittti h Mi. .In 


MEAT COMMISSION— Average faigioeK Ulw ruture ... 


hB 9-.Ka SO 5,1 ces 9* repreeenutive markets on May...... 

Mon.-SaL week-eodfog March 11: GB— U*uai -A’ 


Sales: 683 (275) tote of is tonnea. 

Physical cloring Prices (buyers) c 

Spot 48p (48.79): March 4B4p isamej 
April 49.79P (same). ' 

SOYABEAN MEAL 


(— J6JjS665 

IS87I 
[-26-0)5517 


ciie 

dioo 

-874 

*6.50*' 

8020 

1474.61 

145041 
67 A. 

40 


878 , 


—64 


I — 0-5 


5392.6 

5836.75 


£71.83 

£93.75 


Ec6.75 
( 

£9a 
+127 6 Cl. 572 
*142.0 £1.461.6 

+49.0 51.651 
+0.15 oft.3.- 
+ 0.25 to.2 jp 


» 1-14 £1 7 
•14) Z70p 


SaVER 


mss da*fr+wheai: March 8440- 
May 884545.75, SepL 834A83.18, 

Nov. 8S484S.7S. Sales, 64 lota. Barter- 

March 7X45-7145, May 7A 00-73 80, SepC. 

7748-7740, NOV. 88404858. Ju 6176-72.70. 


-silver was' fixed 74p an ounce Uglier ' gales. 64 1 wa- 
ter spot delivery in tbe lAadon bullion B£C IMPORT LEVIES sod premlunre 


or (he tblng levels were: spot 630.8c. levy ptns April, May and June premiums, 

up 74c: three-momh 5394c, op t.Sc: wnb nrevtons in braekete. AO m muia fpri^. 



laUSUSil+w 

C'Ote j — 

uUtoiuaskA 

Done 

April 

tliwriumwl 

na.-B 184 +040 

118.70-16,' 9 

JuoC — 

1154 184-0.55 

116.7 1-14JM 

AuiflO 

ns a 18J +om 

1 17,00- M JO 

Octtewr 

114 06- 7A + 0AS, 


December ... 

luS 8) 1 .0+1.16, 

IBS JO 

reuruiry ..... 

IL9JI^12J ... 

ID9.0B-1SA— 040 


Apri> 

— 


ste.mMih 6504c. up 6.1c and li-montf) at acconnt per tonne. Cooinrav Wheat: 

371.0c, qp 8.8c. The meral opened at 88.84, 3J8. XI8. 3.18 (BS.M. XtS. 3. IS, 

287.'-288Jp (8314324c) and with exchange 343): Oania Wbaar: 12248, 11.07. 1147. 

tale fiuctnationa affeettag rmrremena 1248 112X38. 114a. 11.65, 114711 Rye: LONDON DAILY PRICE for raw mar oa «tawrii»- 

VW«I to aO.L3S4.Ip /540542c). SM7. 146. L30. 140 (60.57. 140. 140. 


SUGAR 


toitle M.Hta per kg.l.w. (-0.15: Kubtwr 

J» t * .per fcs-eo-d.c.w, (-24); ougwtlUw) 

: C.B^-Pto 6L2p per kgJjv. f-B4>. wllltnt* M. Ml,,... 

- Enaland and Wale*: Cattle number* 

down 64 per oeux average price M.19p Noounai. * Unrooted, i s^| er - B aD oo 
f-6.16): Sheep number* down 11.4 per -Gran a omva. o ttx-aM London 
cent., average ui4p (-24); pig nuro- BhII. a April r March- Anri I Peh.- 

bers down 74 per cent., avenge «.lp Awfl- „ oAprikluno. raMurb-May 
(-04). vAprfl-May. i May. z Per ton. 

Scotinni: Cattle nnmben down B.8 per 
cent., avenge 63.45p (-0.84); Sheep 
numOrry down 14.6 per cent., average 
IE.IP i-lJi; Pig numbers up sa per 
cent., average MAp (+0.4). 

COVERT CARDEN ( pnees in sterling 
per package except where otherwise 
slated): imparted Predube; Oranges— 

Spate a: Navels 3.6H40. Floods 3.65940; 

Jaffa: 3.634.05: Cyprus; Valencia Laics 
240-3.70. Ovals approx. 16 kilos H/8d/8s 
240440: Egyptian; Baled) 2.40, Summit) 

2.60: Moroccan: 2.80-3.19 Luihv 
I talian: ioo>120 3.00-340: Cyprus: Lfltv 
343: . Spates: 2.06-340. Grapefruit— 


INDICES 


ilLVUff 
- Pte 
trov n*. 

Uu.ikui 
. Ilxltu; 

firiteng 

3 pot — — 
S months.. 
dmoouis. 
■d mom be. 

281.5p 

Z56.3p 

2B2.2p 

W.fip 


+ oil L.MJE- 
teoso 


k7.6 


+»' 


1481. 
Bariev: 


, — — ■ u|a>. — «.-ni. >1111. w mh» wi'ninn — 

y: M48. oL OIL til (8348, niL prt0 * Spates: WUi 240448. Ortaniwes— 

4- re nIL mil. Oats: 7842. 0.64. 044, 844 (2S42, -* *,^11 taST^.'iirr. Jamaican: B.50648. Apples— French: 

— nil, niL all). Maize lotberrhari hybrid Gram,y Smite Category I 5406.40. 

te seeding): 7146. ml. UL tel (7946, ail, . .. tfag - Dpen ' Category U 4.404.88. Golden Delicious 

nil. ml). B a dcw b eac all niL Mllltes ^ s nn ^ e ^ , S . °?f* r * l Category I 5.90-540: 28- E> Golden 

82.00, nil, Wl. tel (8248. -nuT tel, nil). Delicious Category 1 s* 2.5IM40, 72 3.80 

282 . 8 5 p L 546 * Grata sargbrnn: 6845. nil. tel. tel 18843. Ibonf Md aD^S Si ,0Kan ' 77 2J **-<*' 

287.7SpS5J0 afi. teL nil). Floor levies: wheat of f£?bf ^Se CLrJSitiS S ^ 3011 ^25 lumhle pa«. per pound 

’ „ mixed Wheat am) rye Hour: miv, ^ W & Csamfcow GnMeO DeHetoua 841-8.12: Italian; Per 


...» Rye flonr: 12(47. 12447. 

— The market opened nndunged 


to 5 


tME— 1 Turnover 321 (153) lots af 1BJJ08 peinu higher hw good Interest appeared 

ounces. Mooing: Three mon t hs 3884. in B U crop wheal with tbe emsDasta on LVanm. 

B, 5-9. 54 . 54. 5.3. 5.4. 5-X 54. 54, 5,7. spot and. by the dose, gains af 554 S Ctan. 

Kerb: Three moaihs 285.7. 5.0. 5.7. After- pslme had been reals ered. old crop 

MOOi Thm months 3a».5. 74. T.S, T. 6 . 74. barley atop registered gatas of between 


■'DBTtaRQk 

834. 88 , 74. 7.6, 7.7. 7-8- Kerb: Three 1&45 Higher ahboutei there was good ,, . ts.lb 1 pikiiu » ™ 

months 287.7. 74 . 8 . 8 . 4 . 8.7. SJ. 9. 84. hedge iSng tota* the a™ Kw W.7O-S8.73jTO.Bi44.e0lW.flJ 98 00 

8 -®- ®- crops . were quiet and closed around ,vi 4 — ' 

tachansed. Aril reports. 7 ^ — 

II TP • Location ex-farm snot prices tar March «~v“ 

1 u- rmmi t aitaM- Riri CiiffnK. RIM 


U: Feed wheat: East Suffolk £79 ho. 


pound Rome Beauty 8.14, Golden 
Delidons O.U-O.US: U4.: Red Delicious 
848-9.00: Oregon: .Newrowns 840: 

Washington: 0 olden Delia tea 740: 

Eastern States: 7.50-646; Hungary: Red 
Delicious ;.w : South African- Dunne 746- 
840. Jonathans 8.88. Golden Delirious 
10-00. 

- Bnortsb F i ed w ca; Pataues— Per SS-lb. 

10540 iS 2 [1084148.6, ,68 65 b*.a0 White* 'Reds L40-I.80. u n t u c o Per 12. 
,«.5iW 60 MS44.Wj.45ji 12 tB 65 75 Indoor (40-1.48. CUDag a r Per +haa 
.M.G*08 rai14.B+U,7tHi|4 Ij-OS.Oj Prtmo 0.08. Pec trea t— Per 28-lb 040. 


dll4|9J 

Yeri'rday'* 

Frovtoua 

ttosloen 

tom in. 
tonn. 

Glow 

Close 

Done 


■ IB 00 19 5a 125.58444. 


16 65 18 TfljULteUfS.jjofup 8 16 23 -CarroW— Per Pax 3Mb 048-0 78. Oalana— 


FINANCIAL TIMES 


KTU 

a«ns- 

dttallU ».| 

t>wi <m<> 

236.75 

232.65 

926.67 

2 2$ .21 


REUTER'S 


Mar. U 

| Blar.Uj 

Miaiiu agi 

Ifnu axi- 

1585.8 

rttoDta 

,1586.4 

l4C6i 

1750. B 


DOW JONES 


Upw 

Jdom 


Unr. 

13 


xrt.„.t360.45 
atom [S 43. 58 j 


10 


aiMih| 

a» 


Yea, 

[ ■— ■ j 


(Average 162445-26=180) 

MOODY'S 


Moolv'i | 

Mu ,| 

10 

huuii 

+un 

Yde. 
t -i. 

ntaL*-nmm‘« | 

904.11 

096^ 

IbcbJ 

( December 31, raism* 


^ r ° SL“'.liS.S‘MSlJ»SJilS 1 1B7B wJSn Ml'toS+S GRlMSgYFtSK-Suppi, aaoim 

ga-.v^s , js , s.gs i a: £££.£-&£ »» . arLawaftassva: 

I ? arcfl - * ® W* 4 remata Tate and L , rte price for Conference *134.16. Eprauta-Per pound £3.58^840: large haddoriT 

!■. ■ U '. K - J*. fail- Bh tagCTD 16<Rnire dunged. . , . ^ granulated basis whlta sugar was CC+6 84M.B0. parateps— Per 2S-16 j.Ta. mnUiun £g.D0-X348. smalt 

40-taeh £10.37, 71-ooncc £7. 8a. April-n&e MARK LANE— steady due to lack of (same) a ton lnr home trade and £263. H T rawl o s Per 2S-Ib 0.R). Rhubarb— Per plaice £3 0feE3.70 medium PAnm 

nftw.aad £781. B. twine £» 75 and 0845 tons . offora. Nominal vahw-MJlllng Ci! 84 JD) for W gSlJMJfl. Cuamibera-:p 

tar thr respective tedpmrnt periodJ.- Vraw wheat did London area.- April 1MJ0. Hay inunrattonl, Stow Agreement— indica- 12^25 S4A340. Tomatoes— Per £8.0d. medium £fl48^reri^^aj&^^ 

.rede C.HLCLfie; gtexhe XL^, * 


awl deUi quite, prices steady. 


£9840, June 00040. DenaO trahfe Quality tor prices (U-& Ennis per pound tab and OAMAfl. 


U.S. Markets 


Collapse by 
sugar; limit 
up cocoa 

NEW YORK. March 13. 
PKEaous METALS rallied on specula- 
tive buying, on disappointment over the 
U.S. and Germany's plane to support 
tbe U-S. dollar. Tbe plan was not strong 
enough and (be dollar was under 
pressure. Sugar collapsed on continued 
aggressive mixed selling with a notice- 
able lack of buying interest . Cocoa 

finished limit up on manufacture and 
speculative buying. Bacbe reports. 

Cocoa— March 16940 1 181.70). May 

1B84S 1154.651, July 154-25. Sept. 151.00, 
Dec. 146.25. March 145,00 May 142.25, 
July 141.70. Sales: 910. 

Coffee—" C " Contract: March 160.00 
(17848), May 15S.fiO-13B.BO 1156.88), July 
143.60-14845. SepL I3S.B0, Dec. 126.50- 
127.58, Mar. 122.60-123.00. May 117.00- 
141.00. July 117.00- litLOfi. 

Copper— March 56.40 i5S.30), April 58.78 
56.601. Mar 5940, July 6D4P, SePI. 61.20, 
Dec. 62.76. Jan. 63.20. March 8440. May 
65.20. July 6640. Seal. 6740, Dec. 66.70, 
Jan. 0948. Sales: 6,000. 

Cri l o n-N o. 2: May SS.41-5640 (57.79). 
July 58,63-59. 7B <58.80), Oct. 60.85-60.70, 
Dec. 6)40-61.23, March 61.9*62.00. May 
6245-6240, July 6245-62.75. Sales: 317.200 
bales. 

*Cald — March 188.60 <268.10). April 

188.40 (IB8.BO1. May 190.60. June 19240. 
AW. 1 95 40 Oct. 187.70, Dec. 200.40, Fotij 
20340, April 206 JO. June 209.40, Aug. 
212.50, Oct. 21540, Dec. 218.50, Feb. —1 
Sales: 18.200. 

tLard— Chicago loose 2S.62 (not avail- 
able). New York prime strain 36.12 
traded >38.12 man.). 

: Maize — March 2254.236 (=C|). May 

240-2384 (236». July 2421.242. Sept. 343*- 
244. Dec. 24*2454, March 3534-283.. 

■Ptatliunil— April 234.30-33.530 1 233J0). 
July 238.20-23.910 (237-60J. Oct. 242-SO. Jan. 
246JIK24.700. ApL 251 00-35140, July 
255.3fi-255.4W. Sales: 1.847. 

...I5ltver— March 54640 1535.001, Apr. 

548.30 <537.18). May 553.10. July 360.30, 
SepL 56S-8C. Dec. 581.10. Jan. 585.10, 
Mar. 58340, May 601.80. July 600.90. Sept. 
61840. Dec. 631.90, Jan. 63540. Sales; 
tJSK lots. 

Seytewans- — March 0684 bid 1 638)1, May 
575-678 hid (MS*. July MOJ-ffiW btd. Aug. 
679 bid, SepL 540-442. Nov. 616-6J5, Jan. 
6244-423, March 631-433. 

Soyabean Oil— March 2843 (25R7). May 
26.10 bid >25.10), July 33-fiS bid. Aug. 
2548 bid, Sept- 34,20 bid. OcL 23.30 bid. 
Tec. 2240-2275, JU. ZLT0-2UE. Mar. 
33.68-3.65. 

KSoyabeM Huai— March 173.60-175.40 
(16740). Kay 173-70-173.00 (167.70), July 
1754047640, Aug. 17540-175.58. SepL 
1^8.60, OcL 162.00. Dec. 163.50-163.00, Jan. 
163-00-16340, March 154.50-1S540. 

Sigar— No. ll: Mar 747.7.40 (739), 
July 7.71-7.73 (7.72 1. SepL S.004 03. Oct. 
8.06-B.ll, Jan. 8.504.70. March 546, May 
‘.12-9.14, July 9.25.0.33. Sales: 6,558. 
Tin— 545-5.33 askrd t5.3D4.48 asked). 
“Wheal— March 274 <273i. May 2834- 
284 <27833. July 2S74S8, Sept. 282, Dec. 
soli. March 306. 

WINNIPEG, March 19. tlftM-May 

11.30 (10940). July 108.50 (10840 », Oct. 

107.00. Nov. 10640. 

ttOoto— May 77.30 (78.101, July 7540 
(75,10), Oct 7444. 

rtBtftoar— May 7840 bid 178.10), July 
7.49 bid (77.10). OcL 7640 bid. Dec. 

76.00. 

SEtazsacd— May 23L30 (230,00). July 
232.00 (23040 asked), Oci. SM.50. Nov, 
23440 Uked. Dec. 237.30 asked. 

f rwbeat — S r^V RS 13.5 per cent, protein 
amteni Of St totiTencc 15G.H 054.48). 

AH cents per pound cx-warchousn 
unless othervlBC stated. * Ja per uroy 
oonees— 100 ounce leu. + Chicago loose 
Cs per 100 lbs— Dept, of Ag- prices pre- 
vious day. Prime Steam f.o.b. NT bulk 
1 at* cars, t Cents per 56 1b 1m she) ex- 
warehouse. 5.000 bushel lotg. isa ney 
troy ounce for 50 ounce unite of 99,9 per 
cent, purity delivered NY. 1 Cent* g'p 
troy ounce ex-wan-house. [J New B •* 
contract in Ss a abort nut for bulk lota 
of 100 short tons delivered f.o.u ran 

Chicago, Toledo. St. Louis and Altm. 
** Cent* P« ® lb bushel in aore. 

Cents per 24 U> bushel, rt Ont* per 
« lb busbel ex-warrhousr. U Rents pee 
5B Xb bnabel M-warchouse, 1,MD bushel 
Iota. fifiSC per tonne. 





FINANCIAL TIMES TUESDAY MARCH H197S 


a* 


STOCK EXCHANGE REPORT 



Demand peters out and markets close little changed 

Index 0.6 harder at 459.6 after 461.3— Scattered features 


FINANCIAL TIMES STOCK INDICES; 


- • : i" i to I * j a -? I. s : 


75.66. 75.63 73.37 74.B» 

T77TT : 78. 12 77.8B; 77.M* 77.4lj 77.W- MAT *7* 

f iwal lutorret— • 45Q 5| w , 484.1; «*.» 4*5 

Inrtuanai Ontlnwy.-. ; ^ xw j 168 6 163.tf . 165> l2 

Oo»dM.M- * 161 “; *ns! a rat' 6. ID- 


■ Account Dealing Dates occasional . demand. Corporation interim figures. Further improve- to 79p, while others to record Ordinary rising 6 to 74 p and the 

Option changes were just as sparse, while merits of about 5 were seen in similar gains included Martonair. **A“ 5 to 72p. BTR, up 5 more at 

■First Declara- Last Account Southern Rhodesian bonds made Redland. 137p, and MarrhuTcl, i37p. and Matthew Hail 176p. West 23Sp. continued to benefit from 

Dealings Hons Dealings Day s '° vv P n> ff r ess to end with gains 345p. • _ ■ Bromwich Spring were quoted ex the recent results and proposed 

Feb. 27 Hlar. 9 Alar. 10 Mar. 21 to * or *° ■ .. . . In quietly firm Chemicals, !C1 scrip Issue at 20p to the new 10 per cent, scrip issue, while 

Mar. 13 Alar. 30 Mar. 31 Apr. II ? e ^ Un& e 761113 V? tbc inter- edged forward I to 346p after Preference shares, which opened favourable week-end Press com- 
Apr. 3 Apr 13 Apr 14 Apr. 25 national cwrency situation, the 347p. Flsons added 3 to 3j0p. at liSp and dosed at 117p. ment left Northern Engineering 

« J .. t . investment dollar premium re- while scattered buying pushed industries ii to the "ood at 94 *d 

fr«n sjtirsrruftss Plasties 8 hiBhcr to iiSp - 555 ? ™ 

Stock markets disappointed yes- c"rermg ^iera^?n^\nd P renewed Stores belOW b€St 6 to 150p, ^BhiebW Qmfeetioneiy, gWJJWt of 5 to mp In 

terday at the start of a- new * wh ?ch report interim figures on Sotheby's and gan® of a like 

trading Account. Dealers' hopes {J£J t j on rfwWch^Ished the rate hmshing on a .dufl Fnday, rose 7 to 155p, while amount were marked against 

for a resumption of recent buying J n t0 ngf DBr h ^ n ? nfferines rrote * the Stor * leaders restricted similar rises, were seen in a W. Sparrow, 108p, and Rank 

were reflected in slightly higher n £ arbiiri^ to their losses to a fall of 4 in Associated Dairies. 230p, and Organisation. «5p. Johnson Group 


were reflected in sUghtly higher on arbiuiee m mhtfaiimii* melr losses T0 3 ““ « * “ Associated Dairies. 230p, ana organisation, ^4op. Johnson tiroup 

equity prices at the opening. But broUahtaroaSon^to 93 mr cenL GnssIes A* 8t “*«»• Among Rowntrce Mackintosh. ^73p. G. F. Cleaners put on 3J to 82ip await- 

r.li. . .1 . i ■ i .. UIUUn.ii. B IUUIUI1 lu W VCIIU iaiiiiw CpiunfiaM I nntl uliul ... a -a Wn in n. *TC...ural«..'a ......I 


AUG SEP OCT 


1977 | 1 [1978 

DEC JAN FEB MAR 


no follow-through developed to before - qV„ P r rent secondary issues, Greenfield Lorefl edged up 3 to 32p in fog Thursday's annual results, 

the support which last week left »n ■ net 41 nSintc ™ L MOletls dosed U harder at 43 Jp anticipation of to-morrow s pre- Rolls-Royce came to the fore, 

leading shares with their best gfi,* SE conretSfon fart W w« . 7i to Tflp in active trading 

gains for four months. 0 7020 i IOThE > ■ ' ' on the better- than -expected pre- 

No inspiration was forthcoming ' " f220i limlmuy figures. Other Motor* and 

from British Funds which closed Nat West boilffhf Distributors were selectively 

barely changed after the longer wuugui . - better following a reasonable 

maturities had recovered earlier A reasonable trade was trans- oin _ 4 a _ trade. Automotive Products were 

small falls. Short-dated stocks acted in the four major cleavers. a/L fl ■ supported at 95p. up 4 while 

ended marginally easier, where Yield considerations were prob- 1 f r \t I . « A Lncas Industries, 257p, and Group 

changed. Investors here were ably a factor In NatWest. which |l\l V I 1 . / A Lotus, 40 both dosed 3 better 

awaiting the February trade re- rose 6 more to 275p ex-dividend, 200 - PHf — \f\ /\h -AX - T. Cowte moved up 4t to 4Up 

turns, due to-day. and the latest while Midland ..put on another 3 I* V \ / V in response to the chairman's 

money stock figures, due on at WSp m further reflection of .1 II U opUmistic statement at the annual 

h i ys resulLs. Merchant 1 90 - / W -■ . y t f —. — meeting, while Investment dem^nu 

The undertone in equities held Banks had prominent features in ■ Ll7W | f[ . i w U / left Henlv* 4 to the eond at i2in 

up extremely well, as seen in the Grfadlays. up B at I20p. and A \ *1 / ThoS were aeaK the fore 

ratio of rises to falls in FT-quoted Klelnwort Benson, 2 better at fjV Pnnciimnn Pnnilc W ™*n^«** 

industrials. This, at 5:1. was an 102p, awaiting today's pre- ISO-. P*— — LOHSUmer UOOflS— ^ *- 

improvement on the 4:1 ratio limlnary statements. Hill Samuel / f Mnn-nm*nhlnV *22 

which ruled on Thursday and Fri- Warrants were raised 25 to 425p. / (HOn-DllPaWe; 

day of last week when the FT Among Overseas issues, the inf)- / : _ F.T. “ACTUARIES INDEX _ whnf 

30-share index Put on over 12 enhanced Investment currency 1TO \A I 

points. Yesterday, the index premium made an Impression on ||/\ fl ^ 

dosed only 0.8 up at 453.6 afler National Bank of Australasia, 6 W 1977 1978 

having been a couple of points firmer at 196p. and Bank of New 16 0 1 n _ 1 1 1 ^ . IAM _ p M&p “J 6 . “ d 

up at the three afternoon caicula- South Wales which improved 5 V AUG SEP OCT NOV DEC JA N FEB MAR J Poster, which spurted 1 11 to _201p 

tions. to 420p. ad tlun tn8rlcEt« Rccd inter* 

Press recommendations and Although quieter than recently, . . „ . ... * national have a 48 per cent stake 

trading statements led tu scattered Insurances experienced a switch /°Uowing the expansion newt. Uminary figures. Bishop’s Stores m the latter and this ts apparently 
firm features which were hi-h- of emphasis following nubile* tion ^* tus . Discount hardened 3 to A, at 120p, recouped 5 of Fridays causlng^ome^spettilatfott. -ELse- 
liditcd by a jnnip of 31 to ifon or a circular on the broking sector H3p m reply to Press comment, loss of 13. Following their where. Oxley Printing recorded a 
in Johnson-Ricbards Tiles on the C T. Rowrins. iifip. Minet ISftn. while MFI Furniture were 3i respective scrip issues, A. G. Bmt Press- inspired rise of 2 to 54p, 
bid approach from Hemvorth and C F. Heath, 2S8 p. all gained 5: hisd>er at «3p ex the scrip -Issue, held steady at 66Jp and British while renewed speculative Interest 
tieramic. Securities of oversews- while 'Sedgwick Forbes closed 13 r - D. and S.RivUn contrasted with Sugar put on 4 at HOp. lifted Mills and Allen 5 further to 

based companies stood out with higher at 3S3p ex-dividend. Com- 3 f al1 * 10 14 P 00 ^h® first-half Hotels and Caterers had their I83p. Inveresk gained 2J to 68p 

good gains on renewed strength posites. too. retained their upward . share of firm spots. Ladbroke ex-dividend, 

in ihe investment doilar premium momentum with General Accident Interest in the Electrical ros€ 5 to lS2p, while Norfolk R- Green, 42p, and C EL Beazer, 

The recovery in retail 9ales in 22Sp. Phoenfx. 25Gp, and Refuge, sector centred chiefly °n Capital. . 42p, and Queen’s Moat, 55 |p, featured Properties with 
February failed to help stores I28p ex. increasing around 4. secondary issues. FarneU foimd 26ip, put on 3 apiece. Higher rises of- 4} apiece in response to 
which closed with a Joss of J.2 per Breweries spent a quiet cession suPP 0 ^ 806 t P«* on 8 J* earnings took Isle of Man Enter- sharply increased half-yearly 

cent, in contrast to numerous apnrt from A Guhmws up a at wfole buyere also favoured Weetro- prises up a like amount to 4Sp, profits. Daejan moved up 31 to a 
small gains elsewhere in the FT- KWp and Greenail whitiev which compo™?!”, wh»ch_ gained 6 to while Grand Metropolitan 10 per new 1977-78 peak of Slip follow- 
Acruaries indices. The All-share were quoted 7 higher af‘lQ7o er ^ 6p ' Electronic Ratals firmed eent. Convertible Loan, 1991-98, ing further demand, and Rush 
index gained 0.7 per cent, to ihe Preference share entitlement 3 to , lllp and . I J?. p ~ ve ' moved up five .points to £120 and Tomkins rose 4 to 97p. Other 

202.12. Elsewhere A Bell eased 4 ment5 were recorded in Mh Elec- following Press comment . secondary issues to make head- 

to‘s^etM^%^i Ms:* ICL snpported 

ilowever. °fh^ e im^rovfd a fump^f' U* in' johL^f 3 jT ° 93p “* Wi *’ ^ of folfo^reu^ snprvm S&inS** 

Fr,ay, ^ d p the wSk-S Si giS SlSSSlM 

’ - ^^Hepworth Ceramic ha d 273p per share from Comet Radio- opening levels, Beecham closing a t ^3p af teriSip ' 

Funds mark time cSjtrfc Vision. 3 dearer at filop. after 6l7p, and - 

Sterling's movements m Si^TfteV^ SfuehinTsS j? !!? -? 1 Enfiineering leaders fluctuated Glaxo a similar amount higher at Oils firm again 

«Jh.ng, m.rk.S found m 5 S Tnf £'£ mi. ffSig oi] > 

reflection in British Funds, which Leading issues traded quietly; £L^, pr d trade » although not on Friday's 

were prepared to await to-day’s AP Cement closed 2 down at 238p SSS^i? K iS22t»J?22I d T,nS’ I2I? I | sc * le - Britlsh Petroleum advanced 

anneuncement concerning the after 24 Ip, and London Brick n K .“nStiJ airesl1 i0 before reacting on 

February trade returns. A eased i to 665 p. News of rising Vk °!^ hy r ° r * . of 6 r at l3I P* 232 P- while demand in a Limited cnrren{ry influences to dose on-ly 
marginally easier tendency was costs on a dry dock scheme in *' hu ® bu *2 r V aU °,,J av E ured * "I* of 14 t0 4 higher on balance at 744p. SheD 

apparent initially at both ends the Middle East left Richard Amalgamated Power. 117p. Spar 20. p m Sale Tlkiey. Buyers con- were also below the best at 5I2p, 

of the market but medium 'and Costain. 254p, and Taylor ^ Jackson, 118p, and Tecalenrit, tinned to show Interest in Brook up 7^ after 514p, while the higher 


rising 7} to 7Bp in active trading 
on the better- than -expected pre- 
liminary figures. Other Motors and 
Distributors were selectively 
better following a reasonable 
trade. Automotive Products were 
supported at Sap. up 4. while 
Lncas Industries, 237p, and Group 
Loros, 40. both closed 3 better. 
T. Cowte moved up 45 to 4Up 
in response to the chairman's 

optimistic statement at the annual 
meeting, while investment demsnu 
left Henlys 4 to the good at I21n. 

Thomson were again to the fore 
among North. Sea oil-orientated 
Newspapers and gained 8 to 193p. 
Demand was also forthcoming for 
News International, up 4 at 240p, 
while Papers and kindred issues 
staged noteworthy movements In 
Jefferson Smut-fit, 8 higher at 
l?4p, and London and Provincial 
Foster, which spurted 11 to 201p 
in a. thin market; Reed Inter- 
national have a 48 per cent stake 
iirthe latter and »hls ts apparently 
causing .some speculation. -Else- 
where. Oxley Printing recorded a 
Press-inspired rise of 2 to 54p, 


Co., dealings were resumed io 
. Attock OH at 82p. compared with 
the suspension price of J12p. 

Overseas Traders returned to 
favour. Sime Darby, which report 
interim figures on Thursday, rose 
7 to llfip. while similar gains werie 
-seen in GUI and Duff ns, 20&p, and 
fi. and W. BerisfoTd, 2Q2p. Press 
comment directed .attention, to 
United City Merchants, the 
.Ordinary and the 10 percent Loan 
putting on 5 and 6 respectively to 
the common price of 49p, . ... .. 

Investment Trusts were better, 
throughout the lisL Jersey Ex- 
ternal Preferred improved 8 to 
I20p and Camellia Investments 
gained S at 200p. Capital issues 
had SPLIT 2j harder at 56p 'and 
Fimdlnvest 3 firmer at 57p''. ' Lon- 
don and Aberdeen Investment 
Trust Preferred, were quoted at 
Btp ex the capital distribution. Re- 
flectmg dollar premium influences, 
Rollnco hardened 11 points to £2S 
and Robeco li to £5o. In Finan- 
cials. investment demand raised 
S. Pearson 4 to 177p, while Chal- 
lenge Corporation were -5 ujv at 
Hop and Suez Finance 4 points 
higher at £35. both in reflection of 
overseas advices; 

Shippings ignored a bearish 
week-end Press and closed little 
changed on balance. 

Textiles presented a r . firm 
appearance. Lister rising 3- to 46p 
and Dawson International .4 to 
103p. 

Consolidated Plantations moved 
up 4 to s 1977/78 peak of- 112p in 
Rubbers where dollar ' penman 
influences influenced Hi ghlan d* 
7Sp, and. Koala Lumpur Kepong,- 
49ip, both of which dosed around . 
3j better. 


e/BlCit»liw*H*1». — • s - lft 8(J ’; ’ I 4546 : 4 5W 4177 

■— ssr - 97 u«^ ss S5 :s s 

ZZ - 1 »•«* 

n-srmi : ^ « - «* ; 

VUOt lodes (0.-2M ■>*-_ 

Basis l« IS? SvS '■ B'S 1 «■ «*■ **** .04 

Mims liS-55. SE AcUviW Jrty-DrC. 1M2- _ . ; 

highs and lows s .e. Acnv/ni 

" “ 1 W77.7H U.imiiHsth*" [ [ f 


79.83 6a43 f 127.4 49.10 

JO ru *»-- (4( lf - m-l^y id. 1 

Kizol I DU..- SUrt WJ.49 IMA =0 33 
(9.1./CI H.11 i». 11*11 d'l-®' 

1 ini :>49.2 £57.8 I 349.2 


127.4 49.10 

19.- (i.l »&» 


— UolkV I 1 

188.8 { 161% 

... ... 1 iM(l m3 


I liHu-ir**-.. 1 JfflAlU 
aiavu Alive..- 1 .46.1 - t 
.... [ -127.4 I li 

ini -Vr^nar: 

Uin-8>lre>f ... 173.71K 


«• urt --! US Si? m I SS55! rj SS:« 7 155 

-h si? ! sautsi. ; .as ! s 


Bracken were prominent with an 
11 rise 10 90p also following llw 
higher dividend declaration. 

Premium considerations lifted 
South African Financials. De 
Beers were additionally helped by 
renewed U.S. buying in the late 
trade which took . the shares up 
to a new 19/ / .'78 high of S43p, 
a net gain of 5. Anglo American 
Investment Trust, a substantial 
holder of De Beers, and which 
announced a sharp increase in 
profits and dividend on Fnday, 
closed £2} to the good at a new 
hleh of E»7}. General Mining, with 
1977 results expected to-day. 
advanced l to £16j. 

Anions London-based Financials 


Rin Tinfo'Zinc featured will 
further 6 gain at ISlp. after U 
following a Press rccommee 
lion to switch from Gold .F^ 
Into RTZ. Gold Fields were ate 
at 185p. . „ - 

Australians enjoyed a firm 
although rises mostly reflected’ 
higher premium. Oak bridge vi 
outstanding with a . 15 impir 
ment at a 10TT.78 high ol £ 
while further speculative buj 
enabled Paringa to put on 2 s 
to ISlp. - 

Elsewhere. Canadian buying. 
Northgnte 20 better at 290p, w 
Mnsfo Evplorotlnn responded 
similar buying to close 17 tif 
ll7p. 


Golds move up 

The sharp rise in the invest- 
ment currency premium following 
the latest U .S./German moves to 
bolster the dollar enabled. South 
African Golds to reverse the trend 
of Thursday and Friday last. week. 

The Cold Mines index at 16L5 
recovered 3.7 of the previous two 
day’s 10-8 loss. Business in Golds, 
however, was quiet and in dollar 
terms prices were ' fractionally 
easier cm the day despite the late 
rally in the bullion priced which 
was finally $1.25 higher at $187,375 
per ounce after being $185.20 at 
the morning fixing. 

Gains in heavyweights ranged 
to i as in Western IlokUngs, £19, 
while Randfonteln added a half- 
point at £353 and Vaal Reefs 3 at 
£ 122 . 

Among the medium-priced 


NEW HIGHS AND LOWS FOR 1977/71 


a Tier marked time. Despite the Roadstone rose 6 to 127p in awaiting Fridays annual results, Ln Booker .• McConnell, 212p, xnoce speculative issues, Siebens 
probabilitj- of overseas buying response to increased profits and aTld favourable week-end Press Pentos. 80p. and Hay's Wharf. (UJLJ advanced 8 to 252p and 
interest, the shorts softened a the proposed 66 per cent, scrip comment prompted a rise of 3 to 142p. Securlcor issues were firm Oil Exploration 4 to 204p. Fo How- 
shade but were trending better issue, and Parker Timber added 124p In Weir Group. Sporadic de- in response to the chairman's ing the recent financial deal with 
after the official close on a penny to lOSp following the mand lifted Managanese Bronze 3 optimistic annual statement, the the Kuwait International Finance 


Among the medium -priced 

issues, Winkelhaak advanced SI to 
769p on consideration • of the 
sharply increased interim divi- 
dend announced os Friday. - St. 
Helena which also declared an 
improved interim on Friday were 
a similar amount- higher at 797p; 
owing to an accident the mine's 
No. 2 shaft has been put out of 
commission 8nd the extent of the 
damage is . at present / being 
ascertained. . -The marginal 


The tollewwB securities quoted I" the 
50 it Iriormatlon Sendee weterrty 
atUIncd »,*» «?7-7S. 

COMMONWEALTH (1) 

M Z. e 7n '78180 
” LOANS ni 

,CFC lOTjLUnjjU.. 1»B s n> 

Hoflwnf JSLns .«> 

American Medical Reoueuc NY Cotp. 

Asarco Saul IB. F.) 

BANKS (4) 

Alsemene Oevtsche Bank . 

Commerzbank Start* lG-1 

BEERS It] 

Greenail Whitley 

BUILDINGS (31 

JohiKon-RchrdS Tl tes ' Whltttnaftam vWJ 
Warrington < ■ 

CHEMICALS til 
Thorgar Bardex 

STORES M» 

Bakers stgm Ram*r ToxtllM 

Midland Educrnl. Status Discount 

ENGINEERING Ol 
J coles A Catiell^^ . 

FOODS 111 
Hszlewoods (Prooj 

INDUSTRIALS <10l 
AGB Researchc Securtcor 

Amai Metal Do. A N'V 

Hanlmex Securliy Senlcea 

Hewitt U » Do A NIV 

Hyman il. A J.) Wade Potteries 

INSURANCES tit 
Heath tC. E.l 

MOTORS Ml 

Plaxton's Quick >H. A J.i 

Alexanders Reynolds «W. JI 

PAPERS <31 

L. A P. Poster Saatchl & Sastchl 

Mills A Allen Inti. 

- PROPERTY <31 
Daelan Holdings Green IR.) 


TEXTILES 121 ‘ 

Uswr i 

BAT, M , 5I 

Channel Isles Inc. Mom. Boston ij 

Crescent Japan Common 

Gowtl l51 

Cons. Plants Kulim 

Highlands Malahoti 

Kuala Keoooo 

MINES i3< 

Anglo-Amerkan lav. OaDnMt 
De Beers- De Id, 


NCR LOWS Ul 
FOODS 111 
Morgan Edwards 

INDUSTRIALS li) 

Anglo- Ameiwan^AjMia re ^ } 

Sooth Crottv 


RISES AND FALL 
YESTERDAY 


British Fund* 


Up Down 
— 7 


Cargos. DOM. and 

Foreign Bunds 

23 

l - 

(mfaurials 

MI 

122 

Financial and Prop. .. 

291 

n 

Oil* 

27 

— 

Plantation* 

10 

2 

Mines 

77 

11 

Recent Isaacs 

7 

4 ■ 

Totals ..... 

IJM 

IS 


OPTIONS TRADED 


A FINANCIALTIMES SURVEY 

VEHICLE FINANCE AND LEASING 


APRIL 26 1978 


The Financial Times is planning to publish a Survey on Vehicle 
Finance and Leasing. The provisional editorial synopsis is set out 
below: 

INTRODUCTION Car sales generally are booming in the U.K., wirere 
it is estimated that 60 per cent of all new registrations are for business. 
A boost to both HP and leasing came from the relaxation of Control of 
Hiring Order last summer. 

MOTOR CAR LEASING/CONTRACT HIRE Straightforward finance 
leasing of cars has taken a great deal of business away from the contract 
hire specialists. However, it is widely predicted that there will be a drop 
in secondhand car values which could reverse the picture. 

CAR RENTAL FIRMS The major rental firms have considerably 
increased their interest in contract hire and leasing. Hertz, which pulled 
out of leasing, has recently re-entered the business. 

LESSORS The upswing in motor car fleet business has tempted a great 
many new companies into the field. The large finance houses have 
established a considerable presence in leasing by financing deals between 
distributor and customer. 

COMMERCIAL VEHICLES Leasing or financing commercial vehicles 
raises special problems because of higher initial outlay and longer and 
more arduous life. Nevertheless, it is considered by many to be a new 
growth area. 

THE MANUFACTURERS The big four U.K. motor car manufacturers 
have all set up financing facilities. How do their services differ. 
FOREIGN INVASION Overseas motor car manufacturers have made 
vast inroads into the U.K. market for motor cars, many offering sub- 
sidised finance to customers. 

AGRICULTURAL VEHICLES This is a highly specialised market, but 
a large one. Such vehicles are frequently acquired through co-operatives 
or syndicates. Some finance houses are now looking at this market. 

TRAIToERS There is a developed market in leasing trailers and the 
manufacturers themselves generally offer leasing facilities or other forms 
of finance. 

FINANCING EXPORTS OF VEHICLES Exporting vehicles can be 
complicated by local regulations. 

BUYING A CAR FOR THE INDIVIDUAL Why leasing to the individual 
is normally impractical. 

MOTOR DISTRIBUTORS The larger mc/or distributors have their own 
finance companies offering HP and leasing facilities. 

THE EXECUTIVE CAR Manv of the prestige manufacturers have been 
wooing customers through leasing packages. 

The Financial Times is also proposing to publish surveys on the following: 
TRAILERS May 24 1978 

EUROPEAN VEHICLE COMPONENTS June 6 1978 
VANS AND LIGHT TRUCKS July 20 1978 
COMMERCIAL VEHICLES September 25 1978 
THE MOTOR INDUSTRY October 16 1978 

For further details on the editorial content and 
advertising rates please contact: 

Richard Willis. Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 7063 


.DEALING DATES - Lad broke Warrants. Trlcenlrol, 

First Lasjt Last For KCA Drilling, Banting Gibson, 

Deal- Deal- Declara- Settle- Annitage Shanks. Selincourt. 

logs .fogs tlon ment Falrelough Cons., Premier Cons. 

Mar. 7 Mar. 20 Jfun. 8 Jun.21 Oil, Brtttania Arrow. Norfolk 

Mar. 21 Apr. 10 Jon. 22 July 5 Capital and French .Kler. Puts 

Apr. H Apr. 24 July 6 July 19 were taken out in BP, RacaLElec- 

Fot rote indications „ see end of tro tiles, De La fine, Beecham, 

Shore Information Service Allied Retailers' and Ladbroke 
Money was given for the call of Warrants, while doubles were 
British Vita, Avon Rubber, Tar- arranged in Raeal Electronics, 
mac. United Gas, Redman Brittania Arrow. Midland Bank, 
Heenan. Dunlop, Rush and Barclays Bank. Electronic 
Tompkins Burmah 0(1. Grand Machine. P & O Deferred. WUHs 
Metropolitan and ; Warrants, Faber, UJL Properties, Capital 
Town and City Properties, BP, and Counties Property and 
Oil Exploration, P 4 0 Deferred, French Kier. 


FT— ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actnari 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Moil, Mar. 13, 1978 


Figures in parentheses *how number of }' 
stocks per section I 


j Change I iMa.1.1 


ACTIVE STOCKS 

No. 

Denomlna- of Closing Change 


Change 1977-78 1977-78 


De Beers DeTd.... 


CEC 

North. Eng. bids 


[Midland Hauk 


tion 

marks price (p) 

on day 

bieh 

low 

n- 

11 

744 

+ 4 

966 

730 

£1 

11 

346 

4- 2 

4»6 

325 

25p 

J1 

512 

4- 7 

635 

454 

25p 

10 

254 

4- 4 

264 

202 

Rfl.05 

9 

343 

+ 5 

343 

188 

£1 

S 

184 

4- 3. 

223 

160 

25 p 

8 

258 

4- 1 

284 

163 

25P 

S 

94} 

' + Ii 

103 

83 

25p . 

7 

. 205 

— o 

244 

115 

2cp 

7 

282 

- 4 

S47 

.176 

25p- 

7 

149 

- 2 

173 

96 

£t 

7 

348 

4- 3 

330 

259 

23p 

7 

245 

+ 5 

276 

128 

25p 

.7 

76 

4- 7i 

79 

54 

25p . 

7 

158 

4- 8 

204 

100 


1 CAPITAL GOODS (I {200.12 

2 Building Material* i27l. : 17933 

3 ContracLing. Construction i26i 307.96 

4 Electricals i I5i J. 43638 

5 Engineering Contractors 1 14 > :. 286.06 

6 ' Mechanical Engineering eft! 157.11 

8 MetalaandMetalFonningilTi 160.47 

CO.NSVMEH GOODS 

It (DURABLE) (52) J„ 18250 

12 Ll Electronics. Radio TVi !3i._\ 220.09 

13 Household Goods 1 12> V 164.06 

14 Motors and Distributors i25i i 11136 

CUXSTXEK GOODS 


The above list of active stocks is based on the number of bargains 
recorded yesterday in the Official List and under Rule 163(1) ( e ) and 
reproduced today m Stock Exchange dealings. 


RECENT ISSUES 


EQUITIES 




Iti- I5IW...L 

P I S< I r I ‘ — 


FIXED INTEREST STOCKS 


2- j I - !* = £' uHV/fc I . 

-£ I £; !* g X! f— ^ — i 

; l~ M I Hull .Lem | • 


i fi t 


IC1 I F.f. Uhldl ; l«0 i l32 Auiuiiiiied Str»r8% Cnv. Cam. Pref 137. i + S 

— | K.t' |24r2 | 106nt idli Batlej-sor Yorkshire 10J Cum. Pref— -i 106it -I 

" ■ r.p tl-2 iLHni ' kv Centrenay 115 Com. Pref |lCWal_2l s 

M'a: P P. ! - 67is' ‘ Vltg t-'Uttorp'O'wMPia log Strlg Opt. I993*....i 97(s — 81 

38lg r ,• f 3,3 ’■ t,u i on* Onimptan K«j. 10i 19B& . B93 4 91 

I P.P. ' - ■ lajpl 10UwGreen*U Wbhlej 0* Prf^. 102u go 

100 P.P. ■ 34-o. bKte 100.i Kui^rcU.a 4 Cbebw U|» 8697 J10I w 

1JO Pi ! — i> i,| h»j Leli.-aster V triable 13E2 J1 u — 

* £1 28/7 1 12u[..lz MASussa Wnter 7% 11*1. Prf. 1963 .] 12l*-lg 

oi Md4 ; ixH Jpearvnj 10lz* Pty. Cnr. Ln. 1S9&-W..J103 |— 1 

- r.P. - -W" teliell InU. Fin. N.Y. Guar. .\ote> 1990- 8963« t U 

99i, K.i* - |i)|i t . HMi .TiBmriilM VartaMe 19Bi._ IliAJiJ 

tw>*'£90 , M -- 4T**! Of. tOtffc UmI W-b.. 51 . + s 4 

" ■ P.P. - ■ llTu IlfitfW. Bronurtch Spring LL&i Prf.... 117u[ — 

r.P. 24,2 , I UtoiJwrmcUHjMj 1O.1 ll* Cum. frel, 1 103 p— 1 

98 £25 - 25i s ! si4;V«k Vatw ll£ Uf»«.l9ai ' 8aW R] 


£98igj r . f 3«3 
•• \ P.P. [ _ 


p.p.' - ■ io3p : 
P.P. • 34-0. ltiSagj 


:100 P.P. 34- 
:ijo ¥ . i — 
* £1 • 128/7 

W oi 
- r.P. - 
-J99i» K.i* _ 
IWI«£50 05* 

•• ■ P.P. - 
P.P. M,Z 
£98 :£25 - 


(NON-DIHAB LEX 1761 J . 19151 

Breweries f 14) jL 21837 

trinesand Spirits «6i Ji 242.75 

Entertai nrnent. Catering 1 18) i 24209 

Food Manufacturing (22i /182.09 

Food. Retailing «16> U8439 

Newspapers. PpbJiriiingU3i_.. 307.46 

Packaging and Paper (15i 227.21 

Stores (38) 179.67 

Textiles (25) l<fe.08 

Tobaccos «3» — 2315.88 

Toys an d Caines lS) 99.98 

OTHER GROUPS 197) 18iB2 

ChenricalsilP) — 

Pbarmacetitlcal Products i7) 23^86 

Office Equipment i6)_. ... 126W2 

ShippingtlOl 430 V3 

Miscellaneous (55i 18937 

INDUSTRIAL GROUP [49a> 197^2 [ 

Oils t5) 1 437~g2 f 

FINANCIAL GROUP (lMi ~ 165 A" 

Banks (Si “ is^ofe 

Discount Houses 1 10) 193.12 

Hire Purchase <5i 150 95) 

Insurance flifoM 10)... 13&82I 

Insurance 1 Composite) «7/ 131.91 1 

Insurance Brokers 1 10) 348J0J1 

Merchant Banks (Hi ^ 75.H1 m 

Property (31 1 ‘ 237544 

Miscellane ous i7i " 107 77 1 

Investment Trusts (50) 1H39 | 

Mining Finance i4t ~ 8950 

Overseas Traders 1 19> 272.B2 t 

■ILIrSHARE INDEX 1873) mio 1 j 


FIXED INTEREST PRICE INDICES! 


Gross 

Hi. 

Yield*, 

(AIT 

at 34% 

Krt. 
RK 
Ratio 
cVel ■ 
Corp 
TaiaTo 

Index 

Mo. 

5.83 

7.97 

19878 

5.89 

0.39 

176 70 

417 

7.90 

306 55 

4.06 

9.37 

43412 

705 

7.89 

20323 

6.53 

735 

156 50 

8 51 

6.80 

160.04 

5.16 

7.71 

18L2S 

3.84 

8.93 

21958 

. 7.46 

7.05 

162.95 

673 

6.44 

109 68 

6.14 

828 

191 17 

60S 

10.14 

21617 

5.92 

8.90 

243.20 

710 

8.85 

239 42 

6.54 

6.51 

10032 

4.95 

9.67 

18214 

4.07 

13.60 

299.96 

9.20 

6.86 

12708 

4.44 

13.66 

18176 

8 02 

5.64 

16573 

7.94 

5.07 

23696 

5.93 

6.62 

99.62 

6.07 

7.76 

18029 

6.89 

7.09 

250.11 

4.17 

21.09 

236.72 

494 

6.10 

123.54 

6.80 

5.18 

428.66 

6.52 

8.45 

186.66 

5.98 

8.03 

196.04 

4.47 

7.66 

432.66 

5.76 

7.98 

21591 

5.46 



164.65 

5.85 

5.68 

15344 

855 

— ■ 

194 06 

5.28 

12.16 

15057 

6.02 

— 

136.84 

639 

— 

130.47 

4.02 

1125 

342.13 

6.31 

— 

7526 

290 

67.96 

237 J3 

735 

5.74 

10665 

5.25 

28.72 

179 71 . 

654 

668 

87.75 

.7.18 

730 

270.36 

5.72 | 

— 

200 81 

fixed INTEREST 
yields 

Br. Ggvt Av. Gnus Red 


Thurs. : 

-Wed. 

Tuna. 

Mar. 

Mar. 

Mir 

9 

A 

7 

Index 

Index 

Index 

.No. 

No. 

Na. 


19LU li 
168 TS .1 
292.21 Z- 
41749 X 
272.05 q 
ISMS’ » 
15530 V 


17S86' U ,.. 
21216 If 
16138 U 
10656 9 


194.06 190 76 
149.65 147% 


182 67 1$ 
206 91 S' 
234.18 17 
227.04. 2* 
17720 17 
17734 13 
27933 ’3 
12L91 U 
170.41 &- 
163.23 1? 

223.68 , 21| 
9589 ‘ Tk' 

175.68 2S 

24423 l 
230.75 :.l- 

119.84 : H 
417.73- tif 
18159 Tfi 
168.73 

158.72 { 137 
181.48 f 


191 53 167 v 
144 JT -Bfe. ' 
13L75 ia , '<t 


12407 HJ 
322.90 W 
72.64 0 

22626 W 

17659 IB 
8566 J 
26296 . M 
19396 D t 


British Government 


RIGHTS” OFFERS 


Lour 

Coupons 



e - 

Lbmch 

Issue 


UoiMitk.'. 

Price | 


Data 

pi , 

< L 

• 1 

■ 

ll 1 

P.P, 

• I3‘3| 

4/4 

25 1 

nil. 

30;5l 

13/4 

10 : 

p.p. 

4,-a! 

31,3 

li) 

K.P. 

1.2! 

i/,a 

di ; 
Jdu ■ 

F.P. 

P.P. 

2 j,2j 
21 21 

S3 

aO 1 

nil 

17.-3 

7,4 

-«j : 

P.P 


lu a 

62 ! 

nil 

29/i! 

10/5 


pBltdi j L** | 


ICiuoiuL 

I "Si- 


W - + 1 

o.a! alial jli | jCnutulmfl J 

1<2: l/,ai 1 L.ILC. lulernatiunaL.. 40 

j.zj aOiii 'f ! 33 [Mam4ie*ier Uora^ee 25 +1 

121 3 3H> I .HO pllilland Bank* 1 380 . + 6 

7:3i 7/4 sown' 26pm UIHiuiy.- ] 2S|w 

■ 'A lo at • ■ | 1 l-[N«II (Jaa.l 06 

9/S! 10/5| Ifipm Kpo^Viu months — ,. I 15pm' 


Under 5 years 108.84 

. 5-15 years. 121.91 

Oi'er 15 years 129^2 

Irredeemables 144.27 

A] l slocks 119.49 


4 Medium 
s Coupons 
6 


~ High 
$ Coupons 


za years ... 


Mnn. 

Hnrr 

13 

Fri. 

Mar. 

10- 

765 

919 

10.37 

7.64 

989 

1037 

9.72 

1093 

1109 

971 

10.93 

1108 

998 998 

U68 lltf 

12.00 1200 

ion.. iia 


?.'3| 7/4 aown' 26pm UHUiiy._ 

• 3 lu a! • ■ | • i- Neill (/as.i 

>/S! 10/5; 16pm MpniiHaiiiiMighs — ..I 


HNANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


tn* OWtent and pnMimilnn darw or Surveys In di» FinanciJl Times 
arc subjeer to clunae at the discretion of the Editor. 


Kcmiiiciaiiuo ui ( .it^ki Hr Iasi <iu On Oniinu tree oi alamo daijr argurw 
■oaseo-on orosiiifclus esunulp .• « Assuintfl dieidriui and rirlil a KnrevaS* 'Imnefid 
cwvei Based un Dreviuus ■rtir'S carnums * Divuiend oral vteUr nasm on onisiirL-iio 
ui uibei official esiunaif? lor WT9 w tiruss • Kmures iswnifd I Cover allow* 
roi canverhimi o> snares. 041 now rankiin: Inr nividenn nr raiikuu; onlj fur nwrna«*r 
dividi-Mls f. PIjciilh pn«e io onPUc. Id Pen cr unless nthrrwise wncaied- t It&wr 
ny leiHiMr. a ufleixi |o naldrra oi Ortinsra snares as a "nglws" "Kicttr 
t»> trail oi canualisaimfl ** Minima m lender or lor. H Keirrrodmvfi n fasneo 


is pO-yr. Red. Deb. & Loans (15) 

la j investment Trust Prefs. fi5) 


17 :ComL and Indl. Prefs. (2Q> 


Monday. Uucb L 

; Pnitay 

Index 

N... 

YleUl 

% 

* aijinn 

9 ,o 

60.96 

112.18 

T 

^0.53 

S6.66 

12.51 

S6.71 

76.03 

11.94 

7C3.Q0 1 


il Aivl i / Ub'^ Man-ii i ! Monday Friday f Thura. {: 

10 1 b j [ M.ivb Slawfi. Jlanib f^ 


60.42 . 60.57 ' 60.67 j 60.59 | 60.69 j. 60.63 f 
36 63 ; 54.83. 5b.B3 ! 59 94 j 58.a? i S7.07, 


76.09 , 76.61 ( 76.85 j 76.92 77.00 ! 


in conneci ton aiih mnuntsanori wrwi or iskMiver . nil Inmyiannw ■ ~! lasuvn t R e de mpt ion yicW. High, 3w h ■- — ■ i 1 I f 

>a former Preferenre nntners. ■ ^Unirnwr l»ners ior rnUr wul i « Prnrlstnna' ingp. * u. in, of the re*** ton anhil valun ■— ; 

t Dconuum far U.K. resldciiti. ^ 72p. **iers. 


i. 








•& '*>' 


A37CTAL TIMES TUESDAY 


'H rm 


1 , PROPERTY, 
»NDS 


AUTHORISED UNIT TRUSTS 

Id. (at 121 Gan more Fond Managers f iani>i Pri-pel'wl I’nil Trust Mngtnt.V tat 


AWjfv L-tiH 7 


OFFSHORE AND 
OVERSEAS FUNDS 


nits 

d'Exec.. 
lEtec — 

ec.tiut 
nd 

m 

00.7 

ri78 

1269 

109.7 

U—| , 

ccum 

162 

nil 

rmm Mir-'* 

ins* 

s — 

uni 

94.0 


WJ 

922 

muArc.! 
ns'Acr. .. 

175 

1S»22 

» 

’ens Acc 
■on s' Acc. 


BASE LENDING RATES 

k 6*%. ■ Hill Samuel 


V. Bank 6J% 

d Irish Banks Ltd. 81% 
rican Express Bk. 64% 

o Bank' 64% 

Bank Lid B4% 

■y Ansbacher 6J% 

o dc Bilbao 6|% 

of Credit & Cmcc. 61% 

of Cyprus 6i% 

of .VS.W 64% 

ue Beige Ltd fi?% 


lays Bank 64% 

ett Christie Ltd.... 64% 
lar Holdings Ltd. 7*% 
Bank or Mid. East 61% 

n Shipley 64% 

da Permanent AFI 6*% 
nl C & C Fin. Ltd. 9 % 

;r Ltd 7 % 

r Holdings S % 

lerhouse Japhef... 64% 

lartons 6*% 

. Coates 74*o 

olidated Credits... 64% 

terative Bank * 64% 

ithian Securities... 64% 

it Lyonnais 64% 

Cyprus Popular Bk. 64 % 

3n Lawrie ,T 64% 

Trust 6|% 

.sh Transcont S % 

London Secs fi 10 "- 

XaL Fin. Corpa. S4% 


ny Gibbs 64% 

hound Guaranty... 84% 

Hays Bank J 61% 

ness Mahon . . 64% 

aros Bank 64% 



j. Arbufhnat. Securities tf'.l.t i i mill'd 
n ro Eox2H si ;icll»r. l*r ; .. <• ,14-? .V 


■.ap.TH .Jwirff, 1117.0 121.0 1 

Veil dealing dsia Slur L . 
Eau&Intl Tfl>n* 1103 0 liOO; 

Wxt .ub Man-1, rm 


Anstralisu Selection Fund m 

MurtH C'dihitI anil ip;. < c ln.ii 1«. - a 
r.ijih»ajje. 127. Kent Si Sjdne-. King * Shaxsou Mgr*. 

L'S51^tan?» -lK.'Sn» | _ : Cnarlng M H*s.i.r.J--rii-*.. , &M.7V*: 

Net a»tvi •• nine March p Valley ir-r .V ivur Purr. •'.re-r. 74:m* 

_ , . , „ ; ninma.Sirrpt. Don cl ns. i.u *.1 ".xi74.4n*fi 

Bank of America International S.A. uitt Fund ij liO 02 u.OK lliS 


Keywlev Mngl. Jersev LiiL 

K<«r.ji-.r\. . rrlJTJ :«4; 110 

Kv -i-;i - lr: i lS 70 fa 35! 1 4 7? 

Kev*e>* *-:•.• 'or** «'Jb2 -mu,. : * o° 

.lipjtG'h Fun -1 MIS' 21.211 .. . - 
Kpy*PiPK Japan (9 09 9 94' | — 

r«u vuenOao ruin i-fl-'a: 


Bank or America international S..V. GittPuniii.irT-*r.i_|ioo2 io.OK ! iiili 

... 1'. RduJfttard Ratal LutPihSwjrR ■; l> GllJTrji* I n.M '. |ll25r 115 Jo [1125 

lIHiriPr-.Incom; la il«;3 ; «ik Fnd CurrtwlnOOO 1L2S! 1 U 2S 


Wlrfir w-rt Income -111 slM-ll !Wr. ! ((1 
| Price* «•: Mar.-h 3 Nnl »uh u.i;- Mae. ft IS. 

Bnk. of Iaidn. * S. Amerira l.ld 


4WB. fiiueon Victoria St. EC4. 
Alexander Fund- -IStSSTJ - 
Nr hucl value Mir. 


i|.m ft la. InU. not .Vn. Tu. 

Firn Sin-ling . 117 02 :7 50' 

■a Ltd First Inti. |SU3 33 10170. 

ni ran 3313 Klrimvort Benson fa mi led 


Nr wl value Mir. :• * IIP, Fpnrh'jreh bl_ ECI 

M l.'unn^ert lout. F 

S Baoque Brntelln I^raberj pS'Sn!'' .1 ' W 

2. Run Pp la RE*cnns B ItHO KB Far Elrt Fd 

Kurils Fund I.F. .11.** 2.0061 -if 801 KBtntJ. Fund. . .. 

_ KB Japan Fund 

'■ Barclays I'nicorn lot. fCh. I*.i uJ. Jv-RU s Cwth. Fd 

iHmu-ai Income _|50J 51 H 11012 L Sail iJl.™, on 

L'nidcilIarTruct UM | 4 70" * l ' on * K1 

•l 'Subject to fco aad uirbhnldmc iaac< jinvds Bk. tC.I.) 1 


SSEI&'fSr “IffrjB I \°t£ 

Z71 'Subject to fco aad uirbhnldmc ia X p< jjoydu Bk. tC.I.) V/T Mgrs. 

S2 Barclays I'nirorn Int. ll. O. Mao) Ltd. PC1 i«. St. Holier. Jmv> o:C47 _ 

i> _ ■ _ _ . „ iv u .. nan «n« t 5 


Wt! i 
Ml bO.al . 
M2 73.i . 
IL'S° 56 

srsio.z? >... 

51-S27 00 
S102< ; 

SI-S434 »3.(1 

IB *5 w.«o!-o: 


oi«: BHita 

-;oi i Hi 


.74 1 TUomic P^_TV>uiilar. I o M. 

1‘nlCTini Ausl Eil. 1394 

Do. Aort.il in 23.0 

I Dn.CrtrPwUip. M S 
Do. (nil. Income . . JU 
Do. I. Of Man TsJL .. 43 9 


Do. Manx Mnliiil .... pl.6 22 M J 1.71 

Blshopsgate Commodity Sfr. Irtd. 

P a Box 42. Douglap. 1 oil i«.'+ 2J81 


[id. Ho * MS. St. Holier. Jenoi 0W4? _ n»l 
i^tiasc UoydsTS-DscM. |UD S05| ( ?■’! 

200 NpxI d*" March IS 

240 Lloyds International AlgnuiL S.A. 

• ■a 1 Run du Rlionr P O Bnx ITS i:il<i«r.«i* II 
430 Lilt* lit Im iilh Fd.isra*» i»»t ■ -I 110 

1.70 lJoydilat. income. [afWJ« J140d| I 140 

MiG Group 

'inn Three Uuu«. Tovcr mi! FC3R ««? U* 
_ AIlanUcEMUrT . KU>2tt ITtt i — 

Aurt Ex Mar H SI SI n 1 BJ . — 

... i ji'rl V. Uni A luCII It 11 71 — J _ 


jush . .( in 

J14J0| I 140 


AuU. Ex Mar a SI SI n 1 W . — 

Ex. Mar ft UTSUK llM . 

Island U0i.l 112S *1.4, «l Q& 

i-Accum 1‘mtt- 14A2 lS7.n *:.9i *395 


Bridge Managonent Ltd. Simuet Montagu Ldn 

1 14. Old R mad Sf EC." 

r time Kmi^ 1 1 “ Ipdllo Fn Mar li ISFW15 

NIppcPd ^R p.>W« ».5i , OK Mflg 


lAccum L'nitt- il«a2 157. 7| «-1.9i *395 

Samuel Montagu Ldn. Agts. 

1 14. Did R mad S' ECS Ot-MSSaM 

IpdlloFn Hard SFM15 «7 90f < <91 

.tapfntFpbsn IHK91T >174 

I ifijrp Mar H . II 'UI* U’N 21* 

UTjRMi-Fch SS (4 54 4 9* >0 54 

1t7Jrni>’«Mar I (10 1J 10 4*! I 


Kw<tnc* Srlit i‘95' I i 

BriUnnia Tsl. Mngmt. iCIi Lid. ii7j«>.i«Mar l |nou 10W I 

SOKa'jiSi >1 ii>ii«r Jcr-n 'HA4TMH Murray. Johnstone dnv. Adi iwnri 

(saw*,™ is? “s’l i“ ■ 

Cmvst.STsI bll .ba.BS 2 Ml 100 leerum » 

Value March 10. N'ctt r/ealinc March 30. Ncgit S.A. 


jm. Hope SI .ClajCOH.lt: iHIVISl . s 52l 

•Hone Si Fri . I 51 STB 88 > > — 

•3Iurra> Fund I SI S9 !7 i .. ! — 

-X.W February S 


Butterfield Management Co. Ltd. 

I PC* Bos IBS. Hamilton. Bermuda 
Bctirea-. Equity .12.03 1971 I 20* 

Bmim-i Inromr .1199 1 92| | 74 

Pntcs at Feh 6 Xcxl «-iK da* March 12 


Capital International S.A. 

.17 rue Notre-Damc. Xoixcrobourj 
Capital IdL Fund. 1 SUS15 49 ;-514; _ 

Charterhouse Japhel 
].PsimiiHitTRoH-.tX'4 HI248 .TOM 

AdJropa - WU8SS 31U[-P10l 570 

Adiverba DSiajB 51M>D70 529 

Fofidab DM31 H JIM -0 30 397 

Fnndli. .... DM2020 613 

Emperor Fund. .. St'b25l 2 fiff 

Klcpano- |si:S43J9 (SW . 197 

Corn hill Ins. (Guernsey* Lid. 

PO Box 1ST. SL Peter FOD. 'Tuemrev 
Intnl. Man. F<L .. — p56 0 170 0| . | _ 

2ji Delta Group 

145 PO Boa 3012. XaaMO. Baharaax. 

DeHalnr. Mar. 9.... IS130 1J71 ( — 

Deutscher Invefttment-Tnu-l 
RuUtchMBi Bi ebcrpa-Jrr b-lOAOOn Frankfurt. 
Concern™ . ... Irani afl M 70)4-0 101 - 

Int. Rentnfondr ..IDUU.78 n«i .1 — 

Dreyfus Intercontinental Inv. F<L 
Pa Boa N37T2 Nuumu, Bahamv 
NAV Mar. 7 [SC5U43 US, 1 — 

Emsen * Dudley Tst-MgUrsy.Ltd. 
PO Box73.Si.Heliar.Jorm' 0^3420501 

E. D.ICT — ...Hill 11021 ! - 

F. Jc C. MgmL Ltd. Inv. Advisers 

1-2. Laurence Poonlnn Rill, EC4B OBA 
01-823 4680 

Cent Fd. liar. 8 ... .) SUS4 31 j-fi Ji| — 
||| Fidelity Slgmt. & Res- (Bda.i Ltd. 

914 PO. Boa STO, Hamilton, RMmuda 
433 Fidelity Am Aas. . SUS20.M — 

1043 Fidrlify Ini. Fond JCS18 51 — 

995 FidriityPoc.Fd. _. SVE4021 

FidelityWridFW _ U-S1ZA8 *006 - 

Fidelity Su-r. Fds— — — 

Series A (IntnLl £334 . . — 

Serial BtPaeillci. .. £644 — 

Series D iAhlAm.J £3350 .. . - 


larch 30. Ncglt S.A. 
ijj Ifta Bmtlr-.ard Renal, luxnmhourc 

' XAV Mar 10 | SIS1BJ1 I -3 — 

I ? 09 Nrgit Lid. 

u i. Z? Bonk nf Bt*rmu' J a Blrisv. llarctKon, Frnda. 
March 12 X\V March 3 It4.69 - I i - ’ 

Did Court Commodity Fd- Mgr*. LuL 

Pl* Box VI SI Julian'M’n;iirrn-rv(MP] -JP741 
514! - iiri’mT-1 Feh- 1117 7 124 P [ 514 

n c.DUc'ni Tn.r I52534 j*95' I 

•Pncrr nr F*-l* 3* Next iVolinc Mar !■» 
I1I-248.19MI tPnce on March 7 Nn«t dcalinc dale March 
-PIS) 5 70 Kl 

010I 5 97 Phoenix International 
0 73 613 PI Pox 77 St Prtar IVwt. Gurrrx-v 

- Tnier-DelJar Fund (SIT Ml 2371 ( — 

L97 

Property Growth Overseas Ltd. 

^ 2Jt Inf h Town. Gibraltar -GihiS13S 

»:«• PS DaUorFund . | 3L‘<U27 j - I - 

.1 _ Sterling Fund £128.80 < — 


.) _ Sterling Fund | £128.80 ] > — 

Rothschild Asset Management (C.I.) 
FO Box SB. S* tulianr Cl, Guernsey. D481 2(031 
I _ Kq.Fr Feh 3fl .. .[49 4 5251 . [ 25* 

1 Inr.Fd Mar.t . .1493 15*3 .. 6 89 

InU Fd. Feb IS 1865 92.031.... I - 

rr,,w4,,- KmCo.Fd Feb. 28 (J51.9 140 Jf j 358 

010? - Trust (CD Fd. MgL Ltd. 

. I — Pn.Box lM.Ro*alTxt. Hue. Jerw. 0334^441 

, _ . RT. tnl'I Fd rsrstli 9551 . I HO 

V. Fd. H-T.InCL.J5 <F«1.|b 4 nl . I 321 

Pnrej ai Feb. 15 \'a dealing March 15, 

1 “ Save & Prosper International 
sy.Ltd. Dealing u. 

(E34 20501 37Bmart Si .51. Heller. Jersey 0534-3? 591' 
I „ I'JR IMlar^raemimned Fluid* 

‘ DlrFxd I at" Mar 1 ..1934 49*|.. 701 

i jsers Iniemnl-UrT— . ...16.12 • 662| .. — 

isers Far Laurml -&J0 37 BS - • 

PA North American*! .6 36 3.W .. — 

, Sepn*~t P250 13.99( .. — 


NerlliijMlniomliiaM Fundi 
Channel Capitals.. Q083 714. 

CJianael Islands . 139 6 147 

Commodit>-Mar.3.. 115 6 121 7i 

SLFxd It. Mac. a .p2ia 128 

Pneec on ‘Mar. t£~Mar R ' 
iVfcckty Pealing*. 


1083 

Mar. 9. 


nffiS^FdsI K ^ m r Schlesinger International Mugt. Ltd. 

SerlHDiAaLAfes.)| £335* ... — SA.O.L, . „ SOM 085 _.... 4 71 

First VUring Commodity Trusts j; 1 . 1 ! — w 1 M ioa "*i 

R. St. George's SL. Douglas. 3 o_M lnUil.Fd.Lxjnbrg.„|988 10-181 rOJJ8| 357 

0624 4682. Ldn- Affs. Dunbar A Co_ Ud_ o., . . ... 

52 Pan Mall, London SW175JH 01-830 7637 Schroder UK Group 


Frt VifcCm.TU.-pfcJ 3i.7i4| ...I 210 

Frt.VkJlbLOp.T5t..|i4B N0| .. _| 100 

Fleming Japan Fund SA- 

37. rue.N’oue-Dame, Luxembourg 
Fim*. Kar. 7. SUSHIS f I — 

Free World Fund Lid. 

Butterfield Bid*. Hamilton. Bermuda 
NAV Feb. 28 1 SL S1W85 I . J — 

G.T. Management Ltd. Ldn. Agts. 
Part Ha*. JB Fltubojy Circus, London EC2. 
Tel. 01-638 8131. TLX B86100 


Enterprise House. Portsmouth. 070577138 

Intern sllmal Funds , 

|Equl9 104 0 110 6 — 

SEquity 1328 imfl . — 

.CFixeil Interest — 1395 148.4 — 

SFixed Interest - . . 1027 1392 — 

£Mana*ed 12L9 124.6 .. — 

SMsnaged.. 107.9 114.7|.... — 

J. Henry Schroder Wagg & Co. Ltd. 
i2n.aieapside.E-C2 01-5884000. 

Cheap 5 Mar. 10 — I 1052 J*BJMI 275 ‘ 

Trafalgar Feb. 2B_ | STS10752 l>036| - 
Asian Fd. Feb. 20 -IITSUC UMJ . | 359 

DarUncFnd KA1.70 281|-0jm 5-20 

Japan Fd. Mar B ..UCS5<2 i»( .. .( 0.16 


Scottish Equitable Fnd. MgTS. Ltd-¥ 1 “ 4 " Japan Mar 42J( -71 0.16 

20 sl A ndrews sq-BdiTO>urgh OQiJJ« 010 1 t0 rx. Bermuda Front St, Hmnltn. Bmda. Sentry Assurance International Ltd. 

XSKSSS— IS SSBfflSlfcHH «F (-S , 


ASS^tat n! EcSfi 4*3 in PO. Bos 326. Hamilton 5. Bermuda 

' 1 *” sw*itod_«ui*. . ins ... I - 

Ht of Bermuda. Front RU Hamlin.. Bmda. Singer Sc FTiedlander Ldn. Agent* 

Heny^cF. ;• -| J “ 30. Cannon SL. EC4 D1-24R PM4 

GTS ™ 1 J 1 078 Dekafoad* IPKS21 n4#i-C20] 6 39 

G.T. Met (Asia) Ltd. TokyoTst.Fob.38 | SUK31.00 ! I 200 


G.T. Mgt (Asia) Ltd. Tokyo Tst. Fob. 38 | st Ml.M 

Hntehiaon Hse, H areou rt Bd_ Hon* Son* Stronghold Mauagcment Limited 
C.T. AiiaJ »\.. . — pHD46 7J« . t l« F.O. Box 315. SL Heitor. Jersey . (H3fe.TI4« 
G.T. Bond Fund — | 5USJ257 |-D08j 5 JO Commodity Thjul _|*78I 92«3| _...| — 

G.T. Management (Jersey) Ltd. Sarin vest (Jersey) Ltd. (x) 

Royal Tn. Use., Colojnberie, SL. Helier. J errey p 0 Box 88. SL Heller. Jersey. 0834 73873 
C.T. Asia Sterllag_. (£10.97 U59) .. „| L73 .Imrncan Ind-Trt.- j£7.19 734|rtL3J| L36 

Bank of Bermuda iGaernsey) Lid. l r' 0 Pt’ e ^, Tr 'L5; L10_29 lO^W-^Ons — 

32-33, Lc PolleL Guernsey. 0461^38268 Jap.lndefeTs.. ...{£984 1IJM|+048| - 

Bom Par Strl 
AucnurGiliEi 
Anchor InJry.TiL 

- . . ... .. . . T)ic Silver Tm.j . _ 1106 8 1» 

Gartmore Invest. Ltd. Ldn. Agls. Richmond Bund F7.h9Li as; 




2 SL Mary Axe, London. ECT. 


Gartmore Fa ad XngL fFar East) Ltd. 

1500 Hutchison Hso. IP Harconrt Rd. H K"tb 
HK A Pac. LI T* — IfL'Sim UN. 1 Jiff 


01-383 jo 31 FUlinuniBd. 


Do. Gold Bd 

Do Em, 87 KM 


.T*L.|£7.1' 

£182 

: K98 

rrnst Mi 
*«. Doujd 
Irt . _ lot 1 
iuiP7. Fn.; 

Etd. im.: 

10L* 

id 172! 


324 46. Athol Street. Doujdas. 1.0.51 0634 23314 
Th c Sliver Tnirf. _ 1106 8 109J1-*7'| - 

Richmond Bund 87. 1* LI an2-UJ 1885 


120a *1.21 _ 
1873 -oil - 
18l.6| .11154 


G art m or e Investment Mn*t. Lid. 
PO Box32.PoJcIas.1oM. 


TSB Unit Trust Ibnogen (C.I.i Lid. 
Racudle Bd. 5< Sariour. Jersei 0534 2MM 

Jer*cy ?nnd J4L1 4JJj . I 4 04 

Guernsey Fnnd ... (41J 43JJ . I 4 44 

Prices on Mar. 8 Nest sub. dw Star. 16 


RS?S!iS alI,w -K 1 5 57 51 — i 4« T< *y° Paci0c Holdings N.V. 

Do. Growth IS1.7 57.11 .... | 5.41 latiailt uu, W m"HCo X\'..Can 

Hambro Pacific Fond MgmL Ltd. N.\v per share March 6. 51154 

3110. Connaught C entre . Hon* Kong Tokyo Pacific Hides. (Seaboa 

x55fcEr'*”KBF =l- v vS3 


Hambm (Guernsey) LtdJ 
Hambro Fuad Mgn. (C.L) Ltd. 


PO. Box 66. Guernsey 0461 25321 Orerwai.Mar.B-. .15114.94 

C.I. Fund 11282 13651... 4N >.Accum Uniut.. _.lSfn52 

Intnl. Bond SUSI1D35B 106.781. .. S50 3-Waj- Ini. Feb. 16. RrSW 

iM^Sexf'V SL'il'S ' • JM SNRwm_«.HeUeT.Jetwy 

Ini Si-g*. B 1 ILsO 99 " 2 58 Trcrura'^aiM ' ttl 75 

Pncw on Mar 1 Veal deallnc Mar 13. TASOFwiftVL .."pg 5 

Henderson Baring Fund Xgn. Ltd. SjKgPtSteaZHgt 
P.G Box N4723L Nasfau. Bohiuiias iNnnJ Acc Vu- >. .1254 B 

Japan Fd. .. . _. 11352 1 629) ...I r-Ili Fund Mar R..„lm« 

Prices on Mar R Next dcnlln* dale Mar 11. lAccum Sharv* 1 1140.0 


Intimix Management fa. N.V.. Caracae. 

N.\v per share March 6. 5US4S 12 
Tokyo Pacific Hides. (Seaboard) N.V. 
Inarms Management Co N.V. Curaean 
NAV per share March 6 SCS33.R2. 
Tyndall Group 

F.O. Bex 1SSS HamlUea 4. Berraada. 2-27*0 


8334 37391-8 
I . ... I 600 
1 - - *80 


HJJl-Sanmel & Co. (Guernsey) Ltd. 
8 LeFebvre SL. Peter Part Guernsey. C.I 


iNnnJ Acc tte .1254.8 2707] .1 720 

r.in Fund Mar 1134'. JlBW 

• Aeeuns Shann ■„... |140.0 342 «[ J ID 58 
Vlrtnn Hon se, Douglas. Isle «rf Man. 0SZ4 2562* 
Managed Feb. 16 . (1258 132.4i . -I — 


GocnseyTaL (1464 1566(*L71 351 Ltd. IntnL Mngmnt. (C.I.I Ltd. 

HU! Samuel Overseas Fund SLA. ’4. viulcaaier street, sl Holier. Jerse*. 

37. Run Kolre-Dame. Luxembourg Fund ( 5CS10O ! . I 825 

D653 1 17291+0 ih - Cnited States Tst. Inti. Adr. Co. 


Hill Samuel „g gi% 

C. Hoare & Co. t «*% 

Julian S. Hodge 74% 

Hongkong & Shanghai 6i% 
Industrial 3k. of ScoL 6j% 

Kcyser UlItuanD 64% 

Knowsley & Co. Ltd. ... 9 % 

Lloyds Bank _.. 6i% 

London & European ... S % 

London Mercantile B*% 

Midland Bank 61% 


uc du Rhone 7 % ■ Samuel Montagu..; 64% 


I Morgan Grenfell 64% 

-Rational Westminster 6*% 
Norwich General Trust 64% 
P. S. Refson ft Co. ... 64% 
Rossminster Accept'cs 64% 
Royai Bk. Canada Trust 84% 
Schlesineer Limited ... 64% 

E. S. Schwab 8*% 

Security Trust Co.- Ltd, 7j% 

Shenley Trust 9j% 

Standard Chartered ... 64% 

Trade Dov. Bank 64% 

Trustee Savings -Bank 6}% 
Twentieth Century Bk- 7j% 
United Bank of Kuwait 64% 
Whites way LaidJaw ... • 7- % 

Williams & Glyn's 6|% 

Yorkshire Bank 64% 

I Members of ihe Actepd&g Roosu 
CommatM. 

7-daj deposits l.nitKnb drirjsILs 

a ; i. - 


lulcrnational Pacific Inv. UlngL Ltd. 14 Bno Aldringor, LuxnnbonrE 
P0 Box R237. 36. Pitt SL Sydner. Ad-k 1=5 t^Utv.Fad- 1 SIOT.60 l*««! 

Javelin EqnitfTOL (SUB 1.951 | - 81 JUH;t MaTeh W - 

J-E.T. Managers (Jersey) Ltd. 5 - Warburg & Co. Ltd. 

Jardinc Fleming (L Co, Ltd. Her Eor.Fd.Mir.8.lirsi8« mil j — 

48Lh Floor. Connaught Centre, Him* Korf Warburg Invest. Mnjrt. Jrsy. Ltd. 

jSSdlnoJ^n'Fdlfl !' I l?n « CbarwBCro9fe.6tHdrer.Jw n at<+ 73741 

iSdiSsfA 5raS» " 2 60 C.MFfc:d.Feb.3-.|HSIU7 UW j - 

iSrilScFlcmlait 5HI054 J H 1“ 

nav ' F n«T^m» 3T M1 ^ Tffr»?r w .te 1 

feni HUB »Hrna. TMTU4 MarP. S9.2B £952| . -I - 

Kemp-GM MuagemeBt Jersey Ltd. WorId vwde Growth ManafSement^ 
LXSlfefw t *“• « g ^ 73741 »«^BnI nm-ar. LmmbNia 
SSfSTlSSw IS* SI I BM ««M«ido iilh Fdl SLS1280 1*001 - 


Pnci-i tin not mcludr S premium exce p t where indicated i and an* in pmrv unle'i nther»nr» 
irdicaiert . % iriiU ■>. lihim m last column' allow for nl! buying cipw.-. a Wlored pneev 


Nat. Secs. Ltd. ... S % t 7-day d..-ooMi« on *ums uf UD.MO 


gicc and under 3 1 ,. up to C5.000 5i<£ 
■■■ Sj(p and OTer £25.0» «%. 

- Call dctmsns ot^r am 
■■■* b]U? I Otmnhii dtpoints 4%. 

J? *7 Hats also a pokes tn fttafllrj: ' TnS 
... 64% Sec s. . • - 


0™™““ msuranci- x uutrea price inclndas ail expeaw except agemS rnmmissior. 
L Ouw«l pneo icrlcaot all oxpcsMu, *( bought throuidi mauagor* x Predion 6 day's pr.ee. 
V Not of tax on realised rapiul gainBUtilesr ludteaied in-* t nuenue? crori. a Suspended. 
♦ ^ lew before Jew ta» * Sk-suMirtMon. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Are, London EC3V 3LU. Tel: 0I-2S3 1101 
Index Guide as at 7tb March,- 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 135.61 

Clive Fixed Interest Income 122.63 


CORAL LNDEX: Close 455-160 


INSURANCE BASE RATES 

t Property Growth 7*.% 

t Vanbrugh Guaranteed 7.43% 

* V77,'**i. und-r iMursr.^!- a-.d r’rr?*rr>- 3or.<j Tah;» 






















































































































































































































































Unless m ini w in prices and net dividends ore In 

pence and *u mni i if i w i i am Zip. prtcefearntagn 

caries and cams ure based an tries! named reports and accomdv 
and, where possible, are updated on tudf-ycarty denies. HEB m 
cricolated on ibe basis of net dtotritaden; liiaeket ed flints 
Indicate 10 per cent or non influence H calculated an -ail" 
fadflntlsB. Cavers we based an ‘badnsn” iWstitlairlan 
Yields are based an middle prices, am gross, attested la ACTaf 
34 per cent, and allow far value «i declared dsBftdkei and 
rights. Securities vltk d enond n ado na sther than dattsi am 
quoted lochtshti of the iu v ryiuie i it dollar prendiwL 

A Sterling d ruominsfrt l saunUl es efcldi I rndnda fasassfent 

promitHD. 

* TdT stock. 

* Highs and Lons mnrfctdtha* have been wDn^ed to aliens 

far rights Issues for cash. , 

t Interim since Increased or resumed. 

* Interim since reduced, passed or deterred. 

Tmofree to non-residents on application. 

* Figures or report awaited. 

It Unfilled security. 

* Price at time of suspension. 

1 Indica ted dividend after pending scrip ■ndftrv t flps fr s n ot 
cow relates to pterions dividend or tepceasl. - 
** Free of Stamp Doty. 

* Merger bid or marganisetlnn in progress. 

9 Not comparable. 

* Same imrrtnr reduced final amUor rcdoced 
indiulfd 

$ Forecast dividend; cow an tannin ga updated hr latest 
interim strtcnwnL 

t Cover allow* lor conversion Of shares not new ranking for 
dividends or ranking only for resBtctad dividend, 
ft Cow does not allow for shares which may also rank far 
dividend at a future date. No P/E ratio usually provided, 
f Excluding a s««| dividend declaration, 
t Regional price. 

B No par value. 

■ Tax free, b Figaro* based on prospectus or other official 
estimate, e Ceuta, d DivMeud rate petd or payable on pen 
erf capital; cover based on dividend an fall capital, 
e Redemp tion yield, f Flat yield, g Aaamned dividend and 
yield, b Assumed dividend and yield. after scrip issue. 

1 Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Bights issue pending q Esrmngs 
based on prelinriiuBy figures, r Australian currency, 
s Dividend and yield eaelnde a special pay ment, t Indicated 
dividend.- cow relates to previous dividend, P/E ratio based 
on latest annual eurnipw. n Forecast dividend: cover based 
on previous year’s earnings, v Tax free up to 30p in the E. 
w Yield allows for currency clause, y Dividend and yield 
based on m er g e ; tena*. ■ Dividend and yield include a 
special payment: Cover does not apply to special payment. 
A Met dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and FfE mio exclude profit* 
a i (,i iof I’Jv. aerospace snbsidlariea. E Issue price. F Dividend 
v ■ “ end yield based on prospectus or other a socia l estimates for 
1877-78. 6 -Vaunted dividend and yield after pending scrip 
and/or rights, ttano. H Dividend and yield bared on 
pro s pe c tus or other official estimates for 1875-77. K Figures 
based on prospectus or other official es tima t es for 1978. 
M Dividend and yield based on prospectus or other official 
estimates for 197b. S Dtvtdemf and yield baaed on promectos 
or other oifirul estimates for 1978. P Dividend and yield 
based on prospectus or other official estimates for 1877. 

Q Gross. T Figaros assumed. U No significant Corpor ati on 
Tax payable. 1 Dividend total to date. 44 YnM baaed pi 
assumption Treasury Bill Rato stays onchanged mail maturity 
of slock. 

Abbreviation*: flex dividend; a ex scrip Issue; r ex rights; a « 
all; tt ex capital dutribottem. 


“ Recent Issues n and 44 Rights ” Page 38 


This service is available to e v er y Company dealt hi not 
Slock Exchanges throughout the United Kingdom far a 
fee of £400 per annum for each seci aily 




















































































































































































































40 


A 


REDIFON 

COMPUTERS 


the choice of top companies 


KELVIN WHf CRAWLEY SUSSEX (0293*3111.1 


FINANCIALTIMES 


TUESDAY MARCH 14 1978 


WeatheraSl ' 
Green &Smit 


M 


Chartered Surveyors- Estate Ag er 

London Leeds Paris Nice Frank?: 




February retaO sales 
unexpectedly high 


BY DAVID FREUD 

SPENDING in shops is now run- 
ning well ahead of last autumn's 
levels although it is still well 
short of the boom conditions ex- 
pected later this year. 

The provisional estimate for 
the volume of retail sales in Feb- 
ruary was unexpectedly high. 

The index reached 106.5 

(seasonally adjusted. 1971=1001 
compared wih a final Index figure 
nf 104.9 for January, according 

to Department of Trade figures 7 

published yesterday. 

In the December-Fobruary 
period, overall sales were 3 per 
cent, up on the previous three 
months in volume terms. 

Nevertheless, the average level 
of the index for the three 


RETAIL SALES 


Value*: pw- 


January and received back pay. 
The back pay of the lm. manual 
workers alone could have pul 


below the peak of 111 recorded in 
the first quarter of 1973. 

One factor depressing the 
overall level of sales is that 
under a third of people covered 
by major pay settlements have 



Volume: 
1971 = 100 

( seasonal T 
adiustod 
Index) 

centag* enMge 
cofflffhed 
with a year 
earlier {not 
unaiullr 
adjusted) 

!97ti 1st 
2nd 

3rd. 

4th 

105.9 

106.9 
1073 

105.9 - 

+ 14 
+ 12 
+ 15 
+ 14 

1977 lit 
2nd 
3rd 
4th 

1033' 

1023 

1043 

T04.4 

+14 
+ 13 
+ 15 
+ 13 

Nov. 

103.1 

+ 11 

Dec. 

106.9 

+ 16 

1978 Jan. 

104.9 

+ 72 

Feb. 

1063* 

+ 13* 


Steelmen pledge 
to stop closure 
of Shelton plant 

BY ROY HODSON AND PAULINE CLARK 


THE LEX COLUMN 




r 


Banks may shed ^ 


another veil 


if 


* provisional estimate 

Source: Department of Trade 


The significance of 
February figure, could be; 
affected by revisions, which 
have been averaging 0.7 points 
over the last few gionths. The 
provisional January figure of 
106 fell 1.1 poiats when it was 

revised. 

The Retail Consortium said 
that the provisional figure — if it 
was not revised downwards — 
was very encouraging. 

It could be explained partially 
by the carry-through- of January 
sales activity into February. But 
more important, there were signs 
of an increase in consumer con- 
fidence being reflected in higher 
sales. Sales of consumer dur- 
ables were Far better than ex- 
peted. 

The consortium expects the 
figures for March to remain at 


the j BRITISH Steel Corporation was Mr. Macdonald cancelled plans! It looks as though . some, if 


there was no excitement j. 


Faced yesterday with its first to visit Shelton yesterday to not ^ the clearing banks are rn<5e 0 6 to 459.6 day in London where an in. ' 

major confrontation with unions announce the iron and steelinak- „„ **,. „„„ ao n f — .lIKMiX rOSC V.U ^toefc market was ann.. 


agreed on rises in the current ing; the general expectation was 3 relatively depressed level until 
wane round, significantly fewer that sales would be depressed the Budget unleashes a consumer 
than at this staae in previous until the Budget. boom. 

years.' Thus, spending power is There were two possible Total sales for the year are 
less. reasons for the rise. Some -of expected to be 4-5 per cent. 

The erratic monthly movement the money from the November higher than in-1977, implying a 
creates an additional area of un- buck-tax and pension payments 1973 index of 103-109 and 
certainty for the Chancellor in may have been spent last monthly levels towards the end 
determining the outline of his month. of the year around the peak 111 

April Budget. The February Secondly, two large groups of levels recorded in the early 
figures — in their revised form — workers — the local authority 1970s. 

will be the last available before manual workers and National The only factor that could 

Budget day. April 11. Health Service ancillary workers seriously damage consumer con- 

The Department of Trade said — would have benefited from fidence would be a serious de- 
the figures were slightly surpris- their settlements at the end of terioration in employment levels. 


Government compromise 
on blacklist publication 


Iiidjui turn runia non will! UUIOIIS amiuuuu: uic iron ana sieeimaR- __ (k . n c 

in its current cost-cutting pro- ing closure after he was warned SSL!*? 

gramme after a proposal to close by union leaders at the plant that | lla J or changes in weir, account- 
iron and steelmaking at Shelton, demonstrations were .being HVg and disclosure- policies. The 
Stoke-on-Trent. organised to disrupt his visit. so-called “ Leach - Lawson " 

^ „ „ rules, under which the. clearers ’ 

immediate anger from represen- British Steel central office Press have been averaging- out their 
tatives of .the 2,000-strong work* spokesman, made the closure had debt provisions and iovest- 
force when they were announced announcement at the works. ment profits and losses^' since 
on behalf of Mr. Norman Mac- Shelton is the only major plant they undertook their version o£ 
donald. executive in charge and t 0 come under the axe so far “full disclosure ” in ; 1970, are 
managing director of the corpora- where the workers have not been coming under serious pressure, 
tion s Scunthorpe division. invited to talks on closures and- On top of this there are grow- 
Mr. Ted Smith, chairman of redundancies. In the case of last ing demands for more all-round 
the steelworkers’ action com- week's redundancy agreement at disclosure, 
mittee. said they would press East Moors, near Cardiff, and at * . 

ahead with action to prevent Hartlepool and Clyde Iron pre- Yesterday Mr. Deiyk Weyer. 
closure. viously, negotiations were in- a vice-chairman of Barclays, re- 

This would be with the full vited by the shop floor and so vealed that the bank had .set-up 
backing of the workforce which, enabled the union leaders to a working party to co ns ider all 
only two months ago. organised co-operate. ' aspects of. bank disclosure, and 

an 32 per cent poll of all sec- Mr. Bob Harrison, national said he personally believed that 
lions in Shelton and voted 77.5 secretary for the steel industry within three years verw 

nor nant in f«i«>An e rtf booni nr* fl.n ncn/iT*f Panopol " ' CW 

Bn, importai,t matters including 


7; Hi 


6". r 


• 1 ^ 

r 

v - 



ICLEAfllNGBAflK 
1 BASE RATE 


► ! — . — 

THREE -MONTH 

INTERBANK RATE 



1977 


.1978 


OCT NOV 0 B JM KB MAR J 


their jobs rather than taking Workers’ 
severance pay. 

Union leaders at national level, shop floor at Shelton. 


expressed total support' TfS I raoveraenl * in “doubtful formula for bad debts, a reached. 


appa; 

baffled by events on . 
currency front 
To-days February 
figures are likely .to have j - 
pnri.mi short run impact r 

gill-edsed market, and of t 

on sierltug. given ihatth. 
of disappearance of the. !. 
current account surplus 
major preoccupation at pr 
The substantial foreign prt 
in gilts has far some lime - 
a potential source of d 
should overseas eoofl 
waver. But in fact the 
moves yesterday to assir^ 
dollar failed to live up to , 
advance publicity, and the, ,1-j 
reaction on Wall Street S£'.i ]] 
impression that any imp- 4 * 
turning point has yet 


for -uroafpr national bank depositors the in pre-tax profits to £llir 
clearers will have a difficult task well ahead of even the 


debt provisions— would ■ be left smoothing method which Is also 

bS Rolls-Royce Motor 

secretary of the industry’s British Steel plants which banks would move, over I 0 * 8 **- since mui.n or uns secret j 

biggest union— the Iron and Steel together are costing the corpora- together but Barclays did not information is already being Yesterday's' prelin 
Trades Confederation — have tion £100m. a year. Altogether rule out the possibility- of going si wn t0 su ch diverse bodies as figures from Rolls-Royce #?-.«} 

pledged support for whatever the . corporation expects to lose it alone. l Price Commission and inter- revealing a 28 per cent. in»"‘ 

decisions are taken at shop-floor more than £500 m. this financial 
level and specifically the govern- >-ear and more than £2Q0m. next ine P ress “‘®s 

»&Tstrn°US "fiji* plans for reshaping M i$S ..«£ f 

the introduction of an electric are British Steel now being com- there are proposals to harmo- ‘/VarMiJ? reason for ***? b ^ L ' 

furnace. pleted by the Government— and nise bank accounting practices; f nr neater disclosure raa > well formance seems to be * 

British Steel is proposing to to be disclosed by Mr. Eric the International Accountin'* , a de(nslon 0Q * _ of th ? down m stocks— possib 
stop iron and steel production at Varley. Industry Secretary, standards Committee is cur- c!earers t0 top the New York many as 200 units— necot>> 

Shelton early next month. The before Easter— will wipe out the rentlv nreoarine a draff inter b,,nd marfc et where SEC rules by labour troubles Uiror 

implication will be discussed Shelton arc furnace scheme and nalio iaj disclosure standard- wUI appI y- 1977. Nevertheless even 

at a meeting between Bnush other schemes which would have “u ,® + ™ ’ 

Steel, the TUC steel committee, resulted in an increase m British W " J e a * borne the Price Cora- 

and sbopfloor leaders. steehnaking capacity. 


any 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 

THE GOVERNMENT is to take refusing to allow their names to case, felt it could not expose its 
the initiative in publishing the be publicised may also be given member companies to the extent 
names of companies it puls on at the same time'. of backing automatic publication, 

its blacklist for breaching the At present tbere are thought Other business organisations 
pay guidelines. But each com- to be about 30 companies on the took a similar line and this led; 
pany involved will be given the list, which is drawn up by the Mr. Healey to say in his answer 
right to say that its name should Treasury to tell Government yesterday: “ The view of these 
be kept secret departments and other public organisations is that publication 

This Government compromise bo j lies which companies may be should only take place with the 
over the issue of publication of refused Government business or consent of the firm -concerned, 
the blacklist emerged from a flnancia l help. . • and I shall arrange for future j 

Commons answer given jester- Fmnciirp publication to take place on this 

day by Mr. Denis Healey. Chan- *-**hv»u»c basis. 

cellor of the Exchequer. It marks Mr - Healeys announcement Meanwhile, with Government 
a uhanpp from the nrpvni’ nn I if v whs nmcic After tsilks with the tfllks with the OBI over ihp issus ■ __ 

of onf/confirming that a name is CB1 and other business organisa- 0 f contracts containing pay; THE BRITISH and West German would create more jobs abroad 

on its blacklist when the com- ‘ ions - The bssue arose as a policy clauses about to reach a I Governments are to attempt to rather than in the U.K. 

panv concerned has first pub- result of complaints from Con- conclusion, the Government last;P ut together a package of pro- The Chancellor indicated that [area of treating interest on bad 

licised the fact servative MPs and others that night published figures which P osata for concerted inter- his Budget still would be [debts. 


U.K. and Germ 
plan joint move 
to boost econon 


lies 


BY PHILIP RAWSTQRNE 


national disclosure 

allowing for a changeox 

mission has been -asking lots - treating currency tram 

of pertinent questions. Even '- ur * e “LItJS • differences fa debit of 

the clearing banks’ auditors Whatever happened to the a S a > nst a credit of 
admit that after ten years of strong pound? By last oight amount In 19»6> below thi 
the “ Leach-Lawson ?’ regime it sterling was down to a trade- results are good. Car 
is now time these rules were weighted index basis of 64.4. accounting Tor 6U per ce 
given a dusting. representing a devaluation of turnover -and 07 per cei 

The original laudable inten- Per cent, in Lhe past six profits are up around L 
tion of Leach-Lawson was to weeks - Thi ® index is now back cent, despite actual volui 

establish “uniform accounting 10 the same level that it 200 units less. Obviously 

treatment so as to achieve the reached at the beginning of have been substantial pri 
greatest practicable degree of November, just after the creases and margins here 
comparability" among the clear- change in intervention policy, unproved from 9] to 
ing banks’ accounts, • Unfortu- w ^at could be a lack of faith Hi percent, 
nately, it has becohie evident in. sterling’s prospects has also Diesel en gi ne sales ha« 
in recent >-ears that the rules become evident in the invest- ceased about 10 per cei 
are not sufficiently detailed to ra *nt currency market whure volume to give an overa 
achieve this end, with the result ^ premium bounced up 3 erease in va j uc of a lhird , 
that significanUy different prac- Points yesterday to an effec- an^n margins have imp 
tices are being followed by JM rate of 433 per cent, the SU bstantiaH>—from 5.8 t 
individual banks in at least the highest seen since last July. pg r cent— and profits ar ' ' 

Maybe the strenglh of the over 70 per cent, at £3.4m. 


The precise method of future the Government was running a showed that some companies are ^bona! acuon to solve the prob- weighted towards tax cuts rather The- demands for greater dia- ahoSrSlri?n! so* / JwjIT' iJnrnfiS 

publication of the list has vet to secret blacklist. By giving com- accepting lh e clauses. lems of the world recession. than increases in public expend!- ' 5,1 *5 f b0Ut S ,°. n,uc “. as a " l ecI ‘ ne ™ P roflls of 

be decided. But it could 'be a Pa fl i es the right for their names In another written answer.! Inter-government talks are to lure. Mr. Callaghan Intervened r ^ overhaul of increased inclination on the part third to 11.8m., on sales 

periodic announcement in the to be kept secret, Mr. Healey has Mr. Peter Shore. Environment j he held on plans to be placed to tell the meeting: “If you want L eac h‘Lawsou are closely con- of larger private investors at £17m. Meanwhile the s 
London Gazette, or a Treasury stolen the Thunder . from his Secretary, said his department's next month before the EEC to retain power, you have got to netted. Indeed the banks’ over- to dabble on an ever-cheapening at 78p. after a rise of 


Press announcement which would- critics. Property Services Agency had 

also be made available to MPs, Mr. Healey's decision is in line placed nine works contracts and 
or an answer to a Commons with the advice be received from 23 supplies contracts containing 
question. the CBI which, while realising the clauses the CBI is trying to 

The- number of companies the basis of the Conservatives’ change, 


Government’s Laach-Law son’s five-year averag- jumped by.8 per cent. Certainly turn is strong, 
in otner 


Rolls-Royce 
car output 
falls but 
profits rise 


By Terry Dodsworth, 

Motor Industry Correspondent 

CAR PRODUCTION at Rolls- 
Royce Motors fell by 14 per cent, 
last year in the worst period of 
industrial troubles since the 
group was floated as a public 
company in 19T3. 


National engineering 
strike called off 

BY ALAN PIKE, LABOUR CORRESPONDENT 

THE TWO-DAY national engin- the new rates — £57 for crafts- 
eering strike planned for next men this month aiid £60 on 
week was called off last night August 1 with proportionate 


as unions and employers settled 


rises for other grades — im- 


a new pay agreement. . , .. _ ... 

It .ill now fall to Mr. Albert Booth approves _ 

Booth. Employment Secretary, to Other workers will not benefit | that the issue still was 


. . „ , ... a nse or o 

summit in Copenhagen and the listen to what people— our people riding pre-occupation with Wall Street, while there have fifth since the beginning < 

world economic summit In Bonn —say, and what they want— and customer confidentiality is one been other opportunities for a month, remain well back 
in a Un -u t0 pay ,ess of the main reasons why they flutter— notably in Parts y ester- the Si per cent, yield anr-- 

Hr" Hllmu't ¥cS“ nE Weit th^ fltan” Se™ (£— ’ - have ^ un3 t0 ^ anonymity of day where the equity market da.m 'that the upward at. ‘ 
German Chancellor,- Mr. James giving money away 
Callaghan said yesterday that directions-” 
their views on reviving the 
Western economies were not far U.S. view 

The two leaders agreed that Mr. Anthony Wedgwood Been, 
they should continue work on the Energy Secretary, said there was 
-problems and attempt a joint a feeling in the U.S. that the 
initiative at the summit meet-. world recession would continue 

ings to stimulate international for some time. . U.K. TO-DAY 

action. . North Sea oil revenues would CLOUDY with showers, some 

Bui Mr. Callaghan, on his not provide an answer 'to heavy- 
return from Bonn yesterday, told Britain's problems. "We ought En eland Wales I nf 
a joint meeting of the. Cabinet to be looking well ahead beyond rbannei iw’ 

and Labour's national executive the Budget to bur industrial ^ Ireland 

that be could not see a solution policies.” Cloudv showers or rain wind 

yet to unemployment. The Chancellor’s apparently S.W ! £ ^wffresTo? sSiSg. m2? 

cautious view of his Budget gc Mgp> 
prospects was reinforced yestsr- ‘ w , Mhn „fc _ . 

dav hv advice from the Ma nifoetn borders, Edinburgh, Dundee, 



Man, 
Scotland, 


Gloomy 

J dav bv advice from the Manifesto DBro * re ' cuHiwuign, u an nee. 

The Prime Minister admitted Group ofiSSierareLlboSSlSs. Aberdeen.Mora, Firth, NX. 

, at the issue still Mas a big Tbe croup called for a Budvpt .Scotland, Orkney 

decide whether a grey area in from the revised national agree- ] worry, in spite of measures taken hg 0St 2, the economv of about Mainly cloudy, showers. Wind 

.......... ... , the Government’s pay policy will ment until the anniversary date; by the Government to alleviate £2b n . Tax reduction shnnidhB S-. fresh or strong. Max. 7C (45F>. 

However. a n r;ressive pricing in ^ allow iow--paid workers in the oF their last pay rise, 
the car division and imnroved ! industry to benefit in full from ^ joint delegation from the 
results from diesel eneine sales i l he agreement immediately. It Confederation and the employers 
lifted profits by 27 per cent, to __ l . f “i? r ..,. whlc A made ^j] setJ ^j r Etooth later thLs 


£11 m. 

These preliminary results, 
announced yesterday, are better 


settlement difficult and 
rise to the strike threat. 
The strike was called 


gave wee k and urge him to accept the 
agreement. 

than the market had been [the Confederation of SbipbuHd- ® r - ^‘nloo”* of 

expecting. ing and Engineering Unions and rl-Lri-g Workers aj?d Leader 

Rolls-Royce has suffered from the Engineering Vmninv.rtf Engineering Workers and leader 


hath internal disputes, when its 
Londnn coachbuilding plant went 
on a 16-week strike, and from 
external problems with suppliers. 

It was hit hard by last year’s 
Lucas strike and by an Il-week 
dispute at Burman. which makes 
the new rack-and-plnion steering 
unit for the Silver Shadow II. 

Output this year has been 


Federation agreed onTationTi’ SwlSSSS".,!? 
bav rates hnr not nn hnw thev sai “ >^storday that he did not 

JIM'S Lrnplem'en°terl^ 0W 1 ? h «U«« it ™ ■ ibf-J «< 

Union leaders demanded that p u™ n h ™ e or he ^ 
engineering workers earning less e*tue.s. 
than tbe new rates should Even if 11 r. Booth rejects that 
receive rises immediately but uiterpretatipn the engineering 
the Federation resisted, saying industry will still have a new 
it would expose member com- set of national minimum rates 
panies to possible Government and the unions will be able to 
much steadier and the company i sanctions. pursue employers paying below 

hopes to make between 3.400 and I Under yesterday's agreement, them under Schedule H of the 
3.500 cars. This would put it) low paid workers will receive Employment Protection Act. 
back, on course for the 7 per cent, 
a year growth rale sought in its 
long-term investmenr plans. 

Investment last year came to 
about £9 in. — and will continue 

this year ai the same rate. Mr. 

David Plaslow. managing direc- 
tor. said last night. 

This expenditure is designed 
to cope with the expansion in 
diesel engine capacity — Rolls- 
Royce delivered the first of its 

new 


Continued from Page 1 

U.S. and Bonn 


resources is both hew and signifl- funds back to the American 
cant currency. 

Adrian Dicta reports from Earlier British 

» delivered the nrsr ot , Herr Matthoefer welcomed Miniatef described the US- 

m-w Vi‘ J military engines' late to-day’s agreement as a proof of Miwsier aescrioeo the u.t>. 

last vear— and for thf develop- J the Carter Administration's will- German agreement as some- 

ment' of a new Silver Shadow [ iogn ess to support the dollar. ^sS^ssedtoaUt w^oily oSe 

Dr. Otmar Emnunger, the a i so stressea^cnatjt 


car. 


Rolls-Royce’s admission that it j president or the Bundesbank, »« C S C SE! 

has a new car under way is the also underlined the importance actJ0DS tn at needed to be taken 


the problem. concentrated 1 ^^ ti0 raistog liti tax Gtosgow, Cent Highlands, Argyll, 

"ft is a matter that will have allowances and some nart^of the N.W. Scotland 

to be dealt with by the Western ^ imu | us shau ? d be ^ ^ * fo % Cloudy, outbreaks of rain, 
democracies on an international of nublic exnenditure nar- Wmd variable, moderate or fresh. 
b?B r lUh. HES 1 -* deait With on V?5£mi*£Z. Max. 5C C41F) 

The Prime Minister s some- be^onSmg^ay C . lo “ d y’ ra ‘ n at times. Wind 

what gloomy view of economic ^ the GovSroment and the easterly moderate or fre*h. be- 
prospects was echoed by Mr. TUC t0 discuss the creafion of c o m tog light Max. 6C (43F). 

Denis Healey, Chancellor, -who an institutlDnal framework fnr — — — 

told the meeting That the world public sector S wd BUSINESS CENTRES 

trade situation was disappointing, removing anomalies created by 
Facing more Left-wing demands pa y policy. - 
for a £4bn. reflation • of the Unemployment could be re- 
econoray in his April Budget, Mr. duced substantially only by co- A^strdia h 
H ealey said he had to guard ordinated international expan- n^ain s 
against the danger, that increased sion. If this were achieved, Bajeriona c 
demand would lead merely to a further re fiationary measures Beirut t 
big increase in imports. This could be taken later in the year. s 


Hepworth Ceramic may 
bid for tile maker 


BY CHRISTINE MOIR 


Berlin R 
! Blrmrcrtun i' 

Bristol C 
| SudaoesT S 
B Aires C 
j Coin S 
I t^hinuio C 
Colmnc F 
| CopnhajwD C 
Dublin R 
| Edinburgh C 
Frankfurt C 
Genera 
GIukim 
Helsinki 
H. Rims 
Jo’tnirg 


V’rlay 
Midway 
"C *F 
5 48 

12 sa 

28 35 
12 34 
12 « 
8 48 
S « 
0 4S 


Y’day 
Mld-dar 
> c « F 

Manchestr C S 4ri 

Mdbonme R 19 SB 

MoaleoC. S M M 

Milan C 9 49 

MonireaJ S 

Moscow C 

Munich R 

Newcastle C 

10 H, New York s 

7 43‘ Oslo C 

2fl » Pans F 

21 "I ' Perth F 

2 16' Prague c 

5 Rtrvkjavil: f 

8 41iRJo De J'o S 

•*3 ! Rome K 


THE MARKET virtue of Johnson- ' Last year Hepworth produced 
Richards Tiles, Britain's leading pre-tax profits of. £ 18.9m. on a|u«einb'a 
ceramic tile maker, soared from turnover of £162m. Profits for| Ma<lr « l 
£18.4m. to £25m. yesterday on the 1077, due next Monday., are 
news that it is being wooed by widely expected to show an 
Hepworth Ceramic. advance to at least £25m. 

So far there is no firm bid on Despite a recent investment 
the table, however. Yesterday’s programme of nearly £75m. Mr. 
joint announcement from the Goodall said he did not think the | 


4o 
H 48 
8 48 
g -*n 
1 34 
14 57 
43 T4 
H 35 
11 S 
*• 43 
19 50 


Sinsanorc S 
siockhoim si 
Si rash pr c 
Sydney 
Tali ran 
Tokro 
Toranio 
Vit-naa 
Warsaw 
Zurich 


I 34 
I 34 
7 45 
9 4!? 
7 45 
3 17 
n 

ZH R4 
3 37 
■1 37 
■» 91 
1-i .'4 


30 

I 34 
12 54 
r. r. si 
14 55 
A 44 
1 

S> 4S 
7 4o 
? 41 


HOLIDAY RESORT S 

vaar i 

Mld-da >| 

C M -wl Jersey R 
C JL5 jo Latpjmj p 


■ Ida a new W1 uuuli .o w- , unuciimeu uir »»hu> wnu; h th mafrir induKtriil naTinnc I JU,, “ *uiiuuin:euiBUi ... - .us Algiers 

first public indication of its plans! of what he described as a politi- DJ U “® ‘two companies said simply that 'company would need to take up Biamor f u Kiuwariio 

. . - - -* — - foreisn exchange ; HcpwortU had invited Johnson to any facilities to mount a bid for * „ «>«ajorca 


toush new U.S. requirements on i markets that the U.S. currency’ intention of takin* fresh ! laJks with a view “ to term5 being Johnson - 


to adapt its product range to the ; cal signal to iuioxh cauuukc .. . A 

- - • nfwarkets that the U.S. currency ™ , . te ™ te i d th ^ t ^est . Germany 

fuel economy. I would not continue to decline measures 

The company is also attempt- j « into the cellar." stimulatory measures. 

ing to balance its interests byi Stressing a view he has held Margaret van Hattem writes 
increasing diesel engine turn- for some months, he said he was from Basle: Central bankers 
over, to equal that of cars. confident that once markets had attending a meeting of the Bonk 
Turnover last year rose from apprecisted there was no longer for International Settlements 
f 105 oi. to £I22m. The car divi-fg- process of “self-sustaining here discussed the measures, 
sion's profits rose from £6.1pL to decline” working against the Senior officials said the general 
£S.5m_ and the diesel, engine dollar, the interest rate differen- response was highly favourable, 
division's from £l3m to £2.4m.- q^is in favour of the U.S. would particularly, from “ the snake ’’ 
Details, Page 26 1 bring about a substantial flow of currency countries. 


Bordraujc F ll 53 [Mal aga 

. _ . . . _ , EkwJosnc C 7 43l5lalra 

At Johnson. Mr. John Done, j combined c :a ecNairvbi 
the new chairman, refused toJC^w-Tn. s n 78,.\ani»;s 


agreed for a merger on the basis 

of an offer by Hepworth.” - — — - - — - — . , 

If the talks succeed, Hepworth. comment oo the likely outcome | !! ?'.»*»»» 

a [ready the world’s bigfiest clay of talks at this stage. Interim Faro s 
pipe maker and fifth or sixth profits from Johnson for the six fiomux c 
largest manufacturer of refrac- months to September were £2fim. Q^^ ar § 
tories, would be diversifying into on sales of £36J5m. Johnson cui-raMF c 
a new area within, its - own sphere- controls 65 per cent' of the U.K. tunatirm* R 
of clay technology. Mr- Peter marttet for ceramic floor and wall a 

Goodall. Hepwor^s chairman, tiles, 
explained yesterday. News analysis. Page 88 


12 3*;Xta- 
>6 AljODnrio 
14 37 , rUlntl^fs 
la 59 jSjfzhurg 
1. B3|Tjiiuii>r 
fl 49 T..ni»rlffc 
8 4Ji Tunis 
fl « Vah?n*a 
7 43' Venice 


C-Ctoudy^ F-Fau. K-Ram, 

SI— Steel. T— Thunder. r ' 


FINANCIAL 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 

Currently earning 

£7POO-£25,000 p.a. 

Odgers and Co. arc Management 
Consultantsspecialising in Executive Re- 
cniitmeni. We are extending our contacts 
with young executives of outstanding 
ability and ambition in the Field ofll nance. 

We would like to hear from people 
aged 26 to 45 who Feel that in developing 
their careers over the next few years they 
should not rule oui the possibility of ’a 
move to a bigger job in another com panv. 
We are interested particularly in those 
who are happy in their present positions 
and are doing well, but who nevertheless 
wish to keep in touch with the market so 
that iran outstanding opportunity comes 
along, they will be in a position to leam 
more about it. 

u r» ^ a first step, please write to Ian 
H.p. Odgers, Managing Director, giving d 
brief summary of your experience, quali- 
fications^ age and salary. Alternatively, 
write asking for more information about 
Odgers and Co., at our new address I.OId 
pond Street, London W.l. 

Any approach will be treated in the very 
strictest confidence. ~ . " 



M ANA GEMENT CONSULTANTS . -V : ' 

. Odgers and Co. Ltd., ' ' 

One Old Bond St., London WtX itD* 
Telephone ot-jgg 38u - 



e The PlUiiKUtTaHe* UffT,