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m. i £%&& 

IS U2BVER5I7Y a 


^ Agents, Valuers, Surveyors arid 
Auctioneers of Property and Plant 

London — Leeds — Birmmgham 



JQSLiAij 


No. 27,51ft 


nav 


er 



COWnWOBAL 5 EmNG -PMCBi AUSTRIA Sdi.lSi BELGIUM FrJF; DENMARK 


Wednesday March 15 1978 


KcA5? fiERIWIir PH2.8; ITALY U500; NETHERLANDS 


*15p 


6 



s|( 

veil 


NEWS SUMMARY 


HJ-., WBWT KrJJ, FOHHB.L fca, mm, jweuo, 


TRACTOR— TRAILER 
SYSTEMS -RO-RO 
PUTS -CONTAINERS 
TEL GUILDFORD I04B3J 76815 


RMJJI GTHANSPOBT 
SYSTEMS LTD 

MUWG TRANSPORT 
SYSTEMS KJveBEA® LTD 

MAM KUO LTD 

i.'il f. t rm.jJL, Cu Jlf, 

Lui' Jl.’r j 


SERVING 
SHI PS, PORTS, 
INDUSTRY 


TELEX 653457 



liberattoii Organisation 
troops wtereunass- 

terrorist ««t«Iled by the 

Israeli at ™ Christian IttOftia. 

wSroi ~ The ***** sfcSent said 

cqMrraed the staye but re* the aim of the operation was 


sorship prevented the report- 
u»g of further details. : 

In Washington, reporters at 
the State Department ' were ■ 
told that Israel bad launched 
a retaliatory raid against 
Palestinian guerillas along the 
bonier -with ' Lebanon The 
Israeli army did not give any 
details of the area or -.the 
number of troops involved. 

A statement by the Palestt- 


to retaliate for the -crimes 
of terrorists. 

“ There canned , be retalia- 
tion for the barbaric massacre 
of innocent . . people— men, 
. women and chUdrat*’ in. 
stead, it was. intended “to 
defend the State and prevent 
raids b ythe JEatah .and the 
FLO, ■ which rise . Lebanese 
territory to attack Israeli 
citizens.” Begin, plan. Page 3. 



KrJJSj SWITZERLAND Fr.2.0; EIRE ISp 




to be 


in new 


steel plan 


BY ROY HODSON 


^d^ S CaIlaghail . alld senior ^inet colfeagnes are now agreed that 
ratoal surgery must be used to save the British Steel Corporation 


^ Trade back 

in U.S. 

m surplus 
by £184m. 


sSSSSSsS ESS 


Increase 
corpora- 
continue to lose 


GENERAL 

Dutch 


BUSINESS 


Equities 



te 5 ed # *°“ e “*“**«• aod pmSS&^SS deSmdT SS S . CumuJative Capital 

• Virtually all investment Cash avail a hi*. has been invented specifl- 

Plans which would increase shoufd f^®^®? 1 caB ?, to solve British Steel's 

steelmaking capacity in Britain improve the difference between 
io the next five years will be of toe PablkDividend Capital and Pub- 

scrapped. The following schemes „ lw Ctmulative Capital is that 

....» shejTed . theism. pr2 fnSSS S S2if«* 0W1 ? financial .the latter s 

double Port Talbot; elec- f220m?^- ■ - Iosses ...of UV- Interest upon the loan to 


freed 


Gilts gain 


EQUITIES traded within nar- 
The Dutch -siege ended . when row Innits and the JFt Ordinary 
marines stormed the town -hall *ndex closed 0J8 up at dfiO.l. 
in Assen and freed 70 hostages. The gold mines Ladcix rose 4L8 
four of whom were slightly hurt further to 166.30. * 

m the operation. Three ■ South ' . • 

Joluccan terrorists were cap- • GELTS closed with small 

1 Dutch authorities ordered Mu, ** m08t the 

attack when they became** co£ £ >Ve ?S, ent Secntft,es index 
vinced the hostages were about ^ to 75.82, .its -highest 
to be harmed. smee the end of Jaxiaazy. 

The 29-hour siege daimed one « , 

IU© — a man killed in. the- first ,® ST ERLIN G gained ground in 
mmuies of the terrorist attack. kta trading and dosed 45 points 

Sw ta °ii 15? thrown ' a win- up at SL9150, its trade-weighted 
dow und ihe gunmen refused to index 'at Ai ft tRA/t\- ’ru 
allow an ambulance to take Mm a«ii j 31 64 * 6 fM.4). The 
away. Page« ■ doUar dropped to- a mew tow 

_ _ against the Yen, in spite of 

Defence support ' of ^ support 

The OMM, eaflb.^ 

oovernmem's defence policy hy /R?r?%S?Y L : - 

jiiC votes to 246^-a majority, of ^^ ac * , '» )' 

Ik* arid . of a.-two-flav v~ mTn . > 1 {■• 

debate. Some - labour ]Left- rose 51 to 518/ j. 

voudk with the Government to SUGAR London Daily. Price 
reject, by a- majority, of 39. Tory -.-2 
ehai-ges that it bad damaged UK 
security. 1 : . ■ 

Rhodesia setback 

Patriotic Pront leaders have re- 
jected the latest Angto-UJS. plan 
to hold a conference on RbodasiiL' 

The move camp after two hours;, 
of talks between Dr. David Owen, 

Foreign Secretary, aid - Mr. 

Robert Mugabe and Hjl Joshua 
Nkomo. BackPage 

French arms deal 

France has signed a military co- 
operation and arms- -agreement 
with the Arab Industries' Organi- 
sation, a consortium Of -Egypt, dropped £4 a tonne to 

ment is similar to the one agreed >• WALL STREET dosed 2.60 
• between Britain and the AIO lflst "up at' 762.56 
December. - Page 2 ™ P ’ 0D - 

i _ h.- 9 EEC Commissioii director 

tieCXIOfv. attaCK -general for external relations, 

Leaders of France's ruling coall- Roy P enraan \ ^ said that 
tioo have attacked the declara- -f®*# “^ acl0I T 

tion of unity drawn up; by the -^i e EE £ 

Left prior to nest Sunday’s “fP® 0 ® 86 ^de Talks could have 
second-round voting .in the SP M ?2? eno ^Si 

general election. • ‘Coalition tirade system. Back Page, 


will be corporation's products. 

wi ll*be ^hei vei* the*' fliffim. pr2 fnSSf 1 Stee !i s Dwn financial .the latter system provides for 
jeet to double Port Talbot elec- . , Iosses ° E ^ lQ terest upon the loan to 

me arc furnaces oroiSred- fw year - 197& ac «“^ le as debt during non- 

Hunterston, ' Ravenscraia and 1 ™*]^?$*** **}? cor P or ation profitable years, to be repaid 

Shelton; and the £200m Teesside 15 or losses ? ater wl ^ eD B ritish Steel is mak- 

plate mill. leesside or two jmts. and a return to 4ng- profits. 

9 Nearly 40,000 jobs are to lgs&s^Th? SSL!? ^OOm. in Some members of the Govera- 
be abolished during the same nroviS fS® do J 1 ,? 1 “ent, notably Mr. Joel Barnett, 

period. A much reduced invest- sSordebtL servldns pub], = chief secretary to the Treasury, 
raent programme will concentrate wonld prefer t0 bail °nr British 

on producing the same amount of KeSSi J? cln, r d to 1x5 Steel; w i th str aigbt financial 

steel with fewer workers. The Whiten f preca^s. grants. But there have been 

target is to cut 15,000 jobs tiSs abte wart ^ 1 ^ ^ at - “ the present 

year. • ?b J ® exports will -be harder sensitive state of the inter- 

• ' In return for abandoning g/SSS ^l ow ; steel trade, such grants 

growth and reshaping produS Slm n^w wnrlcfl St ?® 1 JX ^ &lt S seen by fore «D gov- 
most or ail At RriticK c _ 153 pew works in developing emments as unfair production 

, subsidies for steel made bv the 
Government is prepared state-ran British SteeL 


coal 

strike 

By Stewart Fleming 

NEW YORK, March 14. 

UNION AND management 
leaders this afternoon an- 
noimced a tentative settlement 
of the 99-day U_S. coal strike. 
Neither side was releasing 
of the new pact— the 
uiird to be announced in six 
weeks— but unofficial reports 
suggest that the coal companies 
have either withdrawn or modi- 
fied the clauses which led 
miners to reject two previous 
agreements. 

Announcing the new p*M t. 
^•Arnold Miller, the union 
Pr*s*d en L said he wonld be 
piling the union’s 39-member 
bargaining council together as 
soon as possible. 

Ballot 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


£4bu. debt to the Treasury will The 
be wntten-off. A aew public to 


of I? ?h Ka t U 2 naa “ in * 8ter £L5ba - to National Loan Fund rFtL™*- a -,? es £ of which 
at the Industry Depart- capital the corporation owes if e L Wl11 ^ve to be 

ment has had the responsibility The problem facing Ministers earmarked for 

a str 5 tegy t° turn has been how to provide British lrapr0VIn ” steel •Wality. 
corporation, which is Steel with modest quantities of The British way of 
expected to lose about fSOOm. In new investment finance (to 1m- - reduudauor ££e L- 



over 



BY JUREK "MARTIN, US. EDITOR 

THE U.S. appears , to have pre- 
vhfled ■- ■ - -• 


.WASHINGTON, March 14. 
Until 


vkfled over Britain in the dis- British Airways proposed stand-by mosl . European 

putp over introduction, of cheap feres to London*; Y i®y.^r? men, i s . bave backed the 

Transatlantic air travel-. — — — ; oriusn position on cheap irans- 

, Negotiators for the two coun- Fronn . i?“ antie " r ti-avei. but the Dutch 

ies.xconferrine here under the Wash* 


tines. >conferring here under the Washington 
Fnday. deadline set by President Philadelphia 
Carter, ended their talks in the r P 
CTiali hours of this morning with Danon 
I the British having reportedly Detroit ■ 


agreement, clearly cracks that 
5W2 solidarity. . . 

5151 it will clearly be a factor in 
SMS tte talks, due to start tiiis week 
— between U.S. officials arid repre- 
51« sentotives Of West Eumnenn 


The council must approve 
the proposed agreement before 
it can be sent to the miners 
themselves for a secret ballot. 
-Mr. Miller predicted that the 
council would approve the part, 
filing it “a pretty good pack- 

This apparent victory for the 
miners in their efforts to resist 
the rmal companies’ attempts 
to impose tough new disci- 
pimaiy procedures on them 
forc e the bituminous cool 
industry to review its approach 
to industrial relations. 

Early leaks on the new con- 
tract indicate that the 
employers have withdrawn 
clauses in the three-year con- 
tract which eonld have led 
lo the dismissal of miners for 
“ fomenting” unofficial strikes. 

Instead, dispates over 
disciplining miners will again 
have to go to the cumbersome 
arbitration machinery. 

Instead of having to pay up 
lo $700 of the initial costs of 
any medical charges they or 
their families incur miners 
will now have to pay only 8200. 

Bnj they will secure the 
same 31 per cent, increase in 
average wages— a $2.42-an-hour 
increase to $10.20 an hour over 
the three years. 


BRITAIN S current account 
swung sharply back into surplus 
last month after the exception- 
ally large deficit in January. 

The improvement was £41 Sin. 
for a surplus of £lS4m.. the 
largest since last September. 
Export volume was particularly 
buoyant, ri.sms by 14 per cent. 6 

to a new record leveL 
. ^e news had a favourable 
impact on both the gilt-edsod 
and foreign exchange markois. 
roe pound rose by rough! v IJ 
rente yesterday afternoon from 
the day’s J ow, to touch a high of 
SL9175, before closing 45 points 
up on the day at S1JJ150. The 
trade-weighted index rose 0.2 to 
SiSi" ««rarrast to its steady 
decline in the Fast few days. 

n Jbe fl jtiares the last to be 
published before the April 11 
Budget, will remove some of the 
gloomier doubts created by the 
January deficit. So the general 
expectation of a sizeshio «nmi.. e 


BALANCE OF PAYMENTS 
Cm. seasonally adjusted 


Visible 

trade 


In- Current 
visibles account 


-3.510 -f 2,403 —1,107 


1977 

— 

Ui2 --1J77 

- 

35 

1st 

— 

947 + 442 



505 

2nd 

~ 

764 + 400 

— 

364 

3rd 

j- 

54 + 429 

+ 

483 

4th 

+ 

45 306 

— 

351 

Nov. 

+ 

68 + 102 


170 

Dee. 

— 

76 + 102 


26 

197SJan. 

— 

334 + 100 

— 

234 

Feb. 

+ 

84 + 100 

+ 

184 


Source; Department of Trade 



Approval 


strength tiehmd been criticised by the Price 
the seats Commission for * 

Back anrf pfl„_ «. discminte -to major customers 

“" ch 2 * EdJtorlai unrelated to cost savings and 

which discriminated against 
. smaller traders. Back Page 


iftsrfe m a 

ftige 

comment Page 22 

Kettering re-run 

toSToff'SSl’fS 

. h a ek"^„ C 'SibSlr^oBdS 

iSiS"S I SS. S!S 7 ■ ^ pay 

xmstiUioney executive meeting ^ 

«t which a short list of six was 
compiled. Parliament Page 10 "USDU8 


conceded most of ae outstand- ™ s ?°? tlv . es . . of West European 

ing issues. «-mcago S17V civil aviation and in the bilateral 

Later, however, the, American L * sA *tgeI«; & San Francisco $227 Ameri can discussions with Japan 

side is understood \to have J~T : : — ; — — . As fer as the British nekotia- 

tooghened its position, vlth' the from London would he tions are concerned, final aeree- 

result that Mr. Patrick Shovel- s »sbtly less. . ment on charter flisht«t ha C v-«. 

I® 11 **? 1 * Assistant Secretary, at “ 7 ~ : ‘ — : . to be hammered out This was 

the Ministry of Trade, broke off uonian, which announced in 10 have- been the main issue in 
mother session this afternoon. London that it would offer a *1*0 present round of talks, bm 
Ba rrin g last-minute hitches, an eleventh-boar stand-by fare h as been overshadowed by the. 
announcement is nevertheless ex- between London and Houston, dispute over cheap air farp^ ■ 
peeled within the next 24 hoars. Texas, from Monday. This issue was bratinht » 

lB P er ® • bad - earj'w been two ^cond.. the U.S. revealed that head two weeks ago when Bra 

Jw rt CT SBS?? n ? . ir M 6,gn ? tf a '°ew aviation a U.S. carrier, was denied DemiT^ 

that the British had lost their agreement with the Netherlands siou to start eut-nrirrJ p «S!ta 

"Egg 0 ! ^wa^under which both connWes between DaSs 

needed to study the impact of agreed to aecept any low fare Th* 

cheap fares. discounts anti charter packages nJt,L ' C/Vl1 Aero- 

First late last night British the other offered. E contemplated stop- 

Alnyays announced in New York In return for .an extension of tho^i 1 .^^ouian rrom 

that it would seek permission to the low fare regime favoured hv T ^ e ^“dou-Eouston run in 

extend low-cost stand-by fares to the Americans, KLM. the Dutch .J Bta,la t'on. The threat was with- 
X??' Axnexlcan cities, in addi- airline, will be granted aiS pSSSpnMf intervention of 
tion to New York. to two new ul™“Ste^v^ ‘£?ft rte S- who al the same 

Tbe airline s move was ciUej-Los. Angeles anfSL IT a, tJT s u* ^ 17 


The only significant victory 
for the coal companies appears 
to be a clause which will allow 
productivity deals to be made 
at ihe mines subject to local 
union approval. 

It is far from clear whether 
the. Carter - Administration 
which began its active Inter- 
vention in the dispute early 
Iasi month, will be able to draw 
much credit If the miners ap- 
prove the -terms of the latest 
sen lenient 

It will, however, be much 
relieved if the agreement goes 
through. 


rpT * . . wkuiuvi a 

treasury projections of £1.5bn. Although purchases of finished 
But the underlying volume manufactured goods are at a 
Trends jare n pi wholly favour- a hi Sh level— up 6} per cenL in 
ante. They will reinforce the in- volume on a three-month basis 
creased recent official caution — the surprising feature is the 
about the trade prospects from sharp increase in imports of 
the late autumn onwards, as a semi-manufactured goods. These 
result of both the slow growth have risen by 9 per cent, in the 
of world trade and the erosion last three months (after exclud- 
«L^ e UK s P ric e competitive i°8 precious stones), though a 
WRE®- , partial explanation could be re- 

w entIy ' current stocking ahead of a general up- 

account bas re-emerged as a turn in activity, 
constraint on the rate of econo- 
mic growth and on the size of . r - 

E£J52 , ? na JP r a ® f, ® n * But the net V OllllTIP 

Budget stimulus still looks like T U1UUIC 

being around £2bn net. These trends in export and 

import volume, while less fav- 
ourable than Iasi year, should 
be largely ofTsei in their impact 
on the current account by the 
improvement in the teriiis of 
teade — the ratio of export to 
import prices — following the 
rise in sterling last autumn and 
in January. 

The .terms of trade index is 
now nearly 4 per cent higher 
than the average level fast year, 
but it could have- reached its 
peak. In February . for the first 


Table Page S 
Parliament Page IU 
Editorial comment Page 22 


In the Commons yesterdav, 
ur. James Callagh&p said that 
both tax cuts Land -increased 
public expenditure were needed 
to get the economy going and 
both would happen this year 
The improvement in the cur- 
rent account in February still . .... — 

leavs a deficit of £24 m. over I'n® , s - " cp ,ast July, ihe index 


the last three months, compared ft?l slightly as a result of the 
with a surplus of E523m. in the recenl fob »n sterling 
previous quarter. The trade-weighted index was 

The underlying trend nf export •j'* 5 * nigiit 2.9 per cent, lower 
volume was' growing again. For at the end of January. The 
for the first time since the late au, horities do not appear dis- 
summer. The rise on a three- P/ cased with a gentle deprecia- 
month comparison (after cxclud- Unn - in view of the increased 
mg- erratic items) was It per c°hcern almut erosion nf the 
rank, and slightly less for manu- P nce advantage secured in 1976. 

fa ctu red goods. 

This is much less than the rate 
Ot growth a year ago. but is m f in New York 

line with the general downgrad- - - . 

mg oF export volume expects- — I 
tions. i 


JUnr.-l. 14 




However, imports appear to be . 

^ilJ 0, ?_ e ^ a » higher than ex- i J5h ffiSJSS! 

1.. I20..i7,it. 
n. i u >i. xw.7o.iis. 


pected, in spite of a 3} per cent. 1 iihuuI- 
fall in volume last month. On a -rii.-mu 


From the House of 


followed to-day by British CaJe- yet to be determined. 


for the two 
settlement. 


3riefly .. . 


• POWER WORKERS union 
n n . leaders are to put a pay offer 

»r. David Owen, Foreign Secre- - that .- Is .“ within Government 
arj’. will meet his Spanish -guidelines" to a ballot of some 
■mmterpan m Paris today about §3.000 electricity workers. Back 
he Gibraltar iKfue.- Page 2 • -Paige : ■ 

^cnt»iwo water colours by 
Yancis Towne were sold al COMPANIES 
.hnsties for £48^30. Saleroom . . • 

*33? 8 - ' • BROOKE BOND pre-tax profits 

lanadLa 

unimittee to work out 

ules governing the use nf V. .. ove f seas profits offset -a 
uclear power in 


» Dunu pre-iax pnnu 

has urged a UN legal -f or **** year t0 December 51 
ie to work out S ^Proved by £&^7m. to £22.65m. 


space. 


use of , - . pronis onset -a 

decline in. the UJC Page 26 and 


Lex 


occcr — Second Division Orient 

cat First Division: Middles- • CURTISS - WRIGHT bas in- 
rough 2-i hi their FA Cup sixth formed the u:S-. Securities and 
iund replay last night to Exchange Commission that it has 
uauiy tor a- semi-final against acquired nearly Ml- per cent.' at 

' Kenneeott. Copper. Page- 30 ' 


rscnal. 


iHIEF PRICE CHANGES YESTERDAY 



Prices In pence unless otherwise. BoUsjfeycc Matdrs ... 7SI +21 
indicated). , • SIme Darby . 122 + 6 

RISKS !, mith iLWL - + 4 

Stewart Plastfcfi 125 + 7 

7 
4 

. .. ... „„ . 3 

■ay Electronics . 35 + 6. .. . Bkhopsgate Plat ... 80 + 3 

isoutter Bros.' 13$ +’-•§ ' • ■ Doornfonteln SOS +.18 : 

‘-" r - — - - Fatoon Mines ........ 195 + 5. . 

-Randfonrein Ests. ..J36f + I 
Rustenburjr.PLat. ... 00+4 ' 


U.K. bond-rating service 


BY MARY CAMPBELL 


A -SCHEME to rate the quality is a -success thev are liL-eiv *« k. i. , 

of bonds issued by British com- be added. y " Dkely to borne by^a £300 
panics was announced yesterday The scheme is intendpri « - t0 J^oscribers. This com- 

by Eaei Statistical Services, mle of tbtSbt^pSvid?? oSak £900 ,or f"« Esttl 

Companies whioh ha» iemmi onM. *_ .e-_ a mojck service. 


grating sys tern is lo be de^i n depfellP 
presented in London to-day to .Companies and P?*"^ be allotted on the initial 

analysts from about 180 stock- be graded from A to Phtfft! 0 i^ U tri ofa ° a * slock or on pub- 
brokers. Institutional investors narrow criteria emnlnwi^mM® l!( ^tion of.the company's report 
flhd other interested parti®. that- the scheme is aD d acrounte; Subscribers will 

The service Initially will cover Ibr amKl re S? ,v 5 m0Dtw y updating sheets. 

UM bonds Issued by 700 British ’ 8 * tarw, « , W« , E T "™ r “U»E « lo be sect 

companies. Financial and pro- In contrast in it,* ric ■ ,0 thp concerned for 

comi a n£\*n'™Zl dlK ° re bCiDg fiQaJ,y 


this stage, but if the service cb^d forratSS: So 


cost Will News Analysis 28 


CONTENTS OF TO-DAY'S ISSUE 

JEuropean news as 


American news -5 

Overseas news 34 

World trade Dews 6 

Home, news— general 8-9' 

— la bo nr ......... U 

—Parliament ... 10 


ILK. -Companies 
Mining 


. 12 

Inti. Companies ....... 

30-32 

13 

Euromarkets 


.21 

Wail Street .- r - 

... 33 

22 

Foreign Exchanges 

.. 38 


Fanning, raw materials 

.. 39 

20 

UJv. stock market 

.. 40 


Tsiewart nasties ..-..^125 + 
reas. 13{pe W ...... JQIH *' + | . Gosper 169 + 

‘■numonr . Props, ..1 $9 + 5 wuhs- Catto sa + 

'jrisford iS. and W.) 211 -+.9 ‘ Plantarihn Hldgs; ... 67J + 



jctiTe Steels U7 +.4 

1st Lancs. Paper .... 52.'+ -5 
lirview Estates ... 100^ + -3 
linness Peat ...... 210 + S 

»de Intnl. ; 88 +4 

turence Scott : 218 ' 

oydfl Bank 267 + 7 

icas Inds. 2W; + 7. 

in? OTerraH 04- + .12 

xs intnl. .., 245 +. 5 

achcy Prop , ...... 30'+' 5 


. Wankte ColUeiy ...... 40 + 4 - 

West Drie. . £ 19 + fr • 

■ Wit .Nigel 51 + 6 

■ --falls ■” 

Glaxo — 7 » 

"GruMUays. HldfiT""" 113 - 5 - 
McBride- (R.) 340 — 10 J. 

Twner and Newall... 182-5 


. . FEATURES 

BriUBh ** y Iranian economy; a mine 

STSSft?. ii.., ; 22 . ~ 4 


Tlte.West loses a battle in 

" the. Horn of Africa ; 23 

Scotsmen set the pace for 

Europe ’£ innovators .' 13 

.foraePs CaMaet rift ^ 3 J 


A body with £40 m. to invest 

in new technology 14 

Investment pays nff for ICI 
Canadian offshoot ......... 30 

Israeli banking defended ... 32 


Canadian 

finance 

Specialist 


FT SURVEYS 

banking 


cars 



. Aapolntmeus 

CmsiMnt .- 

-■ EBtertulnrocnt Cobte 
FT-Adinrics Indite* 
Gardenias . 

•tat - Contra cU ... 

Utters i 

U> . 

Ltmhant 


40 

2D 

20 

40 

a 
oo 
23 
a 1 
36 


Men as Matters » 
Honesr Itefcet __ 
Ruas 1 __ 

suanem 

SUra USermaUm ... 
TOalWS Events „ 

TV and Radio 

Bolt Tracts 
•Vfcwfter 


22 

24 

20 

.« 

4M3 

S 

2# 

41 

U 


ARIRIAL STATEMENTS 

Caniasm Vlsdto 24 

eelrcteosli Construe. 24 

Gee.; Kioto Fie. 29 

Mislead lode. g 

Or Jim Baafc 32 

W. L Pnom 29 


27 

32 

25 


For latest Share Index ’phone 01-246 8026 


Standard Life 
Temple Bar 
Untied Bbatur JT 

gg ^ fTMAnm 

ABSro-TrjwfivMj ink « 
Fairvtao EtosesTT % 

Base Uariins Rata a 









-financial tqcbs vrEDNsssxi •'**** **!? 



Dutch marines 
free Moluccan 
siege hostages 



£ ' 








'■ :J*' • . 


J*' 


f f' .'V-Ct' 




BY CHARLES BATCHS.OR 


AMSTERDAM, March 14. 


MARINES STORMED the provin- people were also, hurt, one 
cial town hall in the northern seriously, in the flight from the 
Dutch town of Assen to-day and building yesterday- and in sub- 
freed "G hostages held by South sequent shooting from windows. 

Moluccas gunmen. J^our of the Th? decision to ' attack the 
hostages .were shgbtly hurt in town ha u wai taken when’ it 
the JO-.mmute rescue operation appeared that the terrorists 
and three South Moluccana were would carry out. their threat to 
taken prisoner. harm the hostages. Justice Minis- 

Tbe Dutch authorities gave the ter Jacob de Ruiter told Parlia- 
order to attack at 2.34 pjn.— 34 m ent immediately after the 
minutes after the expiry of the rescue operation, 
deadline set bv the gunmen for m. <- th 
the release of 21 South Moluccas in thi« aSSaL!? ««« 

serving prison terms for earlier JJ 

terrorist acts. The deadline bad iSi?e*fe?rfiJf ,,0 - 0SI Sl! 

passed without incident but the v2£* * nts m the 

authorities were convinced that P 351 three . urs. 

action to harm the hostages— 15 Telephone conversations be- 
women and 55 men — was immi- tween the occupiers andthe out- 
nent, side world and information given 

- The attack began when two by a young woman released this 

platoons of a “special support morning also showed there were 

unit" of marines ran in through only three gunmen und they 

the main entrance of the build- were only lightly armed. The ~ r . . . ... .. . . . . _ 

ing. They set off explosive authorities at first put the num- ®“ e of ^ e . hostages is reunited with his daughter 0 

charges, apparently to confuse her of occupiers at between four the marine 

and stun the gunmen, and after and six. Finally, telephone con- 

a short burst of firing the opera- tact with the- hostages revealed 

tion was over. that conditions in the town hali hostage the two politicians were community in gener&L 


7 ■:* 

>*' 


BY ADRIAN DICKS 


BONN. Mmh 14. 


’ •AS -WEST Gennwy ft*** * t-Bwlly crefuUy-COBWrfW 
j .relatively MB*""* SSJE ■ KWh' Wuerttemborg * North!! 


Bgaasas^s. a* srrs ■-■as* .■ 

mzstisrnsamm' 


Helmut biggwt 


t™Yw£\* 0 ikT to-niaht with the Khinc-wesipaaiw, « • 


ig^k 

• ■* 3TW TlW 


SB- »«»• » * 

co ' mt ™ n * *• 1 ™$W which I* fcoldkii! 0 Qt“ 

. fiicnnf.. v.-hirh enuld offer of about * prr CTb7.. i. 


HF— 

me- 'A** '■t.*!**?'-*** *4 
.yl- 


' Mmk 


*W^in a dispute which could off * S r ;S, i B n ftS ’ 

I spread- to the rest of the • 

hetfiif. in the south west at mA- Woos. 5o far aside .wag? i 


S&liJH "£!• £££ Of itrikM are a test for the nipfM* • 
ta bMb rt.br and could spread to other retfoS* ■ 
fS™ o”th£5d«£ ^eurt ; irnUftulT waffu to step. ■*»£/ 

’^Sbuch t hf<S«Uorb«an P .«4K«J«* "«>*« 


workers 


IL,S.. »■* J-C-f! KM 




One of the hostages is reunited with his daughter (left) after the lifting pf the seige. Right, oiic of the people injured fn 

the marines. attack is rushed, to a hospital. . 


d^ rt ' fro m the S™** in 

traditional aloofness from Indus- phalla, while negotijrtom itfr 

B&f Sites, it is believed that VSS&' 


ste- s a £dr.£T>- 

[office to bear on .peace efforts in 1 What ia not, bow ever.^at 


« auun uuiat u» turns iuc “h ci «' :r-* ichohu .... . rL«w»intini» tndustrv transferable is the union’s : tnunrr- 

tion was aver. that conditions in the town hali hostage the two politicians were community in gener&L can Commission, the Committee has been repeated by some ^rTT 5 T ^ r inar to in ' North Wuerttemberfi-Nort^ 

The 29-hour occupation of the just before the expiry of the kept apart from the remaining in a. statement to Parliament, for .Moluccan Welfare and the Young Moluccans. We regret .-“Sg!! “2SS' ruied^ outany Baden for job security and wage^ 
town hali, a modern building in deadline were critical. prisoners and ■ were bound to Mr. van -Agt expressed the. Federation of Butch Municinali- that we had to end the occuna. !? e Chancellor nuea uui fnr eneineer-^ 

extensive grounds on The out- Two South Mojuccan media- chairs. Government’s concern . at the ? hL IwediatJon ta*wrlS^3Sctrtl by ration^ 

skirts of Assen. resulted in one tors admitted to the building Prime Minister Dries van Agi, likely impact of- -such -an- inci- ti es platmed forToarsday on the uon in this . way. . . Schmidt, as “GS* 8 *® 41 -Jf® *l&ation Srth‘US-Metait and the 

death. A man who was killed early to-day brought back a mes- who as Justice Minister was dent, coming so- shortly after^ ..Governments Moluccan memo- To-days ..rapid response .journaUsto un °P,j 0n cA ??? n v??; employers 1 see this -as bciira at*' 

In the first minutes of the sage in which the terrorists closely involved In the two pre- previous aitadts, oh relations randum will . go ahead as hostage- taking Indicates. ^ hut did not : e ** l “®[* LJ5f“ e leSS leaS: u imoortant a prwdent 
terrorists’ attack was thrown threatened to shoot two provin- vious incidents, appealed to the between: the South -Moluccans planned,” he said.' -• ever, a- tougher line- i* being direct form of intervenUon. .« waui settlement itself" 

from a window. His body lay cial politicians among the bos- Dutch people to accept that and the Dutch population. “ w e are pleased ar the out- t ^ e P. b / Meanwhile, “wst of %*& Thr iirintincindustry rfiknuie^' 1 

all night in the grounds of the tages if their demands were not the latest attack was the action “We are convinced that the eom „ of th _ ™ eills a Min n adminiht ration. The Duteh taVB| C01]ntr y s daily newspaper pub- . r 1 . ? ljeen KO i nR OT {*- 

town hall with the Moluccans met A hostage would be shot of a small group nr ill-advised policies which we have begun c e of the rracue action, just a j 50 become aware of the strains Ushers ibis morning Imposed a b heller uart of two tears''" 
refusing to let police or an every half hour starting at 2;30 young people and that it was nut must be continued. Discussions as we are shocked and drt- a long seige imposes on the national lock-out on aH theu - o P even 'more'" 

ambulance approach. Four pm., they said. According to one supported by the South Moluccan with the joint Dutch-South Moluc- appointed that such an - attack hostages. ; I printing and production workers, Herr Schmidt mav " 


EEC rate 
of growth 
likely 3% 


French arms agreement with Arabs 


BY ROBERT MAUTHNER PARIS. March 14. 1 

FRANCE TO-DAY signed a negotiation. But General Gam assl ever. Is that Thomspn-CSF and known, as the Arab Military! 

military co-operation and arras and his delegation are due lo Matra will be among the main Industries Organisation —Saudi I 

production agreement with the have more talks to-morrow with contractors for the manufacture Arabia wants part of its capacity! 

four-nation Arab Industries leading French arms raanu- of missiles and electronic equip- based in the Kingdom itself. - j 

Organisation (AIOl. a consortium facturers, including the Dassault- ment at the planned armaments: accordin'' tn sche-l 

erouDine Eeypt Saudi - Arabia. Brefluet-comDanv. -makers of the plants due to be- built -near -the- . t- .JL : : 


BRUSSELS. March 14. 


Switzerland 
may have 
negative 
inflation 


nrlntine and production workers, ^ ukeiy to prove even raDre- 
in retaliation for the “anaihila- intractable. Herr-bchmidt may -, 
tion strikes" against individual well have been advised i ha i he 

mnprs in four cities, which are has little prospect oT brincinv, * 
papers, in rour uin. umirtv anfrn • 


3 per cent, in real, or price The agreement, described by Company and Aerospatiale. Saudi arms industry complex is g g L e V u ^., f ^? lt ^“| l Tjnd^rTh^ ! 

adjusted, terms instead of 3.o per French officials as providing “the which produces military beli- to be centred on a new city .3ff_ i! 1 

cent, projected a month ago. framework” for future co-opera- copters. . designed for a population of i“ e 7~_„ i 

acco Sii5- s A 0 lat ® st . asse ‘ sments of | ti° n between France and the France -which has already sold ino 0410 tn bp nPar y cor !“ ntrate . on tbe i 

■ C Gom ™ tssi fi l - h«i Al0 ' was broadly similar to the a subsiamial number' of Mwaue 

This, sources saI J- r Vl °”l? h JJJ one concluded by Britain with warplanes. . helicopters- and 

communicated to the same organisation last missile lo Egypt- is competing 

when their economics and ^J ance December. It was signed on with Britain for the sale ot a 

mmisters meet next Monday. beha)f of the A j 0 b> . General trainer-ground attack aircraft' to 

M.. Francois i Xavier Ortoli. the Abdel Gani Garaassi. the the AIO. It is not yet clear 

&onomira and Finance Commte- Egypt[an Deputy Premier and whether the British Hawk or the 


John Wicks '■ 

ZURICH. March 14. 


S1VITZERJLVN D may be head- 


1 Sw S heir third week. the two Utterly anftrj sides.; 

. - • in the engineering industry. jjMW where »« « » WJ.* 

some 65.000 workers in the North JJJJ. H - e " t i5 Sef hp S ln * ; !t P .. 

; . Wuerttemberg-North Baden 
i-aoinn iri> hpina called out on independent Federal Labour 
Hffir from SiSht VSiRh? filled over tbe week-end. - 

union. IG-Metall, has A t issue are the terras under 1 ... 
selected 60 plants. In the region, ‘which skilied printers kte to be. n 
: : centred around Stuttgart, for employed under the new elec-* 

- immediate action, including trornc type-setting and composing . 

factories belonging to Daimler- technology which newspapers and • 

•' Bena, Porsche. Robert Bosch; and some general printers want to.. 

; Standard Elqktrik Lorenz.. introduce. , 

’ Despite the coincidence of tbe The Pjuitera union. IG-Druc^, 
printing lock-outs and the metal wants, the jobs of C0 P^ ; 

i" industry strikes, the two disputes and composing P®£®s lo be 


m. ^ 


Economics and Finance Commis- - n Seoutv Preifcr and Lhnthi th« Rriluh nf l surface missiles,- ^gether with 'master plan' Tor the A1 Kharj! s i nc0 ta st August. The cost- : 

sioner. will inform ministers rhai Defence Minister who earlier LS».-^ DCklted radfU ' electronics, pity covering - housing. : civic! of-IMng inder for fast monlb f- * 11 v A j f ^ 

the real GNP growth inl977 fel! l0 Syhad"aSs with President by ? ©SJ5u-Bi^St at ^ «mplex..yhicb 3 meniijex ^and j - transport? was I.I per cent, up ever T/OC3.I DOllS iGSl SOOI1 IOF 

short of the antlripated 2.4 per ' SperaSS? GerSin^ ******* na*«tfrru«r- system/ Thr-flrm-of architects February. 1977. * Vi 


cent, and was. most 'likely. 1.9 per W ^ y .““^ e|It did not Dornle^V^'vlln^this particufa? in Arabic), according to reliable has, however, denied all know-! w ^economic : study prepjired Ti 1- ^ PAtrAimmmvf 

M \Le„r« tiirAn hv several include -an* specific arms con- battle. - reports. As,sM* b^faa^.oliare- ledge of wbat.the purpose of | by Credft Suisse aLso states 11^)11311 CTOVGmillGlir 

member states to Stimulate their tracts, w^h , are still under What is virtually certain, how- boldW ' in AS^tra^ly Lhe industrial complex will be. JfThe f “sS "Sant ‘ • V 

economies this year will not be /-■■■ .J -ir'; 11 1 exchange rate,- together with ^ BY DOMINICK J. COYLE ROME, March 14., . 

“ fHS 11 * ; *rvp tiSi i-^Al ICTArC Afl AVAr AlAPfinil hllinrl A1*C Tenl cuts brought about by the- 1 ITALY’S NEW minority widely representative in both geo- 

0* p t wL ministers ie^ly^o A Olio ICi O UU/i/lvll U V Cl ClCCUUll UlUllllCI »3 deelluc in mortgage, rates^ j Christian Democrat iDCl Govern- graphical and . party political 

year, tbe ministers are iikeiyt o Mr v. . could lead to a - real fall " ment. will face an Important terms, will be an. important. 

is needed to ri^uce BY DAVID WHITE : AR1S. March 14. In (he country’s eost&r living, test oF public -opinion in local barometer of bow DC and PCI-. 

10 -THE FRENCH cb angC d their Tim I, not ,he Srs. time .het talshfd with 23.5 Per cent end In Le Fi|ar» during the The eludy po l.tf ee. tot lelpettone which here to set 

The Commission anticipates a minds." This was the limp res- pollsters have been wrong. Harry the Socialists-Radical group with campaign, said that the change a confidence vote this week- in agreeing on tfis latest national 

jobless rate for 1978 averaging ponse of the director of one of Truman gave the lie to the Gal- 24,6. NL Francois . Mitterrand, was “ probably ... a consequence P pr . ce , nL . ,ast >onth. aljer | A coiffidencevo^ mis week in agreeing on tws latesvjutionai 

5.6 per cent, compared with 5.4 the handful of organisations lup polls by reaching the White Ihe Socialist leader, although of the.last-minufe intervenuon of l "“■“*"!* . “Mfered at the ! SJilSrtra&n^toMMnSd in Pm- indications are that- traditional' 

percent in 1977. AP-DJ which over the last few months House in 1948. and the Conserve giveu a hefty 4 per cent, increase the President of the Republic." | Dumber Jevqf in jrammry. t ; ■ f ™ m stran on Is .m^inuoiu 

have bombaj-ded France with tives took over 9 per cent, more on the party’s previous voting referring to M. Valery Giscard experts them to decline this ; formnll which ties 5r from haopy w Rh the 

Owen in Cihraltar opinion polls. On Sunday the than expected in the 1970 general score. -was left musing over what d Estaing’s appeal .to tbe French spring in the wake or the fall- Go ierSjSen t to be compromise- Christmn W Demo- 

uwen in Uioraitar poilfi w ^ ch were bannea for electinn - in lhe UJC. But France had -happened to the -predicted people’s “good sense " Qn Satur- mg' wholesale prices. »»°wed crats S25' it a?an SWolrome- 

talks with Spanish the last week before the first still has every reason to ask itself 4 or 5 extra percentage peinte.. -- day evening. This Ik seen l as possibly lead- JJ e tffSeaSS advance Tor * the C omhiunisL^ 

BvOur Own Cor reload vnt round parliamentary' ejection, wfaaf ha ppeifed. The puzzle is greater since the The Centrist parties, which decllnein the cost- maiorkv andPCI backera believinc h^t 

By rTRRTrTAR Xrch 14 were proved wrong. All the polls rame close to tbe last soundings of public opinion, rally to .tbe - president’s own I f 1 ! vul « ,udes on an .annual Parliamentary majority thei ir pa rty leaders have finalfv 

GIBRALTAR. March . As coaunen t a t ors throughout target on how manv would vote nnt published because of the banner certainly did rather! basis in. one or the coming Hence, the Andreotli Admlni- lost their revolution a r\- smni 

TYD TliVin Oivan the Rntwli u n — ] ,.i..h.u> larger Oil now mail. U Q O c -a- Kan Ik-..,.! n... j:j I mnnthi Cnmurhinp u-hli-h hn« i ctntinn ic ovriM>n>i4 In' *V, J nnnA. Uieir rev UlUllOlldr. Splnl,. 


Over 


blunders 


An economic study prepared rr . • jr>{ j •* 

new .Italian. Government s 

elation of the Swiss franc i a ' 

exchange rate, together with 1 *' BY DOMINICK F COYLE ROME, March 14... 

rent cuts hrooght about by the-’ • ITALY’S NEW minority widely representative in both goo* 
decline in mortgage - rates. [ Christian Democrat (DCl Govern- graphical and - party political 
could lead to a ” real faff ” ment. will face an important terms, will be an. important-* 
In (he country's eosuof living, {test of public 'opinion in local barometer of bow DC and PCI-. 


: ARiS. March 14 in (he country’s cosuof living, ‘test of public 'opinion in local Barometer or now DC and PGI-. 
Fi°aro during the The slu <*y Points oot that elections which have been set supporters view the controversial . 
»3dU>at the S ehai2S consumer prices itee only 0.1 TforMay 14. ’ ■ u decision, of the party leaderships’ 


Owen in Gibraltar 
talks with Spanish 


By Our Own Correspondent 

GIBRALTAR. March 14. 


allowed the Government to be compromise: Christian . Demo--. 
forraed is for the Comraunist crats seeing it as an unwclcom? - 
■Parly (PClUo enter the so-called advance for the CommunisL< ; 
Parliamentary majority. and PCI backers believing that’ 


DR- DAVID Owen, tbe British the French Press and television LJU. Communists." the Gaul lists Government’s pre-election ban, better than forecast-. But so did mo uths^-somc thing which has stration is expected in the confi- JJJ f “ eir auanttflable ' Doliucai " 
Foreign Secretary, and h»s «vrr. a rkPri the «or m ewDi munisis.^inc uaui usis t h . e th T .^ whiph not been recorded In Switzer- dence -motion, to eniov the “»®“ r no 9»* aDI w aDl e Political,. 


Foreign Secretary, and hisjhave remarked, the pollsters are w ;th a sHeIk under-estima- appear to have shown an even tbe extreme Left, which won 3.3 not to*** 1 recorded In Switzer- I dence -motion, to enjoy the gains 
Spanish counterpart Sr. | the only group which lost on t v, e centrists Where thev > ar 8 er swing to the Sbcialisls. per cent, after being given 2 per Jand r ° r over a generation. largest parliamentary majority 
Marcelino Oreja will be in Paris Sunday. all 'went adrift was in the "At one point, according to one cent, in most of the polls, while For 19*8 as a whole, obscr- of any post-war Government A The local elections were to.- 

to-morrow for talks on Gibraltar. With remarkable consis- Soriaiist wnt« pxnertpri tn be the report, the Socialists and Radi- the Ecologist movement fell vers are starting to reckon similar endorsement in the have been held towards the end 
Sir Joshua Hassan. the Chief tenecy. poll samples bad comi ftn i v nn ^ tn a nnarter r.r cals were given over 30 per cent, short of the expected 3 or 4 per with overall inflation of less Senate' Is likely before Easter. or last year, but the main parties . 

Mf aister of Gibraltar, and Mr. up with a 5 to 6 per cent fuj* “■ e C * Quarier ot Ieayin£ ^ ^ pototi clear Mnt , tHa,, j per cent., what the electorate thinks of ™? n ®S^ d t0 n*SOtiate a compro- 

Maurice Xiberras the leader nf majority for lhe combined 1 * after the first round. ’. The upshot of the ballot has While the Swiss authorities th e new political formula, and, 2i s A 

the Opposition, will also take parties of the Left, a good way The director_of^ the^po.Iling raised rerioug questions, not only* ■« traditionally very keen to jj n particular, the degree of rank- . n0 r j?° e ri p f rt - t " a " te , (1 l ° 


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L 







“ 15 “ 1378 


EUROPEAN NEWS 



relations relaxed 

summit 


*Y DAVID TOfKSfi ' 

MOOD after tbet GreeJc- 
rurkish summit -haa been - so ! 
relaxed that it is difficult to' 
remember how bard it had been 
for Hhe two countries' Prime 
Ministers to meet. But even 
hough * that first step has been 
afcen, those to follow may prove 
ess easy. 

What Mr. .Bulent Ecevit,. .the 
Turkish Prime Minister, calk the 

'psychoVogicat-. problems'" Save 
>een largely overcome. . He and 
ns Greek counterpart, Mr. 
Constantine KaramanKs, .have 
•ctabiisbed a good - personal 
■elatiqnship, which' is the more 
naportant given the • welter of 
aotual i ocompretoensron ■ which 
hwides Athens from Ankar a. 
Selecting this. since -the 
ftwtreux summit, the Press in 
MBiens at least has put less. 
*e*«i6 than before on 
cop taea aea towards Mr. Eeevrfs 
tegfees. 

Mr. ShwhmuMj s*M faces 
at ho me, with 
leaders qw stibntog 
be might’" be proposing 
Zurich.’’ a reference to 


order to assess ite sincerity in 
the pother, tbe- tendency is for 
them to separate' the problems. 

The next concrete step is to 
be a meeting of high-level dele- 
gations, in two. ta three weeks, 
according to Mr. Ecevit. This is 
likely to ■ concentrate on various 
disagreements -centred upon the 


- 1 v - 


- .hie treaty on signed by 

-if. K a muna nfes wbscb was con- 
jpieeed by his oppooeo-te as an 
'•:|»ndoMtt en t of national 
.- ■ te a n ets.' But. he has attainted 
laqfeMfr:praise*for bding prepared. 
. o take .personal risks in order to 
. fcht for causes he- believes just.. 

With' both leaders stressing 
«w they explained their con- 
e^ns tp each other,- the general 
", .Kpeetation is that they will be 
. nore cautions about moves the 
4fcer might consider *Vro- 
ocative." The Greek’s particular 
. ear was that the Turks might 
. ave sought to resume exploration 
or oil in the. disputed areas of 
he.Aegean. But now they believe 
bat the “spirit of Montreux" is 
ikely to be as important in 
efusin? tensions between the 
mo countries as was the.. Berne 
igreemeht of November, 1976. 

The two countries have con- 
ic ting interests, in that Greece 
lands to gain from a mainte- 
ance of the status quo in the 
• legean while Turkey, is favoured 
v the present division .of Cyprus, 
lowqper, even if both tend to 
idge the way their opponents 
pproach the one problem in 



Mr. Bulent Ecevit 

-Aegean. . Both sides consider this 
the major issue of the moment. 

Mr. Ecevit says he. raised at 
the summit his worries about 
Greece’s fortification of its 
islands. Also at'issue is how the 
two countries should, divide the 
continental shelf With itsposslble 
oil and the airspate. . • Tarkey 
argues that if Greece were to 
extend its territorial waters from 
six to 12 miles,' this would effec- 
tively cut off Turkey ; from 
access to the Aegean and. would 
thus be considered an act of war. 

The two sides have long been 
locked in clearly defined posi- 
tions and what remains to be 
seen is whether the Tnrks- might 
be prepared to consider the idea 
of going to general arbitration — 
the . procedure favoured by Mr. 
Karamanlis and used byTBritain 


and France to resolve their dis- 
pute in the Channel. 

The. first test of the summit 
was to have been the proposals 
on Cyprus which the Turkish 
Cypriots virtually have ready 
for submission to Dr. Kurt 
Waldheim. • the- United Nations 
Secretary - General. General 
Semih . - San car, the outgoing 
Turkish chief of staff, has just 
indicated that the Turkish side 
may be prepared to relinquish 
more territory than was generally 
believed following the sudden 
Hare-up in Turkish-U.S. relations 
during the Montreaux meeting. 
Mr. Ecevit has said they must 
decide whether they should delay 
their proposals, since the Greek 
Cypriots might be tempted to 
reject any suggestions merely to 
ensure the continuation of the 
U.S. arms embargo on Turkey. 

The U.S. Administration has 
since sought" to AHay Turkish 
fears that it was linking -lifting 
of the arms embargo to progress 
on Cyprus, but Mr. Ecevjfs atti- 
tude remains dose to that which 
he expressed in - Montreanx. 
Asked what the U.S. could do, 
he replied, quoting Diogenes: 
“Stand a little less between me 
and the sun.’*. «. 

Long discreetly supported by 
the U.S., Mr. Ecevit thus now 
finds himself ‘ articulating the 
deep-seated resentment in 
Turkey at recent Washington 
policy towards an ally, in 
January. Mr. Cyrus Vance, the 
U.S. Secretary of State,-- visited 
Turkey,- and last month a senior 
States Department delegation 
was in Ankara trying to ease the 
way towards a reopening of the 
important U.S. communications 
stations dosed since 1975. The 
Turks have made it clear that 
there can be no progress in this 
until the U.S. Congress passes 
the four-year defence co-opera- 
tion agreement signed in March 
1976. • 

The Administration's hesitation 
over presenting this comes -in 
part from a desire not to open 
one more potential battle with 
Congress. But in the present 
mood of Turkey, Jack of pro- 
gress over this issue could freeze 
the whole process of settling the 
troubles on NATO’s south 
eastern flank. 


Madrid metalworkers strike 


BY ROBERT GRAHAM 

METALWORKERS JN the 
ladrid region went on strike 
Hiav for the third time since 
11%: f».v! V f Is n beginning of J«nwy in 
) I N { L V * V,: .'..rotest tfver the failiix£ :of,negflK 
atlons for a collective pay agree- 

- 4 X \ 1 ' f* V; l The strike- cqmmittee Claimed 
V * f f V . — ‘•■■jat a high percentage of the 
ro.000 workers in the sector, had 
>-.■» ’bserved the strike. 

The action by tbe metalworkers 
of particular significance since 
lev are considered to be the: 
in guard of >Spaln's trades union 
•ovement. This is the sector 
tat enjoys the highest degree 
.'-unionisation and is the most 
c-perienced in industrial action. - 
The metalworkers organised 
e largest number of illegal 
rlkes under General Franco 
id its members suffered' the 
ghest number of sackings for. 
cgal union activity. 

While other sectors and tndlvl- 
:al com pam es have readied pay 
reenients for 1978 along 
• ivernment guidelines, and wtth 
!y limited industrial laction, 

? metalworkers have- adopted 


a tough stance. They have also 
displayed a degree of unity 
among the various unions which 
■has so .far been 1 absent from 
other -sefcfors 'in the 11 months 
of legalised union activity in 
Spain. The two most prominent 
.-unions, »•?!?.* iflte * CopmAijlst- 
controlled Confederation - ‘of 
Workers and the. Socialist- 
oriented UGT. 

. The metal workers, .who effec- 
tively cover the engineering 
sector, are demanding a mini- 
mum monthly. wage of Ptas.27,000 
plus a Ptas.S.700 across-the-board 
Increase. 

The sticking point has been not 
so much this wage demand but 
tbe more general platform which 
the metalworkers are seeking for 
the new agreement They a re ask- 
ing fora maximum of 1,954 hours’ 
work a year and, more import- 
antly, freedom of union action 
within the factories, complete 
labour amnesty, and the right to 
greater control over the running 
of the plants. 

This- is the broadest platform of 


MADRID, March 14. 

demands for any new pay agree- 
ment in Spain: The metalworkers 
have copied their compatriot 
union in Italy in insisting that, 
at a time of economic crisis, wage 
demands should, not be the sole 
^urea of a new pay agreement. 

' : Indeed, the 22 per cent 
Government wage ceiling far 
197S has been accepted as an 
overall guideline. The strike 
committee insists that it 
important to test the will ef 
Government and management to 
accord' full trade unions rights 
. So far, the latter . have 
appeared- reluctant to implement 
the spirit of the Moncloa pacts 
— agreed last October between 
the Government and the major 
opposition parties — regarding 
the introduction of democracy 
to management , and v labour 
relations. The Government has 
permitted the holding of union 
elections for works councils but 
has spread out these elections to 
avoid the impact of them being 
held close together so giving the 
impression of increased union 
power. 





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From 20th. J&agh,aU Barclaycar d holders will be able to 

obtain Cash AdVatfrrsup to the equivalent of XlOO a day in local 

currency at any bank outside the British Isles which is pit of the 
intemarioi ml VISAjaetwork. ■ ' 

Within the British Isles, the present Cash Advance limit is 
£30 at any one time. 

A charge of 2 i will lie added to the amount of each Cash. 

Advance ana the total includpdonj’ourBardaycard statement. 

New cheque encashment arrangements 
for Barclays customers. ; 

Eurocheque Banks. . - ,~ 

From 1st May 1978,a Barclaycard will no longer be 
acceptable to support the «icashrnenr of cheques at banks outside 
the British Isles which display the Euroch tque symbol 

' Customers wishing to cash Barclays chequcsii* continental 
Europe -will need a Barclays Eurocheque Encashment Card. 

The Emit will be £50 per’cncashment. 

■ No charge will be made for this card but the overseas 
bank will deduct a service charge atthetime ofeachencaslmieiit. 
Full dccailsand application forms will be availablcdrom ' 

^J,(lch Aprilac United KingdomBtanchcs of the Barclays Group. 

. . f^ 3 ^encashmej»tqrijmgmnc;iicxwtJmi the British- 
Isles remainlm<^iffcd.Prcscht \-ourj3ard aycardwith vour 
Barclay s cheque book at almost any hank amfvou raav draw n p to 

‘ •.Oversetis'Branches oftheBarelays Group. 

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Barclayr artUs'c vidcnccof iden ri iyat any Branch of the Barclay 

boh^r up to£50. 

.Thet^^dntt^itofctehriTatmayliedraWTLbyi - 

(jrdhbliicF, either by wav of cheques or Cash Advances, on aoy 

- oftc iouniey abroad wiH hc 1 united. to £500 or its equivalent hi 

. . Jifcd cutr.chp.-.This is in addition to die normal tTave! allowance.- 
' ; For : n^te Jccaik of these .. . ' ' 

'"services please' enquire ar vour local 
BarciaysBranch. 

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Barclays Baiiklntcmarional Ltd^ 

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iqgq 123 H5b 189 


THE MIDDLE EAST 


Help for 
N.Yemen ;. 
budget 

JEDDAH, March U. 
SAUDI: ARABIA Is to contri- 
bute gr&Am. to .the North 
Yemeni ' budget this financial 
year, according to a joint state- 
ment issued In Riyadh yester- 
day at tire dose of the two-day 
session of the Saudi-Yemeni 
Joint Commission. - 

Saudi Arabia will, also 
provide Sanaa with' 5O,0to -ton&' 
of oil and the Saudi Develop- 
ment Fund will commit more - 
than $80m. for various water,: 
sewage and power projects. In. 
Sanaa and Txiz..: 

Reviewing ..-progress on 
Yemeni development projects, 
wholly or partly Sand! -financed, 
the statement noted that 39 out 

of 64 educational schemes had 
bear, - completed. These 
included the ■ building, of 
schools, teacher .training, col- 
leges and an orphanage in 
Sanaa. Fifteen- more schools . 
were .approved ; by .the Joint 
Commission. -* . 

.• The Saudi Defence Minister, 
Prince Sultan, said yesterday 
that Saudi Arabia rejected any 
unilateral compromise in - the 
pricing of oil' and -stressed his 
government’s ' adherence to 
OPEC resolutions. 

Sultan was quoted in Al- 
Jazfza newspaper, in reply to 

a question ever reported 
claims by UiS. Congress 
sources that . Saudi Arabia 
would be less co-operative if 
Congress blocked the sale of 
60 F15 fighter-bombers to the 
kingdom. 

• The Kuwaiti Finance Mini- 
ster. Sheikh Abdul Rahman A1 
Atlqi, disassociated . tbe Gulf 
countries from a retent -state- 
ment by the OPEC secretary. 
General All Jaidah, which 
suggested that the '13 members 
of the organisation were run-; 
ning up losses equivalent to 
$14bn. a year because of the 
dollar’s shrinking purchasing 
power. 

Speaking to the newspaper 
A1 Riyadh. Atlqi said that for. 
Gulf countries losses in oil 
revenue were far less and were 
only felt when dollar revenues 
were converted into another 
currency. 


THE BLOODY Palestinian raid 
on .Saturday postponed the visit 
to- Washington Of Mr. Menahem 
Begin, the Prime Minister, for 
a" week.; But ‘it has not altered 
-the crucial nature of the visit, 
nr: the need 40 restore unity to 
the 1 Israeli Cabinet ante . he 
returns horned .- ' ' 

' The Cabinet is united in ite 
revulsion aid anger over the 
tertyris& -Attack, but such events 
are.fiot-new and in a way are 
accepted as part of the price the 
people- have to pay for statehood. 
All - nriimters agree that Israel 
.will /have to respond, in a manner 
and: at- a - time and a ‘place of 
Israel's., choosing. This too has 
become part of the patters of 
violence in the region. 

. Prime. Minister will use the 

raid ' to-- ‘reinforce his. argument 
agaiost fbe creation of a Pales- 
ttatan state on the ."West Bank 
add' Gaza Strip. But otherwise 
the/ events will -not change the. 
bas?C 'issue of how to -react and 
survive.. President Sadat’s 
dramatic peace Initiative wi&out 
doing irreparable damage to 
ekbhr, Israel’s security, or' its 
•reputation abroad. 

.. The. elation engendered ; by the 
visit ' of.. President Sadat to Jeru- 
salem has been dissipated' by ifl- 
direefed settiement activity hud 
a vaSter^of petty legalistic argu- 
ments". The Egyptian _ leader’s 
.effort- forced Israel -to look hard 
and. Ions at what Abba Eban 
described as the essential debate 
Of Zionism and Israeli diplomacy 
over toe past four decades: the 
choice between striving to control 
all pf the biblical land of Israel, 
or a«epting partition .of the land 
as the'. Drice for modem state- 
hood and peace. 

As. the leader and conscience 
of r, those who believe in the 
greater land of Israel, Mr. Begin 
has .. heed wrestling with this 
problem since the moment Presi- 
dent -Sadat made his gesture. At 
first-Mr. Bggin appeared will- 
ing'to compromise. His offer to 
return 'all of Sinai to Egypt and 
to Institute self-rule for the Arab 
residents of the West Bank and 
the Gaia Strip gave the impres- 
sion, of flexibility. 

As the months slipped by, how- 
ever,’ it. became clear that he had. 
noviritention of relinquishing an' 
inch of the West Bank to -foreign 
soyereigty or dismantling any 
settiement bnilt on Arab land. 

The' territorial - maximalists 
have "always been a minority 
among toe Israelis. That is one of 
the main reasons why Mr. Begin 
lost eight elections in a row 
before his surprise victory at 


ISRAEL’S CABINET RIFTS 


Mr. Begin plans 
to restore order 

BY DAVID LENNON IN TEL AVIV . 


the polls- last year when Likud 
Capitalised on the disintegration 
of .the. Labour party and at the 
same time focussed almost ex- 
clusively on domestic problems. 

The country was initially de- 
lighted with Mr. . Begin's 
apparently firm leadership and 
deeming ability to -charm foreign 
leaders. Now the Cabinet Is' split, 
with Ministers contradicting 
each other and sometimes even 
themselves. Western leaders, 
especially President Carter, are 
disenchanted with Mr.- Begin, 
and growing numbers of Israelis 
axe perplexed by their Govern- 
ment's performance on both 
domestic and foreign fronts and 
are apprehensive ' about the 
future. 

- The collapse of • . President 
Sadat’s initiative is tbe greatest 
cause of unease. The fact that 
an American diplomat, has to 
shuttle back - and forth between 
Israel and Arab capitals is the 
clearest indication that some- 
thing has gone very wrong. The 
erosion of Americas support for 
Israel serves to reinforce the 
feeling that the Government has 
mishandled the negotiations. 

On the issue of Jewish settle- 
ments. Mr. Begin and most if 
not all members of bis cabinet 
favour their establishment. So 
do most of the opposition parties, 
and the majority of the Jewish 
population. But there is a grow- 
ing feeling in all these sectors 
that it would be wiser to re- 
strain such activity while 
genuine peace negotiations are 
in progress. 

It is this that led to the rift 
within the Cabinet and the 
threat to resign of Mr. Ezer 
Weizman, the Defence Minister. 
It also amused the Labour party 
leaders from their post-defeat 
depression to launch a series of 
sharp attacks on the govern- 
ment’s policy. 

The economy is also -a source 
of unease. The Likud came to 
power with promises to reduce 
inflation and deficit financing. A 


40 per cent- plus devaluation and 
a cut in subsidies on basic com- 
modities gave inflation a massive 
boot- This in turn led to o 
missive wage demand and a rash 
of strikes in the public sector. 

Deficit financing, instead of 
being curbed, is running at a 
higher level than ever. Over 
£llbn. is being pumped into the 
economy each month, adding tn 
inflation. Promises to sell off 
government companies have pro- 
duced no concrete proposals, and 
thus no sales. 

When the Prime Minister 
admitted recently that his 
government was “ in a mess.” he 
was acknowledging tbe disarray 
within his Cabinet. The Likud 
Government won respect in its 
first months in office for its clear 
unity under firm leadership — It 
was a relief for a public sick and 
tired of squabbling ministers and 
weak and dreary leadership 
under the previous Rabin 
Government. 

The explosion into the open of 
the Likud. Government's internal 
fight about settlement policy 
thus came as a shock. It was the 
deceptive unity of the Govern- 
ment and the prominence of the 
man involved which gave Mr. 
Weizm an’s threat to resign such 
impact He had entered govern- 
ment with a reputation as a 
gregarious and flamboyant politi- 
cal lightweight 

By carefully keeping out of 
the public eye and refraining 
from public statements, Mr. 
Weizman began to build up a 
new image as a serious and hard 
working minister. When Presi- 
dent Sadat singled him out for 
special attention, tills thrust, him 
back into the public eye, as one 
of the most serious members of 
the CabineL 

This had also created a unique 
situation in Israeli politics. 
Traditionally when people com- 
plained about the various Prime 
Ministers, the standard response 
was: “ Yes, but who else is 
there? "With Mr. Weizman ’s rise 



Mr. Menahem Begin 

to political prominence, the possi- 
bility arose that If aod when Mr. 
Begin's health or diplomatic 
difficulties forced him to step 
aside, a younger successor might 
be available. 

Regardless of the public words 
which will be spoken after the 
meetings next week between the 
Americans and Israeli leaders in 
Washington. Israel will come 
under increasing pressure to 
adopt 3 more flexible stance in 
the peace negotiations. But there 
is a serious doubt that the Likud 
Government, as currently led and 
constituted, can adjust to the 
realities of the new situation. 

Mr. Begin has promised to 
restore order to his Cabinet 
when he returns from Washing- 
ton — meaning he will have finally 
tu make a long-postponed 
decision. If his belief prevails 
that Jews must control all land 
between the Jordan river and 
sea. it will he a victory Tor the 
Cabinet members who believe in 
expansion at any price. And a 
triumph for the Minister or 
Agriculture. Mr. Ariel Sharon. It 
will also mean the restoration of 
his undisputed Cabinet "leader- 
ship, provided he can carry it 
out without numerous resigna- 
tions. 

Mr. Begin will, on the other 
hand, be aware that if he does 
adopt such a policy, he will be 
forfeiting the lingering vestiges 
of Western and especially 
American support for Israel's 
foreign policy. 



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4 


Financial times Wednesday march is 


OVERSEAS NEWS 



India’s new growth plan 
faces farmers’ criticism 


BYK.K. SHARK A 

THE -ROLLING plan" for 
India's economic development in 
.the next five years involves an 
investment of rupees I,i6Sbn. 
(about £73biL) in a Ud to 
achieve a 4.7 per cent, annual 
growth rate of the economy. 

The plan which will be pre- 
sented to the National Develop- 
ment Council over the weekend, 
hopes to lay the basis for a 5.5 
per cent, annual growth rate in 
the next five years. 

The growth rate hoped for 4s 
.higher than the average of 3-5 
per cent, achieved since India 
took to planned development 
more than 25 years ago. but it is 

much lower than the 7 per cent, 
stipulated by the Janata Party 
^in its economic policy document 
adopted about six months ago. 
'The plan thus faces trouble 
within the parly. 

The main point expected to be 


NEW. DELHI March' 14. 

attacked is the relatively low Food production is expected 
priority given to ' rural and to increase from 121m. tonnes in 
agricultural development, as 1977-78 to 141m. tonnes after five 
conceived by the farmers' lobby years while oilseeds output is to 
in the party. This unofficial increase from 9 An. to 11.2m. 
group is led by- such key men as"and on cotton from 6.43m. bales 
Mr. Charas Singh, the Home to $.15m. hales. 

Min ister, who has already The annual growth rate for 
severely criticised the recent agriculture is estimated at just 
budget and the annual plan for under 4 per cent, while for 
1973-73 for much the same industry and minerals it is placed 
reason. at 7 per cent 

However, the planning c mamas- The plan envisages that con- 

sion, which expects to publish the sumption levels will rise at the 
“ rolling plan " document after rate of 2.2 per cent annually in 
the meeting of the National the next five years and 3J2 per 
Development Council, feels that cent, in the subsequent five-year 
It has finalised a realistic period, 
development strategy that aims • Mr. Blju Pat n a i k, India's 
at giving effect to the Janata Minister of Steel, to-day sought 
Party’s policies. For example, coking coal supplies from Britain, 
the outlay on agriculture in the broadening the bilateral steel 
“rolling plan" will be 43 per and mining links. The proposal 
cent, as compared to 37 per cent, was made to Mr. Edmund Dell, 
in the fifth plan which will be Secretary of State for Trade, who 
terminated a year ahead of Is said to have responded favour- 
schedule oo 'March 31. ably 'to the proposal- 



Pakistan debts agreement 


BY OUR OWN CORRESPONDENT 


DONOR nations of the World 
Bank- aid tn Pakistan consortium 
are understood to have agreed 
to reschedule Pakistan's debts to 
.ease its repayments burden from 
the next fiscal year 'which starts 
nn July 1. A formal announce- 
ment is expected soon. 

It became necessary for Pakis- 
tan to negotiate repayments due 
to consortium members because 
the country's debt liability next 
-year could otherwise jump sub- 
stantially. This year. Pakistan 
owes SaOOm. in principal and 
interest, in the next financial 
year, this could easily rise to 


KARACHI. March 14. 
* 6 Q 0 iu.. which is equivalent to 
nearly half of the country's cur- 
rent export level. 

Interest payments alone could 
account for S30flra. 

In assessing ‘the balance of 
payments pbsiiion.'of some cheer 
to the Government are the 
encouraging wheat and cotton 
crops this year and a consider- 
able increase in -the rice crop. 

Nevertheless, Pakistan's heavy- 
debt servicing commitment and 
Its still deteriorating balance of 
payments puts it in the category 
of the “ most seriously affected ” 
nations. 


Gang of Four 
victims cleared 

PEKING. March 14. 
MORE THAN 10JKK) Shanghai 
[ people who fell victim bo the 
extremist Gang of Four have 
been rehabilitated. 

The official New China news 
agency said they had been 
rehabilitated by the Shanghai 
municipal committee of the Com- 
munist Party as part of the 
policy “to expose and criticise 
the Gang’s wrong doings.” 

Some of those rehabilitated 
were among deputies to the 
recent meeting of the country’s 
Parliament 
Reuter 


S. Africa job barrier attacked 


BY QUENTIN PEEL 

ENGINEERING INDUSTRY em- 
ployers in South Africa have 
presented an ultimatum to trade 
union leaders representing some 
100.000 white coloured, and Asian 
workers, to abandon racial' 'job 
reservation in the industiy. 

The. issue of job reservation., 
which is written into the indus- 
try's annual wages agreement, 
and prevents black workers from 
doing skilled artisan jobs; as well 
as restricting their access to 
semi-skilled jobs, is expected to 
be zhe key bargaining point in 
the wage negotiations which 
began to-day. 

But In return for any relaxa- 
tion. the unions are demanding 
big increases in minimum pay 


rales, to protect their members, 
rhe union leaders say. from 
-being undercut by- cheap black 
labour. '• > *^1 :*• 

: The call -tq. scrap job reserva- 
tion has corn* from the Steel and 
Engineering; Industries Federa- 
■tion f SEIFS A.), ode of the South 
African organisations which 
pledged themselves to seek an 
end to racial discrimination at 
work in a South African code of 
employment practice drawn, up 
last December. 

SEIFSA is calling for full 
access for block labour in all 
employment categories, in an 
industry which employs some 
400.000 blacks in unskilled and 
semi-skilled jobs. 


JOHANNESBURG. March 14. 

The union leaders fear, how- 
ever. that scrapping job protec- 
tion for the-, minority- groups 
may simply be used - by ' em : 
ployers to hire cheap labour. 
Their wage claim would there- 
fore substantially increase mini- 
mum wages, by- between and 
46 per cent, although 1 the 
across-the board Increase would 
be more like 8 to 13 per cent 

They argue minimum wages 
must be increased to the actual 
level of earnings of the lowest 
paid, which is considerably 
more, to prevent the use of 
cheap labour. 

Negotiations are expected to 
last for several months, with the 
new wage deal due to begin on 
July 1. 


Yen rises 
despite 
dollar 
support 

By Charles Smit h 

TOKYO, March 14. 

-SCEPTICISM ABOUT the 
effectiveness of the new dollar 
- support system announced on 
Monday by .the VJS. and West 
Germany produced another run 
on the dollar ‘on the Tokyo 
foreign exchange market 
to-day. The yen as a result 
was poshed up to yet another 
peak, of $1=Y233.0. 

It readied this level despite 
continued active Intervention 
by the Bank of Japan (believed 
to have bought SELOOm. oot of 
the 8481m. which changed 
hands during the day). Foreign 
exchange traders appeared 
certain that the rate would 
continue to climb perhaps 
reaching the level of Y230 to 
the dollar around the middle 
of next week. ■ 

If the Y220 rate is reached 
In the near future, the Bank of 
Japan appears likely to inter- 
vene on a more massive scale 
than it is doing at present 
perhaps attempting to repeat 
the temporary holding opera- 
tion performed when the yen 
reached the .240 level some 
weeks ago. ' r ' 

Such intervention 'might con- 
ceivably involve-, the acquisi- 
tion by'the Bank of up to Slbn. 
on a 'single-' day's trading 
although it is obviously un- 
likely that this eduld be main- 
tained for any length of time. 

- A rise- towards. the 230 level 
;wi!! glso hasten the hank 
'rate cut which 4* now regarded 
-as Inevitable -fdespffr routine 
statements by/ the Bank of 
Japan (hat it is not being con- 
sidered “ for the time being ”). 

A further possibility, hut a 
much less strong one, is that 
controls might be tightened 
again on short-term money 
movements. The Bank nf Japan 
Is known to be anxious to 
introduce such controls hut the 
Ministry of Finance, which is 
committed to long-term ex- 
change control- Jftvrallsation, 
re mains firmly ' opposed. 


THE IRAN! AN ECONOMY 


v'tr. W w- , • • 


A rising tide of problems 

BY ANDREW WHITLEY H4 TEHRAN 

THE PUBLICATION of the month: asserting it* "weight, frofittfoppasitfo®' ■ . ■ 

Shah's third book “Towards the albeit tentatively: sO' fer ; . in the ‘ I*or ;the new u™an 
Great Civilisation " in January Arab-Israeli imbroglio, flexing its especially the industrial woraer 
was more than just a pep talk muscles over the Horn of Africa, whose memories of tranquil, smw- 
for Iran’s 35m. people. It was and reviving -dormant plans for moving village life are still 
a reaffirmation of faith from the an Asian Common Market. the pace of change has neen 
top that the country is still on But the other side of the coin upsetting and alarming- in«s 
course towards' that visionary has been an excessive touchiness tilt- anti-Shah rampage in iaonz 
goal despite a rising tide of eco- it was reflected in the abrupt weeks ago rapidly iook on 
nomic and social problems. breaking of relations with Keqya^an anti-secular character. . W 
This, week sees the end nf the over a petty quarrel, withdraw-' witnesses spoke or vmasera 
fifth Five-Year Development Plan tng ambassadors * land launching- .pourfag Into town^ vnn mmr 
with many of the hopes raised hr trade boycotts at the drop of ■*'.■- ttar&rs . shim on reauy t 
the quadrupling of oil prices in hat against those countries ‘which ‘furious .« 

1973-74 having been disappointed, did not punish severely enough'; permissiveness. 

For bis part, the Shah appreciates Iranians who had occupied* thelt . .A major handicap for tne *nan 
the Importance of the political country's embassies abroad inland the political estabJisamentin 
and human factor if Iran is to protest against the regime. 7 it .meeting, this challenge is that 
achieve its objective of being a was also reflected in a threat Hastakhiz — the ttaee-ywwmi 
leading industrial country by the to ruin the carefully constructed mass party tp which some ohl 
end of the century, when oil edifice of friendship In the Gulf. Iranians nominally beiong has 
production will be in rapid over its neighbours' proposals to' become an albatross, 

decline. It was the reason for set up '‘Arabian Gull !* News Intended as a.; vehicle for 

the new policy of liberalisation. Agency. popular participation ana .iaen- 

Yet be is still searching for a Meanwhile, the economy 'TO as well as a machine to 
way to achieve the necessary demonstrates a serious lack of TOtUve the monarch. Hastakhiz 
dialogue between the Govern- confidence. Although ho'fikures &as &ecome a tiresome joke for 
ment and the nation. are available, the consensus most Iranians. Every convulsive 

Notwithstanding the recent among businessmen is that new* outburst of frenetic activity by 
bloody riots at Qom and Tabriz investment is at a -low ebb. . lb*. Party seems to confirm its 
which, according to reliable esti- Labour problems certainly demise still further. But the 
mates by witnesses. left, over 170 remain acute, and tight er2S ®hah has said there is no going 

dead, the Shah has said that the controls are likely tbnmSSW- - a • r - ' : 

policy of liberalisation will con- ^ foreseeable future as partrofL* Politically, the sSc-mooth-old 
tmue. It was his first explicit J{J e fight a roinK t inflation • afliminstration of Dr. Jamshid 
confirmation that such a pro- E^ion^srs^timate that some Amouzegar, the Iranian Prime 
gramme exists although officials 8D s? a ^ L-ST is leavS* 3£ Minister, has been to .low-key 
have been telling diplomats and L-SJ, * y JL. L f that it is almost invisible, and 

foreign journalists for some time the ordinary man could be for- 

that there was a deliberate- 18 ^^,5383 given for thinking that tUg-Aui- 
strategy in thar direction. It has T*|* Jietft, charismatic former- Prime 

generally — and probably cor- MfcSter Mr. Amir Abass -Hoveyfla 

rertly — been assumed that the *as still in charge. In part, this 

policy is related to U.S. relations, jSLij has been a deliberate change 

particularly - the ' supply of g"-**"* style to a no-nonsense, 

weapons, . and U.S. President I?” 18 * reason must be that the- i oa( i.prt)mises, 

threat of renewed controls would 



no- 

but-get-thlngs- 


M mister’s ... own 


human rights. But equally vital- exacerbate existing uncertainties ~ prime 
is the need for a revitalised M(i increase^ the pressure- pers 0na ]ity. 

society if development is to be cooker volatility of internal trouble is that with the 

more dynamic. ev *? ts - w possible exception of greater 

At the age of 57, and alter 37 The Shah has moved astutely efficiency and co-ordination of 
years on the throne, the Shah “ recent months to defuse ten- developmenLji tile seems to have 
« at the height of his powers, sions and break up potential b een done. Until '.last .months 
But the sense oE time slipping bandwagons of protest or dissent, budeet. the economy was driftine 
away— to arrange a smooth sue- While overt opposition in the rudderless while, the captains 
cession- for his son and to get streets -and university campuses argued over which direction the 
the economy on to a .secure non- hits beeivfirnuy crushed. Intel- shin should take. • : * • ■ 
oil footing — is becoming ever Jectual dissidents and old-time Economically conservative, the 
more acute. opposition politicians have been budget was notable for' the hiace 

In the time available a new Ifeft at li bert y. ' ' extent to which it apparently 

moderate political centre which The greatest threat to the - -relies on deficit financing. It 
sees its participation in the state regime has always come from the also took a few small steps away 
as coming from something more Right but in recent years that from the continued unhealthy 
than self-interested materiahsro threat ‘had seemed to be easily reliance on oil revenues (40 per 
must be created. Most of the contained. Th£-Left these flays, cent of GNP. last year) and 
elements for such a force to as 'hath intellectually and polk. towards a modern taxation base. ' 
come into bein' s are there now. 'tic?lfy ineffectual. ■ ., ; Expenditure is planned to rise. 

They are fragmented, but per- -..JBre Pan-Tsiafiiic wave sweep- by 17 per cent overall, but this 
haps only temporarily, .disturbed iRg- fh m nghou t- tk* Muslim World will only match the likely ■ infla- 
and confused. Contrary winds has not left Iran alone (the tipp rate. "Within the -cake, the 
— from economic interest, from possibility of contagion from, emphasis has been, shifted 
Islam, from Western liberalism, Pakistan was a prime reason. fOY firmly towards strengthening the 
from patriotism — are blowring in the Shah’s support For Former basic Infrastructure of the coun- 
flifferent directions. Considering Premier Bhutto). In Iran, the try — especially roads, railways 
the shining hopes of three and ascendant theme was. until very and electricity generation, 
four years ago. rhe future looks recently, a purist one. radfcal antT On the revenue side, the Gov- 
more uncertain than it has For reforming in character. But -the era ment projections looked more 
a long time. deep waters of conservative f$el- than a little bopefuL Oil liftings 

Internationally, Iran, at first ing have been stirred once again remain the critical -variable, 
siafit. seems to have grown in by the re-entry of the country's giving added, importance to the 
confidence and stature with each religious leadership into the fore- current talks in Tehran between 


The Shah of lrab 

the- National ' Iranian Oil Com. 
pany (NIOC) and the 14*inember 
Western consortium, eat of 
whom the Iranians want con, 
crete annual commitments oq 
crude purchases: On present 
indications an amicable settle- 
ment is likely. 

As a result of lower Imports 
and external borrowings, Iran 
can continue to show a healthy 
current account balance sheet. 
Other indicators such' as the level 
of foreign exchange and gold 
holdings, the debt ratio and 
creditworthiness also look good. 

. But these factors have tended 
to mask the underlying weakness 
la the domestic economy. 
Despite a barely checked 
domestic demand, local industrial 
output -is, on the whole, well 
below capacity, opening the wai- 
ter more - consumer - goods 
imports. At the same time, the 
valne.of Iran's non-oil., exports 
has fallen steadily for the past 
three years at constant prices. 
The growth in GNP last year was 
only. 3-2 per cent down from 4.S 
per cent, four years ago. 

There has been a decline in 
the export of traditional quads 
such as hand-made, cafnets and 
the new manufactured goods. 

Official optimism is often ba**d 
otH the- country’s • other r'rii 
min era] and fuel resdUYees. But 
current world prices fur ennper 
and natural gas— ihe main alter- 
native exports— ^re miirh ten 
low... The fast-expanding vehicle, 
steel and • petrochemicals 
industries remain unknown 
quantities in export terms. 

Private estimates of the firth 
Five Year plan suggest rh:it 
physical, manpower -and organisa- 
tional bottlenecks meant that dis- 
bursements were a third helcnr 
the. projections, while -comple- 
tions are said to range from 25 
per cent, to 75 per cent. 

Chastened by the experience, 
the macro-planning process has 
been downgraded and even the 
outlines of the sixth plan have 
not appeared yet. When it docs, 
it is likely to be only a broad 
framework, with individual sec- 
tors ranging over a ten or even 
20 year period. 




A >7: 




* 

■T-' 





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FINANCIAL TIMES: WJ^JESD AY'-MARGH : 15. 157g- 


AMERICAN NEWS 




in S. Africa 
denied by Ford 


BY JOHN WY4JE* 


MR. HENRY -FORD- Ii: has cate- 
gprtcally denied- that the Ford 
Motor Company plans to expand 
its operations in- South Africa. 
A statement from, him lists 
numerous steps 'taken since 1868 
in support of" the / company’s 
wiual rights -objectives and 
offers, a firm commitment to 
improve the .'conditions'' of its 
black and coloured employees. 

The statement, which follows 
the Ford chairman's first visit 
to South Africa- in ten years, 
comes at a time when U.S. 
corporations are under steadily 
increasing pressure to challenge 
the apartheid system. Last week- 
end. Citicoro, the nation’s second 
largest bank, announced, that It 
would make no further loans to 
the South African Government. 

Asserting that he went to 
South Africa in January “to 
get a first hand impression of 
how things were going,” Mr. 
Ford reiterated that the plant 
there is operating at' only. 60 
per cent, of capacity and that the 
company’s only major scheduled 
expenditure Is for -the lease of 
a new central office building 
because the present head- 
quarters have been found to be 
a fire hazard. 

Denying the claim that the 
company was staying in South 
Africa because it was making 
huge profits. Mr. Ford claimed 
that the South African sub- 
sidiary lost money in 1877 while 
the year before the “profits 
were only marginal.” 

“Our continuing presence in 


South Africa should in no way 
be interpreted as an endorsement 
of all the policies of the South 
African Government, nor does it 
mean we are equivocal in our 
commitment to equal employ- 
ment practices/ whether in South 
Africa, or..' elsewhere in the 
world,” said -Mr. Ford. He added 
that he did not agree with the 
policy of apartheid and believed 
that men and women should be 
treated on their merits “ not on 
the basis of - .such things as 
colour, or religion .or ideology.” 

But the Ford chairman did not 
agree with church groups and 
others who favoured the with- 
drawal of American business 
from South Africa: -"The approach 
embodied in the statement of 
principles which has now been 
subscribed to by at least 60 U:S. 
companies is a “better idea.” 
said Mr. .Ford. -/ . 

11 was not true, as the Senate 
sub-committee on African affairs, 
had reported, that . Ford ranks 
among the' firms paying the 
lowest wages', in ' South Africa. 
Equal pay for equal work was 
given regardless of- race and the 
company’s rates were fully com- 
petitive -with 'those paid in the 
Port Elizabeth : area and the 
South African;.' . automobile 
industry. 

Detailing steps taken in sup- 
port of the statement of prin- 
ciples Mr. Ford said the com- 
pany had: • ;. ■ . 

• Removed all 1 racially restric- 
tive sigryj from .eating- and rest 
facilities;- 


NEW YORK, March 14. 

• Set the . end of 1980 as the tar- 
get date for ending segregated 
eating facilities; 

• Obtained approval to increase 
the numbers of black employees 
from 165 -in 1968 to 1363 to-day, 
so that blacks, coloureds and 
Asians totalled 75 per cent of 
the workforce with 32 per cent, 
occupying supervisory and con- 
trol jobs; 

• Started a- check-off system for 

the members of a black trade 
union; ■ 

• Asked the Government com- 
mission of inquiry into labour 
legislation, to remove all forms 
of racial discrimination from 
labour laws: 

• Started training programmes 
to increase the numbers of black 
and coloured- workers in super: 
visory. administrative, clerical 
and technical jobs ' (since 1974 
the number of non-white super- 
visors had been increased from 
11 to 30). 

In Connecticut, meanwhile, a 
federal grand jury has indicted 
OHn Corporation — through its 
Winchester International divi- 
sion — on charges of falsifying 
records in connection with the 
shipment of rifles and ammuni- 
tion to 'South Africa. 

Reuter reports from Chicago: 
The First Chicago Corporation, 
owner of the First National Bank 
oF Chicago, revealed to-day it 
made no. new loans to the South 
African Government in 1977 
because of that country's racial 
policies. 


Double tax 
vote put off 
in Senate 

By Jurek Martin 

WASHINGTON. March 14. 
THE SENATE Foreign Rela- 
tions Committee once again 
postponed a vote on the Anglo- 
American Double Taxation 
Agreement this morning. 

Committee action on the 
issue has been held up now 
for well over six months- The 
problem to-day was that it was 
impossible to raise a quorum 
of commit tee members for a 
vote. Once several other items 
of routine business had been 
taken care of, the Panama 
Canal debate in the full Senate 
proved a potent counter-attrac- 
tion. 

The committee is going to 
try again to-morrow, but it is 
entirely possible that a deci- 
sion will be delayed again as 
the Panama Canal debate heads 
for its first climax ou Thurs- 
day. 

Both British and committee 
sources fell that the treaty will 
pass its first hurdle, Ibough 
possibly with some riders 
attached, if not In committee 
then on tbe floor. The princi- 
pal sticking point remains 
Article 9(4), covering tbe lax 
powers of tbe Individual states, 
tax deductions that may be 
taken by entertainers, and what 
is seen here as over-generous 
measures to help U.S. oil com- 
panies with British operations. 


Walk-outs close Canadian iron ore plant 


U.S. COMPANY NEWS 


Curtiss-Wright stake in 
Kennecott; Esin ark to buy 
STP; Carter Hawley Hale 
profits ahead — Page 30 


BY ROBERT G IBSENS 

OPERATIONS OF the Iron Ore 
Company of Canada (lOCO) in 
the Quebec-Labrador Trough 
and at the shipping port of 
Sept lies, on the St. Lawrence. 
700. miles north-east of Mon- 
treal, have now been shut down 
after walk-outs by nearly 3.000 
lOCO workers belonging to tbe 
United Steel Workers’ union. 

lOCO is the largest Iron ore 
producer in Canada. Tbe four 
companies in tbe Quebec- 
Labrador Trough produce three- 
quarters of the country’s iron 
output. IOCO's capacity is 
nearly 30m. tonnes a year, in 
pellets, concentrates and direct 
shipping ore. 

- Total capacity of the four 


companies operating la the 
Trough is nearly 60m. tonnes 
and is one of the world's lar- 
gest iron ore complexes. The 
other companies are Wabush 
Mines, Quebec Cartier Mining 
and Sidbec-Normines. 

IOCO is owned by a group of 
U.S. steel companies. Wabush 
is a consortium of U.5. and 
Canadian steel companies. 
Quebec Cartier is wholly owned 
by the U.S. Steel Corporation, 
and Sidbec-Normines is con- 
trolled 41 per cent, by tbe Quebec 
Government, 41 per cent by 
British Steel Corporation and S 
per cent, bv U.S. Steel. 

The walk-outs by tbe USW 
have closed down IOCO's Labra- 
dor city concentrators and tele- 


typing plant, the Sept lies lele- 
typing plant and shipping facili- 
ties, and the Schefferville direct 
shipping ore operation. The rail- 
way running from the mines to 
Sept lies has also ’Shut because 
its workers would not cross tbe 
USW picket lines. 

This means Wabush cannot 
use tbe railway either and can 
continue to ship only from stock- 
piles at Sept lies. 

Tbe strike is over health and 
safety issues and sub-eon trading 
of machine maintenance work. 
Some industry spokesmen be- 
lieve the union may also try to 
shut down tbe other companies. 
Tbe USW represents over 12.000 
iron ore workers in tbe region. 
Industry sources say the issues 


MONTREAL. March 14 

are all negotiable but wage in- 
creases are limited by the 
Federal anti-innation guidelines 
to 6 per cent, for this year. The 
miners' old contract expired on 
February' 28. 

Tbe Industry in Qucbcc- 
Labrador has been working at 
an average 75 per cent of 
capacity in the past year. The 
four companies are believed to 
hold stockpiles of about 6m. 
tonnes of concentrates and 5m. 
tonnes of pellets, mostly at the 
two shipping ports Sept lies aDd 
Port Cartier. The normal stock- 
pile for stopping operations is 
5-6m. tonnes. Bulk carriers of 
up to 250.000 tonnes use the 
ports and most of the ore goes 
to the U.S., Europe and Japan. 


Miners remain defiant over order to return to work 


BY STEWART FLEMING 

STRIKING coal miners are defy- 
ing the U.S. Government’s moves 
to force them back to work by a 
court injunction. Yesterday only 
100 of the 160.000 members of 
the United Mine Workers of 
America fUMW) union reported 
for work, according to the 
Bituminous coal Operators' 
Association (BCOA), the coal 
companies' negotiating arm. 

Major coal companies, such as 
Amax coal, reported that none 
of Its miners turned up for work 
even though most of its opera- 
tions are in Illinois and western 
Kentucky, areas outside the most 
militant districts of the 
Appalachia. Westmoreland Coal 
reported that only three of its 
4,000 miners reported for dnty. 
“Tfcey stood around for a while 
and then we sent them home,” a 


company spokesman said. 

The miners’ impressive display 
of solidarity confirmed the sus- 
picion of both tbe union leader- 
ship and the .coal companies that, 
at least to begin with, the tradi- 
tions, of the miners’ union would 
hold firm. Twice before mem- 
bers have defied presidential 
moves to invoke the 1947 Taft- 
Hartley Act which requires 
strikers to return to work for up 
to 80 days while negotiations 
continue. 

Most observers are suggesting 
that the best that can be hoped 
for from the Taft-Hartley injunc- 
tion which went into force last 
Thursday is that coal miners may 
begin to drift back to work in 
coming weeks in the absence of 
a settlement at tbe bargaining 
table. 


With the strike now in its 99th 
day. sucb an agreement still 
seems to be the most likely 
development. Both union and 
coal company officials are 
suggesting that a new agree- 
ment could be near as a result 
of concessions which the coal 
operators have made. Formal 
talks begin again between the 
two sides this morning and some 
officials are suggesting that the 
negotiating teams could come to 
a provisional settlement in the 
next couple or days. 

Mr. Griffin Boll, tbe Attorney 
General, has issued a strongly- 
worded statement ordering U.S. 
attornics in the coalfields “to 
consider arrests of any persons 
threatening to interfere with 
coal miners returning io work 
under the court's order.” Union 


NEW YORK. March 14. 

leaders privately are responding: 
that the Government cannot 

march the miners to the pits at 
the point of bayonets. 

The Administration's warn- 
ings, and the continuing hints 
that federal seizure of the mines 
cannot be ruled out if no agree- 
ment is reached soon, are serv- 
ing to keep pressure on the two 
negotiating teams. Neither the 
union leadership nor the coal 
management will want to sec 
miners arrested as thi-i* same 
miners will eventually have to 
vote again on any proposed 
settlement. Some must also he 
privately relieved that the 
miners are staying home us this 
means there is no need .for 
illegal picketing and less danger 
of serious outbreaks of violence 
outside or inside the mines. 


Stronger anti-inflation 
moves urged on Carter 

BY OUR OWN CORRESPONDENT - - 

WASHINGTON, March 14. 

A SENIOR member of the Carter In tbe predicabitity* of economic 
Administration has called for a policy making. 
more vigorous anti-inflationary Moreover, It has contended that 
programme than is currently the President's $2A5bn. net tax 
being applied. cut proposals will, at least offset 

Specifically. Mr. Barry Bos- the fiscal drag of the higher social 
worth. Director of • the Council security levies and tiie impact of 
ou Wage and Price Stability, has inflation pushing taxpayers into 
proposed that the President higher brackets. . 
reduce the planned 'fl per ‘Cent. Nevertheless, the issue is by 

pay increase for . federal n0 means that eleir cut.* the diffi- 
employees by 1 per cent and that the Xnergy Bill has 

give serious consideration to ^ iilto on c^tol jgu largely 
supporting a rollback of the next reflect e vi ew that it IS a tax 
stage increase in social security increase package, t^hich would 
ta ? es - . „ .. come on top of the social 

In a memorandum to the secnr ity increase and thereby 
President, obtained and pub- compound tM r problem. Congress- 
hshed by the Washington Post, men H do . tike to. inflict on 
Mr Bosworth argued that with their : eansttaxehto a double , tax 
substantial rises in the Consumer increase in an flection Sear, as 

Price index expected over the this is. 

coming months, “it would be _. ^ . . „ - , , 

better for the President to 

anticipate, rather than to react ^™8 a that the Pr^dratsla^t 
to, public criticism.” anti-inflationary programme un- 

There is already strong Con- veiled in Jbh^ ‘ hTXJL 
gressional pressure to do some- consultative 
thing about tbe steep increase in Government, mana mnent and 
social security taxes, passed by labour, .actuary bettin,. 

Congress last year, with the first nowhere. J^cn_ though the 
stage taking effect last January. ™ m f. rs ^spute h^ been a dis- 
Last month, tbe House Ways and {rating farfor notiimg has been 
Means Committee came very beard about tbe plan since its 
close to recommending that the inception. - 
full House should debate a roll- Tbe Administration remains 
back. A number of individual convinced that, in 1978 at least, 
Bills advocating such a cut have inflation is containable. In spite 
also been put forward. of recent wholesale price m- 

This morning, Mr. Tip O’Neill, creases of ’ double digit propor- 
Speaker of the House, reflected lion, the projected rate for the 
Congressional sentiment. when he calendar year is in the 6.5-7.0 
disclosed that be had told Mr. ’per cent, range, rather higher 
Michael Bkunenthal, tbe than the official 6.Q-6.5 per cent. 
Treasury Secretary, that the estimate, but not disturbingly so. 
Administration had better “conie Nevertheless Mr. Bosworth, 
up with something” on the social whose Council largely lacks the 
security question. If the White power to enforce recomxnenda- 
House did not act. Mr. O'Neill tions, suggested a series of 
su'd. “Congress will.” measures tbat President Carter 

The argument is that the might entertain: these include 
increased taxes are not only infla- a televised speech on inflation, 
fionary in their own right but determined resistance to protec- 
constitute a major drag on the tionism, expanded meat imports, 
economy. . . more ■ "timber harvesting .on 

Administration officials have so federal lands to curb tbe spiral- 
far resisted any change, if for no ting price of lumber, and 
other reason than to shift course renewed efforts to control the 
would not encourage confidence costs of medical care. 


Unemployment 
in Canada 
reaches lm. 

The unemployment ' total for 
ebruary in Canada officially 
roke Through the Ira. level 
tatistics Canada announced 
csterday. Victor Madtie reports 
rom Ottawa. The unemploy- 
ment total was 1,007,000, com- 
are d to 93*2,000 in' February, 
977 . The unemployment rates 
rere 9.5 and 9.1 per cent 

"speclively. 

Meanwhile, the Economic 
ntmeil nf Canada will monitor 
age and price controls after 
le start of tbe phasing-out of 
age and price controls on 
pril 14, tbe Prime Minister, 
r. Pierre Trudeau, has an- 
ounced. 


Prisoners die 
in Buenos 
Aires jail riot 

Several dozen people were killed, 
yesterday when troops and police 
using tear gas stormed one of the 
toughest prisons in Argentina and 
Quelled a riot, sources close to 
the police said, Reuter reports 
from Buenos Aires. The sources 
said that the dead included 
nrisoners trapped, in a fire started 
by rioters at the maximum 
security Villa Devoto jail in a 
suburb of Buenos Aires. Earner, 
informed sources said at least one 
prison guard bad died 

U.S. retail sales ‘ 

Retail sales In the U.S. in Feb- 
ruary rose by 0.6 per cents niter 
a revised 3.8 per cent drop-lp 
January. Reuter reports from 
Washington. . ' 


Curasao Depositary Receipts . : 

of ordinary shares 
. SANYO ELECTRIC CO., LTD, 

The undersigned. acting as duly authorised Agent of Carheth 
Administration Company N.V., announce that at the share- 
holders' meeting held on the 27th February, 197S. it^was 
decided to pay a final dividend of -Yen 4 per share (Yen 3 
ordinary dividend and Yen 1 jubilee dividend) for the fiscal 
term ending November 30th, 1977. 

rhis dividend will be payable, less 20%. Japanese tax, as from 
[he 16th March. 1978, on the coupon No. 19 of the CDRs. 
Payment will be made at the undermentioned offices as follows? 
S669 per CUR of 10 depositary shares of 50 ord. shares. 
$13^8 per CDR of 30 depositary shares of 50 ord. shares 
$66.90 per CDR of 100 depositary shares of 50 ord. shares 

Residents of countries which have concluded a tax treaty with 
rapan may. only afterwards, claim a 5% tax refund in Japan, 
fhc coupons No. 19 may be presented In: 

London to The Sumitomo Bank Ltt, Temple Court, 
11 Queen Victoria Street, London EC4N 4TP; . 

Hamburg to Bank Mens & Hope NV, Pelzerstrasse 2; 

»aris to Banque de 1'Union Eurdpeenne, 4 rue Gailloa, 
75 Paris 2e; ,. r 1 

4ew York to Morgan Guaranty Trust Company of New York, 

•»S Wall Street, New York^N.Y. 10015; , — : 

Amsterdam to Bank Mees & Hope NV, Herengracht 548. 

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FINANCIAL- 'HMB5 


WEDNESDAY . 


WORLD TRADE NEWS 


East Germans sign $250m. 
Dow chemical contract 



EAST GERMANY to-day sidled 
its biggest 'industrial deal with 
the United 'States, an' accord with 
Dow Chemicals worth S250m. 
over ten years for mutual 
delivery of basic chemicals. . 

Trade between the two coun- 
tries. still restricted by American, 
refusal .. to give East Germany, 
most favoured nation <MFIT> 
trading status; has previously 
been confined -mainly to agricul- 
tural produce. 

The contract was signed at the 
Leipzig Spring Fair by the head 
of the East German chemical 
trading organisation AHB 
Chemie: Gerhard. Nilzsche. and 
the president of Dqw Europe, 
Clyde Boyd. 

ft provides for East German 
fupplies. of .propylene and 
American sales of propylene- 
oxide. chemicals used in 
plastics. Deliveries are to begin 
next year. 

Reuter 

Leslie Colitt writes: East and 
West German companies have 
announced at the fair their first 
eo-called "third market co-opera- 
tion** contract to construct and 
equip a factory jointly in a third 
country. Krupp of Essen and the 
East German foreign trade enter- 
prise Unitechna have agreed to 
build a cotton spinning min in 
Ethiopia. " • 

It i* seen a* an example of 
East Germany’s combining its 
considerable -political influence 
in Ethiopia with Knipp’s indus- 
trial reputation to produce a deal 
that would hardly have been 
possible a few years ago. . 


The project is described as a 
large turnkey plant \Jorth ‘’some- 
what less than DMlOOm.,” accord- 
ing to ah industry source. East 
Germany has been seeking such 
a joint project with 'several 
Western companies but until now 
West German businesses were 
more interested in collaborating 
inside East Germany. 

■The West German Chamber of 
Industry’ and Commerce says the 
deal falls short of genuine co- 
operation as West German manu- 
facturers see it and is ' merely 
a "consortium’ 1 arrangement 
that elapses when the project 
is completed. It views co-opera- 
tion as resembling the long-term 
deals that exist with Polish. 
..Rumanian and Hungarian com- 
panies but wbicb East Germany, 
has resisted, saying it does not 
want to become the “extended 
workbench” of. West German 
indnstry. 

Protest 

Iran has cancelled its official 
■participation at the fair, which 
ends next Sunday, in protest 
against East Germany's release 
of Iranian students who recently 
occupied the Iranian Embassy in 
East Berlin'; 'Iran reportedly can- 
celled its purchase of nearly 
1.000 railway cars worth some 
DM300ra., for which the East 
Germans were to get oil. That 
has not been confirmed by East 
Germany, which wants Iran to 
change its mind. . 


” LEIPZIG. March 14. . 

The deal is very important, as 

East. Germany gets, nine-tenths- of 

its oil from the Soviet Union 
(about 17m. tonnes this year) 
and must pay world market 
prices for additional Imports. 

East Germany is still consult- 
ing Western companies, includ- 
ing Citroen Renault and GEN. 
on constructing a new car plant 
at Zwickau. French sources say 
Citroen is interested-in building 
a front-wheel-drive transmission 
plant costing an estimated 
DMSOOm. and would let the East 
Gormans pay with a very high 
proportion of output from the 
faetpry. 

Citroen recently concluded an 
agreement wfth Romania to a re- 
duce a car there to he marketed 
in the' West by the French com- 
pany. East Germany Is not 
thought likely to commit itself 
on such a costly project in the 
near future as investment plans 
for the current five-year plan, 
ending in 1981, have been cut to 
bare essentials. ' 

This country, however, badly 
needs a replacement for its Wart- 
burg and Trabant cars with their 
two-stroke engines and is search- 
ing for a Western company or 
a consortium interested in build- 
ing a new car plant , and willing 
to buy back automotive com- 
ponents or even entire cars -to 
pay off the investment costs. - 

The - East Germans recently 
contracted with Volkswagen to 
buy 10,000 Goli cars this year In 
return for brown coal, machinery 
and components. 


Olympic 
to buy 
Airbus 


France and Brazil agree over 
$200m. Amazon dam project 


BY DAVID WHITE 


By Our Own Correspondent 
ATHENS* Mardx 14 
-'OLYMPIC AIRWAYS* Greece 
.state-owned national air tine, 
wlU buy two A-300 Airbus air 
'liners front the European Air- 
bus manufacturing company 
-under a letter of intent signed 
bore oyer the Week-end. 
Informed sources -'skid the 


PARIS, March 14 

An j initial understanding on supply eight turbo-alternators of; Financial Times Reporter ^ 


Japan car 
sales in 

U.K. double 



dav signed a Fr&lbn. (about when Gen. Ernesto GeiieL.the years to complete. i exports was. un'dpr way ibis year 

•SUOOm.) deal to-' eqni? the Brazilian. ‘ president, visited 'Fifteen companies, mduains » the new measures 10 curb - 
Amazon’s first big hydroelectric France in May 1W6. . three. in- Brazil, will *?** J 4 ** 1 * n j shipments were announced - 

j dam at Tueurui. . The French deal is linked to the contract, signed with Efetron- . , ifir lhia mo nth. 

) The contract is shared between a financial package arranged by ortc^the ' t aoa n’ S two largest wr nuou- 

«Bt .ConSertfal de France, for power in nortliem j JgMi* f 

power station, will t« announced that their 

^ _ _ ^ ^ « jjiggest In the wedd, Britain in February 

1379. Olympic AirwaysThis an i large-scaie“c61iabo»tion. Empaiu- recently took a ’-direct stake in ■ s S rre , 

option for three more Airbus [Schneider's share of the work, the tetter: which finances many &ramSnnun^ aevelopmenra in tne 
airliners for delivery .'early I carried, out 'largely through its of its e x ports. northeaktern Amazon region. - 

1981, the sources added! j subsidiary Greusot-Loire,. is 56 ’A giant aluminium complex 


•the Empain ■ Schneider and credit .... .. 

j Alsthom-Atlantique groups in Soctet6 ‘Generate and Bauque de 

wlde-bodled 255-seat airliners :what is to. be the two French nTninn • Europ&ame. The “ ie 

will be delivered in February j power engineering giants’ first Eropain > Schneider group 


than doubled compared with. the 
same month in 1977. . .. 

Toyota said it shipped 5.514 
vehicles to Britain in February. 


ip---.. . . 2? &T3S 


Airways will receive a. multi- I Creusot-Loire is also compel- “ L5^. t0 ,~ SSferation 15 for a near Belem, grouping Japanese. month 
million dollar lean From a con- i lug for the rtaipo hydroelectric - a Brazilian loer c 

— ** — - r r — ■ — on the- Brazilian- rnr “ er azumn - 


sortium of foreign banks -to 
-finance the . purchase of the 
planes. The A-300 -Airbus will 
cost about 825m. each. 

In January this year plan- 


and State-controlled Brazilian! per cent. 


year 
of total 


February 


SreS ^Ue^adiaS: Bmi- of 12S.OIT vchictes.- 

the dam. morale comoanies Nissan, whose cars are 


i^Say 'bordfij^* Brazilian workonthe dam. o^ra^TsTompariies ! 'Nissan, whose cars are sold 

| sortium with Alsthom-Atlantique ' The overall cost of Tueurui. jm» going ahead with a S30Qm. I in Europe under tne uatsun 
and West German companies, which will' have. a capacity of bsujire'. mining venture further ^ name, increased oxpori^ to 
' including Siemens, a deal. worth, 49Q0 megawatts, is pur « 52bn. west- oa ■ Ihr Trombetas river.; Britain by 111 per coot, to 15.&5J 


nlng ■staff of' Olympic Airways [to the winner, several times the The French- consorthiin, with Several- iron -ore projects are- also 
drafted 2 feasibility -report lvalue of the Tueurui contract... its. Brazilian subsidiaries; is. to under way in tbe region 
which recommended an invest- 
ment of between 5285m. and 
S457ra. on purchases of new 
aircraft to meet an anticipated 
increase in passenger and 
cargo traffic. 


Islamic Bank meets 


Sweden in Iraq 
medical plan 


BY WONG SULONG 

KUALA LUMPUR, March 14. 

FINANCE MINISTERS and Arabia being the biggest contri- 

governors of central banks from tator . unlike the World Bank 

!34 Islamic countries . will meet n ^ ^Development Bank, 

i in Kuala Lumpur to-morrow to it adheres to the Islamic prin- 

consider giving fresh impetus to dple against charging interest 

tiie Islamic Development bank ^ 8UciJi instead of granting 

• By lohn Walker “ trade and .economic ] oans and credit, it prefers to 

ay jonn development among member op equity participation, and 

I . STOCKHOLM, March 14. countries. , has so far invested $273m. in 

) A CONSORTIUM Of three ™ four-day second^annual 41 pro jects in member states 

£ s i£&J ro ^ 

development company. ACDTOA 

.0 consttnet a plant fo j SSfnSSS ^ 


New Nairobi 
airport opens 

By John Worrall 

NA1HUB1, March 14. 
NAIROBI’S NEW S65in. inter- 
national airport at Embakasi 
became operational lo-day with 
a first Kenya Airways Bight to 
Karachi and Bombay. 

Overall planning and design 
for what is claimed to be the 
most modern airport in Africa 
was carried out by Sir .Alexander 
Gibb and Partners. Main con- 
tractors were Sogenc of Italy. 
It was undertaken as a' joint 
venture by the World Bank and 
the Kenya Government 
The airport will be able to 
handle 1.250 ps^seiiuer arrivals 
and the same number of 
departures every hour and 
expects tn handle ljm. 
passengers a year with a top 
capacity of iw.ee that figure. 
Thirty international airlines 
serve Nairobi at present. 

It can accommodate ten 
Boeing 7-17s or 13 707s simul- 
taneously. Its 4.000-111 etre runway 
can also take the Anglo-French 
Concorde, which recently carried 
out tests on the runway. Cargo 
capacity at the airport is 30.000 
tons rising to 100.000 tons a year. 

Government policy has been 
to use as much local materials 
as possible — about 30 per cent 
Excessive automation has been 
avoided to provide jobs for local 
workers— the staff is about 2.000. 


Pirelli lands big cable 
order from Canadians 


BY PAUL BETTS 

THE VANCOUVER - BASED 
I British Columbia. Hydro and 
Power Authority has awarded 
Industrie Pirelli, the Italian 
operating company of tbe 
'Dunlop- Pirelli Union: a research 
and development contract for a 
525 kv alternating current* sub* 
marine-- cable - link, Pirelli 
reported in Milan to-day. 

The cable is to be installed in 
19S3 and is intended to -increase 
the existing power transmission 
capacity between Vancouver 
Island and the Canadian main- 
land. 

The voltage, power, and laying 
depths envisaged for the project 
are the ( highest ever planned for 
subman ne cable . links, the 
Italian company said. 

• Italconsult, the Italian engin- 
eering company, announced that 
it has received a contract from 
Saudi Arabia for projecting a 
7 km. sea terminal for unloading 
and loading goods and raw 
materials, APrDJ reports from 
Milan. 

Italconsult: a subsidiary of the 
Italian chemical giant Montedi- 
son. said the terminal will be 
part of the big industrial plant 
or Jubail, providing total invest- 
ments of LISbn. over tbe 1978-83 
period- - • 


antibiotics, based in Iraq. The 


— — — --1- . , — / c Tut Moslem .. minorities in non- 

b? U Kr °00ra e Sf " “ ld 10 Another proposal likely to be Moslem countries such as India, 
-n£ ~ c?mpan?5' ) 'a r e A stra I adopted is the opening of two Thailand and’ the PbiliPP"^- 
PhaSiaceSte^ uJZi^lrs' regional offices-ane in Cairn However such aid would have to 
AiroTuvft /L Ij'lthe -other in Kuala Lumpure-to be handed out very carefully in 

mduStti ' se^ato^ncera ' ™ ™ n^^SSS.both Thailand and the Philip- 
' Sd lhe pro^m fMders. JJco^ 1 countries in Africa and South Pines, there are active + Moslem 
j frJr ^ i. r^East Asia.' This could overcome seccessiomst . movements,, and 

ipSoiniSl Ar’nrvA’ T ™ problem of finding financial while the two Governments would 

engineers. ACDIMA j (Arab com- a « ST welcome sue* aid. they are 

|pany for Drug Industries and gf®** Jed <£h naturally anxious that the oil 

1 Medical Appliances) is owned. Thg h , ntr w set up three money would not end up fuelling 


ROME. March 14. 
Italconsult did not disclose 
financial details of the contracL 
It said the U.S. Bechtel group 
and the Canadian Fenco company 
will co-operate in the project. 

It added that the terminal, with 
fully automated transport, will 
have an initial yearly movement 
of about 40m. tonnes. 

• Another Italian company. 
Salmi Costruttori, said it is lead- 
ing a consortium that signed a 
SHOm. contract with Algeria for 
construction of seven grain 
stocking plants, Reuter reports. 

• Worthington, subsidiary of 
Worthington Corporation of New 
Jersey, has received a . L1.3bn. 
contract from Tunisia to build a 
40km aqueduct including electro- 
mechanical and remote control 
equipments, AF-DJ reports. The 
aqueduct will pump water . from 
Gafsa to the phosphate mine of 
Sehib for processing minerals. 

Israel electronics 

Israels electronic components 
industry is being expanded with 
the investment by Deutsch 
Electro Mechanical Industries of 
California of S2m. in a plant at 
Risen Letadon. L. Daniel writes 
from Tef Aviv. • 


by 13 Arab countries and the 
Swedish consortium hopes for 
Further contracts in the area. 

• .Mohammed Yeganch. the 
Iranian Finance and Economic 
Affairs Minister, arrived in Bonn 
for three days of talks with 
West German leaders, Reuter 


years ago. 
capital of 


and has a paid-up the secessionist cause. 

S2bxL, -with Saudi Annual report. Page 32 


Confectionery exports up 


BY IORNE BARLING 


• reports. He is to meet QtimceHor ) DESPITE problems over trade now beginning to bite, rendering 
! Helmut Schmidt. Finance ! barriers British cake, biscuit and British products less competitive 
-Minister Hans Matthoefer and I cnnfeetionerv exnort* increased both within and outside the EEC. 
; representatives of West German ! ™™* Cl }™*** t *£*5* ^ U.S. remained thfe largest 

! companies ..including Krupp. to- 1,7 52j? erceQt m single -market for buiscuits and 

j discuss investment in Iran. I t0 compared -with £18Sm. coztiectionery which amounted to 

' 0 Ho’waldswerke Deutsche Werft ; for 1976. 58 per cent of processed food 

ifHDWi has received -an order j. However. Mr. Sidney Free, exports for the UJS. in 1977. ' - 
I from Iran to build six type-209 ' chairman of the joint export com- Tbe Middle East was a most 
i submarines, AP-DJ reports from I mittee of the Cake and Biscuit successful export market for both 
‘Hamburg. 'Delivery tidies will ; Aliianceand the CmmarChocolate industries, with Saudi.. Arabia 
' be' frbm 1982 to I984.rTbe sub- i and Confectionery Alliance, said accounting for a staggering 164 
' marines wilt be.'burk^t Kiel ; that the Monetary- Compensatory per cent increase for coafeo 
i and' wtil provide johs-.ftir i^OQ. I Amounts (MCAs) imposed by the tionery products and 66 per cent 
\. . I EEC on export^ since July were for cakes and biscuits. 

Swiss in surplus v 

-Switzerland had a trade surplus 
of Sw.Frs.48m. in February after 
a deficit of Sw.Frs.2l0m. in 
i January and a deficit •' of 
1 Sar.Fra.H4Bi. in . February Tast 
' year. Exports totalled 
j Sw.Frs:334bn. in February and 
‘.imports, were Sw.Frs^29bn, 

•Reuter ■ -J 


vehicles, about 13 per cent, nf 

the 11S.299 units sold abroad 1 in ' 
February. 

Shipments are expected to 
drop this month as the new Gov- . 

emment-oontroiled Iimitaiions on 
Japanese exports -begin fo bite. 
Nissan vice • president 

By Margaret Hughes Masataka Okuma . said tn a 

FLETCHER AND STEWART, a statement that the sharp rise 
subsidiary of Booker McConnell, was. only temporary. Reuter 
has been awarded a S31m. con- [reports. He said Nissan's total 
tract for tbe supply of a 550-tons- exports to Britain this year 
a-day sugar refinery -by the | ^-ould not exceed lasr year’s 
Philippine -Sugar Commis sion, j ievel of -102.975, in., accordance 


Sugar refinery 
for Philippines 


whieh'- is -responsible 1 for . the 
entire Philippines sugar 
industry.- - Commissioning is 
scheduled for end 3979 -when a 
large part of the output will be 
exported. 

. Tbe contract covers design, 
supply, equipment installation 
and commissioning of the 
refinery, to be built at Batangas 
bn the island of Luzon. 

The contract was negotiated by 
Dash wood Fletcher - -Inter- 
national. the jointly owned com- 
pany of Dash wood Finance and 
Fletcher and Stuart— the fourth 
such contract which the partners 
have „ won jointly in the 
Philippines. 

. Financing for the project was 
arranged by Dash wood Finance 
with the funding being 'provided 
by Samuel Montagu and Midland 
Bank. That comprised a S23m. 
buyer credit guaranteed by- the 
Export Credits Guarantee Depart- 
ment 4 EC GDI and a §8m. Enro-j 
currency Joan. Dasbwood 
estimates the total U.K. contract 
value to be more than 540m. in- 
cluding “ invisible ” earnings. 


with a formal Japanese Govern- 
ment undertaking to Britain 
early this month to. ensure that 
car exports were restrained. 

Toyota did not comment 


Loan sought to 
import iron 

TOKYO,. March 74 
SIX BIG Japanese »ti*ul com- 
panies have asked the Govern- 
ment for a loan of more' than 
5100m. from Japan's forciun 
exchange reserves for advanced 
payments of pelletised iron on’ 
to be supplied by Brasil, Chile 
and India. 

They are Nippon Steel. Nippon 
Kokan, Kawasaki Steel. Kobe 
Steel, Sumito Metal Industries 
and Nisshin Steel. 

The companies’ presidents put 
the request to. . International 
Trade and • Industry Minister 
Toshio Komoto and Economm 
Planning Agency ’ Director- 
General Kilehi Miyazawo m- 
accordance with the Govern- 
ment's four-point . import pro- 
motion plan adopted - last 


£800,000 HK deals 

U.K.” companies have secured ! week-end. 
orders worth a total of £800.000 : The loan is for advanced p»y- 
at the British Industrial Exhibit ment for part of the pelletised 
ikm in Hong Kong which ended J iron ore" f<Tbe' supplied by Pacific 
last Saturday. The 14S exhibitors !Ores and Trading of. V Chile, 
are also expecting follow-up bus^Companhia Nipo-Brasileira de 
ness worth about £2.75m. as a ■ Pelotir>:ao (Nibnuco) of Brazil 
result of negotiations initiated [ and Ghewgute and- Co. --of. India*- - 
during -the. .exhibition,. .. ... Reuter 



Schlumbeirjer relies on airfreight. It gives 
our equipment more working time." 



IF products are time-sensi- 
tive -it fixed assets become 
liabilities when they're travell- 
ing and can't work - (hen air 
cargo's speed provides real 
savings on capital investment. 

Mr. Ollier and his colleagues 
at Schl umber ger know this. 

So do an increasing number of 
others. 


Everyday 


Gcor e es Ollier . Manager of 
Export. Sdilianberger, 

Paris, France. 

M Our oil-well logging equip- 
ment needs to be on site ’a 
la minute' to provide downhole 
information. 

It costs too much when it lies 
idle during long, slow travel. 

Air freight gives us the trans- 
port speed we need. 

Air freight also cuts risks. 
Our tools withstand the stres- 
ses of deep-well environment 
better than extended surface 
travel. We have found that the 
farther it goes by air, the better 
it arrives at the well- 

KLM flies most of our cargoT 
They've been analysing and 
solving our transport problems 
for 25 years. 

They fly to destinations near 
-•^bur clients hi over 70 countries^ 
Their speed and care help 
us provide belter service to the 
oil industry." 


They turn to KLM 
for steady, daily cargo 
services. 

We work hard 3t each 
of our 280 world cargo 
offices to proride the 
kind of responsible 
help our diems need. 


■“S*' 




Uxr 

t>. ■ 


Thus we react fast in emer- 
gencies - can fly both Schlum- 
berger’s micro-miniaturized 
spares and their double-length 
pallets to distant wells without 
delay. 

But Mr. Ollier and our other 
regular users continue 10 be 
most grateful tor the calm, 
everyday reliability that has 
become a KLM hallmark. . _ - 

Identifying with 

j the problem 

Reliability comes out in 
v, our handling policies: 

A cargo centre at Schipfiol 
■V' ' Airport in Amsterdam so - 
large that our cargo can 
\ ** stored, docu merited, 
^ ’ repacked, repalleted 


and transshipped under one ^ 
Tool and out of the weather.- 
We supply over 3000 cargo- j 
protecting unit load devices/; 
Our data processing systems I 
arc consistently.up-to-daie.- 
Cargo training courses ensure^ 
h knowledgeable si aft 
Reliability comes out. too. as} 

we identify with clients’ 

problems. Garr^’ifig equip mod 
from Houston and from parish 
we work with Schlumberger t 
men to meet their require- ■■ : 

ments - adapting our contain- r , 

ers for their equipment. * 

suggesting new kinds of lighted . 
Stronger packing. i. 

Ufe believe it’s the right way.? 
to work.That it he! ps make airj- 
cargo a paying proposition,!!^ 
just Tor KLM.but for the friawfc 
like Mr. Ollier who rely on us. ^ 
+ ’ ■-•l' 

• it 


r 




Private Placement 


This advertisement appears as a matter of record only*. 

March 1978 


KVA.RNER INDUSTRIER A/S 


Oslo 


DM20,000,000 

5%% Bearer Bonds of 1978/1988 


Securities Index No.: 462360 


Offering Price: 100 % 


v 


DRESDNER BANK 

AKTtENGESELLSOHAFT 


DEN NORSKE CREDiTBANK 




TMb ortnameememt appears as a matter of record onfj 




KINGDOM OF DENMARK 

Dfls 100,000,000 7% per cent bonds 1978 dne 1984/1993 

& 

ALGEMENE BANK NEDERLAND N.V. 

AMSTERD AM-RO TTERD AM BANK N.Y- BANK MEES A HOFE NY 

PIERSON, HELDREN’G & PIERSON N.V. 


KLM Cargo -part; 


COOPERATIEVE CENTftALE RAffTEifg.N- 
BOERENLEENBANK B-A- 


tftlVATBASKES AKHESELSKAB 


K30BENHAFNS HANDELSBANK 

UNION BANK OF SWITZERLAND (SECURITIES) 
Limited 


March 15. 1979 


DEN DAN5KE HANK, 
af 1S71 Akticsclskfih. 

R. HENRIQUES JR. 

WESTDEUTSCBE IANDESBANK GIROZENTRALE 


S7 




1 


. ^ANCIAL;TIMJg& WEDNESDAY. &gAltQH. 13 t m~ 

' ta !>ail ,, COMPANY NOTICES 

s;il ^i,' r i — ' 


BEARER DEPOSITARY REGENTS 

general motors 

CORPORATION 


Further to the DIVIDEND DECLARATION of 
^Qth February, 1978, NOTICE is now given that 
tne following distribution will become payable to 
AUTHORISED DEPOSITARIES on and after the 15th 
March, 197S, against presentation tD the Depositary 
(as below) of Claim Forms lis ting Bearer Depositary 
Receipts. 

GROSS DISTnEUBUTION PER 

UNIT : 5:00 CENTS • 

LESS 15% U5. WITHHOLD- ' " 

ING TAX .: 0.7S CENTS ■ ' 

- 455 CENTS piER; UNIT 

CONVERTED at 515950 = 25427 PENCE PER' UNTT 

Barclays Bank Limited. 

Securities Services Department 

54 Lombard Street, ■ EC3P SAT. 15th March, 1978. 


■t » ij : 


TOKYO SANYO ELECTRIC 
COMPANY LTD. 

(CDR’s) 

The undersigned zitnauncof chat at 
frai 2 Mi March. 1978 ac Ku- 
A w den* N.V., Spubcraxt 172, 
Amtotrtain, -dir. cp. no. 3 (toon- 
ptniad by an “Affidavit") of die 
CXHU Tokyo Sanyo Bccertc Company 
Lid.. wtU be payaMr with SI .08 net 
Per CDR. rape. 100 'll* -and with 
JlO.SOner per CDR. repr. 1 .000 * fa. 
f«ISv. Mr rtconldm 30.11.77: grot* 
Ten 3. — pah. ) after deduction of 
15?S japamoe tax— Yen 45. — *> 

5 — . 19 per CDR. repri 100 «!■. and 
Yen 450*= $1.90 p.CDR rapr. 1.000 
the. 

Wichmic an Affidavit 20% jap. tax ■ 
< e T*n 60<=$ — . 25 p.CDJt. ropr. 
100 shi. and Yen 600=52. 50 oer 
CDR. npr. - 1.000 *hi.} will be 
deducted. 

Afcer ?0. 6. 78 the dlv. will only 
be paid under deduction of 20 % Jap. 
tax whh SI. 02 and $10.20 reap, net, 
in accordance with the Japanese tax 
regulation*. 

■ AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

March 9, 1978. . . 


PROVINCE OF 
NEWFOUNDLAND 

9% 1977/1989 
•SU .5 -50,000. 000 . 

Pm nent to the term* and condition* 
of the toBD. notice it hereby given 
to Bondholders that, during the twelve* 
month period ending February 14. 
1978. SU5 350.000 ol Such Bonds- 
were purchased In satisfaction of the 
Purchase Fond. 

Outstanding amount: 5US 49.650.000. 

THE FISCAL AGENT 
KREDIETBAMK 
S.A. Luxetnbotirgaobc. 
Luxembourg. 

Mj~-H 15. 1978. 


LEGAL 

NOTICES 


No. 8087S or 1875 

■ In the" HIGH COURT OF ' JUSTICE 
Chancery Dhrtaloo Companies Court. In the 
Matter ol ROAD MACHINES (DRAYTON i 
LIMITED and in U» Matter of TTir 
Companies Act IMS. 

NOTICE IS HEREBY GIVEN that a 
Porirkm for the Wimtlng Dp or the above- 
neantd Company hr the High Court of 
Jamlco ww mi the 2Rh dir of February 
1«?F. presenied lo the said Conn by 
ALHAJ1 DBA RINGai AND COMPANY 
i NIGERIA i LIMITED a company Incar. 
porated accontnu; to flie laws of Nteerta 
and vhw addrrm la P.O, Box 677. Kmo 
Nigeria. Licensed Groundnut Merchants. . 
and that Iho sakt Petition is directed 
n> bo heard before dc Court sRdns at 
die Royal Conns ol Justice. Strand. 
Loodon (VGA 2LL, on the loa day <4 
April 1938. and any crednor or enntriba- 
tory of Hw paid Company dettrnos-to 
aupoon or oppose the manias of an 
Order on the *» d Petition may irppeur 
at rtw time of hearing in petwm or 
by hta Counsel lor that purpose; and 
a cony of the Petition wffl br funiWird 
V die underalsDed to any creditor or 
xmtrihuioiT of the said Company jremnr- 
ue such copy on payment of the reeidated 
tharge for the same. 

WILLIAM A. CRUMP & SON. 

9. St. Helen's Place, 

London EC3A ME. 

Ref: KBS. Tel: 61-3SS 3063. 

Solicitors (Ur Ibc Petitioner. ■' ; 

NOTE.— AW Person who friends fo 
ipprar on the hearing of ibc naW Petition 
mist serve on. or send hr post to. the 
ihotv- named OOl ko in writing, of his 
nrenilon so to do. The notice must stale 
he name and address of the person, or. 
f a firm, the name and address of the 
;rm. and must he Blam’d by ihe person j 
■r firm, or bis or their Solicitor ilf anyi. i 
nd must be served, or, If posted, njnM . 
■c sent by post frt sufficient time io I 
each the above-named not later than 
onr o'clock In the afternoon pf the ! 
th day of April 1978. ' 


LEUMI IMTCRMATIONAL 
I NVESTMINTS N.V. 


IU. 320.000.000 GUARANTEED ! 
^ FLOATING RATE. NOTES 1984 
.. The. InMnst ram > appUoDle to the above 
Notes in respect of the. (tv-month Denod 
commencing March IS,. 1978. has been 
freed at 8% per aumnu; 

The Interest amounting to US34038 
Per bond ot U.5-S1.0OO nominal and to 
U.5.S4 05.09 per bond -of UJJ1 0.000 
nominal will be paid OR September 15. 
1978. against prwueotxtion of coupon 
No. 2. 

BANK LEUMI TRUST ' COMPANY OF 
.NCIVTORX. -■ . 

Principal Payipg Agent,'. 


LEUMI INTERNATIONAL 

INVESTMENTS H-V. 


U_S-5JO.0O0.QM GUARANTEED 
FLOATING RATE NOTES 1981 

The Interim rate appdeoble to the 
above Notec In recover of the jht-montii 
period commencing March 15. 1978. has 
been fixed at 8% par. anewm.' 

The Interest amounting to LLS.S40.89 
per bond ol U .S3 1.000 nominal and to 
U .5.1408.89 per boito of -. US.SI 0.000 
, nominal will be paid on September IS. 
• 1978. against presentxtkw- of . coupon 
No. 4. 

BANK LEUMI TRUST COMPANY OF 
NEW VoRKT. . ; - 
Principal Pavtaa.Agpnt. 


NOTICE TO HOLDERS OF- 
EUROPEAN DEPOSITARY- RECEIPTS 
icon's] in 7 

MITSUI 8, C0. LT04 TOKYO 


Wo are pleased to conilml that- copies of 
.the Semi Annual Report for the *tx months 
ended September 30, 1977 of Mftsuf a, 
Co- - Ltd., - are now available to : EDR- 
holders upon application .to the toUowIng 
sub-deoositaries: 

Citibank Branches In: ' . - 
Amsterdam Parts . • 

Frankfurt Citibank (Lunnboan) -S.A. 
Milan embank OMffflini) -SLA. 
KredkNbenlc s. A- L u xpnboorneotse - - 
Luxembourg 

Bank of Tokyo Branches In: 

Brands London 

DnsseMorf • Mflan 

Hoag Kong Parts. 

CITIBANK. NLA.. 

• Loodon Depo si tary. - 

March 1077. r 


CLASSIFIED 

ADVERTISEMENT. 


■53 » 





§ 1 %. 















Lrm 


m 


m 





Like the number of times our Avis girls 
welcome to at Prestwick are called out of bed in the early 

j gprg" .ly hours of the morning to meet planes that 

^ ^ aye fr een di verte( j f rom fog-bound Heathrow. 

^r .. , — — , .. - . ■ - ' Like the time an Avis manager 

-. returning from abroad, found thathiscarhad 
been rented out due to a sudden demand for 
i cars, and had to travel home by public 

j£gg|Br Uke the ease with which you can rent 

■- r: '&■■■ a car.We have 5 regional reservation centres, 
and nearly 70 offices throughout the UK. 

Like the speed with which you can 
rent them. We have personal charge cards and 
company travel orders. 

AtAvis,we really do try harder 


mmmk 



r. 





RATES 


CoatmeiCMti' A TDduunttti 
Propehy *- 
Rssideatial-Property 
, Appatatnaenia 

Bushuflg & invesnnenr 
CKipommitlBS. Corporation 
Loans. Production 
Cwacny. Bustnesses 
For Sale ’Wanted 

Education. Motors 
Contracts * Tenders. 

. Personal. Gardening ■ 
Hotels ami Travel 
Book PdbJisbers 


Premium p o iBI (i ur available 
(H W n w n (be 40 cotuma cms.) 
ELJSO par dale column cm. extra 

For fttnhcr details tmir tor 
Classified Advertisement 
Manager, 

Financial Times. 

10, Cannon Street, EC4P 4BY 


ftxok 

PiY CMfamn 
hue cm. 

£ £ 

4.50 

1M 8.00 
4.-56 MtBO 


■L3S 13 jM 

3.75 10.00 

— 7.00 




k 


-i * A 




AIINANCIALTIMES SURVEY 


IRELAND 


Tlie Financial Times Survey on 
Ireland scheduled for 
publication today will 
..now appear on 


THURSDAY, MARCH 16, 1978 

The Financial Times 
regrets any inconvenience 
to its readers. 

FINANOALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


The content and publication dates .of Surveys in the 
Financial Times- are subject to change at the 
discretion of the Editor. 


4 










9 


raas wedsesba* »Asm j jg 


HOME NEWS 


Component companies! Barclaycard offers foreign cash advances 

- A BY MICHAEL ttLANDEN ' ' " - w 

• ... n.w.i»-nrri rhntie scheme OUt! 


_ _ BY MTCHAH. BLANDEN ' . ni ,.-J Lh 

• if» . » Tjatf-iavrard cheque scheme outside- tbe 

’B wimr Mif/WT/i BARCLAYCARD, THE credit March 20. This will be offered where Barclaycard will continue dual function of ■ - British Isles. 

■ ■■I III I 11/ §-* I l#-*r 8 ■ 1 § §■ I ■ If "i-B card group owned by Barclays at branches of banks which arc to operate as a cheque guavan* which is also, and cmeni. «* 3tr j 0 hn Quinton. a secure i 

■ p 1 ■ B.y 1 vjr J W' llvl B Ijl Bank, Is offering cash ‘advances fellow members of the Visa Inter- tee card as well as a credit card, cfe dj t card. manager of Barclays, said that 

J|~ J L - in local currencies np to the national credit card scheme, in- the terms of the guarantee nave q.. members of Eurocheque. Eurocheque wished to limit Itiwn. 

equivalent of £100 a day at 61.500 eluding some SfiQO in Europe. been changed to bring the group '2^ “*“■ • Wegi Gcrmaoy ber „ hi p cwtuslvely . io cheque 

RYTTMYnoKwrw™ motop iwdustry CORRESPounwiT bai * b ™? ch< * around worl(I . Visa “S ? nt ° ^ with thc other UJi * indSe Benelux countries, have guarantee cards. 

BY TERRY DODSWORTH, MOTOR iNDUSTRT CORRESPONDENT | to Its 3.8m. holders. by some 9.000 banks m 118 banks. ... ' £ nr p«in“ Barclays lo ll{ . - d(tw i that, use of Euro- 

• ; Io a package announced yes- countries; and has more than The guarantee is no longer two fun ciions. But c hM U es by Barclays cusroaim 

BRITISH COMPONE.NT com- per cent in the following year suggests that the sector managed Jerday. U** baak increased the 52m. holders of the blue. white limited to transactions of -50 or jo*™ — h ha:j b ccn reluctant 1 .-J 1 b CC n slisht. "In the -p«]q 

panies have achieved a subs tan- and 83 per cent last year. to push through a number of ijnm 00 cheque cashing for and gold cards. The stan dard less, but can be applied where undertake the extra expense y « ar 0 nly nae in 400 of Bar. 

nal improvement in commercial Return on capital rose over a price rises to improve operating Barclays customers at the bank’s 2| per cent, service charge on a cheque is issued for not more inconvenience this would personal . customers 

and financial performance during similar period from 12.2 percent manrins. overseas branches, and changed cash advances wiH apply. than £50 in relation to any one inv _ lvp actually used tho system. ■ 

the last three years, despite the to 17.1 per cent But at the same time, man - i o ne the conditions applying The second cha nge applies transaction . R _ r „» aV K cus- ‘‘Wc are nor. thereffttt. eXDtcl< 

lack of growth in U.K. vehicle The5e improvements were P°wer was considerably reduced. ! » the Barclaycard cheque wtirni the Barclays group iteelf. The bank’s argument with From Way U Barelas iwr ja \ demandfor the new 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


lack of growth in U.K. vehicle These improvements were P° wer was considerably reduced. ! » the Barclaycard cheque maun w Barclays group itseir. The bank's argument who rrom may i. — ^ nv . it dem andfor the saw 

production during this period. vrfSout Sr SbstaSS A Mlection of 32 companies in • service within the The Innit on cheque encash- Eurocheque, which has ^n.tomm. will be able » appi> in * believe some customer, 

P This emerges from a survey of S^taSSJfUSI^S * e *1™?™ their workforces Bntish U les. wm*_* jurtgto at ^mgonforacon^d^ble tme. through ttar JL-J find Va useful s«vfcTS 


broadly in line with inflation, w j tlx total turnover 
but companies have nevertheless . _ 


employee from £434 to £958. 
Stock turnover also improved 


for 7% rise 


investment 


percent in the three-year period, Most of the Improvement in the .In addition, the companies JL v m. J m. M JLJ 

compared with a sales increase performance of the component tightened up their credit admim- III 1 1 T 
of 48 per cent The profit margin companies came from tighter stration, reducing the average Xr w 

on sales rose from 6.1 per cent operating controls. The rapid collection period from 85 to 73 TT-ii. /I _ • j 

in the 1975 financial year to 6.4 rise in profitability last year days. -jLlStTClSiGy IHVACTTI 

Probe into HP controls to curb j By David Churchill. t BY NICHOLAS COLCHESTER 

school maths car imports criticised ■■ ESSi ^ 

MvIlUl/l IllttllikJ I ^ Hattosley, Prices Secretary, to- factory opportunities for invest- 

a rov r FRNMENT INOUTRY into BY DAVID CHURCHILL day 'to press its rase for an unme- nient in Britain's medium size 

mathematics teaching in English CONTROLS on hire-purchase But Mr. Barnes said that the ^ad KeTSttSt mob- e! ? erfie£ 

and Welsh schools was tenns „ a form of import restri^ use of terms control as a form SSdefbf^pfSiSitiSfom ^ce Sbltth^y^e 0 wSS 
?°fJP unce .^ _ by . tion for cars was criticised by , disguised Import control -yhe company is expected to Committee 1 


1990’s air 
plans ‘need 
launching 5 


By David Churchill. ! 

SENIOR MANAGEMENT froml 


BY NICHOLAS COLCHESTER 


! By Lyntort McLain, Industrial Staff 
J PLANS TO cope with the ex- 
. pected growth In air traffic' to 
ithe end of tbo century must be 
= started now. Mr. Norman Payne, 


BY DAVID CHURCHILL 

A GOVERNMENT INQUIRY into 

mathematics teaching in English CONTROLS on hire-purchase 


Ever Ready is to meet Mr. Roy THE difficulty of finding satis- that there was an equity financ- per. cent long-term return on chairman of the British Airports 

Hattersley, Prices Secretary, to- factory opportunities for invest- ing gap for ECI to filL .capital employed. Authority, told the House of Corn- 

day to press its case for an lxnme- meat in Britain's medium size They were not yet sure how Finance for Industry reported mons select committee -nn 

diate 7 per cent price rise in- companies emerges clearly in big it was or whether they were- that demand for capital by larger nationalised industries yesterday . 

stead of the 2 per cent, recoin- latest volume of oral evi- the right people to fill it- _ " .companies remained flat butlhal He. told Mrs on the committee 
mradeo by the Price Commission, dence published by the Wilson Sir Leslie Murphy, chairman of; there bad been a notable pick-up “ at a fourth London airport. 
The company is expected to Committee. the Government-backed NEB, of late in the demands of small such as Maplin. would have been 

make dear to Mr. Hattersley that The National Enterprise Board, said that the NEB was not con- companies. 8 hu 6 ? Investment anff_couW 


and Welsh schools was terns as a form of import re.tric use of tenns control u a form See pTbltth^y tixe° wSi Sfr SSnr^y^hairmim of ZSFSlVZZu a li£*SSZ£ that ^ fi*S£ Li 

^IS'SpSLtJ^for «SS tioa for cars was criticised by of ' - d.sgms^ " taport control The company is expected to SlE 7 thf SraeSicked K ?n?tein thf d^manSoffSfl such as Maplin. would have been 

in £ Mr. Ron Barnes, chairman. of the make dear t0 ^ Hattersley that The National Enterprise Board, said that the NEB was not con- comp^ii. a huge Investment android 

Commons vJfrdS F^ce Houses Association, « as ^ its remrn on wpital is reduced Kinance fo ? latostrf. TdA strained by shortage of fund* He ^ been available before it 

Commons yesterday aKsn( . iat w a a „ nn3 i dinner S Li : by price restnctions. some of its Equity Capital for Industry all was confident that the Govern, T L comply.™ was. needed. 


which can taken in the outstrip the U.K. Industry s Terras control grossly dis- to Mr. Hattersley alleged looked at about 350 potential that the NEB was introducing of about £30in. an( j 0 f convincing the airlines 

national 16-plw and GCE A-level ability to supply vehicles. 1 / torted the car market, making inaccuracies and inconsistencies investments and had invested in unfairness info the market for The nu-m be r of advances made to fly to a new airport far from 
examinations. Mrs. Williams told controls on hire purchase loans it more difficult to preset the jo the report about 30 of them. takeovers and investment capital so far this financial year is 'up London still existed. 

Mr. Frank Hooley (Lab., were lifted, it is urgued that the volume of sales and second-hand The Price Commission recoin- Equity Capital for Industry a Two or them. Mr. Kenneth accordingly. A completely new P re>en £®*£ 

Sheffield Heeleyj. 


(Lab., ! were lifted, it is urgued that the volume of sales and second-hand 
i demand would be met by imports, values. 


The Price Commission rccom- Equity Capital for Industry, a iwo oi mem, mr. cvcnnein •wiumgc. > in toon 

?_ e °?, e . d .. t ^l^ 7er . Read 7 s . h0 ^ i h o rf y sponsored by investing Cork and Mr. Brierley cited in written evidence to the Co«^S VIS 


Exports rise to record level 


mcuucu mat river neauy snuujUjtjofly sponsored by investing Cork and Mr. Brierley cited in written evidence to the Cfom- 

?* I institutions, had invested in four correspondence^ fromjionipanies inhfee, published to-day. tfaej JJJJS to-day. 


THE VISIBLE trade account improved by 
£4I8m. lost month from the erratically large 
January deflciL Export volume rose by 14 per 
cent, io a record level* with widespread rises 
in. sales of machinery, road vehicles and 
chemicals. 

Over thc last three months, there has been 
■a visible trade deficit of £326m^ compare^ with 


market and could not justify a real role and asked some pointed NEB was actively pursuing an of industrial production inl ta bf e p?ini° un 

a surplus of £176m. previously. higher pneense and. as a result, questions. Lord Plowden, the industrial strategy and that It Britain last v ear. and that the! 5lT- -,^ er l n cc«r..w 

A redaction or more than £100m. in the a higher return on capital chairman, replied that, after nine was doing in line with the accumulated total over the last! wr 5iI ty ««?Iir S hSt 

i » h i* Ame / ncruM-iaiitv A rise of 7 nee cent, would snve -mnnfh. wot « r, ^ .EAft growth figures after 1990. out 


surplus on the more erratic Items (especially A. rise of 7 per cent, would give 
precious stones) from a relatively high level. Ever Ready a return on capital 
together with an Increase or about £129nL in we £ above the level that could 
the deficit on trade In oil from a comparatively obtained in a more compeu- 
low level, accounted for nearly half the market, the report said. 


h - m atjrutu uMh Hi act uiuc uuiiiK lil uuc W ivli. LTI« BCCUmlliaieD LUUl OVCl Ml? I a ST _ lOQA Vu*« 

” 0nfl,S - fte Ba KrecutiT ' i feIt “ comnaerci^ criteria - oi a 15-20 decade must be around £<SMm. W deddeoo 


deterioration. 




BALANCE OF TRADE 

Exports Imports Exports Imports 

£m. seasonally adjusted Volume seasonally adjusted 

1975=100 

Terms of trade 
•Unadjusted 

1975=100 

Oil balance j 

£m. j 

1976 


25,422 

28,932 

109.9 

1055 

98.9 

-3.973 

1977 


32,176 

33,788 

118.9 

107.0 

100.7 

-2304 

1976 

1 st 

5,655 

6,198 

106.2 

101L3 

993 

-947 


2 nd 

6,171 

7,080 

109.9 

106.0 

97.9 

-968 


3rd 

6,499 

7,596 

110.0 

1083 

98.7 

—1358 


4th 

7.097 

8,058 

1135 

1073 

973 

. — 1,000 

1977 

1 st 

7.502 

8,449 

. 115.7 

109.1 

99.0 

-800 


2 nd 

7,930 

8,694 

’ -- TI 8 J) 

109.8 

1003 

-745 


3rd 

8.540 

8,486 

’ 124.1 

106.4 

101.0 

-602 


4th 

8^04 

8,159 

117.9 

102.6 

102.4 

-657 


October 

2,756 

2,703 

119.4 

1013 

lOt.7 

-228 


Nor. 

2^68 

2,600 

1I5J 

98.4 

102.4 

-154 


Dec. 

2,780 

2fi56 

118.9 

108.1 

103.1 

-275 

1978 

jan. 

2,675 

2,959 

112.6 

114.4 

105.4 

-236 


Feb. 

3,000 

2.916 

128.7 

1105 

104.7 

-202 




* The ratio of export prices to Import prices 
Source: Department of 7 rode 




Not essential 

Ever Ready, however, says that 


Arab link for accountants 


BY RAMI G. KHURI IN AMMAN AND MICHAEL LAFFERTY IN' LONDON 


that it misuses its monopoly 1 THOMSON JlcLINTOCK, one 
position in the UJC It says that of the larger UJL accounting 
in the highly competitive overseas firms, is about to appoint Shair 


market, where it Is not in a 
dominant position, it still i 
achieves a return on capital ! 
higher than that the Commission 1 
believes fair for the UJC. j 
Criticisms of Ever Ready for 
not giving full information on I 


and Co., the Jordan Arab 
accounting firm with which 
Deloittes recently broke off 
links, its representative In the 
Middle East 

Shair will also represent 
flfcLintock Mate Laf rente, the 


operations overseas are rejected ; international accounting group 
by the company. 3t. ; says that j j*d by BIcLIntocks and Main 
such . informal on - ^was not | Eafrentz.- . a substantial UB. 
essential to the investigation of i acre lining firm: 


-Z2B P h i ^? S ,fJ n t d n C SSi?’ i Deloittes, one of the -Big 

-*54 1 i E ^ ht '’ international account- 

• Even So^Ever Ready feels that i “ren 

—234 some of the information disclosed «i^ n J 

~~202 in the report— it refuses to say #e . Dt 15 embarkin e on a 

exactly which — could still be of 

value to competitors. _ 


.cwuc *WMU 1 . M We have nol long to decide on 

— * Ithe airport capacity we need.' 

j Expansion ar^tansted could give 
it an annual capacity of 4m. 
f jS 1 1 1 Rk passengers, at Heathrow 38m., at 

rf-MU Gatwiok 25m. ' and at Luton 5m. 

i — a total of 72m. 

ONDON It Was vital that the long-term 

I future of Luton and Stansted 
joined In “full partnership” f Wei - P dist-ussed now before major 
with Coopers and Lybrand, ] decisions on meeting future 
another “ Big .Eight" firm, last 1 requirements were made. 

July, leaving McLintock 1 In any evefit there “must b(» 

it ore presen toil. • new capacity to handle new 

Mr. James Macnafr, a senior jSrowrti* - til the South-East, 
Thomson McLintock- partner, ' . r - 


programme to develop its own . joined In “full partnership” f 
offices throughout the . Arab* ■ with Coopers and Lybrand, 1 
world. The film says - it has. mother "Big .Eight” firm, last i 
taken a policy decision to have . j u [ y , leaving McLintock* 
no more associates. unrepresented. * \ 

McLintoek’s quick signing-up „ , ,, , • - 

or Shair reflects the difficulties - ” r - Jam ^ ^cnalr, a senior 

large British accounting firms - Thomson McLintock partner, 
find in operating in Arab coon- yesterday that a represep- 

tries, j-..- tative.' agreement with Shair 

Suitable associates, with the Pfobahly be signed 

necessary spread W staff and*' . car - h®tt-weck. 
experience, are hard to come Shair would tiien carry out | 
by- 'work on behalf of all firms in : 

McLln locks was previously McLintock. Main La f rente in I 

connected with a firm called the Middle East countries, ft i 

Fanzi Saba, operating In the would not sign reports in j 


sent” and is embarking on a 


United Arab Emirates and 
Saudi Arabia. Bnf this firm 


Shair would then carry out 
work oo behalf of all firms io 
McLintock Main Larrente in 
the Middle. East countries. It 
would not sign reports in 
either McLiatock’s or MML's 
name. 


Mini-sub 
order may 
be banned 



Orders made | 
against concrete 
suppliers 


By Michael Cassell, 
Building Correspondent 


Builders oppose cut 
in mortgage levels 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


A FUKTHER reduction in ,1- building activity. 


! Financial Times Reporter 

Ithe DEPARTMENT Of Trade is 
| almost, certain to stop Tickers 
Slingsby accepting a £3m. order 
; from the Soviet Union for «w# 
mini-submarines. 

Vickers Slingsby. which speci- 
alises in products using nigh 
strength glass-reinforced plastics, 
has been told that it is “most 
unlikely" to be granted an ex- 
port licence for the two sub- 
mersibtes. 

Mr. George Burton, managing 
| director of Vickers Slingsby. 


W pries as H-qesJL 


& 


had orders made against them ^ "" r down to u ^ artifiJiuSTiowKi that ^ Department did not 

**1^£:* \ the- Government sholld uemit l™}** 


Practices Court to restrsun them ,ments insistence on reduced }hem “STxSS^o a fieure P which ' aol ° E - v ported to the Russians, 
from unlawfully operating pric- j mortgage lending levels, says reRrets the tnr e build I His company had so far not 

log agreements. the Federation of Master 051 buad i gone -into the export market. 


The move, sought by Mr Builders. “Since 1973 ihe cost of i Mr. Burton added. Russia had 

Gordon Rome. Director-General Mr Hsnn- ^ C0st . 01 i taken the inifiatirp »n n ck-in« fnr 


Equal Opportunity 
is not a matter of opinion- 

ifethelaw 


Stiff 'otartFSPftBS Mr - stratm "fi- se0ior materials, and labour . has risen taken the initiative in asking for 

*2* vice-president of the federation, bv an average of 94 oer Cent lbe two subtnerslbles. 

60 sa i,i ^ London yesterday that But house ■ prices show an Vickers Slingsby, which has an 
he believed any attempt to keep average increase of only 418 a ^ nuaI turnover of more than 
h0U5e Prices -down would affect per clnL ^ 8 was not particularly wor- 

?® c F^° f - Fair wiuch ried about losing the Russian 

resulted in needy 150 agree- order 

El iffiHs 2 Home-loan restriction 

shows crazy thmkmg 

iAmey Roadstone. Ready Mixed BY ERIC SHORT 

Concrete steetley Timn- Con- ’ u llie COm P an y- based at Kirk- 

structlmi! Redland Ready mix and GOVERNMENT agreement the company's 1977 results that I „? n | 1 J? rs 1 1 S|o ^Sjksbire, was set 
Mixconcrete. with building societies and life the directive was “one_of the ofLJi? “ e 

The orders, made under companies to restrict mortgage craziest bits of inverted thinking IIJ.VIJ '25*2S? et SL2f ' * 
Section. 35 of the Restrictive i e ndine this vear was attacked to come, out of Whitehall." aircraft manufactunng 

Trade .Practices Act restrain the Mr Darid J fa * “ ^vit- COnCem ' 

companies from operating the Jnaoo!-' J nH ont.Ta«? al>,y fhel a steep rise in house 

agreements or any others which P r ’ ,ces whlrin nine months be- /-^ . v, „■ 

are registrable under the Act | Scotlands largest cause the lack , of incentive to vJGOrt 

but which have not been ^-company. build houses would put pressure 


Home-loan restriction 
shows ‘crazy thinking’ 


BY ERIC SHORT 


registered. 


He told a Press briefing on on the prices of existing houses. 


Ifs only right that anyone, man or woman, who is the best general advice available on the Act Of course, if ybu 


Francis Towne watercolours 
fetch £48,230 at Christies 


gold-dealing 

schedules- 


qualified and able to do a job should be given a fair chance to have a particular problem, we'll be pleased to give you any. 


applyfor it and be recruited. 

That s now the law and it covers all aspects of 
recruitment: definition of suitable candidates, instructions to 
personnel officers and recruitment agencies, the writirigand 
approving of job advertisements, interviewing and selection 
procedures, and the ultimate selection - including the terms 
on which the job is offered. 

We realise the law is complex, so to help you we've ' 
written three booklets:’ 

farofarinfi on Employment Advertising Practice 
A practical guide to producing job advertisements 
that fulfil the letter and spirit of the Sex Discrimination Act 


assistance we can. All you have Hur- 
tado is ring or write. .. : : gjj?S- 


SCHEDULES of gold-share dual- 
ingfi were produced bv " Mr. 
George Edward Ml Her. *38, a 

former partner in Chapman aod 

Rowe, when he gave evidence in 
hta defence at the -Old Bailey 
yesterday. 

They showed the results of tiia 




TO: Department Cl. Equal Opportunities 

ComtnBStori Overseas House. 

Quay Street. lAanchester M3 3HN. 
Telephone: 061-833 9244. 


Please send nw Hie JoBomng publications 
in the quantities indicated: 

copies of ■Guidance on Employment 

AdvertengPracbce’ 

— copies d ft Gtnde tor Employers* 

... fop«sc^tc^lC>nxy^8vPohcjesarit} 

Practices in Emphjymailf 




TWENTY-TWO watercolours by and printed music, also at a motoring sale totalled £12.025. They showed the results of liis 
Francis Towne, a ■ name pre- Christie’s, totalled £34,065. with a car mascot, a Lalique glass efforts to operate ia this market 

eminent among English water- A vioUn by Ferdinando Gag- Spirit of the Wind, making £850. between 1 S 73 - 74 , 

colourists, sold for £48^30 at liitao of Nap i e3< 1770 , we nt to FblUips’ set a record for its Mr. Miller said that although 
Christie s yesterday. Blum, the German dealer, far saleroom for an item oF furniture he had run a bear account oh 

They were part of a sale of xgfioo. and a spinnet, possibly by ^ hen a Regence commode attri- gold shares, he also: did con- 


w. « v- £gfioo. and a spinnet, possibly by r •* tumiuoae aim- s«iu snares, ne also, md con- 

English drawings wid water Miche , Richard of Paris. 1690, buted- to Francois Lebesqne, in siderahle deaHngs In equities, 
colours which totalled £l/1,u 7S. was boughf anonvmously at *“ e manner. of A. C. Boule, sold which 'dominated his activities 
" — “ * for £1 6,000, about double Its just before the company col- 


While individual prices for ibe £ 6 . 000 . 




Towne works were not 
exceptional, the total for the 
group was. 

Spink and Son, Leger 
Galleries and Agnew’s were par- 
ticularly active, the top lot of 
The Vale of St. John in Cumber- 
land looking towards Grasmere 
going to the latter at £7,500. A 
similar view, looking towards 


A portrait of Franz Li S 2 t, dated forecast lapsed in April. 1974. 

All told, tho furniture .sale "Times got fraught in the la*r 

— , made £115,600. Sulinian paid four months owing to the .state 

£8.000 for a Kashan silk nig. of the market and rnv own p«* 
CAI rDOAM - Among the books, a letter from sonal position,” he’ said 
9ALbKUU!n Nelson went for £360- “Gold shares were going up 

bv amtony THORNrpnrr .““ff 0 ™ were held ‘ai and up and I was in a state -of 

by antony thorncroft Sothebyfl: English pottery and confusion over them.. I did not 

porcelain, which totalled £53.771; have much- time for talkinc with 
: — arms and armour, which made other people in the firm as I Was 


BY ANTONY THORNCROFT 


The employment provisions of the Act explained in 
straightforward language. 

Equal Op pCirtanit g; - 
pnlfcfeg and Pragtices in E mpl oymerd) 
Practical advice on implementing the Act in your 


Company. 

Position— 


Keswick, sold for £5,800. . £97,973: the second day of the going through a terrible period ” 

An anonymous bidder paid 1827. by James Antony Mumsi music sale which. totaUed £52053, Mr. Miller; who joined Chaiv 
rACnn ooirio mia nf i marto W-.300. • Apcordinsr to thp n.i„ .. ‘ , 


business. 


Send for and read these booklets and you’IMiave » aeraSra wmmzmm » M J 


Equal 



£4, SOT for Ambiesfde, one of a made M-fiOO. - According to the and. at Sotheby’s Belgravia, a man 'and Rowe in lffS said be 
nomber of pictures emanating date, it would have been executed small Victorian picture sale never agreed to nrmrtile a fals* 
from Towne's tour of thc Lake when Lipt was 16 apd visiting which realised £23.585. : balince^heet of comnanv aetiri- 

District in summer 17S8, after his London for the second time— as Top price among the ceramics ties for the Stock Exchange or to 
return from Switzerland and a young pianist * was the £2,500 (double the esti- pledge clients’ stock unlawfully. 

Christie s also held a sale of mate) from Horn for a London Denials to cbarces of fraud 
The Fall of Babylon by Joseph enamels and objects of vertu Delft silver mounted mug, c. and other alleged offences have 
Michael Gandy went to the Fine which totalled * 33 . 060 . The 1685. Newbon paid £1,600 for been entered by Mr MinJr ‘and 

A .. 1-0 enn a n.,,. «lnV tnvi Int -it FI 50(1 u»b x , m.j j ...S .. • - ■' ®» r - ana 


Arts Society at £6,500. and Peter sale's top lot, at £1,300, wa s a a Wedgwood and Bentky vase the other three defendants. Mr 
de Wint’s Lincoln Cathedral to Continental silyei^gilt and gem- and cover, arid Winifred Williams Alan Harman Mr Raloh Clarice 

ot Cl On/I ear mndal nf a KtaPP C(M(!h (mm n i/in I. - nv.i... v:*. ■ ‘ 


Fry at £3.200. set. model of a stage.coach from £1^00 for an early Chelsea white and Mr. John' GoodsSl 

A sale of musical instrurnents. the 19th century. Chinaman and . Serpent teapot. The hearing was adiournW 

manuscripts, autograph letters At Chnstie s South Kensington, and cover. until today. aw 0 " 


►53 V 


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l* : 7% 2 \ 


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9 


FINANCIAL TIMES WEDNESDAY MARCH 15 1B78 


home n ews 



wins 
£23.5m. contract 


BY RAY DAFTER, ENERGY CORRESPONDENT 


WILLIAM PRESS AND SON, 
now being investigated by - the 
Inland Revenue, has won four 
contracts in energy related in- 
dustries worth £23 .5m. . One 
contract, for North Sea oil plat- 
form equipment, - could lead to a 
significant increase id employ- 
ment on Tyneside. 

Many of the ' documents 
removed by Inland Revenue in- 
vestigators on Monday last week 
have been returned to the inter- 
national industrial, 'plant and 
mechanical engineering group. 
The company Jus also been 
given. access to papers still being 

scrutinised, so that trading 

activities can. continue. 

Sacks of documents were 
removed by officials after 
searches of William 7 Press offices 
in London, the West Midlands, 
Darlington and Scotland. 

It was learned yesterday that 
the group has received an £Sm 
contract to. build five pre- 
fabricated production units for 
Continental Oil’s Murchison 
Field platform. The units, known 
as modules, will each weigh 
between 650 and 1^200 tonnes. 
They are due to be delivered in 
summer next year. 

The modules will be made at 


the company's site at Howdovn, 
on Tyneside. The site is to ue 
extended by five- acres to cope 
with the ' contract and other 
orders. It is estimated that the 
350 workforce could double over 
the next year.. " 

William Press also announced 
yesterday that, it bad been 
awarded a key contract in the 
construction ~of the £670m. crude 
oil terminal ' at Sullozn Vos. 
Shetland. 

The company will carry out 
mechanical' erection work on oil 
processings facilities . at the 
terminal The £10m. contract was 
awarded by John Brown, the 
main contractor for BP 
Petroleum Development, the con- 
struction and operation managers 
of the new terminal 

Work is due to start in the 
summer and last for about two 
years. Some. 5Q0 people will be 
employed on thifi: project, all 
accommodated 'intone of the 
terminal camps. - - 

The plant is being built to pro- 
cess 825.000 barrels of crude nil 
a day. Gas will.be removed from 
the crude ■ before the oil is 
shipped to refineries. 

-It. is thought. that. Sullen Vne 
will begin receiving its first oil. 


via the Ninian pipeline, in 
September. This oil — either from 
the Ninian or Heather fields— 
wilj not be processed. 

BP expects to begin processing 
oil in March next year. Sulloni 
Voe terminal will be the main 
landing point for most of the big 
fields north east of the Shetland 
Islands. 

William Press has also 
announced the award of two 
other contracts totalling £5.5 m. 
South Eastern Gas has asked the 
company to undertake work, 
valued at £4.5m., involving the. 
laying of new gas mains. leakage 
detection, and. maintenance of 
existing distribution systems. 

The company said the contract 
marked tbe return of the com- 
pany to the London area where, 
three years ago. it played a major 
role in conversion to natural gas. 

The agricultural division of 
Imperial Chemical Industries has 
called on William Press to erect 
mechanical equipment and to 
fabricate and erect process pipe- 
work at a Nitram nitrogenous 
fertiliser complex at Cleveland. 
The expansion programme is 
costing £35m. and the contract 
is worth about £Lm. 


Teesside oil plant 
building costs rise 
again by millions 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 

BUILDING COSTS for Two of the with Montefire, a subsidiary of! 
biggest chemical and oil plants Montedison, the Italian chemicals ■ 
under construction on Teesside conglomerate, 
have risen again by many mil- Even when the plants corac on 
j lions of pounds as contractors stream, however. Monsanto will j 
struggle to complete projects ■only be able to use part of the' 
more than a year behind schedule, extra capacity because of the! 

I Monsanto, one of the leading slump in European markets for; Ji -1 !;" 

!U.S. chemical companies, has nylon and acrylic textiles that: J™. 

■ finally started the preliminary has occurred since the plants! Probably ny between lip and 


Teacher’siExports boost sought 
and Bell’sfor textile machinery 
whiskies 
to go up 


BY RHYS DAVID, TEXTILES CORRESPONDENT 


BY KENNETH GOODING 
THE BEST-SELLING (wo 

brands of Scotch whisky in (he 
UJC» Bell’s and Teacher's, arc 


preliminary has occurred since the plants! 
commissioning of its plants at -were begun. : 

Seal Sands, but it does not expect 1 Meanwhile, the cost of Phillips : 
to bring them on stream before ■ Petroleums oil terminal, also at! 

the third quarter of 1978, at least Seal Sands, has risen a further j 
a year late. £30m. to an estimated £300m. 

Ttie cost of the project, the big- The terminal is now receiving! 


20p a bottle. 

Both companies confirmed 
last night that they had notified 
the Price Commission of In- 
tended increases, but would not 
give any details of the intended 


UN shipping code 
splits EEC nations 


BY 4.YNTON MdLAIN, INDUSTRIAL STAfF 

EEC MEMBERS, including rates. • - > 

Britain, are still far -from agree- The EEC has prepared a draft 
ing to a UN code of conduct for regulation proposing accession by 

established shipping cartels or member states and by. the Com-,, .. 

liner conferences, Department m unity to the code subject to j trol authorities to provide custo- 
— - — - — 1 mers with a more comprehensive 

foreign exchange and exchange 
control service. 

This is one of the steps the 
banks expect to undertake as 


Banks plan 

expansion 

programme 

By Michael Blanden 

THE TRUSTEE Savings Banks 
plan to press ahead with efforts 
to gain extended exchange con- 


of Trade officials told a Parlia- special arrangements. These aim 
mentary select committee yes- to reconcile differences and avoid 
terday. ' discriminations between mem- 

Liner conferences are' associa- her states and conflict. with EEC 
tions of ship owners providing Treaty obligations, .. .. 

regular general cargo services. The draft regulation also aims ’they move towards their aim off 
fixing rates,' distributing cargo to ensure that cat^oes are alio- ; becoming a fully-established ■ 
and pooling revenue. Merchant cated among shipping lines of a i third force in the banking 
ship liner trade runs to agreed commercial basis. business. j 

timetables on set routes and is Mr. Gerald Lanchizu head of The Annual renort of ihei 

distinct from .tramp shipping the shipping Central Trustee Savings Bank.’, 

representing 24 per cent, of Department of Trade, told the wJlich Drov . des ,>, eir nr- 

world shipping and 20 per cent select committee on. European I g ani-a JlL g™ ^at it assisted 
of UJC shipping. . legislation sitting with a House j , 35h the Se of 

It excludes tanker and dry of Lords select committee, on the [ sler u n£ and foreien currencv 
bulk trade, but can include con- European Community, that there ; fravISfra' chMueT toSflJS I 
tainer traffic. was great pressure to come to a j T " Jr* 1 ?,, 

The code of conduct was decision this year. EEC Trans- jn Sarch JaS v eaT ’ 

adopted by the 1074 UN -confer- port Ministers meet: on June 12 jjyj cheaJT S 0 5n ' 
ence in Geneva despite U.K. but no final decision is expected. "{EK i 

objections. Some Community Many countries- support the EJJjJPjJ”! £££' Sr 

members voted in favour birt code but so far. only India' has J™™® Sndtod 
the code has not yet-entoe into signed the agreement. ' ■ renaes were nancuea. 

force.' ’ ’vT'. Mr. Lanchin'saliriie would he! Mr- P- F. Keens, chairman. I 

It calls' frir cargo’ carried by surprised if Jajian dr-.the Eastern Isays that ..talks are continuing 
a liner conference to he shared bloc nations proceeded to full : with the Bank of England to give 

. ' - „n W.r... A., rff lUt Awihnl TiawfU Eimlf 


gest single Lnvestanent made bv wmc 400,000 barrels of oil and! of increase, 
the company world-wide, has risen liquids a day front the Ekcflsk : However, trade sources sug- 
to £180m. . against last year's Field in the Norwegian sector of i Bested (hat it would be in Inc 
estimate of £15Qm the North Sea. I region of £2 a case of 12 bottles. 

To the concern of other com- Bu r , lhc natural gas liquids; There is a further rumour 
panies engaged in large site separatum and treatment plants; that Bell s has had 10 restrict its 
construction in the area the aTe not expected to start coining , increase to abont 90p a case 
.mechanical engineering .‘work- 017 stream • before the autumn, rather than the £2 It originally 
! force on the Monsanto site has neaT b‘ two years late. 1 

J been offered a special £25-a-week Total completion of the pro-| 

■ third tier payment to complete j*ct is not espeered before the; 
the plants. second half of next year. ! 

The payment which will be Phillips has faced court action ; 
made if the workforce stops un-.by Norsk Hydro, its Norwegian! 
official action and absenteeism, customer (and ironically a part- t , 

will be over and ahove the basic ner in the Ekofisk development!.: to December 31. 
rate and the guaranteed bonus. which contracted to take natural; Teachers, now 
Termination bonuses are not a_fias liquids for its petrochemical 1 
new phenomenon in the region, complex at Rafnes from the endj 
Laing Offshore's termination pay-, of 1976. 1 

ment two years ago to its oil. According to Norsk Hydro, the I 
platform workers at the now-.' twp sides arc now close to an ] 
mothballed Graylhorp yard", out-of-court settlement of the! 
publicly established the practice.. £4Dm. compensation claim. ! 

Other companies building large On Teesside. the mechanical ; p - 
plants in the area, such as construction workforce, which rnce gap 

Imperial Chemical Industries and rose tn 3 peak of about 14.000 ! Th „ _ ppnf .i—uion hv ni*. 

the British Steel Corporation, towards the end of 1976, is now ,!.»_„ , n _ h .hrmiEh' uk 

find such payments punitive as . running at about 7,000, accord- ,,Hers 10 pnsh thTVU * h UK * 

claims leapfrog rapidly from site ing to the North of England 
to site. Engineering Employers Associa- 

Monsanto’s acrylonitrile plant lion. 1 

at Seal Sands will nearly treble Partly a* a result nf this! 
its capacity for this important reduction, the number of man-j 
plastics and textiles intermediate hours lost in strikes reported to 
chemical at the site to 300,000 the association fell last year to 
tonnes a year. 365.800 against 773.200 in' 1976. 

Alongside it is building a These totals do not include all 
90,000-tormes-a-year nylon inter- the days and half-days lost in 
mediates plant in a joint venture unofficial stoppages. 


OECD COUNTRIES’ EXPORTS 
OF TEXTILE MACHINERY. 
1970-76 


Toul OECD 
expo rtt 

Volume Current 

U.K. 

Current 

ASM 


index 

Sm. 

Sin. 


1970 

100 

L296 

296 

12.9 

1971 

104 

2,683 

344 

1L8 

1972 

99 

33)37 

367 

12.1 

1973 

117 

4.136 

407 

9.8 

1974 

131 

5,045 

492 

9,7 

197S 

112 

5.016 

531 

10.6 

1974* 

105 

5.630 

552 

9.8 



Provisional 



sought. 

Bell's— undoubtedly the num- 
ber one brand In Britain with 
about 22 per cent, of the 
market and selling 30m. bottles 
a year — is due 10 -day to give 
details of^iis half-year results 

owned by 
Allied Breweries, has about 16 
per cent, of the market and, 
with Bell’s, has in the past 
established its price at roughly 
10p a bottle more than the 
standard brands Tram Distillers 
and other rivals. 


in the proportions of ‘40 per . ratification before : |fce EEC. 
cent, each for the shipping lines One. problem . concerning the 
nf the exportiHE and Importing U.K. was that 40 per cent and 
countries and 20 per cent for 20 per cent cargo had not been 
tho^e- of third nations defined by the. 1 United Nations. 

There would also be man- But -he wanted that absolute 
da tory conciliation procedures in rigidity on the cargo sharing 
a dispute and a minimum period issue could : lead to inefficiency 
of notice of increases in freight among shipping lines. 


New Highway Code published 

AN UP-DATED version, .of the in traffic management, vehicles 
Highway Code was launched yes and road design, include advice 
terday, with Mr. William Rogers, on the safety of children in cars, 
Transport Secretary, promising about seSt-belts and about drink- 
that he would consider publish- ing and driving, 
ing a simplified version for Motorists are told not to use 
children. any tinted optical equipment. 

The code was the “distil led. iris- including ski goggles, at night 
dom of all those who used .the or in poor driving conditions, 
roads.*' he said. It bad been When Parliament discussed the 
approved by Parliament in Code last year. MPs said ameod- 
November. 1977, and replaced a meets to the Code should be pos- 
version published nine years ago. sible without further recourse to 
The major alterations in the Parliament, 
new code, arising from changes Highway Code; HMS0 Sop. 


Council may build homes to sell 

MANCHESTER'S Labour - con- Building fnr sale would not 
t rolled City Council is to consider impinge on (he city’s municipal 
building homes for sale. . At building' programme. which 
present it has 105,000 council would be maintained, but would 
homes. - he designed to achieve a better 

Councillor Norman Morris, social mix in -residential areas 
Labour leader, said yesterday and would satisfy the needs, of 
that- he wanted the possibilities people who wanted ip occupy 
examined. their own homes, he said. 


TEHRAN 

DAILY 

09.55 

NON-STOR 


Our non-stop flights to Tehran run 
light through the week. 

Leaving Heathrow at a highly 
convenient 09.55. Arriving in Tehran 
in tine for dinner. 

And all with the comfort of a 747.. 
For full details of all our flights . 
to Tehran, or to make reservations, 
contact your 

Travel Agent. %JRAN MR 

Tl^orlda fastest growing airline. 


the central Trustee Savings Bank 
more authorities. 

He says that the bank urgently 
needs to replace existing com- 
puter facilities with a more 
sophisticated system to meet the 
expansion of the volume of credit 
and debit clearings. 

Last year, deposits 'held by the 
banks with tbe central organisa- 
tion fell from the unusually 
high figure of £53 3m. to -£430nu 
largely because of restructuring 
the Trustee Savings Bank port- 
folios. 

During the year £46-8 m. in 
interest (against £44m. in the 
previous year) was paid to 
Trustee Savings Banks, while 
£3. 95m. (against £U38mj was re- 
covered by way of clearing 
charges. 

In favourable market condi- 
tions, the central Trustee Savings 
Bank showed a pre-tax profit on 
its hanking operations of ES.tSrn.. 
compared with a £198,000 loss in 
the previous year. 

Private zoo 
to become 
charity trust 

Financial Times, Reporter 

HARWELL Park Zoo. near Win- 
1 cbester. is to be run by a chari- 
table trust to avoid tax problems. 

' Mr. John Knowles, the zoo's 
owner, whose investment now 
lops £500,000 since the park 
opened nearly seven years ago. 
said yesterday that the effects of 
Capital Transfer Tax if both be 
and his wife died bad prompted 
the move. 

Threatened species might have 
. to be auctioned off to the highest 
bidder to help pay the tax bill, 
be added. Tbe collection, mainly 
cats, antelopes and zebras, for- 
merly included Victor, the giraffe 
who died last year after doing 
the splits. 

Mr. Knowles, who started tbe 
zoo on the proceds of a com- 
puterised poultry business, added 
that the move would help resolve 
a conflict of interest, between 
his belief in private' enterprise 
and the need to maximise profits, 
and the desire to conserve wild 
life. 

“ The public would be satisfied 
looking at two tigers, which 
would be cheaper to run than 
12. But that approach would not 
help conserve them.” he said. 

As a trust tbe zoo could solicit 
donations which would help 
finance expansion of its work. 
Mr. Knowles bad always -refused 
donations in the past on the 
grounds that be might be accused 
of lining his pockets. 

Airport fees 
rise by 13% 

LANDING foes at Scottish air* 
ports arc to be increased by 
t3 por cent, on April 1. the 
British Airports Authority 
announced yesterday. The rise 
is to cover inflation and help 
bring income closer to the cost of 
providing ‘services, it said. ' 


Paper consumption static 

TOTAL CONSUMPTION of paper picture shown by the figures is 
and board in the U.K. last year reinforced by the 17 per cent, 
was 6.9m. tonnes— 0.5 per cent.-— increase in stocks to a total of 
higher than in 1976, according to 214,000 tonnes. Imports increased 
figures released yesterday by the by 2 per cent, to 3.2m. tonnes. 
British Paper and Board .. Woodpulp imports were 
Industry Federation. reduced by 11 per cent to 1.76m. 

.Production was slightly lower tonnes and there was a corres- 
than in 1976 at 4.08m. tonnes, but ponding increase of 3 per cent, 
allowing for the fact th3t 1976 irr- 'waste paper consumption to a 
was a 53-week year, the rate of total of 2.08m. tonnes. Waste 
production would be 2 per cent paper stocks at mills increased 
upon 1976. by 15, per cent to a total of 261m. 

•• The predominantly gloomy . tonpes: 


price increase:!. Tor Dewar'*. Vat 
69 and Black & White, while 
withdrawing Johnnie Walker 
Red Label From the home mar- 
ket. completely changed the 
structure of the market. 

If, as expected, Beil's and 
Teacher’s steer their proposed 
increases through the Price 
Commission, they will once 
again open up a price gap from 
the main contenders further 
down the league table, includ- 
ing Haig and White Horse, from 
Distillers and Grant's Standfast 
and Famous Grouse from the 
independent distilling groups. 
• Scotch whisky consumption 
is likely to rise by an average 
6 per cent, a year in tbe home 
market and 9 per cenL over- 
seas, Dr. Da rid Targetl, a lec- 
turer at the London Business 
School, says in a paper pre- 
pared for Toma tin Distillers. 

Or the U-S., the world 's big- 
gest market for Scotch, Dr. 
Targett says that a small 
growth in consumption con Id 
be looked for rather than the 
decline experienced so far in 
the 1070s. 


•SUPPORT FOR AN extension tn 
the Nuliimal Exhibition Centre 
in Binningh-jm conies to-day in 

: the tcxtiic machinery sector 
; working party report, published 
las part of the Government's m- 
•dustria! strategy. 

[ The working party claims thu! 
I Britain’s textile machinery in- 
I d us try could be given a big Slip 
j if it could ])|jy host to the next 
1 quadrennial international ex hi- 


I 0AIJCIJI. Ulgca U 1%. uufiiir 

ment to sanction the necessary 
{increase in s.paee at the site t>» 
make possible the holding of 
biecer exhibitions. 

The report points to a serious 

.decline over the past few years The mam objective bid down 
!in Britain's share of world tex- ‘n ihc report for ino industry 
! tile machinery markets, and a is an improvement export 
I rise in penetration of the U.K. market share to the 1970 level 
! market by imports. Although of about 13 per cent, by 19S0. 
; the industry exported more than Depending un the extent and 
! nine-tenths nf production in speed of world market recovery. 
J 1976. its share of world exports this should rc«uli. the working 
dropped from 19' per cent, in party claims, in an increase m 
i 1963 tn 13 per cent, in 1970 and output to about one quarter 
jto about 30 per cent, in 1974-76. above 1975 levels and a halt »n 

the decline in numbers em- 

Recession rinyed. 

At the same time the industry's However, the report Uarns 
(share nf the U.K. market, the lh at this objective r.tn be 
; total value i.f which is estimated attained only if the L.K. indus- 
; tu have been about £133tn. in 7>‘ increases \U exp»irt> u» 
; 1975. was 3S per cent, compared developing countries, which .liter 
i with 52 per cent, in 1970 when Ihc fastest-crowing markets— aiul 
! tola! sales in [he U.K. stood at ’his will be possible only if the 
■ £ 9 p m Government adopts a tlexthl^ 

! The loss nf market share at P n, «<£ towards providing export 
I home and abroad, coupled with cr U!* , t and insurance. 

• the very severe recession in . Tin* working party also warn* 
‘demand throughout the world. - scc 'h^ indusirj stabilise ;i< 
(has resulted in a big reduction s V ari ' ^ l ‘ , ‘* domestic market at 

• in the UJv. industry's* total out- almut 40 per cent, and over the 

• p u i. period to 19SO regain lhi* 50 per 

• Against a 1970 production cent, level achieved in 1970. 

; index figure of 100. U.K. prndtu*- Tcxlilr Mnchincr u Serliw 
I lion of text Me machinery rose to H'nrfctnji Pnrtjj Report: ,\'EPf>. 
;il6 in the first half of 1975. hut .Citibank Toirer, Loudoi: SUMP 
j fell back to about 50 in mid-1977 . 4QX. 


Lonrho Textiles lays off 
1,800 in North-East 


BY OUR NEWCASTLE CORRESPONDENT 


LONRHO TEXTILES is to close 
its factory at Cramlington. 
Northumberland, for two weeks 
—laying off 1.800 workers. 

The lay-offs— from - next Mon- 
day— will be followed by a month 
of three-day working. 

The company took over the fac- 
tory from Brentford Nylons J8 
months ago. It said the move' 
were necessary hecausc the plant 
was over-slocked. 

When Brentford Nylons col- 
lapsed. the workforce Formed a 
co-operative to take over the 
plain, hut they were out-bid by 
the Lonrhn Group. 


The temporary closure was 
agreed with union leaders after 
five days of talks. The original 
plan was to close the factory; for 
three weeks. 

The cuts add weight to a cam- 
paign launched last month aimed 
at safeguarding the future of the 
North-East’s textile indus’rv 
which has lost nearly 3.000 jobs 
in two years. 

MPs. local authorities and 
union leaders have joined forces 
tn send n deputation to the 
Department nf Trade to press for 
lighter controls on imports. 



At home we are in the thick of the 
economic war. Ferranti computerised control 
systems have an important part to play in 
increasing industrial efficiency and thus 
strengtheningthe economy. And, for Britain, 
we believe a strong economy is the best defence 
against aggression or subversion. 

Overseas, this age of interdependence 
demands the sort of multinational defence 
projects we are already involved in with several 
friendly nations.. 

Panavia's Tornado aircraft is an example 
of our co-operation with German and Italian 
aerospace companies. ■ 

Eitherway, our first line of defence is a 
British industry that is inventive in the ■ 
laboratory aggressive in the market place, 
profitable on the balance sheet. 

The next five years will show howwell 
Ferranti measures up to this specification as we 
implement a plan that includes a consistently 
high level of largely self-financed new invest- 
ment and the creation of a substantial number 
of new jobs. 

We have the products, the people/ the 
skills and the commitment. 

' In building a strong British economy-and 

defending it-Ferranti will play a continuing 
role in the 1980s. 


FERRANTI 

Selling technology 

Ferranti Limited, Hollinwod^ Iancashire OL9 7JS 


If 60 



20 


HNASOAL TDIPS -iVEDN-ESDAT.MABCH-131!!^^ 


PARLIAMENT AND POLITICS 



PM pressed on tax 
cuts and spending 


A measured pace marks start 
of Lords devolution marathon 



BY IVOR OWEN, PARLIAMENTARY STAFF 

CUTS IX income tax and pro- is possible to have a balanced 
vision for increased public ex- view on these matters." 
penditure will feature in next Amid Tory cheers. Mrs 
month's Budget, the Prime Mini- Thatcher insisted: “How can 
>ter indicated in the Commons you both cut taxes and increase 
yesterday when he again under- public expenditure with produc- 
.ined the need to achieve a steady tion flat ? " 
rate of economic growth. Mr, Callaghan answered: "It 

Mrs. Margaret Thatcher, uppo- dnes depend to a great extent 
tition leader, was openly seep- on getting the eeunomy growing 
.ical about the compatibility of again. In certain circumstances, 
hese objectives and supported both increases in public 
Tory’ backbenchers in question- expenditure, for example, in the 
ng the reliability of what Mr. construction industry, and a 
Wyn Roberts fC.. Conway) called reduction in direct taxation; can 
.he Prime Minister's “ 11th hour achieve that growth. Both will 
,-onversion ” to the principle of happen this year, 
rutting taxes. Mr. Peter Tapsell (C.. Horn- 

With Mrs. Barbara Castle, a castle) claimed that the Govern- 
■neraber of Labour's national me ” , . s plans for . increasing 
•xecutive. joining other Labour public expenditure every year 
backbenchers in endorsing the over -the next four, years went 
rase., for tax cuts, the Prime considerably beyuod any likely 
Minister even induced some Tory |nc r® a s e tn the gross domestic 
\!P* to admit that they were Product, oven on the most 

:ongra lulatlng him on the pros- op .VP} ,s *i c “ 5Un lP l v 0 ?i R ' 
iecis ahead If this is still . Government 

“ Everyone recognise* that n n l[yy. hnw do you reconcile it 
here are goinq 10 be sonic tax - l ! our reren ! conversion to 
tuts this year." he said. reductions in taxation? he 

Mrs. Thatcher reminded the 35 IT"' „ . ..... . 

'rune Minister nf his reported .. ‘* ie £ r,n,e Minister replied 
eminent at Monday's joint meet, , l ,a * country required 

ng nf the Cabinet and the i n o r eases in public expenditure 
lational executive that people wmch. in turn, required a con- 
vere more interested in paying astern steady " r ojrth in the 
ess tax than the Government «onomy. This was the objective 
Siring money away in other of ''ovornment policy, 
iirpctions When Mrs. Castle underlined 

If the' Government really support on the Labour 
•piieved lhat people would pre- benches for tax reliefs in the 
er cuts in taxes to increases in ™™ n fl Budget she also renewed 
•ublic expenditure, why was the . r c ?™ pal S" '°.r a f 1 increase 
louse to be asked to-morrow to L 1 ? 1 bonent from next 

pprove a White Paper tncreas- November This, she pointed 
ng ■ public expenditure next ouL require an increase 

. e ^ r n in public expenditure. 

Mr. Callaghan replied that it ^ Ir - Callaghan replied that this 
ras important oven though was j? ot t* 16 . ® n, *‘ '/ a / bf intprov- 

axes were cut, that there should , e p °?*r on . , . m, ^ e . s with 
■e proper maintenance of public children. This could be achieved 
ervlces. If. in order to achieve by other kinds c*r tax reductions 
his, it was necessary, for which benefited all families, 
sample, to increase " public whether they had children or not. 
xpenditure on the health service ( When questioned by Mr. 
r on educ3iinn. he hoped the David SteeL the Liberal leader, 
invemment could rely oo Mrs. about his meeting last weekend 
'hatchpr's suppon. with Herr Helmut Schmidt, the 

*' In other words." he said. *’ it West Herman Chancellor, the 


Prime Jiiwster said they had dis- 
cussed a number of factors 
affecting growth id world trade. 
There was a substantia! disparity 
of view between a number of 
the major industrialised nations 
as to the best course to follow. 

Mr. Callaghan explained that 
be was trying to synthesise the 
various views, which covered the 
stability of exchange rates and 
“ going for growth " in the hope 
of securing agreement on a com- 
bination of remedies which, 
taken collectively by all the 
nations together, could restore 
confidence. 

“ft is confidence which is 
required in the world at the pre- 
sent time.” 

In a statement later. Sir 

Geoffrey Howe, shadow Chancel- 
Inr. maintained that the heavy 
programme of public spending 
nn which the Government had 
already embarked would not 
leave it the resources to cut taxes 
for any length of time 

" Mr. Healey will make som* 
puis m hi*- April Budget But if 
he and his Cabinet colleagues 
continue tn spend onr money at 
the present rate, he will have 
rn pur taxes an again next year," 
said Sir Geoffrey. 

Labour praised . 
by U.S. bank 

By David Freud 

THE Labour Government's 
economic policies have been 
endorsed by the respected U.S. 
bank. Harris Trust and . Savings 
of Chicago. 

A study by .the bank con- 
cluded that the U.K. made re- 
markable strides in 1077 to re- 
establish international confidence 
In its economy. 

One of the most significant 
developments, said the study, was 
the increased attention U.K. 
policymakers paid to the growth 
rale of the money supply. 


BY PHILIP. RAWsTORNE, 

* THE LORDS opened' (heir 
debate oil Ibc Scotland Bill 
yesterday with the' measured 
pace Uut marks the start .of a 

constitutional ma ration. “Your 

Lordships cut hardly be 
expcced to- skip -tike- spring 
lambs through this Bill," Lord 
Ferrers remarked from the 
Tory front beach. . 

There was a gasp of agree- 
ment from the assembled clans 
— Dundee.- Perth and Glasgow. 
.Strathclyde, Tweed&Ue and 
Kinross. Only LordlHaetde of 
Benshie, for the ; Liberals, 
showed any marked enthusiasm 
for getting on with it. ' 

.And Lord Elwyn-Jones, the 
Lord Chancellor, matte only a 
Test rained attempt to push the 
peers into brisker action. M We 
cannot afford to delay longer," 
be said, taking a statelystep to 
the left of the Woolsack to 
bring in the. Bill. -V.. 

“The devolution debate has 
gone on long enough.-. The 
Scottish people hare the right 
to expect- Parliament. now m 
come to a firm concludon'." 

But getting the Bin. trough 


was obviously more Important 
than the time It might akc. 
Lord Elwyn-Jones warned: " l£ 
we deny these legitimate ami 

reasonable demands of the 
people of Scotland, wc run the 
grave risk or fuelling a cam- 
paign which, on a raise pros- 
pectus, has a declared aim of. 
breaking up the U.K." 

The Government, he indi- 
cated. had done its utmost to 
smooth the path to bring 
decision-making closer to the 
people. "Indeed, many mile- 
stones have already been 
passed .... What the Bill 
proposes is the next logical 
step," he said. 

The Government did not in- 
tend to pnt before the Lords 
any proposal tor changing the 
40 per cent- threshold in the 
referendum. That would not he 
the sole criteria for deciding 
whether devolution should go 
ahead, the Lord Chancellor 
slated. “This referendum In 
law remains consultative and 
advisory to Parliament, and it 
is Parliament which, after the 
referendum, will take the final 
decision." 


Rambling briefly through the 
Bill's rahuliar terms. Lord 
Elwyn-Jones finaly sent It hope- 
fully on its way. Only to 
encounter stubborn resistance 
immediately from Lord Wilson 
of Lartgslde. a former Labour 
SoJIdtbr-Geucral for Scotland. 

The BIB was a threat to the 
unity of the Kingdom aud 
should he stopped at once, he 
declared . from the cross- 
benches. It was founded on 
the Government’s belief that 
there was electoral capital to 
be made out of it In Srotland. 
Lord Wilson said. But It would 
bring division and disaster. 

Lord Ferrers said that in the 
official Opposition's view. U 
would undoubtedly be wiser 

for the Government to 
withdraw the Bill and seek a 
consensus solution .to the prob- 
lems of devolution. ‘ 

But expecting no response to 
that .appeal — and getting none 
— he recognised that the 
Government, did have a man- 
date for its measure and sug- 
gested that the Lords should 
not frustrate it. 


H It- would be unthinkable 
and constitutionally disastrous 
if we declined to give this Bill 
a second- reading.” he said. 
Neither _ nationalism nor ine 
demands Tor devolution would 
fade away, even K .the Bill 
disappeared into oblivion. 

^ We., have a duty to PW - 
form,” 'Lord Ferresr declared. 
”Tp scrutinize, to enquire, to 
illuminate and If possible to 
improve” And ®0 undebateu 
clauses and 13- schedules, he 
suggested, ‘ should offer the 
peers considerable scope. 

Former Tory Prime Minister 
Lord Home; an avowed devolu- 
tion uit, agreed- The Lords 
• should fry to reduce the areas 
of possible friction between 
Westminster and Edinburgh, 
he sald. But he hinted that he 
would tike to begin a fresh 
argument over proportional 
representation. 

Election on such a system 
would ensure that whatever 
else •; happened in Scotland, 
there would be no elected 
dictatorship. 


Howe warns on reflation lorics see 


chance at 


bid by Western leaders by-eiection 


BY RUPERT CORNWELL, LOBBY STAFF 


$IR GEOFFREY HOWE, shadow 
Chancellor, yesterday spoke out 
strongly against the co-ordinated 
international reflation ; pro- 
gramme now being 'worked upon 
to pull Western economies out of 
the threatened recession. . 

The idea — the so-called 
“ convoy " system, whereby most 
major countries would do their 
bit to boost domestic demand 
simultaneously— will he tile key 
theme of vaPTOUS" fnqgtibgs " of 


Western leaders, culminating in 
the economic summit planned 
fur Bonn in July. 

But Sir Geoffrey insisted 
yesterday that inflation remained 
the biggest danger to the free 
world's wellbeing. " Surely we 
have learnt that attempts by 
Government to stimulate growth 
by deficit financing lead more 
and- more swiftly to the retribu- 
tion of inflation?” 

He 'told the'- French Chamber 


af Commerce that it would be 
dangerous to believe that “we 
can somehow escape the hang- 
over if we all go on a binge 
together.” The West should 
beware of people “clamouring 
glibly " for a programme of inter- 
nationally concerted reflation. 

Sir Geoffrey and also Mr. John 
NotL Tory trade spokesman, in 
a separate speech, left no doubt 
of the hard-headed approach to 
the EEC that the Conservatives 
are now adopting, aware of the 
electoral benefits Labour is likely 
to reap from Us own aggressive 
stance. 

Answering the charge of anti- 
Europeanism now levelled at 
Britain by. other Community 
States, the shadow. Chancellor 
stressed that the circumstances 
of U.K. entiy mode- it inevitable 
that she would be a " less than 
easy " partner. 

Mr. NotL addressing a meeting 
at . RossendaJe, promised that .a 
future Conservative Government 
would show - the . utmost 
vigilance in (he EEC over dump- 
ing and unfair trading. - • 


By -Ray Perman, 

Scottish .Correspondent 

THE CONSERVATIVES claimed 
yesterday that their by-elcctidn 
support at Garscadden, is now 
running - ahead of the Scottish 
National Party. 

A poll conducted by party 
workers, who visited every 50th 
voter on the electoral register, 
gave the Labour Party 315 per 
cent, the Conservatives 28 per 
cent and the SNP 22 .3 per cent. 

-Mr. lain Lawson, prospective 
Tory candidate, said: "With 
figures like this before our cam- 
paign has even started, we must 
be In a position to win the seat.” 

The findings conflict with those 
of Marpian. the independent poll- 
ing Organisation, which last wreck 
put the Nationalists in the lead 
with 41 per cent., compared. with 
30 per -cent, for Labour and IS 
per cent, for the Tories. 

. The writ for the by-election is 
expected to be moved by the Gov- 
ernment this week, with -polling 
to be held on April 13. two days 
after the budget. The seat has 
been vacant, since the death oE 
Labour MP, Mr: Wiltiam Small, 
in-January.' 


orders 

selection 

re-run 


By Rupert Cornwell. 

Lobby Staff 

LEFT-WINGERS yesterday 
fered a setback in iheir biu; to 
secure a candidate *f thc*t.ta<te 
for the date Labour seat at 
Krtterinsr m preference in ultarr 
mn tenders, who include Mr*. 
Robert Maxwell, the publisher, 
and Mr. Tom MeXaily. political 
adviser to' the Prime Minister ;.-. 

Labour Party officials, have 
decided tn re-run in-mqrmw last 
Friday's meeting nf the con-, 
stitucncy party executive when, 
a short list of six was drawn up 
for the vacancy left when Sir 
Geoffrey dr Trains resigns 
MP ar thr next elertion. 

At the first meeting the. Left- 
dominated evecutne picked two 
Left-wingers. -*nfl four others 
ennsidered to have, little chancy 
when the Labour candidate .is 
finallv selected un April 1 

Under the exhaustive votni^ 
system used, both Mr. Maxwell, 
a former MP. and Mr. McNally 
• were eliminated from the pre- 
liminary Rhurt list nf 16. 

But -U now -appear!, -that a 
technical error was made on the 
first ballot. After consultations 
between Mr. 1,**$ Bridges. 
Labour's East Midlands regional 
organiser, and Transport House: 
it has been derided that The 
laborious voting process will 
have to be carried out again. 

The outcome, is unlikely to he 
very different. But the brealh- 
. ing space gives both Mr. Maxwell 
and Mr. McNally ‘extra time to 
marshall their supporters fur the 
key session this Friday of. Ket- 
tering’s general management 
'committee, which -has to ratify 
the short-list 

Unlike the . executive, 

the GifC has a moderate 
majority. This section may well 
use it* power tn force through 
changes In the short list, rein- 
stating, if it wishes, Mr. Maxwell 
and . Mr. McNally. 

Labour's October 1 074 majority 
at ■ Kettering was over llinnn 
This means^that hurrimt a sen- 
sational upset the local party 
will, on April 1. in- effect, lie 
choosing the constituencj’s next 
MP 

Among the 62 original apph 
.cants for the nomination, who 
failed to make even the last ifl. 
was Mr. Ivor Richard. Britain's 
representative at the UN. and 
like Mr. Maxwell, a farmer 
Labour MP.- - 


Business gives 
£lm. to arts 




t\ i ]» ; , . . j. a - w-. . w*-«*«* *^ **-^' .. 

Dublin security talks by sponsorship 
likely to be delayed 


BY GILES MERRITf 


Wide choice of locations and sizes 
Re 
in 

if enough new jobs are provided 

Rents assessed at current market value 

99-year leases can be purchased 

These factories offer considerable financial advantages when you 
take into account the other incentives available. These include grants jbf up to 
22% towards the cost of new building (including the fectories- we offer if pur- 
chased); similar grants for new plant and machinery in many places; favourable 
term loans orinterest relief grants; and grants to help with removal costs. 

Expanding companies are welcome from within.or outside the Areas. 

Telephone your nearest Industrial Expansion Team now. Or fill in the 
coupon for a free bookletand list of fectories available. . : ■ ^ 


London tel: 01-211 6486 

24-hour answer-service tor booklet enquiries only: 01-834 2026 
Scotland. 

Glasgow, tel: 041 -248 2835 
Wales. _ 

Tel: Cardiff 62151 (STD code 0222) 

Northern Region. 

Tel: N ewe as tic upon Tyne 247 22 
(STD code 0652} 

North West. 

Manchester, tel: 061-256 2171 - 

Yorkshire & Humberside.' 

Tel: Leeds 445171 (STD code 0532) 

.East Midlands. 

Tel: Nottingham 56181 
(STD code 0602) 

West Midlands. 

Birmingham, tel: 021-652 4111 

South Wfes L 
Tel: Plymouth 2IS91 
(STD code 0752) or 
Bristol 291071 
(STD code 0272) 

London & South East 
London, tel: 01 -605 2060 Ext 221 


Financial T»mw Reporter -V-" 

THE WORK of the Organisation 

• for Business Sponsorship of tlir 

• Arts was praised !jby Mr. Gordon 

• Oakes, Minister of State for 
- Education m • the . Commons 

yesterday. 

I THE. meeting .in ‘Dtiblin . over ing disa'greemeat between thi*; He said that since the&rjsahi- 
i border security between Mr,. Roy two governments over UlsterV.sation was set up fn 1 976. \ with 
Mason, 1 Northern Ireland Secre- tong-term • future,- after. Mr. k £15.000 launching granv^rom 
! tary and Mr.- Michael O'Kennedy, Lynch’s controversial call two the Government: it had trebled 
the Republic's Minister for months ago f br a British declare- the amount of money coming to 
Foreign Affairs, that was sche- tion of intent to withdraw front the arts front business' Arms. • 
duled for next week, is now Northern Xrelartd. ' My. Oakes said th)<t in the 

unlikely to take place until after Mr. Lynch's demand. Jn the. organisation's first year to March 
Easterr according to officials here. Irish Goveriuhent's view., was 1877. business firms bad contrj- 
Although the ministerial con- T’romwed-hr . tht .huM 1 about ilia, in sponsorship 

tact had been sought bv Mr attempts to. fiecure an i internal This -yias three times the amount 
Mason to iron out mlsunder- L ^ sle r settlenitfnt, and Dublin received from business lri r the 
stSdinB? that have laie v^lSrn therefore hopt*. that, thq forth- .previous mr. . : 

Masou-g'Kenuedy talks Mr.. Robin Ct>r«eft.cUi»..itpaia 

Isnntih.ra.senB « F Anglo- HMpitM) mged that “he 
Srther Son ^ ' ris1 ' ^'mmitB On Ulster. Government should . oppose, any 

I further tension. With Mr. ^iynch and Mr. attempt by tebacio coraianies ™ 

• It wa.-j revealed in Dublin to- Callaghan dufc.to meet in Lonen- use arts sponsorship to prtimnte 
day that, while Mr. Mason has hagen next .ihpnjh at the EEC sales of their products Mr 
now agreed to travel to Dublin Heads: of Goyetument summit, Oakes replied that this wniiliE be 
to meet Mr. O’Kennedy, the officials in ' birth Belfast arid a matter Tor' the organisation, but 
agenda for the talks is disputed Dublin agree- thit the imminent he had ho evidence that the orac- 
anrt remains the subject of Dublin talks tvbuld- provide ■ a ' u'ce was happening . 
diplomatio- negotiations. useful chance to clarify positions 

The British, initiative for in advance. 1 
setting up a meeting between At the edre' fit the disqgree- 
Mr. Mason and aWr. 0‘Kennedy meni. howayef,* there is the Irish 
was first made almost five weeks Government's" rear that Dublin 
ago to tighten cross-border would again -.1^ presented as 
security co-opera ti On.- - lacking security effectiveness. 

After the Provisional IRA's British.. reservations over a 

intensified campaign in Ulster broader discussion are that Mr ax i,\rRFActr ,» **, . * ^ 
since the New Year. Mr Mason Mason would:' he asked to spell licence fen tJ ! 

has been concerned to further om detailed political intentions ag endes from 
improve border security. But m the Proving- : JbS H a «te U 

his recent public allegations that In Northern - Ireland, Mr. Empfoiment' 
the Republic xs being-used as an Mason's officials are confident Commons *°- d lh - 

o Derations base by the IRA have that an agenda' extending to.soiue [fae {;7^. nrnm tfn T . . ^ 


Agency licence 
cost phased 

Financial Time* Reporter — 




i angered Mr. Jack Lynch's Fianna degree 


dec Id ei£ that -the ' in crease,- due. to 


-5 


Send for detail^ 

TCcThe Industrial Esp&nsioii Team, . } . 

- Department of Industry : 

!M illbank To wet, London StVip 4QU 
jPfease sendmtfult details Qfthebenefas 
available in the 4 rcas for Expansion. 


Fail Government, •. security wi!J ; shortly be agreed. ta t e e ffppt- — e 'i l j 

i- Dubltn refuses to restrict the. But in Dubltn it " is being: L K W be inirnSaif-m 1 <S Q " It1 
meeting’s ^agenda to'_. security, stressed that.a meeting next week Jlceb enters 


and Insists on wifle-rangiiTB is improbable. ■ v. L* — 

political talks. It is pointed nut The agenda wauld need to be rt5 ?!£!!?,!£ mto 
that the mechanism for such discussed first by the . Irish ■ 

ministerial contacts was estab- CabineL grid ■ that .will hot be from aif ■ 
lished last September. wheii.Mr. meetiag untii .ne.vt Tuesday; Se Mr wS 11 
Lynch met Mr. CaHagKan at There would', theft . almost ttonll p MI V“ per? ‘ 

Downing Street, and makes pro- certainly fee a. time-jag in order Aaeneief ) r JJi 
vision for economic antjL Indus- that Mr. ' Masqn'p arrival - in SuuPnfui i- '* rer *- estimated at 
trial questions to be tndnded. Dubtin shBUld 'ndt- for securi J v reTr’T; 

- The current row over security reasons.' be - widely- known in 

co-operation reflects the ihouhl- advance.- -■ f ?_.**■ -*‘?cfiipts from the.- pre- 


Kams. 


Position in Company. 


Company. 


iHeath launches new study 
of problems facing young 


BY RICHARD EYANS, LOBBY EDITOR 


Nature of Business. 


THE AREAS 
FOR 

EXRANSiON 


Address. 


Eastern Region. 

London, tel: 01-605 2070 Ext 559/360 

Northern Ireland. 

Tel: BeifasL 54488 i STD code 0252) 
or London 01-495 0601 


The Areas lor Expansion 


ISSUED BY-THE DEPARTMENT OF INDUSTRY FU3/3F 

in awocia tion with iRaScottfch Economic PlanninsDafiartmentand the Wcbh Office. 


pri 1 ’- 

^ wen, be low 

meeting this cost. : ' r 

Stock export 
study ready 

A REPORT on the export of live 
rarm animals from Britain, pre- 
Pf.red by a working group of 
MR. EDWARD HEATH, the interests of young peopid and *nnistry-oF Agriculture official-; 
former Conservative leader, their concerns." Mr. Heath told j? now complete and will be pub- 
yesterday launched an all party a Commons Press conference. kshed in. fun within a matter or 
Parliamentary lobby for youth The lobby will -include- repre- Wflokn. 

which will seek to bring a fresh sentatives from major national Announcing his plans in the 
•focus on . questions affecting youth organisations which have -Cpfomons yesterday, Mr John 
youn? people. Mf. Heath. will be pressed for its establUlunent. Silkin. Minister of Agriculture. 

1 its first chairman. it has already agreed to a study said the . document would need 

The aim of the group will he of young people and polities, the « r ?fuf . study . heron? aU v 
to publicise ana make recommen- education training and employ- derisions were reached, 
dations on a wide range of prob- nient needs of young people, and . A purely factual catatocue pF 
icrtw including youth unemploy- the alienation of black youths. th e main issues involved the 
meni. racial discrimination and Other member^ of the com- report does not contain mv 
the rise of political extremism miuee include Mr.. Gerry Fowler, recommends Hons. J 

i among young people.. Labour MP for Wrekln and a T^ere is heavy pressure un tin* 

For the first time, the youth former Education Minister. Mr. Government to impose either -i 
•organisations of this country have Alan Beith. Liberal MP fnr total ban or stricter cuairel'J 
come together and decided they Berwick nn Tweed and Mr. David over animal exporters who 
want common action. W e shall Hum. Torv STP for Ihe Wirral. hFlen accused or causinc 
try tn formulate a coherent policy Mr. Callaghan is aUo civing the necessary suffering to stock in 
covering the whole field of lobby his active support. 


tiieir charge. 






n 



,*’<$« vi 




fun 


PnevStSEAL TIKES WEDNESDAY &ARCH 15 1978 ' 


LABOUR NEWS 


to be 
, says 
teachers’ chief 

BY ALAN FHEf, LABOUR CORRESPONDENT : 


TTOS SANCTIONS e&itipai&n 
heing- conducted by thousands' 
of teachers throughout- . .the 
country is to be reviewed by the 
National Union-, of Teachers’ 
executive during the ' union's 
annual conference act Easter. 

This was disclosed yesterday 
by Mr. Fred- Jarvis, general sec- 
retary.- who stressed that the 
sanctions constituted withdrawal 
of voluntary co-operation and 
not industrial action.. ■ 

He said that the union was not 
contemplating additional sanc- 
tions in support of its campaign" 
for an improved .pay offer. 

By yesterday . about 150.000 
union members In 287 local asso- 
ciations were refusing to super- 
vise school meals or take part in 
other' voluntary activities. The 
campaign was Joined this week 
by the second biggest teaching 
union, the National Association 
of Scboohnastera and Union of 
Women Teachers. 

The teachers have claimed 
Increases -of 124 per cent. 'and 
been -offered 9 per. cent, with an 
additional 1 per cent allocated 
to cover incremental- increases 
and anomalies. 

Their claim will go to arbitra- 
tion unless — as is possible— there 
is an- Improved offer from the' 
local authority employers and 
negotiations . resume. 

If negotiations -do . resume, 
NUT representatives will-' be able - 
only to readh provisional agree- 
ment and report back to the 
Easter conference. 

Mr. Jarvis, • speaking , in 
London, criticised Mrs. Shirley 
Williams. Education Secretary, 
for suggesting that the teachers- 
were mounting sanctions after 
asking for arbitration. 

He said that the request for 
arbitration had come from the 
management side and the unions . 
had had no option hut to accept 


what amounted ; to compulsory 
arbitration. 

The foremeet, .objective must 
be the "speediest possible 
return” to.lhe. salary levels for 
teachers which were recognised 
as appropriate by the Houghton 
committee on teachers* pay, the 
union' executive- -will tell con- 
ference delegates^ at Blackpool. 

- "In determining - its recom- 
mep'dations as- to proper profes- 
sional levels . of salary and 
improved '• career' prospects. 
Houghton accepted, the principle 
of comparability wift- other pro- 
fessions and comparable employ- 
ments, notably the- Civil Service 
and' local government,” the 
executive .says in, 'a report 

** It is . imperative - that this 
principle be maintained and that 
teachers' salaries should be kept 
is line with their counterparts 


prepare 


report on rail dispute 


BY PHHJP BASSETT. LABOUR STAFF 


lord McCarthy, who 

beaded an independent inquiry 
team Into the lnter-uaion rail 
dispute which came near to 
causing a- national strike, will 
with the. team, prepare a 
report on the dispute after a 
peace, meeting with the unlous 
yesterday. 

But Mr. Sidney Weighell, 
general, secretary of the 
National Tlnloh of Railway- 
men. whose pay-train guards 
received tm extra payment 
which train drivers are 'ob- 
jecting to, was pessimistic 
after the inquiry about an 
agreement being' reached. 

Mr. Weighed, who dismissed 
the talks as “a waste of 
time" ar he arrived at (he 
meeting-, in-. British Bail's 
London's headquarters, said 


when he left that the situation 
was still very difficult. 

** So long as we have separ- 
ate organisations wanting 
special and preferential treat* ‘ 
ment we shall 'always be in 
difficulty, and the British, 
public ought to understand' 
that.” 

Insistent 

He made it dear that he was 
annoyed at the time which was 
being spent on the dispitie with 
ASLEF, the train drivers’ 
union, which means that dis- 
ruptions on the annual pay and 
productivity claim by all rail 
workers are being delayed. ' 

The dispute stems from 
ASLEFs insistence that pay- 
ments to pay-train * guards. 


which would range from £2.50 
to £5-75 a week, are in breach 
or a 1974 pay structuring agree- 
ment. 

Mr. Ray Backtou, general 
.secretary of ASLEF, says that 
the train drivers should receive 
the payments' because (here 
was a firm commitment from 
all sides that (here would be no 
unilateral pay deals between 
the British. Railways Board and 
individual groups of rail 
workers. 

As he left the talks, Mn 
Bnckton said it had been “a 
pretty good meeting.” 

-Further talks on the main 
rail pay and productivity 

claims which were set for 
to-morrow, have been post- 
poned, possibly until next 
week, because of the dispute. 


Security men 
join strike 
at Tmmirigh am 

SECURITY; men- uV-the Humber 
Graving Dock and' Engineering 
Company at Tmmingbam have 
joined the strike ' <Jf 27 super- 
visors who stopped' work over the 
dismissal of 1 three of their 
colleagues who, were accused of 
being absent from thea- place of 
work. 

The supervisors*-, three-week- 
old strike has -resulted In the 
company laying off 760 workers. 

The 12 security, men have 
supported a TASS instruction -to 
stop work. No .discussions are 
going on between: TASS and the 
company. Union officials are 
seeking an interview with Mr. 
Albert Booth, tile Employment 
Minister. • - >-• 


College unions seek talks 


BY OUR. OWN CORRESPONDENT 


SJX UNIONS representing acade- 
mic and. manual staffs in Scottish 
education, colleges yesterday 
demanded an urgent meeting 
with Mr. Bruce MHIan, Secretary 
of State for ' Scotland, over a 
planned run-down, of the insti- 
tutions. 

In a joint letter to .Mr. Millan, 
the unions claimed some of the 
colleges could be in breach of the 
spirit of the Employment Protec- 
tion Act by asking staff members 
if they were interested' in volun- 


tary redundancies. 

' Mr. Gordon Cnug, ' Scottish 
divisional offieer.of ASTMS, said 
in the letter that the unions had 
not been consulted at any. stage 
of the discussions - on' voluntary 
redundancies. ■ 

He claimed that the Scottish 
Education Department was 
encouraging coHege managements 
to take decisions- on manning 
levels :** without 'proper regard ” 
to consultations required .with 
the appropriate unions.'.' ■ 


Machine tool nationalisation call 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


WHOLESALE nationalisation 
could solve the problems of the 
UJC machine, tool industry^ 
suggests a trade union pamphlet 
published to-day. 

North Sea oil revenue could be 
used to buy the companies 
involved, but ” since profits in the 
LUC machine tool industry are 
generally low or non-existent, 
there should be no repeat of the 
excessively" generous compensa- 
tion payments " made- in other 
nationalisation cases. 

The pamphlet is put out by the 
North East Trade Union Studies 
Information Unit The report 
was commissioned by the Joint 
Shop Stewards Committee of TI 
Churchill, Blaydon-on-Tyne. 

It insists that fuH-scale nation- 
alisation would allow a proper 
system of manpower planning to 
be developed. 

British Ley land, a major user 
of matitine tools, is already 
State-owned. ' If the State also 
owned tbe machine tool industry 
“there would be - considerable 
scope for centiqllsed and co-ordi- 
nated planning of machine tool 
purchases and a steady ordering 
programme which would greatly 
reduce the' insecurity of the 
boom /slump cycle.” the report 
adds. 

“ A steady ordering programme 
known in advance would allow 
larger production runs and, 
consequently, a reduction in 
unit costs of machines, with 
advantage for both sectors of 
industry.”.- ' 

The nationalisation of the 
aerospace and shipbuilding 
industries' means that a large 
share of mechanical engineering 
is in- the hands of the Govern- 
ment. *. 


“If the machine tool Industry 
was also nationalised' then there 
would be -considerable potential 
for large-scale planning arrange- 
ments and the benefits to indus- 
try as a whole, its workers and 
the national economy would be 
immense.” 

The pamphlet argues that the 
1970s are likely to prove some 
of the most testing years for the 
survival of tbe industry “ as the 
private owners of machine .tool 
companies' strive to restructure 
their operations to provide maxi- 
mum profit at the expense of 
those who- work in the industiy*” 

It says that only determined 
and united action of the trade 
union movement will prevent 
this happening. 

Tbe next recession Is prob- 
ably due in 1979-80, it is sue- 
gested. Increasingly severe 
competition for the world 
market, coupled with the rapid 


cate of technological change and 
the increase In robot-fed. com- 
puter-controlled machines 
“paints a worrying picture for 
jobs within the industry.” 

The pamphlet warns against 
tbe • increasing interest of 
private machine tool companies 
in Importing and assembling 
under licence foreign machines 
or- ii* simplv serving as retailers 
tor .such imports. It says this 
“may well be highly profitable 
for shareholders but in the long 
run will leave the U.K. machine 
tool industry dangerously weak 
in. terms of its own productive 
capacity." 

The report maintains that 
there is an urgent need for 
much greater .experimental re- 
search and development. 

Machine Tool Report,' N-E. 
Trade Union Studies Informa- 
tion Unit. £1JH). 


Engineering 
pay pact 
meeting 
to-morrow 

i 

I By Our Labour Correspondent 

j ENGINEERING UNIONS- and 
! employers meet Mr. Albert 
| Booth. Employment Secretary, 
j to-morrow to seek Government 
J approval for the industry's new 
| national pay agreement. 

j Mr. Booth will be, asked to 
approve a clause which would 
enable a minority of lower-paid 
engineering workers to receive 
(increases outside either the 12- 
month rule or the Government’s 
pay guidelines. 

Tbe Engineering Employers 
Federation has said it is pre- 
pared to bring 'workers earning 
below the newly-agreed national 
rates into line with them as soon 
as they come into effect, pro- 
vided Mr. Booth agrees. 

But it will not do so without 
Government approval as this 
would expose member-companies 
to the risk of sanctions. 

The new minimum rates will 
he introduced in two stages, the 
first this month and the second 
in August. 

In the view of the Confederation 
of Shipbuilding and Engineering 
Unions it would not break pay 
policy- to bring lower-paid engi- 
neering workers up to the agreed 
minimum level for tbe industry. 

If Mr. Booth rejects the 
unions’ argument they can be 
expected to take action against 
companies paying below the new 
rates under Schedule 11 of the 
Employment Protection Act. 

Neither tbe Confederation nor 
the federation is sure exactly i 
how many engineering workers 
earn below the new minimum J 
rates, which for craftsmen will > 
be £57 this month and £60 ini 
August. 


Women should help 
unions to win equal 
pay, says Scanlon 


MR. HUGH SCANLON, president 
'of the Amalgamated Union of 
! Engineering Workers, urged 
: women yesterday to play a 
igreater rule m trade unionism 
I to achieve equal pay. 

[ lie said that in spite of the 
.Equal Pay AcL earnings of 


Dolomite dispute ending 


BY PHILIP BASSETT 

PRODUCTION- of- the Triumph 
Dolomite is expected to be back 
to normal to-morrow after 
haulage drivers who move the 
car's body shells from Liverpool 
to Coventry went back to work 
yesterday at the end of their 
four-day strike. 

Four hundred shift workers at 
the British Leyland Speke No. 1 
plant which makes the car bodies 
will be back at work by to- 
morrow. . The 2,400 workers at 
the Canley plant, where the car 
is assembled, who were laid off 


♦ 


» 


* 




& 








Mr. Hugh Scanlon : collective 
strength to enforce legisla- 
tion. 

women manual workers in the 
mechanical engineering industry 
had risen from only 62.4 per cent, 
of men's earnings in 1975 to 87.1 
per cent, last year. “The mes- 
sage is therefore clear: to make 
legislation effective, it is up to 
collective strength to enforce it. 

“Tt is vital that women piny 
a greater part in trade union 
activities in order that all women 
can achieve the rate for the job." 
he said. 


Mr. Scanlon said at his union's 
annual women's conference, at 
Eastbourne, that the 1970s had 
seen important changes in the 
status of women. 

For the first time women 
could claim the right l« equal 
pay, the equal righi to any jcih. 

job protection during pregnancy 

and. frmn April, better pension’s 

and social security benefits. But 
he stressed that legislation aione 
would not bring about true 
equality. 

“Trade unions must consistently 

and conscientiously police legis- 
lation to ensure that in every 

place of work, laws are actually 
implemented, not merely left on 
the statute books." 

Mr. Scanlon >aid that only 
about :t0 per cent, of cases 
under the Equal Pay Act heard 
by industrial Tribunals were 
successful. 

"The women at Tnco gave a 
tremendous example in their 21 
weeks' struggle . for equal pay. 
and their success demonstrates 
that if tbe collective will is there 
then many goals are attainable. 

“ Unfortunately, many work- 
ing women bnvc multiple com- 
mitments of job. home, children, 
ageing parents etc., and as a 
society we have done little to 
ease her burden. 

“ Small wonder then that many 
women find u literally impossible 
u> take on the additional role 
of trade union activist. 

“As a progressive union, we 
iinisi endeavour to lessen the 
pressure placed on working 
women by identifying the key 
institutional and social forces 
which preveni many women 
becuming involved, and seek to 
ebange them." he said. 


TUC plea to South Africans 


because of tbe strike will he 
brought in progressively as stocks 1 
mount. • • 

The haulage drivers, employed 
by, -the Liverpool firm William 
Harper, were in dispute over a-j 
pay' claim which has been settled 
after two days of meetings in 
Liverpool. 

• Merseyside MPs protesting 
about the proposed closure of 
the Triumph TR7 plant at Speke. 
Liverpool, meet Mr. Michael 
Edwardes. British Leyland chair- 
man, thB-momlng. ■ „ 

JL. 


BY OUR LABOUR STAFF 

MR. LEN MURRAY, TUC general 
secretary, led a delegation to tbe 
South African Embassy in* Lon- 
don yesterday to protest about 
the treatment of black trade 
unionists in South Africa.' 

Mr. Murray presented the 
Ambassador with a .TUC memo- 
randum on British participation 
in. this week's International 
Trade Union Week of Action on 
Sooth Africa. 

The TUC called on 'the South 
African Government to abandon 
tbe use of administrative sanc- 
tions against trade-, unionists 
and to lift tbe banning orders 
and detentions imposed without 
charge or trial. 

. It said it hoped -that, the -set- 


ting up of a commission of in- 
quiry into South African labour 
laws represented the beginning 
of a change in the climate of 
opinion which has not favoured 
trade unions for black workers. 

II honed ihal ibe inquiry wnuld 
recommend a more open system 
of industrial relations which 
would provide freedom' of asso- 
ciation and freedom to bargain 
collectively. 

The TUC told the Ambassador 
that’, the general council was 
providing financial help to un- 
registered trade unions in South 
Africa to help them train and 
organise members to gain 
recognition by employers. 

The TUC also .called on the 


many British companies employ- 
ing workers in South Africa to 
support the granting or access 
and facilities, and ultimately . 
recognition and negotiating 
rights to trade unions represent- " 
ing black employees. 

British trade unionists have > 
also been asked to get their ’J 
employers lo commit themselves * 
to more enlightened industrial ’ 
relations policies in South Africa, i 

Mr. Murray said afterwards 
that when the Ambassador told 
them there was a commission of 
inquiry on at the moment the ■ • 
delegation told him: “’By your 
fruits you will be judged 






Opel Kvuni :wo n 

<•'» hp' J.4U0 rpm. i . i 


Ciink-n C\ 2 2 HO I) 

f)6 lip, '4. 5 (ill rpm 2.2IIU c. c. 


\ W Gulf D 

50 hp/ 5.00(1 rpm. 1.50(1 c. c. 


Mercedes B-.iu 300 I) 

Ml lip/4.l)00 rpm. 3.000 c. c. 


Peueeof 'ij4 C , | n 
J- hn/5. Ifl'l* rpm. I --ii c 


h 


‘i'% 

t - 



* a 



In Diesel's day the technical problems were 
insurmountable. It was^nly when the 
Bosch fuel injection pump was developed 
that diesel engines could be put on wheels 
for the veiy first time. Today, diesel-engined 

cars are even more up to date. . 

Rudolf Diesel lived to. see the engine ; . 
he invented being used all over the World. 

* Before long it was hard to find ships’ 
engines and stationary motors powered , 
bv anything other than diesel. 

’ inhis tlme^technologywas not 
advanced enough to produce a fuel- 
injection system able to' cope with th e 
high pressures involved and yet still take . 
up rekUvely little space.' 


Decades later the solution came.- the - 
direct injection system, from Bosch. 

Can Diesel cars really have zip? 

. 'Everyone knows that diesel engines are 
economical and long-lasting. What is not ‘ 

so widely known is that they give 

relatively low toxicity levels in exhaust 
emission. Their ability to accelerate is. . 

. often underestimated too. ‘■Dieselstac” 

belonging to road test expert Fritz B. 

Busch, can accelerate faster than many 
big sports -cars. From 0 to 61.5 mph in" 

5.6 seconds. But even mass-produced 
diesel . cars now give very commendable 
-figures. 


. precision fuel injection - a major factor 
in the diesel car’s success 

■ The fael injection. system is a major 
factor in the success of the diesel-powered 
motor car. Of course’ to be suitable for 
~ the motor car it has to be of especially 
lightweight design and needs to take up’ 
as little space as possible. 

It also has to stand up tnhard knocks 
and continual vibration. Yet at the same 
time it must functioa-with great precision: 
depending on the position of the 
acceleratorrpedal, small droplets of fuel 
. the size of a pinhead are metered out and 
injected into each cylinder. with an . V . . 
accuracy measured in fractions ofa milli- 


second up to 40 times per second and per 
cylinder. 

RudoIfDiesel would have been 
delighted to have seen it. 

BosehUK: • 

Robert BoschLimited, Watford, Hertfordshire 





EDTTED BY ARTHUR BENNETT AND TED SCHOETERS 



Space saver document conveyor 


* TRANSPORT 


Busways could solve 
city congestion 

MANY NOVEL ideas on howto virtually impoisiblc to maintain, 
make the best use of existing especially during the morning. 







DCrCUMOTlON. recently formed mg is 24 volts. dc. Fire doors* be recalled a5 necrtod b £ P T *^' 
revision of H'trac Convevors. operated by fuseable links and/ ing two or three \ D “ n '”y’ 
has a document handling system or smoke detectors, are fitted at Alternatively the receiver ^ can 
which provides a poim-to-poim each elevator floor station. Addi- be scan through the j . 

service over anv number of tional fire protection in suit local the dwelL time being aajusiamc 
iloors. while occupying the least requirements can also be in- from ax to 15 seconds, 
amount of space. The design enrporated. Service selection — upprr. 

also keeps maintenance require- Hytrac Conveyors. Turmaston or independent sideband j„t,, r rcrrncc while ihe control 

menu to a minimum and allows Boulevard. . Barkby Road, working, and the choice of enn- inl hi* in the Prgantsa- 

1 tTCC . O0 1 ^ ■ _ _ .i.k.Jn ph # 4 « i _ * ■ i ,.di ahji hiiiTrlinn itt 


SOLVES 
VOUR 

IRON CASTINGS 
PROBLEMS i 


ALVECHURCH - BIRMINGHAM j 

TOlopHeno flodditch 6fi4M 

,TelOK 337 125 ~ : i 


MANY NOVEL ideas on howto virtually impoi.sime to maintain. I “ ~ 

'make the best use of existing especially auring ___S^ ^iiii ^ ^ ji ~ 

'transport systems and on better is *o difficult that 

; methods of providing large-scale onlv a solution along radical linos ^ &&£W6ff 

transport in crowded cities have puc }j as those suggested by the _ - ; 

,1-ome out of Germany in she past Daimler-Benz engineers offers “ ' / ^ **" 

several years. The latest one to any real hopp of solving the con- ^ y --v. 

emerge is ihe subject of a S esti °n muddle. /. ^ ^ ... 

lenglhv and highlv detailed study Mercedes engineers have rte- 
by Daimler-Benz' which makes vclopcd *« 

toe Mercedes cars. vehicle to be steered manually as - . • . 

i Taking as axiomatic that buses well as automatically. The third ™ s artist's impression shows how Uir guided husjsyslem would 


x X 

/s 


easy adaptation to suit different Leicester. 0533 7G5-221- 
surroundings or decor. 

Network 45/11 uses a pater- ---, . ■’ 

noster inter-floor elevator ocy |"||| |‘||p 
arrangement in conjunction with JLIvmO j v*l 
belt conveyors for horizontal . 

distribution. Transfer of docu- nnPrniftr 
ment containers from tin* Upvi AlvA • • 


trnuous wave of amplitude uiodu- T10n - S headquarters building in 

lation are all made by illuminat- a lliwn ur city; 

ing push-button, as ore the five There is also provision tar 
choices' of' bandwidth hetweejt computer interfacing: uie prd- 
05 and S kHz. Audio and radio „, ss0r be programmed to 
frequency, gain pod boat oscil- carr y out complete, repetitive 
lator Frequency arc ali rotary m nn;turiug. schedules on %. jaffie 
controls^ .. . number of roooivers--with great 

Usinfir - a ndnirol unit and a reduction in operator f./Ugue and 


vertical to horizontal ruos„ and CLOSING fast on ftacal. Flcssey Using : a control unit and a reduction in operate 
Vice-verea. is completely auUi- and philips,- all Of. whODl have spedaL version of the receiver, improved cflicienvv. 


matic,Tnerec an be any number Sbdue«inthS Lp^lfi unattended receiving The new r^vera arc now In 

of "send or receive , asl >Wi Redlfoo has brought stations can be controlled from producunn . af 
stations, and a queuing facility is riqOO sunthesised communi- a central point which can he southwest London r.irtorw afui 
incorporated cations receiver to what is now any distance away. Thu*, the will become available in jnnr 


—which in Germany have 50ra e 5 v S tem is for a completely guide- b * integrated into densely pppnlsrted city rentres. ensnrine close' [ainers 


an percent, of the "mass transit vray slaved bus and would be em- Mver ttwjor routes and redudng the need for personal 
- '■■ — ; — -- -• - ~ transport. 


market — will continue to he the ployed where traffic was very 
basic element of any universal heaw. demanding long guided 
transport system, the report sec tibns or long bus trains. 

suaaests buses could easily he ... , j 

made to follow a new role, that Uni J er * f,* 1 ”* 'f hul 

is as the units for use on O-Bahns r ?, quip a n L "ripri «hi h „n^r 

or “buswavs." would follow a buned cable under 


over of major routes and reduHng the need for personal by 110 mm. wide and 300 tnm. "j^j e rece iver. which has a 
transport. high, and each has its own starting price in the £5.000 

simple destination programmer. re . g j 0n> j S available in several 

v insensitive to ^regularities city centre looks very like the ulu^h n'art-resf-rtant 1 ade nni , v. ' nersi °[ ls ^?l etr , n n 
rhe gu.deway. Manual .o auto- Kfnjtram or Cabtracfc ideas pur. ble ^a "SA 


canons receiver iu wiiji « u»- «iuy tmiance awa>. " 

The actual document con- becoming a highly competitive receiving locations themselves Mnpr rrom nroornmu wmjn, 

mers measure 45Q mm. long market place. can. he. in areas of minimum London. StVttUlf im*’ •■an. 


ENERGY 


Fiat’s power cube 


This would require them to W0l ,ld affect sensitive antennae nons are required, the bus design JJSif? 1 !** miners remain upright at ail Snd^t^fasl (600 kHz/rcv) or riA4 nas nc sw» *-»» j‘ ''_ c tiift. 

rnltow specialised guidance arid MUiie th c required steering would be so changed so that the j»te* ^' ”***“ ** limes, there is no risk o£ damage ^ feoo U/rev) ratS ' the high-efficiency enemy converter machine produces dJ.WO kllO. 

systems, one effee of _ which to he a *le is allowed a certain f orreasons_ which city_ travellers m co ; t „ nt c u b based on a standard car engine, calories an hour and la kW of 


FIAT SPA. has begun sales of a 50.000 kilocalories an hrmr The 


woliTbe ^J'ca.f/Vhem to V Ta^ corrections to be made Unmed- rjjr K*"™*^* 

DSSe„i’ f0 p™jeiuo n s U " from HHSf — SSl S W W«- 

into, smaller tunnels or have Guidance in ilia manual system The desi S n team lj as made a Mercedes-Benz (U.K.). Great '» on *** ^f c L m S 0" ‘ he There are . no “ mechanical " thegroup b consnlidattci sau-s > teat I loss in lo^ than .ioii mio- 

Iheir own special track alongside u rr !“ h “olid Sir slud >‘ of ^ Civi .> engineer- west Road. Brentford. Middlesex conveyor track, so there is no moving pa rts-the tuning knob T o«em i total ** * J nrlc 

■ nr nhove the road. Bui. at the ls - oUd rubber rollers required to provide special TWS 9AH. 01 560 2151. waiting time. Also, because of i & coupled to an optical shaft device cal led uti cent, ^fficienoj is thus nn or lr. 

same rime, thev would be avail- ninnms between two rajls. the lateral or elevated trackways and ihe queuing faenuy. tt is not encoder. Setting accuracy is energy modulei. is fucliea n. than W) per cent. . and cun reach 

i able - for conventional roles and rollers being attached to the stub Iws concluded that these could : : necessary to collect a container claimed to be within 2 Hz of the “»Turai gas tuiwnancr wniLir « 93 per cent. 

.this would permit the cost nf ax i es y f trie front wliecLs. be economically attractive be- g Bn agreement beticeen rfu; ,mmcdiate,y - indicated frequency- ihS m SSi l Few niellcil °F C ,,r thr n,usl 1,,l f re !il n? 

. insiallarion of guidance and any D „.. hm , cause of the high degree of pre- Financial Times and rhe RRC Conveyors operate at a sDeed Like' the comnetitive instru- !™L«“ ‘‘-.r,- «r applications r* m rural <«». 


MUH iuvai 1 u./ 1 vi ; 1 hsmi , _ - , . 

lard to understand lo ™ n “. n “' . , . . frequency appearing on a seven- \fcvlw‘ efifid cKctnear'cncrw-. the heat being 

information on ihc- Loammers are despatched digit yellow LED display which f delivered tii hot water. 

iz nroiectioni from simply by selecting the destina- increments in 10 Hz steps, contribute up to * per C ;“ I ; ”* c , 

•nz (U.K.) Great t ‘ nn placing them on :he There are no “mechanical" the groups consolidated sales by „ put luss is j tfSS thun 1 .Kin kiln- 
Brentford Middlesex conveyor track, so there is no moving ports — the tuning knob , calorics an hour or under 1 per 

01 560 *131 waiting time. Also, because of i* coupled 10 an optical shaft. The device, called loicmtutal cent. Efficiency is thus never Ipjw 

ihe queuing facility, it is not encoder. Setting accuracy is energy • module 1. is fuelled b than 00 prr cent, and cun reach 
. necessary to collect a container claimed to be within 2 Hz of the natural gas (uieihanc 1. wmen i 1 33 per cent. 


. insiallaiion nf guidance and any B . . , been evlcn . cause of the high degree of pre- Financial Times and the BBC Conveyors operate at a speed Like' the competitive instru- Sines a rale »f 50 per a| i p,,ca, . , i ,n *. '- S . '- n ™S' ,!!!?, 

■ S-SSti. fZPZSL.* bc »d tolh =" under- 2! The Tunica, of Mn. M metree/eecunrt ««,». .»«««« »*£»?. eMCCTl ^ “XS 


; , — Jrali. f.wlwl anrlTmlh nru ..nrfflp 1 7 . . “ IIIJUI linLLUSTL J 1 I miILKJUl HI UHIWWU « -U WCUCJ.;WLUIHI niCIU3, U1C H1UUVI tltfS d UICUIU&J. rpnt - . t • TU- 1 »U ,, 

(.spread over long periods. sively tested and both are under- re1ar , y ely narrow section of the Page is orailob/c /or t«c bo Die and 1 metres/seconi and bnt a rather larger one-^-ii is Ce S>L'i Min , ain . „r , he Tu tern pro- N v biugus. This K methane that 

Ti is quite clear that in mn«t stood tn shou c *eellent nde track. Corporation’s External Sender* elevators at 0-3 metres /second, able to store, the frequency. Flavin Dal Bo indicates that IT rcleasr ? dl,n ? K 1,1 “3 

1 ntv. centres in Britain, fnr characlensucs up to the top speed An artist's impression of the as .source material Jar its oeer- Consistent with international service type and bandwidth, of i-Jl Tn»emc have been sold, ni'cnmposition of manure arm 
insfance. ' bu«’ Timetables arc of the bus and the nde is trrner- guided bus service in a crowded seas broadcasts safety standards, ait control wir- up to 19 chattels- These can then f . . France and fat,u Vl ' aste f- Clin ^ c °liecteQ 

I " 1 Switzerland, as rhe Italian stale ' , , . 



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it 

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tobeairfrei 


lies, work out 








erry 


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syste 


■sift 


mm 


npu 




"Vbu miglht be up against it with this one. 
But its a fact that air caigo is only on the 
move for about a quarter of the time the airline 
have it in their controLThe rest of the time 
it’s sitting on the ground with people pushing . 
bits of paper backwards and forwards ‘helping’ 
it on its way.This ‘help’ has been known to 
cut rather drastically into airline profit margins. 
So Sperry Uni vac suggested there might be a 
better way to run things and developed a 
computersystemto handle this groundwork 
whh total effidency.Like the way all Speny . 
products work. 

Their agricultural equipment at S perry 
New Holland.Their fluid power products at 
Sperry' VickersTheir guidance and control 
systems at Speny and Sperry Flight Systems. 
And their consumer products at Sperry 
Remington. 

There's little doubt one of these divisions . 


could stop some of theto-ing and fro-ing in 
your company. And dome up with some really 
constructive help.To find out that and more 

1 • : rt' n ^ i -wf.- ■ ■ r - : l ' if J 


things they make, tidf a box or two, cut - 
off the bottom part bFthe ad and send it to the 
address below. • . r • 


Please send me infornuiitib on the following: 

□ Computer Equipment abdBusiness Systems 
G Guidance and Control Systems 
G Agricultural Equipment:- 
C Hydraulics and Pneumatics 
G Consumer Products . G . AnnualReport 

Sperry Rand Limited, 78 Portsmouth Road, Cobh am, 
Surrey KTI1 1JZ. 

Name I 


Position- 


Company. 
Address 


JL 




Making machines do more, so man can do more. 




electricity bourrt has not yet- When fed hy bio W-. the cquip- 
pennitted installation in Italy. monr noeds ahoul h cubic nirirrc 
Fiat expects io produce and an hour. Biocas is already home 
sell ,500 Of the units in 1975. widely used in Europe, 

and reach 50.000 by 1952. At a Brazil. India and Nepal, tint gen- 
carrenl price of 3ni. lire per unit. er:i ^. v ff>r household conking, 
this latter 6gure would give an Servicing the machinery would 
indicated share of group con soli- be simple in rural areas. hprau*c 
dated, sales of 3 per cent. after even- 10.000 hours nf 
Totem, packaged in a cube ihe motor 'is simply replaced, m 
about a metre on a side, employs he reconditioned in duo course 
a standard Kiat nindel 127 on- by mechanics i-\pcricnced m 
fdne triih 90.1 cc capacity pro- auto repair, 
during 16.5kW when running on The Uni led Nations Food and 
petrol. Agriculture Organisation in 

When methane is used, about Rqme is co-operating with Fiar 
6. cubic metres an hour are re- in examining pnssiliif applica- 
q aired, having a beat content of tions in third world countries. 


WELDING 


Lays down more metal 


mutes 


LATEST HOT wire submerged 
arc equipment package from 
Union Carbide will be shown 
for the first time m rh»i UJK. 
at the Welding Engineering ex* 
hlbition (Harrogate. May 5-121 
Designated UWM&. the unit is 
electronically, controlled. The 
hot wiTO system, developed by 
■Union ‘ Carbide, allows an in- 
crease -in wrid metal den'nsition 
rates by as -much as 100 per 
cent, halving joint prodnetinn 
time, with only a .10 to 20 per 
cent, increase in heat input. 

It has been found that the but 
wire technique caft be used to 
make joints in high tensile steel, 
such as HYS0. up to 1 \ inches 
thick, without - having to stop 
between runs to let the metal 
cooL . 


The new equipment uses *p 
500 A continuous rating power 
supply, and . a side beam car- 
ridge, which operates on multi- 
ples o( 10 ft. track. Maximum 
snhd wire diameter is 3/16 inch. 

With the hot* wire technique, 
a second I.fimni diameter wire, 
carrying a low voltage <S42Vt 
500. A ac. current is fed into th«* 
weld pool. Resistance heating 
raises the temperature of thK 
wire a! nips t to melting point .i* 
it enters the pool, keeping Addi- 
tional heat input to the parent 
material in a minimum. 

Mnre from Union Carbide 
Welding Products Division. 
Grange Mill Lane. Wincohank, 
Sheffield (0709 79161V. 


HANDLING 


Harrods warehouse plan 


COMPUTER; Analysts and Pro- 
grammers baa a House of Fraser 
contract to assist Fraser com- 
puter staff in. the analysis, design 
and implementation of a ware- 
housing system for Wylie and 
Company, a subsidiary of Har- 
jads, whiichuprovides. warehous- 
ing services to the House of 
Fraser gipup of stores. 

The system will service the 
mam warehouse at Heston. The 
Bath and Manchester ware- 
houses controlled by Wylie’s will 
be able to use the main system 
■by means of .remote dial-up faci- 
lities.- with. .VDll’s and slow 
printenU locally. The MI COS 
controller Is built around a 
NOVA-3 central processing unit, 
supporting inter-active- develop- 
ment using.- BASIC as tbe pro- 
gramming, language 


An innovation for House of 
Fraser is the use of pro-printed 
mark-sense tickets on sales tags. 
These tickets will be detached 
at the point of sale, returned 
to the warehouse and read by 
a Datatag reader, marketed in 
the -U-K_-liy Data Recognition. 

The information gathered by 
these rickets will be used as the 
basis for a one-for-one stock re- 
placement system, and as the 
basis for determining and main- 
taining an “ ideal " stock level 
at stores. Additionally, stores 
will be able to order gouds from 
the warehouse on onirr forms, 
or may telephone orders to a 
receiving merchandiser ,«t 
Wylie's for submission to tlte 
computer -system. 

More from CAP on 01-242 
002L. 


Brighten your day with a 
- success story 




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File Management Page 


' K . . - . ; v x?;-^k: • 

EDITED BY CHRISTOPHER LORENZ 


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Flying Scotsmen set the pace 





,:#asS 


j 15 per cent is exported. And fared better than they would Strath recalls that the small 
* it Haims the unusual achieve* hare on their own, or as part Glenrothes team had a three* 
meat, for the microelectronics of an existing European group* year period of extraordinary 
industry, of being profitable Alan Strath, the sole survivor at freedom in the initial stages, 
ever since 1970, through the Glenrothes of the original submitting little more than 
4 last two recessions. three-man team and now Joint monthly reports and an annual 

— , — £ la the process, the Glen* managing director, says they business plan. Even when, after 

Alan Strath (left) and Dr. Stephen Forte — their company has mthes company— known as GI accepted the U.S. offer of sup- IS months, the ambitious target 

become a by-word for U.S. style flair. Microelectronics, and now em- port in 1968 because “ it was the of 50 per cent pre-tax profit 

ploying about 450 people— has easy way out.” But he goes on margins was missed, there was 

TEN YEARS ago, three elec- later, the company they >»a> me a <»*re ®f attraction fo stress that it was extremely no clampdown. 

tronics engineers decided to set founded has become a by-word for highly-qualified Scottish ? uc *y for them 0141 ***• Gradually however, the 

up their own business. They in European electronics for in- eng^rs, many ot these en- m wew of GTs unusual com- parent-subsidiary relationship 

were tired of conned mach- nowtion aod S of Ihe Z W*« development, and bmation of sophisticated finan- has undergone a change in 
inations about reorganisation normally confined to the “elec- some on r6sear <*- 116 company cial controls, and readiness to character. From a small opera- 
o£ the British electronics Indus- tronics belts” of California and now a resular 5011X06 new 

try, and the way potentially Texas. It has also won acclaim P rod «ct designs for its UiS. — ■■ ■ ■ - " - 

lucrative innovations were be- as a shirring example of high- P 31 " 6 ”*- ® ut Glenrothes' success 

ing neglected. qualify U.S. investment in J 38 inevitably transformed it Christopher Lorenz describes the growing 

Like all budding entrepre- Europe. With its ** vertically from 3 m T or aBd somewhat ex- _ r . 

neuis. thev did the rmmds of inteerated*' on#.ra«ons-^raoBin«» penmental appendage into a nams nr an innovative Kritish f lpcfrnnirc 


- rriLiL. - .u nT iiiT -u. il. Christopher Lorenz describes the growing 

Like all budding entrepre- Europe. With its ** vertically irom a aBQ somewnat ex- _ r . 

neurs, they <Ed the rounds of integrated” operations— ranging penmental appendage Into a pains of an innovative British electronics 
the government agencies and from research and development ™ 3]0r and integral part of the . * 

banks. Some sort of bank fin- upwards through product u.s. group. company, which has been transformed 

ance already appeared to be in design to complete manufacture With this development has , . , . 

the offing when they heard that —it Is one of the few U.S. elec- 001116 tighter management con- from a minor appendage UltO One 01 the 
an American company. General tronics subsidiaries in Scotland t^J across the Atlantic, » _c _ j__ j:_ _ tto 

Instrument, was looking for an to be very much' more than an the worry for some of the Key elements OI a leading groop, 

electronics base in Britain, in assembly operation. Unlike the Scots that this could blunt their 
order to secure better access to majority, its turnover has a high ability to exploit their technical 
the market h ere. Within a few added value content, and it em- innovations with the necessary 

weeks, and after very few for- ploys a relatively large number speed- support possible product failures tion producing only tailorimade 

malities, they had secured over of highly-skilled engineers. Several of their initially in the quest for new markets, designs for individual 
£500,000 worth. of backing from Moving with a’ speed and risky — but eventually successful Siraih doubts whether the banks customers. Glenrothes has 
GX, a small stake each in the readiness to take .risks which — recent designs might never would have stayed with his team shifted to a limited number of 
capital, and — most important — no established European com- have got beyond the drawing through thick and thin: “they high-volume standard products, 
an' understanding that they pany in the field has dared to board if the parent company dislike the slightest hiccough,” in order to spread development 
would be in charge of a fully match, the team has built up a had been fully aware of what he says. - costs and improve its growth 

integrated operation, with de- co mmanding lead -in certain was afoot; the most extreme Compared with any of the potential — always restricting 
sign, complete. manufacture and specialised micro-circuit tech- example of this sort of “boot- European groups which might itself- to the same type of tech- 
testing (a major part of the nologies and markMs, ranging legging,” to quote a GI manager, have provided backing, Strath nology. This is a strategy which 
added-value process in electro- from consumer products (TV is thB microcircuit which in says GI was also attractive be- other British-based electronics 
nics) all being carried out in tuners and games), to capital 1976 launched a worldwide, cause of its short lines of man- companies might well have 
Britain. equipment ( telecomm uni ca- boom in TV games. There is a agement communication. Even adopted, in place of their 

Their first “factory" was a tions). surviving fear in the minds of now, though officially respon- periodic— and largely unsuccess- 

council house- in the new town 04er the last . frrtt .years, in some people at Glenrothes that sible to an American based in ful — shifts from one technology 
of Glenrothes, Fife, where they spite of the steady fall in pro- the parent could still eventually Europe, Dr. Stephen Forte,, the to another, 

had all worked for Elliott-Auto- duct prices which is common turn it into a typical "off- other joint head of GFs British This change to higb-volume 

m a tion (part of the large GEC- throughout the- electronics in- shore” American electronics subsidiary— who is also in products made it more sensible 

Marconi empire since the in- dustry, the company’s turnover operation, no more than a charge of European, and Middle for Glenrothes to be fully intc- 

d us try’s upheavals in the late has multiplied sevenfold, to glorified assembly shop. East markets — reports directly grated into GTs microelectronics 

1960s). about £15m., at least 75 per cent In spite of all these concerns, to the U.S. company’s micro- dfrision. Moreover, as the 

Since they moved into their of which are products designed few of GTs British employees electronics chief on major subsidiary grew, so did the 
first proper plant nine months in Glenrothes; aft but about have much doubt that they have issues. attendant financial risks. In 


addition, duplication of effort 
across the Atlantic on design, 
development and production 
would have become increasingly 
wasteful. The ever-rising cost 
of new product development and 
capital investment imposed still 
more pressure for each new 
investment to be geared xo 
worldwide, rather than local 
markets — and this meant deci- 
sions had to be taken on a global 
basis, with the parent company 
very much involved. 

For the last four years or so, 
monitoring has been stepped up. 
There are monthly (instead of 
weekly) meetings for product 
managers of each of the five 
product lines in which 
Glenrothes is involved and a 
management group meets at 
least quarterly to co-ordinate all 
five. 

It is these meetings, 
supplemented by person-to- 
person contacts, that decide 
which of the new design ideas 
are worth following through. 
There can be few industries 
where new product decisions 
have to be taken as frequently 
as- in electronics, the pace of 
innovation is so fast 

When the joint managing 
director of the British sub- 
sidiary, Dr. Stephen Forte, first 
proposed the development and 
manufacture of a single-circuit, 
low-priced brain for television 
games In 1975, he found his 
American colleagues highly 
sceptical whether the project 
would ever be a commercial 
success. 

After pursuing the technical 
development on a “ bootleg- 
ging ” basis for some time. 
Forte found a European cus- 
tomer in the TV Industry who 
was prepared to fund the next 
stage. Even then, he says, he 
had to “fight" to get the U.S. 





Chip mounting at General Instrument's Glenrothes subsidiary. 


parent to agree to it 

Once agreement* was finally 
secured, however, the TV games 
circuit was a whirlwind success; 
eight million of them were 
shipped by GI's U.S. and Scot- 
tish factories in the first full 
year o£ production. Only a year 
before, the entire sale of 
finished TV games, by all manu- 
facturers, had been only about 
300,000. This success has 
naturally boosted the reputation 
of the British team’s judgment 
in other parts of GI. Three 
years later. Dr. Forte can still 
claim that “ to date, no one at 
Gl has ever stopped me doing 
something I really believed in." 

Within the integrated GI 
structure, Glenrothes has since 
ceded the leadership on TV 
game circuits to the U.S. 
parent, for several reasons. Not 
only has the largest market 
been in the U.S., hut the 
Scottish team was already 
heavily committed to making 
circuits for TV tuning and tele- 
communications products. These 
could have been swamped by 
the massive operation necessary 
to meet demand for TV games, 
and Glenrothes would have 


risked losing its diversified 
product base, and being trans- 
formed into ” the one-product 
beancrunching outfit we don't 
want to become,” to quote Alan 
Strath. 

Strath no longer bolds his 
equity stake — be was bought 
out by GI in 1973, when he 
feared that the unwanted trans- 
formation might soon occur. By 
then the other two founders 
had left, so .Glenrothes’ recent 
progress cannot be attributed 
to the sort of personal financial 
incentive which is often held up 
as the motive force behind 
American electronics com- 
panies. 

The main causes of GI's 
British success, Strath con- 
siders. are the subsidiary's 
independent spirit, the stability 
of its team (with Forte at its 
head since 1970). and American 
planning and financial discipline. 

Reward survey 

The table on salary levels 
published last Wednesday gave 
the median salary for accoun- 
tants as £3,500. The correct 
figure should have been £4,500. 


ABOUT a year ago, a number 
of car importers to Britain 
could be heard complaining 
vociferously about a new "Type 
Approval” document issued by 
the British Government Their 
objection was that the regula- 
tions it embraced, which estab- 
lished a number of basic 
standards for all ■ cars sold in 
the market, were creating" a 
whole new set of non-tariff 
barriers. The rules were 
becoming so complex, they 
argued, that they would find it 
difficult to meet them. 

The importers, however, con- 
venient ly forgot two facts. First, 
until that date, Britain was the 
only major European country to 
run a car • manufacturing 
industry without type approval 
to testing. Up to that time it 
had relied mainly upon the 
discipline of the common law 
and the courts to cointrtl 
vehicle manufacturers. Second; 
Britain, as a signatory of the 
Treaty of Rome, was obliged to 
bring in new testing methods 
in the interests of liberating 
trade, not stifling it 

The idea behind the type ' 
approval testing system is to 
establish a number of basic 
procedures which every Com- 
mon Market country must 
follow. Vehicles then tested 
satisfactorily in one country 



Bumpy ride toward 
Euro-car standards 


must be admitted to any othgr 
part of the EEG-wlthqut laying 
to retake tests locall^ Once the 
system is operating smoothly, it 
should mean an -unrestricted 
flow of vehicles between all the 
countries within the Com- 
munity. 

This ideal & of course, still 
some tidjp away— almost 
certainly t yd years in the view 
of some experts, and probably 
more. In the case of commercial 
vehicles it is even further off; 
bur there again, the officials 
involved believe that the ball 
has been set rolling effectively 
in the right direction. 

The main bar to complete 
harmonisation at present lies in 
the fact that the directives 
issued by Brussels have not been 
completed, leaving national type 
approval systems to fill the gap. 
Standards have been established 
to cover external projections 
(there should not be any). 


internal protection (there 
should- he Aplenty * or padding 
push-botton controls, collapsible 
steering wheels, well-anchored 
seat belts), and the height and 
strength of lights. But argu- 
ments continue, for example, on 
the question of safety, glass, 
mudguards and heaters. 

Antagonism 

Is the commercial vehicle 
field, the bureaucrats have also 
progressed swiftly in certain 
areas. Brake systems are now 
harmonised, along with stan- 
dards for noise and emissions. 
But an enormous stumbling 
block has been encountered on 
the tricky subject of vehicle 
weights and dimensions. 
Virtually every country in 
Europe operates at present to 
different standards in this field, 
and each of them has so far 


shown a deep-seated antagonism 
to Change. ■ ' ’ 

Part of the reason for this 
intransigence over commercial 
vehicle standards is that once 
alterations are accepted they 
will bring an instant and far- 
reaching change in the way the 
industry is run in Europe. 
Until now, commercial vehicle 
markets have remained well pro- 
tected. The Germans hold 85 
per cent, of their home market 
the French and Italians between 
70 and 90 per cent of theirs, and 
the British about 80 per cent 
Each country has established 
standards around which its own 
vehicle industry has developed, 
and which other manufacturers 
can rarely meet without some 
adaptation of their models. For 
example, the big Ford Trans- 
continental truck, launched 
three years ago, and designed 
particularly for the Continental 
markets which favour heavier- 


weight vehicles, has not really 
caught on in the U.K. 

When weights and dimensions 
are standardised, it will open 
the way to considerable rationa- 
lisation and streamlining of the 
industry. Manufacturers will 
be able to design common 
trades for the whole of Europe. 
Different specifications will be 
designed for marketing reasons 
or. to; cope with local, driving 
condBSon!? rather than to comply 
•with Government regulations. 

Meanwhile, of course, a 
number of anomalies remain, 
both for commercial vehicles 
and cars. In this sense, type 
.approval regulations do act as 
non-tariff barriers \to some 
degree, because the individual 
countries can establish stan- 
dards of their own where they 
are not covered' by an EEC 
directive. The final objective 
is to have directives from 
Brussels covering the whof? of 
the industry. When that* is 
achieved no country will ^je 
able to keep out cars whiqji 
have passed the test-r-althougb 
they may choose to keep their* 
own national systems. 

Because of the anomalies 
which remain, the impact of 
the Brussels directives on the 
industry has so far been fairly 
marginal. But changes are 


already apparent The Chrysler 
Horizon, for example, which 
has just been launched in 
France, was specifically de- 
signed to meet all the require- 
ments on external and internal 
safety; the external mirrors on 
car doors which are becoming 
increasingly common reflect 
another EEC directive; more 
and more cars are being manu- 
factured with dual circuit brak- 
ing systems; and rear -seat 
belts will soon be necessary as 
well. 

In the long run, officials 
believe that the new system 1 
will allow manufacturers to 
simplify their tooling, and 
particularly to save on the in- 
ventory costs of carrying a 
number of different parts for 
different markets. They expect 
to see the interflow of com- 
ponents, cars and commercial 
vehicles increase as time goes 
on; and the harmonisation of 
test procedures should make it 
easier to achieve the manufac- 
turing rationalisations which 
many European companies 
believe to be necessary. In 
this respect, at least, Europe 
seems to be moving closer to 
the concept of a true common 
market. 

Terry Dodsworth 


BUSINESS PROBLEM BY OUR LEGAL STAFF 


An office 
and CGT 


I have an agency business which 
I ran from my' boose, onto which 
In 1975 I built an extension cost- 
ing £4.000. The extension con- 
sists or my office, with a bedroom 
above. Could I cbarge half this 
expenditure against agency costs? 
If I do, what proportion would 
rank for capital gains tax, if I 
sold the honse at a profit? 

No part of the building costs 
is eligible for tax relief. 

If the office “is used exclu- 
sively for the purposes of a trade 
or business or of a profession or 
vocation," you will face a capital 
gains tax liability when the house 


is sold It is not possible to say 
what the figure would be; it 
depends on the facts. The phrase 
in quotation marks is taken from 
section 29 (4) of the Finance Act 
1965. and the important word is 
"exclusively": if in fact you do 
not use the office exclusively for 
business purposes, then you may 
well find that you have no capital 
gains tax to pay. 

If you have not already done 
so. we sugeest that ydu a«k your 
tax office for a cop* of the free 
booklet IR2S (/Starting in Busi- 
ness). 

■* 

No legal responsibility cart be 
accepted by the Flnandal Times 
for the answers given in these 
columns. AH Inquiries will be 
answered by post as soon as 
possible. 


LOCAL AUTHORITY BONDS 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For further details please ring 
01-248 8000 Extn. 266 










Please send me more information □ 

Please telephone me to arrange an appointment^ 
Name . . 


Position 


mw 

1 iTiTi 

rrft 




Now 

is the time 
to make a will 


— while you are in normal health. Many 
people delay making a will, or adding a 
codicil, until ill-health comes,. Problems 
are often created as a result of inadequate 
consideration under pressure of anxiety. 

One of the aspects you will probably wish 
to consider is how you can leave something 
to bring genuine benefit to people in special 
need. For old people are an increasing 
proportion of our citizens, and their tragic 
problems of loneliness increase even faster 
as more of them eke out their days in 
solitude. Help the Aged and its many 
volunteers work to bring lasting solutions: 
friendly Day Centres, Geriatric Day Treat- 
ment Centres, and other imaginative 
practical help. 

Free: a helpful booklet “ Making a Will.” 
It clarifies every aspect you need to 
consider, including the considerable tax 
savings possible now that up to £100,000 
can be left to charity free of all taxes. 
Written in' everyday language, with skilled 
legal advice, it is a. useful guide to read 
before visiting your solicitor. ' 

Send to: The Hon. Treasurer, The Rt. 
Hoil Lord Maybray-King, Help the Aged,' 
Room FT4L, 32 Dover Street Loudon WLA 

2AP. Telephone (01) 499 0972. 


When the barman at the 
Athenaeum Hotel says"Knockando” 
a fivestar guest is delighted. 



And what five-star guest of excellent traditional English 

wouldn’t be delighted. For and international dishes, as well 

Knockando is probably one of the 1 as boasting one of the best wine 
finest Scottish malt whiskies you lists in England, 
can drink. And just one of 44. that Situated in Piccadilly, in the 

the hotel bar specialises in. heart of Mayfair, this excellent 

The club-like atmosphere of hotel is ideal for shopping in 
the bar (and incidentally the. Bond Street, and the nightlife of 

hotel itself) is ideal for enjoying the West End. 

a good malt whisky, or any other To become a fivestar guest, 

drink that our award winning ring the hotel or the Bank Hotels 

barman may suggest. Central Reservations Office: 

The restaurant offers a choice 01-262 2895. 

Athenaeum Hotel 

, 11 SPiccadiUju London W1V0BJ. Tel: 01-4993464 Telex: 261589 

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Ana wnat rive-star guest 
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Knockando is probably one of the 1 
finest Scottish malt whiskies you 
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The club-like atmosphere of 
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a good malt whisky, or any other 
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The restaurant offers a choice 





14 


"roMNCui. TIMES VEDXESDA.T MARCH 13 ttt* 



We’re Committed to 
Containing Health Care Costs. 


In 100 hospitals across America, Hospital Cor- 
poration of America is proving health care costs 
can be contained . . . successfully. Modern 
management methods, large scale purchasing, 
prototype construction and the fundamental 
American profit system can make hospitals 
more efficient without sacrificing quality care. 
Hospital Corporation of America, with over a 
decade of experience in hospital management. 


proves it can be done and does it. 

HCA has set an example for the health indus- 
try throughout its 10-year history. It continues to 
do so by delivering high quality hospital care at 
competitive rates while achieving an annual 
growth rate of more than 20%. In 1977 HCA's 
revenues exceeded 600 million dollars and 

return on equity „ 

. ^ , -*.1 HOSPITAL 

topped lb7o. CORPORATION 


Health care is a business with a healthy future. 



OF AMERICA 


Or»* Plots 
rUi»*ill«.Ti 
1615027 B»l 


8:203 - 


The organisation with £40m. 
to invest in new ventures 


A TOUCH of hysteria, says 
Steven Dollond. has crept into 
the Government’s manifold dis- 
cussions about employment and 
the importance cf creating new 
businesses. Whitebait is in tbe 
grip of a malady Dollond calls 
analysis paralysis," brought 
on by wrestling with the im- 
plications of a shrinking work- 
force .for ...labour-intensive 
industries such as steel and 
telecommunications, and the 
dire consequences of not allow- 
ing employment in these indus- 
tries to shrink quickly. 

Mr.- Dollond is marketing 
director of the National Re- 
search Development Corpora- 
tion, which to-day has released 
its evidence to the Wilson Com- 
mittee reviewing the function- 
ing of financial institutions. 
The NRDC is a bank bom of a 
recommendation by the war- 
time government’s steering 
committee on post-war employ- 
ment. that government cash 
should be made available “for 
the initial development and 
testing of new inventions." Its 
midwife was none other than 
Sir Harold Wilson himself, as 
President of the Board of 
Trade in 194S. 

At first glance the.. evidence 
to the Wilson Committee 
indicates that the agency has 
been a success. It is easy to 
find inventors- who complain 
bitterly that tbe NRDC has 
turned down their brainchild, 
or offered them help on terms 
they considered avaricious or 
unnecessarily interfering. But 
the agency claims that it. has 
helped to generate new indus- 
trial production worth £600m. 
over the past ten years, while 
t self showing a steadily grow- 
ina profit, rising to more than 
last year. 

_ The fact is, however, the 
NRDC itself wants to do more 
business. This year, says 
Dollond, it will be investing 
between £5m.-£6m. (compared 
with £4.4m. last year). He is 
looking for at least twice this 
investment; while Mr. Bill 
Makjnson, his managing direc- 
tor. is talking of three, even 
four times as much. The cash 
*s certainly available — the 
statutory capacity for further 
expansion, after allowing for 
outstanding commitments, is 
more than £40m. 

The question is how? ’ Far 
the past couple of years the 
NRDC has been advertising its 
financial services to investors, 
entrepreneurs. industrial 
ventures; almost flaunting the 
fact that it has public cash to 


BY DAVID FISH LOCK, SCIENCE EDITOR 

Invest in their riskier schemes, own. And it is These which 
These are precisely the people tend to frighten off more cu»- 
and ventures to 1 which ventfonal sources of finance, 
the Government's industrial Foremost is the " technological 
strategy is looking for the risk,” the often unquantitiable 
regeneration of a British factor which, far the banker 
industry top heavy with peopW who ; -ha 5 previously burnt his 
and outmoded manufacturing fingers, means that it may well 
practice. take a couple of years more of 

Steven Dollond, 33, .Joined heavy “negative cash flow to 
NRDC last September from a. .overcome . some obstacle the 
business career ‘Which included inventor failed to mention in 
tbe stockbrokers Simon and the first place, and the banker 
Coates, two years in Mr. never understood anyway. The 
Edward. Heath's private office, sponsor must be prepared to 
Harvari and five years with carry this risk, and its eon- 
business consultants Arthur D. coraitants, the inevitably longer 
Little on product marketing timescale and heavier dram on 
strategy. His big project for cash before the new technology 
the business consultants was a is successfully in production, 
study for the AngJo-German . *nie NRDC accepts ail this 
Foundation, on the problems of frojn ^ 0UtscI . It aCl . epls a s 
what be called the new norma i a timescale of ten years 


technology-based firm ” {NTBF). f0 • fts mresmje !it s . u has 45 
This is the kind of company, technica i sU ff and another 15 
which has formed the leading 
edge - of industrial dynamism SL.* 

in the U.S. 


- a resource no 
other source of finance has 
available.” claims Dollond. 

The strength of NRDC lies 
To vat inn partly »n the span of its invest- 

1 AAdUtiU . mcnt portfolio, spread as it is 

Dollond ‘s study, published in in three equal parts over 
1976, showed only too clearly ventures in three different 
that, although Britain is well industrial sectors, 
endowed with institutions-^' The agency's strength also 
private as well as public — abte'Jies in the financial resources 
and willing to provide venture built up as a result or 
capital to these entrepreneurs, meticulous attention over tnr?e 
social attitudes, the structure decades to the patenting and 
of taxation, and other factors, licensing side of its activities, 
in Britain prove pretty dis- A powerful influence in its 
*»mi raging. “ formative years was the way 

Yet last year Dollond joined L te 

NRDC in response to. its "“^htJ ^r 

advertisement for its firat-ever ex P l01ted VPr > profiubly 

marketing manager. But what f* 5 The **“! LTS 'JESUS 
can he hope to contribute in an*> at th e University 

environment with apparently "O* Oxford which led to ^ the 
almost insuperable obstacles for- development of a 
the NTBF? Pf antibiotics called the 

He believes that in spite of o&pbaiosporins. 

NRDC’s recent promotion 
activities, a central 
remains that Its customers 
simply not aware what NRDC According to the evidence 
has to offer. Dollond believes NRDC has given the Wilson 
that to market financial services' Committee, annual world sales 
successfully there must be the cephalosporins exceeds 
“more push than pull” in the £600m. Cumulative sales based 
strategy. The "push" of his on u.K. manufacture hy Glaxo 
strategy will be a much greater exceed £275m.. of which 95 per 
effort than NRDC has made in cent, represents exports. The 
the past to make personal con- -ggenev itself has earned mure 
tact with the entrepreneurs it than £ 50m . i n royalties. The. 
might help. v drugs have been one of rhe 

Of the various types of small largest royalty earners ever in 
business that can be categorised come from university research, 
the NTBF probably accounts for-- Furthermore, the dons who 
only about 3 per cent. But-Vf did the research have then’* 
these NRDC by definition deals selves ” benefited substan- 
exclusively with the 5 per cent, tially ” through revenue-sharing 
The NTBF has_ all the prbb^ arrangements and awards, 
lems of the other~types of small The^ antibiotic bonanza i* 
business — and a few more of its' nearly >«ver: although one or 


I uuivuuu 

X Royalties 


more of the basic patents will 
survive in major markets such 
as the U.S. until 1»S2, But the 
agency had more recent sucess 
stones to offer the Hthmn ttim- 
niittec. each 1 1 luM rating a 
different formula tor financial 
and other assistance. With 
Pilkingtoti Brothers ir staked 
£750.000 in a joint venture iq 
19fiB to develop Ceni-Kil. a "Laos- 
fibre reinforcement fnr cement, 
invented at the Re. 

search Station, La*l year 
Pilfcinstun’s m-w prndiirtion 
unit at Wrexham sold over 1.000 
tonnes nf tlem-Fil to the con- 
struct inn industry. 

As an example of a successful 
NTBF. » n.'puri»*d the story nf 
Mr. R. J. Hicks, a projert 
engineer with a Midlands gear* 
making rompany, who invented 
a better kind of epiryelje ;wr, 
smaller vet more told ant nf 
manufacturing errors and thnre- 
fore cheaper to make. The 
financial package pul together 
to launch this entrepreneur had 
Four components: £1 fkKl of pei% 

snnal cash, a hank overdraft nf 
£5.000. and IOFC loan or £15.0110 
for caoital outlay — am) another 
£ 11.000 front NRDC r*< cover the 
** technological risk “ of 
development costs ilompai't 
Orbital Gears developed into a 
profitable irnture ernpinyinc 
over 100 in a new factory in 
mid-Wales. But that was back in 
the 1960s. 

Steven Dollond waxen 
enthusiastic over the unique 
flexibility of N'RDCs financial 
arrangements — " we'll often 
provide when ihe banks slop for 
lack of security.” He rit»-s ax 
another example its “ retirculai- 
ins loans.” where the agency 
advances cash — unsecured — 
against an order to help the 
NTBF mert its manufacturing 
cost, and is repaid only when 
the customer pays for his order. 

When Whitehall recovers 
from its presenr "analysts 
paralysis " all thp studies . 
initiated hy the Department of 
industry, the National F.nier- 
prise Board, the Cabinet Office 
" 111 ink- tank " and its new Work- 
ing Parties, and others may 
afford some genuine relief »o 
small husrii^s'cs and p.-irtjcu- 
larly the NTBF a- part nf 
Britain- industrial sireiegj 
Something more i?. required 
than the bland assumption that, 
however hostile tiie envirnn- 
menl. we shall never ch-courace. 
the true entrepreneur Fs«* 
more of them hare sut to h a 
encouraged to develop their 
new rompame* much faster 


■/ ' i 



Europe's largest 
cabinet furniture manufacturers 
are making themselves at home 

inTelford. 



The selected location had to offer a 
choice of suitable warehouse premises: 
good homes in a pleasant environment 
were needed for their valued 
personnel; afhd the company required 
positive assistance and co-operation 
from people on the spot for the legal, 
organisational and financial aspects of 
setting up their distribution centre. 
After a thorough lookat what was 
offered in various partsof Britain they 
chose Telford. - 

' Mr. Keith DumaU,WeIle's U.K. 
Joint Managing Director, says: 

"We chose Telford because it has 
such a good central location and 
excellent communications with all 
parts of the country. The 18,000 square 
foot warehouse unit offered by Telford 
Development Corporation was just 
what we needed. We also liked the 


Welle is an important company 
which had very specific requirements 
for the warehouse and headquarters of 
its distribution operation in the UK. As 
Europe's largest cabinet furniture 
makers, with manufacturing • 
concentrated in West Germany, their 
UK location had to be within easy" 
reach of Germany by read. Equally 
important, it had to be central to the 
■ UK, with good communications in all 
directions. 




professional approach of the 
Development Team. The whole 
operation, from initial contact with 
them to our moving in, has taken less 
than one month.” 

Mr. Dumall is just one of ma n v 
industrialists who like what Telford has 
to offer-and particularly its business- 
like approach, and fast answers. So if 
you're thinking of moving, expanding 
or just starting up r think Telford. It 
offers a great deal— and a great future. 
Post the cou pon or contact us today. 



^ 1 . ' - - BT 1 ■*~J^*** : r 

j Telford 

| An Industrial Heritage. 

I An Industrial Opportunity 

• Bob Tilmouth Commercial Director. 

I Telford Development Corporation, 

| Priorslee Hall Telford. Salop TF ’ 9NT 
Phone: Telford (09521 613 13 1 
Telex: 35359 


Name. 


j Position, 


1 


Company. 


Address. 


CaftleHbrd Development 
^^Corporation ~ I 

. .-rociaaiffE 






15 


fm AZRSAKi TIMES WEIWESDAY Z3AHCE' is 






Wednesday March 15 1978 



As the events of three and four years ago showed, specialist car 
. : ; V 1 ra anufactnrers are distinctly more vulnerable to economic vagaries than the 
high volume car makers. Those which came through that period were not always unscathed 
■ and they tend now to direet their emphasis towards greater luxury. 


■ at ho® 



".v-t.W*;'*',* Ssgs 








The new Alfetta 2000. 


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, i ,:i &>&:<$#■ .*.<4 


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j adults, lavish sound-proofing and a sophisticated heating 
and ventilation system. 

I 4 A ■ w 


: v- <■ 

. vv 

■ i * ■ 


occasion, however, ^the best24itre car in the world 5 woul( 

not seem to be overstating the case. A test-drive puts the 
judgement in your hands. 

n m > . 


* V*- Wt 


r± 


AlfaRomeo are proud to present, at £4,800, the best 
2-litre saloon in the world. 

As you’d expect, it is fast It reaches 0-60 in under 
10 seconds, and surges on to a maximum of over 114mph. 

Itis also, of course, a superb road machine -with typical 
Alfa refinements which contribute to a ride that’s as excitingly 
fluent as it is totally secure.. 

What you might notantidpate,however,is the 

comfort The interior is expensive, 
subdued, reflection-free. With 
generous accommodation for fPW 


comfort The interior is exnensive «xuuu gives y OU u monms unimnted 

suited, reflection-free. With /SOL^T' 

generous accommodation for FPjS) intemls^dan^hi^isiv^pri 06 

AlfetuStXWSalooa^SOO. Alfetta GW£5^.AlfettaGWStrada £7,200. P^arealH^siveon^UKn^ 61X1^^01-4508641. 






£6 


FINAXCIAL TIKES WEDNESDAY MABCH .B.^. 


SPECIALIST CARS H 



A profitable line for 




k- g $ t 

zt • S ■- 



Europe’s craftsmen 


new materials 


- - S-v* 




.At 


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•:T? 


THE SPECLALIST car industry 
is almost entirely a European 
phenomenon. In Japan, the 
emphasis oF vehicle manufac- 
turing lies in the volume sector, 
and there has been little 
attempt to cultivate the design 
oF small volume cars or luxury 
products, or even sports cars. 
The same is more nr less true 
of North America, where 
vehicles like the ill-fated 
Bricklin sports car occasionally 
make their bow only to Fade 
nut again. Even America’s 

mass of luxury cars are not 

specialist cars in the European 
sense. They are made by the 
big volume manufacturers 
using many parts which derive 
from much cheaper vehicles, 
and they come off the standard 
sort of production lines. 

There are two main character- 
istics which divide specialist 
cars from the rest of the in- 
dustry. First is the high degree 
of craftsmanship which goes 
into a vehicle of this kind. 
Although many cars which are 
now called specialist, like the 
Mercedes. Volvo or BMW 
ranges, are made on conven- 
tional production lines, most are 
nut. A great deal of handicraft 
and individual operator skill 
goes into the production of the 
more exclusive executive 
vehicle: and even those rare, 
like the Rover or Audi range, 
which are produced an conven- 
tional assembly lines are much 
more labour intensive than the 
average car. 

The other distinctive feature 
nF the specialist industry is the 
image which the cars create. In 
order to appeal to a more selec- 
tive market, manufacturers have 
to present something which is 
clearly different from the mass 
— cars which are faster, or more 
luxurious, or more idiosyncratic- 
ally styled. The vehicles are 
aimed calculatingly at customers 
who are prepared to pay an 
additional margin of price for 
whatever extra they are getting. 
This margin determines the 
extra labour costs which can be 
pur Into a vehicle. 

Because the economics of 
specialist car building depend so 
fundamentally on maintaining 
an image, it tends to be a pre- 
carious business. Fashions can 
change swiftly, the image of a 
company can be dented by a few 
unfortunate events, and the out- 
side environment can make a 
sudden, unwelcome impact Dur- 
ing the oil crisis, for example, 
many nf the less soundly-based 
specialist car builders suffered 
acutely because they were per- 
ceived as manufacturers of fast 
anti-social vehicles which used 
ton much' fuel. The 1974/5 
period saw the disappearance — 
sometimes temporary — of a 
number of Europe's specialist 
vehicle builders. 

Following this troubled period 
the business has changed quite 
positively in character. The 
emphasis has switched definitely 
towards luxury and away from 
brute speed. Aston Martin, fur 
example, has been re-born after 
its collapse in 1975. with a new 


Lagonda model Which 'is quite 
emphatically a saloon rather 
than a spurts, car. De Tomaso in 
Italy is following a similar path 
in the sports car companies lie 
runs, and Porsche, the German 
sports car manufacturer, has 
deliberately gone up-market 
with its new 928 model to seek 
out customers who want a com- 
bination of luxury and speed 
which was not really a part of 
the tradition established by the 
super-fast 911 model. 

Pure speed, indeed, is now 
seen as an addition to the blend 
of the luxury car rather than art 
end in itself. “We believe that 
the sports car of the future 
should excel in everything 
except interior space" says 
Professor Ernst Fuhnnann. 
chief executive of Porsche. 
Lotus has followed a similar 
philosophy i-n its new Elite- 
Elan-Eclat range, which has 
taken the British company away 
from the cheap, do-it-yourself, 
sports car image which the first 
kit cars established for Lotus. 


Trend 


There are two influences 
behind this trend. The first, and 
most important is undoubtedly 
the increasing amount of 
Government . regulation and 
restriction which is hemming in 
tiie motor manufacturers. These 
emphasise safety at the expense 
of speed, and social factors 
against the individual desire to 
have total freedom in the use 
of a car. 

In effect, these governmental 
pressures are forcing sports car 
manufacturers to ' build 
different sorts of vehicles. They 
are much more expensive in 
order to meet the regulations, 
and the only way to get back the 
extra cost, for a small man- 
facturer. is to build in more 
profit margin — hence the move 
up market Regulations on pol- 
luting exhaust emissions, for 
example, are extremely expen- 


sive to meet and quite apart 
from adding to the cost of a 
car. mean a sacrifice in per- 
formance. 

The other factor is psycho- 
logical. Motorists in mature 
car-owning countries tend more 
and more to regard vehicles as 
tools of their trade or a con- 
venience in their leisure time, 
not an end in themselves. Speed 
is increasingly catered for in 
off-road events for the enthu- 
siasts, not on the road. Motorists, 
pressurised by speed restric- 
tions and safety propaganda, 
are coming to look less for out- 
right pace and more for all- 
round performance, or some- 
thing which looks different. 

This partly explains the 
success of specialist body- 
builders like Panther West- 
winds, the Byfleet manufacturer 
which emphasises nostalgia and 
novelty more than anything 
else. Its cars are unquestion- 
ably powerful and speedy. 
But they owe their appeal 
either to their deliberate 
attempt to re-create a long-lost 
era of sport car motoring, as 
in (he DeViMe-nr Lima, both 
models which look* like 1930 
cars, nr to their outstanding 
originality, as in the Panther 6 
model, which has four front 
wheels, and a rounded body 
shell reminiscent of some post- 
war American cars. The Morgan 
sports car company has a 
similar history of relying on the 
nostalgia appeal of traditional 
vehicles. 

Many of these small manufac- 
turers still rely deeply on the 
inherited skills and enthusiasm 
of their workforce. But there is 
a section of the industry which 
stands much closer to the 
modern practices of mass pro- 
duction. Manufacturers like 
Mercedes, BMW or Jaguar, the 
Leyland subsidiary, make cars 
in considerable volumes using 
capital intensive manufacturing 
techniques. Mercedes. for 


instance, makes well over 
200,000 units a year of its 200 
model, which is a higher volume 
than some popular cars from die 
mass producers. 

The key to this kind of opera- 
tion is adding refinement in 
terms of engine smoothness, 
quietness, and comfortable ride 
and trim. This means, of course, 
more expensive design and 
engineering, and a more careful 
approach to the assembly of the 
vehicle than is normal in the 
average car. But the techniques 
are close enough to those of 
making volume cars to tempt a 
number of noo*specialist pro- 
ducers into the luxury sector. 


Newcomers 


These newcomers see the 
opportunity to build a higher 
margin business on to their 
ordinary production require- 
merits, while making savings in 
some areas by using standard 
components from the rest of 
their lines. In the last five years 
nearly every popular car manu- 
facturer in Enrope has moved 
into the specialist field in this 
way, including Fiat (with the 
Lancia acquisition), Volkswagen 
(with Audi), Peugeot, Citroen, 
Renault, Ford and Opel. 

The other sector of the 
business which is clearly grow- 
ing lies in cross-country 
vehicles. The term cross-country 
has been coined to cover, 
vehicles which have more 
rugged driving characteristics 
than the ordinary saloon car: 
they can be used off-road, have 
high clearance, often have four- 
wheel drive, and have roomy 
interiors which can be used for 
either seating or luggage. 

The classic vehicle of this 
kind is the Land-Rover, a 
vehicle which inspired many 
other manufacturers to come 
into this field, and which has 
now spawned the Range Raver. 
But the American manufac- 
turers arc also highly active in 


this field, making about half a 
million four-wheel drive 
vehicles a year, followed by 
Japanese companies like Toyota, 
with its Landcruiser. Daihatsu 
and Subaru. Mercedes is also 
due to launch a similar vehicle 
early next year, which it will 
make m collaboration with 
Steyr-Daimler-Puch of Austria. 

Partly because demand for 
vehicles with these charac- 
teristic has been the one big 
growth area in the U.S. over the 
because the developing world 
last few years, and nartly 
has a similarly great need for 
them, more and more manufac- 
turers are trying to tap this 
market In Europe, for example. 
Simea and Malra have combined 
to make the Rancho, a vehicle 
reminiscent of the Range Rover, 
and in Switzerland Monteverdi 
and W. H. Felber have launched 
similar products. 

There is an obvious danger 
that too many manufacturers 
will rush into this sector over 
the next few years. But it still 
unquestionably presents a fine 
opportunity to specialist pro- 
ducers with their knowledge of 
minority needs and attention to 

detail.' 

Equally, all specialist manu- 
facturers face a tough problem 
in improving the fuel consump- 
tion of their vehicles to meet 
the new standards which are 
being increasingiy legislated to 
cover the industry. Rolls-Royce, 
for example, the most exclusive 
of all the specialist producers, 
is working hard to improve its 
present high level of petrol con- 
sumption in order to be able 
to compete effectively in the 
TJ.S. But these are problems, 
which, with ingenuity, can be 
solved. In a sense, they provide 
the challenge to invention and 
clever engineering which has 
been one of the main spurs of 
the specialist industry through- 
out its history. 

Terry Dods worth 


ItHE TWO lightweight engineer- 35 to 40 per cent, of the steel 
j ing materials most frequently: used- in body ^making processes 
used in small volume specialist". & returned to the steel mills as 


-ye 


far production are plastics and scrap and there is relatively 

‘ _t « —VI - T l /l « i « ... nlummiiirn 


aluminium alloy. It is the differ- little waste in aluminium, 
'enee between bodies for Lotus pj-^g difference is considerable, 
land Reliant Scimitars, for an d stee j j S likely to remain the 
instance, and the aluminium preferred metal for many years 
bodies for Aston Martin and t0 OTme it is perhaps significant 
Morgan Motors. The dividing ^ -motor body steel has been 
line with steel is generally a exempte d from the price rises 
matter of volume. receMlv announced by the 

Low volume Sue? with low. Corporation. This 


during pollution 
American reluctance TUT blff 
scaled down domestic-. 
though they ubnuosly do 
object to rnmpacffiess tn jBj. 
ported vehicles But Iftt. jaoifc 
to compact cars has bcep.csiy 
a partial success am1AHwr«sa 
producers are landed witfc prob- 
lems nf taking a lot of wcigBt 
out uf models i*i jmfefcT* 


£ ■’ « h 

fa*. V ' 


? J i 

Ter 


fli j* 

A i V 


[capital outlay and high labour 
content. This is in sharp c6ii» : 
trast to Ford, Leyland and other 
high volume producers who 
spend around £i0m. on press 
tools for a body, plus another 
£25m. or more for jigs and fix- 
tures. A typical-body comprises 
about 300 bits of sheet steel 
welded together by automatic or 
highly mechanised processes. 
Bodies in aluminium, with 
which we are mainly concerned 
here, are attached to a chassis, 

[ and there may be no more than 
15 or 16 panels. The panels are 
formed on rubber dies, often in 
! specialist factories, and are 

i finally shaped by highly skilled 
1 panel, beaters. Plastic bodies, 
! similarly require a substantial 
[degree of manual work and': 
skill in their preparation and 
later stages. 

There have been one or two 


mandators - retro l cOdSiiBptsSb 
figures. . 


USE OF ALUMINIUM 

ALLOY IN 

CARS 

Kilos 

'Ford Escort 

9.74 

Ford Tatums (Germany) 9.48 

GJUL Ascona (Germany) 14.93 

Ford Fiesta 

16.09 

Audi 50 

20.06 

• VW Golf 

20.90 

Renault 14 TL 

37.07 

Av„ U.S. car 

51.6 

test. 1979) . 

Ford Escort 

(projected 1983) 2653 


The battle for sales 


THE OUTSTANDING worjd 
markets for specialist cars lie 
unquestionably in Europe and 
North America. So far, Japanese 
customers have not taken to 
this type of vehicle in any num- 
bers, despite the general 
maturity of the market, and 
indications that they may do so. 
Elsewhere in the world, popula- 
tions are too limited, ur the 
state of the local economies too 
weak, to support tales of 
specialist products in any large 
amounts. 


In addition to these economic 
factors, the specialist car manu- 
facturers have had to face a 
number of new marketing prob- 
lems created by Government 
regulations in recent years. 



FIND OUT WHY THREE MAJOR 
CAR MANUFACTURERS IN 
EUROPE WILL BE OFFERING OUR 
ELECTRONIC CRUISE CONTROL 
IN 1979. 


Write or call: 

KOfKXCUISE UD 


180 Wood Street 
Rugby CV21 2NP 

Telephone (0788) 74431 
Telex 31550 


The Associated Engineering Group 


Many countries have put up 
such harsh restrictive barriers 
in the shape of high tariffs or 
local con tern requirements 
(which mean that any vehicle 
sold locally has to have a certain 
percentage of locally made parts 
in it) that importers have been 
totally sbul out of their mar- 
kets. Porsche, the West German 
sports car manufacturer claims, 
for example, that it has been 
forced to withdraw from ten 
markets within the last few 
.rears for just these reasons. 
These include Mexico, Portugal. 
South Africa and Australia. 

Because of these develop- 
ments. the U.S. has assumed a 
particularly important status for 
European specialist producers. 
It is a free and open market, 
with virtually no competing 
manufacturers of its own. It is 
also a vast market, as big as 
Western Europe itself, thirsting 
for novelty. And it has no pre- 
conceived prejudice against 
large, thirsty and expensive cars 
— indeed there is great scope 
for any manufacturer offering 
something expensive as long as 
it is also different. 

Some manufacturers now 
feel that the U.S. has become 
too important for them. Rolls- 
Royce, for example, which sells 
a little over half of its total 
production in the U.S.. is trying 
vigorously to increase its sales 
elsewhere to balance this de- 
pendence on one market. The 
trouble with the U.S. is that 
it can be expected to impose 
increasing regulations on pro- 
ducers in the next few years, 
particularly in the area of fuel 
economy, which will make it 
difficult to compete because of 
the expense of ‘developing 
engines and vehicles of the 
necessary quality. 


for example, has raised sales 
substantially there since it was 
hived off from the ailing aero 
engine group in 1973. BMW, 
which has only been exporting 
to the U.S. for a few years, has 
quickly established itself. 
Mercedes-Benz now sells almost 
50,000 cars a year in the UJSL 
and Porsche almost 20,000. 
Smaller companies like Lotus. 
Ferrari or Panther are also 
building up healthy sales. By 
contrast, these manufacturers 
have done much better than 
their European rivals in the 
volume field, who have ail 
suffered heavily from the 
Japanese incursion. 

In Japan, the only specialist 
producer to have made any 
impact so far is Mercedes, which 
sold 3.341 cars there last year 


EUROPEAN SPECIALIST 
MANUFACTURERS’ 


SALES 

IN THE U.S. 


1977 

1976 

Mercedes 

48,722 

• 43,205 

Volvo 

46,790 

43,887 

Audi 

35,854 

33,316 

MG 

34,749 

- 28,430 

Triumph 

294258 

: 28,232 

BMW 

28,776 

26,040 

Porsche 

19,896 

14492 

. Saab 

13,120 

9,866 

Jaguar 

4.349. 

7484 


countries. 

The Middle East has provided 
one of the biggest cushions to 
the specialist Industry in the 
past few years. Even new com- 
panies. like Panther, are now 
managing to sell there, and the 
older established groups have 
been strengthening their distri- 
bution systems in the area. 
Leyland, with its Land-Rover 
and Range Rover line-up, has 
found the area one of its most 
lucrative markets in recent 
years. 

But the backbone of the 
market, for all the European 
specialists, remains Europe it- 
self. Taking a broad definition 
of specialist vehicles anything 
from a Ford Granada to a Rolls- 
Royce — sales have stood steadily 
at around 25 per cent of the 
total market for the past five 
years. They slipped, naturally 
enough, in the wake of the oil 
crisis to 23.6 per cent in 1974; 
but they have since resumed an 
upward climb to about 26 per 
cent, last year... 


Desires 


Stringent 


The U.S. is already a diffi- 
cult market from the regula- 
tory point of view because of 
the extremely stringent stan- 
dards it applies to exhaust emis- 
sion control and safety. Since 
these standards vary from slate 
to state, and since manufac- 
turers usually have to show 
that they can meet them on a 
State by state basis, compliance 
with U.S. requirements can be 
very* expensive, requiring much 
duplicated testing work and 
many minor product altera- 
tions. If these regulatory pro- 
cedures intensify, producers 
for the market will be faced 
with the prospect of an increas- 
ing bill for research and de- 
sign work which many of the 
smaller producers may not be 
equipped to handle. 

Despite these deterrents, all 
the success stories of the 
European industry In North 
America in the last few years 
have been achieved by specialist 
companies. Rolls-Royce Motors, 


to achieve a market share of 
0.1 per cent. Other producers, 
such as Rolls-Royce and Lotus, 
are experiencing rising sales at 
present, and the Japanese con- 
tinue to insist that - if the 
European industry really wants 
to redress the balance of its 
trade in motor products, it 
ought to try doing it in specialist 
vehicles where it stands a very 
good chance of success; but,, so 
far, the industry has failed to 
make a major impact. * * 

One of the curious features of 
the specialist industry is that 
during the oil crisis it produced 
the only two examples of com- 
panies which were able to with- 
stand the general cutback in car 
production— Rolls-Royce, and 
Mercedes. These two groups," 
despite standing near the top 
of the range in terms of high 
petrol consumption and high 
prices, went on serenely selling 
more vehicles, despite the 
troubles which hit larger 
volume producers and the speed- 
conscious specialist car pro- 
ducers. Ironically, one of the 
reasons for this ability to ride 
out the difficult market condi- 
tions was the fact that 
these companies found new 
sales in the oil-producing 
and economically-expanding 


Manufacturers expect a small, 
continuing growth in the market 
share of big luxury vehicles in 
Western Europe. “ People will 
want big, strong cars for their 
leisure pursuits,” says Herr 
Hans-ETdman Schoenfaeck, sales 
director of BMW, the "West 
German concern. He concedes 
that the industry could face a 
volatile year or two, partly 
because of the fear of kid- 
napping now affecting any 
senior executive in Europe, and 
the desire to remain as anony- 
mous as possible. But BMW. 
which launched its new - big 
seven series last year, has been 
surprised by the swiftness with 
which the model has taken oh 
It is already up to the first pro- 
duction target of 150 vehicles a 
day. and the company is aiming 
to increase this by another 10 a 
day with the use of extra shifts 
and overtime. 

BMW believes that the most 
buoyant area of demand will be 
for vehicles with an image of 
comfort and luxury rather than 
the sheer speed on which the 
success of the group was built 
in the 1960s. These views echo 
those of pure sports car manu- 
facturers like Lotus and 
Porsche, which have also 
deliberately moved their pro- 
ducts in the same direction with 
their latest range of models. At 
the same time, several luxury 
car manufacturers are moving 
in what is, on the face of it, 
the opposite direction, with the 
utilisation of diesel engines for 
their cars. At the top end of the 
market this trend includes 
Mercedes, now making almost 
50 per cent, of its vehicles with 
a diesel, followed by larger scale 
manufacturers such as Opel 
(expanding diesel ouput from 


A fierc uovc uccu u nc 114. iiru • 

instances where steel and alloy reflect 5 the ..f5 n ^ ' v i( . e 
body parts have been used- to- baying public to any price 

gether. Former Rover car nses - 
models like the P6, for instance. This is not to say that the 
used aluminium bonnets and;- volume car. makers are in any 
boot lids, although the two: way neglecting to keep abreast 
metals need rather different kt their development depart- 
treatments. Because of oxida*- meats with materials needed 
tion, aluminium requires an for bodies, trim, mechanical 
etching primer different from components and other items. A 
the primer applied to steel few years ago a “ superplastic ” 
bodies, though subsequent paint- alloy, prestal was evolved and 
ing operations are common. But experimented ' with for car 
with the new integrated plant todies. This contained 78 per 
for the latest Rovers two differ- ^; rinc and *2 per cent 
ent treatments became im- aluminium an d could be vacuum 
economic and an all-steel Mr for med at 280 to 270 degrees 
is used. q It had certa i n structural dis- 

Another reason for the advan tages which ruled it oul 
preference for steeL quite apart fiut Tube Inve stinenta. con- 
from technical 'characteristics. js ^^0 resea rch and devdop- 
of course price. Even though me nt of a superptaaic alloy has 

found success in the car body 
/!: field. Supral. as it is called, is 
being used on the new Lagonda 
.•••• from the Aston Martin stable at 
. Newport Pagnell. 

Supral is formed in special 
tI machines-, operating at ten 
^ atmospheres and near 500 tie- 
■ grees CL for the production of 
25.000 units a year to 400.000). ?° * «•««> *«“*.-* year tool- 
Citroen and Peugeot ' In in * «• ■*»« w,,e 

addition. Ford will, -soon intro- magnitude cheaper than cyu- 
duce a diesel-powered Granada, venuonal tools. ranging from 
The introduction of diesels around *350 per »uare foot of 
has been designed to give cus- P 1 ®? dunenaon tor smallish 
tomers cars with greater fuel *.° ^ bigger, 

efficiency than the standard ^ .^ <K)I b - v f0ur 

petrol-driven product In big «■*■“»* ? considered the 
vehicles, using a lot of fuel, ^ a ^S es * : hkely to be needed eom- 
often driven many .miles expen- - merciaMy for the immediate 
sive to buy, and depreciating firtara Only 15 pressings are 
more slowly than- smaller needed for the Lagonda shell, 
.models, this variation makes a Supra! has mechanical 
lot of sense: the economics of properties" equivalent to NS 3/4 
diesel use improve with mile- and . elongates. ten times, 
age and the length of time enabling thicknesses to be held 
which a- car is jn use. In most in complex shapes of up to 15 
Of Continental Europe, where inches tieep. Among the advan- 
diesel fuel is much cheaper than tages it has over an alternative 
petrol, it also gives the com- alloy .that would have been 
panies another powerful mar- used are more precise features, 
keting weapon, and it is enabling crisper lines to be 
reckoned that about 250,000 achieved tihaq are possible with 
diesel units were sold in this rubber dies, 
class last year. 

The strongest company, in 
this respect, remains Mercedes. 

reckoned to have 2.4 per cent. 77 

of the total European market, C0Q ^? ra ^! ac ?^f ne 1 f’ bu - t> 
all with vehicles reckoned to be ?* I* 4 ? light aJJoy^ is 


Achievement 


specialist” in one sense 0 r Lkely to be used for body work 
another. It was followed bv onJ y in specialist and top of 
Audi,' Ford, BMW, Opel and range small volume models. 
Peugeot, on between 1.5 per Apart from the price factor, of' 
cent and 2.0 per cent, of Euro- course, .there is availability to 
pean sales, with Volvo and Cit- be considered. It seems doubt- 
roen accounting for between 1.0 ful whether sufficient aluminium 
per cent, and 1.5 per cent. alloy sheet could be supplied to 
Clearly, as these figures sug- meet -the needs of a high 
gest, there are now a lot of volume multi-national car pro- 
manufacturers battling it out ducer, certainly without grave 
for sales on fairly equal foot- task of distorting the price 
ing. But if the specialists have structure. Alumini um also re- 
done' their analysis correctly, q u ires extremely careful 
there should be enongh sales haadting. 
around for the foreseeable 
future. 

Terry 


Many of the problems in im- 
n j , proving power to weight ratios 
Uoaswortn and engine efficiencies and re- 


Thcre arc n»w many epj& 
pone ms. from engine muuotinsfc 
and cylinder heads in carfare), 
tors and brackets, made in iigfe 
alluvs. The accompanying jfebfe 
shows the general stale of the 
art. From tins it wiU.bd-.aiK. 
that substantial steps forrwarif 
in their use arc? taken when 
new models, tike ihc Ficstit 
come along. Leyland, which has 
lacked new high volume modefe 
is lagging behind for that 
reason. 

In the not too distant future, 
certainly one by the irud-198ttk 
one can expect to -sec ' alloy. & 
common use for cylinder / heat© 
— an application going ahead 
very quickly — manifolds, brake 
parts, master cylinders and 
wheels (which may switch froth 
castings tu pressings). AU 
aluminium engines, of wbiefe 
there are already numerous 
examples in the lower power 
ranges, will almost certainly 
follow, fur this is an area where 
substantial 'weight savings, 
accompanied by efficiency iiri- 
provements, can be achieved. 
Ford, for instance, is proposing 
aluminium -engines for the 
Fiesta, and future Escorts and 
1.6 litre Cortinds at its new 
plant to be built in South Wales. 

In solving their problems, the 
Americans appear tu have very 
little choice but to adopt light 
alloys for as many components 
as economically possible, fix 
the early years this is likely to 
demand a different technical 
approach. The ELS. leads the 
world in high pressure die-cast- 
ing technology because high 
volumes make it worth white 
investing in the very costly 
equipment to make them. In 
Europe, there have been a good 
many disappointments and some 
failures, largely because it is 
w iry difficult, especially with 

multi-sourcing, to get an ade- 
quate return on capital. 

la the U.K., and in Europe, - 
too, the tendency has been to 
go fur gravity and low pressure 
casting. Gravity casting confers 
the flexibility in design anil 
range that high pressure sys- 
tems tend to impose,- It also 
avoids problems of porosity 
which are hard t«> eliminate 
with pressure. In designing an 
alloy engine, for example, th$ 
question of adequate waterways 
for cooling purposes and the 
location of retaining bolts Es 
critical. If the waterways are 
too narrow or wrongly posi- 
tioned overheating problems* 
especially in adverse climatic ur 
traffic conditions, can become 
acute. The proposed new Ford 
engine is likely -to have water- 
ways round the sparking plugs* 
for instance, an entirely npw 
departure.. 

In extending the range 
aluminium components, partibu-: 
lariy engines, the Americans stffc 
leaning heavily on U.R. aflid. 
European technology in aii% 
mated gravity casting and 1 fttos 
pressure casting, and it tooBSL 
probable that automated gravity 
castings will become a preferjjST 
intermediate.. technique,- paving 
the way to high-pressure casrinfc 
of complex engines. The alumi- 
nium engines used in Ashat 
Martins, Rolls-Royce. Rovers 
and Morgans are gravity -fltf 
very-low-pressure castings. 
dovrbtedly the Americans . wifti 
solve the technical problems 
making complex components^ 
light alloys within a few years* 
and among the first benflifP 
ciaries will be the specialist S*rc. 
low-volume car makers, .who Arjjt 
aready test-beds for advan ’^ 
technologies. 


**! 

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BOLLS 


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Peter Cartwright 




THE 

NAMED SPECIALISTS 
IN MOTOR LEASING 


Ijv' 

r 

v '•> : . 



M0T0LEASE LIMITED 
1 GREAT CUMBERLAND PLACE 
LONDON W1H 7AL 
TELEPHONE 01-723 2435 







f ii>.. . 



TTWAWCTAL TIMES WEDNESDAY MARCH 15’ 3 578 


IT 



Our unique new car price guide, this month. incorporating increased prices f or 
Chrysler, Citroen,- Datsun, Honda, Lada, Leyland, Mazda, Opel, Peugeot and Renault 


Fsfea 

i. m s .f ^ • iAr*7 


-with the'Lamborghirii Countach S joining the list at £32,500! 













31t? £3999 1 0Omph, 13see 0-60, 24-30mpg 320 £4999 1 14mph, 9.5sec 0-60, 21-27mpg 
For: Handling, finish, pleasant 2. 0/6cyi engine Against: Cramped, modest roadholding 
noisy at speed Sum-up: More upmarket Cortina than sports saloon 

518 £5249 lOImph, 12.6sec 0-60, 25-30mpg 520 66099 1 1 0mph, 1 1 sec 0-60, 20-26mpq 
525 £6999 116mph, 10.1 sec 0-60, 20-25mpg 528i £8128 129mph. 8.5sec 0-60, 18- 
23mpg For: Conservatively tasteful lines, efficient cockpit, handling, integrity Against: 
Poor rear room, excessive wind noise Sum-up: In purview the best BMW of them all 

728 £8950 119mph, 9.8sec 0-60, 20-26mpg 730 £10,540 124mph, 93sec 0-60 18 
24mpg_733i £11,550 For. Truly superb handling, appealing interior Against: Seats only 
fair, nde poor on some roads Sum-up: Not the worldbeater BMW would have you 
believe; XJ6/12, Peugeot 604 more refined, Audi 100 much better value 










If i’dtoSQ 


mm 


MERCEDES-BENZ 

200 £5995 1 OOmph, 14.8sec 0-60, 22-30mpg 200D £6250 85mph, 28sec 0-60 31-36mpq 
230 £7594 108mph, 13.2sec 0-60, 20-29mpg 240D £7594 90mph, 22 2sec 0-60 28- 
36mpg 250 £8395 1 lOmph, 12.1sec 0-60, 19-26mpg 300D £8995 98mph, 19.5sec 0-60 
24-35mpg 280E £9694 120mph, 10.2sec 0-60, 16-25mpg For : Outstanding quality ; long- 
life potential/ superb automatic gearbox, fine manners Against: Cold character Sum-up: 
Safe; conservative transport tool that can be relied upon to do its job well 

280SE £1 1 ,795 123mph, lOsec 0-60, 17-19mpg 350SE £13,499 128mph, 9.5sec 0-60 
1 6-1 8mpg 450SE £14,750 SEL £15,751 SEL 6.9 £23,860 For: Same build quality, more 
space, better styling Against: Rear seat should be better Sum-up: The right air of 
importance! { 6.9 is a fine driver's car, not so good for passengers ) 



MBS 


ROLLS-ROYCE 


Silver Shadow II £26,740, Silver Wraith II £31 >485 116mph, 10.5sec 0-60, 12-15mpg 
For: The name, finish, room Against: Not as quiet and refined as it should be Sum-up: 
Jaguar XJ12 sets higher all-round standards; new model due this year might redress 
balance 




JAGUAR 


XJ3.4 £9230 1 1 7mph, 11 sec 0-60, 1 9-23mpg, 4.2 £9753 1 22mph, 8.8sec 0-60, 1 5- 
18mpg 5.3 £11,880 For: Ride, handling, quietness, overall refinement, V12's appeal 
Against ; Rear headroorh, some rough edges Sum-up: The world's best saloon 


0m$mm 

as® 




Reproduced from Car Magazine March 1978 





^guar prices start at £9,230.13 fbrthe XJ '3.4 ; £9,753.12 for ihe XI 4.2 ; £11,880.18 for the XJ 5.3. Ali prices include VAT. ; Car Tax and front seat belts but hot number plaiesiir delivery charges. 


Top marques for some Small cars 


it 


YOU HAVE probably suffered a market as such, but it is sig- things to titillate the palate of BMW's host in this project, that the next true candidate tq ■ if- VJr | I I I > 

from it— almost everyone has— nificant that when I tried to even the most jaded supercar Lamborghini, is soldering on join the exotic car ranks has . 1/ I 1 | wMkX V>-* - \ j' M 

that surge of envy, or admira- t0 the managing director, owner. The Ml will become with the Countach (£32.500 for been developing— Lotus, which . L J 

tioo. brought on by the elegant Anthony Crook. I had difficulty available shortly after its official two seats and nearly 190 mph) began over 20 years ago when - / . C 

note of an expensive and reaching him because be was introduction in October. and the “cheaper" but Colin Chapman started adding - ’ . ' , . mmins : th*t tiJ * 

. highly-tuned multi-cylinder en- *> ack to London after The Ml stands For Motorsport exquisite Urraco and Silhouette light open racing bodies to Ford jjf rjsceNT years the once dramatic . grow-th hi com petition m turn ujej 

gine as an exotic sports car seeing a customer. 1, a wholly new car designed models. The story goes that mechanicals to provide ample, t clearK;ut distinctions between in' this sector of the market, n amitacmrer 

. flashes by Or there is the less But it has not all been plain for BMW by the Italian design Lamborghini began to make cheap racing cars, in kit-form. the mass-produced car, the The number of cars and models more tote ana car 

emotional but equally envy- saving f° r the larger volume house. Italdesign, and being fast expensive cars to show Group Lotus, as it now is luxury ear and file high-per* on offer has grown substantially and 



flashes by Or there isthe less But it has not all been plain for BMW by the Italian design Lamborghini began to make cheap racing cars, in kit-form. the mass-produced car, the The number of cars and models ®ore tats and jm?CCT wnei rar - 

emotional but equally envy- sailing for the larger volume house. Italdesign. and being fast expensive cars to show Group Lotus, as it now is luxury ear and file high-per* on offer has grown substantially and 

inducing sight of a very expen- luxury car manufacturers. Rolls- assembled by Lamborghini at Enzo Ferrari that he could do a called, has come a long way formance ^ have heasnean- the past few yeah» ^and tho_vame.mrpusn 

srve saloon or limousine, where Royce Motor Holdings results Modena because BMW has in- better job. since then. Two years ago, Lotus blurred.' The traditional luxury mass producers have jumped, on. tsOmoimsmaucscs^OT^novij 

the depth of the gloss on the for the year, announced earlier sufficient space. This new offer- thestorv w true of w ln dire with heaT r marquee are now often owned 'the •' bandwagon with luxury ver- reg^ed w 

paintwork threatens vertiso. this week, showed that a year of ing, of which prototypes are still nor thprp artnMr€ n , pntv overdraft commitments brought by the mass producers and have.^us of their bread-and-butter fitment Oft, 

become a vehicle for common. jouidimes. 




' 4. 

tds • » ’v'" * 


}Auiunu;n uutoic.ii*' — * - * - * c -- ;; — - - nnr rnprp anpearS ID OP DitfiltV . — ’ : ; . v vj uit maw pivuuv*..- frUi nn-mr tli I 

and the verv dignity of its industrial disputes. both being built is planned to take f . _.Q Ufac . on by a decision lo go into : become a vehicle for common-machines. . cars. This means tnar^^pp!^ 

motion through more pro- domestically and among sup- BMW to the front in Groups 4 ' n Ferrari v ran<Je 1S raade volume production with three ; engineering with extra padding One example is the use by to manufacturers 

letarian traffic proclaims it a pliers, and untoward currency and 5, that is production sports of ‘ five though three new. models. The company- was j which produces greater profit; Ford of Britain of the Gftia more impon a nr - ui£ 

beast apart. fluctuations had a detrimental and saloon car racing. It is a th _ snanro- -marri and b ? a five-year £2m. loan ..The mass producers themselves- styling house 'to produce up- accessories mancci -^ume 


beast apart. fluctuations had 

The people who manufacture effect on profits * 
these cars — the Ferraris, Aston 
• Martins. Rolls-Royces and XX03illiy 
Porsches for example— deal __ * 


fluctuations had a detrimental and saloon car racing. It is a th sorctb- -TflarTJ and m® 6 * b J a five-year £2m. loan .The mass ' producers themselves- styling house 'to produce up- accessories mar«« ■ ^ome 

effect on profits. mid-engined sports coupe, and in gngnTS are variations on the Jfrom ^ African Express have moved Into the ‘market *&r . market versions of all ' its car manufacturers of car radios 

order to meet FIA reguations. succe ssor to the 24fi Dino which ^©niational Banking Corpora- medium-sized and performance 1 models. The Fiesta. Escort. And the customers are hanllj 


at least 400 production, road- went out of n roduct ion at the tion * wbich now ba « «* option cars with additional luxury.- ■" :Capri, Cortina and Granada all likely to care whether the radii 
going cars have to be produced, beginning of 1974. But the super to bu ^ 10 P® r ceaL of ***“• The first example of this was have Ghia versions, with the top has a Ford brand name on it 0t 


Porsches for exam ole — deal fr s .7. . ^ . oegxnnmg of 1974^ But the super ■ r — ' xuc xwai. u«e uhw r , * > 

wteh a fairlv rarifie/ market! Th® order hook is healthy There will be two versions, a F^rarii! the Berlinetta Boxer W&- the Austin 1100/1300. which model in the Granada range any other so long as the equip \ .1 j 

■ where ir is more common to eoou sb though, and in building 3.5 litre fuel-injected straight gi2 a £26 000 mid-eneined two :At almost £11^00, the top-of- was given improved fittings, a now costing the thick end of ment works well. So the tai V . ; 

_ about 3.300 cars a vear thmiieh six. and a 3.2 litre turbo-charged 1 » thwanpA Eiiti*- -504 -is hv nn radiator, the same fR non when a few extras are nsscmblers have been able tf ' % 


tailor the vehicle to the custo- ahdut 3.300 cars a year through six. and a 3.2 litre turbo-charged sea j- er Ferrari was another the-range Elite- 504 is iy no different radiator, the same £5,000 when a few extras are assemblers have been able n 
mer than to let him buv it off a lnen model ^Se the only straight six. BMW will not be manufacturer which found the means cheap; but it isa.iot less name as a big “brother, " the "fitted.; ' squeeze deals uur of equipmen 

Uie she if ' real concern at the moment is drawn on the possibility of a go j no tou ^ ^ 197g ^ut has exp®fisiw than many of^ ^the cars Princess, and the Vanden Plas This has led’Ford into direct manufacturers- in much fhi 


the shelf. ' reai conrern a t ^ be moment is drawn on the possibility of a g0 | no tou ^ ig7g ^ ut has expensive than many of the cars Princess, and the Vanden Plas This has led’Ford into direct manufacturers- in much th* 

■ " the proposed UB. legislation to V8 or evefi a V12 in the pipe- recovered and. is - now trading .M- competes with. ^It is also coachbuilder seal of approval;-. - confrontation with the BMW, same way as Marks and Spcncci 

unfortunately for those who penalise cans according to their line, and will not say whether profitably under the Fiat proof that in spite of the That has now blossomed into ' Audi and Volvo marques, with or Tesco and retain some of th* 
- ♦v fe * a or “■» fuel consumption. But Rolls production will be increased if man tie. - troubles -of the past; Lotus too the 1800/2200 Princess range, not inconsiderable success. At added value themselves. 

^ re bas always been adept at meet- the commercial models prove a ' sees a continuing and possibly which is one of Leyland's prtn- the same time the Fiat subsi- Faced with this big eompeti 


consideraWe Jensen's Inter- for a srna jj er ea gi ne d more 
SL.!? 2£2° r «f economical model can probably 


. . -- rtil . rh tnll a WF . „ r sees a continuing and possibly which is one of Leyland's prin- the same time the Fiat subsi- Faced w-ith this big competi I 

- 15ea lo r ^ in T e ing the needs of its supporters, success. The price has not yet Of the Italian supercar manu- improving market, for expen- cipal weapons in the middle diary Lancia is developing its i j 0n> companies like BMW seen 

in recent j-ears aionc nas oeen roptn.!. been feed, hm *t ahAiif- £90.000 facturers. there. are two others give,, exotic super cars. executive market and is the last sports/executive image and the fn be. left with the choice o 


SSt H be met RoUs-Royce is top of 


2*2 expenseleadat tiiemoment 

museum, and furtli&r oowti the t u_ £*** a nn ^ 


and reckons any future need been fixed, but at about £30,000 facturers, there- are two others give,, exotic super cars. • executive market and is the last sports/executive image and the fn be. left with the choice o 

for a smaller engined more each, they will not be cheap. who bear mention. Maserati and ■ ■ ' g ' *n. staging post'before'moving into latest versions of its Beta range cither going further up-markc 

economical model can probably At the top of their range, De Tomaso. But. it is in Britain . - ^ KOCmCV Mmm ^ specialist bracket of the -are showing that the early or substantially increasin; 
be met. Rolls-Royce is top of Rover and. sq up. tQ .the Jaguar/, effort is being turned into con- volume. In some ways BHV 


market, those long slinky, ply- 
wood and fibreglass creations. 


with the £47,400 Cam argue 
— and has little trouble 


■the Marcos, have gone for good. seUbl g it. About 40 per 

cent, of production stays 


But there is still an astonish- a t home, but the U.S. accounts 
1 ■ ihc number left—Ferrari, Lam- for aboul 35 ^ cent., and 
- borghini. Maserati. Aston Mar- Europe and the Middle East for 
; tin. Rolls - Royce. Bristol, rest 

Porsche. Lotus and de Tomaso, Some way down the price list 
; among tiiem That they sur- at fl4< 5oo. and certainly out- 
yive. and most survive exceed- side made-to-measure dass, 
ingJy well, is due to their is ^ Jagu „ XJS . Bur i. is a 
peenbar market. comparatively low-volume pro- 


The market is best expressed duction ^ ^ ^ ^ ^ a 
by A!an Curts managing direc- half years ^ ce its introduction. 



joint rarioLr “J 


. hiphlv sophisticated hand-built '^f e Y T t «; ^ lg ?h y 

£32.600 Lagonda. - Forhl- “I 


£32.600 Lagonda. “Fortu- , . . . „ . 

- nately.” he says, "there are V12 saloons) joins Ferrari and 
:- people who regardless of cost Lambo p hini “ the only corn- 
will^ always ' buy that sort of Sed ^ 

" “fie and his co-directors took . ^ . manu Jf ctur ers have 
• ; a gamble in 1975 when they bad their problems as well, 
id - the company's receiver Porsch ^ whoSe Products have 
►re than £lm. to take it over, aspired great covetousness in 
ice then they have substan- many a breast for many a year, 
iiv rojtrfranicpH tho mm. WBnt, like iH3ov of the other 


On the right, Jaguar’* highly successful JUS coupe. Tfie car on the left is the 
XJ13 project car, a one-off V12-engined sports racing car which] never reced. 


Daimler. ,7’siderable gain. has done 'both, but 30O.W0 ear 

' Before the energy cri^-the m - - a year still dues nor pw ifftit- 

average buyer of a luxury car '| 1 oiliinf l tllOr - the mass market while the iiifn- 

did not wish to cproproinise. on vvuipvutv. ducrinn of the six and sev.r 

■size. He wanted a big rar with . Volvo has also taken the Da£ series has pul it into head-ot 
a big 1 engine and a rolling gait. ..range and turned that into a competition- with Mercedes. : 

The first thing to catch up serious competitor in the small The inevitable drift, howevc: 
was the performance of . the luxury range instead of the pre- seems to be towards piling mnr 
smaller cars. As engine effici- vious small economy car. and more comfort and rhe arrrn 

ency improved and more.^revo- One of the stimuli behind all of many recent advertising can 
iutions per minute could be- this effort is the importance of paigns has been on this thenu 
squeezed out of small engiiiMi the business and -fleet car Any continued attempt to dowr 
twilh only “a marginal increase market where a distinctive ■ s izc cars and engines 1 in a: 
in damage to parts, so journey choice has to be offered to the attempt to reduce costs pc 

times were reduced for the inan more senior worker or manager m iic. which petrol pohticall 

with a small economy car and while at the same time manu- j n the front line, seem 

the differential reduced with its facturers wish . to keep the certain to increase' thi 

bigger brother. ' . economics of mass production in trend. It is also a ver. 

But it meant a strain on -making the basic skin. convenient way of increasin 

nerves, Caused not least by the This progression from turno\ r er without increasing th 
noise of an engine screaming economy through performance volume 1 of cars'produced. 1 ’ 
its heart out in a compartment to a combination of performance The factor militating again.' 


Many motoring' enthusiasts feel Jaguar made, a mistake in. failing .to put. this ‘‘that was bum to a: price._'At and comfort has led to a_change will be periodic- downturns, i 


. model into production. 


paid . the company's receiver wnose P™ aucrs na ' e 

more than £lm. to take it over. ,ns P ire d great covetousness in 
Since then they have substan- many a breast for many a year, 
tially. re-oreanised the com- wen t. like many of the (Other 
pany and have brought out ihe ro^iufacturers, through a very 


The luxury market 


Lagonda to compete with Rolls- difficult very tight P ei ™d -A ■ . M'. 

--Boyce.'-- Orders at the moment me ^ 1 * te iy af ier the 19f3 oil- -J — T 

: stand at over 200 (AML only c . ris ! s - , The company took a par- f 1 fr-* \ / f-* I 

builds 24 cars a week, and thnt ticularly hard knock when V 1 

includes the Aston Martin VS Volkswagen withdrew from a 

and the Vantage \ and there .are J< l mt o* erci se in 19/4 to build - - ■ - ~ 5 - 

two large markets in the U.S. ^ bas become Porsches SALES OF big luxury cars - • . - .. . 1 

and the Middle East. ch ? ap car - th f 9 -J- Porsche have continued to .expand in F^TIMATFP Ci 

Not only is the car business c YF 1 ? d on w,tb ® desi 8 n » Western Europe during the last 

a success — ■" eenerai tradlnr is which used many Volkswagen/ two years despite all the pre- FOR EUROI 
very profitable." sacs Mr. Audi components, and which dictions that there would he a . ..viibv r 

- • Ourtis. “ and we're in a heal^v. meant a planned production big swing among customers 1 LUAUriT v 

hapoy state”: there has also volume almost double that for towards- more economical ■ ' 

been a . lucrative spin-off as a fanuIiar ^d much loved vehicles. Manufacturers ‘ are KoUs - Royce . 

. result of the hi eh technology 911 . at about 24,000 units a extremely buoyant about their . -Mercedes 
elcetmnics which have gone year - prospects at present Most of bIIW 

' 1 into the new Lagonda. A new At the same time, the com- them have bulging order books, — — : 

joint com nan v called Aston P«ny spent DMIOOm. on de- and their .most difficult Aqdl 

' Martin Electronics has just velf> P in 8 the 928, the rear- decisions - are about whether Jaguar 

been formed which will pro- driven front mounted V8 they should or should not. ex- j? over — 

. ride soeciaHst enninment for en 8 in ®d true planned successor pand. In fact, virtually every 

othpr car manufacturers — and t0 tbe 911 - Tha^ tb®* 1, efforts significant, producer of execu- 

! . all being well, for the aircraft have P® 1 * 1 f,ff is confirmed by tive-type vehicles has added Volvo 

industry. tbe tbat the 928 has been some capacity within the last -5— r 

But if Aston Martin's prnduc- ^ted “ Car of the Year,” and two years. . > 

. . tion looks low by comoarison !b e n ^? mpany * 5 now P roducm 8 Perhaps the most -important ^troen (CX) 
with volume car producers, that a ?***' C0 , mi ^!S reason for this growth is that Renault (20/30) 

of Bristol Cnm must be unique. P° int fuel P rices have not risen by p euee0 ff 504/604) 

. Like Aston Martin, it has three 1974/75 However lovers of anyth J ng like ^ degTee ^ P^geot (SM/WH ) 

models, and like Aston Martin. the 911 will be glad to know p60 pi e were f ear i ng three years Ford (Granada) 

they are all hand-built. But that production will continue for ag0 . Relative t0 general ‘6pSf(Rekoril/ 


- that time:it-was not unhemrd of in attitude by the fleet sales- the European economy. Man 

- to see the- road rushing" ;by 'men over the" basic economy peuple already find the price n 
J- through. a hole in the. floor. !So versions and they will now a new rar so high that they ca. 

the matitffacturers looked for a -often plug hard the merits of Zanily afford 10 1 contemplai 
way of improving . the cocoon buying a more luxurious version hu^-ing one. So it is unlikei 
to match the performance and on the grounds that when it whole of the marke 

to meet constraints oh middle- comes to putting the car onto become attuned to luxur 
class pockets vdiich previously the second hand market it will so | on „ ^ there are those wh 
' were able to aspire to greater command not just a better price have to watch the pennies, 
things. but an easier sale than - its c . , ; , , 

The result has been a spartan, brother. otURTt mCXflnuC 


. here the resemblance ends, be- as long as possible— Porsche rate Qf i D fl at i 0Ili pe trol prices 
cause Bristol averages only says untj l sales drop below ha stabilised in most Euro- 


-ESTIMATED CAPAaTY 

FOR EUROPEAN 

LUXURY CARS 

RoUs-Royce . 

.... 3.400 

Mercedes 

430,000 

BMW 

300,000 

And! 

_ . 200400 

Jaguar 

. 40,000 

Rover 

150,000 

Lancia 

... 80,000 

Volvo 

. 250,000 . 

Saab 

100,000 

Citroen (CX) 

:. 125,000 

Renault (20/30) 

130,000 

Peugeot (504/604) 

; 240,000 

Ford (Grauada) 

• 300.000 ■ 

Opel (Rekord/ 
Senator) 

•21(MMW 1 


ponenls (say engines) for their 
specialist vehicles wbich they 
Have aready developed for their 
other models, thus reducing the 
cost of production. 

The executive market, is split 
essentially two ways. At one 
pole an umber 'of independent; 
specialist producers with no real 
volume car- 1 production at all. 
are - oompetihg : .for the top 
fringes- of the market At 
fte otter are the volume 
manufacturers, -gradually wofrk- 
ing their way up market 
and attempting to 1 com- 
pete more and more with their 
more specialised rivals. The big 
question hanging over the in- 
dustry is whether tbe indepen- 
dent-producers will survive — 
and if they do, in what form. - 
• Mercedes ' has followed a 
highly successful .'marketing 
policy. : .- -Although - seme of its 
cars arermade in -quite large 
volume (it 1 could make about 
450,000. units this year, about 
half the amount of- some of 
Europe’s volume producers) the 


AH]MlSf(MLTIMTS SURVEY 

VEHICLE FINANCE AMD LEASING 


APRIL 26 1978 


cause Enstol averages only ^ay?- unui Miea UI r p . .. have stabilised in most Euro-. volume (it could make about 

three cars a we n k. and that is 4 ,d 00 cars a year. And those p ean coun tries — in the U.K., ^ 450,000. units this year, about 

bodies alom\ Tt buys in the who plan to change to the 928 fte real price of petrol lg the . ■ - r. . haff the amount of- some of 

en sines and gearboxes from will have to pay about £20,000 saine ^ before the oil crisis: th ^ 3 ^ Europe’s volume producers) the 

. Chrjsler (U.S.i and tailors the to enjoy the privilege, though and pri^, 0 f diesel fuel is 1013 , sector company managed, through 

car lo the customer — at £?8.000 Britons will not have the chance very rauc h ] 0W er in some areas. P 35511 ^-. “ iese . two , the quality' of the product, to 

■for the top-of-the-line 603S2 u nt il Ia ter this .rear. At t he same time, there has. ® om Pa n jes bjve been exposed to ^ ersua de customers that they 

saloon. Second place in the “ Car of jj een a positive drift towards *jp a . ncial difficulties are set apart- from . rutw)f-the* 

Bristol’s production volume the Year” competition went to buying larger cars in France, roem small nome. mamcet ana nwll Vehicles. This applies even 
is so low that it cannot identify BMW’s new 7 series— hut they one 0 f the traditional homes of JpL e,r “ mit ed range -QE ? 3 ° d ®r' 'in' Germany, : where the 200 

• any single cen**ranhical area as will soon be offering far grander the medium-size saloon, as the , ey - always^ racea proo- ser ies serves as an ordinary taxi. 

— — - - French motor industry itself nn? 11 ! ^ s - ^“*5 - marketing 

* • 1_ a? began to make more of these J. strategy. has beeit equally suc- 

\ (mTOBlMJ lllimhpriw vehicles. Britain and ™ The company's expan- 

IllUilUU W Germany, traditionally large- W ? 1 i* 16 ** ^ta^ons. sio fi ^ rece : nt years has been 

r-,-, mnr j-CT-ri-LJTL-jnd-tjiu-Lj-1 car buying communities, have W fw- e bu °yarjt ^U b P me < carefully controlled so that the 

motOT indiistrye?^cutes sl5S3S3 

have avaluable behind the srs ss:. %srs 

V 11 • t 1* ,* phenomenon of company car mcnes. . to give a blend; of comfort, re- 

hAQflliriPC linjtrHTnUtinn ownership is much more prn- flnement and size which has; 

JUmIU M B HL J miWlilililllli nounced in Britain than any- .L/JXIGr6H.C6 been remarkably well received] 

________ T% where else, but other countries r . . -. . .. . throughout- the world: the 

Source IVlOfitff KCUOrt are following the British trend, . ? Wi ** a s V nil * r s * ategy Silver Shadow’s size, for 

JimiU. 1 ^ bought by com- ?*_. -?°. ter .? eatuple, wos smeU for the U.S. 

International 


Tlie Financial Times is planning to publish a Survey on Vehicle 
Finance and Leasing ; 1 The provisional editorial synopsis is set out 
below: 

mTROpuenON . Car sales generally are boom ing in the UJC., where 
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 HIKE Straightforward finance, 
leasing of ears 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 wbich could reverse the picture. 

CAR. RENTAL FIRMS The major rental firms have considerable 
increased their interest in contract hire and leasing. Hertz, which pulled 
but nf 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 
growtharea. 


THE MANUFACTURERS . The big four UJC. 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 UJK-. market for motor cars-, many offering- sub- 
sidised finance to customers. - 


with cars being bought by com- . *“ 7 « ■ -iv ex a^P la » was s m all for the U.S. 

panles as a perk for their " ntain °^. , m Italy, with market, but is now being 


Every fortnight. Motor Report International brings 
industry executives important market information, news, 
statistics, sales trends and financial analyses. 

You can judge Motor Report International for yourself. 

Entirely without obligation. 

Fin in the post-free coupon below. We wiU send you 
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i'wame .......... 

I Company ...... 

Address- 


executives. A corollary of this *te assent ial differenre L thatthe acce pted by the American com- 
move is that most people with swedes pursued it on a. truly panles .themselves; as a sensible 
a genuine choice opt for slightly i nT ®rnauonal scale.. Bht .even- dimension for their large luxury 
larger and more comfortable ra ? into, similar cars during their own' down- 

vehicles. For family motoring difficulties to the British and sizing programme. . . . 

purposes, the small European JSS LUre Me r<*des, -..RoUs-Royce 

vehicle. ,s 54,11 a ™ ped - 

_. , ■ , expense of developing new a ^ 1 .Q'.inrouga us. aiegei 

ortlv - 1- umnnsn nnurnTV ■■ . : _ “ _ ananna Arwri riom nvi4 « oItriIa* 


AGRICULTURAL VEHICLES This is a. highly specialised market but 
a large one. Such vehicles ate frequently acquired- through cooperatives 
or syndicates. Some finance houses are now looking at this'market 

TRAIQSHS 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 motor distributors have their own 

finance companies offering HP and leasing facilities. 


The only European country vehicles to faop nn to inter- tP&fc division; and a similar 
w ci.a-orori a Cflt.h-f.fc vemcies to race up > to inter- 


wbi J. * IPJ!* national competition this com- S t S£J*l£ seen at Volvo 


THE EXECUTIVE CAR Many. of the -prestige manufacturers have been 
wooing customers through leasing packages. 


' a 


in this sector— as in all other 
parts of its motor industry— is 
Sweden. This problem is a 


petition has now intensified, as 


and Saab, whieh both have com- 


mon* and more manufacturers 


mercial vehicle ancillaries. The 


"] I would like to receive three issues of 
Yes. Motor Report International, free and 
without obligation. 


Position .. 


Tel 


samsom 


Samsom Publications LKL. FREEPOST. 

12/14 Hill Rise, Richmond, Surrey. TWIOfUHl, UK- J 


Sweden. This problem is a e mere7the Add and as bigl “«Ption to this rule is 
symptom of a general economic MtJ l j ■ u _ BMW, which, has a motor cycle 

malaise, however, rather than a S„- P ri ifL; TEL. subsidiary,' but of such small 
positive move against executive- (Umensions test it is over- 

style cars in themselves. The g o ar,. ; shadowed by the car-manufac- 

slurap in Sweden, and the . Depth of financial resource is turing group. So far there is 

extreme financial crisis through now a ? important asset in the no sign that the German coin- 
which it is passing, have executive car business. The panies or Rolls-Royce are falter^ 
reduced total registrations by cost of development to meet ing on their chosen path, 
about one-third in the last rwo international regulations on although the new American 

years, inevitably hitting the safety, emissions and. now, - in regulations tin fuel consumption 

sales of Volvo and Saab which the U.S., on fuel economy, ie so are posing them the biggest en- 
are predominantly in the execu- great that a company really gineering- problem • they have 
tive area- As a consequence, needs a considerable volume of faced for many years.. Their 
these two companies are them- output to offset against the ability to overcome this chal- 
selves suffering a crisis whieh expenditure. This is why the lenge will give ihe clue Jo. 
almost led to a merger a year larger -volume manufacturers whether they can survive in 
ago. have seen the chance to move their present form or -not, 1 , ■. 

The problems now faced by into rhe executive market ; they ' 

Volvo and Saab illustrate some believe that they can use com- iaJ. 


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 
COMMERQAL VEHICLES September 25 1978 
THE MOTOR INDUSTRY October 16 1978 

For further details on the.editoriaJ content and 
advertising rates please contact: 

, - - Richard Willis, Financial Times, Bracken House 
10 Cannon Streep London EC4P 4BY 
Tel: 01-248 8000 Ext 7063 


FINANOAITIMES 

EUROPE’S BUSINESS NEWSPAPER 


The content and poMKabon . daws of Sun-e« in ihe Financial Timen 
are subject to change m dw dwetion ,of the Editor. 



. o-' 







F&A3WXAL-1TMES" "WEDNESDAY MARCH 13 1078 



SPECIALIST CARS V 


10 


Racing developments 


Volvo’s answer to the Land Rover, the new 125 bhp C303 series cross country 

vehicle.. 



STANDING BY a rutted specification* plus safety equip- running teams of the necessary notably the low-aspect ratio Renault decided to enter 
forestry track at dead of a men! — class, and. “Group 1” standard to stay with what has tyres which arc now working Formula One for two reasons: 
winter's night, miles from any- and "Group 2 ” classes, the last become a fierce level of corape- their way into the market. as part of its image-boosting 
where in the Yorkshire Dales two being in more powerful tition. An Escort, built to Brake and clutch linings and exercise, and for the technical 
and with snow settling on the states of tune but still bearing “works" standard, sav. looking oil technology are two other spin-off from turbo development 
ears, prompts thoughts that a dose visual resemblance to the like a "normal" Escort but significant areas in which for possible application in a 
motor sport breeds a special car the man in the street drives, packing perhaps four times the advances directly linked to com- future generation of road cars, 
kind of lunacy among its It is into the last classes of power and with extensive sus- petition have been made.. But its entry into Formula 

followers. racing that manufacturers are pension modifications and body But it is in the higher eche- ° ne ^ ias come at 3 time when 

But each year, at the end of - injecting increased amounts of strengthening, would cost Jons of motor racing that toch- toose moa t closely involved 
November, enthusiasts In their mon ey, with the same kind of £11,000 or so— if it could be nical advances of potential ^ ave started to question quite 
tens of thousands forsake bed* rationale which applies to bought A team of four cars significance lu the mass car where the Grand Prix " circus *' 
wife* kids and dog fob noctural rallying: it helps to sell a lot might use a dozen or more market appear most likely to ,s S°‘ n S- It has now become a 
excursions into remote parts of mor ® Cars - service vehicles, each with its come. The first generation of | elf " contained operation, 

the Dales, Scotland’s forests and complement of mechanics. Liter- viable turbo-charged cars has “ nanred largely by commercial 

the' Welsh mountains to watch CirOWniTIO" ally hundreds of tyres are car- already appeared, from Porsche, ‘ ri V 1Cern5 aQd . nota ? 1 £* the 

the high-speed touring circus ried and two-way radios and with its 911 version, TVR with tobareo craipaniK. which them- 

which is the RAC Rally. ' Recently, the motor sport helicopters are all part of the its Taimar Turbo and most w ™ ma - v be f0rced to drop 

Similar scenes are witnessed bandwagon has become crowded, scene. recently, and most significantly, out , SOI V e st *? e a . s Sovern- 

all over Europe. Spectators with virtually every major Fiat, now probably the biggest Saab with its 99 Turbo wiuch. 

ding to the cols in their thou- European and Japanese manu- spender on motor sport through with a price lag of £S.OOO, is ?“ h * * TvSS 
sands during the January nights, facturer participating in one its Fiat. Lancia and Ferrari the nearest yet to a volume- P ,?I7!? po; a ,rh' c r..rt3, 

of the Monte Carlo Rally, brave torn or another. And it has rally and race teams, has also production turbocharged car. SlSr' 

drifts of snow to watch the spawned new breed of cars: equipped a special Press bus. But Porsche, whose competi- ....nirihmirm tr> mafcp ,« thr- 
Swedish Rally in the depths of from Ford, the Escort RS 2000, with hydraulically - operated tion budget in 1976 was DftHim., pvnlrement of production 


aa with a expanded sides, telex and other or 0.5 per cent. 0 f total turn- enRine design, 
s an Escort facilities for the international over, does appear to have _ " ' 

Fiat, which corps of journalists which now established something of a tech- . Thc - V a ™ hi5h-r 




. IN THE CEASELESS battle The Range Rover 5s a different most co mp e titi ve to the Range- 
among volume carmakers to win beast. One of . its curiosities is Rover, while the CJ and J series 
-viable .market shares for their that it is permanently- in four- Jeeps from American. Motors 
models, the cross-country "vehicle wheel drive. AnVttemptto intro- are serious rivals to the Land- 
sector has been largely ignored, duce a two-wheel version was Rover range. . Indeed, TKM 
This is not apparent in - this so strongly discouraged by users. Vehicle Services,- of Andover, 
country, where Land Rovers and who wanted the ' extra road- -which imports Jeeps (and 
. Range Rovers hold sway and holding provided by' four-wheel Daibatsus) bare prtHidy stated 
. make the exception that proves drive that it Was dropped, they are ready to “cash in” 
the rule, at least as far as though not necessarily for ever. Roves shortcomings, 

Europe is concerned. This pri- It is obviously an/optioB likely ToVftta —ii a]so ^ oryminv 
maqy, both in Rover's home to become necessary in the ^ fcS 


February and endure choking which at £4,200 and with 

dust on Greece's Acropolis 110- mpb potential is 

. . . ‘ . In name only; from Fiat, which corps of journalists which now established someihing of a tech- . The - V a ™ high-revving and 

With enthusiasm of this sort has .Just launched its Super- regularly covers the large nical lead in ihe field Its heavy fuel consumers, and for 

—2m. people are estimated to. miraSon. a twin-overhead cam- European events specialised Group a World reasons ®« h as these 016 

»atcb the RAC Kdly « one sh»ft aloen which is e close is „„ doubt ^ ae Championship of Makes 935 cars f ° n P u l il ’ s . . ” lwt 

Engin- 

research has led Renault— Proven reliability from 3 litres. 

whose own motor sport expend!- view to Imp^W the sport's 

50 ner rent hi^h nr ^ ima S e “ enei^v<onsclOUS 


waten xne jsau rtauy at one snait sjuuoh wuien is a Close rh»mninn*;hin r,f doc xormuia 5 most succcssiv 

stage or another-and with 12 relative of the ears which last , ™ e ” “ ”° engine designer. Mr. Kelt 

events on the World Rally year won Fiat the World Rally ove?600 horseonvJ? wJlf Duckworth, of Cosworth Engii 

Championship calendar, 49 Championship and from JSlS** uroven renShffSS eering. has suggested it is tlm 


world, and. as he put it in a 
recent speech. “ to take a step 
hack to the engineering grass 
rente.'* 

technical He has called for the new far* 


market and in key export future to meet twO-wfa eel-drive Cniiser! , ZX-lj. four 

mwkets is now being deter- opposition. It is algp -Such a ^ ^ ^ y 

minedly challenged and will stylish vehicle that it ik widely ™ 

• come under inmasing attack used for ordinary. transjHirL In R ^ are regrndS as 

from Japan, Germany and an era of increasmg-ronfonmty h k .. 

■ America, Nor can tile - threat it gives a distinction and also. EnTiL aS othS 
from East European countries no doubt, a boost to morale ^ W orld and has 

be discounted. . of the owner, of thekind a new JJJ jSsou to StoeSthS 

e^ere ° D Lend Ss taTl - 

.XT’ S in the U JL but were withdrawn 

Mlliforv ■ . because, like Rover, lbey : could 

S iVimiary . not guirantee ayailabllity. This 

^nd 1M00 eSte a^Sr °i .W««. Royer 1 -had' tte 

within a thousand or two as big German market v almost to iTteirig S^red^^rwi^ily 
S £! TeSt J f ioS™?” itseK Volkswagen is now far wh b Ue 

I 9 ' 6 .', ae W to makfog the model similar to the short- 

«. arelSS? produt> ™a. Thia Sa a 4 4. powered wheelbase Land Revere and 


outside the Uiv. was virtually primarily for miWary^ype use 


or assemble cross- 

confined to Italy, Austria and initially, will obviously have a *** 

• > Spain, and then only .in penny civilian counterpart Mercedes; en y • P 


numbers— -9,000 Fiat Campag- In collaboration with Steyr- 


There Is no shadow of doubt 


that had Royer seized its 





Ks 


!\l 


! n 


H? 


;. , i 
i ->■ 


,P, 


? c 7 r. 

i ' t 


Leyiand has a minority interest petitor to . the Range-Rover. Sans 

:\ ' The British market has largely Volvo, showed its C8D0 series J"* 1 JO t K e U 0D S 0 ? at le«t 
iS reflected ? e numb^of^Land at the 1976 London tfotor'show. ^weve? b^a^Sive iS 
Rovers and (since 1989) Range Made in relatively small num- S’ new facilities ^atS^- 

■V^rTS , S f C< ^?io“tt d S bera S- 00# J n y ,t year »- il h^ d^”d to J»SwM^ 

• 1. or had left over, .so to speaK. costs three tunas as much as nuJ . ^ iom to 3 oqo units a 

S™3SJ!s2(?lSSi 

Bj Hover care lni&ts, as a abroad- It & expected to be a jt has the greatest depth of 

f rt j2r t ' JES? Stnns to Rover and technical experience and be- 

production wrtii a Toyota- Volvo has also fully cause n j s not -having to start 

• nri!w it devel °F ed its C200 series cross entirely .from scralchwith new, 

. neither neither Rover vjen it country vehicle. The four and high investment factories, 
was independent, nor six-wheel 11 to 41-ton versions should have more elbow room 

** y, *" < ? LaSd vith tW0 three-litre petrol in the price war which wHl un- 

set out to eroloil ^ toe Land engines are being put through doubtedly develop. But every- 

^1976 ^v r ^ ces today at 0,6 one acknowledges that the 
w^4^87? <ir i^over^ OoTa ,^ bides test «■«* at Bagsbot. future is going to be very tough. 

Iw' Sl-SL 3 % l 2nLi Sum F- Rover will shortly be joined 

oaw^as^ust under 10 000 1x1 Axnerica » toe cross-country in this country by Stonefield 

nmrtnrtin'n r.*- vehicle is apt to be- derived from Developments, which is now in 
MW its 8810011 brofter - 80106 l0ok ^ Production stage at a 

* k... P f rk _- wW _ h .cumbersome, have only two- factory -near Kilmarnock. Two 

? wheel ifim and are frankly basic models, a 4*4 and a 6x4 

M Der h «ot^nd vS ^future advertised as fun vehicles. They wffl start coming off the assem- 
SavT to defend muS m^^ nevertheless extremely: bly .lines in ^mid^ummer. with 


European Championship events Renault, the diminutive and 
and. literally hundreds of lesser, spectacularly fast 5 Alpine-, now , . _ . 

Rational, .status events now selling so well in France as a 50 percent hi^hpr 

taking place . throughout result of its second and third Ford others to conclude that ■ « cr. 

Europe," it as' not hard to see pladngs behind Porsche on this op . ^ P* r cent *. ® £ nev '. c ? r ppp* - 
why rallying in particular has yeart Monte Carlo Rally that Pny®t e buyers are influenced in JfcJXlClCIlCV 
gained increasing attention from plans /to market the car in the their choice of car to some * 

manufacturers -both as a market-. ILK- this year have had to be es£en . t ®y a manufacturers ^Vith Us modern „ v 

ing -weapon and as the . birth- shelved. sjmrtiog record. development centre at Weissach, nml.i for J9&2 to be based on a 

place of new products. There are others: Vauxhall's To . en K*urage the trend, which also acts as a profit-mak- limitation on the fuel supply to 

• At the same time, motor HS230O, a 2.3 litre roadgoing numbers of manufacturers have mg R and D operation for out- an engine. This, he believes, 

racing is seeing something of a vend cm of the company’s much-: I ^ nc h ed ^eir own champion- side interests. Porsche could would allnw designers to “pro- 
revival in- its fortunes since the respected Chevette rally car at s * u Ps for single makes: Leyland well play an important role in duce engines which get the 
depressed months following the last shows signs of coming on to *‘ uns a national “Mini dial- the emergence of smaller, high- maximum amount of power 
1973 oil crisis, although two. the . market albeit in veiy •’ Ford, racing and rally output and fuel-efficient turbo from a minimum amount of fuel 

dear trends towards change lunited numbers and with a championships for Us Escorts; engines with volume applica- burnt so that development in 
have become discernible. At price"' tag of around £5,000. Porsche for its highest volume tions for the 19SUs, racing engines will be useful 

the sport’s most senior level, Simca some weeks ago came out car. the 934: Mazda for its It is the turbo which threatens for normal road-going vehicles 
Formula One Grand Prix has with the 1000 Railye 3, at 103 batchbacfo and Renault for its to bring the biggest upheaval and other power plants." The 
undergone 11 years of develop- brake horsepower version of the J 6 * . S* 1 ™ events now form a of all to Formula One racing, current engines he describes as 
ment along a - path which has boxy little rear-engine design baslc P 31 * of niotor sport pro- Late last season, Renault set •• extremely interesting . . . but 
increasingly divorced- it from which, has been around for two grammes throughout Europe. the Grand Prix world on its of no practical value whatsoever 

the main rtream of -automotive decades and which, with, the Apart from promotional bene- ear when it turned out a 11 and they will become progress 

technology. Now it faces a 5 Alpine and Peugeot’s tiny fits, there has been a cumulative litre turbocharged car to take sively less defensible as world 
major reassessment of its sped- 1042S coupe, is fulfilling the amount of technical spin-off on the conventional 3-litre units resources of oil diminish *’ 
fications before an all-new role for young Frenchmen which has worked its way of its rival teams. So far it has if his su*eestians for iflR2 
formula is introduced in 19S2 which Leyland’s Mini Cooper S through to the production line, proved powerful, but not par- ar e arinoteri r.nnd Priv miiM 
which could well see a fuel-con- played for young Britans 12 Tbe time pressures of changing ticulariy reliable. But Renault n nce more he back on the mad 
sumption criterion as one of its years ago. components in the heat of an now think they have the reli- tf> becoming what many regard 

major features. . To a great extent rallying event have wrought design ability problem licked; the « its more intimate rtfJFV* 

At the other end of the spec- has become the preserve of the changes which cut maintenance proof of which will come when " t“chnolorical test-bed^ for 'the 
trum, saloon car racing has seen large manufacturers, who are costs on the ordinary roadgoing four sports cars with similar industrv as well as an enter- 
a move away from highly-modi- able, and recently have become car; great strides have been engines take on the might of tainmenL 
fied specials towards the “pro- more willing, to spend the large made in tyre technology as a Porsche in the 24 Hours race 
duction ” — that is, showroom sums involved in developing and direct result of competition, at Le Mans in June. 


John Griffiths 


A question of economy 


iTOvnrtPrs wk » popular. General Motors made production planned to rise to a 
strongly as importers se a 233,590 Blazers, Suburbans and rate of 2,000 a year by the end 


f°othoId. similar models' in 1976, Ford of next year. They are com- 

***** 141,740 Broncos, Am eri- plei^tary to rather than com- 
o> X aimers, me i^ana SVUVCi “ — oetitivA with the Rover ranee. 


rightly described as a work can Motors civ H?!S ^^^mpMy^in^which^tiie 

horn* Betides its abilities, as Jeeps, phis Cherokees i“ e ^- wmpany in wnicn roe 

a 


do o S and £m- 

from helping to fetch sheep chargers. International Hap guidance of Mr. Bernard 
off the hillside to towing imple- verier built 25.580 jackiMn. former Rover manage- 
ments, its power take-off and of which went to Srandroa.^ ing w bo has just hem 

numerous accessones for dnv- In all, America contobuted appointe< j of St0n6 . 

ing saws and other machinery about 600,000 units to the world 
makes it a versatile agricultural production of nearly lm. Of 
tooL these, GBTs Blazer looks the - 


P.C. 




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FOR MOST of the post-war Sumer will ' then be - paying engine is still very much with pleted in the best possible way. those that can afford them for 
period in this country the aver- dearly for tie bee in Washing- us although the business of but the Department is con- more luxurious, more powerful 
age motorist has been concerned ton's environmental bonnet getting the mixture into the pot vinced that they will be useful cars. 

with the thirstiness of his car. So far the home producers and the detritus out has been 1 enough to ensure that the pub- Arguments continue over 
“How many to the gallon do you have done well in their ifight made more efficient lie looks more closely at whether there should be dif- 

get?" has, been a familiar early against importers, although at In general, however, internal economy. ferential excise taxes reiatro- 

queriion -whenever a . proud times the import share of The combustion engines are a very The new figure must be in- duced for large cars, or 

owner has introduced his latest U.S. market has crept up to over mature product and attempts to eluded on all sales literature as whether the extra taxation paid 

motoring acquisition into the 19 per cent But the bask change, like adapting to rotary we il as a tag on the car itself by the man who buys more 
conversation. strength of the two big volume or Turbine engines have found and failure to display the infer- petrol is enough. And there 

And if that figure was under producers. General Motors and' little success so far. mation will lead the manufac- are those who say that with 

30, there would be ’ a little Ford, are stm worth a bet that ’> Admittedly Ford has recently turer or dealer liable to a fine careful tuning and maintenance 
whistle and an askance look as they will win in the end. announced it will back with of £400. No comparative infor- plus a light foot on the 

the listener scored a jealous . And both have strong Euro- $50m. a research programme mation is required and the leaf- accelerator then a 10 per cent, 
point. If the car were a large pean arms, Ford the more so, on into the development of the ] e tg gj V j n g the rundown of improvement could be achieved 
one then its under-20 to the which they can rely for whole Stirling engine but it should results on all models will not overnight 
gallon performance was elabor- cars, components, and engineer- not be forgotten that this ex- be generally distributed. The fact 15 that different 

ately shrugged off with a touch ing expertise. This has allowed ternal combustion process was gut the dealer must have one driving conditions and dif- 
of bravado or some nonsense the industry to continue its tra- . designed _ by a Presbyterian available for the customer to ferent drivers will lead in- 

about the engine going on for ditional stance of uncompromis- minister in 1816. took ati th Cy will be at town evitably to widely differing per- 

ever and therefore repair bills ing competitive, rivalry in the In tests so far it has shown halls and citizens’ advice fo nuance: and there Is little 
were negligible. market place while at the same fuel savings of 30 per cent and bureaux, and the public can likelihood of the puritan spirit 

But on one point there was time jointly complaining to the even greater cuts in exhaust make written requests for per- invading the motorist’s heart 
agreement However bad you sdministration that its demands emission, and it can bum other sonal copies. to the extent that we will all 

were you could never be as ^ being forced through too fuels than petroleum. But the emphasis in the U.K., - iv ® 4? ar 7 1 ' varn * h an d luxury 

bad as the Americans with their qmcWy m 80me cases > m . and throughout Europe, is on and cheerfully add a half hour 

abiding love affair for the 5 to uecessanly. IillGCtiOD a mixture of economy and per- to c our J ou !? ie v > tl , ra 5^'M > 

7 litre vee -eights soft-springing On the other hand the censer- formance and the consumer . donkey the motor 

their way along -hundreds of vationists argue that the big More immediately much work seems unwilling to give up some jodiistry will continue to oe 

miles of blacktop consuming stick has been very effective and is being done on improving fuel measure of performance, even beaten by the governments and 

vast quantities of refined Texas toe results which have been delivery and ignition in the at the expense of an economy environmental groups 

tea. achieved would never have come cylinders. Major electrical com- drive that has been well pub- public dances m 

And lien ilong came- the oil a k QUt * f b«m left to the panies are experimenting with licised for many years now. frn " t wavin S ibe carrot of sales 

price rise of 1973-74, 'energy mMufarturere to make up their electronic injection to give a Nor does there seem to be any P referenc £ 
conservation and a campaign to _ : , controlled and far leaner mix- change on the preference of Mil art Alexander 

make all feel guilty' about over- Since 1974 General Motors tore than can be achieved by a 
indulgence. And with that ca™e *** raised ft* fl eet average conventional carburettor and 
the decision to force the. U.S. from 12 to a predicted 18.7 miles this, in turn, can be linked to 
automobile industry to improve gaUon for toe 1978/9 model an electronic ignition system 
the overall petrol economy of year; Ford from 142 -miles per which is already in use on some 
the fleet of cars' it offered. The “f £rom 13 - 7 *° cars - 

move included the importers, of 1& ?„ ni i les per f“ orL So at long last some real 

course, but,, apart from those . 1 e 881116 effort is being made to make 

manufacturers which only make mques. include substitu- the petrol engine much more 

exotica erotica or, ‘like Rolls- tion, of piastira and alloys for economical and therefore effi- 
Royce, the stately carriage, most steel and tne trimming of some dent in terms of energy conser- 


European manufacturers, in- 


specifications like doors and vation than it lias been in the 

eluding those which are U.S.- 5ea . 1 f' „ past when complacency coupled 

owned, would have little diffi- J “? ^“^-toneall three are with ready supplies of cheap oil 
cully in meeting the require- J SJ® SlSrSuS^ cars meant that there was little 

meats. 5? s ^ motivation for big money to 

QjCTette, ord fte Fiesta and diase clever ideas on the fuel 

Average 

0 ni,*-* *1--. .. But that has uidUKeu, newm 

tinder, the present plan U.S. portant routes open to ttem" 51)60(11115 plans of $2 - 5bn * by 


““^ acbirc ".. One is improved efficiency from by EfSff S 


pected' to improve the average tHe petrol engine: the other lm- u jrvr, . 

miiflc tmm* frniinn Tw wmbi! f chflsc fuel economy. For behind 


miles per gallon delivered by proved performance from the JfJ® 4 - .. 

their fleet from 18 miles oer diesel enaine. TMnr th<» +>,« toe automotive industry is the 


their fleet from 18 miles per diesel engine. Nor are they the v° v f raausny is ine 
gallon this year to 27.5 ‘miles only ones to he working ^ stick of penalties for failure 
per gallon in 1985-86. , feverishly on. this problem. - 10 ,. con3p y ^ lth 11)6 nuies i Je ^ 

And that is not. all. At the Much of this yrork is being ga “ 0n roQtorements. 
same time they will probably undertaken in Europe, while the A substantial part of that vast 
have .to meet increasingly Japanese have, emerged as a s™ 3 is to be spent making sure 
rigorous safety standards which world force in the building of toat Ford does not incur the 
mi ti g ate ag ains t weight saving small diesels. •• 854-car penalty for each one 

which is also cost saying,, and In many .ways cars have been tenth-of-a-mile-per-gallon short- 
emission controls, which make curiously slow to .develop since faiI on toe 1980-SI target 
the air cleaner, but the engine the pioneering days of the Nearer home the Department 
less efficient could also be made beginning Of this century. Ger- of Energy in the UR. recently 
tougher. tatnly they are now more rdj- introduced a labelling scheme 

■ The . industry has already able, usually more comfortable, tor new cars which requires an 
sought to save weight in order probably more safe and perhaps official fuel consumption figure 
to save fnel by introducing eom- easier to drive. ■ for urban driving and another 

pact and sub-compact cars and On the other hand they have for a constant 56 miles per 
by reducing the weight of the developed more.through modifi- hour. A third, optional figure, 
more tradxtional-size American cation than revolution and there gives an indication of con sump- 
models. But there comes a point are those who would say that tion at normal maximum motor- 
where the continued reduction they are not as well constructed way speeds, 
will rely on the use of more now as they were. The suck. • Not everyone is convinced 
expensive alloys and the con.- squeeze, bang blow type of that the tests have been com- 


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•WEDNESDAT aEAROT'TSLMTfe 


Relieving the 
local rates 


The best times to prune the clematis 


BY COLIN JONES 

A RADICAL re-casting of the 
financing of local government 
services, reducing household 
rates bills by- well over half and 
taking the Conservatives off the 
book of their pledge to abolish 
domestic rates in their present 
form, sounds a. pipe-dream. It 
has been proposed in all serious- 
ness in a Bow Group pamphlet 
by Mr. Roland Freeman, a farmer 
GI£, ILEA, and Wandsworth 
finance chairman, and one of the 
Tories' local government finance 
authorities. His ideas may 
strike one as being too sweep- 
ing taken as a whole; but at least 
one of them — making rates tax 
deductible for all— -is being seri- 
ously looked at by the Conserva- 
tives. ' - 


Logical 


Mr. Freeman has never let the 
fact that be sits on the GLC for 
Mrs. Thatcher’s constituency 
deter him from being an eariy 
and constant critic of her pledge 
to do away with domestic rates 
— -on the grounds that there is no 
alternative to property as a local 
tax base. A local income-tax, 


tee, would cut across Tory plans 
to reduce direct taxation and 
would be an administrative mon- 
strosity; while a local sales tax, 
which many Conservatives in- 
stinctively favour, is even more 
impracticable. The courses that 
are left are either to pursue cen- 
tralism to its logical conclusion 
and rely wholly on government 
grants for local finance (which 
Mr. Freeman says has some Tory 
adherents); or to re-shape the 
system as to reduce rates burdens 
and the hardship and sense of 
injustice they create. 

This could be done, Mr. Free- 
man says, by distinguishing 
between local services which are 
nationally supervised and those 
which are not Education— a 
national service since the 1944 
Education Act — should be fin- 
anced by a 100 per cent. Exche- 
quer grant and personal social 
"services by a BO per cent, grant. 
Both should be transferred from 
the shire counties to the districts, 
makinc them lower-tier responsi- 
bilities throughout the country. 
The counties would retain respon- 
sibility for police, fire, transport, 
and structure planning and 
should be financed entirely by 
grant, becoming like the Scot- 
tish and Welsh Assemblies 
“ directly-elected local govern- 
ment organisations" (DELGOS), 
or a cut above regional health 
authorities and other quasi-auto- 
nomous national government 
organisations (QUANGOS). 

The county precept would 
have gone. As education, social 


sendees, and housing, the three 
biggest items in local . budgets, 
would be largely grant-financed 
the remaining district services 
could be financed out of a much 
reduced domestic rate call— plus 
the business rate' which levied 
at a national poundage, would 
be pooled and redistributed to 
districts so as to even' up local 
disparities. 

Because the end of the free 
market in rented housing is 
malting it impossible to go on 
using rental valuations as the 
basis for assessing: residential 
property, rating assessments 
would be based either on capital 
values— the method, favoured by 
the ’Inland Revenue^ Layfield, 

and, it seems, by Mr. Freeman — 
or (as the Conservatives are 
against using capital values) on 
the basis of “square metres of 
habitable space," another idea 
which has been around for some 

time. Finally, so as “to demon- 
strate clearly that non-ratepayers 
are contributing through 
national taxation towards local 
services which are otherwise un- 
aided by central funds," the new 
district rate should be paid net 
of tax at the current basic rate 
(34 per cent I and the difference 


Exchequer. 


HOW DO yon prone- a' clematis? 
Jn mid-March, the- question 
stares all gardengrs.in the face 
05 the shrivelled top. growth on 
those supports of wire netting 
begins to be replaced by new 
silky buds ‘at the plaofs base. 
It must, then, be correct to cut 
out the dead remains of last 
year’s growth. ; If it is correct 
to -do this to a Nelly Moser, why 
not to a young May-flowering 
Montana and- the small-flowered 
autumn viticelia varieties too? 
But one variety -s not like 
another and you must be sure 
which, group your clematis 
belongs to. 

First a word for those who 
write to say that they would 
like clematis on their dead 
elm-stumps or amone the 
branches of an ageing tree. Some 
will indeed grow well here, but 
you have to be sensible. The 
most impressive show comes 
from a large-flowered variety 
trained on to wire-netting over 3 
low dead stump. The big flowers 
will lie flat on the stump’s sur- 
face, open-eyed as you look down 
on them and their support of 
widely-meshed wire. It would be 
worth choosing varieties which 
are not too vigorous so that they 


would not sprawl beyond the 
stump. Bess Jubilee, a deeper 
sort of pink-barred Nelly Moser, 
is one of the less strong varieties 
which 1 think most, desirable. 
But you must remember that 
your clematis will refuse to 
compete with rough grass or with 
shoots off a stump Whose roots 
are still alive and drawing -food. 
Against the grass; you should 
clear a circle about three -feet 
wide and -keep it free from all 
intrusions. You should keep the 
ground well manured. 

Against the living, roots of a 
stump, yon can only plant, your 
clematis some several feet away 
from the stump’s base and allow 
it to run forwards .before' climb- 
ing over- the hump. This is none 
too convenient, and. naturally, 
the. less vigorous sorts of . clematis 
are not suited to it. - 

You must also decide how best 
to cope with the grass and so 
forth which lies between your 
clematis and the stump. It is 
best. I think, tp .burn it off 
altogether with a ‘herbicide, 
(casoron D, at this time of year), 
but it is none too pretty. Of 
the various chemical stomp 
killers, there are mixed reports, 
probably varying with the thick-. 


ness and toughness . of the stump. 
All suckers' and side-growth can 
be poisoned yearly with doses of 
the admirable SBK brushwood 
killer. A large dose.of poisonous 
sodium chlorate can also be 
packed Into the - heart of the 
stump, if you cut a deep notch 
to' receive it. Sometimes; this is 
wholly effective, but one cannot 
guarantee; it; 'Consider the sire 


detour to the trunk at all, you 
wiff give Tit the best chance. 
Chbose the most vigorous smaller- 
flowered varieties, Montana first 
among them, but do not hope to 
grow showers of pale blue Mrs. 
Truss ‘ from an apple tree or 
swags of the other large-flowered 
varieties. On the whole, these 
are nof so vigorous that ' they 
show through a tretfs branches. 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


of- the root-run which you have 
to 'loll, and do -sot be surprised 
if you faff. 

As for clematic in trees. 1 have 
never forgotten large curtains of 
white Montana swinging low, 
like creepers in Tarzan’s Jungle, 
off a -line of tall pines in a 
sheltered Irish garden. If you 
plant a clematis far enough 
away from the tree-trunk (as for 
the living stumps, above) and if 
you Jead-it up a pole directly into 
the lower branches, without a 


Clearer 


Night Nurse can land 
Champion hat-trick 


Best to try the- wilder suede* 
first -- ‘ -:::■■■■ • ' 

Now for. the pruning. There 
ls'one crucial fact to remember. 
If your clematis or indeed, your 
anything whatsoever, flowers in 
spring, before mid-May, let us 
say. yon must never prune- it in 
March when you take out the 
secateurs for their . first spring 
airiog. -Pruning and season of 
flowers are -two related facia 
which gardeners often- fail to 
associate. Clematises Arman dii. 


ENTERTAINMENT: 

GUIDE 

C.C — -These theatres accept certain credit 
cards by telephone or at the hox once 


Maeropetala, Montana and so 
forth nan- be hit very hard JJ 
soouas they have 
if you delay till the autumn, 
is bad enough. To cut them m 
spring -Is ghastly, for it is merely 
to remove the 

await yon. "By hitting them hara 
in late May, I do not roean toa* 
yon.SoXd cut them 
to the ground. Shorten the sac- 
branches,' cut them away from 
windows, 'doors. Setters and so 
forth; But wait until they hav* 
flowered,- _ 

: iCohveisdy, those which flower 

totfce late summer and autumn, 
the Viticelia varieties and such 
old friends ® the vioto-purele 
Jackman il and lovely Ferie 
d'Azur; can be cut back now to 
a mere two feet from the eround. 

-No doubt you will he throwing 
away - tap-growth which has 
already begun to sprout. »ux 
more will replace it. 
the plant will flower most freely. 
You will also be -Keeping a better 


saape. - . 

What, then, of those in the 
middle, the late May-June 
flowers? Here, there are different 
schools of thought. Some will 
tell you to leave them alone, easy 
advice but advice which leads 


you to an ugly tsoplo after four 
or five years. I side w'uh tbn 
others who tell you to thin out ah 
obviously dead growth by mid- 
March and to train the ywiflgor 
shoots into their plare: These 
trill often bavo to be unravelled. 
If this scares ywj. you-.can prefer 
to do nothing. If the unraveling 
attracts >' ou > cut .NcU$' 

Moser or Lasurstern ■ only 

as far as the first cew.patf.-of 
young buds on each stem. Forget 
the seductive advice mt.. cutting 
down all clematises 10 
tbove the ground. Most* J trim 
SSkVa pair of jW-lriW 
Too complicated? 
approach eseh plant wUhVit*. 
flowering season in mind. On 
alone they divide, and it te t5a, 
most memorable fact about thent’; 
Oalv the - autumiHiowerera 
ncmallv require attention -. now, 
could, in fact, tone aBl» 
others alone. But if prute 
seems hard-hearted, remember 
throughout that it encourages the 
clematis's growth to bear-ttaww* 
and thus relates m the unaLwre - 
of their crop; It . spaces 
flowers, at times enlarges- them 
and multiplies their 
it is a job worth doing ’ 


Tom CONTI 


The drawbacks in all this are 
obvious — a major erosion of 
local autonomy at county level, 
a substantial increase in Ex- 
chequer financing ( probably 
close on £2bn. a year at to-day's 
figures), and a more regressive 
rates structure if assessments are 
based upon habitable space. In 
spite of Mr. Freeman's hopes, 
too, the distribution of grant and 
the pooled business rate would 
still be open to manipulation for 
political purposes. 

However, the merit of his 
approach is that by distinguish- 
ing between local services which 
are essentially national and 
those which are essentially local, 
the financing of local councils 
could be simplified and the re- 
sponsibilities of Whitehall and 
town hall made clearer. Rates 
are a problem, first, because the 
growth of local services has so 
outgrown the capacity of the 
rating system that grant finance 
has become dominant, and re- 
sponsibilities have become hope- 
lessly confused; and. secondly, 
because the basis of the present 
rating assessment system is be- 
coming increasingly untenable. 
Mr. Freeman's pamphlet shows 
that at least one major party 
is debating the implications. 

"The Rates Riddle ’’ by Roland 
Freeman. Bow Group, 60p. 


IF HE can land a third succes- 
sive Champion Hurdle to-day 
and equal the post-war records 
of Hatton's Grace and Sir Ken, 
who both achieved hat-tricks in 
tbe period from 1949 to 1954, 
and Persian War (1968-70 
inclusive). Night Nurse is cer- 
tain of a hero's reception at 
Cheltenham. 

The Falcon gelding has a stiff 
task to-day in the race spon- 
sored by Waterford Glass, and 
although no harder than the 
one he surmounted 12 months 


RACING 

BY DOMINIC WIGAN 


ago. two fqgnrs could turn the 
tables against him. 

Firstly, Night Nurse bas this 
season, except once, ' looked 
and performed a few pounds at 
least below his best form of last 
season, and secondly, Paddy 
Broderick, now retired, will not 
be driving the Easterly seven- 
year-old home. 

Colin Tinkler, one of the most 
proficient jockeys, is sure to 
give Night Nurse every chance, 
but he is new to him. I would 
much rather have seen 
Broderick who knows the 


.Northern gelding wctU* to the 
saddle again. 

Although Jonjo : O’Neill has 
opted for Sea Pigeon, and Bird’s 
Nesfs claims are there for all 
to see, 1 believe Monksfleld 
could be the one they all have 
to beat 

This . Gala Performance horse, 
the two-length runner-up to 
Night Nurse in last year’s race, 
has been having an easy time 
and probably comes to-fhe meet- 
ing fresher than his opponents. 

If he can improve a few 
pounds on his third-place to 
Prominent King In the Erin 
Foods Hnrdle at.Leopardstown, 
where he was having only bis 
second race in 3} months, 
Monksfleld will be har$ to beat 

At anticipated 1 odds of about 
8-1. the County Meath six-year- 
old, bidding to become -Ireland's 
first Champion winner since 
Winning Fair in 1SXJ3, appeals as 
the race's most attractive each- 
way bet. 

Two other likely winners for 
Ireland are Golden Cygnet, nn- 
beaten in four outings this 
season, and Straight . Row, the 
winner of his last five races. 

One event I do not see going 
to the invaders is the Waterford 
Crystal Stayers’ Hnrdle. Here 
tile Gambling Deht - chestnut; 
Gambling Prince. . recovered 
from a polled vertebra, ' can 


spring a surprise by .outpacing 
.John Cherry. 


iiH .TBVHAW . . 

2.30— -Golden Cygnet* 
3.05— Straight Row** 

3.40 — Monksfleld e.w. 

4-15 — Gambling Prince*** 
4-SQ — Happy Warrior 
SL2S — Shane’s Castle - 

TEESSIDE ' 

1.45— Blessed Boy 

2.45 — Waile 
£55-— -Dusky Dale 
4JJ5— Bitter End 



Commerce ties 
at League dub 

SECOND DIVISION "Notts County 
are.believed to be the. first Foot- 
ball Leagne club to apply to join 
a chamber of commerce. Mr. 
Dennis Marshall, the club secret 
tary, explained: “It’s only right 
that the club should be part of 
-the local activities and member- 
ship of Nottinghamshire Chamber 
of Commerce will give us a plat- 
form. . ." 

County, founded to 1862, la the 
■oldest ' professional ' club in 
English football . 



BBC 1 

6.40-7.55 mn. Open University. 
9.15 For Schools, Colleges. MM3 
You and Me. 11.00 For Schools, 
Colleges. 12.45 pjn. News. 100 
Pebble Mill. 1-43 Mister Men. 
2.01 For Schools, Colleges. 3.00 
Racing from Cheltenham. &53 
Regional News for England (ex- 
cept London). 3£5 Play School 
(as BBC 2 11.00 a.m.) 420 Touche 
Turtle. 435 Jackanory. 4.40 
Screen Test SjOO John Craven’s 
Newsround- 54)5 Grange HilL 
5.35 Ludwig. 

5.40 News. 


5.55 Nationwide (London and 
South-East only) 

628 Nationwide. 

620 The Wednesday Film: 
“Dodge City" starring 
Errol Flynn and Olivia de 
Havilland. 

8.30 The Liver Birds. 

9 (Ml Nputc 

925 The Hong Kong Beat 
925 Sportsnight. 

1UL5 TonighL 

11.55 Weather /Regional News. 

All Regions as BBC 1 except at 

the following times: — 

Wales — 2.18-228 pjn. For 
Schools. Hwnt ac .Yma (10) Y 


F.T. CROSSWORD PUZZLE No. 3,618 



Darganfyddiad. 5.05-525 Bilid ow- 
car. 5.55-6.20 Wales To-day. 650 
Heddiw. 7.10 Young Musician of 
the Year. 7.40 The Rockford 
Flies. 820-9.00 The Liver Birds. 
1L55 News and Weather for 
Wales. 

Scotland— U-OO-UJO a.m. and 
2J8-228 pan. For Schools. 5.55- 
620 Reporting Scotland. IMS 
News and Weather for Scotland- 
Northern Ireland— 3 J3-335 pjn. 
Northern Ireland News. &5S-C20 
Scene Around Six. 925-925 Spot- 
light on Northern Ireland affairs. 
1L55 News and Weather for 
Northern Ireland. 

England — 5.55-628 pjn. Look 
East (Norwich); Look North 
Manchester, Newcastle); Midlands 
To-day ■ (Birmingham); Points 
West (Bristol); South To-day 
(Southampton); Spotlight South 
West (Plymouth). 

BBC 2 

6.40-725 a.m. Open University. 
1020 Gbarbar. 

10.45 ParosL 
11.00 Play School. 

2.15 p.m. Racing from Chelten- 
ham. 

425 Open University. 

7.00 News on 2 headlines. 

7-05 Educate, Agitate, Organise I 
720 Newsday. 

8.10 Brass Tacks looks at an 
issue of the moment. 

9-00 It’s Patently Obvious. 

920 Play of the Week. 

1020 Arena: Art and Design 
with Carl Andre; Madame 
• Stravinsky. 

1125 Late News on 2. 

1125-11.45 Closedown: Hugh 
Dickson reads “Tbe Mos- 
quito" by D. H. Lawrence. 

LONDON 

9-30 ajm Schools Programmes. 

12.00 Clapp a Castle. 12.10 pan. 
Rainbow. 1220 Sounds of 
Britain. LOO News plus FT Index. 
120 Help! L30 Crown Court 220 


After Noon. 225 Hadleigh. 328 
Paint Along With Nancy. 220 
Couples. 420 How. 4.45 Pop 
Quest 5.15 Emmerdale Farm. 
5.45 News. 

6.00 Thames at 6. 

625 Crossroads. 

720 This Is Your Life. 

720 Coronation Street 
820 The Streets: of &Stt Fran- 
cisco. 

9.00 Send in the Girls. 

1020 News. 

1020 This Week Special: Lord 
Armstrong, Joe Gonnley, 
Mick McGahey, Len Mur- 
ray, and Cabinet Ministers 
• talk to Llew Gardner about 
the winter of 1973-74. 

1120 World Snooker: Tbe Lad- 
broke International-. 

. 12.00 Night Gallery. 

■1225 a.m. Close: Geoffrey Hins- 
liffe reads a poem by 
Rabindranath Tagore. 

AH IBA Regions as London 
except at the folia wing times >— 

ANGLIA 

L25 mb. Aogtta News. .200 Hoasetnit*. 
U5 Mr. and Mrs- feO* About Amflla- 
uo Rafferty, mo Barms. tU5 a-m. 
Christians fax Action. 

ATV 

12a OJB. ATW Newsderic. 545 Mr. and 
Mrs. feW ATV Today. feOO Quincy. 1L30 
Drive-la. * 

BORDER 

«2# PJ«. Border Sews- 2M House* 
party. 545 Out of . Town-, wife Jack 
Hargremres. few Idjolcsrauntf-wedweday. 
8.00 Rafferty. nJO Motorway FftTtlXOO 
Border 'New* S ummary . . ■ 

.CHANNEL'.’’ 

- 'us pan. Channel tuncMme New* and 
What's . on . Where. UO rh.mwi News. 
feXD Report at Stx Special— That Man 
Matcfien. 8JM Rafferty. X048 Channel 
Late New®. 1X40 Oscar Peterson Preacota. 
XLS Epnoeue fallowed by -New* and 
weather In French. 

GRAMPIAN ~ 

443 ».ra. First Thing. 1-20 p ■- Gram- 
pian News Headlines. U9 Cnun plan 
Today. fe38 PWice Newsiooin- 8J0 
Rafferty. 1140 Reflections. XUS GeUbrlty 
Conceits: Paul wmiams. 


GRANADA 

UO imh. Thi* 1 ® Your Histit. 540 
This Is Tooor Right (second chance to 
see Lord WfaBtantey* pro gr a mme >. 545 
Crossroads. - feOO Granada Repo ns: 040 
Happy nays.' >20 Rafferty. ttUO The 
L'ouwduUes. 

HTV . 

US p.m. Report West Headline?. US 
Heport Wales Headlines. 2JM Hnip Tonr- 
selt 545 Dodo. The Space KSt 540 
Crossroads. feOO Report West- fe!5 
Report Wales. 4J0 Havoc. MO Rafferty. 
114# Celebrity Concert. 

HTV Qnniw/Wale®— As HTV General 
Service except 12MJS mi Petawdaa 
Newyddjon T DyU(L 440 ' MW Mawr- 
#40445 Un Tro. fefi0445 7 Dydd. 

HTV We rt .V s . HTV General Service 
except: UOOLSb pj*u Report West Head- 
lines. fe 00-440 Report West. 

SCOTTISH 

US ml News and Boad Report. 240 
Women Only.. 545. Plpet and Friends. 
UO Crossroads. feSO Scotland . TOday- 
440 Welr’a A weigh. ' UO Hefferty: 1140 
Ufa Caff. HJ5 Police Woman. 

SOUTHERN 

Ub p.m. Southern News. MS House-, 
party. 545 Betty Boon. 540 Crossroads. 
4-00 Day by Day: Wed n es d ay Extra. 
1140 Soathem News Extra. 1140 Police 
Surgeon. 

TYNE TEES 

94# mm. The Good Word followed by 
North. East News Headlines. UO tun. 
North East News and Lookaroand. ZJ30 
Women only. 505 Happy Days. feflO 
Northern life. UO Rafferty. H40 Drive, 
In. 12J» Police Sargeqn- 4240 un. 
EnDooae. 

ULSTER . . 

U0 pan- Lmcbtlme. 04# Ulster. News 
Headlines. 545 Dynomoit the Dog Wan- 
der. feM Ulster TelevMon News. fe05 
Crossroads. fe30 Reports. UB Rafferty. 
H4# Jt*S On Record- 1U5 Mahe It 
Count, followed by Bedtime. - ■ 

WESTWARD 

1240 p.m. Gns Honeytan’s Birthdays. 
140 Westward News HeadMnea.- feOO 
Westward Diary. UO Rafferty. 1048 
Westward Late News. H4S Oscar Peter- 
son Presents. . . . 1145 Faith (Or Life- 

YORKSHIRE 

UO pjn. calendar .News. 545 Mr. and 
Itn. few Calendar fEmloy - Mow and 
Belmont editions). UO Rafferty. H40 
Moan MotJcs. I24B Handle with Cans. 


ACROSS 

Z Underworld boss meets his 
match (7> 

5 Docs a bird love to appear 
in the duty list (7) 

9 Such a doll for goodness (5) 

10 Aspi ration beyond reach of 
puffer (4. 5) 

11 Fashionable company takes on 
a railway centre for patient 
care (9) 

12 Cockney institution Georgia 
considers the end (5) 

13 Man of the match (5) 

33 Broke into solution (9) 

18 Thread strong drink into 
machine for separating seeds 
(6-3) 

19 Certainly old-fashioned way 
for producing ferment (3) 

21 Footwear given a beating (5) 

23 Complete reckoning of music 
for all parts (4, 5) 

25 Some spare time of strange 
importance (32) 

26 Benefit obtained from article 
against trouble (5) 

27 Fool with hangover symptom 
(7) ‘ 

28 Part of Bible appearing in 
instalments (7) 

D0.WN 

Z Protection from frost while 
doin? time? (7) 

2 Depressing to face sign bf "bad 

weather (4, 5V 

3 Fish and chip seller sounds an 
orderly man (5) 

4 Cancellation over sound of 

bells (9) 


5 Salesman certainly has to give 
money back (5) 

6 Charles Q long past going 

over mile at Newmarket (3, 6) 

7 Those people point to subject 
(5) 

8 Swindle by worker is running 
unchecked (7) 

14 Sound of heavenly body to 
early detective novel (9) 

16 Unmarried heavyweight Is 
unique (9) 

17 Complicated key to room for 
. experiments with spout t9) 

18 Players going to leave the 
shore (4, 3) 

29 Tell Sir to make a garden 
fence (7) 

22 Trainee editor upset with pet 
around (5) 

23-Pal loses right to he a monster 
(5) - 

24 Crowd- coming to see member 
for south-west (5) 

Potot l«n to Pn77li» pin. 3.617 


EnsaEs^nsasg' 

Ei H . 0 ?3 Fa 3 :GS 
IfiEsnsHH a EESBEn 

s ra a m z \ ..n a 
□assn nansEassEJ 
a a m 0 m ns 
ggasaasgcin asas 

S S - ' S ■ E E : 0 

5330 flBQBaBCnSS 
E .■ H . 0. 5 El. E 

m lasasgg :.nsnsH 
a a ci q ebb a 
; aanssEn 
e ra 0 -e ■ n -a- s a 


D A mo 1 247m S IS). 540 Nows. 9JS This Week's Cep- 

RA V . , , U - 1 . 1 . . poser: John Boll (S). 945 MtoUrftieWng 

® From Belfast (Si. 1045 orsin Music 

CQJ Quadrophonic broadcast , S i. »Jn BonnKmonth Symphony 

=5^ J aJn : 1 7:” JJ^J-qrchesira, port 1 fSi. ms pjn. imerval 

Kdrrtmda. 9JM Simon Bates. 1141 Paul aeodlas. ro ?n Conet rt, part Z. LOO 
Bunsett Inrindhig 1240 P.m. Nrwsbeai. News. 445 . Concert Rail (S). 240 The 
240 Tony Black born (ram Ruthersiea. Exotic 'Sound OI . . , The Acotian Harp. 
*41 Dave Lee Trarts Including 548 News- 2.05 Youb Ordiestras at the Wodd (S). 
beat 7.00 sins Something Simple tS) 3JB.^oio QAo Rectcu (5). igfcSrtmbert 
(Joins Radio 2 >. UO An VRF. IfetZ anff Boetbovon piano reefiaf ©)• <tAS 
John Peel (Si. 1240-1245 un. As BnjMing a Library of records tM 
Radio ___ -Homeward Bound, jajbs News. t*4« 

RADIO • l^OOm aod.VHF Bnimd (continuwD.VilU® 

wv mL*i -Hues: . Language and cmanwnfeaBgL tjo 

▼HF luoloi l aid 2 — UO a-m- wits ugort cladnet QUffllot on rewrf (5l< 
Radio 2. including 145 iwo. Good Listen- B40 BBC Snnphoay I: 

ing. 840 Listen to the Band (S and 07 H rihm, (S). up The Ans^Wwdwkle. 
i continued: see Radio 3. 7401. S45 BBC SO, part 2: SbostakUvtgh (S). 
Sem^im Serenade iSi. 842 Bing, part .us MaketS tS Kfodera Mrthyrjfta* ft? 
ll: The Family Man. 945 sports DeSK. Stephen -Renoir UUO Maas for tba- -Feast 
BMW With Radio L 1248-1245 jum. of -St- Mkhaei the ■ Ar riumm h 1 LS 

with Radio 2. Ness. XL30-1L35 And Tod«ftf s . Schnben 

640 ajn. Neivs Summary: Weather. Song on recant (5). ' 

642 Ray Moore with ‘^k EaUr Show «Si. ‘ Radia l VNF «j(y: l4MJ|'{Mh «d 
Icclndtng 645 Pause for TbonehL 732 545 - 7 J 8 pjn. Open Onirorifty." 

Terry Wocan (S' including 8.27 Hartnx • 

RoHetin and &45 Pause' for Tbouchr. 1042 RADIO ll 

Jimmy Toutu (S'. 1245 p.m. Wiffirtmenf' ^ Jtr np 

Walk. I 2 J 0 Pete Murray's Opon Room 434m, 330m. 285m JU«VHF 

(Sv' includtne 145 Sports Desk. 240 David 645 ua. News. 647 Paimlnf Today. 
Hamilton (5) ineludina 245 Spoils Desk. 645 On to tbe Hour. 652 (VHP) Rational 
345 Arid* Challenge Trophy Thase, 340 News. 740 News. TJO Today. 746 Up 
Waterford Crystal Champion Bardin and to tile Hoar (continued'. 752 (VHP) 
340 Sports. Desk. C40 Wags oners' Walk. Regional Nem. -840 Newfe-' feJff-TMay 
US Sporta Desk. U7 Nick Pone -(S' ImSudliig news bendltnes. weather, papers, 
ladudlns 545 Sports Desk. 645 Sports apart. 645 Yesterday In Partmwtff. 
De$k. 742 Sins Something Simple (Si. 540 News. 1945 The Living World. W4S 
740 Listen to tbe Band (S and Q) (con- My Dear Music. 71840 New* tUU® 
tinned 00 VHFl 640 European Soccer Britain Nov. 1640. Dally SatMdfe tAX 
4 pedal taWkHn .only, I«MkHa as VHFr- Uornlng Slotv. 13140 News. riLH Best- 
048 Join VHP. 045 Sports Desk. 1042 seller. H 2 J 0 Tales and Lwends at tbe 
The News H odd! tees. 103 d Malcolm. HM il mda . 1288 ■ News. - 1282 ***■ 
2X42 Brian Matthew wffh The Late SBowr Ton and Tours. T2 Jt The 
120M285 a-m. News. Enchanting World of Blum and Bracket 

RADIO 3 484m, Stereo &VOT SSx'SSS' nIS 

medium Maura, only 240 The World at One. uo The Arcter*. 

tfe55 van.- Weather.- T.BS News; 745 145 Woman's Hour-ti from 3.0t) InclttQing 
Your Midweek Choice, part 1 fS). 840 249-2.02 News. 1245 Listen With Motlwr. 
News. B45 Yoar Midweek Choke, pan UO News. 345 Afternoon Thoatre t®. 


540 Choral Evensong. 4JB Starr Time. 
540 PM Reports. 540 SrrwxUptty. ' tS-55 
Weather, programme news (VHPl Reg- 
io&ai News, fetw News! fcso Mr Uoslc (SJ. 
740 News. 745 The Archers. 740 Fite on 
4. 840 -The Black Panther: Tb/s Story of 
MO The Black -Panthan The Story of 
Donate Neilson. murderer. 948 KaleMo- 
scope. 9J9 Weather. Iflar The World 
Tonight 2848 The Hitch-hiker's Gmoe to 
the Galaxy (S>. 1148 A Book at Bedtime: , 
"Eather: waters,” part s, jus The 
Financial World Tonight. 1140 -Today In 
ParHamm. 1145 Neva. . 

Far schools (VHF 945 ajaJ2J» 
■Ml 240-348 PJn. 

BBC Radio London 

206m and 843 VHF 
641 ajn. As Radio 2 . 640 Rush Hoar. 
940 Holiday Scene. 9JD London Live. 
12JB In Town. 1240 pjn. Call In. 283 
208 Showcase. 628 Htsne Ron. 618 Loot 
Stop. Listen. 748 In Town fas ILK a-iio. 
840 m concert. 1043 Late Night London. 
1248— Close: As Radio. 2. 

London Broadcasting 

281m and 87.3 VHF 

548 m' Morning Made. 648 A4I.: 
non-stop news, travel, sport, reviews, 
information.' TUB Brian Hayes. UO pjn. 
LBC Reports Including George Gale’s 
3 ttdoclc.CalL 848 After S-wlth Xxn 
GUcfartaL MO HlshtUne. ' 148540 u. 
Nl 8 bt-&ztre with Adrian Scon. 


THEATRES 

ADCLPHt THRATRE., CC. 0J-B56 7STl.- 
Evgs. 7.30. Mata. Tours. 3.0. SaWuj feO. 
GOOD FRIDAY — One Pert. tX 7 30. 
IRENE 

THE BEST MUSICAL . . , 

OF 1376. -J977 and 1978 1 

« LONDON'S BESI NIGHT. OUT."--; 
Sunday 1 People. ALREADY SEEN 8 Y i 
NEARLY ONk MILLION HAPPY 
THEATREGOERS. , ■ 

CREDIT CARD BOOKIN GS B36 7&I1- 

a.dERY B36 3870.- Credit card Un, 
33B1 071 "except Sat.l Mon.. TiiJli Wid. 
and Frl. 7.45. Tnttr. and Sat. {.30 amg 

MIRACULOUS MUSIC AW Fin. TIbwl 
OLIVER 

WKh ROY HU DO and JOAN TURNER. 
"CONSIDER YOU RSEtF LUCKY TO*BE 
ABLE TO SEE IT AGAIN." Dailv Mhror, 
APPLY BOX .OFFICE FOR SPECIAL. 

■ PARTY RATES. 

ALDWYCH. 636 6404. Info. 836- 5332, 
ROYAL SHAKESPEARE COMPANY 
No perf«. until 4 April but POSTAL 
BOOKING now open -for' lew Labdon 
Season at Shakespeare's HENRY V and 
HENRY VI plays from Stratford. Bo» 
Office open 10.00 a.m. to 6.00 Am, 
Personal Book mo from 20 March. RSC 1 * 
new WAREHOUSE season at the DoflfMr 
TheatTO opem TO AorU. Book. ■ now *n 
Person, by port or Tel. (01-836 BBOBJ 

AMBASSADORS. 01-B36 1171/ 

Ero*. A. oo. Mat Tuns. 3.00. 
QUENTIN CRISP 

Tteieett £3.50 and £2.50 inc. otan d 
wine. “This Is without doubt the most 
otraoRlInarv entertainment In London.'.'. 
Evening Ntws. ~~Endt March iff. "■ ' 

AMBASSADORS. 01-836 1171. Red. Price 
Pravs. from 22nd Mar. IN night 29th at 
7 pjn. Eros. B p.m. M*u. Tu«. ^.O. 
Sat. 5 . 00 . . m ■ ‘ 

A Rock Revue _ 

. LET THE GOOD STONES ROO. 

The Rodina .Stones Story.- . . 

APOLLO. 01-437 2663 £lp9. 8.00. 

Mata- Tfaurs. 3.00- Sats. 5.00' arid 0.00. 
DONALD SIN DEN 
{"Actor of the year." Standard! 

- IS SUPERB." N. of World. 

SHUT YOUR EYES AND - - 

THINK OF ENGLAND 
• "WICKEDLY FUNNY." Times. 

ARTS -THEATRE. £■ 0T-836 2132. 

TOM STOPPARD'S 
. DIRTY LINEN 

" iflUrlous ... see It. * Sunday Times. 
Monday to Thursday 840. Friday and 

Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. Charing Cross Road. 
01-734 4291. Nearest Tob« Tottenham 
Court Road- Moiu-Thurs. . 8 . CO p.m. 

. Friday and Saturday 6.00 and 845. 

TKtots £1 J50-E5-5CT. Instant Credit Card 
Reservations. Cat In our fully- licensed 
Restaurant or Buflet Bar -lunchtime and 
before or after show — bookable in 
advance. ■ 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
CAMBRIDGE. CG 01*836 805 B. Moo. to 
Thursday 8.00. Friday. Sat. 54 5. 8.30. 
IPI TOM HI 

“ PULSATING MUSICAL.” Evening News. 
THIRD GREAT. YEAR 
Seat price* E2.aa and £5-00. 

Dinner and top-price seat £8.25 Inc. 

COMEDY- . 01-030 2S78. 

Evenings 8.0. Thur. 3.0. 5aL 5.30. 8.30, 
MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
“ Btadtmi II. .armed robbery, double bluff 
and murder." Times. *' A good deal of 
fun." Evening News. 

CRITERION. CC. 01-930 3216. 
Evenlnga 8 . Sets. 5.30. 8.30. rhura. 3.0. 
LESLIE PHILLIPS 

■■ Impeccable ... a maste r." son. Times. 
In SEXTET 

"-HILARIOUSLY FUNNY." N. of Wo rld. 
DRURY LANE.- 01-836 81 OS. Every Night 
a. 00 . Matinee Wed. and Sat. 3.00. 

A CHORUS UNI 

"A rare, -devastating, Joyous, astonishing 
stunner.*-' Sunday Times. , 
DUCHESS. 836 8343. Mon. to Thun. 
Evas. E410. KrL. Sat. 8.15 and 9.00. 
OH 1 CALCUTTA I 
" The Nudity Is wimninu. ,> Datfy Tel. 

• - - 8 th SENSATIONAL YEAR 

DUKE OF YORK'S; . 01-B36 5122. 

Ergs. S. Mats. Wed. end Sat. at 3. 
JOHN GIELGUD 
in Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
- Brilliantly witty ... no vne should 
miu Harold Hobson CO ram d, instant 
credit card mcrvatioos. Dinner and top 

price seat £7.00. 

FORTUNE. .836-2228. Evas. 6 . Thors. 3. 
Saturdays 5.00 and 8.00. 

- MURDER AT THE VICARAGE 
Third Great Year 

GARRICK THEATRE. 01-636 4601. 

Evs.. 8 .d. wed. Mat. 3.0; Sat- 5.15. B.M.- 
JtLL - MARTIN- JULIA . SUTTON 
•.•"ERIC FLYNN -and' RODIN RAY 

“ BRILLIANT MUSICAL 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
"GO TWICE." S. Mortcv. Punch. 

"GO THREE TIMES." C- Bernes. NYT. 
GLOBE. 01-437 1 592. Evenings B.dd. 
Mats. Wednesday at 3.00. 

BARRY FOSTER. CLIVE FRANCIS 
_ DONALD GEE. JEREMY 1RON5 and 
SIMON WARD In 
THE REAR COLUMN 

. "-SIMON GRAY'S line play. Rarely have 
I seen a show as perfectly cast." Times. 
Directed fry HAROLD PINTER. 

GREENWICH THEATRE. 01-858 7755. 
Mmatna 7.30. Mot. 5 at*. 2.30. DON 
JUAN. A Comedy- by Mahore. " I recam- 
mend It warmly-" F. Times. 

HAYMAKKET.- 01.930 B832.- Eros. 8 . 00 . 
Met Weds. 240 Sats. 4.30 and &.D. 
Easter. Perfs. Good Fri~ Faster Moil B.o. 
•INGRID BERGMAN . 

WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

‘.. .IP 

WATERS OF THE MOON 
" Ingrid Bergman note the stage 
radiate — unassailable charisma." D. Mail. 

" Wendv Hiller is SBPdrh." S. Mirror, 

HER MAJESTY'S. CG 01-930 6606. 
Opening March 28. 

BRUCE FORSYTH 

in LesHe Bricusse- and Anihonv New] try's 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed by BURT'. SH EVE LOVE 
PH., from Tom or. Evs_ 8.0. Sat. T.O 3 84. 


NATIONAL THEATRE ” 

OLIVIER <onc" NajgJS 
PLOUGH AND THE FT ARa Mr Swg 
O'Cmv. Tomor. 7.30 The Cfejmr Orctart. 
LYTTELTON i^rascenlum , 

7 « Tomor 3 and 7M BEDROOM 
FARCE* M Alan Ayckbourn^. 
COTTESLOE ismali au drtprl urhl.__.Fp .g 
BSataSo prn LOVE LETTERS ON M.UE 
Sum tw Arnold Wesker. 

nrollent CMU «cat* all 3 

<£ay of port. Car partL SWSHtf 3 " B , 
2033. Crcd’i card b fcgt 928 30S2. ' 

928 7616. 

■ PROSPECT AT THE OLD VIC 

Surma season to Marai 2 S 
m ma - saint JOAN today. Thur*. 7.30. 

ANTONY & CLEOPATRA Fri-7.3Q. SaG 
2. SO & 7.30- ALL FOR lOV£ WfUflTS 
March 2L ,, . _ 

m ^!t 2 &.55iAW_ 

wicfi Barbara J afford & John Tunwr . 

OPEN SPACE. 0J-3®2r«!Pi o lK*-^£5j 
8 . 0 . Mat Sat. 34 S 1 YPS l*° Tg g,_yfP 
SQUEAKS. Beaumont. Berlosova, GWWM. 

Kelly. Lout her. Sleep- 

pa l Aft 01^37 BBS*. 

' MoiL-Thura. 8.00. Frt. at 6 00 and 8-40- 

JESUS CHRI5T SUPER5TAR 

GOOD FRIDAY 2 Perfs. B.O and BAG. 
BMOEMIX. .01-836 8611- 

£v «‘ ■■ * M - 

Direct eo by MefShaptro. u 

'• Successful. Slick. Ent ertaining. P. MaH 

PICCADILLY. 437 4506. Credit card bkgs- 
836 1071. Eros. a. Sats. 4.45. and S. 1 S. 
Wed. Mat- 3.00. 

BEST COMEDY OF THE YEAR 
Eva. Standard Award and SWET Award 
Royal Shakesneare Company In 
PRIVATES ON PARADE 
by Peter Nichols 
(Nat Suitable tor Crwld real 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 

PRINCE OF WALES. CC. 01-930 8661- 
Mondav to Friday at 8 p.m. 

Sat. '5.30 and 8.45. Mat. Thun. 3.00. 
GOOD FRIDAY ONE P ERF. ft 8.0. 
■■ THE STAGE IS AGLOW/' 

; RICHARD ^jKCK4N5ALB - ‘ 


****? - . 

Re-enter Aoatna with ^**18 •‘fi- :i - • 

dHMffl Wt. ABi»« Chr istte rt Sfaitam 
*m West End Ye» -agam wtt. ana*. her 
Sri her ffeiNdtatv lapenKwa m,.rpnr ^ . 

. mrsterirs." FeUv Barter E ». News- ^ 

WAREHOUSE , Dontnar 7nctpc. Cnwnl lV 

I GanSeiudSi bhOB. Bco» rsw. tor m-w .if.- - 

ScWon from 10 April, ilr.fcdtoro;. — 

,,l, qahU OF OCA (it. JvWi Ju'aa r 

me SIRS A WHOilfe. t*JU. J7. 

the LDREN2ACCIO S7JBI J . 

hvwortotre. Attv Bkaa. Aidnysia. Alt ‘ 

seats £i;w. - 


WHITEHALL- 01*950 LtrliL-7 ? ->3- T > 

SJtt. Sat. 8.4*- *bJ ICC. 

Paul Reymand prctvnb. tire ^cmat"jna 
StoRwiM of Cmiurv 
DEEP THROAT - 

Non live on Stasc ' Limiird »c- 

I 2 .W 0 CE seaaon prior, lo Wale 

WINDMILL THEATRE. "~CG MJ fell. i 

Twice Nightly n.OO and. OOO. 

OPEN SUNDAYS 6 00 and BOO. 

PAUL RAYMOND prbKflU 
RIP OFF 

THU EROTIC EXPEDIENCE- OF THE 
MODERN ERA 

■ Take* to unprecedented fimHa whnt i 
permissible on our staoo-*' ,£roi. Ne"» 

You may drink and in tie 

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WYNDHAMS. BJti 3024.. Ocdit pro 
booking 838 3692. tex. Sat*. Man ■ 

Thors. 8 Fri. and id- S. 1 j aod 0 .-> 0 - 
- -ENORMOUSLY RICH. 

VERY FUNNY.' Evcximti Newt. 

Mary O'Mallcv's Smash.hit Cotnedv 
ONCE A CATHOLIC 

H sure ire comedy on vex and religion. " 

Daily Tdfecraph. 

“MAKES YOU SNAKE WITH 

LAUGHTER." Guardian. illfff-. ; S 

YOUNG VIC (near Old Vic). 4^8 63*?' “ L ' 

TQC/t 7 AS ROSENCRANTZ AND 
GUILD 8 NSTSRN ARB DIAD (Mats *>Pp'. , 


CINEMAS 


: Jbl; 


S THEATIO. 01-734 1168. 

jMVkVL 

Plays and Players Lcnoon emm award. 
RAYMOND RSVUB 8 AR: CC. 01-734 1593. 
At 7 pjn- 9 p.m., 11 p.m. (Com Sans.) 
PAUL ■ R AYMO ND presents 
THE FESTIVAL OF 
EROTICA 

Fully Air Conditioned. You may 
drink and smoke In tlw anditorittm. 

ROUND HOUSE. 267 2584. 

Eves. B. LAST WEEK 
■ THE LIVERPOOL PLAYHOUSE CO., 
with James AUBREY A Don WARRING- 
TON .hi “A red-hot production." Gdn. 
STREAMERS 
bv David Rabo 

" One of .the -three best plays in London' 
... awesome strength." Otn, 

ROYAL COURT. 730 1745 . 

'Ends, a.- Set. S and 8.30. 

-HULL TRUCK Id 
A BED OP ROSES 

"Made me feel glad to be alive." D. ftp. 
See also Theatre Upstairs. 
ROYALTY. - CC. 01-405 8004 


Monday -Thursday Evenings 8.0. Friday orog. Mon.-Fri. : 
s JO and- -fe*S. Soturtwya 3.0 end 8 . 0 . Sun. wcept laic 1 
London^ _q-hJcs vote dmom~ hmruiA 


•-BILLY DANIELS In 
BUBBUNG BROWN SUGAR 
Best Musical of 1977 

■“a® ra? B Q«“" l FS«r d B'i« e r lv i 

Bank Holiday Monday B.O. 

SAVOY. 01-836 6888 

Nightly at 8.00. Mat. Wed. 231 ! 

- Sat 5.00 and 8 . 00 . 

PATRICK CARGILL & TONY ANHOLT ; 
In 

_ SLEUTH 

The -. World Pa moor ThrHIer 
. by ANTHONY SHAFFER 
SLEUTH 

tai Wright Of intrigue” 

Cargill Is thorough and utterly 

professional?- Gdn. 

, : SLEUTH - - • 

■■ Blend - of .comedy. munesowRsttlp and 
tllBsoite." Times. 

Eros. £> to J4. Mate. £1 to £3. 
SHAFTESBURY.. . • . .836. 8698. 

Opens March 21 

John Jteanloo^and ^toan Otener To 

The* Jj88MdU7 : B>oNCfL ' Prertovra from 
Tonight 0 pjn. SaL 3.00 and 8 . 00 . 


ABC 1 A Z SHAFTESBURY AVC. -*»*. 
BB61. Sop. Perfs. ALL SLAJs HXBLf; 

U SILVER BEARS IA). WR. fe S«V 

* 4 THE BOYS^W: COMPANY -e ■' tX . 

Wk. Bt Sun. 2.00. S-1S. B.t S. 

CAMDEN PLAZA topp. Camden io*n 
Tube'. • 435 -2443. Robert Brewyon a 
mutcrotcce. THE MWU RRMABLY. 

IX'. 4.45. 6.5 9. 9 .00. ^ _ 

CLASSIC T. *. 3. A. Oxf«HW ST. ^Ohr". - 
Tottenham Court Rd. Tubel- 636 0310 
1. ABBA. THE MOVIE iU». MTfeoPfwnjj 
Sound.' PfOBS. 1-30. 3.50. 'b. TO: fl.SO. . 

3. THE HIDING PLACE fA|. Sep. oerU 

2.00. 5. CO. LOO, ’ 

3. LOOKING FOR MR. GOOOBAR <X». 

Progs. 2.30. 5.05. 7.50. / 

4. HOLOCAUST 2000 <X>. Pregs. 1,20. 

3 AO. 6-05. 8.35. - 

CURZON. Curann Streef. W.l. *9913737. 
PARDON MON AFFAIRE fXV (TnaH'h • 
sub-titled). " A Markinw »lis» French , 
Comedy. Directed vtna «n«« by Yro» 
Rahert" Sunday Eioress. Pross. et T.50 , 
(not Sun.l. 3.33. 6.1C. 8-30. . 

GATE TWO CINEMA. W T 1177-8404. , 
■Formerly E.M.l. Inwynjaonan, Riuseli 
Sauare Tube. DEREK JARMAN'S T V 

JUBILEE lX*. Sep. Pert;. 1.00, 3*0. 

5.00. 7.00. 9.10. REPULSI O N <X) '1.1 ji b |- 

i. ETC ESTER SQUARE THJULTIli I IRUlBSiS' • 
OLIVER REED. SUSAN \ , 

many other alar*. TOMORROW NEVER 
COMES (XI. Sep. proas. Mon.-SaC: 1 .*5. . 
4.50. 8.10. Seats bkble. : tor B.10 ■ 

prog. Mon.-Fri. ann all proflfe SaL and 

Sun, eacept la ic shows. ' ... 

POEON. Hay market. >030 ;7JB-r77Jc 

4 a ne Fonda. Vanessa Redgrave, m * Fred 
innemann him JULIA 1 A 1 . Sep. wnps. 

Oly. 2.30. 5 A 5. 8.45. Fe.irWE DlV- 2-45. . 
6.00. 9.00. All seats bfcbie. 

ODEDN LEICESTER SQUARE. *930 Bill) 
CLOSE ENCOUNTERS OF ' TUB THIRD- ,. 
KIND (A». Sen. Peris. DN ^Mtxi-Srt 
Doors open 10. OO. t.05 ■ 4.15. 7.4S.' . . 
Late perfs. Tins.. Wed.. Tnur.. FrL and . 
Sal. Doors open 1 1.15 Am. All seaU m|Y 
be booked 10 a.m. shows . - _ . •• 

ODEDN Marble ~Arch. t7Z3- 2M1'29 . 

STAR WARS (UI. Doors open Ofy. I.ic. - '■ 
4.35. 750. All seats bkbte except T.» 

perts. wk s. . .a . . 

PRINCE CH ARLES. Le(c. So. 437 B1A&' ' 

Seats B 9 kSfe. mVJTbS” 'mr 

a S5?« Sli 439 ! . • 

. PINK PANTHER STRIKES ■ • 
AGAIN ,U,. .Sutr.-Thprs.. 1-30, S-Sit. * 


> HOAD TtfEAtTKE- 251 7488. 
Men- to Thtrr. 9-0. Fri., SaL 7.30. 9.30. 
■ THE ROCKY HORROR SHOW 
'NOW IN ITS Sth ROCKING. YEAS 
THE GRCAT ROCK *N< ROLL MUSICAL 


Capital Radia 


194m and 95.8 VHF 
UO aJra. - Graham ■ Dene's Breakfast 
Show (3). tJU Utehad -Aauel (B). 12 J» 
Dave Cash (S). 3^8 pan. Roger Scott (SI. 
TJBB Loodoii Today (Si. 7 JO Adrian 
Loro’s Open Line (SI- MO Toot Mwfcer 
wtrtdnt Uke It trim Nicky Home (51. 
1U0 Tony MyaC'a Late Show' iSh 
uo- Ln, DoDcaB Jdaaon’s Kldii FUaUt 
(Sj< 


PALLADIUM. 01-437 7373. 
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- &P1F3tf'Wt u Nk£‘ X'n 

' HUNDRED' YEARS." Sunday Times. 


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wnh:, 


t 







21 


: "■ V- 





►3) »-6» 


mati 


^ TOWKCIAL 

Television 


TI^ WEDNESIJATICtRCH-W #71- 


Getting it almost right 


by CHRIS DU N.K LEY 


. BBC-2's lHiour debate on The years now (remember the- fuss held by different sectors of the proved toe questioner's point, but day a^ d night for the last 14 j 
■ Question oj Imntjgraittm-is lQ.be over The Question of Ulster ?) population are represented. ■ Day's response was characterised years in this country, it would be j 
applauded. It is to be applauded the BBC has .never really got Personal experience and other by the .deliberate .obtuse ness absurd, to expect that somebody L 

.. in the same spirit as the Italian them right Yet their intentions people’s research both suggest which-he so often calls in aid as a Jjjewjwirar HHrent 

indience aDDlauded the in- are surely to be- welcomed- even that the most common -effect of delaying tactic when someone, a completely new system. 

Ijf. JSLSl TZ' ev ? such programmes is to reinforce questions bis own conduct of one When people set out deilbe- 

acperlenced tenor with an r£ the vast majority of the audi- ^ MBd JSldK* of these. sessions. - ratel* to create a new method 

.English touring company, who ence does want- to use. television Q t those watching: we tend to I admire the guts and per- th*? invariably produce some 
anished bis first Verdi aria a solely- as an undemanding means indulge selective- perceptions sistenee which Day introduced bastard form such as the Brass 
lag of nerves only to be amazed of .relaxation after a day's work, which leave us at the end of the into the ' interviewing of Tocta mixture of drama and dis* 
p shouts of " Encore!" and it would be shameful if such an programme remembering those politi cians on television: many cushion which looked interesting 
_Bis!” and - “Aurora !" extraordinary ;. medium were DarticiDants and arguments have omied him since, but he but turned out to be providing 


Delightedly giving -an. encore he restricted to the soap operas, which supported our original started alone. Yet it must be mediocre drama and mediocre 
was met with an even louder featherweight comedies and views, and conveniently forget said that nowadays, for occasions discission; or. the rigid formula 
reception. When.. this had hap- American poUee senes which ting the rest of this sort, he can be irritatingly and timetable of The Mm AUve 

JSJL fonr times he. 'gave a comprise the Topm A serious 0a otticr baj3d ^jUsed pompous, long winded (because in which you can guann- 

•h°f es L OUd announced debate may..- he of. only noblie debate -can be one of -the pedantic) in bis questioning tee* that any really interesting 

rhc opera would have, to <* minority app^l. • but with Quickest and most effective ways (which often assumes greater im- discussion will be stopped dead 
teotmue: “I really cannot smg television a minority audience 0 f changing minds, as any honest portance than the answering), . Jl * presenter with the words 
^® am i At rids an. often runs into millions. person who has regularly taken at times almost laughably But now let stake a look at... 

■ t .from - the stalls When a subject causes as much part in debates will admit. Hav- aupereflioui. .It was encouraging to see in 

bu in “terest aud - outcry, as racial ing. one’s own beliefs or feelings -To the irate and hitherto Tacks that the 

U ifrSt" 0008 it until you prejudice has in- this country expressed in public and then ignored ' Camden councillor who P£?_ gr S^? le _£ ad 8 °. oe ba< r* to 
ft it right. .. .. recently, it is -.absolutely right hearing them endorsed or re- buret passionately into the dfcf- essentials— discussions— but ^ dis- 

pbqugh-it has been having the that television should attempt to fute'd is a very effective -way of mission near the end, Day-Rafter 10 566 some wicked old 

irasional gq at-, these giant provide a- discassion.in which as clarifying attitudes. taking , a .long time explaining -f 1 ” 2 5 rac f ised i For .“*■ 

brent affairs debates for some, many as possible of the attitudes Sometimes It ■ is the very bow little time there was— made stance. tovKUgabngtbe question 
; L - - ■•.-.y ,L_- experience of listening to the it very clear that he was' jolly tSKS'ftS JS£? 

: egression .of what you had lucky even to have been allowed Wntfnrd Palarc* 

' • always thought were your -own to watcb: that it was Day’s game, 2SimSn°to?i hit Si Sf WatTOra Palace 

views .by someone you had the BBC’s marbles, and he had 

« : ti£ always assumed you agreed with been warned that his role might I AtY\ C*( 

:• that finally' makes .y^u -realise never exceed that of onlooker. “£ • V^UIIICV 

XT' *** wb « *W. tod of xtituie n,eans 

fi . - 1, believe at all. j ti.. • * 



Tim Brierley and William Lucas 


LCOKurJ Bu*: 


that it Is .not really what you 


Comedians by MICHAEL COVENEY 


believe at all. 


that discussions end -with the 


In an nftpn .> 1Ah > arwi «nn The' trouble was that the beer* In the three years since its and the agent. Bert CbaUennr. their act. this version points 

fusing way^drtatwT^ o?^erieESS? hSSSIv 1 Sd *# ni 5 Bg . male chauvinist pig premiere at the Mo tti ogham with admirable precision. As rather more subtly the di?in re- 
jects of national Importance pro- frustration which can tof ‘sensed 7*°**- Tiews m a pre-recorded , Playhouse. Trevor Griffiths’ mar- 1 n «r sration of dual purpose. I had 

ceed incessantly ffSK? «5 ?^werfSlIy byX vlet^Vt j£S "£ veUous play has been seen at ^Jewel but^he raSate! ^r S ouon. too. the underlying 

offices alfpver.the country. All home. It Is almost as bad as the f a ?e i wife who m^ed^fbJme ^ National Theatre, in the honest ^ommltinent lo^ iie ta ouly fcu d between the two 
iSL m ?- re ^ onfort ^^ ont 5- -^ v ^^,.^ ste i n ali tor, and bad no job Thi fis w est End and on Broadway. It comics’ true job of playing buys over their hospitalised 
5 P rocecdmgs- and in which : the television <imrmsm SeSbn mariS worir sharing fti is now on release to regional through laughter rather than for father. Colin Starkey and Joe 

attempt, l«r means of a firm chair- reduces two -opponents to gidww- ITondri v theatres and if all the produc- it. And Philip Newman's Cbal- Dunlop get the point across 


N ; «l 






cjpants. to avoid the endless hand studio wall- and the other at- „ women however became oae Stuart Kerr, the - play dedicated to his own received Anyone playing the Grock- 
a^umentative circles, of the the nght, while he frills away "^.SSiSI should work its way. as it de- ideas of popular taste. inspired Gethin Price, the van 

office discussion and to arrive at dosing the proceedings with gnunoiing serveS) ^ ^ reperton . Wood . within these polarised atti- driver who alienates his audi- 

some sort; of syntoesis— or. some dun -nonsense about mi snouia try aoing a fu»- srreajn . tudes l0 ^ job the e)ass thrash ene p by articulating the fury of 

almost as usefully, antithesis— agreeing to differ. SR5S T^ 6 structure of the play is around in their acts for the key a United bovver boy. has to live 

so that we can watch and deride other questionable aspects of ' St I °^r.. n r^ alI !rA ne 5° <lg ”° still perfect: in the first act. the to success. U is no surprise at with the Ions shadow cast by 

whether we still agree with our fhg Question. Of Immigration if. I pupils in a Manchester evening all that contracts arc produced Jonathan Pryce. Tim Brierley 

own opinions. ' . . were STdlsproportionatelylong a ? p tJ class for budding comics gather for the leering, predictable is a little less frightening, but 

John DekkerV QuartioTi of time given to the already well tri^v i 10 receive final tuition from Irishman McBrain < David nn less effective than his pre- 

Immigration clearly appeared to known views : of parties and Jou y? a T ? T,r **'”*•* ,®. np . Eddie Waters, the Lancashire Delve) and the slick Mancunian decessor. The final confrontation 

be aiming avail this and Shbuid; politicians.' the 'ease with which f/ 1 “?5, a “ fl a 2*P hi,nself - before facing a Jew Samuels (Linal HafU. m the third act inquest between 

I repeat, therefore be applauded. Enoch Pnweii was .-iiwavc aiinwpH « . aown wiuj a great snow oi i London booking agent and os. Whereas ibe Nottingham pro- Gethin and Eddie is carefully 


be aiming afaJ) tltfs i&ti'&fymltt politicians.' the’ ease with ^ which «*,mr l 75i LBd hi,nself - before racing a Jew Samuels (Linal Haft). 

I repeat, therefore be applauded. Enoch Powell was alwavs allowed . London booking agent and ns. Whereas ibe Nottingham pro- 

R,.t in n( . _ ■ . _ flames, producing Jots of heat a „Hionr<» with thsir t>, rrtc rlnotinn haH Ihn Krnfh arc trrntf 


But it did feature all sorts of to set awav with «mch loaded Pronucing iota ot neat ^ audience, with their turns duction had the brothers Murray done and hrings a powerful, in- 
errors. • phrases as “ manageable num- ? 0 .; ms, , gh i 1 whateoever. in Act o Mr. Kerr points the sink themselves on stage by telligent and stimulating even- 

The first and one of the worst hers.” and— by- no means least— - JLiJSS^-tyStr thaS divergent Philosophies of Eddie blowing up half-way through ins to a memorable dose, 

was to build a misnomer into the the persistent noise as of boom- 2SJL if J r Cr - 

title. Whatever the main ques- ing surf Caused by micfopho»e w^c nnp cTw,n.hiTid ftimnef c Poa 

tion iinri«rHi^ nn iterance «ni*o _ Tfl ere was just one speji-oinfl- Almost rree 




tion under discussion was. It stands being kicked: ; quite ing riarrent J affairs discussion 
fc'i-.i certainly wasnt immigration, enough to drive you. over to the HJfl veek . another ULpro- 
Some would say It was colour first of Paul Watson’s remarkable Laimv* on BBG2 it was 

• r ^ 2“* G U ’ - ' ; ■ : produced by Micbael Latham, 

was deportation. • Chairman Which. -is not .to kub™«a — nn. aivT ®Vn!nr«Mi th«» hum nf 1 


Sillitoe/Pinter by MICHAEL COVENEY 


Wtich- -is not to suggest— un- aud' explored the huge areas of i Low lights and black dTapes in 


disagreement] normally presage Headache Zionist propaganda. 


Sally Watts in ‘ Breakaway Girls’ (BBC T) ’• 


mffes du Nord, Paris 


llbu 


«4ti..v Rr,M* which, is not -to suggest— ua- and- explored the huge areas of 1 . Low lights and black dTapes in radio parts, books and Even the officer is recognisably 

euphemism wasreS^Lhin tUs 1 ~!®?> n ls a «W»^ « d , disagreement (normally presage Headache Zionist propaganda. human. . ^ 

”* Wtaaraie puW1, t n r- If ™'TT T idea is 10 X T t “ l, ‘ u3Wl! wSU! 

. Pro l ^tod about current affairs discussions on In fact it was not a ** current I J u ° cb0me do,,ble b j! of 771 f pidated prisoner (John Reesi to f ; odfrev i t j s fascinating to see 
pomsy that he himself had television. There are no brand affairs 7 programme in the usual \ Interview by Alan Sillitoe and ensure his own escape by point- pinier the playwright of terri- 
tnrougqout about new foolproof methods. After 35 sense. It all, but drama: Elwyn ; The Examination, a 1955 short ing the finger at Irina (Diana tonal cat-and-mouse announcing 
icurea immigrants. • * • years of television.' with three Jones was responsible for pro-; story by Harold Pinter, survives Fairfax), who has been applying his theme in a piece of assured, 

inis alone would seeto to nave channels running simultaneously ducing the script from the record. ■ the handicap. Jn the first, a for a visa for six years and’ has slightly arcane prose. The style 

and an utterly engrossing script Soviet officer (Glyn Owen l been thrown out or her job and has the careful stiltedness of a 
it was.: ] attempts to play off the applies- placed, under heavy surveillance legal disquisition and is full of 

lf ; . t Th^moral is not that all cur- ; tions of two Russian Jews for as a result. We know these talk about intervals, courses, 

rincnesxer uacnearai • rent affairs programming should visas to Israel against each other things happen. 1 am not con- silences, positions, windows. 

'. be turned over to the drama by pushing an allegation of anu- vinced that the interviews are, curtains, doors and procedures. 
-- . -m j- • \ . departments, but that these State activities. An exemplary in reality, conducted in the The in temewer's room becomes, 

IV /I ri^Tkv Att r • I l /irini .’ affairs' b.eed even more assiduous product of the Socialist state in rather phlegmatic. Anglo-Saxon by the end. that of the inter- 

J I ■ . J VI I I ICW I /iNSll Jr 1 preparation they are get- which, of course, "anti-semitism manner indicated by Mr. Sillitoe. viewee. The balance of power 

. T" tiniu are to help rather does not exist,*’ he wants to but he has a delicate, enthralling has changed. The speaker is no 

than hinder the audience. know who has been smuggling way of isolating the problem, longer dominant 


coloured immigrants. 


[Winchester Cathedral 


.-«m • r - ^ -.1^. \ departments, but that these 

St. Matthew Passion SSI- kEI 


J UU by MICHAEL COYENE Yl i 

. f ... ... . ‘ than hrtider the audience. 

L first visit to this extra- production is best -deen •i n - '- Every rit ual benefits from the most demanding work in the 

inary theatre at the “wrong sequences such as the humHia- ^ewal, so that its unchanging whole baroque repertoire: study • 

” of the atmospheric market Uoa of the peasants: crowded [message is not fossilised by the of its difficulties, could 

•et Rue du Faubourg St. a conceo-' passage- nf time but speaks iSS”!?; '' " ' ' 

us is an experience in itself. Stehjtfb? t0 each new ? eneralion - mJShs ^UJt w^, this pteyin^ ■ • ' 

long period of disuse has pro- rolling barrel That same barrel “ “ e case Qf Le“ten perform- was in the nature of a m<*t hope- 

ed a unique and appropriate turned on its ade. operates else- antes -of Bach’s St. - Matthew Ful . experiment rather than a • - 

ironraent for Peter Brook’s where as. a tlmme. a table and Paasion — a ritual less than a fully-formed achievement \ 

uriantly economic approach a bed-head. JTikewise, the sheep- century old. but no less well The solo singing was on a 

two of Jarcy sUbu plays, the skin coat In which Ubu proclaims established for that— the renewal different . level: highly accom- ’ ' 

[I -known Dbu Roi (1S96) and his initial triumphs doubles as has- recently taken the form of pushed' but contrasted in. style. 
f of *?, < 2!2%^ eq, iS^- '**» bear later oa There is a an attempt to recaptiire -me of Mary Beverley's radiantly- dear -m 

» Endwinc U910). ; The real beauty, too, in the staging of “t* composers own intentions. B n d direct soprano was on a M iW ^ r , J 

8tte has a ghostly intimacy Mfere Ubu’s descent to the crypt n?ing Smaller choirs and chambei^mnsic scald: f hope It I W 

. k, maintaining that of Warsaw Cathedral in search orcbestras to reveal tbe intiicate penetrated to the -back of LtICIiJI: 

ri ® u * 5 IeD 2 t “ “w arry . the of treasure. The active Japanese detail of the score. Martin Weary Winchesters huge nave. David . ' : : 

mot ache and Jany the serious drummer provides sound effects the process a stage further James’s counter-tenor posed 

rceur. • of* -bats, insects and slamming on Sunday, and with considerable problems of restraint .rather ' T 

nn many ways Brook's prodne- doors while Mich&Je Collison aaventuroimness (not tosay risk) thaB 6f projection, while Wti- iMaSter Jr 

sn is clearly derived from his treads warily and evocatively 8 ave . bis Winchester 5L Matthew liam Kendall's tenor and Stephen . 

trie an adventure (so. vividly through the -sinister vaults. rassion. with baroque instruments Varcoe’s bass were, both admit- .riLlClIjgn 

Bcumentcd in John Heil pern's The plays are staged with at original pitch, frae expert- ably musical If more ednven- A TLfocfpi 

front book) and the sombre breathtaking fluidity and. in Ubu JP® 0 * bas been partia lly tr ied tionaL Brian. Burrows found a • . lw,ta 

ferity of L es I fes. But it is, Enchafnd, Brook scores some before, but never in a complete wide variety of expression in the • OH C3IS and VSU 

povp all. extremely funny. As marvellous ironic points as Ubu accdnnt using oil old instru- Evangelist’s narrative: be was . . 

fayed by Andreas Katsulas, a continues his war of attrition as ments.) most convincing at full stretch LDOnttlly rentaJ 

fill and powerfully dark actor, a slave. His ball and chain The first thing to report is that jn the drama of the earthquake .1 ■ - • 

rim is not represented as the assume the significance of royal Martin Neary showed' real sen- his restrained moments sounded TQc IXglODing. 

pual grotesque buffoon. x His accoutrements in the eyes of a sitivity to the characteristics of more forced. ; TW-, fhia 

S-otesquery resides in- what he gullible tourist (a broad and very the instruments, and managed The aims of the performance ' lvcuuic 

h>< and does, and the hilarious, funny cameo by the English to. adapt the sound of his were most powerfully expressed flnrj Ittifrif- v ans. 

moaHing power- Just of Ubu in actor Bruce Myers.) amateur choir must successfully, in David. Thomas’s superbly 

be first play has -an almost It- will be interesting to see on the whole, to their special intelligent and concentrated • But that’s 

•harming inevitability about it. whether Brook continues on bis qualities. The Waynflete Singers Qhristus; his subtle ‘restraint 
rhe mnrrfer of the King and the severe and puritan course when produced lightly -slurred quavers owed nothing to conventional 
roneern of the King’s wife before he comes to Stratford-upon-Avon in “I would beside my Eord,” interpretations, -while his 
the fatal Review reflect accur- this Autumn to direct Antony articulation • as clear as their accuracy and Jncisiveness com- 
htely Jarry’s schoolboy parodies and Cleopatra with 'Glenda numbers would allow in the plemented perfectly the vibrato- 
tif Macbeth and Julius Caesar. Jackson and Stacy Keach. Later crowd choruses, and generally less halo of string pound which 
5 it is not until Ubu Is beseiged by ih the year he returns to Paris avoided that beefy., sustained surrounded his recitative. ... 

:tmy bouncing balls (represent- to direct Measure For .treasure, .choral sound, which contrasts All the singers, though, 
ting the Russian offensive) that His African safari company pq poorly with baroque instru- suffered from the decision to 
; he appears as a physical gro- remains- more or less intact and ments. perforin the work in English. 1 

: t esq up. lunging around, the stage they still hold promise of the • In the circumstances it was a would have accepted a prag-: 
like a heavily padded octopus. most fascinating theatre work to pity that the instrumentalists matic reason for this. ' bn't Mr. 


saveyoti money 



SCSSI- 



The comic proficiency of the be seen in Europe. \ 

Palladium 

Manhattan Transfer 

by ANTONY THORNCROFT 


were not more persuasive: a Neary -suggested that .the 
1 couple of good obbligati for familiarity of the English text 
flute and violiD. and an attractive served the cause of •* r authenti- 
clarity of line could not make city.”. Hi consider this problem 
up tor a general scrappiness of more fully when I review the 
ensemble. But then this Passion. St John Passion which, was 
•with its two separate orchestras given, in' English on Tuesday at 
- and its sheer length, is perhaps St JohnV Smith Square. 


At the Interval of Manhattan There U:a terrific pace to * . 
transfer’s opening show at the Manhattan Transfer concert, with 
Palladium on Monday I thought frequent changes from wgges- 
iit the most enjoyable entertain- tively stylish costume to -.sty V 
meat \ bad seen in years. By the ishiy. suggestive costume; group- 
end of the evening I reckoned it ings of sougs with a Latin slant, 
to be only the best concert l had a New Yolk bar. slant; cameos 
seen in months. There seems to of a -verbally contorted DJ and 
be just one daw in the Manhattan an early, leather - dad, rock . 


Bishopsgate Hall 


Charles Rosen 

by NICHOLAS' KENYON 


HtW* SSSttJte ^f*wp*C«W§ JSSS'ta&JSS.SBw’S 

lo C|r^^ aRfflaassas saw 

tues. Man Tan (as they are f M nvan Is as atanc,e: ' Charles Rosen's per- collapsing around us in the final 

iknown. to familiars) * the fflwSSSfi? Mt- formance for the City Mnric variatfon? as can a Bremtel -.or 

^most sophisticated 1 and s{r» of fhen^w SSpagne Society yesterday ’Iracbtune made a PcHUni— there is a quality of 

lined act around- An undeniably - Little Street' in Sioga- <>ut an. even weightier case for emotional restraint which always 

>■ mature qOartei .of Tun Hauser, ^d LrWe Stoeet m Sxu^ ^ pieCe than usual-the .die- Umito his musiwnakin^uiWs 

' goon and greasy, wurei ... ]___ ar , A ««rv^ more clamorous, the moto per- rewards. 

•tall and tetchy, ani [Jams and allow ***?- of was driv ?? ' S*™ ^t argue that Rosen’s 

cool and curvy, they mix their ram ine ™c» era nu w harder, and the first movement’s grip on the music strangulates 


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IVI1IW0I - . rtVfjHTlP u atlvT.U UJ LUC SUlUiU WUIUi WAS 

On top off fcie cjjjfcr • tonches avoid raakipgsnch an approach pleasurable in spite of his piano’s 

arranRomentr! Man .Tran adds a . . . PalladimM a soaDd overblown: here ti» effect nn grateful upper register. Was 

dramatic presentation for “cb mate.a tnp to tMMMOM was that of a . fierce tempest the interpretation ^rosafe, or 
SODS «tich WUM« « « XfiSmS Jn^fa the WP**!* baola^ ot ^rely H S! i | y mSS S fte 


Itods 9 p fior a start. 


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■TJjftf StTte iofc iTS’ff- ^era shadow .dassiad restraint SB? . JffW take toe 

grumble is toat «e sjckiwm ^ other (sometiznese too ' In Beethoven’s Op 109 Soimta ogporturnty to hear this 

SagiLtiv^y for the spots), and toe banks baVe, as it were, burst; m Variably stimulating piamst at 
—the Miconn ! ^ bodv is h big climax with Paul few pianists cap make os aware toe Goldsmiths. Hal! on Thurs- 

as *?!^SJ! 2 S!i£fvhftS!S ESn? off“& tSSffi* he or starting discontinuity In day can judge, toe case with 
■JS5WSK 1 SS^SfefcS S 5 S? torough Gloria . and toe opening movement With toe m*^*Mep**. he vrili be 

«bnn«d from S°stwL ' finishes the- show hairy to the same paradoxical coherence as p^ng : lJopfns ; B. .nitoOr.Swiate 

for o?ce the contents can wortd. In short Man -Tran is Rosen, nor unify toeoutbintstnf and Beethovens Diabelk Vana- 

S uSJrt V ««Sve paSlgiDE. easOy the pick et IhD Iowd. the- loltojnn* PnatBSira. M Uodd. 


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22 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4*Y 
Telegrams: FUtantlmo, London PS4. Teles *86341/3, 883887 
Telephone: 01-248 8080 


Wednesday March 15 1978 


Commnnist. with remarkably 
similar levels of popular support. 

Failure 


A close race 
inFrance 


MANY OF die political experts not prove to be particularly 
who, until two days ago, were helpful for their cause. After 
forecasting victory for the Left so many months of acrimony 
in the French general elections the smiling reconciliation 
are now with almost equal coo- between M. Georges Marcbais 
riction predicting that the the Communist party chief, and 
parties of the governing Centre* M. Francois . Mitterrand, the 
Right coalition will manage to Socialist leader, will look cynical 
hold on to power in next Sun- to many people. Both men have 
day’s decisive second round. It also had to make concessions 
is true that the coalition parties M. Marchais has done what be 
have emerged from the first has consistently stated he would 
round in much better shape than not do in accepting an electoral 
they might have feared. Two pact for the second round witb- 
of the most striking features of out agreement otk the details of 
the results so far have been the a common left-wing Govermnen- 
Socialists* failure to make the tal progra mme . M. Mitterrand 
major advance the opinion polls has laid himself open to charges 
had predicted and the success of of caving in to the Com- 
the centrist "Giscardian" parties munists by accepting that they 
in drawing almost level with would have a major role in a 
their Gaullist partners! The future left-wing administration, 
terrain is now occupied by four jf. ‘has dearly been 

main i bodies Apolitical opinion, Mueneed ^ S()cia]dsts . 

Gaullist, centrist. Socialist and _h__ j 

r fadure to move decisively ahead 

of the Communists in the first 
round. An electoral pact in the 
present circumstances means 
ww. . . that fewer Communists wall 

The pollsters have been quick ^ tQ ^ ^ fa favour of 
to explain their failure to pro- Socia ^ sts ^ looked 

diet the outcome. They claim ^ But while Communist 
that a much more accurate pic- „„ K . ^ _ . " y . . 
hire would have emerged if toe y ^ 

had been allowed to continue thmr votes to Socialist candi- 
their operations until the eve dates in large numbets on Sun- 
of the first round - under « is far from certain that 
French law no polls may be the same vnil apply to Socialists 
published in toe weds before 40 switch to ear allegiance 

voting. If this is so, it would in- to Communists. Many French 
dicate that a fair number of Socialists are strongly anti -Corn- 
voters changed their minds in munist, and may weH prefer to 
toe days immediately preceding abstain or vote for a liberal can- 
the poll. It would also suggest dadate of the centre, 
that President Giscard _ . - 

d’Estaing's last-minute appeal tSentre-lejt 
for support for the governing That is the heart of ML 
coalition, after campaigning had Mitterrand’s dilemma. In toe 
officially closed, may have had current French political -line-up, 
an important influence on cannot gam power without 
wavering or uncommitted communist support. But the 

vo I? rs - . .. ^ closer his links with toe Com- 

The implication is that the muQists ^re ^ risks aiie- 
French have not followed their ’Jr" ~~~ r B . w 

traditional practice of “voting ^ democrat 

with the bean" in the tet l? 6 

round, before bringing their «?" aipi»rt. If 

minds to bear dn *e second. Lett agam Ms to take 
The protest factor appears to PowerenSn^Y. M. Mitterrand 
have emerged before the first * *»»« *» eonolndcdutt 
round, in tlie opinion polls. It “• t “ M “* “** J 5* a 
may well be that the seriousness different strategy. P resident 
of this particular election, with Giscard d Estaang would cer- 
toe real prospect of the entry of tainly lake to detach Mm from 
Communist Ministers into the Co mm u ni sts and lure turn 
government, has concentrated into a centre-left coalition. That 
minds at an earlier stage than moment, however, has not yet 
usual. arrived. Although It has un- 

The speed with which the doubtesfly suffered a reverse, 
Communists and Socialists have the Left has not yet lost toe 
publicly patched up their elections. AH toe indications 
differences in the wake of this axe that ft will still be an ex- 
initial setback for toe Left may tremeJy dose fight 

A statistical 
switchback 


ANYONE BORED with the con- 
stant injunction, not to read 
much into the economic indica- 
tors for a single month in iso- 
lation, should take a hard look 
at toe recent run of trade 
figures. The moderate surplus 
on visible trade which — with 
the help of North Sea oil — we 
had been running during toe 
autumn became first a moderate 
deficit -in December and then 
an extremely large deficit in 
January. Since moat of toe 
identifiable special factors 
seemed to be working in our 
favour rather -than against us, 
there was nothing for it but to 
suspend judgement, with a 
strong feeling that so sudden 
and apparently inexplicable a 
change in toe trend would prob- 
ably turn out to be an unusually 
large hiccough. 

And so it was. The visible 
balance moved back -in February 
from a deficit of £334m. to a 
surplus of £S4m, despite toe 
fact the special factors -had 
become unfavourable. Exports 
rase steeply, imports fell; since 
there was a small worsening -in 
toe terms of trade, due to toe 
drop in toe sterling exchange 
rate, this was as true of volume 
as of value. The current balance 
is now bade in surplus to toe 
tune of £184m. If that is lower 
than some of -last year’s figures, 
■the reason is partly to be found 

in the fact that net invisible 
earnings are now somewhat 
lower than they were and toe 
monthly estimate has bad to’ be 
revised downwards. 

Erratic items 

The usual way of trying to 
get past chance month-to-month 
fluctuations in the figures to 
the underlying trend is to com- 
pare the average outcome of 
the past three months with that 
of the preceding three. This 
procedure shows a much 
sharper rise in .the value of 
imports than of exports; in 
volume terms the comparison is 
more unfavourable still— an 84 


per cent rise in imports and 
none at all in exports. But 
there is some reason to suppose 
tbat the situation is not quite 
as gloomy as this and that the 
usual smoothing procedure is 
inadequate in this case. 

A large part in recent fluc- 
tuations has been played by 
what toe Department of Trade 
describes as “erratic” items. 
The definition of these is inevit- 
ably arbitrary but the most 
important are North Sea pro- 
duction. equipment, precious 
stones, ships and aircraft. A 
comparison of the past with the 
preceding three -months exclud- 
ing these erratic items is prob- 
ably toe nearest to toe trend 
one can get. This shows the 
volume of exports to be up by 
14 per cent, that of imports by 
9 per cent The export figure, 
if not exciting, is not too bad 
whetf seen against toe back- 
ground of slow growth in world 
trade and increasingly common 
reports from industry about the 
difficulty of competing on. price 
—though the exchange rate is 
now somewhat lower. 

Gilt sales 

The recent growth of imports 
is less encouraging, especially 
for two reasons. The first is 
that it has taken place while 
domestic output has been little 
better than stagnant The 
second is that rapid growth in 
terms of volume has taken place 
not only in imports of indus- 
trial materials as a whole — 
which would be the natural 
result of an expected increase 
[n demand — but in imports of 
semi-manufactures and finished 
manufactures. This growth is 
not so far above the official 
estimate as was earlier thought, 
but it will have to be watched, 
especially in the context of a 
Budget intended to increase 
consumer purchasing power. 
Still, toe balance of payments is 
comfortably into the black 
again. If the money supply 
figures also show toe expected 
improvement, the Government 
Broker may soon be out of tap 
stocks again. 


Big changes in the 
British way of 
redundancies 


By CHRISTIAN TYLER, Labour Editor 


JTNANCtAL TIMES WEDNESDAY MARCH, &)!&... 


• / 



British way of redund- provisions of the European Coal were between £4,000 and neod ^ c)w hw out workers offer is determined by the 1965 money: 


and Steel Community. The £6,000 for most of them; a few JjJT nB jT~“' D Act— a measure controveraaj writer -with owr 

60-year-old mill rollenmm of . . . . . _ enouch in its day, and still up to a maximum of £7.40* *> ?s 


t I THE 

I ancy may be changing, and Steel 
“*■ Traditionally, it has point is not so' much 
depended on buying— or bribing amounts of money, - but reached £17741 

workers .m of their factories philosophy MU the™ they ^ Jt fought * .^ ■mdaney.and^Lt ^h&J£ « I** 

desir- workers ran 


toe 

toe 


with 20-30 years service 


Once they left the premises the are paid. 


a„ nn nh in its a BY, ana suu up w a w^-ts 

This tends to suggest to*t e “ criticised for giving top of toe stetuwrr madmntevr’ 

British workers like the British the impression that there is a of £3.000 — making £10,400. ffc v T? 
/h t and that £hieh if they are lucky, toe average under toe BUI# - 

after-care 


’ earn. 


Length of 
service 

At the bottom end it 
half a week’s pay for 


„ „ that many of the assembly wor- 

employer* responsibtoty came mb* ^ is k*rs,l«£ented with what they 

to an end. Whether-the worker starting redundancy negotia- see as a fait accompli, are 

found another job. bought a tions y^th the unions at Speke anxious to get out rather than 

grocery shop or went on the on +>» *in«nrA fi ShL The shop stewards at employees arranged for toe 

• - • ■ 0n Merseyside for the closure Spfijje ^ ^ 0^ Manpower Seawjc« Camnriaacui 

concern. , have declared that closure of to P®* framing offlxa in the 

« V* „ adopting a amflar procedure: Speke mean the end of docks to advise men tomkmg of 

But in recent years, and even lamp sura payments of £600 to Leyland’s worker participation taking s e verance (a maximum 
months, two things have £700 on top of statutory entitle- system. of £7,000 in eU toe pouts). It 

happened. First, the cost of ment, and then “make up" pay a curious paradox is re- has not had much success. ^ 

shedding labour has tended to for two years. ported by engineering em- The "history of docks two^yearswith the company. It another shipyard before;®; 

rise and secondly employers— The generosity of these two ployers in Coventry, a city severance does not show any rises by age and length of ser- entitlement runs out. The?* 

especially in toe public sector State-owned concerns has prob- which- has seen some very large great desire for sophisticated yjee to give, at toe most, a £2,000 allowance forme* 

—have tried to 1 take a more ably as much to do with toe redundancies in the last few methods— and dockers’ sever- £3,000. Any worker earning house io take « 

over £100. a week is treated as where in British ShipbuOk 

If he earned £100— a cut-off Earnings would be made t» 

point recently raised from £80. their previous levels duritfr 

The m^ mnm is payable to a training.' 
man aged between 41 and 64, An even more.. amWt 
with 20 years’ service, who has se heme was proposed "by uM 


still only £1,500— or twice 
- average now being, paid unff ^ 
the 1965 Act. V 

The scheme mainly prow* 
lump sums. But there k* ; * 

weekly income addition last' - *55 
for two years lor those who jb . \- 
gives jobs at less than their- pxews ■ 
those earnings, and a : systest^- 7* 
under 21 for each year of ser- redaiming money, from 0 
Vice, provided they have had worker if he gets a lbfi * 


forward-looking view. 

Increasingly, redundancy 
agreements contain, in addition 
to the lump sum “ bribe,** some 
kind of regular payment to 
cushion the worker while he 
looks for another job. In some 
cases he may be paid while he 
is retraining; he may even be 
getting money from his old em- 
ployer while working for a new 
one. 

British practice still puts the 
emphasis on the once-for-all 
sum, even though the statutory 
redundancy system brought in 
in 1965 requires that justice be 
done by weighting the pay- 
ments in favour of the older 
employee and toe employee 
with long service. On the Conti- 


■ V 

-"1* 

^4’ 

■--Ttf 

-^fir- 


EXAMPLES OF PAYMENTS BY BSC TO EAST MOORS WORKERS 

Age 

30 

30 

40 

SO 

60 ~ 

Continuous yean* service* 

10 

10 

20 

20 

30 

Weekly earnings 

£7SJ6 

£7SJ09 

£7849 

£83.82 

£111j62 . 

Redundancy pay* Under Act including BSCk 



£ 



50% supplement 

1,023 

1,054 

2J26 

3,080 

4,939 

Holiday pay 

773 

797 

797 

850 

1,1»- 

Special pay related to early closure 

3,182 

3J80 

3,280 

3£20 

4,688 

Sub-total 

4^78 

5.131 

<,303 

7,450 

10766 " 

Weekly re-adaptation pay with EEC funding 

600 

600 

600 

600 

6*973 

Total 

5J578 

5,731 

<£03 

8^150 

17,741.' . 

• Half the East Moor* workforce has hn to 10 yen’ service. 






been earning £100 a week or an( j employers in Fleet St 
more. But the average- pay- jj, November, 1976. The- 
ment is about £650. called " programme for ac ■* 

Most companies probably was an attempt to lay dowru- 
have agreements which give preheosivc guidelines forte 
their employees better sever- introduction of new technr. 
ance than this, although prac- and deal with toe suhstd 
tice varies widely. A British redundancy that would hml- 
Institute of Management survey lowed. As a joint plan, it d. 
in 1974 suggested that 80 per it was voted down in balfef 
-cent, of companies pay over the the unions' members, bntie 
odds. There are many ways of of its ideas will resurfac 
improving the deal, but often Part of ^ new? r 
an employer will give some managements* promise 0 
multiple of the earnings-related acce pf fuI i P SOC i a [ 5- 

calculation. ponsibility” for volunteets 

. To take a case which made to maintain a worker's n- 
. only one paragraph in yester- come for no less than five's 


nent the emohafiis is the other 0051 of P 1 ^ open years. Some find that when anre arrangemente, statotorily da y- s Financial Times, Cadbury- if in that time his new jd 

nent, tne em^ams is lb m with their consciousness of times are good, and other jobs backed, are jointly monitored sSweppes announced on Mon- not meet the pay of his <* 

ine reuunoam rrencu ^ social hardship in high plentiful, employees hold out by unions. and employers. Cer- m a^eement cover- or Us enritlement wen 


bitterness ^ workers at its Typhoo Tea run out For printers — so^ 


ment 


Recent steel 
closures 


More subtle 
ways 


Both 

industry closures, Hartlepool in most negotiators in the- private 
the North-East and East Moors, sector to push np -the bidding. 


way. me reuunuauL ncuuu ^ social hardship in 

worker gets 90 per cent of his unemployment areas which for big sums on top of their tainly despite the 

wage for a year, for instance, their decisions will cause. At rights under toe Redundancy over containerisation and toe r i^» Birmi ngham. (It is the best paid industrial 

and the EEC’s view Is that this East Moors, the cost of the Payments Act of 1965. In a growth of inland ports switching the work to' Mersey- in toe country it was a* 

type of payment is more helpful severance is put at £9m, to recession, that pressure seems (assuaged by the recent Doric -de where British Leyland’s portant proviso. 

to labour mobility and redeploy- toe long ■ term savings to disappear. One explanation Work Regulation Act) toe and GEC*s electric 

to laoour moo any ana reaepioy tQ ^ BSC &t mnL But ^ offered is that during a reces- ports have shed 65.000 regis- ^ being shut) 

unions argued that the real sion employees recognise that tered men out of 95,000. in toe Those of the 550 Typhoo 
saving was nearer £I00m. there is little chance of per- last 15 years. -- workers who opt for redun- 

Because the steel unions’ suading toe company to change According to toe Port of dancy wSU get five u-eeks’ pay 

co-operation is essential to the its mind about closing their London Authority the scheme for up to one year's service. 12 ... 

whole cost-cutfing_ exercise and factoiy. has been successful to toe point weeks' for three and four years. Although the plan was {?; 

'where donand and -supply ^of and 79 weeks’ for very long down for a number of rcar*r 
cEt* Mi 1 labour is neariy “ balan( »* service. The sums, for a £60 | t was .interesting that afcV, 
the bie recent steel apart from a hard core of unfit a week., wage earner, range tj me some printers said 5S- : ■- 

tne mg Recent steei probably better placed than men. vtoo, naturally enough; from £300 to £4.740. That deal would have preferred a £*• 

are the least likely to come for?- took about sir weeks to nego- gum on the nail, rather tb3^ ' ! -v, 

▼ . .. . , , ward. London which like the tiate. . subject to arrangements w-’^- 

Cardiff, involved considerable Nonetheless, there is evidence “ s °°“, times and bad, a. rest offers up to £7,000r-toe Qn s much grander scale Is they argued, they wouWC* ■ - 
sums— 50 per cent funded by that it does not take much to f™ 3 ** 011 toe factory board ask- first £5,000 bring tax-free— has the scheme now bring debated powerless to contest once *r^.r-- 

the EEC, 50 per cent by the buy British workers out how- Jng for volunteer redundancies, now closed the list a gains t fit in Parliament for the recently, had left their strong f : 3 - 

Government — of “re-adapta- ever strenuously their unions produces many nrora men. ? nationaflsed shipbrilding com- Street union branches. -17 : 

tion" money for older workers. ^ teM Jhe closure. „*£; S? Mih* bM beea made re- paoies (aoS torljmd Mi Enouch schemes of this 

a, example. 800 • men at BJ>cs “ ear rouremenc. pernaps, centjy jj, the Coumions and Wolff). The Shipbuilding Re- nrp „ nrtAr di«*n«sinn fn c„e '- 

At East Moors this money, paid Clyde Iron works in Scotland U: as toe only chance they wiH elsewhere of “-golden hand- dundamy Payments Bill de- ^ 1° . ' 

in weekly instalments, totals left without toe unions’ have of picking up a capital sum g^es fw workws.” T hiTt signed &r toe shakeout that StlfSS nerimSnSii^ * - r 

between £4^50 and £6.975 for approval Many of toe East and buyi^toe pub toey wanted. a description that might be most observers believe. Is In- wa Js of gettingri? ofSSSu^”- 

men of 80 and about £600 for Moors men, depressed by the The skaBed engmeenng worker, accurate if every worker got evitable, is of - immediate which hardship re-trainine : -' v . 1 

younger men. and lasts, depend- half-life they were leading, were who has been-in short supply the maximum figures— toe ones interest to the 1,152 Swan Hun- relocation are * imnortant ■ 

” “ * ^ Orations. After alU a won; :: - 

redundancy does not end 

. . the them their share of toe the employer declares it, 

_ . , . . 95 Britirii Steel and toe £7,000 for dockers. How much PoEdi ships order. when he nicks un his coat-" 

Board which has a similar £20,000 a man. Coal Board hare bad trouble is really paid? If passed as it stands^ it will toe last time— it is only ' * 7 - 

scheme, is helped by the special In the event, toe payments keeping toe skilled men they The least the employer can pay well . over toe statutory beginning. 



British Steel, like the Coal the Corporation as high 


MEN AND MATTERS 


Doomed Speke 
eeds on rumours 

As the days tick grimly by 
towards the closure of British 
Leyland’s Merseyside factory at 
Speke, a series of alleged leaks 
from the management is pro- 
voking bitter resentment among 
the 3,000 workers who will lose 
their jobs. Despite emphatic 
and repeated denials from the 
London headquarters of Ley- 
land, I was told yesterday by 
local union leaders that all the 
Speke employees are convinced 
the recent 17-week strike was 
manufactured " by manage- 
ment to create a “ closure 
atmosphere.” 

This charge will be put to 
British Ley land chairman 
Michael Edwardes this morning 
by a group of Labour MPs from 
Merseyside. At the meeting 
with him they will also ask 
about the charge that he told 
Prime Minister James Callaghan 
early in February; " Either we 
dose down Speke— or I go." 

Leading the MPs will be 
Eddie Loyden, member for 
Garrton which includes the 
Speke district He told me he 
believes there are M toe seeds 
of truth " in toe finny of 
allegations now convulsing toe 
Speke workers. Leyden declares 
that during many years as a 
trade union offidal he had 
never seen a management 
behave as they did at Speke” 
—and he intends to tell 
Edwardes of his suspicions 
to-day. 

At the centre of the charges 
is Alan Rimmer, a 29-year-old 
reporter on the weekly Runcorn 
Guardian. He has been run- 
ning front-page stories based 
on “confidential information’’ 
he says has been passed to him 
by people in toe Speke manage- 
ment. Leyland say that he has 
only -been getting non- 
confidential information from a 
union-based official." but Rim- 
mer promises more of what he 
calls revelations this Friday. 

On Merseyside in general, and 



“That’s the trouble with 
potential policemen, yon can 
never find them when yon 
. really need th e m!” 

at Speke in parti cular^the air 
is thick with suspicion and 
despair. Loyden says he is 
going to ask Edwardes to recon- 
sider closing the plant It is a 
forlorn hope — and with the 
workforce feeding on rumours 
there are all the sig n* this week 
that an orderly shutdown is 
going to be extremely hard to 
achieve. 


Dressing down 

On the same subject, Tmt in 
lighter vein, I liked the Freddian 
slip in toe press notice ’ the 
Welsh Office issued the day after 
the East Moors shutdown agree- 
ment This drew attention to 
assistance offered under the 
“Clothing Industry Scheme" — 
but referred instead -to the 
“Closing Industry Scheme." 


Taste of honey? 


My report last week about the 
EEC scheme to provide- dieap 
sugar' for bee-keepers l '~‘ 


has 


brought a stinging response 
from a reader who boasts 200 
hives. Oliver Field, whose bees 
buzz, around Reading, assures 
me that the Brussels brainwave 
is no use to British apiarists. 

It seem that for some obscure 
bee-keeping reason. Continental 
. swarms are topped up with dry 
sugar, whereas British bees feed 
on the liquid variety. The sugar 
companies are' not at all 
interested in providing this 
commodity to Oliver Field and 
his counterparts. So why can- 
not they just water toe stuff 
themselves? Apparently it is 
all much more -complicated 
than that: two EEC superin- 
tendents, will have to be present 
under present regulations to see 
the job done. So the 3m. tonnes 
of surplus sugar has a bitter- 
sweet flavour for British bee- 
mem 


Fevered pitch 

If toe grass at Wembley went 
brown overnight you would not 
get many people believing that 
*' acidic soil under the turf had 
literally burnt the grass and 
made it useless for soccer.” But 
that Is what one news agency 
was blandly telling toe world 
yesterday had happened in 
Buenos Aires, at the pitch in 
the River Plate stadium where 
the final of June’s World Cup 
is to be played. 

This latest apparent attempt 
to sabotage toe World Cup 
comes at a- time when even 
Argentinian ministers are won- 
dering whether their country 
is in a fit state to host the 
event -General Jorge VideSa’s 
suave Minister of Finance, 
Juan Alemann, has been point- 
ing out that the series will cost 
the country toe equivalent- of 
$700m. That includes toe cost 
of two new football stadiums, 
the Improvement of telecom- 
munications — to toe neglect of 
the spider’s webs of wires 
which hang at street corners 
and fail each tone it rains— 


and toe introduction of colour 
television. 

Yesterday’s news that 40 
“ common law prisoners" had 
been shot by police in a prison 
uprising — a number more than 
those killed in the Attica State 
massacre of 1971 In New York 
—shows that tensions in the 
country are still acute. Of jour- 
nalists alone, in toe past two 
years 30 have been killed and 
another 70 disappeared. But 
toe Left wing Monteneros at 
least favour foreign journalists 
craning to see wht is really 
happening. Not just because 
they are still skirmishing with 
-the army but because in at 
least one field they seem one 
step ahead, of VIdela. They 
have learnt how to superim- 
pose. their broadcasts onto 
those of toe junta — and so far 
claim to have done so 40 times. 


Devaluation 

Oh dear! Nothing is sacred 
any more. "The surface area 
of the new £1 note is 83.5 per 
cent, that of toe old note or 
so Denzil Davies, Minister of 
State at the Treasury, was tell- 
ing Parliament on Monday. But 
yesterday we measured it with 
everything except the electronic 
microscope. It was only 8L9 
per cent So sterling lost Z.6 
per cent overnight Rough 
times ahead. 


Sweet and sour . 

From toe staff magazine , of a 
Bradford company; tf In China 
at that time, if a wealthy 
Chinese was condemned to 
death he could hire someone 
else to die for him. In those 
dark days there were many 
poor wretches who got a living 
by thus acting, as substitutes.” 


Observer 





Visit the 
^Northampton 
goes to town* 
exhibition 

CAVENDISH CONFERENCE CENTRE 

Wednesday ig March 1978 
<*30-*73b 

LONDON PRESS CENTRE 

Friday 17 March 1978 
• <>930-1730 

No tickets at« required. 

S« for yourself toe tremendous opportunities m Nort ham pton that cm 
save you money, build up your business and provide $uu with 3 higher 
quality of life. 

The Cavendish [Conference Centre adjoins Sc New Cavendish Street 


but has its own entrance at so Duchess Mews. Nearest underaound 
stations ate Oxford Circus sad Regents Park. 

. hia Shoe LarK(beto^ Fleet Street and -• 

: Hcdbran Viadu ct) but the e n trance to the exhibition Is from New Street 
Squate. Neare* underground stations are Qancety Lane and Bbdb&tat*. 

For further details eontner 
XSorthamptonDcWfopxttciuO>rparatios 

phone 0604 34734. 







i, t> 


v.c 




i- THEES ‘WEDRSSDAY UfARf-rr 15 2978" 





a battle 


25 


THE HORN OF AFRICA 




— - * 
/ ; 


v v 


01 


a 

i‘l! 


By JAMES BUXTON, in Mogadishu, 



Somalia trSrttt Diplomats With soma access storm. The dangers it faces to produce the support needed, re build its army. It requires 

to mi ^ ta iy information believe are likely to increase in the - - — - 

^ WE/TS Sfi £35&S!E! «• Ethiopian offensive, coming weeks and months as 


...... « “ uu ^ ■* was lamely confined tn the and* more important, 

0 r«rs issri^ris-isssi “»«** * c ubin t™*. iS££r t , , L*y“ sp™ ■£„£?,« “S-K 

as most ■ determined edstence. the western countries sncceaful in lunng ^ Sonfal'ia saw meat and ammunition: ^ee£ SS’iai^ affwllTnnt iLrSy 

Sitf nt 1 ; 10 ® y - attl0n !“** numbers * Somali -troops the chance of a lifetime to win nicians came from Egypt and toe sphe ™ bJTSso 

mhtary defeat. A Soman to stop toe Russians. into a trap near Jijiga where self determination for the Paldrta n : i«m gave some help removed teJLiJLs from 



‘Pia on a seal? unprece- the poorest countries Jn the soldiers, some of- whom had <wh ere ^toeir V C En- wu ^ , 2 ^ rs ^‘ counter is thought in Mogadishu 
Td in black Africa.^ It has world with 3.5m. people more penetrated deep into Ethiopia, thusiasm and a strong Cerise of offensive began in late January, B the ^ 

: ”ht up - to 12JOOO Cuban than two thirds of Whom are are said to be fighting their way purpose, aided by a superior logis1 j^ ®“PP°rt, Q^jff lliere'ainjear^to t be 

■* mto toe Horn of Africa, nom^ wito a shattered anny, out through the Ethiopian lines tank force, enabled the Somalis Son ^ 

ito toe Marxist- a refugee problem that swells because toere is no ceasefire, to drive toe Ethiopians from toe b s „ ® £ t ^ S 

irmnent. in Addis daily, and tattered international Only the Government knows Ogaden plain St the attack ^ ^ £ r h % ^beginning “ andL.S.S.l^n toei^ed 

bas ™ crFdihil ire. N«w it is bem? hnw .ZZZZZ? of last week. Somalia ignored for a durable settlement, for 


.. as buUt 

list Government. ... _ ^ 

* a aw * has grawsly pre- credibility. Now. it is being how" many people were drafted bogged down’ last" autumn on ignored . .. 

- toe chances of asked to renounce the concept into the army forces, toe two tbe mountain fringe to the ^ back **■ regular SJJ™® J™ L_™* “J “ 

' >Pia’s nortoem province underlying Somali nationalism— branches of the guerilla move- north. Ethiopia ddd not. as toe ^°° ps “Jj** wh * n toe power Soma li eg paMiwd a ^ Md on 
■ 3ritrea wrniwn? inimpn. thar eventnalhr fhhse Somalis menr an*i nn*<nhiv othsr imv. iT — .. ► of the opposing forces became toe need to prevent any 


Sritrea wincang indepen- that eventually toose Somalis ment, and possibly other irre- Somalis had hoped, fall apart, 
s— chances that footed outside toe republic, in Ethiopia, gular groupmgs— and how Somalia had gone ahead witih- 


obvious. 


atrocities or genocide in the 



‘only a few months ago. DJibiouti and Kenya, will be many of them have died or out getting a green light from When Somalia finally said it SjUjSj?® ^‘ S ^ do ^ xSLS™ 1 its recent troubIes and has little coastline. The Cuban Vicepresi- 
toe western countries ****** J"* those ;in^de to been wounded. either superpower. Tbe Soviet was withdrawing its troops, it andthP UnSm nnn t t0 offer in tfa e Ogaden. But toe dent has said that his country 

wish to pay for them in- 


Perhaps not even the Govern- Union was almost certainly not asked ' the superpowers to 


Americans and toe other western does not want to be involved in 


. ; -^aet toat"sSaHa V ^S^S create a SomaU nation within ^ 

!wt Rusrian n riht aiy ad- OTC CouIltlT ' - ment Is sore of the scale of consulted and after uneasily arrange a ceasefire, to start definitely i But the two ^po were countries are not tarred with toe this issue (Cuba used to train 

.J tea November and can- . Italfould besaid at imcetoat toe refugee^ problem. j On Jraddling .the fence for a tone are also in competition: the same brush as the Russians and the guerillas), but there are 

3 Soviet naro! facilities at m Mogadishu itself, looking out March S refugees stirted to decided that rts real interests determination for the people of us wants to cut dowil ^ nroride Somalia with the re do ns that Cuban trooos are 

£ra is smaU compensation over the Indian Ocean some 550 pour out of the Ogaden, afraid lay with Ethiopia There is toe Ogaden, and to send inter- »£;!.« role in EtoiooiT Z L"L P ? * , “ e reports that Cuban troops are 

t- — - .. . . _ . — .i- -- •««_: s_ iv. * — r. :o -I... Ah»n»>. — a luissian roie in r.imopia ana fand of development assistance already in Entrea. 


ne East bloc's subsequent miles south of Jijiga in toe for their lives as the Somali no evidence that tbe U.S. gave national observers to safeguard ^ USSR, would like to . ^ development aa 

‘fry build-up in Ethiopia. Ogaden where Somalia lost the troops pulled bade. On that Somalia the go-ahead for what toe lives of Somalis in the recover its position in Somalia ** nee< * s - Somalia's Arab it will be less easy for the 

The U.S rKponse.^^ aside possib i e trade : friends want it to move towards West to say that ihe Eritreans 

offs between the superpowers toe West. are in the wrong as they did 


*ia is strategically placed decisive battle of toe war, there day alone some 11,000 are said it did. 

;*e Gulf of Aden and toe 376 only shreds of evidence of to have crossed toe border in 

fcl i ocean, but Ethiopia is disaster. The Government, has the northern part of toe country PnlrtTlijl] 

?ered topre valuable: it is sa *d nothing since it announced near Hargeisa. Since then more ^'UlUlIltU 


privately in the case of the 
Somalis, for the Eritreans have 
a respectable legal claim to 
independence. The issue is of 
The West’s priority appears to even greater concern to the 


-a *v,a . . ““a uciwceu uw superpowers 

”« involving other issues, there is 
_ _ cal l on bomaiia to renounce any •».»}« *. u. . rape tn piim 

- cross toe Red Sea' from last week that itwas wtodraw- and more refugees have been The western countries could ^° s “^ry in Ethiopia, so m&lia some help* toe FritrPSI 

pi Arabia, toe world’s lar- “>g its regular troops from the streaming across the border not stop Russia airlifting equip- pitoouti, and Kenya. Ethiopia Que5tion « whieh thp Milled 
■ : *a exporter. The Red Sea Ogaden. . right down to the south, and ment to Ethiopia last December said there can be no cease- Som^iGwermnent ledbv a 

■'+2-* a se^ane and as Diplomats and joanuOjWs can ^ Kmya. jMnnUng to and January and bringing in conditions are skilful diplmnatic poker player, 

. packdoar to the Middle only scratch at the surface of diplomatic and relief orgamsa- Cuban troops in forge numbers, to« 1 Somalia must will decide tolump 

.viconflict area. Moreover Somalia, whose politic^ social sources. The_Western Ethiopia is tacitly supported by undertaken 01 to interfere in ^ Russians have defeated as P° ssiWe “ toe hope that Arabia, as Eritrea is far closer. 

y*ria te a populous and organisation, culture and Ian- Som^a Liberation. Front one almost every otoer country in ids countty They wire thrown when its ware are over, it can The Eritrean mSlUaaara wS 

■ tJjally wealthy country guage have been little studied °I toe two guerilla movements, Africa, anxious to preserve toe Vague toongh toe Somali daims out t0 2 ]j ow ». ac j- dispense with the Rn«sians and u„* . . . 

eg borders two prtMwestern by outsiders. The country P“ te toe numbm* of refugees principle that borders inherited ar ^-. a renunciation would wu id involve loss of face and Cuban* and „„„ m bat divided into 

rti; Kenya and Sudan. Wito which came close to concealing « over 100.000 from colonial days most remain stake at the very heart of rorSiderable nnTOOuIariS * ? , three groups * The next «>und 

feasting position in South the evidence that it had noin- Nor does any observer seem unchanged. Somalia did not Somali nationalism. because of their position in aJlgnmenL That policy will face in the war in the Horn of 

• ,jei as weU, the Russians mitted regular troops to . toe to know how toe Government get arms from tbe western President Siad Barre needs Ethiopia they may have the a f3r suff er test in the next few Africa could be even more 

s jcquired toe upper hand war in the Ogaden is hiding its which took the fateful decision countries: even throwing out at least some face-saving power to bring about concessions mon tos as Ethiopia turns its bloody and even more embar- 

' on part of the world. defeat now. No observer, knows to escalate the guerilla war in the Russians, which cost formula involving Ethiopian in toe Ogaden. attention to toe independence rassin" for the western 

“Lre tw SLIP! J!?* 1 ** 1Cft of the ? e n 2? adeB ’-HjS ^ °S ^ hat S T alla !S uabl€ *» »■ Stotus of the The U^. has not done much movement in Eritrea, which countries, than the conflict in 

-ipi m0Te toan Somali army. - . m other countries would be a men and radar operators, failed Ogaden. Somalia needs help to for Somalia in toe past or during makes up its whole Red Sea the Ogaden. ; 


- re 
ws 
ii 
ear 
di 

Ki 

Elders 

• ac 

r r. C. CobbetL 


Letters to the Editor 


ndicaps to 


bUndl “e bleating 

with tremendous frus- 

forces me to draw atten- 


course of something Iflce- eight eyes unto the hiiin. Bringing plant on these “other** areas is 
weeks. * - "• - elected government to the vast frequently underestimated and 

, The cause is very simply ex- range of satellite public bodies although the plant may be ideal 
plained, a very basic law of orbiting around Whitehall is for the specific job it has to do, 
economics — that the demand is surely a nobler - objective than Its. effective use can be easily 
far outstripping toe supply. . It fighting rearguard actions to undermined by lack of attention 
is no good the Government defend the muddled arrange- to the broader issues involved — 
about the building meats of the last local govern- quite often a matter of- effeo- 
societies' lending excessive ment reorganisation, which is tively communicating to every- 
amounts (and the recently an- justly so unpopular with the rate- one concerned. 


amuimia (iuu uie icucuiy «u- jiwuy jh 

the -handicaps of house noimced 10 per cent. cut m mOrt- payers. Roger W. Ely, 

> gage availahility will only $dd Of course there will be more Handle j--Walker Company, 

g recently completed the fuel to the fire), naughty. vendors education authorities if the Essex House, 

ment of 13 terraced gazumping on. -house prices or shire districts take it over (as toe 27. Temple Street, 

. * 1 Surbiton, in the Royal agents over-valuing property, metropolitan districts do already) Birmingham. 

. “i of Kingston, at . an The cause ;of- the explosion is but that is the point of the “small • 

loss overall of over very simple and even if action is . beautiful” concept. Big is 


the 


The nature 
of land 


Sir,— I must add a Httle to the 


•wyer house, I am now seek- was taken fairly quickly, it will bureaucratic and I fear that John 
Tgebtais a planning consent fake some time to rectify itself. Grugeou, leading one of the 

n bi-r houses in the same The cause ' can- be laid Very largest and richest shire county 

ch, trough. . firmly at the feet of the present councils, has been seduced by the * v,*-- 

■ beew site was acquired with Government with its unworkable old notion that bigness is the key 

. ipvifit of an outline planning Community Land Act andjts ex- to strength, and efficiency. Thank , iV # . . 

■J- After months nf altera- oessive development land tax. goodness the GLC is having no discussion of the nature of land. 
• wt jj. e D ians in order to take The baric iw material' of any truck with such out-dated ideas, to make quite clear why it is 
ne of every heloful sue- builder is land and 'with toe -Since the election last May we indeed unique. It is true that 
nd made bv the officers on development land tax of 66} per are devolving wherever we can there are some other itenis which, 
estil Mints and in the lieht cent, of -development value; because Me believe Londoners R^e land, are in fixed singly: 
ip» onahle objection* from owners are more dan reluctant will benefit from closer en- where land Is absolutely unique 
™ -sidants the matter was to sell and can yofl blame them? counters with those who run the K ia toe ultimate dependence 

Tn L* US hope rtnrt if them ie . M> 

j mmittee. The matter has return of a Conservative Govern- offset toem. and their families. 

sea. twice deferred. Part ment at the next election, that Roland Freeman. 

, reason for the delay ia.lt wiH immediately . repeal the Mpmher* r^hha 
rs acy at work, A local Community Land Act (which it cowrtu Hall. SEJ.' 

-n ouncillor is representing has pledged to do) and, either * . 

nr srest of other local rrai- repeal or very substantially » • aubfaet it mav t 

it nd without any consults- reduce deyriopment . land tax J^UrCBaSIIlg DCW on toe part of sc 
st to me. has been a party (which.^ ^ -g.pKginaUy , & it does not alte 

presentation of a petition broiV^-^ '%<>%'** ~~ ~ rilgnt what ; e di 

local authority regarding uwS, 2* % 

ining applications. .1 have tf a % .. - ..<naL From Mus I. Cassidy. 


C January, provisional). Pr °^ UC ^° n To-day’s Events 

..ggg aasLtk^ SMtst s n Gore ^ n ^r. d)Bi ?i 

J&snss- zs** »»» gy'JSr-iSg 

mSirfto Yaar^S ^oympt; and Mr. Nicholas House of Lords: Scotland Bill, ternary). 

House sSt Other spSkere Goodison * ^change chair- conclusion of second reading COMPANY MEETINGS 

include Sir John Methven, CBI Mrs. Mary Whitehouse (National ^Selrot Committees: Nationalised lZ^^^oniS^cmSw’ 

and Listeners’ Associa- Industries (sub-committee C). Old Broad Street, E.C, 19 j? 


director-general, and Sir Peter Viewers 



Association lunch. 11, 
House Terrace, S.W.L 


Mackhmon 


Subject: of Scotland, Coatbridge, 11. 


Carlton the teaching"? SL Lawrence Public Accounts. Subji 
Mr Michael Edwards* BriKO. next GnHdhaI1 ’ E C12 - l- 15 Appropriation Accounts. Wit- Parker (F.), Leicester, 37 ' Pratt 

sHEm busxwkss sskk sl . 

Grosrenor House. Sav^ Banks”"® second ( pJrifomSSS? (fommfaloner for Mm HotS 

T _ « .j. „ . ^ Remain mg stages of Administration. Subject: Reports E.C., 12. Western Selection, 25-S5 

Institute of -Credit Management Employment Subsidies Bill and of of the Commissioner. Witness: Sir City Road, E.C, 11 JO. ^ 


merce 

W.L 




fi 



that each of us has for our very 
existence. I should add that by 
land. I mean all natural resources 
and forces; if this is a wider 
meaning than that conceived by 
correspondents so far on this 
subject, it may call for a rethink 
of some of them, but 
alter the essence of 
what is being discussed. 

Mr. Walker (March 6) is hav- 
-uppens when Sir, - Your correspondent There”s 

_ , . 7 lt ^ “ ^ n a°o r 

a J i tiW ,« p l an ^ ms JSOa .-u'OPen market in property, as poof ^ptoductivfty per capita for monopolv of land ownership. I 
and known to be attend- between “willing buyer” and investment fa new plant may tbink it Is correct to use tbe term 
meeting, the matter was “willing seller” toe exact oppo- have misunderstood the prob- mDQOp oi v w bere a commodity 
'ito out of turn to suit the site to that which the politicians l«m. He quotes as an example cannot be created in response to 
Jar councillor ..and I theoretically thought the legisla- when a new machine tool is demand. The price of land will 
>re am unaware of what tfon was aimed to deal with has purchased although up-to-date be determined bv market forces. 

a sub- in f ac t happened. Why they wiH to tenns of technology, it may ^ w m th e pr i ce ‘ 0 f anything else 
really not learn from experience, I am pe totally madequate for toe (barring outside interference in 
little pur- a t a ]oss to understand. Exactly yPf of work it is expected to t b e workings of the market); but 
virtually int-. the same thing happened in fl0 - to my opinion this is not whereas new suppliers can come 
lo for members of toe. 1947 and again in 1963 onder „ ex ample of poor produc- foto the market to supply most 
to hear all that is going almost identical legislation as s «, “.ept selec- commodities (even to supply only 

toe committee meeting. we have at the present time. "* 


notice of the receipt 
etition or its content 
• toe fact that I 
toe -planning 


ess than a year the price Kenneth E. Hanson, 
dy mix concrete has nearly 

id. The cost of brickTay- !nSf fl<J * 

is increased by 50 per cent 
rice of building land has West Yoffts fttre - 
than doubled and it is . • 

.lly unobtainable. Bank l^hRTI^fiS 111 


the shires 



wing is made impossible 
nd without a planning con- 
(fhe banks all quote a rule 

filiation No. 14 of toe Bank _ . _ . 

ngland). The developer is From, tfc* Greater umdon 
with enormous planning Council Member /or Finchley, 
s and still relatively high sir, — Predictably, Jo— . . - _ - - — ^ — r- 

oE borrowing if he is for- G rug eon, leader of Kent County impracticable, be- 

Council, hs 


tion of machine tooL themselves), this cannot be done 

He then goes on to say that 'in the-case of land, 
fa som& cases productivity with The supply ride- of the land 
new machines Is not improved market is in toe hands of so m fr- 
aud may even be decreased to thing less than the whole popola- 
what it was- with the previous tion, while toe demand side Is 
machine which could be up to the whole population. In other 
20 years old. Here he may have commodities, toe demand side 
overlooked toe fact that the new can become part of toe supply 
machine may require less man- side, or it can often cease to be 
power for' -the same output, so in the market for a particular 
increasing productivity and commodity altogether, 
thereby reducing costs. A. M. Hoare. 

His suggestion that toe shop 99 BuUbrook Drtre. Buttbrook, 
John floor operatives should select the Bracknell, Berkshire. 


te enough to be able to Council, has attacked (March 10) PonpiliatfHTJ 

ow at all and rapidly escalat- the proposal in my Bow Group «ntfr /to ut not only were the vyUliLilidlUl Y 

building costs. Now we are pamphlet “The rates riddle," qklped on the produc- 

that house prices which are which would bring the shire SSSi-wiir ^ njj 1 ?? ^ ere 13112113.26 

nning to reach toe level of counties into line with the metro- ^j£? u j nana8 £ - 45 _ * 

faction costs are to be politan counties by transferring as £f cfcs Front the General Secretary 

sted by a benign Govern- their education and social service adJ^+S? 15 ^ 17 The Labour Party 

t which is going to ensure functions to the shire. districts. Sir^-Your correspondent. Mr. 

there is a mortgage famine. But’ to argne that such organic SSto^bey wuW David R. HendersMfMmSh 13). 

- «• po 4r- woa,d tacur ^ • “ ■ - - ■ 


Consultation to a & **PlF 10 letter on the 


with ateolute certrinty is ^PPjrted by totact eriunga jSWPtm reTfiri^n pollth. V fmm toe follow-- 

mortgage famine or no would leave the counties with frm-a W ine : “The anint is tout Ms. 



BOARD 


i 



famine or no woma leave ioe counnffi wun force and management is wise • “The point is that Mrs 
Igage famine, toe number of few functions as an ^ ^esirabte bat dedsioo^nak- Thatcher has spoken on the 
es built in the private exaggeration. woo, ne asss, ghonH met- »>■«» issue onlv in the most eoncili- 


ir will diminish in number WlHy for the outcome lies 

increase quite drastically In ^jed " authorities? WeH, pr ttu m- L 
, c n w .-ii «he number of *Wy the same kind of people u ^asway, 
i'ers’ bankruptcies and haul who currently run the six. metro- 30. Chadston Bouse, 
ms on county councils and toe Holton Bead. iYJ. 

tale agents, who have had Many . leading figures -..at 
iendly relationship^ with me London's County Hal) Horace 

ir Reg Goodwin, Shelagh 


Harrington. 


■. Cobbett 
foil Walk, 

Malden, Surrey. 

Tie price of 
ous es 


force 'and management is wise 
and desirable, but decision-rank- Tha 
^ ing should rest where responsi- iSsne only in the most condli 
- * - - atory terms — all the emotive 

terms such es * hatred/ * swamp/ 
etc. have been used by her 
Labour critics in their attempts 
to vilify her. 

I did not attribute to ‘Mrs. 
Thatcher toe use of toe word 
M hatred," nor do I know of any 
politician who has. 2 did attri- 
bute the word “ swamp.” Accord- 
ing to the official transcript of 
Mrs. Thatcher's broadcast she 


Productive 

methods 


a number of years, assure Cutler Sir Reg 

hat toe shortage of building SobertSi utydd wvtuvUl 

will continue at leastunttl George. Trend ett — are formidable p___ u 

• toe next general election.- politicians in their own right trwtn Mr. s. Ely. ^ 

Like their counterparts in the Sir,— -Mr. Seaiey (Purchasing .. sed ^ f 0 H 0W ino wnr ds- 
great metropolitan counties they new pfont* March .7) makes a “People are really rather afraid 
are attracted by toe task of very good point It is generally t^^toif^c^tty^Hfobe 
operating strategic services at tine that e considerable amount raaer swamped by neootewith 
the mtEnedisteTevaot eOTem- of cat. - be-f ™ 

meat The future of toe ^tosh supplied t^toa people actually know, the British M&rJSS 
shire comities. lies in t aking mo ating equipment TWs is has done so much for democracy, 
more responsiWlity fromcentral taie not only wtomachine tools. ftr Iaw done M 

government not in hanging on bnt also production methods, throughout the world that if 
to education and social services operating procedures and back- Nere is any fear that it might 
which are better co-ordinated up services such as production ^ . SW amped people are w - 

ftinfarinlc . . 1 ^ . ■ . 


1 Mr. K. HonSMV wuiui Oiu “** ■ W juww.uuu be-swamued oeoule are «nin? 

r,— Since the turn of the with all toe other . pewmal m«A materials handlfag. t0 ^ ^b^Tather hostfielo 
. there has once again been services at distnct leveL houring. The men on the shop floor tie- coming in." 
ramatie increase in bouse environmental health; recreation. quently_have vahd and worth- „ , 

■sTwih increases ranging planning control. while viewpoints in all these Ron Hayward, 

yachout the country from 10 John Grugeon and his shire functions. Transport House. . . . 

/ cent/to 20 per cent in the colleagues should lift up their The effect nf new production Smith Square, &VJ. 


An4topefuil5^iiinsic,Mrn, 
literature andballe^too.Forthey 
ardalltiie Arts in this country 
need money if liiey are going to 
sorvw& 

Rit this is 7zora chanty- 
advertisement. - 


much morettomerephilanlhiopy. simH business, retimitfaectitHJon 1 
forfurtfaerdetailsa£ABSA,its 


Afany ofABSA’s member 
companies, like Royal Doulton, 
MidlandBan^Alarks and Spence^ 
Imperial Tobacxc), and Philips 
Industries, are already testifyirigto 
the benefits of their involvement 


ABSA-AssodationforSisiness with a whole spectrum of cultural 
Sponsorship of the Arts -exists to * activities, 
encooiagethegmwihofgp nnsnrshy 

fijrtheimitualpenefitoftoth 

business and the arts. 

ABSAr^ards sponsorship as 


Arts sponsorship is one of 
today’s mostexdtingand'WQrthvMe 
for ms of promotioD. Find p uhnn re 
novE\Shetheryoumis^ * 


membership andits services. 

Association for Bnsiness 
PmSponsorship of the Arts , 

To : Asso ci ation for Bosmess Sptmscnsliip I 
of the Arts, § 

3PierrqjontHac^BafliBA13JX. ' 8 
Please send me toll details of ABSA. I 


Name 


Company 


ROXALDOUiaON 
in st^jportofABSA and the arts. 


i 


Address 


4 > 


L 




finanoaltimes 




COMPANY NEWS + COMM ENT 


DIVIDENDS ANNOUNCED 

Date Corra- Total 


U.K. growth helps Utd. Biscuits to £38m. 

UNLY REFLECTING growth in year— the volume or. work 

e UJL. profits of United iiinill Ifllfm hand is quite a bit higher Ih 

scults (Holdings), went ahead H In n I Inn l\ this time a year ago, and f urtJ 

14.7 per cent. to £38.12m. in IIIIJIII»WII IU profits growth is looked f 


MAINLY REFLECTING growth in 
the U.K_ profits of United 
Biscuits (Holdings), went ahead 
by 14.7 per _cent. to £38.12m. in 
1977, which compares with a fore- 
cast of not less than £36m. made 
at the Lime of the rights issue last 
October. 

Compared with the average 
growth over the previous five 
years Sir Hector Latog, chairman, 
describes the profit rise as 
“modest but satisfactory ** in a 
challenging year, it was marked 
by some new ventures -of great 
significance for the future, he 
declares. 

As regards the current year 
Sir Hector reports that it has 
started well in the UJK. but less 
encouragingly in the U.S. The 
chairman anticipates that the 
year's profit will -show a satisfac- 
tory increase subject to the effect 
of the American coal strike not 
being too adverse. 

After tax and extraordinary 
items, the attributable balance for 
the year comes through at 
£L7.39m. compared with 115.54m. 
Earnings per 25 p share are stated 
to be up from 17J!p to lT.flp. 

As forecast and with Treasury 
permission the dividend is 
increased from 4.242p to n.3$4p 
net with a final of 3.G34p on the 
higher capital. In addition a one- 
for-one scrip issue is proposed. 


Sharply higher profits are reported by Brooke Bond but 
all the gains came from overseas and In the second half the 
impact of lower tea prices is likely to leave profits lower for 
the full year. Attributable profits at Grindlays Bank are 
IS per cent, higher, but after adjusting for exchange move- 
ments the gain is 52 per cent. Kleinwort Benson is the first 
major public merchant bank to report this year and the figures 
reveal a sharp downturn in the returns from the Argyll field. 
Lex also takes a look at United Biscuits which has produced 
the first-ever quantified corporate financial objectives. Else- 
where, Ductile has suffered along with others in the steel 
sector, but the move away from housebuilding to property 
.seems to be paying dividends for Fairview. 


year — the volume of. work on 
hand is quite a bit higher than 
this time a year ago, and further 
profits growth is looked for. 
Meantime the shares look fairly 
valued at 70p. where the yield 
is S } per cenL, and the p.-'e 7.4 
and the market capitalisation of 
£26.4ra. 'Is roughly double the 
value of Bet cash in _ihe balance- 
sheet 


Current of spending 
payment payment div. - 

Brooke Bond int.' OSSf July 3 0.76 — - ‘ 2.75 

J. E. Crowther (Bldgs.) ... 5 March 20 — 5 — _ 

Ductile Steels int IJW . May 3 1.75- — 5.0a 

East i-amy Paper 1.95 Maya L7B 3.3 193 

Fairelough Const 1-39 July 3 lj25* 2.40 £25* 

Fairview Estates int 2.5 April 27 J125 — ' 5-03 

Federated Land 1.55 May 11 1.3 13 2 

Klein wort Benson 2.47 - May 13 2L21 -U2 3.72 

Lambert Howarth 237 . May 15 1.97 3.17 2x7 

Gen. Mining and Finance 13.it May 6 120 225 210 

Globe and Phoenix 155 — 0.63 ' 155 £63 

Grindlays Holdings 1.75 April 28 2 2.73 25 . 

Peutos 2S4 — ' 2.54 4L29 3^4 

Second City Props. ...int 0.55 Mayo O-oa — 1-73 

Stothert and Pitt tot. 24 April 4 235 — 9-55 

United Biscuits 3.63f July* 2.69 5.38 424. 

Vosper 235 June 7 21 4.83 C16' 

Dividends shown pence per share net except where otherwise stated.- 
a Equivalent after allowing for -strip issue. fOn capital 
increased by rights and/or acquisition issues, t South African cents. 


Grindlays second 

half slowdown 


April 28 2 


Mayo 
April 4 
July3 
June 7 


Setback 
for Ductile 
Steels 


16% profit increase 
for Fairview 


would reach break-even point In 
the event failure to achieve any 
real measure of success with new 
products launched in 1977 and 

high costs -aasomated with them 

resulted in a trading toss of 
similar dimension to the previous 
year. Established- products have 
continued to do well in 1978 and 
the company’s resource* sviU be 
directed towards increasing their 
volumes and the efficiency of 
theta- production. 


Corporate objectives 


For the first time the group has 
given a detailed statement of 
long-term corporate objectives. 

As regards capital employed the 
aim is for profit, before interest 
and tax. to be not less than 20 per 
cent, of capital employed with a 
target of 25 per cent, on an 
historical cost basis. For 1977 
the return at 21 per cent, uas 
marginally low.er. In the short 
term major investment pro- 
grammes will adversely affect the 
overall return. 

The chairman says that the 
objectives for sales and profits is 
at least lo maintain net margins. 
In 1977 net profit as a percentage 
fell from 6.4 per cent- to 6.1 per 
cent. Contributing factors in the 
D.K. were lower margins m the 
foods division following the high 
potato prices of the first half and 
losses in the cake division during 
a period of withdrawal from van 
selling. Also, in the U.S.. Keebler 
margins as expected were reduced 
from last year's exceptional level 
but were satisfactory at 6 per 
cent. 

For capital expenditure it is 
intended to invest not less than 5p 
per pound sales annually and to 
make new investments at rates of 
return applicable to the risk 
involved to meet the group's 
target on capital employed. In 
1977 capital expenditure totalled 
£40m. an increase of 5* per cent. 
— and represented 6.4p per pound 
sales. 

For loans the aim is that these 
should not exceed 40 per cent, of 
capital employed. At the end of 
1977 total borrowings amounted 
to 32 per cent, of capital 
employed. 

During 1977 the group entered 
two markets the chairman 
believes wiH become increasingly 
important in the 19S0&— fast food 
franchise operations and quality 
preoared frozen foods. 

The group continued its very 
large rnve-itment programme in 
the U.S. for Keebler. This opera- 
tion is similar to the Investment 
programme undertaken in the 
U.K. in the middle 1960s which 
produced such suci-esifuJ ret u Its. 
Sir Hector believes -the Keebler 
investment programme will prow 
equally rewarding. 

Referring lo Productos Ortiz in 
Spain the chairman says that 
after two years of reducing losses 
it wias hoped that this company 



19T7 

19T8 


xnofl 

£000 

Tomocer ... . . 

nai.siw 

&!MKM 

li.K. 

3715.100 

002.800 

V S 

3K9(» 

200.900 

Europe 

IT POO 

12.700 

Rest of •<corto 

s.too 

A son 

TradtOK profit 


33.918 

V.K 

2X.400 

22.400 

c.s . 

14.000 

14.000 

Europe low 

600 

*on 

Ross 

'4M 

300 

loierrtt - 

4404 

:,6t: 

Profk befor* tax . . 

38.120 

9vZ* 

Taxation — 


16.432 

Nel profit 


16.314 

ExiraordinaiT tt«nj .. 

t.PM 

1.273 

Attrihoiaole . .. ... . 

1 T.%j 

15^41 

Dit uteoil* 

8 372 

4 X 

Fon: ard . ... 

U.01S 

.11.239 


than three points. This Is mainly 
due to the sharp downturn In 
pulp prices in the third quarter 
which, with the improvement in 
sterling, gave a saving of more 
than 20 per cent. In costs. Mean- 
while, Waldorf (greeting cards) 
must give cause for some con- 
cern while production problems 
are sorted out hut the company 
is hopeful of reversing losses in 
the current year. At 52p (up 3p) 
the shares are on a p/e of 5.0 
while the yield of JO.O per cent. 
Is covered three times. 


Fairelough 
finishes 
£l.lm. up 


Einraordraarr item** •-omenv provisions 
for I o^f »n sale In Europe £549.000 mtl>. 
less sate nf related Ro-alii aa nr? menu 
jhiu not) <ruii: cxchaTUte dlfflerences 
ftchn. -fp£G.068i. expenses of- Eurobond 
issue OM-i.iKW- mill. sddlilonaJ pnvrisian 
for nad service pension liahrilcy nil 
>£43S.nnfl> and goodinl) written off ml 
<E192.«M>. 

See Lex 


East Lancs. 
Paper 


WITH TURNOVER £6.57m. higher 
at £1 70.04m.. pre-tax profits of 
Fairelough Construction Group 
finished 1977 ahead by i'l.lm. at 
£7.05m. This continues the 
progress made at midway when 
an advance from £241m. to 
13.08m. was reported. . 

Yearly earnings per 25p share 
are shown to hare risen from 
7.65p to 923p and the total divi- 
dend Ls effectively lifted from 
225p to 2.4S8p with a final of 
L3S8p net. 


tops £lm. 


A SECOND half advance in tax- 
able earnings from £452.671 to 
£516.689 lifted the 1977 full year 
profit at East Lancashire Paper 
Group from a depressed £212.671 
to £1.152.659. Sales b> the group 
which makes, processes and mer- 
chant* paper, were up £62m. at 
£2S^7m. 

.\ll tile group* companies 
recorded sa-tTsfartory profits 
except for Waldorf Stationery and 
Greetings Cards where there was 
a loss of £286.900. Remedial action 
was initiated in -she second half 
but ‘this was Coo latp to Influence 
the results. 

Re-organisation expenses at 
Waldorf amounted to £27,700 
after tax. 

The net total dividend is lifted 
to a maximum permitted 32p 
(2A31p) per 25p share, with a 
final of liHSp. 


Turnover 178.041 163 471 

Profit . before tax . ... 7.3*9 5,950 

Taxation 3>*7 r,.12* 

Net proflr 5.312 2.&S 

Minority loss ■ — — IT 

Extraardinarr debus ... — TtJS 

Available 3,515 2 .otk 

Dividends **w S39 

To rjaerves 2.378 1.237 

Mr. Oswald Davies, chairman, 
reports that the company is well 
advanced with its penetration of 
new markets and had more work 
on hand at the end or the year 
than at the beginning. The 
group's investment programme as 
recards property, plant and 
vehicles has continued and the 
directors are confident that the 
company's activities in Saudi 
Arabia will continue to expand. 
Good progress has been made in 
Iran and Kenya, and a strong 
cash position has been maintained. 


REFLECTING adverse trading 
conditions throughout the steel 
Industry and without the substan- 
tial stock profits seen in the first 
half of last year, taxable earnings 
at Ductile Steels slumped from 
£3. 14m. to £U>7m. in the half 
year to the end of December, 
1977. 

External sales \%ere up £277m. 
at £30.98m. The steel division was 
particularly hard hit by lack or 
demand and reduced margins 

Following the announcement of 
the Davignon- Plan in December 
there has been some improve- 
ment in demand but it is too early 
to say if this trend will continue, 
says Mr. R. Sldawav, the chair- 
man. 

So far in the second half there 
has been only a small increase in 
orders and there is little sign of 
a general upturn. Even so', the 
directors are hopeful that with 
this small improvement second- 
half profits will be considerably 
better than the first six months, 
the chairman adds. For 1976-77 
the surplus was a record £5.73ra. 

The net Interim dividend is 
raised to 1. 9261 p 11.751 pi The 
final last time was 329Slp. As 
existing dividend controls end on 
July 31, 1975. the Board hopes to 
he allowed more flexibility when 
fixing the current year’s final. 
However if the controls remain 
in force it could only be increased 
by 3 per cent., he says. 

The rube engineering divisions 
did reasonably well during the 
first year and the performance 
of Newmans Tubes, acquired In 
August, has been fully up to the 



Half -i ear 

Year 


IBT7 

ib7>; 

1976-T1’ 


□MO 

1060 

£090 

ErternaJ ssle^ . 

3d.P7« : 


jS.jH 

Tradms profit 

•2.057 

J..-C6 

6.131 

Investment dies. ... 


5 

5 

Ince^lrpeor sTtlrt .. 


— 

19 

P.en^ reretved ... 



XI 

internet .. 

512 

i£i 

m 

Prc-unc profit 

tm 

3.141 

SMS 

Tas 

o:i 

1 CH 

2J971 

Np* prnfl’ 

FTP 

1.31)9 

5.732 

"Include* £483.000 [tom 

X oh mans 


taxable profit from £806.000 to 
£1.05m. was achieved by Fairview 
Estates for the half year to the 
end of December. 1977. No sales 
of industrial property or building 
land took place during the period 
and turnover was up 4 per cent at 
£]Q.S2m. against £ 10.43m. 

The company's contracted rent 
roll is now £L45m. a year, repre- 
senting a rise of over 20 per cent, 
in the past six months. Inquiries 
for space are still at a satisfactory 
level and further. lettings are 
under negotiation. Mr. D. J. Cope, 
the ' chairman, reports. 

Discussions are now in hand on 
several rent reviews. The two so 
far agreed show an increase in 
excess of 200 per cent. Greater 
benefits from these reviews will 
be seen later in the year, he says. 

The bousing market is currently 
buoyant and the Improvements In 
margins previously foreseen have 
been attained. Profits generated 
from this activity will continue to 
facilitate the enlargement of the 
company's property portfolio. 

Earnings per lOp share for the 
first half are shown higher at 9p 
(8.3p) and the net interim divi- 
dend is fitted to 2 jp i2-fopi 
absorbing £269,000 (£242.000). For 
1976-77 a final of 3^9Sp was paid 
from profit of £2J2m. 

After tax of £54.000 (£16.000) 
the net balance emerged at 
£968,000 (£890,000). 

A revaluation or the' company’s 
investment properties will take 
place shortly, and -will be. incor- 
porated in the next audited 
accounts to be produced at June. 
1978. This will undoubtedly show 
a substantial strengthening of the 
balance-sheet, Mr. Cope observes. 


Long-term finance has been 
arranged in substitution -for a 
significant part of the present 
bank loans funding investment 
properties. Terms of the . loans 
range between 10 and 25 years.. 

The directors intend to ensure 
that any growth of the company’s 

residential development business' 
Is carefully controlled- Manage- 
ment availability is being increas- 
ingly directed towards commer- 
cial /industrial property activities, 
to secure further substantial 
rental income from property 
assets. 


the total for the year vurtmmy 
Unchanged at £30.4am. compared 
with £30J3m, after provision for 
doubtful debts- . -* 

-Profit of Grindlays 
per cent, owned subsituao. 
■mounted to mrarn. against 

j. Robson, chairman of 
the bank, point* out that Jubila- 
tions in cxchanfferwes took place 
■ during the year rewriting inanri 
kiss of n.fcn. compared «w»a 
gain of £2 ,3m. arising from 
currency changes. 

- At the net profit Jewel ®e 
balance shows an increase 
£14.04to. to PGSSm;. 
minorities down from S2A<m. to 
£147.000. wish earnings per w 
share showing a rise from SSp to 
103p. Excluding tfrf 


facility of IDSlftn, for live suk • 
with Morgan Guaranty Tru« <£2 , . 

pany of New York. 


Pentosr up 
in second 
half 


• comment 

Fairview Estates’ transformation 
from a housebuilder to a property 
company continues apace- Gross 
rental income bas risen a fifth to 
£350,000 without the benefit' of 
rent reviews in the current' first 
half. These are to come - ih the 
second half, when nearly an eighth 
of the total property portfolio of 
L2m. square feet gains from rent 
reviews; while reviews of . a 
similar proportion of the .port- 
folio will show through In; -the 
next financial year. Meanwhile, 
the group has made attempts to 
strengthen the balance, sheet 
Some £5m. — nearly a half of the 
group's medium to short term 
development debt— has been con- 
verted into long term borrowings 
arranged with the institutions. 

For the full year £2.5m. pre-tax 
compared with 12.12 m., looks 
possible. On that basis the shares 
at idflp stand on a prospective p/e 
of S.7, fully taxed, and yield 9.7 
per cent, assuming a maximum 
payout. The shares should settle 
down around present levels; 


JUtDD. U.M.IUW * . _ . - 

effects the rise would be from 
£il.7m. to nTJSra. The chairman 
feds that bis forwast of bettor 
results in 1977 has been fulfilled. 

The bank has added over flW, 
to reserves bringing the total 
added for the test ttw years com- 
bined to over £27m. 

For Holdings fihe year s attribut- 
able balance emerges ot iSJ-tro. 
compared with £7.22m. oftor 

minorities of £7-S8m. (£S.65nt.) 
gaving earnings per share of ,2A5p 
against 19-Sp, . 

The Holdings dividend is raised 
from 2v5p to 2.75p net, with a 
final of I .Tap. The Bank has 


declared dividends for the year or 
£155m. net and the dividends 
receivable by HoMings in respect 
of its 51 per cent- holding amounts 
to £943.000 net 
HOLDINGS— > 


AS ANTICIPATED Kt halfvat 
when an unchanged profit " c 
£ l.07m. was announced.- the 
tax figure of Pent** showed * 
advance for 1977, front £2jB8m, t 
a reconi £326m- Turnover can 
to £41. Sm. compared with £3&Qg 

Exports Increased 17 per ecti 
to £6. 59m, and excluding cousins 
tion results were £3.96m H a 39 j* 
cent, advance. 

Tax took 1055m. 00.69 m.) p 
earnings arc shown up from 
restated HASP to l3J6p per m 
share. As forecast, a final dW 

dend of 2.S40475P net lifts tB 
total 10 4JP2475P (3JU31£3p). 

There was an extraordinat 
debit of £753,000 for the yc« 
mostly in respect of the ckum 
and transfer cosu, indudir 
redundancy payments, of ft 
Cummers Enpincerms Works- . 
Rotherham, and the loss os hot 
value from the sale of the 8har 
holding in the Phoenix. Thai* 
Compart v, which had been held ( 
the Austin-Hatl Group prior to ti 
acquisition of that company 1 
Pentos. , ' 

isrr i| 
iBOe a 


Net pro at — «... 

Mfnoruies 

Extraordlnarr Items 
AttrUxitabteT 

DlvWpods 

Detained 




Turnover 

49 





384 





sao 

1 

JtSSO 

14,757 

preoa prent 

MM 

sm 

V 




;m 





39 

• 






833 

7.400 

$50 

B.36S 

Kstraord. debit 

Rsddned •— 

7M 

1,044 

t 


T £991 .UUU ■ ur*u W1UI 

accounts of Grindlays Doldings. 

See Lex 


Good start 
for SGB 


Yearlings slip to 7|% 


Tubes, r PraSL 


comment 


• comment 

Compared with Inveresk's 31 per 
cent advance. East Lancashire 
Paper’s 5i-foki profits rise is 
certainly impressive. Turnover 
increase of 28 per cent. Includes 
about a 6 per cent, jump in saTes 
volume at the paper mill and the 
merchant ing activities, and group 
margins have improved by more 


• comment 

Full-year S-sres from Falrdoueb 
Construction are right in line 
with market exoectat'rn ns. The 
pressures on the U.K. con- 
struction industry are evident in 
a turnover figure only 4 per cent 
higher for the year as a whole 
including a small setback in the 
second half. Nevertheless profits 
rose by ISi per cent overall. The 
company is evidently making pro- 
gress overseas though as yet it 
has not brought in any con- 
tribution from its associate com- 
pany in Saudi Arabia whicb has 
won several long-term contracts. 
Fairelough is making some 
optimistic noises for the current 


In common with others in the 
sector. Ductile Steels is finding 
the recession heavy going — first- 
half profits are 40 per cent, lower 
and tiiere is still no sign of the 
expected upturn. for which last 
year's £lJ9ra. capital expenditure 
programme wav designed. The 
problem is ih the 'frri port ant steel 
division, w'hich is experiencing a 
lack of demand from its largest 
customer, the car industry, com- 
pounded by cheap imports from 
the EEC and Ihe Far East. On 
top of this there is an absence 
of stock profits, which amounted 
to about £lm. in the previous first 
half. The tuhes division was also 
depressed but profits improved 
after the £0.48m, contribution 
from newly-acquired Newman 
which should greatly strengthen 
Ductile's position in the electri- 
cally welded steel tube market. 
On past 12 months' earnings the 
shares, at 117p. are on a p/e of 
6.9 while the yield is 7 per cent. 


The coupon rale on this week's 
issues of one-year bonds is down 
from Si per cent, to 75 per cent, 
at par. The bonds are due on 
March 21, 1979. 

This week's Issues are:— City of 
Coventry f£lm.), Aylesbury Vale 
District Council (£1ttO, Bury 
Metropolitan Borough Council 
i£Im.>, Norfolk County Council 
(£?Fn.), Strathclyde Regional 
Council l£lm.). Corporation of 
London (£lm.). Barnsley Metro- 
politan Borough Council f££m.). 
City of Cardiff (£?m.), Newport 
Borough Council (£4m.), London 
Borough of Southwark (£l|ra.). 
South Derbyshire District Council 
(F.m.1. City of Norwich (£§m.), 
(£jm.). Vale of Glamorgan 
Borough Council Him.), Metro- 
politan Borough of Wigan f£lra.), 
Preseli District Council (£lm.), 
Llanelli Borough Council (£)tn.). 
South Kesteven District Council 
(fftn.l, City or Wakefield Metro- 
politan District Council dim.), 
Northavon District Council dim.), 
Northwarwickvhlre Borough Coun- 
cil dim.). South Northamnron- 
shire District Council d*m.l, 
Cyngor Do«?barth Dwyfor dim.), 
London Borough of Enfield 
l£lm.). 


Canterbury City Council has 
raised £lm. of 8 per cent bonds 
due April IS. 1979 at par. 

Two-vear 9 per cent, bonds 
dated March 12. 1980 are Issued 
at par by: — Wert Lancashire 
District Council dim.). Kettering 
Borough Council dim.). CHy of 
Bradford Metropolitan District 
Council dim.), Horsham District 
Council dim.), London Borough 
of Islington dim.). 

South Oxfordshire - District 
Council has raised £lm. by the 
Issue of 101 ner cent, bonds dated 
March 11. 198! at par. 

Borough of Blaenau Gwent has 
raised £0.2 m. by the . issue of 101 
per cent, .bonds, maturing on 
March 10. 19R2. at nap.' 

Torfaen District - Council has 
raised £0.1 5m, by tm issue of five- 
year bond* at par maturing on 
March 9, 1983. , 

Wimbnme District Council has 
raised £)m, of variable rate three- 
year bonds dated March 11, 198! 
at par. 

Five-year variable' rate bonds 
issued at nar and maturing on 
Marrh 9. !983 have been issued by 
Taff-Elv Borough Council dim.) 
and Chichester District Council 
djm.). 


In view of the recent bad 
weather SGB .Group, the inter- 
national construction plant and 
services concern, could not expect 
to maintain the same rate of 
growth in the first six months as 
in the previous first half, Sir 
Edgar Beck, the retiring chairman, 
told the annual meeting in London 
yesterday. 

Nevertheless, the current year 
was going well, he added. The 
home rdarket was doing well but 
overseas, there was stiff plenty of 
room for improvement. 

Sir Edgar remains on the Board 
as a non-executive -director. The 
new chairman . is Mr. Neville 
Clifford-Joncs. Mr. Clive Beck 
becomes deputy chairman and 
joint managing director with Mr. 
Clifford-Jones. 


Tile directors say that durt 
.1978 they arc looking for furth 
improvements in publishing a 
bookselling. engineering, a 
garden and leisure products, a: 
for some recovery in construct!! 
Over 60 per cent, of sales a 
profits arc now attributable 
consumer products and & 
increase in consumer spending 
197S will obviously be benefiela 
Overall, prospects are good a 
the directors expect furtl 
growth during the current year 


NORFOLK CAPITAL 
CONFIDENT 


First quarter's returns for 
the current year far Norfolk 
Capital Group indicated an im- 
provement in the hotel division 
trading and increased property 
rentals, chairman Mr. Maxwell 
Joseph told yesterday's annual 
meeting. 

. With interest rates continuing 
below those prevailing in 1977, a 
farther substantial increase in 
profits could be expected this 
year, Mr. Joseph added. 


GLOBE INV. 


Globe Investment Trust has 
arranged an unsecured loan 


• comment 

With publishing and booksell 
accounting for the bulk of gr< 
profits— same 45 per cent ct 
pared with 42 per cent, in 
previous year — Prates' sect 
half is traditionally better ti 
its first as the run up to Chr 
mas boasts the sale of bonks, 
the last year the seasonal l 
was further exaggerated by 
acquisition of Dillons Univer. 
Bookshop which chipped 
around £100,000 lo second-1 
profits of £2.19m. But w: 
Dillon's may have contribu 
nearly three-tenths of the 
provement In publishing activh 
that contribution was offset 
the disposal of the 25.4 per c 
stake in Phoenix Timber, w! 
took a £100,000 out of sccond-l 
profits. However, lower pro 
tional costs and a wi 
distribution network lifted pit 
from gardening and leisure ad 
tics. principally qreenhou 
from £318.000 to £602,000. 
the real disappointment has b 
construction where failing volu 
sales for portable build togs 
pressed profits, fn fact a £200. 
loss on the manufacturing side 
masked by around £350,000 
profit on hiring and leas 
interests. At 7Sp the shares sk 
on a p/e of 4B on stated earnfi 
or 7.4 fully taxed, 3nd yield 
(covered twice). The income 
the attraction. 



11X9 


■* /? 








v-. 



^ Dorm a 
Dhobi ■ Quest . 
Louis. Philippe ■ .1 
. Cjydella .jj 
L» Yorkers 'i#* 





Xi-V 4 ? 

yftr - 





Old Bleach 
■Allen Solly ' Mpr 


Ewaprest 
Van Heiisen 
Kapwood 


Van Heiisen 


Donaghadee 
k.- Peter England 
Sttkl: : Lond(^ipride 
m % Gainsborough Fabrics 
Rob^trlirst;-- 


Rpcola v 
Quelrayn v.o 


” Jenaer-p% 


Quelrayn : ^ V/ - n ^ 

f Sunfiefd 




?iia . 
isbry 
ric 


■iiL' 


kmmm 



Extracts from the Statement by the Chairman for the year ended 31 December 1977: 

66.. .the Group has achieved the Exports Exportsfrom 

highest profit since its formation in over 1 3 ^ 6 - WHilstthe strei 

1 970 . . . grounds for some confidence 

that the Group will continue to show Multi Fibre Arrange 

proqressMl , -. ■ Council of Ministers ratifie 

Leonard R egan. Chairman renewal of the"M FA for a fi 




Exports Exports from the UK have again shown a useful increase being 20%. 
over 1 976. Whilst the strengthening of the valueof sterling has had someeffect, 
we are determined to conduct a profitable export business. 


The trading conditions during 1 977 were by no meanstotally favourable for the 
Company. Unemployment continued at a high ievei and the rate of inflation which 
obtained in the earlier part of the year had its effect on the spending power of the 
consumer. 

The profitability of our UK based operations was satisfactory in total, even 
though retail trade was disappointing from July to October and did not begin to 
pick up until the middle of November. In general our overseas operations were 
disappointing. 

Bearing in mind these comments, it is gratifying thatthe Group has achieved the 
highest profits since its formation in T 970, but if we are to continue to maintain our 
investment programmes and finance the working capital necessary, it is essential 
that we mustf urther increase our profitability. 


Multi Fibre Arrangement It is gratifying that in December1977theEEC 
Council of Ministers ratified the package of bilateral agreements and agreed to the 
renewal of theTW FA for a furtherfour years. This means thatthe British textile 
industry will be able to look forward to a more stable market for UK manufactured 
textiles and clothing than has been possible in the past. First examination 
suggests that the effects will eventually be beneficial to the Company and 
therefore, will enable us to plan more affectively for the future. 


Sates 

Operating profit 
Profit before exchange 
gains end k»$es - 
Profit before taxation 
Profit attributable to 
Ordinary Shareholders 
Earnings pa 1 ordinary share 
after excluding oxdiange 
gains and losses 
Dividends per ordinary share 


1977 

£*000 

304,322 

23,490 


1976 

£‘000 

278.157 

19.563 


16.062 

16,522 


11360 1 

10.849 . 


13,633 


8.1 Op 

2.1 04p 


Outlook The level of retail trading in the UK continues at a less than buoyant : 

level, but current predictions suggest an increase in consumer spending inthe 
second halfof 1978. This period should also be helped by the<x)nstraints on low ^ 

cost imports resulting from the renewal of 

the M FA. The resultant benefits, therefore,. — *' , • M ^ 

give grounds for some confidence that the LOITUlQlOfl w IVOllO B-TC1 Vr 

Group will continue to show progress. * 





&3ap | 

1.8S375p ^ 



Rationalisation In the last three years rationalisation and reorganisation has 
cost over f 5m. As a result, we have become more cost effective whilst our capita) 
investment programmes have enabled usto instalLmodem machinery and so 
improve efficiency. I am hopeful that in the absence of unforeseen circumstances, 
any further large scale rationalisation will not become necessary* 


The Annual Genera / Meeting will be held at The Dorchester , Park Lane r 
London W. 1., ohWednesday. 5 April 1978 at 12 noon. 


Copies of the Annual R eport and A ccounts can be obtained upon request to the 
Secretary. 24 Great Pulteney Street, London W1R3DB , 


►.fb * L 










- • .. 


: % 

! n \ 

k\\\ 





• . ■..» 


-• To 




- :.v.: r' 


» \i : j . 





• i ■■ i. . ■ . . 

■ .. • 


«■"* I 


Getting the mixture right 
for the employee, the shareholder 

and the consumei: 

1977 Preliminary Figures and Extracts from the Statement by the Chairman, Sir Hector Laing. 


• ■=- t i r . -v-a 

• j- ■_. v ,f *r 


. s • ■ : ;i 


Group Results ! 

- AtthetHne of our Rights issue test October wff 

. forecast that our profit for they ear would be not 1 
. less than £36 million. This has proved to be a / 
conservative-figure. 

Compared with the average growth overthe 
previous five years, the 14.7% increase in profit 
from £33.2 miliionto £38.1 million was modest 
but satisfactory in a challenging year. 

Major Developments* 

The year was marked by some n ew ventures of great 
significance for thefutura. • 

O Wb entered two markets which we believe will become 
increasingly important in the 1 980's: 

We purchased Wimpy international, leaders in fast 
food franchise operations in the U K with a firm 
foothold m Europe and elsewhere overseas. ■ 

In qualify prepared frozen foods we purchased 
AJveston Kitchens (frozen meals primarily to the 
catering industry) ;TFC of Hull (frozen foods for 
caterers); King Harry Foods (frozen pizzas); and Rossi 
(frozen pasta meals). 

O Our initial moves to lessen our dependence on short- 
life ambient cake have been successful. 

O We have significantly altered the Group management 
structures the UK to decentralise and give rqore 
responsibility to the Divisional Managing Directors. 

- O We continued our very largeinvestment programme in ■’ 

the USA for Keebler involving ail their factories. 

O Keebler has achieved a useful tonnage gain which, 
in the challenging and competitive circumstances in 
which they operate, is very significant 


Corporate Objectives 

Wherra great deal of effort is being made to 
: condition the public into thinking of themselves 
primarily as consumers rather thanas wage- 
earhers, I think' the time has come to include with 
my Statementthe long-term Corporate Objectives 
which Cur company strives to achieve. These are 
designed to give security of employment and the 
highest possible standard of living to our 
employees, the best possible value for money to 
the consumer, and consistently reward the 
investor at a level which fully recognises the 
element of risk, while ensuring that the business 
remains internationally competitive. 

1 .Return on Capital Employed 


Return on 

Average Capital Employed 
20 % 

HHI 
- HR 

Mlil 


I RSi 


fSm 

■ 




■I 

111: 


mmm 

I&8SL 

l # filf 



v; . 1973 . 1974 1975 1976 1977 


Objective 

: To make a profit before interest and tax; of not less than 
20% of capital employed, with a target of 25% on an 
historical cost basis. Capital employed isdefined as the 
total of Shareholders' funds plus long and short-term 
borrowings. 

Comment 

• For 1 977, the return on average capital employed during 
theyeanryas 21% and was marginally lower than the return 
for 1976. 

The benefits from major Investment programmes, such as 

Keebler are presently carrying out, take time to flow 
through. I n the shortterm therefore such programmes will 
adversely affectthe overall return on capital employ sdL 


I United Biscuits (Holdmgs) Limited; : ^ | 

1 If you would like to feceivee copy of the Annual Report, i 
1 and 'Creating Wealth andSharing Prosperity" r and are. ■ 
i not a shareholder, pl^secslOptethis couponancL ... -| 
J return itto: | 

The Registrars, The Royal Bankdf Scotland limited, | 

31 St Andrew Square^. Edinburgh EH22AB j 


Sates and Profits 


Sales and Profit Before tax 

Safes (On) 

V ^Margin 


£326.5 ■■ 


£1545 • 


£6302 Margin 

l7 



Results for the year 

Sales 

• United Kingdom 
USA 
Europe 
Rest of World 
Total 

%£• 

Trading Profits 
V United Kingdom 
USA 
. Europe 
. Rest of World 
Total 

interest — Wet Cost 
Net Profit before Tax 


O We made very successful Rights and Eurobond Issues ' 
as well as a private placement for Keebler. 

There have, of course, been failures, the principal one 
being that Productos Ortiz in Spain is still making a loss. 
Failure to achieve any real measure of success with the new 
products launched in 1 977 and the high costs associated 
with them resulted in a trading loss of similar dimension to 
the previous year. Established products have continued to 
do well and in 1 978 the company's resources will be 
directed towards increasing their volumes and the 
efficiency of thei r production. 

Thanks to Our Employees 

There is no doubt that an incomes policy which erodes 
differentials, coupled with a high level of direct taxation. 


Objective . 

At least to maintain the increase in profits in fine with the \ 
increasemsales, ue. to maintain net profit margins. 1 

Corfiment 

Profit before taxation, i.e. net profit increased by 1 4.7% 
over last year on an increase in sales of 21 %. 

Net profit as a % of sales fell from 6.4% in 1 976 to 6.1 % in . 

1 977. Contributing factors in the UK were lower margins in 
the Foods Division following the high potato prices of the 
first half year and losses in the Cake Division while we 
withdrew from Van Selling. Also, in the USA Keebler 
margins, as expected, were reduced from last year's 
exceptional level, but were very satisfactory at 6.0%.The 
most Important factor in achieving our profit level for 1 977 
was once again the performancaof our UK Biscuit Division. 


1977 
> £m 
. 378.1 
l 225.9 

# 17.9 

r 8.3 

630.2 

* 28.4 

14.0 
(Of) 
0.4 

42,2 

4.1 

38.1 


1976 

£m 

302.6 

200.9 

12.7 

4.8 

521.0 

22.4 

14.0 

( 0 . 8 ) 

03 

35.9 

27 

332 


Difference 

£m 


+ 109.2 


+ 25.0 
+ 12.4 
+ 40.9 
+ 7Z9 

+ 21.0 

+ 26.8 
+2&0 

+ 33.3 
+ 17.6 
+ 51.9 
+ 14.7 


makes it difficult fora company to provide opportunities for 
its employees to achieve satisfaction in their jobs. Although 
in common with other companies we have experienced 
some difficulties which ! attribute primarily to that ca use, 1 j 
would like to thank all members of the Group at every level 
for contributing to another successful year. 

Outlook for 1978 

Although it jsalways difficult to make a meaningful 
forecast fora year ahead, the year has started well in the 
UK but less encouragingly in the United States. 1 anticipate 
that our profit in 1 978 will show a satisfactory increase 
subjectto the effect of the American coal strike not being 
too adverse. 


Capital Expenditure 



Capital'Expendrture 


CaprtafExpenditurB (£m) 
Pence per £ Sales 



Objective 

To maintain the quality of existing assets by investing not 
less than 5p per £ sales annually and to make hew 
investments at rates of return applicable to the risk involved 
to meet the Group's targeted return on capital employed. 

Comment 

During 1 977 major additions included a Krackawheat plant 
at- Liverpool; new buildings at Grimsby; an extension to our 
Headquarters at Osteriey ; and significant development of 
Keeper's facilities inthe USA, at the Atlanta, Philadelphia, 

Denver and Grand Rapid factories. 

In 1 978 we intend to continue to develop our production 
facilities at Glasgow, Carlisle and Ashby in the UK, and in - 
theUSA. * 


H n Dividends 

Objective 

That the return to shareholders shouldgrow in fine with the 
growth in net profit.. 

Comment 

Our ability to achieve this has been adversely affected by 
dividend control in recentyears. With Treasury approval 
end in orderthatthe success of our Rights Issue could be. 
assured, the dividend for 1 977 has been increased by 27%, 
which has partially helped to correctthe disparity. . . 


O- Loans 

Objective 

That loans should not exceed 40% of capital employed 
unless required for exceptional circumstances of a 
short-term nature. 

Comment 

Total borrowings amounted to 32% of capital employed. 
The increase in the capital base in 1 977 as a result of the 
Rights Issue, gives the Group not only the resources to 
increase capital spending inthe UK. but also the potential 
to increase borrowings to finance overseas expansion. In 
1 977, the Group also took the opportunity to raise longer 
term fixed interest funds through a Eurobond issue of $30m 
( and in the US to rough a private placement of $25m. These 
1 were used to replace certain short term borrowings and to 
fund capital expenditure respectively. 

6 . Overseas Assets and 

Liabilities 

Objective 

That foreign currency assets and liabilities are matched. 

Comment 

Any expansion overseas is financed wherever possible in 
toe currency of the country concerned. At 31 st December - 
1 977 our overseas assets marginally exceeded our overseas 
liabilities. 


Creating Wealth and 
Sharing Prosperity 

I believe that an understanding of Added Value and its 
distribution is essential to the success'Of any industrial 
Strategy, because it has such important implications for 
employee, consumer and investor alike, l have therefore 
written a booklet, to be distributed with the Report and 
Accounts, in which I have put forward some ideas for 
prosperity sharing that the overwhelming majority of a 
company's employees could support. I have also 
included a brief description of Added Value, how it can 
be increased, its distribution and have made some 
suggestions for priorities. 


fleelwt Lgl 


14 March 1978 


IF 


McMTIES • CRAWFORDS ■ MACFAR LANES ■ KP - CARRS - WIMPY - KEEBLER 






% 


Fi'RCLOTOH 


Year ended 31st December, 1977 



1977 

£'000 

1976 

£V00 

Turnover 

170.041 

163,471 

Profit before taxation 

7,049 

5,954 

Profit after taxation 

3,512 

2,828 

Earnings per Ordinary 
share 

9.330p 

7.650p 

Dividend per Ordinary 
share 

2.488p 

2.250p 


Points from the Statement of the Chairman, 

Mr. 0. Davies, C.B.E., D.CM, J.P. 

* The Group's results show, once again, a 
significant advance over the previous 
year. 

★ The dividend has been increased by 10%, 
the maximum increase permitted. 

★ We are well advanced with our penetra- 
tion of new markets. 

* More work orr hand at year-end than at 
the beginning. 

-k The Group's investment programme as 
regards property, plant and vehicles has 
continued. - . 

k We are confident that our activities in 
Saudi Arabia will continue to expand. 

k Good progress has been made in fran 
and Kenya. 


Sandiway House, Northwich, Cheshire 

CIVIL ENGINEERING ‘BUILDING - 
TUNNELLING - SURFACE MINING ‘ 
MECHANICAL ENGINEERING 




leaps £6m. 
on overseas boost 



KNANOAIi TEHES 'WEDNESDAY TSXBZBTS 1578 

looking for 


HIGHER PROFITS earned in' all -made to 
overseas areas offset a .decline' in increased 


achieve substantially the- second tonne! Mu at Hawley 
production and sales. Park in October, 1976, the cam- 


diversification 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Yosper, the private sector sbip- 


the lLK for Brooke Bond LfeMg W the directors, and they look pany wrc ted ! with selling an Kn i Xr ciAnon MEETINGS 
to expand taxable earnings in the forward dicing the second half increased output of 40 per cent nationalisation of the Vosper BOARD IWtBi I 111 
half-year to December St, 1977. to an upturn, in- profits, which Exceptionally .wet weather . 


held Ordinaxy capWff 
£82,500. 


to Om fotarin* «w» pw*s bate w nfeg 
(•OBUMUiy date -of' Board «c«WP to tne Stock 
Exchansn- 


taro 

Sock, mwttnss «* osoally 


half-year to December VU 19 71. w an upturn, in- profits, whicn laotpuon aiy.wi weaker Thon^xnrft gnnm. 4s seelnng 
by f657m. to £22.83n>. External will produce results in line with during the first four months ^ n»£ 

by the troiiD which narks previous jeara. severely curt ail &d deliveries end z~ . ■*_ sccoiDn. drw mvw** _rr~jr. 

n StfSrSs 

against £Wm. of £09m. utfvaSilttt 3ts£ final* ** the jMmh 

Total trading profit was up from First-half tax- takes X214.07S decision to close the company s ■ , , r Ti -i-jj-uu ipririrt '■ finm mow are baaed numb* on lost 

mS. M339396J toriSg £?£# talame ■»? ^«rks, at Thoro*. and ££2L, V 3S£? r 32FZ& ^ £5 SS»">- 

trlbution down at £5.15m. do™ from £2*1,239 to £197,611. 

(£6.59 m.) and overseas ahead 'at net ' interim dividend 
£2(1. 62m, (£l2.91nO. 0.5544p (0546p) per i0p share. 

Trading profits for the year are . (£66,021) — the 

expected to be lower than in 1376-77 Anal wag L 13015 p. 

1B7B-77, the directors says. Subject 



UlUMi ULILRnWA& <U lUUljlg, OUU ' _ “ - - «■ ^ 

, production ■ was phased ■ out by revtrafed yesterday that his pro- ■ - to-dav 

Is June; all stocks were sold by the sent company is tarestlgaton* a n t m»i» Arumr BelL 

endof No^wSr/ management contract fwr a bulge p»*esuu«s. James; Walker 6M 


Federated 
Land r® 
to 

AFTER MAKING a £326,04 


pa oi ivoveiooer. Tr““r v V j *T® warlnc and Glllov?. AFTER MAMWU a «zb,o q 

-By the end of June there were sfatprepah: facility m the develop- ^Swcrteg. nrdamuc Dro vtsion against the cost of land 

lHiiWiHAHn 11^ -rmfim qnil the ing world. Aiahougb he would not J J^^^ 0B camSuiainv-- ,, "-" ,s provls *---S£ -* « , ~l— » a~» 
con- details, this is thought to Claxte, Finisy Pnckatrtnx. 


to world tea prices and exchange 
rates, overseas profits should be 
comparable with those of last 

year. 

In the UJv. the distortion of 
the normal pattern of tea supply 
to the public’ due to changing 
price levels continues. - The 
situation has been further 
aggravated by Government iiiter- 


the 

at 


brick stock increase was con- Sfwp details, tms is tnougnt to t. daifce. Flow w . i. *“ \ *“'«nHdinR improved £kje 

rained to nine weeks over the refer to management of ftibms UvrlU Ii^jrtoacr Ca^fS, 5jL 700u to 1863,000 for 1977. A 

whole year. .mo#* ; *n*4rik SSS. ti* surolus was mi 

The company was able to w hic h will have a total capacity of Wodw p u^^^dates m,a y 

finance stocks from existing bank 1.85m. deadwel^it tens when 

facilities and borrowings were complete. Beaman iA.> — 

susbr anti ally reduced by the sale Sir John’s ambitious plans for Brr»nt howob* — 

of air space adjacent to the How- the radevefojmrent of Vesper, 5*22** Po * w — 
ley Park factory for £287,000 in which says It will be 

August. announcing orders for its Sing a- ytttsttutfT Brand ^coM Minina . 

Capital expenditure in rinded pore petrol boat building yard dn President stem cow Mimes ..... 

A ^^^ (3i ^ ou ^ on of b£k 2 HwlS iSk ^ 

the ftdlume 9 rmjiL f t£v' 2v°L^t S -1 ^' MA5m. from its and £47^11 changing from oil to yrriiimnaiy results, showli® « ^SL- 

tzme result, they say. Last tanking dmdon, net profit of natural gas for firing the tunnel pre-tax profit of £2 2m. tor the' Bi^BMiwermii T* r ’?S “ttousp sales arc at presen 

year enoea uctooer dd, ±vn. , .Vpr. n huovant. providing a good star 

Tismveir was £80-Snin cwnpared Footwear Apr. 5 to t j,L' current year und taroovc 


Kleinwort 
Benson 
expands 


' — . - ^ wuuems aivrson, net prom ui 

recnrd^MS^n? 1 surpl\is was a H etoror t Benson, Lonsdale, an Win at Swillxngton. 
The net interim dividend is imeat:meT ^ : 


surplus was lltfl 
changed at £413.000, again* 

S!5.H H. P. Meyer, the ehali 

Mar. 20 man, slates that although, a 
Mur.w forecast, full year lurnove 

2,1 dropped from £l3.33ni. to £9.7lm 
4 dp' jo reflecting the finishing of house 
SbhS* for the local authorities, profit 
Apr. 2n f ro ni private house sales mor 
iV?r. =0 thnn compensated and were nos 

3ur -a satisfactory. 

House sales 


holding company, 

raised to 0.831S75P (0.7o$25p) per ^ ^Jyy 1 Srom £6 ‘ 54m - “ £7 - , * &n - 
25p share on capital increased by The bankhi* xusuit was after 

r^ss"!? sssssrijss. 

Canada. Pakistan and In plant^ Sm^SSk !££££ 

SMrsa. s 

w is? sSs 3 FSpaJ 

general strengthening of sterling I 

since last year, the directors stat£ (£LSam ’ ) * y>mi a 2 ‘*' 02p 

The fan in the UJv. was due to nmfaic ^ 

the decline in tea sales volume - - Pretoiotwe 


Lambert 

Howarth 

recovery 


with last year. The 1977 Homo cwrotiea Nosrewuwrs — M* r - should therefore, tncreaw 

figure, however, consuls returns R*wtt and catowi mw.sd ■{SrJjU. interest charges ar 

for only engirt months from the mang ( Bwn»i — — to rise substantially a 

seoton oi tto V^spea- Thonwiy- «*■"■* ““ »SmJ 

2 * I«t ————— further npial.l 

^ Ford, Vug^h no tedi ^ on _ tad ^ 


ss;. SC 5 rars r, ssaf 


which a fall 
TO £MKL374 was 
reported, and left the figure for 
1977 ahead £46.614 at £473.839. 

Turnover for the 12 months 
showed an advance from £LL95m. 
to £13B3m. and profit was struck 
after depreciation of £205.181 
against £198,333. 

Earnings are given at 7JSp 
(7.1p) per 20p share and the divi- 
dend total is raised from 2.S7p to 
^ 3J7p with a final payment of 

Turnover fOr 1977 of George 2^7p net ^ . - 

i^bs Armitage anil Sons, an unquoted tex of S23B38& against 

«is brick manefactorizig company. £212^34 the not briance emerged 
32.2S3 rose from £3.94m. to £4. 06m. but £19^85 better at £233,876. 
profits dropped from 


haghes at £5JSm. 

the spring and early summer of lX4JjarLj ' T 

last year. oee l«s 

Half rear Vear 
1377 19TB 19T6-7T 

£060 £000 fOM 

External sales 374.396 354.811 789. IS4 

Trading- mOc 25.769 19.496 57.917 

U.K. 5,147 6.587 91.041 

Ovwwas SB.6E2 12.909 - 37.184 

imeres s.tsc sad? 7407 

Sales of assets* sio 99 -21 

Pre-tax profit ZUM7 U&IE 69J29 

Tax 10.940 6,677 10.406 

Net profit 12.407 9,601 29.633 

To mimmies 1,302 627 

Ex*ra-ord. credlis... — — 

Attributable 11,195 5,974 

The half-time figures have not * pt ?£S'oa^ lt i? pe, Lwo -«« 

been adjusted for unrealised SSJ?S»!SKK 
profits arising from inter- £459 " 000 ' fo . r tbe Bvrt 

company trading. The group's / _^?£^ n5S shown at 20-9 P 
share of associated companies’ (^&42p) per 25p dare. The dm- 
resolts has been included. 


Better second 
half for 
G. Armitage 


ona i^Ived from the Gevemment. he 

complete year for the whole busi- Said, as to when or whether ST/SL’SLTSi total to M 
ness. Vosper would receive a compen- of J.SSp raws line ^wtai 

c-rnv n nmfifs Trading paxifit for 1977 is pt^at sation payment on account of the <2 p 1 a0OT k 

SSte? to* ■? a ‘^“toictoro aro tttoM U» 

wear manufacturer, improved SLJtlSSSSed the value of .land holdings is we' 

from £181,611 «o £371.465. *niis ““^ny JEf" by Btto * ^^nvStimSalso been made in excess of the amount at whic 

nursed the -teand trend of “gJjgjV,. ^ J^gp for further distribution to il jl*S£&2! jSSKlft 

f53.55p) per share. The find Vosper o£ profits retained wrthm 

dividend is 2^4SSp net for a total the nationalised section _ of its rlst s on a sit cTn o 

SL «««• -JSS«5> Tow™ 

holders w&jn.-* soil investigation has now show 

1975-78 level, according to Sir John, would requi re Infrastrochir 
roughly equivalent to the size of expenddure suborn inlly create 

— ^ the original South Coast Vosper than expected. No other addition. 

NaS^Jaea’ m*.' « business in 1966 prior to the take- costs are anticipated. 

----- <ir=r 0 f the neighbouring ship- 


Ordlnary. ” Deferred 
receive one-fifth of this. 

urre-77 

r £ 

Turnover 80.606 X22 98^691341 original 

Tradtasr profit *■-*-" 106 ^ 

Less 

Depredatum 146.60) 

Interest payaMa 55.496 

lnvwDneat Income 96.399 

Associate 96.999 

Dlvs. NUiocudisnl COS. SM.18Q 


TT5J36 over _ 

5=5.419 yards of Thorny croft. 
5U0S 
81,288 


See Lex 


Midterm fall 
by Second 
City Props. 


dend total is lifted from 1.756436p 
to l£453p net with a final of 
1.0453p. 

1977 1976 

£ £ 

Turnover 4.057. WIG. 8.<i.i 39 


D. Macpherson 
confident about 
Cover Plus 


Dofemd tax . 

Otb«r Lax 

Minorities 
Revaluation . 
ArtrtbutaMe . 
Dividends .... 
Retained 


— 2^28,700 «MOO 
112.000 2.959.008 
400,473 996,039 

930 " 2.178 
tras^c so.Tu 
2,576.750 3.454,40 
2S0J12 248,459 

2.088,547 3JB4B3 


L. B. Holliday 
declines to 
£ 0 . 85 m. 


Turnover — 

Tradlw prufii 

Rents lvwlvwl* ....... 

Interest 1 ' — 

Exceptional detutt -- 

Pre-tax profit ... 

Tax - - 

Net profii 

Interim divide nil . - .... 

Proposed final 

Retained 


tftTT 

9.TI1 

I.mT* 

IK 

SU 

474 

3St« 

7S 

161 

150 


1* 

n» 

w/' 

1.5 


1 

1 

t An 


From luvesnni'pt pmperui's. 

^ . uTltlnif alt C29.0K8 (£40.0801 aftribafaft 

Taxable profit for the year to , 0 deveiomnctn of stempiat centre m a«r 


to development 
t Represents provision 


a galnft l cost 


tOf Quote A investments. 

Mr. Ford said the level of 

profitability shown in the results, July 2, 1977, of L. B. Holliday 

coupled with net book value of (Holdings), maker of aniline dye. land, which is » allow far enw«rd ad* 
the group's nationalised assets of contracted from a peak 1981.076 mi^li 

flora., would suggest a fair level to £854190, on increa»!dtiimover rwniitw imrasru 

Following a year of depressed of compensation for Vesper’s of _fl3.69m. agamst ^ rure pspcoaitnre wdv>tant/iity rivaitr tb. 


profit nerore ux 
Tax 

Net profit 


MBJ45 S30J80 demand Mr. Rex Chester, chair- shareholders 
265,196 354.199 man of the Donald Macpherson and £30m 
Si'IS Group takes an optimistic view of 

622.234 50i:«M prospects for 1978. 

582.775 464.765 On tlie future of Cover Pkis 
accounts sales, which received, their first 
profits at setback in 1977, the chairman says 
that he feels that in retrospect it 
the ^i] be shown to have been an 


of between £25mj Tax took £530.083 (KBS.0S3) and eqveud. "No rther adduioiai costs 
the dividend on the privately- amicipaK-d. 



Texas 

Commerce 

Bank 


Texas Commerce Bancshares, Inc. 

PARENT COMPANYOF 

TEXAS COMMERCE BANK 

HOUSTON, TEXAS 

Incorporated with Limited Lability in the U.SJL 


Consolidated Statement at 31st December, 1977 
ASSETS 


Cash and Due from Banks* 
Time Deposits with Banks- 


Total Investment Securities 

Loans .$3,1 1 5,1 03,000 

Less: Reserve for 

possible credit losses 29,653,000 

Funds Sold 

Banking Premises and Equipment — ...... 

Other Assets 


Total Assets.. 


$916,077,000 

503,716,000 

1,287,815,000 


3,085,450,000 

455.715.000 
99,020,000 

295.008.000 
$6,642.801.000 


LIABILITIES 

Demand Deposits. 
Time Deposits 


Foreign Branch Deposits. 


Total Deposits- 


Funds Purchased. 
Other Liabilities 


8|% Debentures due 1985. 


Total Liabilities „ 


$2,339,170,000 

2,401,512,000 

692^76,000 

$5,432,958,000 

576.676.000 

243.282.000 
50,000,000 

$6.302,91 6,000 


Extraord. credits ......... 

JUKI tut . — 

Retained 

Inflation adjusted 
show CCA pre-tax 
Against a difficult trading back- £308.000. 

S ound, pre-tax profit of Second Mr. Geoffrey Armitage, ..... _ 

ty Properties fell from £460,955 chairman, says In his first annual exception "and* if early" sales" and 
to £411,689 for the half year to statement that the national out- forward orders for the current 
October 31, 1977, on higher turn- look for brick sales at the be- year are any guide this brand 
over of £DB2m. against £L53m. ginning of 1977 was bleak and (vrb icb is sold exclusively through 
A considerable effort is being following the commissioning of. Woolworth) will be bade on course 
“ 'in 1978. 

The chairman says that Cover 
Plus has increased its share of 
the market and is now second 
only to ICTs Dulux brand. 

Reflecting the inclusion of 
Unerman for a full year to the 
extent of £933,000 group pre-tax 
profits rose from £2.76m. to 
£3.05m. in the year ended October 
30, 3977. Expressed tn terms of 
3971-72 £s the 1976-77 profit was 
£1.43m. compared with £L03m. 
actually achieved in 1971-72. The 
chairman feels that the fall earn- 
ings potential remains to be 
tapped in 1978 and 1979. 

The sales value of surface coat- 
ings in the UJEC rose by 148 per 
cent and exports by 22 per cent 
during the year. Overseas sales 
went up by 17 per cent. In volume 
terms home sales fell by some 6 
per cent reflecting in particular 
the depressed trading conditions 
in the DIY and trade markets for 
decorative paints and the lack of 
buoyancy in the UJC. economy 
generally. 

In terms of trading profits the 
major elements, apart from Uner- 
man. were represented by a 
further solid advance of some 20 
per cent overseas while the con- 
tribution from the UJC surface 
coating operations was down by 
6 per cent . The latter was" repre- 
sented by a worthwhile increase 
on the industrial side being more 
than offset by a reduction on the 
decorative side. 

Fixed assets increased by £L5m. 
of which £2m. was accounted for 
by a revaluation of land and 
buildings. Principally as a result 
of this revaluation and a revised 
stock revaluation, net assets per 
share have risen from -60.6p to 
S0.9p. 

Total borrowings at the year 
end amounted to £6.5m. (£5.9mA 
— 56 per cent. (72 per cent) of 
holders funds. 

Meeting, Winchester House, EC, 
April 5 at noon. 


CAPITAL ACCOUNTS 

Preferred Stock — 


Special Preferred Stock. 

Common Stock 

Class B Stock 

Surplus 


Retained Earnings. 


Total Capital Accounts- 

Total Liabilities and 

Capita! Accounts — 


$1,007,000 

133,000 

42,423,000 

9,666,000 

104.705.000 

181.951.000 
$339,885,000 

$6,642,801,000 


Board of Directors 

HER BERT ALLEN. Director & Consultant.- 
Cameron Iron Works, Inc. 

GARNER ANTHONT. Chairman. Cox Enterprises. Inc. 
JAMES A. BAKER. HI .Partner. 

Andrews. Kurth. Campbell & Jones 

THOMAS D. BARROW, Director & Senior Vice President. 

Exxon Corporation 

DONALD L BENTSEN. President Tide Products, lrw. 
JACK S. BLANTON.flres/de/jcScurlock Oil Company 
HOWARD BOYD. Cftef/msn. The El Paso Company 
CHARLES C. BUTT. President, ■ 

H. E. Butt Grocery Company 
THOMAS U. CARTER. Investments 
EDWARD A. CLARK, Senior Partner. 

Clark,Thomas. Winters & Shapiro 

C. W. (Tex) COOK. Chairman, Executive Committee. - 

General Foods Corporation 

J. H. CREEKMOREFres/tfant Houston Endowment. Inc. 
JOHN H. DUNCAN. Chairman. 

Gulf Consolidated Services. Inc. 

G. E. EN G LEM AN, Chairman , Texas Commerce Bank- 
Fort Worth, First National Bank of Hurst 
HERBERT E. FISH ER.C/MiTmafljKaneb Services, inc- ’■ 
Pipe Line Tech nolo gists. Inc. 

J. ROBERT FLUOR. Chairman. Fluor Corporation - 
EUGENIO GARZA LAG U ERA. Chairman. 

Valores Industries 

WILLIAM C. HARV1N. Senior Partner. Baker & Batts 
L WILLIAM HEIUGBRODT.C/ra/miafl. 

Texas Commerce Bank~ Houston 
ROBERT R. HERRING. Chairman. 

Houston Natural Gas Corporation 
ROBERT E H IB BERT. Oil & Gas Producer 
RAYMOND M. HOLLIDAY. CZra, wan. 

HughesTooi Company 
E. C. JAPHET. Investments 

MRS. LYNDON B. JOHNSON, Investments 
WiLUAM H. LANE. President Riviana Foods Inc. 

HENRY F. leM\ElJX.Chairman & President 
Raymond International Inc. 
BENF.LOVE.Chai/manandCEO. 

Texas Commerce Bancshares, Inc. 

THOMAS B. McDADE, Vice Chairman. . r 

i exas Commerce Bancshares, Inc. - 
W. A. MONCRJEF. Jr„ Oil & Gas Producer 
ROBERT MOSBACHER,OU&Gas Producer 
W. D. NOELPresrefe/Jt E Paso Products Company; 
LESUE C. PEACOCK. Vice Chairman. 

Texas Commerce Bancshares j nc. 

WILUAM W. PHILLIPS. ^.Chairman. 

AmericanNational Bankof Beaiimont 

CHARLES SAPP. Senior Parmer. ..~V- - . 

Liddell, Sapp^ZMey & Brown 

ROBERT R, S H ELTON, Director, King Ranch, Inc* . 

HARRY K. SMITH. Chairman. Big Throe Industries/toc* 

JOHN E WHITM ORE, Sen/arCha/rma/?, 

Texas Commerce Bancshares. Inc. 

C. HOWARD WILEMON.Jr^Pres/rfent ■■ 

Arlington Bank SiTrust 


NET INCOME FOR 1 977 WAS $50,285,000, 

AN 1NCR EASE OF 1 6.5% OVER 1 $76. 

London Branch, 44 Moorgate EC2R 6AY, Tel : 01 -638 8021 . Telex 884851 , 

M. ROBERT DUSSLER, Jr. Vice President and General Manager. 

Offices: Houston, London, Nassau, New York, Mexico City, Tokyo, Bahrain, Caracas and Hong Kong. 


Winding up 
orders 

Orders for .lie compifisory 
winding up of 27 companies have 
been made by Mr. Justice Slade 
in the High Court. They were: 

Tobago (Builders), W. Marshall 
(Transport), Broxocovot EtoWdngs, 
UnSfer. International fUJL), Spor- 
tique, BirimS Engineering Com- 
pany, Ripper Tools. A. R. Trans- 
port. EmayceH (Fruiterers). 

Firmead, Cmnbine (Manufac- 
turers Agents), Robson Engineers 
(London), Contempo Inter- 
national, Acreview Developments, 
Bentley and Son, J. L. Haffenden. 

Kimber Motorcycles, Modern 
Garment Transporters, Dweteafe 
Alarms, Burv.iL Meffreath^ EHjy 
Radio and Television. 

Roehead Educational Materials, 
Martin and Carlin, The Greyhound 
Shower and Manufacturing Sup- 
ply Company, and Tumsgjade 
lUJL). 

CompUkory winding up orders 
made on March 6 agatost Kiliman- 
jaro Art Trading Company, and 
Chavs! -(English and Jteoch 
Modes) have been rescinded. By 
consent, both petitions wees 
dismissed. 


MIDLAND UVDS. 

. Shareholders in Midland Indue- 
tries were told by Mr. Eddie Mars* 
land, chairman, at the annual 
meeting yesterday that the group 
was on target for the first four 
months of 'the currant year. 
Despite increased difficulties he 
was confident of a similar per- 
formance for the rest of the year. 


ALUMINUM COMPANY OF CANADA. LIMITED 
Notice oF Redemption for Sinking Fund 
ALUMINUM COMPANY OF CANADA, LIMITED 
Debentures, Due 1968 


NOTICE 15 HMEBY «V*N tfiM. pursuant to Socwon 
Company of Canada. United and The Royal Trust Company as TnnM*-, Bearina 

Si .667.000. principal amount oi the abort Debentures maturing Arm IS, „]90B are hejnu^ , « W re J«npt 
tor sinking fund purposes only on April 15. 1978 at the Principal amount tiwreeT. twiner . *•*“ * 
urw^dlnwrest onsSdmlSpal amount to the date so u*ed tor redemption. The Dehemurw « be u redwn- 
han« been selected by tJ» Trustoe by lot, as fPHows?-- 


00057 

00434 

00EO7 

00944 

01389 

01790 

02162 

024S9 

02736 

03109 

03436 

03704 

04195 

04561 

04941 

05246 

05562 

osaai 
06266 
06650 
06917 
07437 
07664 
07985 
08469 
06710 
09085 
09286 
□9679 
09957 
10209 
10599 
10877 
11335 
11721 
12187 
1249S 
12823 
13259 
13544 
13883 
T43Q5 
14696 
15130 
15513 
15937 
16404 
16919 
17232 
17435 
17695 
17971 
16487 
18736 
15004 
19428 
19BSO 
20147 
20667 
20905 
21370 
21629 
22310 
22563 
23024 
23420 
23761 
2399B 
24310 
24575 
24 BBS 
25260 
25562 
26049 
25260 
26564 
27003 
27216 
274SS 
27793 
23203 
28577 
ZB97Q 
29613 
30072 
30358 
30794 
31195 
31763 
33226 
32627 
32996 
33219 
33597 
34226 
34625 
34905 
35310 
355fi3 
35883 
36103 
36327 
38881 
37173 
37473 
37942 
38222 
38627 
39228 
39845 
40401 
40665 
41043 
.41456 
41760 
42189 
4ZE02 
42871 
43161 
43575 
43899 
44123 
44459 
44860 
45154 
45428 
45777 
46020 
46425 
46688 
46885 
47247- 
47652 
4B048 
48500. 
48855 
49007 

jsiss 


00158 
00453 
00729 
00954 
01392 
01895 
02194 
OZ51 5 
02640 
03117 
03509 
03846 
04201 
04 588 
04957 
052*1 
05613 
05905 
06291 
06686 
06980 
07441 
07671 
0S013 
06474 
06723 
09095 
09316 
09701 
09999 
10292 
10614 
10920 
11349 
11722 
12256 
12507 
12872 
13280 
13591 
13911 
143QB 
14751 
15201 
15593 
15973 
16426 
16923 
17234 
174S3 
1770* 
17978 
18488 
167*6 
19023 
19*28 
19682 
20 1 85 
20762 
21036 
21503 
21036 
22315 
22592 

23028 

23497 

23762 

2*021 

2433* 

2*594 

24956 

25280 

25568 

26053 

26274 

26611 

27033 

27227 

27492 

27008 

2B294 

28643 

29087 

29684 

30082 

30307 

30806 

31239 

31790 

32242 

32652 

33001 

33236 

33616 

34283 

34640 

35028 

3S332. 

35591 

35933 

36148 

36365 

36891 

37182 

37476 

37960 

3BZ5S 

38648 

39315 
39847 
*0447 
40692 
41057 
41502 
41844 
42217 
42607 
42884 
43173 
4364* 
43921 
441 59 
44462 
44868 
45157 
45446 
45807 
460S1 
46431 
46672 
46896 
47263 
47605 
48096 
48546 
46857 
49034 
49193 * 

*059) 


OOlTtf 

00462 

007 


01436 

01932 

02209 

"02537 

02862 

03189 

03562 

03850 

04258 

04621 

04961 

05259 

05649 

05907 

□6311 

06696 

07037 

07493 

07706 

08094 

08488 

08794 

09097 

09349 

09721 

10028 

10295 

10647 

10927 

11442 

11762 

12277 

12529 

12901 

13283 

13716 

13922 

14343 

14752 

15266 

15636 

1610* 

16457 

16928 

17240 

1 7492 

17756 

18138 

18504 

18779 

19027 

19473 

19719 

20282 

20769 

211X5 

21547 

21882 

22326 

22607 

23037 

23509 

23765 

24042 

24426 

24676 

25035 

25290 

25579 

26000 

26320 

26619 

27056 

27266 
27503 
27980 
28317 
28663 
291 26 
29714 
30099 
30393 
30841 
31246 
31691 
32266 
32672 
33020 
33239 
33649 
342 87 
34641 
350*0 
35335 
35618 
35969 
36166 
36372 
36907 
37217 
37525 
37967 
38322 

38695 

39378 
39930 
40478 
40693 
41069 
41526 
41 858 
42286 
42639 
42904 
43245 
43699 
43999 
44163 
44526 
44683 
45213 
45456 
4SB33 
46052 
46454 
46706 
46903 
47292 
47702 
48132 
48595 
48871 
490S7 
49208 
"4960 8 


COUPON DEBENTURES 08 $1,000. DENOMINATION B EAR ING 
THE PREFIX LETTER D AND THE FOLLOWING NUMBERS: 

00252 00257 i 00285 00’_5» 

00554 00566 1 00818 000.6 

00800 
01103 
01660 
02021 
02339 
02619 
02976 
03286 
03616 
03940 
04401 
04655 
05079 
05303 
05685 
06124 
06432 
06731 
07203 
0756 5 
07778 
08155 
06547 
06962 
09168 


00183 
00524 
00760 
01036 
01463 
01954 
02217 
02560 
02954 
03201 
03573 
03913 
04281 
046Z3 
04986 
05263 
0S667 
0S959 
06314 
06697 
07046 
07516 
07756 
08119 
08500 
088*6 
09144 
09380 
09772 
10035 
10334 
10648 
10941 
11450 
11788 
12300 
12553 
12907 
13334 
13725 
13961 
14347 
14762 
15278 
15638 
16170 
16488 
16944 
17250 
17493 
17768 
18186 
18598 
16793 
19058 
19478 
19722 
20406 
20790 
21137 
21 566 
21921 
22346 
22692 
2305Z 
23521 
23769 
240S2 
24486 
24683 
25038 
25294 
25588 

260 09 

26354 

2B63B 

27066 

27296 

27S19 

280S5 

28337 

28674 

29236 

29727 

30101 

30432 

30846 

31265 

31907 

32273 

32683 

33025 

33276 

33694 

34303 

34661 

3SOBO 

35337 

35621 

35970 

36231 

36386 

36922 

37219 

37667 

37977 

38338 

30726 

39436 

40001 

40493 

40753 

41081 

41541 

41876 

42312 

42650 

42944 

43255 

43706 

44006 

44225 

44982 

44935 

45240 

45519 

45814 

56097 

46472 

46719 

46906 

47349 

47749 

4B159 

48652 

40672 

49071 

49365 

*9666 


00198 
00530 
00765 
010*3 
01490 
01956 
02245 
02S73 
02960 
03206 
03575 
03919 
04300 
04525 
05034 
05289 
05675 
06057 
06325 
06702 
07127 
07544 
07762 
091 29 
0B506 
08S69 
09149 
09446 
09784 
10048 
10410 
10653 
10955 
11463 
11 676 

12320 

12556 
12952 
13340 
13728 
14025 
14355 
14670 
15289 
15671 
16172 
16490 
16954 
17263 
1 7495 
17772 
18200 
18639 
1BBOB 
19052 
19479 
19789 
20426 
20791 
21153 
21585 
21963 
223*9 . 

22699 

23089 

23544 

23775 

24129 

24492 

24692 

25040 

25370 

2SS23 

26106 

26381 

26636 

27074 

27296 

27931 

28152 

28411 

28689 

29237 

29778 

30138 

30*33 

30 869 

31270 

31913 

32329 

326B9 

33028 

33320 

33703 

34417 

34694 

35103 

35388 

35629 

36039 

36238* 

36387- 

36925 

37231 - 

37690 

38009 

3B3KS 

38784 

39540 

40026 

40505 

40760 

41158 

41642 

41884 

42321 

42691 

42951 

43307 . 

43726 

44016 

44272* 

44645 

*4967 

452*5 

4ES23 

45857 

4B203 

46474 

46737 

47002 

47368 

47788 

4816B 

48566 

48930 

49073 

49300 

40769 


00244 
00550 
00767 
01087 
01545 
02018 
02326 
. 02602 
02963 
03265 
03585 
03930 
04385 
0463* 
05078 
05299 
05678 
06094 
06341 
06728 
07190 
07555 
07766 
08151 
08523 
08953 
09151 
09460 
09840 
1 0070 
10430 
10671 
11143 
11492 
11937 
12354 
12574 
12975 
13359 
13732 
14027 
14374 
14922 
15318 
15673 
16183 
16560 
18960 
17279 
17531 
17700 
18235 
18660 
1 0809 
19083 
19512 
19793 
20467 
20B30 
.21287 
21607 
22033 
22360 
22707 
23131 
23S72 
23776 
2 * 1*0 
2449* 
24597 
250*3 
25361 
25B43 
261 OB 
26380 

26657 

27081 

27313 

27570 

28168 

2B*30 

28702 

29280 

29835 

3015* 

304*2 

30887 

31*47 

31990 

32339 

32766 

33029 

33398 

33864 

3*416 
34717 
.35113 
35396 
3 5601 
36052 
36245 
364T7 
36937 
372S0 
37695 
38032 

38414 
38958 
39550 
40054 
40592 
40767 
41212 
■ 41547 
41927 
42370 
42719 
42974 
43317 
4 3751 - 
44041 
44318 
44650 
45004 
45251 
45542 

45901 

46Z11 

46479 

46738 

47062 

47385 

47803 

48275 

48709 

48949 

49080 

49473 

49803 


81511 

10090 

j85tl 

11153 

11496 

11939 

12373 

12590 

13033 

13378 

13774 

14058 

14445 

14924 

15351 

15677 

16246 

16S94 

16990 

17284 

5?m 

18340 
18664 
188*3 
191 79 
19528 
19824 
Z0S03 
20857 
212B9 
21 641 
22009 
22369 
22713 
23205 
23SS5 
23788 
24! 57 
24502 
2*730 
25079 
25426 
2566* 
2611* 
26389 

20724 

27092 

27317 

27625 

28171 

28444 

2B724 

29389 

29874 

30256 

3044* 

30094 

31613 

32003 

32345 

32001 

330*8 
33*01 
33871 
34425 
34731 
3S1 Tg 
35406 
35743 
3603® 
362*6 
36*70 
363S8 
37374 
37696 
38044 
38*22 
39028 
39563 
40097 

*0594 

*0771 

41279 , 

41549 

41971 

88411 

4 2742 

*2984 

43318 

43801 

44075 

44823 

44653 

45026 

45256 

45551 

45922 

46221 

46480 

46739 

47120 

474QB 

47826 

48292 

48716 

46957 

49089 

49460 

49B34 


00257 
00566 
00810 
01185 
0167* 
02090 
02360 
02621 
03000 
032BB 
0S617 
03943 
04466 
04775 
05094 
05331 
057Z7 
06132 
06560 
06739 
07214 
075B4 
07790 
08172 
03554 
03013 
09177 
09479 
09304 
10116 
10471 
10693 
11196 
11506 
11958 
12437 
12593 
13166 
13394 
13779 
"14002 
14453 
14955 
15397 
15707 
16284 
16623 
17001 
17335 
17570 
17869 
18357 
18672 
18847 
19203 
19541 
19838 
20542 
20874 
21300 
21 879 
22118 
22445 
22792 
23208 
23616 
23797 
24169 
24308 
24737 
250 BE 
25469 
25679 
281 30 
26398 
26734 
27117 
27346 
27832 
28231 
28448 
28801 
29501 
29959 
30279 
SOS92 
31028 
31 549 
32048 
32362 
32817 
33121 
33507 
33922 
34447 
34732 
35137 
35432 
357BO 
36071 
36275 
36490 
37004 
37410 
37714 
38DSB 
38507 
39052 
39564 
40273 
*0602 
*0876 

4131 Z 
41639 
41992 
42456 
42749 
42987 
43325 
4X826 
44063 
44340 
44665 
45064 
45283 

45613 

•45952 

46278 

48487 

46751 

47129 

47449 

47BS4 

.48299 

48731 

48958 

49096 

49511 

49860 


00285 
006X8 
00627 
•01 1 W9 
0TG82 
02091 
02380 
02639 
03012 
03307 
03641 
04002 
04489 
04791 
*05099 
05377 
05728 
06142 
06567 
06786 
07220 
07598 
07863 
08191 
06565 
09023 
09183 
09523 
099TJ 
10166 
10500 
10714 
11209 
11548 
12087 
12439 
12627 
13177 
13407 
13793 
14130 
1456S 
. 1 5052 
15402 
15787 
16291 
16658 
17041 
17398 
1 7583 
17879 
18415 
18699 
18905 
192IO 
19575 
19851 
20577 
20888 
21342 
21711 
22223 
22459 
22B53 

23229 

23651 

23867 

24179 

24522 

247*0 

25098 

25500 

25703 

2615a 
26401 
26790 
27158 
27373 
27713 
28248 
2B474 
Z8BI0 
29545 
29972 
30283 
30S19 
310*4 
31 597 
32106 
32473 
32820 
33124 
33510 
34004 
34483 
34736 
35147 
35*48 
35765 
36073 
36302 
36504 
37025 
37421 
37731 
38041 

38525 

39085 

39618 

40277 

40618 

40884 

41336 

41687 

*2024 

42481 

42763 

*3020 

43423 

43638 

44092 

44365 

44672 

45069 

45295 

4S672 

45976 

46328 

46513 

46784 

47147 

475B7 

47884 

48326 

4B74B 

48980 

49107 

49514 

49886 


00843 

01267 

01744 

0213S 

02384 

02664 

0S071 

03380 

03674 

04021 

04522 

Iff* 1 


-8» 


>118 
05521 
05730 
06174 
06583 
06848 
07262 
07607 
07867 
08238 
08638 
090Z5 
09206 
09565 
099Z6 
10169 
10542 
10776 
1 1250 
11596 
12120 
12454 
12655 
13163 
13490 
13B4Z 
14162 
14595 
15054 

TS442 

1 5808 

16292 

16717 

17084 

174T1 

17587 
17900 
1B431 
18715 
18945 
19286 
19577 
19908 
20608 
20923 
21345 
21728 
22264 
22526 
22E57 
23329 
2X665 
23920 
24224 
24544 
24767 
2S1D3 
25505 
25891 
26215 
26422 
Z6792 
27166 
27380 
27717 
28249 
28518 
28850 
29558 
29997 
30306 
30730 
31128 
31709 
32185 
32559 
32677 
33170 
33534 
34030 
34519 
34839 
351 ao 
35516 
35778 
36080 
36304 
35507 
37047 
37431 
37896 
38 104 
36502 
39097 
39631 
40302 
40625 
*0915 
41351 
*169* 
42025 
42530 
42764 
43100 
43437 
4385* 
44094 
44285 
44685 
45064 
*5296 
45761 
45996 
45371 
46570 
46795 
47152 
47601 
47924 
48399 
48787 
48962 
49114 
49523 
49904 




16- 

138 

□9256 

09598 

09951 

10173 

10797 

1 1 507 

11695 

12125 

12462 

12671 

13195 

13500 

13652 

1420* 

14597 

15058 

1 5452 

15883 

16S2S 

16729 

17091 

17428 

17636 

17912 

18*53 

18717 

18972 

19318 

19648 

19967 

20615 

20981 

21348 

21736 

22266 

22544 

229S4 

23395 

23697 

23981 

24234 

24560 

2*770 
251 28 
25542 
2S91Z 
26224 
26504 
269*2 
27176 
27*10 
27762 
28254 
20522 
28892 
295 86 
30019 
30314 
3074* 
31129 
31737 
32199 
32595 

32367 

33194 

33538 

34131 

34543 

34877 

35299 

35549 

357 H7 

36087 

36307 

36712 

37159 

37445 

37922 

381 ZB 

30590 

39172 

39671 

40308 

40626 

409 B2 

41360 

41755 

4S093 

47561 

42918 

431J5 

43499 

43673 

44099 

44392 * 

44705 

45139 

45365 

45768 

46013 

46X85 

46584 

46799 

47206 

47607 

47949 

48*05 

*8640 

48986 

49135 

49526 

49917 


<Sfl 

1 0567 
10847 
11329 
1170 
121 ? 
12489 
12680 
13234 
13539 
13B68 
14257 
14692 
15091 
15476 
15930 
1 8353 
16852 
17186 
17433 
17679 
17960 
18475 
1872B 
18973 
19410 
19672 
20013 
20626 
20983 
21359 
■21824 
22279 
22562 
22981 
23412 
23708 
Z398Z 
24259 
24567 
24799 
25213 
2SSSS 
25946 
26249 
26512 
26953 
27206 
27464 
27774 
28257 
28573 
2B925 
29600 
30058 
30319 
30770 
31 131 
31762 
32223 
32601 
32995 
33215 
33566 
3*194 
34578 
34892 
35302 
35562 
35064 
35101 
36320 
36824 
37172 
37454 
37929 
28193 

339 

39732 
40344 
40629 
41DZ9 
41391 
4175B 
42110 
42595 
42819 
43154 
43539 
43076 
441 12 
44458 
44705 
*5146 
453B5 
45773 
46018 
4641 Z 
40625 
46S4B 
47231 
47629 
46012 
48*77 
46843 
49004 
49147 
49549 


-ffsaa s icilm'ss “™* tsa; n s? ’=■ 
FssF gsfc'vsLs wjvssosfjx s aaaarshSsF^* 

and “Trender at tbp eouoo« S B ^ r , E^ B £S 


IS. 1978. WIK 


Milan and RomoT 

mM noon 


.The 

tttww 


1 Jf 1 ^hwj I * 6 f g iven tniti from and atter the I5tt day of April. 19TB tntiw.tr «_ . 

to be sb redeemed shall <*« M and coupons tor interest to bectm after such date slMU &com^nd ^ 


Montreal 

15th March, -1978 


_ ALUMINUM COMPANY OF CANADA. I imitea 
•nr- Claude Aubtn Secretary «-a«aua, LIMITED 























‘‘■ iETIRlNG'DtREiCTOR ■ ‘ • - INSrTnunONAL'INVESTMD^ 

- At our. annual general meeting last year Mr Ifii Htman, W-S.. was one 'of : The “Wilson” Committee, whose terns of inference include the review of 

re directors -who retired by rotation, but- who. Toy reasensof age, did not seek .a^iigements for c h a nne l lin g savings by the financial institutions into industry and 

.‘-election. Mr Pitman joined theBoard in 1 948.arid wi& Obaionanfrom: .1963 to . '.trade, has. been hearing evidence during a Iargepartof last year. Representative* ' 
;966rHe.was the togd inedba cfa 'family m ^tandarrl i jfc extended' . ' oftoe insurance hxiustry submifted.oarpriirraryevjdencein June of last ym and 

(most qribroken ova thepast rnnpiy y ^wnt . He hrra tg ht tp tair meeting* wjy rt ymsdUf • ' . the-second stagee videnceis even now in courserfipresentatioE. 
ansidet^ble financial and w*r y*fn\ qe pq iHB^ and fl K p w* fljL. mthmiasm p w^a •. All the evidence submitted to date, and not only that from the insurance . 

[ humour. We shall miss ins contributions to our discussions and we wish him well • 'industry, strongly suggeststhat there has been no lack of institutional support for 
this retirement. , industrial investment. Lack of demand, rather than lack of supply of finance has been 




thisretiremenL industrial investment. Lack of demand, rather than lack of supply of finance has been 

\ the main reason for the low levels which have so inhibited growth in this country. 

TIE ECONOMICSmjATION " vr^‘ : . • • Indeed oneraight go further. Life assurance companies in Britain are generally 

In a speech to the National Gonferem* of Ubon^Womeri the Secretary- of , 

Sate for Economic -ASais had a cheering message forBS. He forecast “Hie pace T^oningrednctonmaa be madein anotberjthey cannot mvat naxe than 

. f theprices spiral has been stopped. The incfatrfidailprices. from February : £? “* ^^yanBjorsdorcerfw^ly of kag-tam Government. 

owards, will indicate that dm Government had steadfecTlbe spiral and bad brought ' fe*** andfte Govanment; a. we have seen m lfaepast two or toee years, can make- 

t, to some extent, under control. Wages and salaries gorng op to trv to keep tfe/emsccwh^ ,t i. prepared tobonow ao altragve aS TOtnally to preempt most - 

race with prices, and «tcb#as following the other. 1 ' Tint Government, he said, of ^vaiW^for mve*nem- tB lack.of demand, coupled w* ; 

tould take steps through itspaces and incomes poliQr to “stop, or slow down " ivl.4, . investment. ... . 

V i»». . ala r . . .■ '. ’■ i ■ i he use to which- the oovemracnt puts-thfrJmge sums it borrows annually is 

. . : • v ' T-- /■" i. • *' •• j tt' ‘ prinuufly its conceim, and not that of the insutumx^wKo supply so tee a parted 

SP ^' raised, it may be that hi considered to:be in ihebest inters of the 

»as IQto Maftto 1%5. ft l&rwt toe orny item ra toe issu^oNie newspaper which - • - ” , « « £ . . • . ..: • ■ L - , , 

7 -- ... * -, r K . country as a= whole ror money to be invested inprojects which are considered to be . 

ould almost be a contemporaneous record — therein even, the news that toe stokers ~. , - , . u .... . ... . 

.. . . , . tv^T3' i j •!_. ry,- £ . , socially desirable rather than remunerative. Une may not agree with me otltena on 

A^jvorks m Snnmgham hadvoteimrrsume wo#. Tim setee of mnek^ w ^ 5uch mde but one cannot atgneagainst the nghtof Govoments ■ “ 

ioes not. however, sumveeven the briefest perusal or the advertisements, and the , . lL tt. - l u rTcr 7^ j. r* . 

j . . r io£c r - 1 ' j j. L .■ . r to make them, there is, however, a world or. dnierence between the Government 

, mentioned m them. in. 1 703, tor example, you could buv twenty pounds or , . . . ... j t 

■ u f ■ >u ■ - - ■ " 1 07 « f -j borrowing money on commeraai terms and using rt m this wav. and the proposition 


loes not. however, survive even the briefest penisal of advertisements, and the 
, mentioned in them. In. 1 965, for example, you could buy twenty pounds of 


sh seed pmatoM.forlhe puce ^oted m 1 978^^. drat the institutional mvestora should direcdy makt money available to itSy < 

^ ^ Go' “^ - - Utespective of the likely return on it, investment, fethe lira,, place, tire risbTlrfes 

..their best to bring order to chaos, but because it is msfaictive to drawf the , =»• iji--. .r-ra ' i • l-i • -.l s ’ j-.- 1 ' 

... : - ■ • •• •■■■■■ s- . .i i .■ 9n*hnmp ac fhPT/ shntnrt hv fhp tav-navpr«ac D.wnn urh.lo in.thA «>mnH it <c ■ 


uieir oesL io ujuCTiouaaw), jjui ucutuicifjajittmiGuvc iu urdwfujc • . _ .1 .»• jj. •••. - ' ll . i - l-i ■ -.L J 1 - . 

i ’-l '■ a j ■■ : . r r i. y »• are borne, as they should be, by the taxpayers as a- whole while in the second it is 

1 wuh our the cost of unpopular ofnff mrampkrymeut . ^ ]o£M ^ ^ ^ ^ ^ ^ oT ^ which - . 

a reduction m reaistandardsofhviiTg the.Moyemmai^ has>;onior us a \ y - . • .vV-^ 1 ; , 

on^«^n^et would Irastidx 

which could be to no one's advantage. 


i a reduction in real?tomk^of the.Qpj^rpmoithapvon for us a 

from the horrifying andrisingtatesofinflatimi frc^whitji we hadtoo lot^ 
uffered- Bullet us bedearthat the battle isstill-to be won; tiie advance -of the 
Tsidious enemy has been chafed but noU'as-yet, ieversecL We ha\ enot T vet retiimed 
d the levels which- were cansing Mr &own such concern in 1 965 and experience 
lust srirely have taught us by now that the idea tfet' we can live with, and control, 
ifiatioii, even at what we should noW think pf a| a gentle-rate, isn chimera . 

Tie effortswhich have been made in the past two years have beeF great and Hfive 
eserved the. success they have won. But if the aiding of the. present phase of die : 
ay policy is to be accompanied by a scramble to make good the losses in which, ’ 

> their credit. the Trades Unionsbave acquiesced m the national interest; these ; : 1 
icrifices wiB have been in vain. Surely by now we must be learning that we- 
annot survive, as a'tracfing nation, if we try toachkve a spunoos standard pf lirim^ 
y spendingmore than we earn andbbnoMi^ thejest. - • i -./ ; * 

TdE LIFE ASSURANCE YEAR • i-' : 


insurance 


PENSIONS BUSINESS -‘ ' 

. Some of . the difficulties and frnstrations mentioned last year by my 
- predecessor, Mr Risk, have been happily resolved though others remain- The limits 
imposed by the pay policy bn permissible improvements to occuparional pension 
v schemes have been lifted and we are already experiencing the benefits. The finaL •• 

: arrangements for contracting-out frbm die new State Penaon Scheme were Settled 
more satisfactorily than at one stage'appeared possible and we may permit \ 
ourselves a modest satisfaction at our contribution to the achievement of this end. . .. 
We are well ahead with the work involved in meeting the deadline of April 1 978. 
We have always prided ourselves on die standards of oar pension fund documentation 
and our experience to date of the contracting-out proces has-affordedWelcome — - ■ 
corroboration that this is no mere emptyhoast. It may IxTof interest to mention that 
approximately three-quarters of the .schemes- we administer haye decided in favour t m . 


idustry. in general has experienced a check to the progress ithad come toregaird as • contracting-out. At the end of Janaaiy the Occupational Pennons Board 
(most inevitable. More business, whether measured by premiirinmcome.or by. indicated that they expectedfrom the whole country about .15,000 applical 

enefits secured, has been wfttetfbnt the mcreaseis less than wfe have been to contract out and that they had by then issued only 1,500 caatracting-out 1 

ccustomed to and has nOt kept pace with inflation: Standard Life’s figures reflect certificates, that is, a teeth cf the total. By the same datbcOTficafes had been issued fee 

re general trend though ft is to the aedrt of aB our staff that we have done better as many as three out often of die schemes we administer- \ was striksrigpreof too ^ 

ian the average. There woe signs of growing confidence towards the end of our the efficacy of our preparations that two out of die first fivecaitracting-our certificates ; 

nancial year and it may be that rates of growth will once moreaccelerate. issued wait to scheme, imder-ouradmimstration. Our staff are to becongratnlated ■" : 

New bi^Qess apart, tins has been a qirieter. year in ^nerai vdrichbasL^ven rai die way they have responded totius heavy challenge, 

s a welcoraeopportunity to continue and consolidate the devekjyhentairi our^ CANADA - - • 1 . ‘ 

ata-processing systems, afteatfympwtitotoortadrancedm the eountiy: — — — r ; ; . - . Vv' i 

Efficiency and servicsl to pdicvhokters have been mproved'andy« weare now The past year his^een Canada faced wito nsingrattB^loynKiir, political 

andling a greatly increased volume of business with a smaller number ofstaff than constraints and the economic consequences of the three year prices and incomes . 

e employed™ 1 970. Unfortunately next vear some of these efforts will perforce plan introduced to combat inflation. In these conditions ft is satisfactory to be able - 

e diverted tothe less productive task of coping with the changes™ the methods to report that our new business figures not merely set new.recordsbut showed a 

vwluch Life AssuimKre Premium relief is to be ^granted. v-- markedly higher rate ofgrowth thanfcat ported by theindurtrygenerally; • 

; 'When the life offices first agto6d to'tibe suggestions of diettid Revenue;* . dt is not easy to forecast what 1 978 may bring forth. Diindg rise springs rtartwil. _ 

•as iii circnmstances very ifffflentfem those ofthe.present cfey and events have : "he inade in dismantfing thecqntrolwn^osed by the r^uLlkps pf-Ae AntidnS^oo 

lorelhan justified the 'doubts which wereoriginally expressed-iOritiie whole, : : ;Board. Fiscal changes;.aheady announced, may be expected to stimufete^e- i - J : : 

oweyer, the Soods tf legislationwHch had threatened toei^uif ihe lifea&urance economy and from this point of view there are grounds f^caja^ous^ optimism. ■ 

idustry seem, at least for the moment; to be on the dab- Scane of The more ■ Against that hpwever there are the fears that these very measures may mcre^e ■ ' - 

jntentious measures may, alas, have been postponed rather than abandoned but existing inflationary tendencies, and, with the consumer price index' already rismg ■ . 

iere is still quite enough going on for the respite to.be welcome! What js . v -avjust unda-9% per annum, the dangers are obvious. The sitoation m QQdjec . . 

“rhaps less satisfactory is the continued dekty m^producingffielUgulabons and thefutureof that province leave another question mark Itahging over the seme,; c 

hich will govern How our liabilities are tribe valued. I do not expect tlat weshall It wori^ be injudicious for aaouisider to comment on.domestjcp(^tia, .. .. 


ian the average. Thae woe signs of growing confidence towards the end of our 
nancial year and it may be that rates of growth will once moreaccelerate. 

New bimoess apart, te has been a quieter. year in ^neralwlrich W^ven 
s a weicomeopportunity to continue and consolidate the devek^miente in our^ 
ata -processing systems, already ancmg dfe most advanced in the country. 
Efficiency and service to policy holders have been improved and yet we are n Dw- 
indling a greatly increased, volume of business wttii a smaller number of staff than 
e employed™ 1 970. Unfortunately next vear some of these efforte will perforce 
e diverted to the less productive task of coping with the changes™ the methods 
v which Life Assurance Premium relief is to be granted. . '. V • ; 


n certainty m mis neiais not aesirapie. i neounannes oi re^anaung pie very, 
iffaent vie\vs held in some European countries with the gre^terfreedom we have 
adib'crially enjoyed in Britain is enormous arid I wish our representatives in 
riissels all success in def aiding the British point of view. . “ 


i^rangm. Indeed current experiences in Scotland may make It easier for os to 
sympathise with our friends in Canada than if we had never ourselves had to 
consider the ixobleras ef conducting a nation-wide buaness from a Head Office- * - r 
sited in a country where highly developed nationalistic ambitions are emerging ever 


more strongly. But while not denying this natural sympathy it is fair to say that one 
feature in Canada which does cause us concern is toe question of the new laws making 
French the official language of Quebec. Regulations have yet to be published 
dealing with toe application of these laws to Head Offices of international organisations 
like. Standard Life whose clientele is predominantly English speaking. It is to be 
hoped that a nxxhs ifieodi- may. yet be found. Strong as are the ties of sentiment 
which bind us to Montreal, the efficiency of the whole of our Canadian operations 
must be our. primary concern. 

I cannot close tins section without a brief reference to toe retirement from the 
Canadian Board of Mr W.A. Arbuckle. 'When he demitted office as its Chairman 
tribute was paid by my predecssor to the services he gave to us in Edinburgh as a 
-member of our noun Board. Now that he has reached retirement age, and has 
therefore had to sever his connection with tire company, I gladly endorse what 
Mr Risk said, and add my own thanks for the even greater work Mr Arbuckle did 
for Standard Life in Canada, • 

DEVOLUTION 

At the time of writing it is not dear in precisely what form the Scotland Bill, 
which is now ploughing rts-wearywayth rough Westminster, will emerge from 
. Parliament. From. Edinburgh it is hard to escape a feeling that there is a degree of 
unreality in toe proceedings. It is .rather as if toe Southern view was almost that this 
Was virtually an academic exercise which could have no practical result. I believe 
this.to be a dangerous illusion. I fear that, as toe proposals now stand, the Bill 
carries within itself the seeds of the disruption of toe United Kingdom, and that this 
would not be to the advantage of any of the partners in that union. Greater control 
of Scottish affairs and better government can surely be achieved without incurring 
the risk of a clash of opinion between an Assembly in Edinburgh and Parliament 
in Westminster from which issuescould-arise which would be likely to be decided 
more on emotional than on rational grounds.' 

VALUATION RESULTS 

1 77 . ~TKe M ufrates of interest yielded byllxed mtaest Investments and further^ 
recoveries in hnt h th e property market and in toe prices of equity shares have 
contributed to a very large increase in the excess of the market value of our assets 
ova toe figure at which they have been included in our funds. To toe extent that 
increased values are matched by corresponding increases in the income produced 
by toe investments concerned we may regard the gain as real. Otherwise it is no more 
a cause for elation than the dgumation which our investments suffered in 1 974 was a 
cause for depression. In that year we wrote down our funds by £250m. and in the 
following year, we partially reversed this. It now' seems appropriate to complete the 
process. We normally seek a certain stability in the value placed on our funds leaving 
fluctuations from, year to year to be reflected in the size of our investment reserve. 

It is surely legitimate to hope that current conditions are more “normal” than those of 
1974 and this is. toe main reason why we have taken toe present step. Even allowing 
for this, toe yield shown on the written up funds is virtually the same as in 1976. 

... The main basis of the valuation of our liabilities has been unchanged. It was a 
strong basis in 1 976; it is stronger today. We have good grounds for confidence in 
facing tire future despite doubts about future levels of inflation. We have therefore 
. felt it right to increase both our reversionary and our special bonus rates..Our policies 
have long had a weB deserved reputation for excellence and I am confident that this 
declaration wiB keep us inthefordroat. But it is precisely this reputation which makes 
it pnidentfor me to sound a warning note. We have gone through a period when rising 
prefits, rents, and yields on fixed interest investment, have all contributed lo surplus on 
. a scale which, even a few years ago, would have bear considered as quite exceptional. 

: As k result we have grown used to rates ofbemus which have moved in one direction 
only, .that is upwards,and we are perhaps in danger, of forgetting that if results in 
-futureare to be as good as they are now we must continue to earn profits at these 
Ievels.1 have no doubt whateveTof toe ability of Standard Life to make the most 
of whatever conditions the future may hold. Where I part company from some 
financial commentators and advisers is in their optimistic assumption that the present 
favourable conditions are bound to continue unchanged in future. 

'STAFF • 

_■ ’ - • During toe year there were two retirements to which I should like to refer. 

. Arthur Stepney retired as Assistant General Manager (Life), after Last year’s Annual 
: General Meeting , having saved the Company for forty -seven years. For nearly . 
twenty years of that time he was closely associated with new business matters and 
the results of his efforts are reflected in the record figures produced each year. 

E.G. Wedgwood who joined- toe Company in 1 935 also retired. He was toe first 
Regional Manager of toe Midland Region in 1 973 in Birmingham and had much to 
do with.the succesfitoestablitoraent of a Regional Office there. We wish them 
both a long and happy retirement. 

.Earn year our business grows not mendy in size but in complexity' and it is a 
tribute to the quality of our staff throughout the whole Company that without 
- expansion is their numbers they have been able to maintain toe high standards of 
service om members have come to expect Both on personal grounds,_and on behalf 
of the Board and those whom it represents, I should like to express our very sincere 
thanks to Mr Dcmaldandall^ur staff ‘for their work in what has been another 
successful yeak \ 



5 assurance company in me . 

Head0ffice:3Geoige StreetjEdiiim^L 







WHEN IT COMES 
TO PENSIONS, WHAT 
MAKES YOU THINK 
YOU’RE SO SPECIAL? 

Tell us— and we’ll tell you which of our 
pension plans, the Adaptable Personal Pension 
Policy or the DEK Plan, will work best in your 
special circumstances. 

For instance, are you self-employed or 
working in a non-pensionable job? If so, you're 
well-advised to look after your own retirement 
with an Adaptable Personal Pension plan. Each 
plan is tailor-made to your individual requirements, 
and you may invest up to £3,000 a year in it, with 
tax relief at the highest rate you pay. 

On the other hand if you’re an employer 
wishing to provide pension and life assurance 
benefits for your special people-Kjur DEK Plan is 
especially designed for DIRECTORS, 

EXECUTIVES, and KEY employees. Use it as the 
sole benefit scheme or as a supplementto 
existing benefits— either way it is an extremefy 
tax-efficient arrangement. 

Both the'Adaptable Personal Pension Policy 
and the DEK Plan deal with individual circum- 
stances. If you're just that little bit special, post 
the coupon and we'll send you the details. Or ask 
your broker. 

— — — — 

I 


To: FS Assurance. 190 West GeomeStreK. 

Glasgow G2 2PA. Telephone MI-332 6462. 

Please send, with out oMiga fion, full details of yoW 
Adaptable Personal Pension Policy /DEK Plan. 

CAPITAL 1 ? PLEAEEi 

: rtWiVr ‘Mrs •" Mw) 

FjiPo?ra:4d*«i 


CdHijiE"? 




NEWS ANALYSIS - EXTEL BOND RATING 

A brave decision 


ASSURANCE LIMITED 

Over 75 years of Scottish Experience I 

190 West George Street Glasgow G2 2PA ' 1 
Telephone 041-332 6462 

Cwifon. Fd/nbun^ti. § 

&as>iour Leeds Uanheshfr.SouthxmBto-i, ' 


Until now. the ratine of the 
quality of bond Issues hardly 
happened outside the Up- 
market However, the move by 
Eire I to introduce a service “in 
the UK is part of a wider trend 
taking place in a number of 
countries. In Japan,* Nihon 
Keizai, the leading economic 
newspaper, has recently intro- 
duced a bond rating service, and 
bond ratings are also now being 
carried out in Canada. There are 
moves afoot in other countries 
too. 

In Britain the situation is 
complicated because the bond 
market has traditionally played 
a less important role than in 
some other countries, notably 
the U.S. But in tiie U.S.. although 
the bond rating agencies have 
come under fire for misleading 
investors in certain instances, 
the practice of bond rating is 
intrinsic to the whole bond 
market. The attitude towards the 
U.S. rating agencies — the two 
main ones are Moody's and 
Standard and Poors— is , sum- 
marised in the title to an article 
once printed about them in 
Forbes Magazine: " The men who 
make corporate treasurers 
tremble.” 

Extel's decision to get into' this 
business in the U.K looks brave 
since the market in U.K domestic 
loan stocks has been contracting 
over the past five years. In 1973 
the nominal amount outstanding 
reached a peak of £7bn. and since 
then has gradually sunk back to 
£6-6bn. Taking inflation into 
account and the fall in market 
values, this contraction has been 
dramatic. 

For those operating in the 
market the loss of business has 


* BY MARY CAM PRB 1 

been even worse. Not onJv are 
new issues very rare but most 
of the old stocks' are . now in the 
firm hands of pension funds and 
-insurance companies, so there is 
very little dealing. 'Hie turnover 
last year was only £2.4bn. com- 
pared with £14*j.7bn. for gilts. 
And this was despite the excep- 
tional boost to activity given by 
the GEC issue of. variable rate 
stock. Last month loan stocks 
accounted for only I per cent, 
of stock exchange turnover. 

Since 1973 the tendency has 
been for major companies to 
make early repayment oF exist- 
ing stocks rather than issue new 
ones, either to avoid the restric- 
tions of trust deeds or to improve 
the look of balance sheets- 

In these circumstances the 
value which analysts may 
attach to the new rating service 
could be less than in some other 
countries. 

Extel's scheme is organised on 
a rather different basis from 

that in the UK TLS, agencies 

rate each issue individually 
when it is announced, and charge 
the company concerned a fee for 
the privilege. They also base 
their ratings to some extent on 
unpublished data. The ratings 
are changed from time to time as 
the agency thinks fit. 

Extel ratings will be from A 
(topi to E (bottom) and will con- 
sist of two parts : a rating for 
the company, based on its size 
and the extent-of its gearing, and 
a rating for the individual bond 
issue based on its rank on the 
pecking order should the com- 
pany by chance go bust at any 
stage during the .life of the issue. 
Thus for. example Canning Town 


Glass’ 12 per cent debenture for 
which the final maturity is 1S96 
is rated “EA,” “E” beta* the 
rating of the company and *A" 
the rating of the security. 

In these circumstances, the 
valne which analysits may 
attach to the new rating service 
could be les-sthan in some other 
countries. 

Extel's scheme is organised on 
a rather different basis from that 
in the U.S. U.S. agencies rate 
each issue individaally- when it 
is announced and charge the 
company concerned a fee for the 
privilege. They also base their 
ratings to some extent on unpub- 
lished data. . The ratings are 
changed from time to time. as the 
agency thinks fits. 

By comparison with the 
approach of the UJS. agencies 
the Extel approach to rating has 
been much more formula joased. 
Extel calls this an “objective 
formula'’ but Dun and Brad- 
street reflected the different 
approach of ' its. colleague. 
Moody ’5. when it claimed yester- 
day that it needs more than a 
formula to provide a satisfactory 
rating. The formula approach, 
it feels, fails to give sufficient 
weight to environmental, pol> 
tical and economic factors — 
whether, for example, a market 
is expanding or contracting. 

However Dun and 'Bradsfreet 
does not rule out the possibility 
of itself starting- to rate British 
companies, although any such 
development "Would- be - likely to 
result from the introduction by 
the Moody’s group of a wider in- 
ternational rating service of 
which UK bonds would be only 
oae part. • 


Scot. Western 
Investment 

At present Scottish Western In- 
vestment Company is not in creas- 
ing! ts proportion of' investment 
in tbe UK. and the directors 
continue to feel that their sub- 
stantial Investment in the U.S. 
will prove rewarding. Mr. J. A. 
Lumsden; the chairman, tells 
members. 

Some £470.000 was added to 
U.S. equity holdings, during 1977 


and the directors are continuing 
to make further .additions for' 
which purpose US$3m. was bor- 
rowed in November, from a bank 
for two years. 

On the basis of market values 
the percentage of equity invest- 
ments in the UK rose from 31.22 
to 41.05 during 1977, whke in LSe 
UK Including the premium, it 
fell to 36.13 (39.26y and in Japan 
!to IL87 (15.79). 

These changes were not caused 
by any transfer of funds into U.K. 
equities but were due to the 
strong performance of the U.K. 


market as opposed to the dis- 
appointing performance of tbe 
overseas markets. * 

In fact in addition ; to the extra 
UK investment £420000 was in- 
vested in Brazil. There were net 
reductions in the UK of £550.1X10. 
in Japan and Asia .of £650.000 and 
in Australia of £430.000. The com- 
pany's holding of UK Govern- 
ment stocks were Increased by 
more than £I.l$m. 

Meeting, Glasgow,'- on April 3, 
at 11 am. 


BIDS AND DEALS 


FINANCIAL Tiaras WEDNESDAY "MARCH 15 1ST* 


Johnson-Richards 

holders intervene 


A group, of major shareholder* 
in H. R. Johnson-Richards Tiles, 
together representing 25 per cent. 
at the equity, have taken the 
■highly unusual step of asking 
teat the Board “give the moat 
careful consideration" to the take- 
over approach made to the com- 
pany by' Hepworth Ceramic "orr 
Monday. They also urge tint 
shareholders should be given the 
opportunity, to consider any offer 
of. " not less than i25p a share." 
This compares with a price prior 
to Monday's announcement of 
£4p and a closing level last night 
of 115p. r . 

■ ■ The group, which indudes 
London Brick and a number of 
other “principal family groups," 
has . made this request through 
a letter delivered: to S. G. War- 
bore, jbhnson-TCcbards* financial 
advisers. 

The letter states that "while 
it is 'hoped that it may be possible 
for- - tiie two Boards to -agree' 
terms, they fully- recognise that, 
tbe Johnson-Richards’ directors 
may fed unable to recommend, 
any price put forward by Hep- 
wnrth." It calls on the Board 
hot to seek to frnstarte any bid, 
other than by. giving detailed 
reasons for its possible rejections. 
In this way, the group states, “the 
Board would have fulfilled Its 
primary duty to act. in tbe test 


Power’s directors, owning 42 per 
cent of the equity, were holding 
out for a price of $la per share, 
equivalent to £4.7m. for the whole 
company. The share* had 
recently been chMim bands in 
"over the counter deals at 54 
per-share. 


Mr H S. Kalms has CMsed-tp,- 
to interested in SSM99 share**- 
Mr 1* Katins has disposed of a . 
non beneficial 1 were# in 845.4a- 
sbares. 

Amalgamated Stores: Inter- 

European Import esorriwd, on 
March S. an option to purehasa, 
Im. Ordinary shares . (6J* per- 
cent.) Leonard Pndl ipj « tte>- 
s-ame date disposed of Im. to*, 
inter European Import. Mr. 
Phillips’ interest is now £35m. 
shares tl.T ST per cent.). 


Eiger on Marco I soia iwj.qbq_ 
of his IH0.62J 12 per cent eon* 
cum. participating preferred re- 
deemablc shares. 


DCM AND FLAIR 
TO EXTEND 

SALES AGREEMENT 

Fotewing the b. chaIlfle wares: Mr. Joseph 

Products in the U.S., discussions 
are taking place to extend l no 

contract with Hair-Toys, asuj- 
ridiary o£ Berwick Tlmpo, for the 
marketing of Aurora products m 
the UK The present Flair agree- 
ment runs until December 3- 
1919, and is on the basis of JO 
per cent, of net sales. 

■ Both companies are keen to 
ensure that the present 

marketing pattern should not on 

disturbed. 


interests 0. 
whole.” 


shareholders as 2. 


What does 
Grindlays bank on? 


The Grindlays Bank Group has come a long way from its beginnings 
in the 19th Century. In 1978 we are a major international bank 
-a world leader in certain areas -but we work hard 
to preserve the traditions that put us where we are today. 
Although the Group is now represented and active all 
around the world, we have not forgotten that it is people who 
Lkejpur business: our own specialists and managers in heat 
inches working alongside other people -our cuj 
success of this team effort can be seen 
iples of the Group’s 
They are tn@resuit 
That is what Gi 




THE GROUP PROVIDES BANKING 
FACILITIES FOR 71 OF THE U.K. 

TOP 100 INDUSTRIAL COMPANIES 
SOMEWHERE IN THE WORLD. 

Two of our corporate banking team in 
London discuss tbe financing of a project 
in the Middle East with the Finance 
Director of a leading British contracting 
company. 


THE GROUP ACTIVELY PROMOTES 
BRITISH EXPORTS THROUGH 
ECGD DOLLAR BUYER CREDITS 
We have arranged ECGD export 
finance facilities for British equipment to 
customers . in over 55 countries. 


THE GROUPS TREASURY DIVISION 
COVERS Ait FOREIGN EXCHANGE 
AND MONEY MARKET ACTIVITIES. 

Our foreign exchange dealing room is 
one of London's most active in the major 
currencies and also provides quotations 
in up to 40 other currencies. The Treasury 
is also active in the eurocurrency and 
sterling inter-bank markets and in 
particular offers a service in a wide 
range of money market instruments. 



23 Fenchurcb Street, LondonJ^C3P 3ED 


Northern foods 

ANDr SHIPSTONE . 

Shareholders in James- -Ship- 
stone, the Nottingham brewers, 
have recived a letter from Mr.- 
Nfcholas Horsley, chairman of 
Northern Foods, urging them- to 

accepr his company's takeover 
bid. which was rejected by the. 
Shipstone Board last week as 
being “wholly inadequate." 

Mr. Hdrsley argues . that tte’ 
Northern Foods offer, which 
expires on March 17. represents 
a premium of over 71 per cent 
on- the last recorded Shipstone 
share price. He criticises the 
Ships tone defence on the basis 
that .no details accompanied -the 
forecast of “ record profits for 
1977” or of the revaluation which 
is expected to result In M a vast 
increase in the value of your 
companies properties.” ~ 

Mr. Horsely also accuses the 
Shipstone Board of ignoring, his 
argument that accepting share- 
holders would be exchanging a 
holding in a security with “very 
limited marketability for cash and 
new . Northern shares which are 
readily marketable." 

pn the. other side. Kleinwort 
Benson, .acting for Shipstone, has 
sent out * telegram to the com- 
pany’s 7S6 outside shareholders,' 
stating: "A number of share- 
holders have inquired as to the 
valpt that would be placed upon 
their shares in. the absence of any ^ 
bid. -Your, directors have received 
tflrday a tetter from the auditors, 
Messrs. Hubbatt Du rose and Pain. 
In which' they certify that even 
in the- absence of any bid. with 
existing restrictions on transfer 
remaining unaltered and on the 
basis Of the intended dividend 
policy of Shipstone. they would 
place a value on your shares 
of 280-282P”. The telegram goes 
on' to say: “How can. Northern 
Foods -therefore expect you to 
sell your shares at a price which 
is virtually no higher., when 
account is taken of the dividend 
you would have to give up and 
hlrich confers no significant 
premium, for the surrender of 
control of your company.” 

A spokesman for Sh ; J>stone's 
financial advisers confirmed last 
night tost tbe auditors’ valuation 
did not take into account any 
surplus that may arise out of the 
property revaluation. 

BL A KEY’S 

A. letter sent out to shareholders 
of Blakey's '(Malleable Castings) 
on. behalf of Centre way, which is 

making a contested take-over bid 
for the company, casts doubts on 
the .** maintainability of the 
present level of profits of the 
company,” and Also of the divi- 
dend. ' 

Tbe letter says that Mr. A. J, 
Cross .and Mr. R. W. Stohe, two 
directors of Blakey's. who are also 
directors of Ceiitreway. "consider 
that based on their experience of 
the affairs fcf Blakey’s, the’ pay- 
ment of so high a dividend could 
be imprudent in view of their 
understanding of future capital 
expenditure and working capital 
requirements, and is directly 
contrary to the agreed policy of 
Blakey’s Board- in recent years.” 

Centreway. which recently 
announced that it had over 41 per 
6ent.;of Blakey’s. says that because 
of, “'factors ” revealed in a letter 
from Blakey’s chairman the 
Company had decided ro. Increase 
the terms from '4lp a share to 
48pr A spokesman for Centre- 
way's financial Advisers was 
unable to specify the factors in 
question, but said that it was 
dear “■Blakey’s is doing better 
than wc took .it' for." 

The offer closes On March 28. 

COMPAIR ISSUE 

As pari of the arangements for 
financing the acquisition of the 
fluid power division of Watts 
Regulator; 2.419.21S Ordinary 
shares of CompAir, will be issued 
to Watts. 

These shares have been condi 
tionaUy placed with institutional 
investors by Morgan Grenfell and 
W. ’ Grecmvell. at 89p per share. 
The placing is conditional on com- 
pletion of the acquisition by 
CompAir taking place on March 
17; on allotment of the new 
shares: and on The Stock Ex- 
change admitting the new shares 
to .the Official List. 

-The new shares are to be 
issued to satisfy $4m. out of 
tbe- total purchase consideration 
of S15m. -The remaining Slim, is 
being financed as to 83ro. from 
Comp Air’s own resources, and as 
to $Srl from a short-torm loan 
facility provided by Morgan 
Guaranty Trust of New York. 
CompAir has arrangements in 
hand to replace this short-term 
facility by a long-term loan from 
a VS. lender, the terms of which 
are,- now under negotiation. 


DRG DEAL OFF 

Power Products luc. has 
innounced that negotiations lor 
Dickinson Robinson Group to buy 
the American company have been 
terminated. NO reason has been 
given. 

The negotiations were revealed 
in mid-January at which time 


benbywaretto 

DROP FURNTTURE 

Dcnbywnre’s unhappy venture 
into the UK fumilture business 
Is -to be brought to an end. 

■ When current Stocks of furni- 
ture are exhausted, the ranges 
will be handled by Colley Furnish- 
ing Services, one of whose 
principals is Mr. Malcolm Colley, 
a non-executive director of Denby- 

wsre. 

The diversification into funu- 
ten? started in 197G. Denbywarc 
started importing iugh quality 
American products into the UK. 
and other Europe an markets. The 
move was said to be in line with 
a" general long term strategy 
summed up in the phrase, ” Dcnby 
the natural home makers.” 

- But the new operation went 
wrong almost immediately. The 
setting-up costs in the UK were 
substantial and then the business 
tan. foul of currency movements. 
Tbe furniture was being bought 
tu dollars, a firm currency at the 
time, while it was being sold in 
weak sterling. To make matters 
worse “our soiling prices were 
determined before the onset of 
ibis decline” as. .Mr. George 
Robinson. Denbyware's chairman 
wrote in his annual report. 

SHARE STAKES 

Dixons Photographic; Following 
the' death ot lire president Mr. 
Charles Kalms. on February 24 
and the consequent rearrange- 
ment of various Kalms family 
shareholding, company announces 
the following changes in directors’’ 
interests. 

Mr. P. Halms and 3Ir. If. S. Kahns 
have disposed of a joint non- 
beneficial interest in 50.000 shares. 


SPEY STEPS UP 
CRAY STAKE 

Spey Investments, which i* 
wholly-owned by Grindlay Br*wjfo*.. 
— Itself 51 per cent, controlled 
by Grindlays Holdings— has.- 

bougbt a S6.& per cent, holding: 
in Cray Electronics from Crea*; 
Nicholson at 26p a share. To, 
gether with its existing stake itt- 
Cray. this takes the Spey holding; : 
to just over the fid per cent, level- 
and triggers off a general bid on 
tho same terms under Buie S4 ot 
the City Code. 

However. Spey is appealing tn- 
Cray shareholders not to accept., 
the offer as it intends to main-', 
lain the Cray quotation on the r 
Stock Exchange. Spey stated yes- 
terday that it would be "making, 
any placing arrangements that' 
may be necessary” and a spokes- 
man said last night it was tho. 
intention ‘Tor the time being” t« 
maintain the Spey stake at over- 
51 per com. Any placing of tho-- 
shares would be as “widely spreadr- 
a& possible.” he added. 

Spey, now run as an invest*, 
ment holding company and which 
has a number of other industrial - 
interests, has said that it intends 
to support Cray's existing policies 
and to expand the company body . 
organically and by acquisition^. 
Spey also intends to "encourage;, 
a policy of continuing dividend 
growth.” - - 

The transaction comes as a 
result of an approach by Spey 
to Crest Nicholson, which 
acquired its holding in Cray 
through an earlier acquisition and 
bj- subscribing to u rights issue 
by Cray- at the end of JOTS. The 
price — considered by Crest 
Nicholson to be “adequate” — 
places a value on the Crest stake 
of £6S6.(HX), compared w ith a book 
value of £542.01)0. The sale also 
represents the disposal of Crest’*, 
only minority holding. Mr David 
Donne, the Crest chairman, said 
yesterday that it had never been 
his company's intention io hold 
the stake forever, and that the 
proceeds would be redeployed 
within the group's other 
businesses. 



linkHapoaEmBJM. 


Notice is hereby given that the Annual General Meeting of tho 
Bank will be held at the Head Office of the Bank, 50 Rothschild 
Boulevard, Tel Aviv, at 12.00 noon on March 22, 1978 for the purpose 
of: i 

1. Approving the financial statements and the report of the 
Directors for the year ended 3 1 . 1 2.77. 

2. Declaring dividends 

3. Distributing bonus shares 

4. - Electing Directors ' 

5. Appointing auditors 

6. Miscellaneous 

Holders of share warrants to bearer of the Bank may attend the 
meeting and vote thereat on depositing the said warrants at the offices 
of the Bank- not later than 12.00 noon March 20. 1978 and such 
warrants will be retained in custody until the termination of the 
meeting. 

Foreign residents may deposit share warrants to bearer, and 
owners of bearer shares in the U.K. may arrange for authorised 
depositories holding share warrants Id bearer on their behalf, to transfer 
the warrants On the same conditions as mentioned above to the London 
and Manchester branches of Bank Hapoalim. 

If within half an hour from the time appointed for tbe meeting a 
quorum is not present the meeting shall stand adjourned to 29 March 
1978 12.00 noon at the Head Office of the Bank, without any duty on 
behalf of the Board of Directors to give notice thereof to members. If 
at such adjourned meeting, within half an hour from tbe time appointed 
for tbe meeting, a quorum is not present, the members present shall 
form a quorum and may transact the business for which the meeting 
was called. 

. :Copies of the financial statements and report of the Directors for 
the year ended 31.1 277 will be available to shareholders on application 
at the above-mentioned branches. 

By order.of the Board df Directors* 
Gideon Eilat 

Secretory 


MIDLAND 


Continued Progress 


1977 

£doo 

1 9,553 
1,807 


1976 

£000 

15,205 

1.339 


Year ended '30th September 

Turnover 
Profit before tax 

Earnings pershare . 6,83p 4 . 97 p 

Dividends per share . 0.988274p 0.88481 4p 

'The past year has been one of progress forthe 
Group. Turnover has increased by 28.6% and profit 
before tax by 34.5%. These results have been achieved 
in the face of difficult conditions prevailing in the 
industries with which the Group is associated and the 
economic situation generally. 

In spite of the difficulties, we have continued with 
our policy of expansion to ensure the future suqcess of 
the Group. Turning to the current year, the signs are 
encouraging and we expect to make further progress". 

E C. Marslancf, Chairman 


IBONFOUNDEBS-AND AGRICULTURAL ENGINEER^ 
Heath Town Work*, Wolvorhoropton^WVlO QQD 



29 



FINANCIAL TIMES "WEDNESDAY MARCH IS 1978 ■ 



4,-. 


\\ 


\i 


i- f 


expects progress 

BENEFITS Of a predicted up- flS.Jhn. (£lL4m.); and garments 
in consumer spending in The £7L3m. {£3S.6m.) and £8.fim. 

od half of 1978 and constraints (£4.5m.K Miscellaneous turnover 

■ low cost imports, following amounted to £0Am. (same) and 
. ( wa] of the Multi Fibre overseas sales were down at 

. togeraent, give grounds for «5.4m. (£51.2zn.). 

<? confidence that Carrington The profitability of U.K.-based 
■Ua will- continue to show pro- operations was satisfactory but 
* Mrr Im. Regas, the chairman did not achieve expectations in 
* thfe second hall Retail trade was 

-"st examination of the detailed disappointing from July and did 
es of the package of hi- not begin to Pick up until mid- 
. " ai agrceementa with low cost November. Mr. Regan explains. 

' le supplying countries and the 111 general overseas operations 
■ suggest that the effects win wer ® disappointing. The eco- 
■enefidal and wifi enable the nomlc climates in Italy and 
rany to plan mote effectively Canada proved to' be worse than 
the future, he says. anticipated but Canada now 

;e- company has just spent appears to be over the- worst* 
i than £5m. over three years Meeting, The Dorchester, W, 

nationalisation and re-organisa- April 5 at noon, 
and Me. Regan hopes that 
ter large scale rationalisation TT ' 
not become necessary. rialfrlltlA ' 

ie new spinning null at Ather- ' *WUUlllv._ . 

.V is on schedule. Production is » 

I u, ‘Cted to begin this month, and lOCC tflT- 
, ^ fabric manufacturing division '. 

show ' substantial improve- fw • . . 

■ ts in productivity and profit- fjriSTSV - " 

•ty from 1978 onwards' the ® * 

elors sayl For the six months to October 

' -.Mai external sales for 1977 29, 1977. Brigray Group, a. maker 
ed ' ahead to £30432m. of clothing and jersey fabrics. 

S.16m.) and taxable profits incurred a pre-tax loss of £46.000, 
■ped to ’.’a- record £16-32m. compared with an £86.000 profit 
. .85m.) — as reported- on for the half year to July S3- 1976, 

. ruary- 23: -1716 net' dividend is which included regional employ- 
, *d toZHrtp CL88375p) per 25p meat premiums amounting to 
' £131.000. 

Turnover came to S-llm. 
ffl-Olm.) and there was a loss of 
P ns q ^r- PW 5 P shAre of 0 6p (lJSp earn- 

- ~ - «l»-9 P®r CMt.). In May, mgs). Again no Interim dividend 

on *b° rt is to be paid for the previous 
.--medium term borrowings, 14 j months period ho payments 

* n « P 1 ^? 8 were made .tom a profit of 

.. Otn. shares. This reduced the £164 000 ' . " 

- I or net borrowings to funds The directors state that they 

* P*t cent. (63 per cent.). have been trying to improve 
tyearend.net bank overdrafts profit margins but were not able 

'6 down £7.a6in. (up £9.04m_). {q reduce group overheads as 
.Ital spending .contracts anticipated, as a result of the 
Hinted to£4.8m_ f£7.7m*l and delay caused by builders in reno- 
irthbi»£T.fim. (£2i|m.) had been vatlng the Newman- -Street free- 

- roved but not contracted, hold property. It is anticipated, 
■ital expenditure during 1977 however, that the property will 

up from £9- 15m. to £12.4fm. be available for disposal in the 

■ t February 15, 1 978, Id Hold- near future. 

.rheld 42 per cent of the equity When this is done and the ex- 
• TCI 7 A her cent ■ panslon in productive capacity 

-halysu : .«f “external sales and commences as a result trf the 
Arts by activity Shows, fabric £160,000 Welsh Development 
rnfactuTe- £125-2m. (£i08fim.) Agency loan to the company 
'■ ,' £lS.4to. (£10.6m.); household being utilised, . these -benefits 
lies £6l.Sm. (£59.1m.) and coupled with an expected im- 


provement in profit margins 
should start to be reflected in 
the results, they say. 


Profit leap 
by Stothert 
& Pitt 

REP0RTWG ■ A jump in pre-tax 
profit from £319,000 to £819,000 
for the 28 weeks to January 14, 
1978, the directors of Stothert and 
Pitt, an engineering group, state 
that the improvement in results 
is expected to be maintained. 

Turnover advanced to £13.07nx, 
against £lL26m. Profit was struck 
after depreciation of £141,000 
(£111,0001, lower bask interest 
£31.000 (£180,000) and HP interest 
£23.000 (£26.000). 

Tax took £321,000 (£203,000), 
leaving th net balance up from 
£116.000 to £298.000. The interim 
dividend per £1 share is stepped 
up to 2.4p (2_145p) net— for the 
whole of the previous year, pay- 
ments totalled 9.5502p tom a 
record £833,000 taxable surplus. 

38 wuelu 


Turnover 3 

Depreciation _ 

Bank interest - — 

HP interest 

Pre-tax Profit 

Tax 

Net nroOt 

Eara-ord. ctedt 


1977-78 

roes 

13.007 

in 

31 

33 

.<» 

S31 

39S 

14 


IS 78-77 
£000 
114 82 
UJ 
186 
36 
314 
203 
116 
4 


PITCH LOVELL 
LIMITED 



• ■ Notice is hereby given of the • • L . 

. .appointment of Lloyds Bank Limited as 
R egistrar. 

;. • -—All documents for registration and , 

correspondence should in future be sent to:- 

^■wall •/_. . 4 ..... 

* =-i'V*ulW -Vi • "---xJloyds Bank Limited, V* 4 ' * 

Registrars Department, 

Goring-b>'Sea, 

- t . ^ -^/’onhing, West Sussex BN12 6DA. 

." Telephone: Worthing 502541 -* 

(STD Code 0903). 


Mr. S. GUTHRIE-BROWN 
Secretary-. 


Brighter U.K. 
prospects for 
Marchwiel 

Mr. A. J. McAhdne, chairman of 
Marchw.'el Holdings, says that 
there a* pears to be an upturn in 
workload prospects in the U.K. 
and to recent weeks several sub- 
stantial contracts have been 
obtained. “Undoubtedly the posi- 
tion at home is much sounder 
than a year ago," he declares. 

Overseas the group- hopes to 
sign large contracts to the near 
future. Negotiations for work 
overseas take far longer Overseas 
than at borne mid competition is 
severe. Nevertheless the chairman 
is convinced that long term pros- 
pects there are good. 

While he hopes again for satis- 
factory profits for the group to 
the current year he says that it 
is very difficult to forecast them 
oath any degree of accuracy. 

lu the year ended October 31, 
1977. group pre-tax profits 
Inc raised {com £10 .73m. to 
£I3.38m. UJv. profits rose from 
£7.45m. to £lL99m. while the over- 
seas contribution teU from £3 .28m. 
to £2 .39m. 

The chairman says that 
although the decrease to overseas 
profit is disappointing, it does 
not truly reflect current trading 
and is mainly due to two factors 
— a dispute with a client on a 
large overseas pipeline contract 
and the heavy costs in setting up 
new companies in the Middle East 
In the case of the dispute the 
group is taking all appropriate 
action to effect recovery as soon 
as possible. 

While the increase in profit- 
ability at home is pleasing it does 
include' some settlement of old 
contracts and further settlements 
should also help the current year's 
trading. 

Liquid resources and short- 
term investments have further 
increased during the year and 
now represent nearly 220p a 
share. The group is constantly 
examining opportunities to make 
better use of these nqma 
resources , in order to ensure a 
higher return than currently 
being achieved on . short-term 
money. 

Meeting, Chester. April 4 at 11 
a-m. 



Anglo-T ransvaal Industries 
Limited 

• Incorporated in the Republic of South Africa 

Interim report 

for the half-year ended 31 December 1977 

financial results 

..The unaudited consolidated financial results of the company and hs subsidiaries are estimated 
Las follows: ■ . 


Year ended 
30 'June 1977 
' R 000 
•441 632 

28 539 
10 916 

. 17 623 
7727 

9 896 
226 


Half-years ended 31 December 


Turnover 

Profit before Taxation 

Taxation ■ 

Profit after Taxation ’"V 

Attributable to outside shareholders of subsidiaries 


Preference Dividends 


1977 
ROTO 
211 712 


1976 
ROOT 
219 676 





•„ 9 670 Profit attributable to ordinary shareholders ......... 

-4y. 13 8.59 970 Issued Ordinary shares 

fiifrr '->70 cents Eammgs per Ordinary shares’ 

%. ‘ WS Dr. Extraordinary items not included above - 

- 1'-':'2708 Capital . commitments 

N^pividefids paid during the half-year 

r.S5?S Cumulative Preference shares - 

* A '-Redeemable Cumulative Preference shares ... 


13 689 

13722 

4988 

5 394 

8701 

8 328 

3793 

3714 

4908 

4614 

112 

% 

113 

" 4796 

4501 


. 1 ! 


13 876 774 

35 cents 

2366 


55 

55 

2 


13 859 970 
32 cents 
37 Dr. 

. 4 631 

55 

55 

3 






* B ’ Redeemable Convertible Cumulative Preference shares 
;; Ordinary' Dividend No. 32 of 19 cents per share.' amounting to R2 633 000 for' the year ended 
? : 30 June 1977 ( 1976 — 18 cents— R2 489 000). was declared in June and paid during the half-year. 

. Capital 

The issued Ordinary share capital was Increased by 16804 shares as a result of the conversion 
of 21 005 9% * & ' Preference shares during the period. ; - 

f Investments 

■ The market value of the company's listed investments at 31 December 1977 was R29 3S800Q 
$(1976— R24 636 000) compared with a book value of RI5 00Q 000 (1976— R 14982 000). 

1 During the half-year under review. Tri«el Holdings (Proprietary) Limited became a subsidiary 
^.of the company and James 6row n & Hamer Umltod disposed . of iu interest In Broderick 
: Investments Limited. 

; The*5mith African economy benefited from substantially improved gold sales but nevertheless 
"1 remains depressed, and extremely difficult trading conditions are being experienced by all operating 
? companies in. the group. The order books of the heavy engineering companies are at the lowest 
; "vel in the past dUade and competition in this field is fierce. Similar conditions have droned 
• in the tadcSng industry. In the food companies a number of factors, including the shortage 
h of raw materials due to poor weather and erratic fishing condkwns. have adversely affected the 

■ Group's performance. . 

; Against this background It is unlikefy that the profit of wUI be maintained. 

f- However, no change In the level of Dividend payments « anticipated. 

';>or and on behalf of the Board . 

’ B. E. Hertov [Chairman) 
rR. J. Hamilton 
v Dire dors 
■'Registered Office: 

'Angfovul House. 

"46 Main Street 




lesburg 2001 
f+brth 197B; 


London Secretaries: 
Anglo-T ransvaal Trustees Ltd. 

295 Regent Street 
London W1R 8ST 



General Mining earns 
and pays more 


BY KENNETH MARSTON, MINING EDffOR 


THE BIG- Afrikaner mining and 
industrial house. General Mining, 
has lifted its 1977 net earnings to 
R43Jm. (I26^m.j— equal to 520 
cents (316pj per share— from 
R34Jm. in 1976. An increased 
final dividend of 135 cents brings 
the 1977 total to 225 cents against 
210 cents last time. 

Operating income has provided 
the major portion of the increase 
to earnings while there has alao 
been a rise in the surplus on 
realisation of investments. Income 
from investments, however, has 
declined. 

1977 1976 

■ ■ ROCO R080 

Operating Income £4.721 138.79! 

Investments Income ...: 40,767 4^366 

Surplus on realisation of 

faveazoenu 3.545 2,506 

Making 169,963 164.833 

Amortisation 9,396 e£a5 

Intsest paid S0.74B 33.187 

Bapln. ami devpt. costs — 9.734 .1BJ75 

Provisions again Jt Invests. 3031 7,779 

Pro Bt before tax 113 £73 100.789 

Tax 27.615 26.793 

Profit after tax 8*056 77,698 

Outside shareholders 42.9*5 43,4*3 

AOrttotaWe - - 43^83 54^33 

Imcrlna <» cents 1 7.389 7^89 

Pinal <135 cents) 19.&39 9^53 

Income retained ' 23,179 17.293 

General Mining, which now 
controls Union Corporation. Is 
itself controlled by Federate 
Mynbon. Hie group is second in 
size only to Anglo American 
Corporation in the South African 
mining house set-up. 

As part of its many activities, 
the General Mining group pro- 
duces some. 18 'per cent of South. 
Africa's gold output. 35 per cent 
of its platinum. 26 per cent of its 
uranium and 38 per cent of Its 
coal. 

Income from these sources 
should rise’ this year, probably 
offsetting any reduction to that 
of the Important industrial 
interests- Net assets equal 5,453 
cents f £33.18) per share, rbe 
London price of which was £lt>i 
yesterday. 

Federate Mynbon ' • also 

announced its 1977 results yester- 
day. Net profits have increased 
to R27.&4XQ. (£2&8m.), equal to 
earnings of 94.5 cents <57.6p) per 
share, from R24 JHSixl to 1976. The 
market value of listed investments, 
is put at R447.8S>m. jnd.net .assets 
amount to 1,QS5 cents per share. 

INEXCO TO SELL 
URANTDM LANDS* 

Inexco Mining, the exploration 
arm of Ihexco Oil of Houston, is 
conducting negotiations with an 
undisclosed company for the sale 
of its uranium-nick el-copper 


properties in northern Sas- 
katchewan. reports John Soganich 
from- Toronto. 

Mr/ firving Wolf, the chair man, 
stated he was optimistic that an 
agreement in principle would be. 
reached in the near future. But 
Luexco's joint venture partners, 
Saskatchewan Mining Develop- 
ment, the state-owned company, 
and Urmr Exploration, a sub- 
sidiary of the German Uranerz- 
bergan have a right of first re- 
fusal to match an acceptable offer. 

Inexco owns a one-third interest 
to two deposits in the Key Lake 
area, a 25 per cent stake in a 
third deposit near Maurice Bay on 
Lake Athabasca and an interest 
in 800.W0 acres of prospective ex- 
ploration properties. 

Earlier the company had an- 
nounced o budget of Sim. j 14.7m.) 
for mining expenditure this year, 
most of it destined for the Key 
Lake -area where reserves hare 
been pat at 1 02m. lbs of uranium 
oxide' and 659ra. lbs of nickeL 

Bougainville 
borrows more 

thanks to its important gold 

production, the Rio Ttnto-Ztne 
group’s, big Bougainville copper- 
gold gripe to Papua New Guinea 
is stiH keeping its bead, above 
water .While the majority of other 
copper mines are now operating 
at a loss With metal prices at the 
lowest to real terms for over 20 
years: 

As already reported, however. 
Bougainville's net earnings last 
year fell to Kina 28.53m. (120.5m.) 
from K4L37m. in 1970 and the 
dividend total was reduced to 8 
toea (5.7p) from 10 toea/ 

Iri/the annual report the chair- 
man, Mr.'F. F. Espie, points but 
that the revaluation of the kina 
against- tbe U.S. dollar In whfeb 
the company's sales revenues are* 
earned is depressing income. As 
a result it has been necessary to 
arrange, additional borrowings— 
facilities of $64-2m. have been pro- 
vided— to finance capital expndi- 
ture, : working capital ' and loan 
repayments. 

He confirms that the proposed 
new mining tax legislation in 
Papua New Guinea will not effect 
'ffie company which will continue 
to operate under the terms of its 
existing agreement 

Mr. Espie makes no comment on 
current year's prospects. But as 
far as sales are concerned the 
Japanese buyers bare returned 


to their full level of contractual 
deliveries and have indicated their 
desire to take some tonnages of 
concentrates which were deferred 
from previous years’ commit- 
ments. Furthermore, China has 
expressed interest in arranging a 
long term contract, 

Bougainville ranks as one of 
the world's major gold producers 
and gold is going to be an even 

greater help to the current year. 
In 1977 when copper prices 
averaged 59.3 cents per pound, 
gold averaged $148 per ounce and 
provided KSlJm. of the mine’s 
total net sales revenue of 
K200.8m.: copper is currently 
around 58 cents while gold has 
advanced to $187}. Bougainville 

shares were 9lp yesterday. 

South African 
export growth 

SOUTH AFRICA’S mineral export 
earnings are expected to show a 
further significant increase this 
year, according to the Chamber 
of Mines. Last year’s mineral 
sales rose by 24.1 per cent, to 
R5.51bn. (£3J35bn.)» but this 

included diamond Mies for the 
first II months only. 

The higher prices being received 
for gold, uranium, platinum group 
metals and diamonds, plus 
steady expansion in coal and iron 
ore exports, should ensure a posi- 
tive growth in mineral exports. 
But the Chamber Mid that this 
will be at a lower rate than that 
of the last two years. 

The Chamber warned that the 
gold mining industry could not 
grant further substantial wage 
increases unless there was a cor- 
responding improvement to pro- 
ductivity. Despite the high price 
of gold, concern is felt about 
the continued advance in mining 
costs— notably as a result of wage 
rises— and unless this increase can 
be reduced the industry’s life 
expectation must again be revised 
downwards. 

ROUND-UP 

Australian gold production 
reached its highest level for five 
years to 1977. the . Bureau of 
Minerals Resources estimated in 
Canberra. Output was 19,600 kg. 
against . 15,637 kg. in 1976, as 
older producers mined more and 
as the Tfelfer mine of Newmonf 
and BHP came on stream. Domes- 
tic consumption rose 78 per cent 
to 6,600 kg. 


Hamersley seeks higher ore prices 


AGAINST THE background of a 
warning from Japan that iron ore 
deliveries will have to be cut back, 
Hamersley Holdings. . the Rio 
Tmto-Zinc group's producer- in the 
Pilbara region of ' Western 
Anstralla. yesterday made it dear 
it expects price increases for 
contracts now being negotiated. 

The warning came to talks 
between the Japanese steel 
industry and Mr. Doug Anthony, 
the Australian deputy Prime 
Minister. "Reports from Tokyo 
said Mr. Saburo Tanabe told Mr. 
Anthony that he does not expect 
the current situation to the 'steel 
industry to improve, for-, a -few. 
years. ; .. .. . 

The industry would be forced 
to “adjust delivery of .raw; 
materials.” Mr. Tanabe is quoted, 
as saying- In the year starting 
next month, Japanese iron ore 
imports, nearly half of which 
come from Australia, are expected 
to be some 150m. tonnes, or 30 
per cent more than requirements. 

Mr. Tanabe ’s remarks wfll add 
fuel to the suggestions, already 
being made to Western Australia, 
that large scale cutbacks on the 
Pilbara are Inevitable in the next 
few months. 


The companies involved have 
been cautious in their comments. 
Mr. Elwin Smith, president of 
Amax Iron Ore., which handles 
marketing for the Mount Newman 
joint venturers. told the 
FirfarfcfaJ ThnesT“.Mount Newman 
will not be shut down to any way 
whatsoever.” 'Total 1978 produc- 
tion would be much the same as 
in 1977. But ip that year 61 days 
were Inst through strikes. • 

At Mount Goldsworthy, where 
Consolidated' £old Fields' is tb'e 
major partner, it is thought that 
the chances of bringing the. new 
Area C to production are reccing. 
Without some commitment tolthe 
development of Area C, the nfyie 
will dose once the northern re- 
serves .have been exhausted. \ 

• Goldsworthy, which did not have 
the benefit of price increases from'' 
Japan last year (unlike Mount 
Newman and Hamersley) is seek- 
ing to renegotiate Its price con- 
tracts. The mine has a positive 
cash flow but. is incurring a finan- 
cial loss, and aH Goldsworthy 
seeks from the Japanese is price' 
pari tv with other producers. 

The Hamersley annual report 
for 1977. published in Melbourne 
yesterday, points out that four 


contracts are being negotiated 
this year, accounting for half the 
company's deliveries to Japan 
over the next three years. 

. Hamersley expects cost inflation 
to be recognised in the contracts. 
In a comment on deliveries, the 
report says that Japanese mills 
have already exercised their op- 
tions tb take 10 per cent, less than 
the contracted amounts, and this 
year it expects total shipment to 
fall to 33m. tonnes from 36m 
tonnes in 1977. " 

In London Hamersley shares 
were 167p yesterday in a quiet 
market 

MINING BRIEFS 

EX-LANDS NIGERIA— PeDniarv pro- 
duction of do ore 25 tonnes (January 
27 tonnes*. 

AMALGAMATED TIN OF NIGERIA— 
February prod action of coneemmes: tin 
1SI tonnes (January 13S tonne*! . criUno- 
Mte 17 totmes i January 10 tonnes). 

KIKTA KELLAS TIN DREDGING- 
FetnvBfy output 3S) tonnes (January 434 
tonnes). 

RAHMAN HYDRAULIC TIN— Ontpnt 
for February 80 tonnes (January 94 
tonnes). 

WHEAL JAKE— Production of tin con- 
tained to concentrates: February 88-93 
tonnes (January 52.32 tonnes).' 


Standard Life goes heavy on gilts 


Standard Life Assurance Com- 
pany. the largest life company in 
Scotland, put about two- thirds of 
its new money last year, -amount- 
ing to just over £100m_ to the gilt 
market, revealed by Mr. David 
Donald, the general manager and 
actuary. 

- This was about the same 
amount invested to the : previous 
year and was made to take advan- 
tage of the., continuing high yields 
on fixed-interest stocks. - 
The company Invested about 
E35m. in equities much of this 
taking-place through rights Issues 
and the BP placing. A smaller 
amount than originally anticipated 
was put into property investment 
But Mr. ..Donald pointed „ out 
that this lower' property invest-, 
ment did not rep r ese n t -a change 


in strategy. Its broad aim was 
still to split its money -outside the 
fixed interest sector roughly on 
equal amounts between equities 
and properly. Last year's lower 
amount arose because pf delay in 
anticipated developments. The 
company still had a full property 
development programme to being. 
: The annual report shows that 
premium income to 1976-77 rose 
by 6 per cenL to £177m. and 
annuity considerations by 3 per 
cent, to £38 .3 m. Investment 
income rose by:£I5m. to £155m M 
reflecting the improved returns 
froth equity dividends and pro- 
perty rental income as well as 
higher yields from fixed-interest. 
Claims and expenses were 8 per 
ront higher so.- Hat the* trading 
activities showed .an excess of 


of 

the 


Income over expenditure 
£2 1 7m. against £202m. to 
previous year. 

But as Mr. Donald points out, 
tiie company had to adjust for 
the lower value of the Canadian 
assets held to cover Canadian 
• liabilities which for the year 
-suffered from the 'weakness of 
the Canadian dollar. .This wrote 
£142 m. of asset values. There was 
a transfer from investment 
reserve of XlOOml so that total 
'life funds to sterling trems rose 
Cram £U52bru to £U81bn. 

Mr. Donald also referred to the 
record bonus levels declared .for 
1977. But he warned, of eitiier 
bonus rates coming down or 
premium rates .being increased if 
gflt yields fell below iof'per cent 


MONEY MARKET 


Interest rates decline 


Bank of England Minimum 
Lending Rate of 8) -per cent. 

(since January 6; 1978) 
Interest rates declined in the 
London money market yesterday 
afternoon, following a favourable 
reaction to the latest UJv. trade 
flgures, which were better than 
generally expected The three- 
month sterling certificate yield 
fell to per cent, from 

8rJ-6l per cent, while discount 
houses baying rates for three- 
month Treasury bills fell to fig 


per-cent, in places, from an earlier 
-level of 53S-oti per cent • 

Day-to-day credit was in slightly 
short supply, and the authorities 
gave assistance by buying a small 
amount of Treasury bills from the 
houses. 

Banks brought forward surplus 
balances from Monday, and 
Government disbursements ex- 
ceeded revenue payments to the 
Exchequer. These were out- 
weighed by * .slight net take-up 
of Treasury bills, a rise In the 


note circulation, and maturing 
local authority bills held by the 
authorities. 

Discount houses paid 6-6} per 
cent for secured call loans in 
the early part, and dosing 
balances were taken at S£-5j per 
cent. 

In the interbank market over- 
night loans opened at 6f6g per 
cent., and fell to 31 per cenL. 
before dosing at 6§ per cent. 

Rates In the table below are 
nominal iu some cases. 


. Sterling 1 

liar, 14 | CmlAoic \ laterfMink 
197B I of depwp ! 


lyxoil 1^-e- 

Authority 1 
rteporire ■' hm.lo 


Ovemit(hL.„. ; 
s day* notice-' 
fdt.nor i 

I «J*y* notice./ 
Oa« month.-.. 
rw«> month*.... 
Ebree month*.’. 

tlx month* ... 

Xlqe month*.. . 

iTnayew ; 

Zvra yeen...— i 


Wa6S« 


8U45ae 1 — 


65s-6U 

$51$ 

sea 


6*41. 

7»a 

7rt**8 




64-6 5b 
614-058 

658*34 

7U 

T7,A 

9 


£ii E5 b 
fe» * 

1 »ib 
Y&i* 

7‘t 7*8 


Wiwnw 

Hmw 

Decxkfc- 


1*4-679 

6*3-7 

7-71* 

71g.76, 

.Si, 

aij 


Din-aunt { 
Uompenyf market jTreumy 
Deposit? { 1 Bills o 


6 la ] 5^8 64 

I 


6*4 


^ !m 
! Ve%U j &illt 


Wietbte ' 

Book | Fine Tie rii 

Bill?* ! Hills ip 




67a 


7 

7 

7 

73 4 


Lorat anrhwlH« aivl Ciune- twisw «■**■ iwnro ntiM* Wpi 4«yg (tnti wmit ^n»*»ori™ mint step n,.. 

nominally Urc* rears 1H9J per eemj four yearn rears IN per cent. OBanlt WU rales In tahle are 

taj-tea rates for priaw paper. Buys ns rates for ronr-nii'"'" >»n» oula ar« p«- cenL: ronr-monrh trade MBs 7* per cent. 
Approximate seSisE rates for one-month Treasure bUia si p «■ cenL: two-mouth F*v-6 u w per ernt.t and three-month 
per cent. Approximate saUlng rate for one-moom flto per wbl: rvo-uK/oiti flj per cenL: and three-month 

£5j6-6i per cent. One-month trade bills 6i per cbkl: rwfr-mnmn » per cam.: and also three-month SI ph- cent 

flaaKs HSoft ansa Rates 'aublunec m ’iw *-iiuuxr »*•>«**-: utioo- 3 per cent from March I. iW8 uearinq 

Deposit Runs (far snul) sums *1 term f-rrrf entice)- 3 per CeBL Gearing lank Base Raxes- for loadfam & ger r»t Tran ■ « 
MUs: Avezage tender ral» of-dlseeust UU9 per cenL — . 



GENERAL MINING 
AND FINANCE 
CORPORATION LIMITED 

(Incorporated (O the Republic of South AfriccJ 
PROFIT ANNOUNCEMENT — 1977 

UNAUDITED CONSOLIDATED PROVISIONAL 
FINANCIAL STATEMENTS 



Year ended 


31 December 

SUMMARY 

1977 

1976 

Group income-^ be fore tax 

R1 13,873 .000 

R 106 789.C00 

—after tax 

R 86058,000 

R. 77.996,000 

Income attributable to ordinary 
shareholders 

R 43063.000 

R 34,533.000 

Earnings per share 

520c 

415c 

Dividend per share 

22Se 

210c 

Dividend cover 

2J 

2.0 

Net asset value per share 

5,453c 

4.553c 

Total number of shares 

8J22.736 

8.319236 

Consolidated 

GROUP OPERATING RESULTS 

1977 

1976 


ROOT'S 

ROCO’s 

Operating income 

124.721 

116.781 

Income from investments 

40,797 

45.395 

Surplus on realisation of investments 

3.545 

2.536 


169.063 

164.682 

Less: 



Amortisation of mining invest- 
ments and mining assets 

9,559 

6.855 

Interest paid 

30,746 

33.187 

Exploration and development costs 

9.734 

10X172 

Provisions against investments, 
advances and other assets 

5.151 

7.779 


— 

■ 


55.190 

57.893 




■ 

Group income before taxation 

113,873 

106.789 

Taxation 

27.615 

28,793 

Group Income after taxation 

86,258 

77.996 

Outside shareholders’ interest 
and preference dividends 

42.995 

43.463 

Net income attributable to ordinary 
shareholders 

43,263 

34.533 

Ordinary dividends 
— -Interim — 90 c.p-s. f90 c.p.s.) 

7J9S 

7.389 

— final — 135 c.p.s. ( 120 cp.s.) 

10,689 

9.852 

Income retained 

25.179 

17.292 

CONSOLIDATED BALANCE SHEET 
Ordinary shareholders' interest 

257.766 

233.458 

Outside shareholders’ interest 

2763)54 

271.560 

Group equity 

533*20 

»5~018 

Loan capital 

160,410 

175.289 

Preference share capital — 6 % 

500 

500 

Deferred taxation 

36.796 

33.176 

Capital employed 

731.526 

7T3.983 

Employment of capital 



Investments — listed 

204,801 

190.866 . 

— ( market value") 

(445.173) 

(362.837) 

—unlisted 

50,916 

51.767 

—(directors’ valuation) 

(136,981) 

(134.942) 

— - - • — - 

2SS.717 

242.633’ 

Fixed and mining assets 

377.377 

351327 

Loans 

33.760 

33.360 

Current assets - 

375,650 

396.352 


1.0-S3.PG4 

1.023.672 

Current liabilities 

311.478 

309.689 





731,526 

713.983 


Johannesburg 200 
(P.O. Box 61820 
Marshalltown 2107) 

Transfer Secretaries 
South Africa: 

Union Corporation Limited 
Share Transfer Department 
74-78 Marshall Street 
Johannesburg 2001 
(P.O. Box 6T357 
Marshalltown 2107) 

14 March 1978 - 


London Office: 
Princes House 
95 Gresham Street 
London EC2V 7BS 


United Kingdom: 

Charter Consolidated Limited 
P.O. Box 102 
Charter House 
Park Street . 

Ashford 

Kent TN24 8EQ 


W L. Paws on & Son Ltd 

Extracts Emm the Chairman’s statement accom- 
panying the accounts for the year ended 19th 
December. 1977. 

The accounts show a profit for the year after 
taxation of £7.958 compared with the previous 
year’s loss of £115,477. 

A successful rights issue has created an excellent 
base for expansion. t 

Acquisitions of a retail shop group and a manu- 
facturing furriers have been made since the year- 
end: the Board will review further opportunities 
for acquisitions as they arise. 

The group’s Washington factory will be almost 
totally re-equipped with the most up-to-date equip- 
ment available during the course of the current year. 

Chairman and Managing Director: 

Mr. Stanley Wootliff. 

71 Union Street South. Halifax, 

West Yorkshire HXi 2LA. Tell 0422 58444. 


On behalf of the board 
W. J. DE VJLUERS ) 

J. L. VAN DEN BERG (D'"«or5 

14 March 1978 

Notes 

1. During December 1977. a rationalisation scheme was finalised 
in terms of which Alpha-Dunswart Beieggings Beperk. Alpha 
Free State Holdings Limited and Durtswart Iron & Steel Works 
Limited ceased to be subsidiaries. The indirect interest of 25 
per cent, in The Standard Brass. Iron & Steel Foundries has 
also fallen away. General Mining now holds a direct interest 
instead of an indirect interest, of 36 per cent, in Dunswart Iron 
& Steel, and a 55 per cent direct interest in Standard Brass. The 
Group profit for the year was not affected by these changes. In 
accordance with standard accounting practice, ordinary share- 
holders’ interest has been reduced by R4D43.000 being an 
extraordinary adjustment in respect of the elimination of net 
assets previously consolidated. 

2. The Group’s combined capital commitmenrs as at 3 1 December 

197 7. were as follows: 1977 1976 

Contracts concluded R20, 029,000 R36.1 53.000 

Contracts authorised by directors 42,923,000 57,839,000 

DECLARATION OF DIVIDEND 

NOTICE IS HEREBY GIVEN that a final dividend No. 104 (Coupon 
No. 106) of 135 cents per share in respect of the year ended 
31 December 1977. has been declared payable to members registered 
ac the dose of business on 31 March 1978, and to holders of share 
warrants to bearer surrendering coupon No. 106. 

The register of ordinary shareholders will be dosed from 1 to 
M April 1979. both days inclusive. 

No instructions involving a change of the office of payment will 
be accepted after 31 March 1978. 

The dividend is declared in the currency of the Republic of South 
Africa. Payments from the United Kingdom office will be made 
in United Kingdom currency at the rate of exchange ruling cn 
24 April 1978. or on the first day rherea/rer on which a rare 
of exchange is available. 

Non-resident shareholders’ tax of 15 per cent will be deducted 
from dividends payable, to shareholders whose registered addresses 
are outside the Republic of South Africa. 

Dividend warrants Will be posted by the transfer secretaries 
mentioned below, on or about 5 May 1978. 

The full conditions of paymenr may be inspected at or obtained 
from the head office or the offices of -the transfer secretaries of 
the company. 

By Order of the Board 
R. A. WILSON 
Secretary. 

Head Office: 

6 Ho/lard Street. 

2001 * 




3Q 


FINANCIAL TIMES WEP??ESDAY~ MARCH ~l£f -197S- 


.. ** 

[NT El 

R3S 

ATIONAL FINANCIAL AND COMPANY : 

V'FWs ■ - j 


AMERICAN NEWS 




■■.si 


Curtiss-Wright— Kennecott stake 


BY JOHN WYLES 


•NEW YORK, Marc* «■ 


A FASCINATING battle:' for. bank. Dominion 1 Bank of Canada, Curtiss-Wright said it had no Company last year for Sl-2bn. 

control of Kennecott Copper Cor- Credit Lyonnais and the Bank immediate plans to acquire The acquisition of Carborundum 

poration has started to unfold of Tokyo. Kennecott. but It might consider was partly designed to deter 

with the revelation that Curtiss- After weeks in which the seeking control and may buy would-be bidders and to boost 

Wright, a diversified aerospace market bad been intrigued by more stock depending on the a modest earnings record. How* 

and nuclear systems manufao* heavy activity Ja Kennecott s market and other conditions, ever, the purchase upset several 

turer, baa acquired nearly 10 per stock. Curtiss-Wright disclosed The SEC filing indicates that sizeable ■ stockholders who 
cent of the company’s stock. last night that it had filed the Curtiss-Wright’s next move will, argued either that too high a 

nrfvitib r'nvrtecjuri-ioht tnr- u>a TtM>p«aTv lftn fnrm with tY>& be tn seek a ehanee in Kenne- sum was helne natA far Car- 


Corcoto 

terminate 

agreements 

NEW YORK, March 14. 

A FEDERAL Bankruptcy 
Judge in San Antonio has 
authorised Commonwealth Oil 
Refining (Cored) to terminate 
certain Joint venture and 


Food processing arm 
boosts fall-year Newspapers 
earnings at Weston 


BY JAMES SCOTT 



By Our Own CWriftpewfant 

TORONTO, Match jflSj 
SIGNIFICANT grtlMh^ln tftjfe 
earning Irom itavU.S. open*, 
tions helped Thtoson N* ^ 
papers to report profit . 

from discontinued gc47.Sm. JSU-S.^a^) tor 
an extraordinary we n up from SCCTKm. a 
which resulted in earlier. The revenue jmnj 


TORONTO, March 14. 


for that year of to SC256.9Sm. 

which" it would play' David to rent holding. ' Curtiss-Wright has obtained a Curtiss-Wright manoeuvre is tfon to reject the a^eements ability of its subsidiary (nm 

Kennecott’s Goliath. The company also tola the list of Kennecott’s shareholders that this New Jersey company in connection with the com- Companies helped George *$C«39bn. (SUSiQsan.j P Returns i mg 

Although Curtiss-Wright has a SEC that the market price of and the company is expected to is 30-2 per cent owned by the Pony's proceedings under Weston, the jnterpation^ food with $CA34bn. ^established ^ 

market valuation of only around Kennecott's shares was “sub- seek proxy support for a pro- giant Teledyne Corporation. Chapter II of the bankruptcy retailer, to report a profitfrpm Profit from the ■ anti inflation hS? 

S155m. compared with Kennecotts stantially less than the value posed slate of directors whose Teledyne has major holdings ra laws. on-gorngOT^ta^onsOi fisheries The The^companv w&Sfe 

close to SSOOm-, the Financial underlying the shares.” In Cur- election would be sought at 14 companies which it says are Judge Bert W. Thompson ($tIS24-4a.) for im, compared satisfactory levels last year. .The gramme. The ■ co p 

Times learned this morning that tiss-W right’s opinion, Kennecott Kennecott’s annual stockholder’s for investment only. Some authorised Commonwealth to with SC15-8 hl a year earlier. forest products «U vision operated last > ear spent ah^sv ww 

it claims that major lines of ought to seek to sell some or all meeting on May 2. analysts believe that it may be terminate its contract to supply An extraordinary gain tn the at a small profit in theflnal new plant sod UguUrtneht W 

credit hare becc arranged with of its aasetajnd make the pro- ..Kennecott hu J>«n _at__the ool^^ttor “ ^*S2 , J t 2£t 29J2* inc " Med «"!“ °!! K !S?J£5 & 

^ - - -losses ^ ia?lf continues to.be favourable 


a group of banks -' including ceeds available to shareholders centre of takeover rumours Teledyne seeks full control of 
Manufacturers Hanover, Citi- in some form. even since it sold Peabody Coal one of these companies. 


Carter Hawley 
earnings 
rise by 20% 


Esmark buys STP for $117] 


BY STEWART FLOWING 


NEW YORK, March 14. 


prise, its joint vesture with 
Grace. He also granted authori- 
sation to terminate the com- 
panies joint venture and 
integration agreements with 1 
PPG for their joint venture 
with Olefins of Puerto Rico. 

- Commonwealth has not said 
yet what action It intends to 
take following the Court's 
action. 

AF-DJ 


In 1976 there was a lossof three quarters. 


Currency loss 
hits Seagrams; 

MONTREAL, March 14. 


ESMARK, a major U.S. consumer trical equipment, compressors rising. The FTC .said that it bad 
NEW YORK, March 14. orodlIcts mno w known for **d pumps. It has said that it made unsubstantiated advertising 
pautim? TTAWT FY WalP one of ? - will vote in favour of the 52250 claims of Teduced oil consump- 

retail Stores l * Pa ^ X undeigannents jtivi- ^ tton hr: motorists who used STP XIUUCV WC11 

which wm recehtiv f rotated to Bwn ^ to pay $117 m. in cash for Egm^ 1977 reported sales Oil Treatment and for the “ J “ , 
its bid to buy ' Chicago-based STP- which markets automotive revenues of S5-2bn. and net profit superiority of its double oil filter drODS TTlOdel 

sSSiShSs^ ms?-* * 130 — "'sM&a.,, arops moQel 

« feM SMS£ Sa&SKfs Ss-SSfflffl 

: , m ^ °'Z t ? Sr* 3 mEs -"KP wSs. stss s&isst s? sv* 

nn! n nU % ea rned net profits of $3.7m. men t Qf ^ a Ct j on by the p-dend action. . But industry observers 

group reports net earnings -- About 61 per cent, of its shares Trade Commisstoo which alleged question whether the full effect 
^ T XV± U P «?Vo 0r we owned by Studebakex- that the company had deceived of the FTC decision has yet to be 

roved ^rom JftCTJIni to Wort hington which make elec- consumers through false adver- determined. 


a 

improved 
5528.5m. 

Carter which disclosed a week 
ago that it has agreed to merger 
with Jon Wanamaker of Phila- 
delphia. achieved record earn- 
ings of $&8m. for the third 
quarter. 

The results for the fourth 


Siemens talks on Brazil link 


By Our Own Correspondent 
NEW YORK, March 14 
HONEYWELL, one of the 
world’s leaning computer manu- 
facturers, has derided not to 
market a new model it fore- 
shadowed 14 mouths ago be- 
cause it has not been able to 
make new technology cost 
effective. 

The model, known as 66-85 
was to have been part of its 
Series 60 computer family. It 
was to have utilised current 
mode logic, a sophisticated 


Gut in Can. Pac. audited figures 

BY ROBERT GIBBENS MONTREAL, March 14. 

CANADIAN Pacific, the major I- the extraordinary item repre- 
resources and transport group; seated Canadian Pacific’s share 

had audited earnings of 5C239An. Of the net gain by Canadian WARNINGS at Seagram, 

(some SUJS-2l4m.) or 3C&31 a Pacific investments (the «- Canadian drinks giant, W ... 
share in 1977, and Including sources subsidiary) from the sale a g a j n . hit by foreign currency? 
SC7.2m. of extraordinary Income., of a leasing company. . .losses in the second quarter 

the final figure was SC247m_ at Earnings from various opera- ^he current year.. Net earning a, 
SC3.41 a share. tilons include: CP RaU $C54Sm. f 0r the sis months : to 

Tta, compare with^ft. pre. {|C=^.^ g 

liminary estimate of 9C24 ^ or , fSC2m.l: CP Air compared with SC47.Im In tftu 

vear,' win sales or. 
C?USl.06bn.) . asaijist; 


5C3.43 a share, including extra- ’ 

ordinary items, and also with' SC3-S* 11 < loss 5uy - Mn - J - 


prcvmus 
.SCI. 2b A 


SC190A11. or SC2.62 a share -in CP Ships had a iossof SClOAn. SCI._do. 
1976. • . • ■ - against net income Of $C3.6m. ® L _- a ; 


against net 


Canadian steel plate prices rise 

MONTREAL, March. 24. 


BY OUR OWN CORRESPONDENT 


For the second' quarter. eatCr 
inus of 34 cents a share- compare 
with 39 cents previously. Secodd 
quarter net . earnings slipped: 
from SCI 3.73m. to SCll.Bm. 
sales which increased from 
§C574.5m. to 5C610.2m. 

The cbtapany says that the SB? 


HIGHER prices on a wi<fe : junge pattern, confirmed it witt raise — — • — - - - . f 

of steel products are expected hr plate prices about .3 per; cent on month figures 
Canada from the middle of AprtL April 18. foreign currency 

mode logic, a sophisticated While an increase was expected Dominion Foundries, also of 12_cents a- share to r tne currcm 

type of integrated circuit that in the first half some increases Hamilton, second largest company period compared with a loss, tj 

XT SJwrnE? range up to nearly -8 per cent,. STwhich speriali*s in sbeeti 18 JjBli 

But the company said that the ’more than most estimates. • said it will raise cold rolled sheet seeond quarter a 

SS?f™ £f BEDDn. the Brarilien raenu- conditions mole in line with of charge for production of feebnology tenrt oM to be Steel Company of tona^ the P.hotrolled *ectandtte similar ^toa or corns a.a n» 

SS^GtSSS pVTIS tacturcr of hrevy egmpment is Brazilian pohoies. S /HZS S!LS? e “ he 04 SiSr^tSSS S3W«? M ' S * !• 

nine month stage, earnings at dissociating itself from the The Brazilian Government is r™? L _™P 0 ^»^ a ? d b , 


BY DIANA SMITH 


RIO DE JANIERO, March 14. 


Carter were 16 per cent ahead. Elliott company of the United encouraging joint ventures or Jj-JJ 

In November, the group an- states and going into a joint agreements that will ensure bow . for more sophisticated 
nounced a sales increase of 12 ■*'“ — ** 


IC1 CANADIAN OFFSHOOT 


per cent. 

Agencies- ‘ ' 

National Distillers 


Heavy investment paying off 


, that will ensure 

„ 1V ZmsrHvfs transfer nf knnw-hnw turbines SO tbat this COUld HOt 

“ venture with Germany's Siemens, (nrefe^lv^ithout pament ^f be ^ed again> EUiott on the 
... w -Details pf the. latter venture are iSSfiSS »o^3S? ta SubaIum internatioxwl market ■ 

still in- the- negotiating stage. afcoS^cM m?nu£ctoS?ito In 1976 ' Elliott's Brazilian 
Announcing his approval of own modern equipment branch presented proposals to 

National Distillers and Chemical S$. joS^venSre^iito f °™^n's menfcilS^^lf for^toS 

SBTSf f^,TV JUS MS i r --. ^SL^BS i?^ n ?te.; 1S52 

Emery into a wholly-owned sub- had not a 
sidiary of National. Reuter bow for 

reports from New York. siemens^ha^compiied with tois! Elliott’s Brazilian represents- similar equipment through «as. wltt^maAw ^a^im fo from pi^ramme, 

FTT halfc mpropr Dedinl preferred to form a joint 

1 1V - Malta lucigci venture with a company offering 

The Federal Trade Commission 


BY ROBERT G1R&ENS IN MONTREAL 



■-SS ^rSLSSZTSS^i Sin, o'rTh S’JSntozre X ST.V «d“ih e "A «£ fry shonjd.jd- -JgJiWr.jgL »■<} “ «« 

^.agreed te transfer hnnwhow free foreign companies. p us heavy n,™t gg™. gj. SS»S % 


has asked Federal Judge Myron 
L. Gordon to halt plans for the 
merger of Harnischfeger Cor- 
poration and Northwest Engi- 
neering Corporation, AP-DJ 
reports from Milwaukee. The 
FTC claimed that the merger 
would violate federal anti-trust BRAZIL'S 
laws. 


Foreigners seek State incentives 


capacity, should pay off success- strong position in the north- more than a umuwi .»»««» -** «•— . - - - 

fuljy in tee M fw years. ___ eastern, and .central P.Sjntofcpia s^tn^U nctlikely hreaure of of adj 


RIO DE JANEIRO, March 14. 


BY OUR OWN CORRESPONDENT 

— AZQ/S National Economic than a syndicate was preferred, . WIU1 mu , c uiaiJ u-uw c 

Development Bank (BNDE1 has Sr. Vianna announced, tn avoid companies making similar pro- Canada — phis 

announced that 117 subsidiaries a situation whereby larger banks ducts, each case will be studied pl3Ilt in Jamaica 


"this ‘trend’ should has boosted revenues froi 
in- sulphuric acid, sold to fcrtilis 
tries, met 
produce 

,u b 

Cl is the main Canadian aim where it^belleves a Targe pcien- cost pi^sure and the state of , thc , ..200.i 
of ICI, which owns the majority tial exists. Cl acid technology Canadian economy. .; yca<l)r from iexu&j,uit inc. 19 

of the stock. However there are is being sold around the, world: ; “But once growth m our m03Qr:^Una. 

nearly 5,000 shareholders ln‘ Mr. W. J.' Mandry. CL presi- market areas resumes, the effect A new subsidiary has been 
Canada and the U.S, and the dent, says that overall sales list on earplngs from greater use of up in the V.S. to exploit the aciB 
company operates 'either by itself year were up 9 per eedt. and manufacturing capacity should,- market there and manufacture 
r - — • quite pronounced. . .. The' capability, has been boosted 


or through 'subsidiaries, 36 plants income from operations up 70 be . 

If there are more than three wlth more tjhiaxi 8.000 employees, per cent. But after higher strategy is to concentrate' re- western Canada. 

a paints interest expense, doe to addi- sources to achieve maximum Cbcmet'cs lnternHlional. tnt 

and an tional long-term^ debt, earnings growth^ Over SC775in. has been Cl subsidiary, is 'jsellrng aiji| 


of foreign companies have asked would pass on financing to on its individual merits a^ d explosives plant in- Liberia. ■" of Yc24r9m. (SU^22^2m.) were spent in building hew plants, manufacturin'! technology a 

j.-. i- . J f ll/iv K*>nlr« ■melrn tna rtrnfarrtrtrtn Will rtA tri • Cmalltir . - — " r ■ ■ »- — 1 - ■ • 1 •- - * - 


Fluo ca to be registered on the Govern- smaller banks and make the preference will go to- smaller ^ 1977t CT had consolidated up 2 per cent-— 1 * somewhat dis- developing new processes and other chemical plant eouipmet* 

Fluor Corporation's second ment-sponsored industrial incen- loans more expensive. enterpriser as long as they are saIes of gceesm. (SUS595m.) and appointing .” - - upgrading older plants in the and processes particularly in the 

quarter earnings “could be tive fund list (F1NAME1. The BNDE has placed condi- also considered small in their earn ] ngs 0 f SC2.52 a share. It There were difficulties in past three years. U.S. The company experts | 

lower" than the year-ago period .Financing will be obtained tions on loans to foreign com- country of ongm. In other pa id out SC1.28 in dividends. The several major markets— mining Cl got out of the fibres growing explosives market, os \X 

because of the nationwide coal from a credit line of 8120m., and panies: registration will only be words. Sr. Vianna said. As long stock traded between SC17J25 and (which accounts for 22 per cent business nearly a decade ago. mining industry picks up. T6 

strike. The company, which owns the funds will be raised abroad, permitted if a subsidiary is the as they are not multinationals. $c2q.5o during the year." ' of total volume), agriculture (75 Paints, and sundry chemicals will Alberta explosives plant costinl 
a 10 pet cent interest in Pea- BNDE's president, Sr. Marcos only organisation in Brazil manu- The BNDFTs move is seen as Continuing its basic strategy per cent) and pulp and paper represent a declining share in. $C50m. is now on stream and f 3 

body Coal, earlier said first Vianna, announced^ that the factoring a. particular item or, oart of a ^rowinp ' Brazilian of the past seven years, Cl ip (9 per cent.). Farm chemicals 1078-80, during which period the designed to supply wnstei 


quarter earnings of $18 6m.. 'or. funds would come from a 
$1.10 a share, were adversely of foreign banks. The most 
affected 
to the coal 

from Costa Mesa. being negotiated. A pool rather other two. 



The price of company 
primary product $C250m. 


will be 


spending Canada and U.S. customers. Rt 
placement of nitroglycerine pror 


. — ■ - — . — . . r; . , , ‘ .. , „ . ■ •_ enraltm utareiriiAC ^iuuuiuuu auiuivuia, V* a |uuuaij tiiuuuki, 8v~™to' . -- — . .. 

by 8 cents a share due favourable possible terms of pay- applicant has 10 per cent, more in creau 10 rorwgn enterprises e thyiene, since the annual growth has not changed much -in two This will go mainly to the ducts is leading to fairly heavk 
lal strike. AP-DJ reports ment and interest rates are now Brazilian participation than the and boost the activities of j n demand for polyethylene years, but the cost of the natural chloralkali, explosives and sul- investment at McMasterville im 

M«>. Vaina & nnnl ntksT nthor turn Brazilian CODlpSIUBE. 1 V.i..uu._ O ..J , v. , ' . 1 . ' J — — ~ - 



REPUBLIC OF VENEZUELA 


DM 500,000,000 

long term loan at a fixed rate of interest 
with Banco Central de Venezuela as 
financial agent for the Republic 


WESTDEUTSCHE LANDE5BANK 
GIROZENTRALE 


BAYERfSCHE HYPOTHEKEN- UND 

WECHSEL-BANK 

DG BANK 

DEUTSCHE GENOSSENSCHAFTSBANK 


BADISCHE KOMMUNALE LANDESBANK 
-GIROZENTRALE- 

DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNALpANK - 

HESSISCHE LANDESBANK 
-GIROZENTRALE" 

LANDESBANK SAAR GIROZENTRALE 


NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 


BAYER1SCHE LANDESBANK 

GIROZENTRALE 

DRESDNER BANK 
Aktiengesellschaft 


BREMER LANDESBANK 


HAMBURGISCHE LANDESBANK 

- GIROZENTRALE - 

LANDESBANK RHHNLAND-PFALZ 

- GIROZENTRALE - 

LANDESBANK SCHLESWIG-HOLSTEIN 
GIROZENTRALE 

WORTTEMBERGISCHE KOMMUNALE 
LANDESBANK GIROZENTRALE 



resins continues between 8 and gas raw material has doubled, phur products areas. Proceeds of“ Quebec und Courirlsjht Ontario 
10 per cent It plans to expand Gas cost per ton of ammonia a - recent SC75m. floating-rate Cl is now limited- by the," 
farm chemicals production, based produced has risen from SC30 in preferred issue are for complet- capacity of its Edmonton, 
on eastern. Canada and north- 1975 to SC60, and capacity is ing the Quebec chloralkali exjpan- Alberta, polyethylene plant and 
central U.S. markets. Growth in 400,000 tons yearly. sioa. Itie potential market in the has been buying low-density poly- 

demand may later Warrant Since 1972, Cl's sales have north-eastern U.S, for this pro- ethylene resin from other pro- 
another ammonia plant in more than doubled, while funds dii.ct is more than three times ducers to maintain market share 
eastern Canada. invested have risen by two-tiiirds. that -_of the eastern, ■ Canada; against the possibility of capacity 

Expansion of its new Quebec . Turnover on funds invested has market How- supplied by Cl. 01d : being increased, but no invest- 
chloralkali plant, at a cost of- advanced from 7.4 times to 7.8 plants -are being shut down in ment decision bos yet been made. 


EUROBONDS 

Unenthusiastic 
response to 
dollar accord 

By Mary Campbell 

THERE were few, if any, buoyant 
sectors of the Eurobond market 
yesterday. Dollar bonds lell 
back perhaps a quarter of a point 
in an unenthusiastic response to 
the German-U.S. communique on 
Monday afternoon- The volume 
of new paper overhanging the 
market is expected to dull secon- 
dary market demand even with- 
out other factors. - 
More surprisingly, the D-Mark 
sector did not show the recovery 
dealers had expected on Monday 
Some dealers clearly feel that 
the market is caught between 
the devil of a recovering dollar 
and the deep blue , sea of the 
introduction of the controls on 
capital imports by the German 
authorities on the same lines as 
the Swiss. 

The - indicated coupon on the 
Eletrobraz offering was yesterday 
set at 6) per cent, the higher of 
the two options- being considered. 
The 'Philippines issue was priced 
at 994 per cent The coupon is 

per cent, and toe maturity 

seven years- 

Those involved in the Euro- 
sterling sector will be interested 
to note that the new rating 
service for British bonds an- 
nounced yesterday rates three of 
of the companies which have 
issued Eurosterling bonds. The 
Euroeterling bonds themselves 
have not been rated, but Cour- 
taulds as a company is rated C, 
and Sears and Allied Breweries 
are both rated B (the range Is 
A-E). 

• Issuing banks have decided 
not to Issue' an official com- 
munique on the results of the 
15-year Sw.Frs.13Qm. Hydro 
Quebec bond issue which closed 
yesterday, Reuter reports from 
Zurich. 

The sources said that the sub- 
scription levels for the Issue 
varied from bank to bank. Not 
all banks could place their full 
quota with the public, while in 
otbercases it was oversubscribed. 


iVofxce of Redemption ' • 

Copenhagen Telephone Company, Inc/.. : 

(KJobienhavnsTelefon Aktieselskab) ..V':' j, 

9% Sinking Fund Dollar Debenture* Due 19S5 
230TICE IS HEREBY GIVEN that, pursuant to 'the provisions of the Indenture dated as oF April 15, 
197(7 under which the above described Debentures were issued* Citibank, -N^A. t formerly First National* 
City J3ankp, as Trustee, has drawp by. lot, for redemption on April Ts. 197S, through the operation of- 
the sa lting fund provided for in said Indenture, $700,000 prindpalamount oz Debentures 01 the said 
issue of the following distinctive numbers; 

COUPON DEBENTURES O? SI, 000. PRlNdPAIj AMOUNT OUTSTANDING 


U- 


3 

21 

34 

57 

va 

93 

107 

133 

135 

151 

164 

iao 

194 
£13 
335 
238 
251 
2 W 
281 
296: 


623 1200 1T7T 3382 298G 3593 4217 4739 5349 6793 6336 6881 73!** 7339 8463 ETnl gsifi - 

633.. Ug 1790 2396 3001 3605 4231 4750 5259 5811 6351,6895 7406 7952 B4?fr 3003 IbSS - 

666 1238 1807 2411 3013 3632 4243 4762 5371 5831 6363 6909 7*30.7967 8489 9016 ^547- 
679 1252 1836 2*26 3023 3658 425S 4774 5282 5845 6376 6926 7438 7978 8493 9029 

691 1263 1837 2440 303* 3673 42« 4707 5293 5857 6369 6939 7448 7991 8511 9044 957X.' 

709 1276 1847 3453 3065 3687 4283 4798. 3312 5S72 6405 69M- 7463 6004. 8525 3(*6 |m7 

721 1268 1860 3464 3079 ■ 3705 429a 4809 5335 5886 6417 6967 7476 8017 8537 3069 9597 

740 1304 1876 3479 3089 3730: 4306 4822 5337 5897 6427 6982 7491 8029 8540 S' SW08 l ' 

758 1320 1080 2490 3102 3T33 4318 4B36 - 5355 BSOT 6433 0395 -7506- 8042 85S0 Slfll 9Kli 

771 133S 1903 2506 3118 ' 3757 . *333 4850 5367 5923 6451 7011 7525 8055 8572 ^119 SOS' 

76* 1347 1913 2520 3129 3793 4348 4861 5384 5940 8464 7022 7H1 8072 8586 9133 9MT' 

807 1370 1933 3539 3143 3606.4359 4871 5396 5954-6476 7029 7555 8086 8598 9W 9C61 ■ 
818 1385 1948 2550 3153 3834 4^0 4887 5407 5967 6493 7032 7569 8103 8615 9162 967*.-: 

839 1399 1963 £564 3166 38*7 438* 4904 5425 5981 6503 7046 7582 8116 8G28 9173 hcb*. 

851 1416 1979 £579 3179 3858 4397 4919 5439 5933 6516 7050 7507 8130 8641 3109 Ofisl*- 

864 1431 1993 =599 3194 3870' 4409 493= 5453 6007 6534 7070 7603 8143 8688-9201- 9707 


924 1492 2060 2654 3259 3953 4461 4990 5510 6069 6590 7124 76b(i filUB R?n7 



456 1033 1616 2197 =782 3410 .4073 ",4M2. 5099 5633 6193 6717 7239 "7786- Bi5 SftSrSS 
470 1050 1629 2225 £805 3425 4083 4697 5114 5654 6305 6736 7255 7799 8331 

488. 1063 1647 B236 £016 3435 4100 -4009 5129 5671 6215 6749 7266 7813 8344 S 03M 991^ 

500 1080 1661 2258 =829 3450 4112 4620 £146 3685 6228 6781 7279 7823 Sly £$6 ''410 993* ' 

512 1106 1671 SS76 2074 3465 4124.4636 6 lM 5700 6238 67T4 72S5 7fiS B371 BS91S423 9047 
530 2119 1688 =288 =891 3479 4137 4650 5174 57lfi 6254 6787 7310 7853 8382 9903 fj «3 ' 

596' 1132 1700 2317 2305 3490-4152-4669 5185 5729- 6=68 6007 7325 7073 8396 B31S MS?- ' 
550 1147 IT18 2333 =918 3503 4I£4 -4683 5196 5740 -6279 6819: 7337 7883 841= B 9 S 7 WR: 
568 1162 1735 =344 2930 3517 4175 '4M6' 5311 5753 6=93 6833. 7350 7698 8436 law 9479 wgf : 

589 1179 1751 2355 1362 35S2 4189 4709 5233 5764 6311 6850- 7367 7913 «39 S MSI - 

«K U 66 1764 2370 2374 3566 4203 4725 5238 5777 6322 6 B &8 7378 7527.8+31 9M& 

The Debentures specified above are to be redeemed for the said finking fund at the Corporate 
Bond Services Department of the Trustee, lit Wall Street— 2nd Floor, in the Borough of Manhattan ' 
The City of New York, State of New York, the main offices of Citibank, NJL (formerlv First National 
Gty Bank) in Antwerp. Belgium 7 Nice, France? Paris, France; Berttn; Germany,' 33ussddorf Ger- 
many; Frankfort, Germany; Hamburg, Germany; Munich, Germany; Athens, Greece: Piraeus, 
Greece; Thessaloniki, Greece; Milan, Italy; Rome, Italy; Amsterdam, Netherlands; Rotterdam, ■ 
Netherlands; The Hague, Netherlands; Geneva, Switzerland; Lausanne, Switzerland; Lmsuw, 
SwitxedaiHi; Zurich, Switzerland; London, .England; Bdfast^Irehmd; and DubUa, Ixdand; Citibank. 
(Belgium) S-A-, Brussels or at the office of Privatbanken i Kjob«iha\-n, Copenhagen, Denmark: - 
Algemene Bank Nederland N.V^. Amsterdam, Netherlands; Kretfietbank &A. LuTOmhourecowe, 
Luxembourg; Skandimiviska F.nsltilda Bankeo, Stockholm, Sweden; and Deutsche Bank A. G ' 

Frankfurt, Germany, as the Companyis paying agents, and will become. due and payable on April 
15, 1978, at the redemption price of 100 percent of the principal amount thcreol plus accrued interest 
on said principal amount to such date. On and alter such date. Interest on the said Debentures mil 
cease to accrue. 

The said Debentures should he presented and sarrendered.at the offices set forth in the preceding, 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. ' 

For COPENHAGEN. TELEPHONE COMPANY, INC. . 

. By CITIBANK, NA, : ' 

March 3?, 19 “S TnufoX 










LINTERNATIONAL FINANCIAL AND COW 

ll'ANY NEWS 

fy'. '■ -/ . • 

I 


» - 'Increase 


iif 





m EBES 


iTv:... 

?!*•* 


warnings 

'■Vy .Darid Buchan . 

BRUSSELS, March 14. . 
^lETES Reunies d-’Energie du 
wn de L’Escaut lEBES), 
gjum s second biggest power 
is using its improved 
fits for iast year to ' wiaint^i n 
level of dividend on a larger 
SvF ° f ~H^ are3 - A net dividend . 
B.Frs.177 will be paid on thei 
ipany s 9.2m. old shares, and " 
'rs J33 on the l.Sm. ' new 
' res it issued last April, 
id earnings figures have been 
■on for 1977.- but profits, are 
lerstood to be ahead of the 
rs.2bn. that the company 
ned in 1S75. 

Joth EBES and: Intercom, the 


Renault Trucks taps the 
international market 


BY DAVID CURRY 


Orion Bank 
profits 
reach $19m. 


Dutch options chiefs try 
to allay British fears 


BY MARGARET REID 


AMSTERDAM. March 14. 


By Michael Blanden ] 

TARJS, March 14. I . ■ I 

THTMATUT' • (ORION Bank. ihe - niuiimaiianal . 

Se cStnittSSr^&icle si§' • l J£l 5*^ ot ^rsift-ing range white' it has been pre- ] investment banking group. IwjttflKKS tiF ihr European- th* EOE will trad* options' at innheiV arer.^c T ,mc< nf rh- 
■Sldhx^ot ST *iatZ mStor Sm. ^ ^ VG S' tc< L feQm . J, ?P 05 ' Q « lh « ! reported, pre-tax profit* for the options Exchange tEOE*. which the outset are IC1. BP and GEC. ibrer British shares in whirh 

TtiSS*w£ SSvft£S52 ? f 5* C0 ? u ; " dun S?¥ a viUch ,ls manage, i past year up from X9.7lm. to opens here nn April 4. were a. Mr. Cornells van der Slikke. a options will be riJait. I S 
00° th e intent a h rm aTcaoitai mar T ^ ' ! IV* 1 tiuak "pessary u, reduce flO.lSm.. around 4J9m. Mr. pains liMlay to combat British member of the EOEs council and average prices are pushed at 

ta IwoKmts to^-ea£ °2ffl s WiJS ^ A b ov f r - u,e, « b , r of fi “ d «*«■ i David ■ Montagu, ihc chairman. fears that an unofficial (kerb* a director of the hi- Algemene present though ihe> w:il hr 

loan eharaelerl^rt tvo’xhe abilUv ' yjf 8 , lvere b *H e<I ^in. Apart from extensive short-time i said that the results were satis- market might spring up in Bank Nederland, an EOE dear- under ihr planned London 

3t I E.'^?feL3 ES *£S£tw Srr^u l ^iS^S^ ,, SJS B !S «*& SCSfifiSW: bob' ..r ;..,o 







risv 


■w sector, are making very 
, , r ' lve use this year of the capital 
i{ » rjl.- rfcet t0 fioimce their invest- 
■*.' nt needs, particularly ' in 
: s [ \ y , ' dear energy. 

1 known. EBES plans to one- 
' '-five rights issue next month 
yield some B-FrsASbn. 

iez little changed 

RY little progress was made 
year by Compagnie 
anciere de Suez, the major 
■nch industrial and financial 
ding company. 

Tef profits for 1977 are virtu-. 
r unchanged at Frs.17t.3nl 
ound S3 6 m.] compared to 
.I69.5m. The dividend is to 
held at Frs.2ff.5Di. on capital 
reased. by a_ tenth. 

. hareholders In Suez include 
• ' f 'tTK. government and Saint 
lain. 


!£S£3& te£S r d ,? S?m Z W 5 S'-&SST 3 ££ 4 ^SS? anS *»•«%«»• ™ th >5 **«» * <w- . *«•* v o J'!" n ,, 

fnrm 9n > h 9 «fpnir« Hon J _™,r. *__ _ JrJrTr!* ™ ^sr niwn sDm_p_ .» jer r e nu m nii„ ...Ai ■ forcei them when he- addressed- Xonetljele-s. . roim* Rrtiith concerns, led hi Mr Ed Puxicy. 

are suTlnal lr> of Risv»w«| Bi<hnp. are to *-i<it 

ihr rrraimn of a kerb Amstenlain nr\i Tne-dax when 
in British tiock* m ‘h 1 ” fuhlect will »vrtamlv h P 

international dimensions with the Al the moment RIV is hracina Siav ta'limlt* liie aireadv^heavv i against the dollar and faliing ; 3T>pwi j S , ? { * 1 e . u ^ marKe l' Amsterdam can h.- prevented. di<vus.*-ed. 
er iirse mmn r. i “ th _ : initial task of reconquering ibe itself to report 1977 results burden of stocks heinc carried interest rale? m the UK. makers and other dealer* need- whatever the di^cnnragenients, in Mr. ■! Mill tlK hOk< 

er large company in thejFrench market. ' 'Iwnflr In Ihe «d In 1KW Sh£ RlvT^ ; w l ! »ns to acquire Bnfis!. shares in view nf the cost> in commission an in; chairman. . 0l d rh- mn- 

‘ The company has some Frs. Berliet turned in i FnLlZfim toselher frr.ro .t K So : The bank F' 11 Gained a enn-.thp. course of their options and jobber’s turn or awpiirina ference: “ Mr hope before v.,n: 

2bn ; outstanding in medium and net profi”^ J5d ' Saviero edSd BeSS ?nT Sa!^ l0VP ! r ! ,s the tradm? will be ^meted to buy tw shares from London For 4 in n.mr i» a *ais**artnrv 

long term debt on- the French into profits after makinc heavv ti^ loans car?v th^S Ti'amSs 1 0? 11 ,Dan por,fnho - 8n,i i hf * m ,n London in registered Amsterdam option- trading arrancemrnt with the I-ond-n 

mantel and ir has decided to pmiSuk raS.er7l«n SSt hiv i Mr - “onlagu said -We have form and not pick Ihem up The EOE manage are most jobbers and the Stork Fxchanse 

take up to 10 per - 4*Pt. in However In 1977 the com nan v uodew^en bv the narSm : mainto,n fi and im P r °ved our ■ through other mutes in a way anxious that a s;. stem should be Ir don't, we have a .-.in- 

foreign mprenry "at xx&- one been hhhLMt hy the /per companxT^^hnSgh ‘ they P ?imte ■ 2£. Euromar k'*t aeiivity in which would -timnlnte the worked out before April 4 for itnnncv plan -r. .hut w- Ma «»:t! 
time. - . cem volume decline to ■ Uic rlSSy^ am the 'unpicit auiSr! I ,h<r banking and , crearmn o» an unofficial mar Amsterdam to have » flow or start dralins m .»i*inuv on 

Beyond Ihts the inlcntioff - is French market which proviS of Renault ' P 1 support medium lenn loan markets.” , kei. The r.Ix. stocks in which maaianlb 

Ir average lepgih [ . practically* -all its cash-flow. • Berliet is raising S20ra. over The srhup's total assets ro^ei 

° D iV- hjC ^. waa Fears although it has held its market ten years with an average life ! from X999ni. to £1.03bn. Mr. i 

t 80 *' ,s oow 5 ‘ ? harea The volume decline has of 74 years. The interest Tale Montagu, added that Orion'- 
ywn ? nd should be UP .tft- seven been compounded by a price-war will be 2 above the Paris inter- , managed or eo-mana£»d financ-' 

q' 111 * 011 , reaclM!d '*» P ea k in hank rate Saviem is . raising j ings of more than S4bn. equiva ; 

OTnpr^lutfncir^. Jtne September . the same amount at j per cent. ' lent for borrowers in 25 cmin-- 

3Jf p J2 y Wl,, ll nee ^ *55° 0n . r °p °t that the Govern- over inter-bank. The overall tries. Orion Bank was lead! 

*"LJ® ? nce controls have pre- mriunty is 7t years and average manager for 13 Eurobond issues! 

market : at tbe begimunsj>f..gext vgited its ex ploitin g The room life six years. Thera are multi-; totalling S520m. enuivalent. and! 


ip-dated London British -h:,ro- 


MEDIUM TERM CREDITS 


Slowdown in new loan activity 


ilian bank rights 

Saotfo di. Santo Spirito, wholly- 
aed by the state holding com- 
y IBI. plans to raise its capital 
L12bn. to L28bn. . through a 
i-for-lwo scrip share issue, and 
ne-for-four rights issue af- pari net 'new-mcmey 
KM)). Last week the *tm»p r some Sw.Frs.l.4bn. 
ional interest banks. Credito 


for price manoeuvre within it* currency' clauses in both loans. 


company 



BY FRANCIS GH1US 


ZURICH,. March 14. 


co-manager of another 20 issues.! 

■ Looking at the outlook for tbe- LENDING activity in the waiting, the ‘borrower has tup years The spread usil he 
current Tvfear, the chairman eS . , uiedmm-lerm market appears to ensured that he gel*, finer terms 1 per cent., a figure v»htch would 

i pressed concern over the narrow ■ ^ slowing down somewhat at than would have been the case r:-e tn lj per vent, were the 

! inx nf spreads, which, he said. ,he b>o Q “? n t- At the same rime, a few months ago. maturity to be extended 

I - have been reduced to a points 3 number °f loan • nepniiaiion* Citicorp has been mandated The Danish electric urilpy 
I which-ls-Teminiscenl of the headv are bcin " vinnpleted and agree- m raise at lea«i Slikmi. for cicht •-niupany IFV is rai.-inu ^”o!ii 
I days of 1973-74. ” With inflatioo ! nr,ctl,s slsne “‘ years fur Crediop. an Italian for s«»ven year- on a spread or 

A TOTat nf A"> ■ i ttn « ifM, a vww. continuine to bite into the nnemt- Two .southern • European state bank specialising m loans I per cent, throughout from a 

5?;“™* ar , k «*J nnn e^ V* ASw.Frs.70m. issue w lo be -of bonds, ' will be offered to | future ' -mandate to Citicorp and West- an earthquake. 'linns also include a .,,?,* .d v per 

sSce SwSSaonm ntthmWiU fronj . lo-porro* • by Eleklroiv^rt shareholders. Issue At the same time, he said, the ; deulsche Landesbank to raise The final amount ss not- 'et cent, mcr the imm-hank rate and* 

be SS m ftj* Basletoed price will be' par. . ... whole question of lending to.SSOm Tor seven years on a known, as the borrower wanhi a grace period of four year*. 

c °mpanv operated by European -fiRe nH . -third countriw was under } spread of i percent, for the first a -fised amount of Lire and with Lead manager i* Manufacture 

.“K- Cor POratlOn .heavy acrutmy, And he gave a three yean rising to I, per cent. The c a urrent turbulence of the l™,™ ' 

ew-mcmey call Aritl jje.ot financing of rolling stock. The UNION BANK of Switzerland ' 


BY JOHN WICKS >. 

TOTAL 


43 issues worth a' gross . 

l.65bn. and a net Sw.Frs.l lbn. 99 per cent 
on the Issues calendar for the 


r - ■ . - -* -»•-«»«« , waitun* .that the personal taxa- : «»her coodmons include a three foreign exchange front, the final The 5= 1 35 m sewniear loan f.«r 

J5 >ea r bonds will cany a 3* per and Deutsche Bank will, pn Ron system of U.h. nationals was ? nd a ha, t -' ej,r 3»ce period The fieure wil ) be decided later. Bolivia carries a -spin spread «f 
cou P ,,n 30(1 b « offered ar. March 31. end their cooperation J “ a threat to the long-ierm prns-j loan ™rne? no guarantee. Oiher cojlflitinm. include an U uer rent for the first three 


d 


* .*' - 
» ii 

« 


— !iano. Banca Commerciale 

liana and Banco di Roma;, 

icb are all controlled by IR1. j corresponding quarter of 1977. EJektrowaff i«HF 

J announced plans to raise i The • second-quarter time-table K ,MUC • New York. This decision is said 

oital in line with the increase t contains no federal issue.- Origi- ELEKTROWATT AG. of Zorich. io be the . result of a friendly 
-funds administered. mally tn have been of which has interests in tbe con- agreement Deutsche Bank will 

1 — 1 — — ]Struction. eneiheermc. civil take 


in the U.S. securities business Inert* nr London a* an interna- 1 Competition for the nu*ndaie ctcht-year maturity, with an vp a pt ru:n n to 1- n.*r cenr and 
through Lhe joint-venture sub-' tionai. financial centre. ':hit* been very strong bill, by option to extend ii- for a further ‘a crape nerinrf nr three \»»r« 

sidiary. UBS D8 Corporation, of i 




The Nippon Credit Bank, Ltd 

1 Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit ■ 

Maturity date: 17 March, 1981 .. • '*: • 


M 


. S-7- 


' & 

,-r' 


In accordance with the provisions of the Certificate’ 
of Deposit notice is hereby given that for tfieinit^ six 
month interest period from 15 March 1978 to > 

1 5 September 1978 the Certificates wifi carry an 
Interest Rate of S % per annum. . . ... 

Agent Bank ^ - 
The Chase Manhattan Bank; N^A., 

. London ’ 


engineering, civil take over its Swiss partner , 
engineering and power-: secinrs. 50 per cent, h'pldine in the New 
is issuing SwFrs.l05.6m. of Con- York company.’ which -.va* set up 
vert i hie Bonds with a 3 per cent in 1972. 


SELECTED EURODOLLAR BONO PRICES 
MID -DAY INDICATIONS 


STRAIGHTS • • Bid 

Ak-il AlUi»l;« ShH: 1W9 W 
AMEV w las:-.. . u-i 

AorraLj S:pi- IPS" oil 

Australian IT. A *. S^jk ti fc* . 
Barclays Dank 'S.-jh. JW.' I7i 
r fl.ys IS97 R4 

Cm x naiiwaj sic.- :a« 

-Amu Nat^inal «n. i9S6 *>;j 
Denitt.irk *«p. . 13><| mm 

ECS.Ed^-IWS . . „.. A-il 

•E1F S2pc :»9? p-i 

EM 5 “4W 1??3 • 

£ri«v»n »:>•: 19SB .... 

Emu spr 19S4; Nov . . lnni 
«j| Lak« Pap^r «pr 1984 P9 t . 
Hawrsley ?mk IP?.' . . jort 

H r>Jro-OUi‘b^c Apr IPS’ o-l 
IC1 *lpc l*?7. .. ; o;j 

WET Canada ?»3pc I3« I'm 
Va-3p!Han Bloedcl kpr IW S; 
\U-at-y FfcfiOMMi SJp.> iyj] 95 , 
ilirteim Sipc iafs- .. ini» 
VDdlaad In'. Km sip,- n 
National Coal Pd 's» ;B«; »u 
\auonal U'juu-Mr. Sf» ‘5 1"IT 
V-wfuandUnd #pc 1BW ino* 
Norse-C. Knm BIT Pips 1*9? ost 
Vofplpe «4pi :«®9 ' - Dp 

WoiBk.- Hydro Wpc IKK ... Vh 
Ooto Spc 19S8 - iri- 

Pons .Mmmom*s Up.- ipsi ?>, 
Prov. Qufpec Spc tPflj 
Pnnr Sa start c.*i SJpc Iftw ItM« 
Rood Iraenuuonal 9pr 1»p; 904 
BHM Sre iMi .. . o-i, 


OBw 

9«1 

s:i 

?a». 

99t 

SS 

951 

9*< 

V 

n* m .i 

»i! 

Mi 

B7 

VMi 

I0<1 

1001 

«T* 

SJ, 

I Mi 

97i 

ns» 

Wit 

m 

«k 

ItfSi 
11*11 
SI3 
' 9 «' 

• sni 

l**2i 

P? 

974 

ID! 

ki 

°4i 




- NOTICE OF REDEMPTION 

to - - • . . 

: tbohoMwsef 

AMAX INC. 

ffanMrfy Amencao Mittal .CEniax, Inc. and Ahudc. blomational Capital CorpamHen) 

8 Guaranteed Sfnking^Fund^ Deberituttfr *- 

due April Ij. 1986 (Blue Color) 

NOTICE IS HEREBY GIVEN THAT, pursuant to Sertron S PI of Artide Three of the Jr.dontarc dated >* of 
April l. 1971 amon* Aaax Tntu. formerly American Metal Climax. Inc. ana Aaux- International Capital 
? .lorpormrioa fherainaftw called ‘'the Company '*1 . American Metal GJima*. Intr Guaraulor, and Banker* 

■ *, Tracs Company. Trustee (hereinafter caQed “tile Trustee 1 '), there wfll he redeemed on April 1, 1*7*, throayb 
»•’ - he operation of the Sinkhur Fund, at a redemption price -epical fo JM-J ot the mmcrpal. amount to be re- 
ieemed, $910,004 principal amount of Gnarantm Sinking Fund Debentures the April 1, 19*5 (here* 
nafter called “ehaDebenrarea"). ■ . • • . ->* . 

The foBowins art the aerial hemhees of the Debentares bearing prefix 31 to he redeemed: - 


864 1650 
896 TS89 
901 - 1676 
904 1700 
M5- 1708 
ars 1728 
ara irss 

945 1778 
954 1799 
972 1805 
976 1850 
9*8 1852 
1096 1878 
1118 1883 
1124 18*8 

lia 1918 
1145 1M2 
1153 192? 
117S 1943 
1516- 1V7 
1S2S 1670 
1242 W74 
1249 . 1978 
1271. 19 n 5 
12®1 1996 
1315 2029 
1ST4 2047 

1350 2071 

1351 2072 
1354 M75 

U99 2094 
1441 2102 
1457 2134 
1*79 2138 
14*0 2153 
1483 21=8 
1499 ' 2178 
1506 21S5 
1514 2191 
1539 2tM 
1555 3327 

1=77 sn* r 

1S81 3363 
1694 23W 
1601 2300 
1607 2204 
1627 2320 
164S 2327 


2342 8009 
2851 3032 
2408 3036 
2427 3060 
2434 SO 64 
2452 3G67 
24SA 3084 
2487 3033 
2305 3088 
2506 3096 
2311 3100 
2533 3121 
2641 3122 
2361 3129 
3565 3147 
2380 0107 
2594. 317S 
2613 2180 
•3617 3199 
2620 3200 
2633 3203 
2640 3222 
2658 3235 
2663 3264 
268* 3285 
2601 . 3291 
2707 3332 
2715 3839 
2737 . .3360 
2760 3866 
27B0 3431 
2791 3456 
2815 3464 
2829 348? 
2842 3500 
2849 3514 
2574 MBS 
3877 35W 
2896 3601 
2S97 3619 
2900 3822 
791S 3641 
2924 Sfirt 
BPfiO 3702 
2K3 3706 
2968 2727 
2994 3747 
3005 3754 


3758 4504 
8776 4307 
3778 4522 
. 3786 4623 
3802 4526 
3806 4549 
383C 4664. 
3836 4384 
3839 4587 
3855 4602 
3875 4627 
3897 4664 
3927 4675 
3950 4695 
396S 4704 
3995 4724 
3994 4770 
4003 4797 
4066 4803 
4071 4813 
407* 4*17 
4048 4&21 
4106 4*40 
4125 4EA1 
4129 4862 
4145 4*87 

4153 4891 
4173 46*4 
4178 4911 
41g1 4917 

4235 "»3 
4239 4949 
4255 4963 
4261 4969 
«2€* 4974 
4293 497S" 
4294- 4995 
4298 4996 
4317 4999 
4323 5020 
4341 5031 
4353 5060 
4360 6067... 
4382 SOS? 
4404 SIM 
-4425. 5108 
4445 5113 
4434 5133 


6137. 3©1S 6656 
5164 5933 6576 
•-B190 5961 6677 
519* 5857 6380 
5210 6960 6600 
5264 5883 6607 
5296 '6Q12 6624 
5326 6036 6637 
6330 6043 6647 
5350 . 6060 6655 
5367 6080 6676 
5366 6066 6681 
6383 6089 6685 
5384 6108 6704 
5387. 6122 6709 
5405 6126 672? 
5409 6129 . 6750 
5447 6146 6764 
546* 6163- 6772 
B467 616S -8780 
B4S3 6172 .6790 
5485 -6175 . 6797- 
54S9 !6192 68*5 
5609 6193.6891. 
552S. 6197 6910 
5553 '5217 6617 
5661 6273 6938 
5680 62W J69M 
5607 6306 6846 
fifitl 6.112 £96$ 
5*U 653$ 69 M 
5633 6338 SSW. 
5637 6256 €9M 
5656 6357 6997 
5663 6361 7026 
5682 6376 7027 
5585 «3S4 7035 
5703 6421 7062' 
57U »«2 7067 
5734 . 6446 71)3 
5756 6469 7133 
5764 6475 715B 
5780 *499 7162 
57S6 6507 7166 
5739 6524 7185 
5826 6531 ' 71S9 .. 
5828 6649 7210 
553) 6553 7214 


7240 8115 
7243 8123 
7M0 8743 
7270 8144 
7297 8147 
7349 8168 
73T1 8176 
7372 8199 
7375 8203 
7397 8222 
7477 8278 
74 EO 8246 

7512 8254 

7513 825a 
7S16 8262 
7536 82SI 
75*5 3285 
7550 EM* 
7581 8313 

• 7605 5337 
7605 8340 
7645 8366 
7653 SS71 
7680 *420 
•7773 8*66 
77?* -8490 
.7740 8498 
7753 8917 
7783 . 8325 
7793 8546 
.7313 8549 . 
7825 S5H> 
7829 *570 
7848 6573 
7870-3529 
7874- 8596 
•7877 8612 
7893 3615; 
7898 *«1- 
79.15 8639 
7921 S6W 
7924 667* 
7977 *677 
SMI 8686 
£003 *701 
8057 *717 
8077 S.733 
8094 STS 


8743 8438 

S744 r. 8437 
S747- 8440 
S780 8448 

8805 9468 

8812 9489 

8829- 9499 
MSI 9517 
8872. 95J2 
E879 '9546- 
8390 -9570 

89M 9673 

- 6910 : . 9590 
SflOV ' .9588 
W29: *616 
?033 . MZ2 
9836' -9637 
9055-' .9645 
' 9039- .9867 
9075- 9B85 
9087 '5700' 
9093 ■ *715 
-9113 9728 

9119 , 9722 
9122 - 9742 
9339 . 9742 
9WO. 9747 
9143 Nb5 
.£•168 8770 

9197 *769 

920T. 9m 
■9215 -9796 
9383; 9808 
9236 . R82S 
9250 9846 

PS84 r . B86S 
9307. 9873 

9S1D-" 9889 
9330- 99)2 
93S9 '. -9322 
9346- OT40 
9388 - 9943 
9375 . 9M7 
9390 * 9963 
9394 9971 

Mil ' ’9990 
9416 9903 

9419 . 10008- 


•10019 
10035 
10040 
10059 
10065. 
10083 
10088 
1*092 
-10110 
: 10111 
10114 

10131 
10135 
•101 51 - 
10165 
10172 
10189 
10192. 
-10212 
10313 
'13217 
.10236' 
102*3; 
'10259 
10262 
10280 
10297 
10301 
10318 
103?7 
1035T 
19359 
10377 
10382 

a o*os 

10431 

10435 

-10438 • 

10457 

10461 

.10480 

10603 

10511 

10530 

10637 

10561 

10678- 

10581 


10996 
10603 
1063* 
10635 
10640 
10657 
10663 
. 10683 
10638 
10591 
10708 
10710 
lt'713 
10726 
10738 
' 10762 
. 107-i® 
10788 
10811 
10815 
10819 
. 10839 
1084a 
1S865 
10871 
10888 
-10891 
109OT 
10919 
10959 
10975 
1098D 
10996 
110T6 
11010 
noii 
11047 
11087 
11092 
11114 
11119 
11145 
11185 
-111S8 
11206 
.11207 
11310 
1122 1 


« 11337 
H30S 
11315 
11333 
-11356 
' 11361 
11366 
11385 
-11397 
11404 
11426 
.,11429 
-11*73 
11525 
11433 
11656 
' 11670 
"11677 
;il694‘ 
1171? 
11736 
11743 

11760 

■11778 

'.11794 

11817 

11821 

11826 

11842- 

11S4B 

11861 

•11885 

11868 

11SA7 

11896 

119D1 

119M 

11921 

11922 
11925 
11940 
7195.1'. 
11971 
11974- 

11989 

11990 
11993 
20002 


debenture* not li/led above are not affected If thii redeujplipic , . - - . . ■ - _- t - 

The DeUntnro, -o ri»iBual«i for Kdemv^n will tea Rt an d .»■ AlE ?5B!!LJ ?g5 



AWAY ISC. 

Pt' 8)n!{<r* Tr-ia*. r?w»*s>. T 


— J: ?Tan:‘- I'Tft ' - -' - r” 


■M 

?-.-le-:fion Tb' Vjp. ]»• m 
Starri. . E>jkilda 9pc Wi 

SKF Spi 19S7 R* 

Su-eden 'N’dmn- <ip< 1087 Ul 
L'uned Biat-uiu *w 1M9 - 97-. 

Vale*. -Pl 13-7 Mar-.h _. Ki_ 

NOTES 

4jsrr^l:a "r-pc *I*M' ... Xi 
ReU Canid* Up.- 1«7 . 

Rr Columbia Hvd 7 Jpr 

Can. P*.- rip- 19Sa . - B9t 

P..W Chemical l«n ■ .. 97 

EU5 7ip> ]«: ■ . R 

ECS Sepi- Ulj? !W 

rase. Tint . 4T 

EEC :;pc HM . . - ae 

Ei»n» Garret; Sip. 19*4 . 97 

r;o:pv»rk.n 7]p< 19*? « 

KorliunM tp.: 193s «s ■ 

IfJehrli-i *-pv UK'. 43J. 

Mnntrafel- t rb.-vn *5 b> ;9?>. \-n 
N -»' Bnmjwi. lt Jp<- 1951 *T« 

W Brow Prnv t:pr ■«? ;'n 
?,'*»>• Zealand 4ip. »•» 

•Sordid Inr kj. r;p< J9«* »'n 

\oreX Hydro Tiv: ips; 

Xnru-ar TJnr i*S? 

rrniano Hydro *oc 39*7 

im= n r .<:p. 1912 

S Of St-e' El« . «rpr l*«*i 
nn-eden -Kdont. 7*tn- 19*; 
Irt'-di-h S»aie Cn 7:p; '4'’ 97* 

Telmev «pe 1954 ' V»| 

Tennei-e 7| 0 r !9*7 May *ij 

VolJ.-»ac"D 7*pr 19 >7 95 


_. ■‘5; 


l-VJ 

M{ 


STERLING BONDS 

lll^'Bwttrw' mifir ne R 

ClULWn 16pr -,9R V,t 

rnm-ranMs .tjpr 1959 wj 

CCS Kp.- i»s* ... 

ElB n;nr ir* ... . 99; 

Mr^lnr 199V . 97J. 

b nance Mr Ind -ijpr i*r: - «j, 
FirwiKe fer |nd Mpc 13:9 . 974 
Finjns i9ip* ■’(•*7 |iw* 

is.v iipc :«s* erj 

Rawnn^ JIHp.- «iey 

.'ear* l<* r pr itj« a: 

TiMl mi 9«PC 9al. 

OH BONDS 

EIFCE 5to« :9?« ;,vu 

Witt fijpr ?4 

Drmnarir 5:pf i934 . . 155* 

EC* Wpc IWV . .-. . flj* 
PtB riPi- '.901 „ . 

Bur«*pm .Hpe 1997 ... . ;tn 

Enrofima Mpc 1938 ... 991 

Fmtend ijpr iftSS .ej - 

Forsmarks 51 pr- IW SN 

\ew Zealand 5*pc 1985 .: . Ml 

Norrem 5Jpc 19*8 !l>fr* 

'on-ay 4Jpr 79*3 -... tdi> 

Sweden Sot 19jS . Ui( . 

T.wrnamobahi s*ne 7991 *>J 

TVO Pfuer Co Apr 1838 t"H 

l'*IK»rt* Spr 7993 ' !f| 

irorld Bank Hpc lip* . .994 • 

FLOATING HATE NOTES 

Rant of Tolrvn -,*54 3 1'.^ p- 
HFfiB W Tw: 

H-.-P 1**’ 5'j^pr .. 

r cr ir 9nc .... ... . 

TC-MF 19*1 7ftv- - ■ • .. 

’ rr>-.|ianai»li IN*J 77pr 

’’r-'dir l.yafUMis lO*, 1 Sse . 
n<7 -panJc 19S? 715UB'-' 

■‘■7B 1085 SlKtu- 
i-rl Wjimrwtr '54' niispc 
l’tyrdv 3«3 ?w 
l.TTB i9sr; ftp- 
Midland 19*? *pr- 

MrtamJ.lKJ 7UMPC 
ORB 19S7 71 pr . . . 

SVCF 1WS Sipc . 

and Cbrirtl -to I'.iwnr- 
"•ms. and Giro* '94 niwpr- nsj 
Sowcp:' While IveW SetonUu. 


oner 

°'i 

IM 

«:* 

Ml 

9.lt 


is 

9* 
1*1 
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97! 
?* 
9 

is* 

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9*1 

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. 181 * 

1911 

'« 

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l»i 
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1914 

"in? 

I 

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Ml 

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«ll 

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mi - 

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. 

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Mi 

pie 


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mifinrjn Fjpth^ <*« *7 

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M 

A-Mand 3ar WpF 


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Rahro-fc 3 WiHn - »7 


Hi 

Fond.' Vnr ’.M’.- 


a:> 

K'flrts |’v ]K«-j 

97H ■ 

;<«-» 

P^cNJuan fiin.- ;99? 

frj 

-*7C 

n*rtm .‘u ‘Aj-i 

n 


Imad-raj: HaZ? 4fpi 

77 


irdalmn In- '9P7 .. 

7.i* 

77 * 

■Jh**-ren is, 7939 

i;>i 


Dan 4 Jbc !B9t 

774 

79; 

CA«man Koifafc I’-pr ITST 

90 

K 

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77 

• 79 ’ 

p-f'c-Anc 'n 1953 . . . 

AJS 


Ford 5 pl lass . . 

f-'i 

«; 

Cpajrai Elertnr line 1937 

S8* 

A7i 

CITJ-Re 4;pc .IS87 

76i 

.75* 

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'.«* 

iri» 

ouir ajni WeArrn Sue i9» 

PA . 

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144 

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All these Bends ha., ng cpnr, «pi(j this a-ncufiO*- 
meni Appeals as a mallet 61 rec.otd tn'y. 


REPUBLIC OF VENEZUELA 


DM 250,000,000 
6% Bonds due 1988 


With Banco Central da Venezuela as financial affant for the Repute 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


DRESDNERBANK 

Aktlengeseflschaft 


DAIWA EUROPE N.V. 


MANUFACTURERS HANOVER 
Limited 


MORGAN ^STANLEY INTERNATIONAL 
Limited 


S 


- AS'J DHABI INVESTMENT COMPANY ’ 

Ar-if; J p.A 

" ALAHLI BANK OF KUWAIT IK S : 1 » 

ALGcMENE BANK NEDERLAM* N.V. ' 

A E AMES & CO. 

Li-mted 

AMSTEBOAM-ROTTERDAM BANK N.V. 

ARAB AFRICAN BANK - CAIRO 
APAFFINWICE CORPORATIONS a.L. 

THE ARAB AND MORGAN GRENFELL FINANCE 
COMPANY Lim-terl 

ARM EN FINANCE LIMITED 

ASIA'! - ASIAN INTERNATIONAL 
ACCEPTANCES & CAPITAL Lim-’erl 

BA-'Hf HALSEY STUART SHIELDS 
lr.-:prpr>fn(e<l 

E'DISCHE KOMMUNALt LANDESBANK 

- - G.IROZENTRAI.E - 

BANC A COMUERQAlE ITALIAN A . - - 

BANC A DEL GOTTARDO - 
BAWCA NATIONALS DEL LAVORO 
BANCO DI ROMA 

Eank OF AMERICA INTERN AT!OK A L 
L'-niieB 

B ANK JULIUS BAER INTERNATIONAL 
L Tided 

BAKERS TRUST INTERNATIONAL 
Lre-tetl 

FANK =UR GEMEINtV7R T 3CHAFT 
AM-'irBesetlacliart 

Bank GUTZWILLER. KURZ. EUNGENER 
(0vers«8S) Unwed 

WEES 6 HOPE W7 

THfc FANK OF TOKYO i HOLLAND 1 TJV. 

BAhOUE 4RABEET INTERNATIONA^ 

D ir-JVESTISSEMENT (S A 1 1 1 

BASQUE BRUXELLES LAMBERT S A. 

BAHOUE FRAfiCAlSE DU COMMERCE EKTERIEUR 

BANOUE GENERALE DU LUYEMBOURG 
Sor eie Anonytiie 

EATlOUn DS LlNDOCHItJE ET DE SUEZ 
BAliuUE INTERNATIONALE A LUXEMBOURG S.A. 

E auquE NATIONALE DE PARIS 

SAfi.cuE OE NEUFUZE SCHLUMREPGER. MALLET- 

F.Af^OUEDE PARIS ETDE& PAYS’- BAS -• 

t a NOUE-DE PARIS ET DES PAYS.SA5 JSUJSSEi S.A. 

B*N0UE POPULAiRE SUISSE S.A LUaEMEOURG 

B (-NOUS AOTHSCHlLD 

.E4NOU6 DE L'UNIQN EUROPEENNE 

F * YERISCHE HYPOTHEivEN- L'ND 
V.’FCHSFL-BANK 

BAiERISCHE LANDESBANK GIROZENTRALE 

BA'7.RiSCHE VERFINSBANK 

JC:H PERENBERG.GOSSLER 4 CO. ' 

PCRGEN BANK 

5FRLIUER BAfJK 
AkrrpnqeseFIschaft 

BERLiNEakANDECS- 

(^ID FRANKFURTER 841JK r 

BLSTH EASTMAN Oil LOfJ L CO. 

Into' nm itma! Limned 

BREMER LANDESBANK 

CAUSE DES DEPOTS FT COr.'SIGNADONS- 

CH-'-S: MANHATTAN - ' 

Lnri'led . • • 

CHRiS HANIA BAf-.'K OG KPEDiTKASSe 
CiNCORP INTERNATIONAL GRCCP 
rOt If/ERZBANK 
AMio^cereilschafT 

COMF-'GWE MONESSASCL'E D£ EANQUE 


SWISS BANK CORPORATION (OVERSEAS) 
Limited 


COUNTY BANK 

L»(-it«o - 

CF.EniT*NfT».LT-B*NK'.*RE'fJ 
CREDIT OOVUGRC-AL DE e MMCE 
CREDIT INDUSTRIELET COMMERCIAL 
CREDIT LYONNAIS 

CREDITO ITALIAMO ■’ '• 

CREDIT SUISSE WHITE WELD 
L'iiri*d 

D4|-1.>I KANGYO BANK iSCHV.ElZl AO 
P.CHAPnDALS«.CO. 

Eapk-eiR 

DEN DAN5KF B*L'K 
a: i&ti Avner.Hs* ae 

DEN NQR5KE CREDITBAKK 

DEUTSCHE EM IF 

At nengp ipiisciw** 

PCUTSCHE GlROrENT-OA'.E 
- DEUTSCHE KOMMUNAL&4N* 

C-IJ BANK 

DEUTSCHE GENOSSENSC HaFTSF»*."K 
DILLON. READ OVERSEAS CORPORATION 
DFEXEL BURNHAM LAMBERT 
lncP r Doreteo _ 

EFFzC'TENBANK -WARBURG . 

A^nenpeseiischaH 

EUROMOBILltRF ^ p 4 

CCMRAGNIA EUROPE* intSPMC-B'UARE . 

EUROPE Af.’ BANKING COVPAN,’ 

1 1 n i*ed 

FIRST BOSTON I EUROPE) ’ 

L'-nned 

ROBERT FLEMING l CO LIMITED /- ; 
GIROZENTRALE UND RAN/ 

PER OSTESREICHISCHEN 3P3RFA?SEH 
Aktiengeaellschah 

GOLDMAN SACHS INTERNATIONAL CC-AP* 

GRESNSH1ELDS .... 

-I'Korporaied * . . • 

GROUPEMENT DES BANQlJlERS 
PRIVES GENEVOIS 

HAMBR06 BANK. 

L r. -idea 

HAVBURGlSCHE LANDESBANK 
-GIROZeNTRtLt - 

HANOcLSBANK ?J W I OVERSEAS) 

Limned 

HES5ISCHE I.A>IDES8ANK . . - ' 

-GlRDZEfJTRAiE- 

HILL SAMUEL i CO. 
limited 

E. F. HUTTON 6 CO N V 

THE.INDU57RIAL BANK OF KUW» T KS.C. - 

IN'DUS'TRIEBANK VON JAPAN i DEUTSCHLAND) 
Ailienpeselischafi 

ISTITUTO BANCARSO SAN PAOLO DI TORINO 
KANSALLI5-OSAKEPAHKKI 

KIDDER. PEABODY INTERN ATIOUAL 
Limited 

KJOBFNHAVNS HAMDELSitANK 

KLEIMWORT. SENSC'N 
.Lin.', ted 

KnEDlETBAtlh M V 

JiRsDIETBANF S A LUvr'iEOURGEOISS "* 

. KUHIILCES LEHMAN BROTHERS 
INTERNATIONAL 

KUWAIT r IN*NCiAL CENTRE S 4.K. 

KUWAIT FOREIGN TRADING CONTRACTING 
& INVESTMENT CO- '5 A.K i 

KUWAIT B !» ERUATIO* I AL ItivfGiMStIT CO S A.K. 
KUWAIT INVESTMENT CfiVPAJ; r .£ 

BANKHAIJS HERMANN LAM PE 
Ko m ma ndrl aesen jirJia n 


. L** rEPP*N’K R^PlN! V.’D-PFALZ 
- G:KOZENTR.ale - 

LA: .’DES BANK Faar CROZENTRAlE 

LMlDE'iEMiK St HLESVB6 -HCL&TfclM 
G’ROZENTRA.E 

L A.'ARD BROTHERS & CO. 

L'n.rtea 

LAZAR? FRERES ET C'E 

Lt 01 BANK INTERNATIONA! 

Linmed 

MrLEOD v OUNG. WEIR 
Intoinaiiona. Limited 

MERCK. FINCK3CO. 

ME PR ll.L LYNCH INTERNATIONAL & CO.’ 

B METZlER SEEL SO*N A CO. 

MlTEliFipHI BANK (EUROPE i S A. 

MORGAN GRENFELL 4 CO. 

L.rp'i*/; 

. -THF NATIONAL SANK OP wywAJTB * K. 

The NiKKO SECURITIES CO . lEL'ROPEl LTD. 
Nippon EUROPEAN BANK S A. 

NOMURA EUROPE fJ ». 

NORDDEUTSCHE LANDESBANK 
- GIROZENTRALE 

OSTsRREICHISCHE LANDERB4NK 
Ak-tiengefteK'CKAft 

S*L OPRENHEIM Jfi. & cr= 

ORION BANK 
L‘.-r*,»eo 

PIERSON HELDR'KG 4 FiERSGN N M 

FKBANKtN 

„.P&5T|PAMfKI 

FRiviiTPANKEN AwrnRSELSKAB 
ncNCUF&ZO 
U r.* ROTHSCHILD 4 SONS 
Limned 

SALOMON BROTHERS INTERNATIONAL 
Limited 1 

SAUDI ARABIAN INVESTMENT C0M c ANT, INC. 

J HENRY SCHRODER WAGG& CO. 

. Limned 

SKANDiNAVlSK’A ENSKJLDA Sauk’SN ' 

S.VTH BARNET HARRIS IjPHAM i CO. 
Ihcorcioraied 

SOClETE GENER.4LE 

. iocsTE geueraleIde barques. a* ' 
SC-CIETE seCUANAIS? DE BANOuE 

SPAREANV ERNAS BANK 
SUMITOMO FINANCE INTERNATIONAL 

SUN HUKG KA! INTERNATIONAL. 

' Hun'iied 

SVENSKA. MiflWLWtf KEN 
TRIHK.AIJS & BURKHAROT 
UNION SANK OF FINLAND LTD. 

UNION BANK OF SWITZERLAND ISECURITIES) 
■’Limiled 

UNION Dc pANOUES ARABLE ET FBANCAISEB 
-U.SA.p . 

VEPE'NS' -rjNDV.rSreWK.".' 
Ahiieugeceii'.-hah 

J VONTOBEL6CO. . . 

MM.’AAF.BOtfG PRW/CW.’4fifJ,V,WZ4CO. : 
S G '.VARBL'KG 4 vC LTD. 

V.cSTFALEr.BANK 

AKnenoe'^'iidha'l 

" WOOD G'JUDV LIMITED ’"*• 

V.l IR 1 TE MRF KG ‘ • r -H F K0» ’> 1 JV A LS 

L*MtiE?PAN l r,i.“C-Z€N“R*LE 
v«»-Airm irjTEF.NATiONAL i EUROPE) 





V 



WKP NS SD -&* MARCH 15 l&Tg 



Control of 
Bonuskor 
goes to 
Volkskas 


en revaluation puts bony in reverse! 


m. is 


BY CHARLES SMITH 


TOKYO, March. 14. 


BY RICHARD JOHNS, MIDDLE EAST EDITOR 


By Our Own Cormpondmt 
JOHANNESBURG, March 14. 

A DIVISION between the Saul am 
imirance group and the Volkskas 
banking group, two premier 
Afrikaner financial institutions, 
concerning the jointly-controlled, 
beleaguered Bonuskor Iapestinetn 
Company, has ended with 
Vplkskas acquiring San lam's 
per cent stake in Bonuskor. 

Volkskas now owns 51.3 p£r 
cent, of Bonuskor and is extend- 
ing an offer for the holdings of 
tiie remaining 30,000 m : nority 
shareholders at 38 centh per 
Share. 

TTte offer leaves the minorities j 
in a quandary. Bomxskor’s net 
asset value is 127 cents per share 
but the company has just re- 
ported a R2.2m_ operating loss, 
equivalent to &2 cents per share 
for the six months to December 
&U 1977. For the second half- 


THE SONY CORPORATION'S 
profits fell by 49 per cent from 
a year earlier In the first 

quarter of its new financial 
year, the company announced 
to-day- Profits for the thxOe 
months to January 31 were 
T5.481m. f 52.34m.) on a con- 
solidated basis. 

Sales reached YUMAa. 
($53. 12m.) up 6.3 per cent on 
the first quarter of fiscal 1977 
but slightly down on the imme- 
diately preceding quarter. 

Sony attributes the sharp set 
back in profits ** almost 
entirely ” to the accounting 
effect of the yen revaluation 
on overseas sales and profit 
margins. 

It points out that sales made 
in dollars are Worth less when 
translated Into yen than they 
were a year ago— with the 
dollar having risen some 20 per 
cent in the past year. Sales 
costs, however, arise mainly In. 
Japan and thus have been un- 
affected by the yen revaluation. 

Sony claims that its profits 


would bare been up 13-15 per 
cent if the yen had held steady 
against the dollar while its 
sales might have risen by 
about 20 per cent It expects 
the effect of yen revaluation on 
Us profits to continue through- 
out the year, but with a 
diminishing impact If the yen 
remains at Its present parity 
of around 235 to the dollar. 

- Since the yen Is In, fact 
expected to continue moving 
np against the dollar for some 
weeks, if utt months, Sony's 
future profit level In 1978 is 
extremely hard to predict. In 
its published statement the 
company says only that M all 
possible steps will be taken to 
counter unfavourable condi- 
tions*’ in the outside world. 
These stops will include the 
transfer of more of Sony’s 
manufacturing operations ont 
of Japan, though not. Tor the 
time being, through the open- 
ing of any completely new 
plants. 

What Sony plans to do Is to 


Increase the range of parts 
manufactured at its San Diego 
television factory and thus in- 
crease the amount of added 
value achieved by its U-S. 
manufacturing operations. It 
also plans to put more money 
into Its Alabama tape factory- 
* Various possibilities" are 
being considered ta Europe hut 
the time Is not right for 
decisions, the company says. 

The star performer amonS 
Sony's carious products during 
the first quarter continued to 
be video tap recorders (VTK). 
Sales of these increased 51-9 
per cent over a year ago and 
accounted for I6J8 per cent of 
total sales. Sales of colour 
TVs decline by 42 per cent, fa 
figure which Sony claims was 
less than that of the industry 
as a whole). Tape recorder and 
radio sales also feD but audio 
equipment and "other pro- 
ducts'* in er eased their sales 
by 6 per cent and 1&9 per 
cent respectively. 

Sony says -it has overcome 


bottlenecks in Its TTR pro- 
duction capacity. It expects a 
sustained boom in this sector 
along the lines of the kmg boom 
in colour IT which spelled 
prosperity for the Japanese 
electronics industry in the late 
60s and early 70s. 

The scope far growth is In- 
dicated by the fact that less than 
2 per cent, of Japanese homes 
and less than 1 per cent of 
American homes so far have 
VTR, Sony says. 

Sony is reticent about Its 
plans for marketing ' VTR in 
Europe where It has been over- 
taken by Victor Company of 
Japan, which claims to be sel- 
ling in four European markets 
with sales to four more due to 
start tins month. Victor’s YHS 
home video recording system 
came on sale in the UJC. at the 
beginning of March for the 
price per set of £710. Victor 
says that it has firm orders 
from Its UJC. distributors for 
the delivery of 5,000 sets by 
September. 


THE ISLAMIC Development 
Bank extended loans worth the 
equivalent of ? 1822 m. by last 
December, after two years of 
operations including no less than 
SfiOJm. for the financing of 
foreign trade. . 

The IDB's second annual 
report says that it has been assist- 
ing developing countries by 
utilising capital not immediately 
needed for development loans by 
assisting some members to pur- 
chase “vital imports" and also 
“exportable surpluses" from 
Others. It says that commodities 
so far covered by such operations 
are “industrial raw materials, 
fertilisers and petroleum 
products.” 

Such o Derations covered 


include the purchase of coke 
and copper wire for Algeria 
(312.6m.); coke for turkey 
(SlOm.); fertilisers for Pakistan 
t$15m.>; refined petroleum pro- 
ducts for Sudan (832m.) : and 
fuel oil for Turkey <$9.6m.>. 

The IDE, which lends at a 
n ominal rate of “ commission 
(believed to be 2-5 p*f cent.) 
.and does not refer to interest in 
accordance with Koranic f tinc- 
tures against usury, has extended 
$71m. in project loans by 
December last year. 

' Amone these were S12». for 
the expansion of the Sum Canal. 
$7 5m. for Hargeisa-Bowma road 
in. Somalia. ?"w. for the Song- 
loillou hydro-electric project in 


the Cameroon*, and $7m. for the 
Dacca International Airport u 
well as other projects in Sudan, 
Niger. Tunisia, South Yemen. 
Algeria. Senegal and Mauritania. 

At the end of it* second yvai* 
during which, ae the report nyt, 
operations only really got under- 
wav if tile IDE had also taken 
a direct equity participation of 
$93 6m. in various project* 
including SlOm. in a Moroccan 
cement plant. S92m. in the 
expansion of Jordan's Zerqua oil 
refinery. SS2m. in a paper pain 
mill in the Cameroon* and R,7a. 
in Malaysian cement plant. 

The IDB has also taken an 
indirect participation of 85.75m. 
in the Malaysian Development 
Bank. 



M'- 


ISRAELI BANKING 


A spirited defence 


.as 


• BY L DANIEL IN TEL AVIV 


year, losses will continue and 

there seems little possibility of 


there seems little possibility of 
the company returning to the 
dividend list for several years. 


Steady growth in Clal assets 


TEL AVIV, March 14. 


Profit up 
at DBS 
in 1977 


Bonuskor fell on hard times gy |_ pay hr. TEL AVTV, March 14. ill MS MJfkJ 

last year when most of its , jnn _ „ _ , ... . M 

timber, agricultural, property CONSOLIDATED net earnings the sale of investments id two a profit or I£S2^ for the first «x | U / / 

and earth moving equipment com- of Clal, Israel's largest Invest- hotcria) compared with I£3.3m. in months of 1877, against I£ 50 -«n. all M.S l 1 

panies, which it had bought with ment company, amounted to 1976. for the full year 1976. 

the proceeds of sales of quoted I£48.5ra. fS22m.) in the first six its consolidated balance sheet w * ★ fly n. e. uee 

investments, were hit by the months of last year. total stood at I£3.9ibn. as at June T-fahm Israel Morteaee Bank SINGAPORE. March 14. 

South African recession. This comparer with LESOiSm. 30, 1977. compared with I£3.4bn. report5 ^ earnings for the six THE Development Bank of 

Liquidators of the property for the whole of 1976. To this at the end of 1976. months ended September 30, Singapore (DBS)— one of the 

subsidiary were appointed in must be added I£5.5m. from dis~ Clal Industries, one of the igy 7 t 0 f compared with big four Singapore banks— has 

January. continued operations (mainly main subsidiaries ol Clal, reports if 137 m. in 1976/77. Tefahot is reported a 11.6 per cent, improve- 

. . 11 " | one of the Government controlled mast in group after-tax profit for 


By H. F. Lee 

SINGAPORE, March 14. 


January. 


Fairviev 

- PRELI 
6 MONTHS 


Unaudited Results 


Turnover 

PROFIT BEFORE TAXATION 


Taxation 

Profit After Taxation 
Interim Dividend 
(net amount per sham) 

EARNINGS PER SHARE 


6 Mouths to 

6 Months to 

31 Dbc77 

31 Deo 78 

£000 

£000 

10^23 

10,428 

1JS2 

906 

(84) 

(16) 

988 

890 

269 

242 

(2^) 

CL25p) 

9J0p 

&3p 


A profit for tha 6 months to 31 st December 1S77 of £1.052JX)0 waa earned. No safes 
of industrial property or building land took place during this period. 

An interim dividend of 2j>p. net wifi be paid on the 27th April 1 978 to Shareholders 
registered on the 14th April 1978. 

It is your Directors intention to have your Company's investment properties re-valued 
shortly and such re-vftluaticm incorporated in the next audited accounts to ba produced at 
June 1 978. This will undoubtedly show a substantia] strengthening of the ba fence sheet 

Long term finance has been arranged in substitution for a significant part of the 
present bank loans funding investment properties. The terms of the loans range between 
ten arid twenty-five years as is more appropriate to your Company's long term objective. 

Several of the negotiations to let industrial properties referred to In my last report 
are now concluded and your Company's contracted Rent Roil is £1A8m. per annum, an 
increase of 10% in the past six months. Enquiries for space are still at a satisfactory level and 
further lettings are under negotiation. 

Discussions are now in hand on several of the rent reviews and the two so far 
agreed show an increase in excess of 200%. Greater benefits from these reviews will be 
seen later in the year. 

The housing market is currently buoyant and the improvements m margins previously 
foreseen have been achieved. PrpfrtB generated from this actfvftrty will continue to facilitate 
the enlargement of your Company's property portfolio. However, it Is your Directors 
intention to ensure that any growth of your Company's residential development business is 
carefully controlled. Management availability is being increasingly directed towards 
commercial/industrial property activities, thereby ensuring that the stated objective of 
securing substantial rental incoma from property assets is further achieved. 

D. J. COPBr Chairman 

14th March 107a 


Creating places to work, pkcra to Ifsnft. 


Fairview 


ORION BANK 

LIMITED 


1977 HIGHLIGHTS 


E xtra ct from Consolidated Accounts at 31st December 1977 


£ millions 3* 


£ millions 3* 


Shareholders Fua d * 


Medium Term Loans 


Deposits 


Total Assets 


1,059 

1J83 

1,700 


Pre-Tax Profits 


After-Tax Profits 


*Canr/rsian otjeareni rates 


The Chase Manhattan Corporation National Westminster Bank Limited 

Credit© Italians Holding &A> The Royal Bank of Cana d a 

The Mitsubishi Sack, limited Wessdetstsehe Landes bank Girozentrale 


1 Lofidoa Wall, London EC2. Telephone; 01-600 6222 


companies which is high on the the year 
list for sale to private interests. $S20.6m. 


Earnings increase at 
Zim Israel Navigation 


the year to December, to 
$S20.6m. (SUS.8.9m.), from 

SSI 8.4 ra. In 1976 
Unlike previous years, when 
much of the running was done 
by the group’s subsidiaries, this 


CONSIDERABLE indignation 
has been aroused in banking 
circles here by the remarks 5 
the Minister of Commerce, 
Industry and Tourism, Mr. Yigal 
Horwitz, claiming that the profits 
made by the commercial banks 
are exaggerated and t hat . the 
banks are throttling industry. 

Considering that the general 
price level in Israel has risen by 
500 per cent 1 since the beginning 
of the decade (with this year's 
I inflation again forecast at 30 per 
cent.), there is no increase, or 
very little, in the yield per share 
in real terms (and in some cases 
■even a decrease) or in profit. in 
I relation to the banks' own mean& 


Moreover, bankers point out. 
1 view both of the high rate m 


ZIM ISRAEL Navigation Com- year's impetus came largely from 
pany recorded a growth in its its banking operations — that is. 
consolidated assets of some from the parent company, which 
I£400m- in the first half of 1977 reported a 16.3 per cent, increase 


to I£4.6bn.. at June 30, 1977, in net earnings to SSlS-lm. 


according to unaudited figures. Group total assets were 6.6 per 


! in view both of the high rate of 
inflation and the centralisation 
of commercial banking in Israel, 
an expansion of the capital base 
< Is a necessity. This, they 
argue, can be achieved only, by 
enlarging reserves and by 
i making the yield attractive 
enough to attract buyers for new 
issues. 


Consolidated income reached cent higher, at SS3.45bn., as at 
l£2.1bn. against I£3.3bn. for the the end of the year. 


whole of 1976. 


The Board has proposed a first 


Net consolidated earnings were and final gross dividend of nine 
I£19m. ($Uhn.) against I£15m. per cent— ^on0 point higher than 


for the whole of 1976 (excluding the 1076 dividend, 
the T£14m. repayment from the 


liquidator of the International UniSOnth pays more 
Credit Bank of Geneva). r J 


Zim's fleet at January 1, 1B78, UNIS OUTH, the textiles, pro- 
totalled 65 shipfi, with an aggro- petty concern, announced an 
gate 2.4m. tonnes. Zim invested interim dividend of 30 cents for 
S332tn. In the period 1972-1977 the year ended March 31. on 
in additions to the fleet, and a increased by a one for 

further 532.5m. in equipment » bonus issue, writes Daniel 

Seven ships with a total tonnage N ®!*? n r f .£^,,JI oag Kon S- A. 
of 105,000 are currently being Profit of TOlfim. .was made last 


built for the company, and are SSJS h“t 

due to be Completed in 1979-79. 1 !' ^ 

t net — ivj j . , ,, t ..I , j fViA forftCw that the com pany 

wouId d0 “ reasonably well ” in 
development of its. Eilat Line, future. 


The Manufacturers Asso- 
ciation (which represents the 
private sector of industry) is. cur- 
rently in the last stages of com- 
pleting a survey of bank charges 
and practices in relation to in- 
dustry. The three main com- 
plaints appear to concern colla- 
teral, extra charges on top of 
interest and delays in being 
credited with transfers. 

Industrialists say that even 
though they constitute far less 
of a risk than exporters or im- 
porters, the collateral being 
demanded of them is too high. 
For Instance, they argue,' when 
they invest in buildings or equip- 
ment, the bank may regard' only 


‘35 per cent, of that amount as 
collateral, forcing rhe in- 
dustrialist to turn to the insur- 
ance companies for loans costing 
Up to 42 per cent. 

The situation has been exacer- 
bated by the floating of the 
Israeli pound which increased to 
Israeli pound equivalent of 
foreign currency loans granted 
by the banks by 45 to 50 per cent 
causing the banks to ask for yet 
further collateral. 

Both the cost of services to 
individual customers, and the 
commissions charged an foreign 
currency conversion and the 
sale/purchase of securities are 
substantially lower than in 
Europe, according to the banking 
association. Banks in Israel have 
an unusually largo number of 
individual customers, as opposed 
to corporate bodies, because in 
the absence of savings banks and 
building societies, the functions 
elsewhere associated with these 
are exercised by the commercial 
banks — so that the majority of 
Israelis have a bank account. 
More than Ira. people out of a 
population of 3.3m. receive their 
salaries and national security 
payments, such as pensions and 
children's allowances, through 
the banks. 

Additionally,, the commercial 
banking system is the main 
channel for the sale of- Govern- 
ment bonds linked to the cost of 
living index. 

The bonds hacking these 
savings schemes are 100 per cent, 
linked to the index, whereas the 
linkage for bonds sold to the 
public has been reduced to SO per 
cent., with the result that there 
was a net disinvestment by the 


public Of I£4bn. in 1977 (with 
money going into thfi share.] 
market). '"•?*? 

Sales to the banking system Off 
lOO per cent, linked bonds TO 1 
back savings schemes, pension 


back savings schemes, pension -j . 

and provident funds, on ^ 

other band, came to T£9bn. (rim* | » ^ 
Treasury had hoped to reach * 


overall net total of I£l2hn^ airfl 
the shortfall explains the deficit 
financing of recent months). 

- Not that the banks are acting, 
in this without reward. Thai’ 
pay three per cent on long-term 
savings accounts, whose mat a. 
attraction is the linkage, whereat 
they receive 4.25 per cent, an 
the bonds, though an avetifee 
two-thirds of gross profits gfr* 
back to the Treasury in the form. 
Of taxes. . 

As to the alleged stranglehold 
on industry, banking circle* 
point out that export Industrie* 
and agricultural exports Still 
receive “directed credit” it 
6-12 per cent, (this accounts for 
about 40 per cent, of all eommer« 
dal bank credit) whereas anyone 
else has to pay a minimum 30 per 
dent 

Conversely, the interest on 
time deposits starts at 23 per 
cent and may he as high as 
25 per cent for large depositors 
—still a very comfortable 
margin. 

The warning by the Minister 
ot Commerce and -Industry that 
he will find ways of reducing 
the hanks' profits if necessary 
may have been made in view of 
the impending start of wage 
negotiations for 1978. 

The banks have come under 
strong criticism itt the past M 
the high level of salaries the? 
pay. 


replacing conventional vessels by 

container ships. International « • 

trade now accounts for some 55 AS13 insurance 

per cent of the cmnpmy's busi- ASIA ma^c e reported a 56 

!^"£l£2E!JTl SUSS linnet profit to 


NOTICE OF REDEMPTION 
to 

thahefahraef 


« * « » » • • < 
i( |i J !■**■* * * 


« SHkl3.62m. (*US2.97m.) for 
Hi !!!?!* 197 ?. and a final dividend of 


UMAX INC, 


ELS?*- braeli 35 (25) cents, making a total of 


market 


Shaw Brothers 


55 cents compared with the pre- 
vious year's 45. Daniel Nelson 
writes from Hong Kong. The 


(fanouiy American Meta] CBnax, Inc. and Ammc International Capital Corporation) 


FILM-MAKER Shaw Brothers— Performance reflects the benefit 
hit last -rear hv foreien exchansp P? r cent, interest 


8%% Guaranteed Sinking Fund Debentures (Series A) 
due April 1, 1986 (Red Color) 


hit last year by foreign exchange °v. .5 e . 9 enx : interest 

losses and restrictions in some aoim^d in Continental Insur- 
of its major Asian markets— C °™P™ S of &ew York in 
announced an unchanged interim Janu ary» l#i7. 


dividend of 15 cents for the year | 
to March 31, writes Daniel Nel- 
son from Hong Kong. Last year, 
the group held its total dividend 
at 40 cents. 

Agency 


Gain at Weeks 
Petroleum 


2COTXC3 13 HEREBY GIVEN THAT, paranaat to Section 5.01 of Article Three of the In den tare dated as of 
April 1, 1971 anions A m a x Inc., f ur m ar l y American Metal Climax; Inc. and A max International Capital 
Corporation (hereinafter called “the Company”), American Metal Cli ma x . Inc- Guarantor, and Bankets 
Trust Company, Trustee (hereinafter called "the Trnatea”) , there ■wxD be redeemed on April 1, 1978, through 
the operation of the Sinkins Fund, at a redemption price equal .to 100% of the principal amount to be re- 
deemed, $1^60,000 principal amount of S5>% Guaranteed Si nkin g Fund Debentures (Series A) due April 1, 
1880 (h ere i naft er called "the Debentures**). 

The following arc the aerial numbers of the Debm taws bearing prefix B! to be redeemed: 


Teijin sees 
deficit 

TOKYO, March 14. 


MELBOURNE, March 14. 
WEEKS PETROLEUM'S revenue 
from U.S. oil and gas production 
rose 630 per rent, to SUS4.S5m. 
in 1977. 

The company expects this re- 
venue to grow further as it con- 


TEUTN ltd. said that it expects tinues its active exploration, de- 
a deficit of Y4.4bn. (S18-7m.) v^opraent and property acqrnsi- 


bef ore-tax and special items for tion programme in the U-S^ it 
the year ending this month, com- IS * 011 


pared with Y3^0bn. profit in the JUSJJS®. record after-tax profit 
previous year, on sales virtually ^’ s compared with 


unchanged 


Y349.52hn. (SL4bn.>. 


tart year's SUSl.TTm. for the previous year. 


In addition. Bass Strait 


It said that it has decided S5# r 2i B lmwSl? t *»S?reta' 

lower its dividend to Y4 per share P® r *?*}*'* 


of YS6~ STS' d£ {* «P^ t0 srow further in 


preceding year. This year’s divi- i® „ ■ 
dead will be paid in the form Keut ®r 
of stocks. 


The poor business performance n * tj,: 
life yCar resulted mainly from a iau 3ecur,nes 


thife year resulted mainly from a ai 1UU 
rise in production costs following DAI-ICHI Securities Company 
production cutbacks, and the of Japan has announced the 
rapid yen rise against the dollar, opening of a London braneb 
the company said. office. The office will start husi- 

Reuter I ness today. 


Temple Bar 
Investment Ihist 


Limited 

P SUMMARY OF RESULTS 

I 1977 1876 

{ Revanoa attriboiable ta 

j Ordinary Sto&bolders £1,382,328 £1,205,683 

{ Basic eamings per stock unit 

I of 25p 10.21 3p 9.1 lOp 

I Dividend per stock mill 25p 
| (adjusted) 9.355p S.533p 

j 31st December 

'1977 1976 

i Investments at Valuation £36,243,738 £27,124,468 

j Net assets available ta 

Ordinary Stockholders £31,882,413 £23,933,288 

{ Wet asset volaepar stock unit 

! o?25p 240Sp 180£p 

j Net assets after dfidnrtiancf 
i prior charges at market 

I value £31,915,895 £25,839,701 

i Net asset vain persttek unit 
j of2SpafwdidKtfonof 

I pribreharBttBtmeticet value Z4Qjp 195Jp 


ISO 1343 3181 4B39 6060 7080 7993 

161 1367 3132 4943 6065 7081 7994 

208 1337 3206 4955 6082 7100 8008 

212 1384 3223 4982 6103 7101 8033 

230 1421 3240 49S7 6103 7104 8034 . 

231 1426 3241 5012 6133 7105 BOSS 

234 1462 3247 5017 6138 712a 806S 

2S6 1453 3867 5041 6139 7141 8071 

273 1637 3372 6042 6184 7143 8088 

274 16S8 3897 6058 6188 7146 8094 

280 1657 3901 6079 6200 7171 3132 

326 1566 3919 5055 6202 7177 8139 

327 1671 8923 6110 6208 7196 8166” 

330 1696 3937 5112 6235 7200 5171 

332 2226 3838 5117 6237 7223 8195 

408 2227 3863 5140 6240 7224 8218 

332 2253 3870 8141 6242 7241 8230- 

554 2275 3971 5144 6269 7261 8235 

555 2292 4177 5145 6273 7268 8230 . 

569 2320 4173 5315 6290 7267 8261 

574 2326 4182 5333 6295 7293 8262 

600 2347 4184 5340 6303 7294 8265 

604 2352 4252 5360 6334 7301 8267 

605 2390 4236 5365 6339 7323 8290 

632 2394 4283 5366 6342 7346 8318 

657 2414 42S8 5392 6367 7347 8319 

674 2427 4289 5396 6371 7361 8332 

676 2432 4313 5419 6372 7366 8353 

700 2433 4319 5434 6373 7393 8363 

707 2458 4321 5438 6391 7393 33B4- 

729 2459 4345 5439 6395 7424 8390 

734 2466 4349 5465 6434 7426 8413 

735 2491 4367 5432 6440 7445 8417 

766 2486 4358 6498 6466 7451 8486 

760 2518 4372 6520 6472 7463 8489 

778 2520 4373 6521 6497 7464 8462 

792 2594 4385 5526 6519 7489 8481 

798 2620 4412 5554 6532 7490 8486 

823 2625 4417 5559 6533 7497 8511 

824 2651 4443 5587 6538 7523 3515 

829 2655 4447 5591 6563 7524 8934 

853 2673 4466 6592 6564 7529 8533 

354 2677 4470 5611 6570 7552 S53S 

859 2715 4490 5616 6595 7570 3554 

860 2728 4510 5640 6600 7571 8538 

878 2729 4515 5652 0618 7591 8559 

S83 2754 4541 6657 6622 7596 8635 

895 2758 4547 5653 6630 7622 8612 

920 2759 4548 5659 6631 7627 £518 

925 £760 4349 5685 6650 7628-8642 
952 Z773 4567 5685 6656 7631 8643 

957 3785 4573 5690 6682 7656 8647 

981 2622 4594 5691 6683 7673 8B63 

899 2911 4006 5712 6690 7674 8683 

1018 2912 4607 5716 6713 

1030 2B1E 4611 5740 6737 

1025 £917 4615 5768 6738 7733 8694 

1058 2942 46S9 5777 6812 7750 £714 

1063-2947 4840 5783 6818 7754 8720 

1103 2950 4645 5809 6844 7773 8748 

1104 2970 4640 5816 6S49 7773 8748 

1108 2976 4666 5838 6878 77S7 8767 

1127 2999 4670 5883 6880 7812 8786 

1141 3003 4071 5875 6900 7816 8790 

1146 8017 4694 53S1 8904 7817 8791 

1147 8019 4713 5907 6918 7345 8792 

1171 3043 473S 5912 6919 7868 8828 

117B S048 4765 5937 OT43 7868 8835 . 

1179 3049 4771 5941 6949 7872 8855 

1205 3050 4798 5962 5951 7873 8860 

1206 3074 4797 5966 6975 7892 8888’ 

1210 3075 4801.5930 6976 7909 8884 

1211 3079 4840 5981 6980 7S16 8892 

1230 3080 4853 6005 6981 7936 8B1B 

1244 3100 4858 6008 7002 7941 8925 

1256 S105 488S 6011 7006 7942 8936 

1334 8123 4289 6036 7024 7066 8966 

1288 3143 4390 6037 7046 7970 8870 

1317 3148 4915 6040 7050 7989 3959 

1323 3177 4819 6042 7075 7990 3993 1 


9013 10015 

9031 10021 

9032 10046 
9036 10047 

. 0038 10050 
BIOS 10052 
9107 10076 
.9108 10077 
9149 10125 
9181 10123 
8205 10134 
9218 10170 
' 9222 -10171 

3 10177 

1 10201 
9277 10202 
9282 10205 
9308 10206 
. 9322 10228 
9323 10230 
9344 10270 
.9349 10275 
9350 10301 
9376 10308 

9381 10325 

9382 10830 
0405 1QSS1 
9428 10355 

v 9441 10367 
9442 10410 
9447 10414 
9488 10450 
0494 10454 
9520 10455 
0B21 10450 
9525 10479 
9544 10532 
9549 10533 
9552 10537 
0588 10550 
9593 10577 
9621 103S3 
9025 10584 
9644 10603 
0045 10811 

9648 10633 

9649 1063S 
9667 10655 
0680 1QES 6 
9687 '10670 
0090 10701 
0692 10706 

9717 10730 

9718 10735 


i 12236 13612 
! 12261 13813 
12289 13630 
S 12293 13662 
: 12233 13678 
12316 13679 
12328 13381 
12337 13882 
12362 13886 
12367 13887 
12392 13907 
12396 13912 
12415 13913 
12419 18930 
12438 13948 
12434 1 3963 

12438 13965 

12439 13982 
12459 13988 

12464 13989 

12465 14015 
12439 14021 
12490 14040 
12495 14045 
12519 14068 
12535 14069 
12563 14082 
12570 14087 
12590 14112 
12596 14116 
12620 14117 
12624 14143 
12643 14186 
.12654 14172. 
12B61 14185 
126S8 14186 

12692 14212 

12693 14213 

12694 14216 
12710 14219 

12743 14242 

12744 1424S 
12749 14248 
12761 14249 

12786 14287 

12787 14271 
127P3 14289 
12794 14294 
12314 14320 
12821 14325 
12844 14352 
12350 14356 
12887 14877 
12808 143B1 


I 18220 17222 
16234 17245 
16T39 17549 
16315 17283 

16320 17264 

16321 17283 
16347 17290 

16370 17193 

16371 17295 

16374 17321 

16375 17322 
16387 17326 

16411 17344 

16412 17349 
18415 17366 
16418 173S7 
16444 17331 
16448 17392 
18467 -17413 
16471 17445 

16489 17446 

16490 17449 
16509 17450 

16513 17468 

16514 17473 
16540 17485 
16565 17402 
16509 17511. 
16688 1791S 
16592 17543 
16607 17547 
18613 17500 
18932 17570 
10637 17571 
16658 17590 
16683 1/609 

16670 1761Q 

16671 17615 
16695 17639 
16711 17640 
16738 17645 
16784 17670 
16789 17W2 
16794 17693 
16793 17707 
16818 17712 
16837 17736 

16841 17744 

16842 17770 
16861 17774 
16867 17794 


16804 17795 
16899 1779S 
16922 17709 


18126 19123 

18127 19147 
13140 19151 
18166 19169 
16167 1918ft 
18174 19189 
18199 19192 
18205 19194 
1S2Z9 19320 
18265 19224 

18269 18225 

18270 19245 
18290 19250 
18297 1925t 

18321 19272 

18322 192S5 

18325 19292 

18326 19293 
18343 19313 
1S347 19324 
18362 19325 
1833S 19326 
18393 19351 
1B410 19352 
18423 19356 
16442 19376 

18447 19380 

18448 19409 
18464 10415 
18483 19416 
13468 19443 
18469 19448: 

18614 19449 

18615 19473 
18521 19485 
18545 19509 
1856T 19510 
1*568 19515 
18580 19541 
18586 19546 
1S612 19572 
18617 19575 
18041 1359S 
18604 19602 
18068 19614 
18683 19055 
13705 19659 
18712 19660 
13713 19086 
18714 1970® 
18739 19709 
10763 19712 
18766 19718 
1878T 19733 


fiNp 




9744 1w»f 
974ft 10776 
9750 10803 
9773 lOeOB 
9785 10809 
9791 10838 
9817 10839 
3321 10843 

9822 10844 

9823 10962 
9848 10966 

9871 
9875 
9889 11052 
9914 11059 
9919 11084 
9847 11107 
9951 11119 
9053 11126 
8970 .11127 
9973 11153 
9975 11154 
9977 111S9 
1001* 11164 


DA4*i tores sot listed above ore not attested by this redemption. 

The Debentures so designated for redemption will become and he dne and ttyaMs. at the minaitul uwnt 

**»*■*• ! MtamtisB. In United 

epbpb «e the balder either (a) at the Corporate Tost Office of tha TruatetOne Bankers Treat PUjL 1W 

Yryrfc. New York lAflltft nr fhi n- - J™™, . f’*** 


A full copy of the Renat end Accounts am bh cbuiactffrom 
the Secnuriee. BtOf* Group Services Limited, tlecir* HuusM. 
Temple Piece. Victoria Embankment. Londbn WC2H3HP. 



fiMSMTRA HOUSE COMPANY 


Bankets Triwt Company, Bonque da Paris at &ta Pan-Baa. Bsnqus BothschUd and BoeMU Gtbdrelo la Paris, 
and Eimq qe de So fc£x,tLXcmbQ arc and Boobne de Paris efc des Pass-Bos pour lo Grand Dacbd dn lorairibCBinri 
gtewdm nPtam price of tSfMwntoiwraned forwdfcnpttai wflTbaauffi a^lSSatioa 
vn * h after April 1 . 1878. Coupons tontortoSonAaril 

1’ lOT f »hanM be detached and sunrandered fte payment tn tha nouai manner. Interest 6n tha Dehttcnet 
caned for redeinpboR will caaro to aeeru* from and After April 1, 191 S. awmWMKS 

Xh« f rilwtae ore tbs serial number* of t 1 * B*hentnreo boatme preflx M w&th were frm rnfleiimtlfiri 
cn April l. 1977: 160. Sid. 345. 675, 70S. 1109. 1114, 13S0. 1397. 4310, 5024. 304S. S OToTstSs 
9j S9», 95 40. 9545, 11393, 11394 and 11968- These Peheptar es s h ou l d b* predated Uu payment with all cou po ns 

Tpnrnrmg aner A^ni i f 7 ^j 7 _ 

AKAXnrc. • • 

Bp Ba nk er . Tm#t Cteafrnj* Tnatem 

Bated Ktoen 1*1378. 


eT- r 


' \u 

**7*. 

* ■ a* 


•si) l ,fje>\ 








S3 


' eWaNCIAL TIMES WEDNESDAY HAECH 15 1STS 



Wednesday March 15 1978 


Canadian Banking and Finance 

The weakness of the Canadian dollar has demonstrated the 
strength of the Canadian banking system. Its profits have risen to a 
peak, although later in 1978 they are expected to ease off. 


see 



P 



eserves 


- declined from-$53bn.-to SS-.fibtt.: moment the only really expan* 
the loss in the first two months she element is exports, which 
of this year alone has been or have done well as a result of 
almost $lbn. ' the dollar devaluation: mer- 

• Mr. jean . Chretien*- the chan disc exports arc doing 
Minister of Finance, is taking n,Ce b\ and the tourist deficit 
the classic route by borrowing ma y he responding too, 
abroad to fill the gap. At the 
beginning of this mefetfi. he QpantipSll 
arfnoanced that he intended lo 

i n iTMdT i n«d l ° ThVSSdS? «« d»rd 

borrowing should give o fair 
indication as to what- investors £.„ m l jJSJJS?’;.. 
feel about Canada: * * CODtro,s imposed * n l0 ‘ 3 have 


W. LwLuetkens 

iAST$! ■ SAVE been . "welf 
fen in Canada of late, but in 
ry sort of way the troubles 
have been building up in 


150rCSba 


TOTAL ASSETS OF 
CANADIAN CHARTE1ED 
BANKS 


natural gas which may prove 
less temporary than expected 


The reason for saying that the year they are to be phased out. 

. . position is not disastrous is piat At a time of high unemploy' 

Canada is a habitual importer ment that may hot -lead to re- 
- of long-term capital "and that nevred excessive wage claims in 
Mr. Chretien, in a limited sense, industry; but there have been 
is stepping in as a borrower some signs that public service 
because, provincial governments employees may feel more 
(for reasons of economy) and aggressive, and could start the 
the corporate sector (because whole spiral going again. 

political and economic fields JJ* ®J52 ■ Given that ‘ productivity 

demonstrate the strength gTQV ’ Th iT * Canadian manufactur- 
ing Canadian financial sys- "ESL'lSSSS, 1 ft ing iadust ^ «> be slow, 

and of the economy as a ^ giren P°° r worlds mar- 
ie. - SSSSi?- STiSSSSSS ket for base metaIs ’ the ace In 

ben ihi'" Canadian dollar' deficit are rial £* hand is eaer &- ** 

t into a -spin last year- reasons for the outflow of funds. 2?sl* a Siid?w?bS!Jd7IS 

cally adjusting to a- period • crisis. Canada was billed as the 

:ost inflation that had be- Tt however, easy-, to one industrialised country . with On top of that Shell, which a 

• in 1973— the Canadian exaggerate that danger — 3 surplus of energy. Subse- few vears ago dropped our of 
•tered banks very quickly ..provided always yon assume quently it was found that a venture to extract oil from (he 
together a standby credit ^he economy, at bottom, ‘is Canada had less oil than com- plentiful tar sands in Alberta 
Eurodollars of Sl.Sbn. Sab- s 0 * 01 **- Expressed monly thought, but there are is showing resumed interest. If 

lently, and in spite of the.P 6 ^ 0 ^ ° r , GNp . the . net strong reasons for saying that the' tar sands do. prove viable 
lica] problems of Quebec, Canadian foreign debt-, .has the gloom was greatly exag- (and given present world prices 
» managed a finanMng ' remalyd .cemtwijroly constant gerated. for oil they very well may), the 

il.25bn.for Hydro Qiiebec. ov f i r tbe ye ? fs - v 1 ? problems To begin with, in Alberta, medium term energy picture 
•provincialiy own6<T utility at 1 5e *? deb* goes .on where Canada gets nearly all changes again.- * - 

pany. .increasing at a time . wnep jjs oil. new reserves have been • That would also reflect upon 

i'i world where, admittedly: S row tii may he faltedng.. - found in the Pembina area. If the economy: a tar sands plant 

ewers of good standing are it is here that questions arise! anyone knows how big the find begun now might easily cost 

always easy, to find. Canada Economists are extremely and its implications for further S4bn. and create a large demand 
by and. large retained its sceptical about the real annual discoveries are. they are not tell- for labour and steel. It would 
e or double A rating, put growth rate of 4.5 per Cent, ing.- But Pembina is described help the balance of payments 
i payments" deficits are r tm- until 1981 which ’was forecast as the biggest find in more than since a good deal of the financ- 
able. Since the beginning of in a recent paper . from the a decade. Moreover! Alberta is ing would come from- Wall 

-.-the official reserves have Ministry of Finance. -At the running into a surplus of Street. The same is true (as 



_ •*?! 

’75 ’77 


discussed*- elsewhere 'm this 
Survey) of the gas pipeline 
from Prudboe Bay in Alaska. It 
is, however, worthy of note that 
its timetable may he slipping: 
it had bean thought that the first 
harrowing might be made early 
next year, now delays are pos- 
sible, . The tar sand plant would 
have its . impact later in any 
case, though there is a com 
turning need for the James Bay 
hydroelectric scheme. 

AH of these are reasons to 
suppose that the Canadian 
dollar does have considerable 
reserves , of strength— though 
one -should note that when 
Canadians • talk . or . their 
exchange /ate' they, think in 
terms nf the. rale with the U.S. 


dollar. In its relation to other 
currencies, the Canadian dollar 
is likely to follow ihe U.S. dollar 
mure nr less closely. 

Official exchange rate puhey 
is a bit difficult m explain- Mr. 
Chretien keeps on reiterating 
that ihe dollar is allowed in 
float: the official story is that 
miorventiun is merely intended 
to maintain orderly market'. 
But SI bn. seems a lot to spend 
on that in two months. The 
fact of the matter is that the 
devaluatiun has already besm 
to feed back in In consumer 
price's and that there was a sort 
of psychological harrier reached 
when the. dollar . went helow 
U-S- cents ,9l». With an election 
in the offing, maybe as early as 
June, that was daneerous. 

Similar considerations seem 
to have made the authorities 
reluctant hi raise interest 
rates more than avoidable: it' 
would hurt the prospects of 
economic rewn ery and bo 
thoroughly unpopular. The 
opposition says now that it 
would he less tender hearted- 
bur it remains to he seen what 
happens after the election, 
whoever wins. . 

More enduring problems than 
those of the timing of an 
election arc adding In :he 
uncertainties in which Canadian 
financial institutions have to 
operate. Thus the revision of 
the Bank Act under which me 
chartered banks operate - and. 
which should have taken place 
in 1977 is still not settled. And 
the biggest problem of all. \h» 
future of Quebec, is likely «o 
persist for a long time. - 

Bank Act revision is dis-cussed 
in detail elsewhere in ibii 
survey. As at present proposed 
it will bring ho startling change*: 
Tor the banks — certainly nothing 
like the last revision in J967. 
which opened the growth area 


of personal loans to them. Their 
dearly held wish to he allowed 
to use their computer capacities 
I" sell data processing services 
looks like being rejected. ’ 

A little extra compel 1 1 inn mav 
come from the proposal to let 
foreign-owned hank*. he 

chartered .in .Canada. , n 

fact they have been operating 
quite happily, largely jn »hc 
wholesale market, under provin- 
cial charters and without using 
the prelected description oi. 
" bank.” 

There ha*, been In He discus- 
sion lately of the propose] con*. 
Wined iri "a Whit.* Paper of 
1976 (like the plan for iorejgn 
banks) io allow provincial 

Governments to hold for up in 
ten years a quarter equity stoke 
in newly founded banks. That 
really was a proposal intended 
to please the Canadian West, 
where it was suspected that the 
eastern-dominated hanks were 
nor giving all the service and 
financial help they might. .The 
matter is discussed cl-cwhere. 
hut it should be .said hero that 
ihe political tide in the West 
is flowing against Government 
intervention in business. To 
some extent * at least the 
western criticism has been met 
hy greater decentralisation 
within Ihe chartered hanks, and 
the foundation of specifically 
western institutions. 

.Another regional situation, 
that in Quebec, gives rise to a 

great deal of anxiety. The Parti 
Quebecois ‘Government of BIr. 
Rene LeVesque is of a distinctly 
interventionist turn of mind 
and its relations with the 
financial world in Montreal are 
frosty. 

Long before the PQ came in 
power, the Canadian financial 
ccntre.of gravity bad been mov- 
ing from Montreal to Tnrntiln.- 


Two of the three biggest 
Canadian banks, the Royal and 
the Bank of Montreal, have 
maintained their headquarters 
in Blnmrcal. hut both have hecn 
moving departments io Toronto. 
The -biggest trust company. 

Royal Trust, is also keeping its 
headquarter,** there, but bus me* - 
outside Quebec n increasingly 
heiu? -managed front Toronto 
and Calgary. 

The bie cctai this year 
was the decision of the Sun Life 
Assurance Company of Canada 
to move to Toronto, subject to 
the apprmal of a policyholders* 
meeting in April.. The Sun Life 
says that it ha> lounri some 
potential eiMnniccs hesitant to 
take out policies with a 
pany that has its headquarters 
in Quebec. 


Concern 


The real concern of the Sun 
Life is the possibility that the 
Quebec Government may one 
day restrict its freedom to in- 
vest oiiNirie Quebec the pre- 
mium income it derives Trout 
.there. Should that happen, the 
effect upon the En dish-domin- 
ated financial community in 
Montreal would he disastrous 
Like the rest of Canada. Quebec 
needs foreign money to carry 
through its development, first 
and foremost James Bay. Mr- 
•lacqucs Punzeau. the Quebec 
Finance Minister.: actually has 
powers, to ensure (hat insurance 
companies reimesf a reason- 
able portion .of their Quebec 
income 1 in .the- Province. All 
that would- be heeded is a regu- 
lation to define what is 
“reasonable." But Mr. Parizeau 
is also shrewd and does not look 
tire man to cut off his nose to 
spite his face. Admittedly, 
some others do. ... 






V. 


•*/ 


»• 

:= 


O MMW WW— HM 

■04a ^ M*»M . 

••••: • ••••• 

•••• 

••Or •• •••• 

•••• ••• * •••• 
•••• ••• • • ' oo 

•••• ... •• #tm 
•••• • - . ■ . ••• ■ ; •••#. 
«••• • •••• • ••• 

•••• •••• 

••o. •••• . . 

•••• ••• ••• 
•••• ‘ ••• 

•••• 

•••• - •••■• 

•iHItHfltfllMH*! 



Banque Nation ale de Paris, Trance's leading 
cornmercial bank, has an international network 
extending over sixty-eight countries . 

\ ■ ' 

[n Canada BNP is represented by its subsidiary * 


. •«: 
H: u: isU 




BNP 



Montreal ;. 

HeadOffk^ 

Tour de fo Bourse 
. '600 Place Victoria, Suite 3527 


Quebec 

500 Est, Grande Allee 


Toronto- 
-York Centre 
1 45 King Street West 

Vancouver. 

UBM Tower 
Suite 1570 

~70l Georgia Street, West 


and now ... • 

Edmonton 

Toronto Dominion Tower 
Edmonton Centre, Suite 605 


Wherever you do business we are there to 
help and advise you. 



BcttKjoe Natron cife do Paris 


“ -s Head Office:T6 Boulevard des IfaUens 75009 Paris 

& 


M Jek 244 45 46 Telex: 280 605 





:? - - r 



THE ROYAL BANK OF CANADA 

One of the worlds great banks. 

2 Palace Gate. London W8 5NF. Td.[0l]589-8133 





34 


FINANCIAL TIMES WEDNESDAY MARCH-15 J*ff 8 


Lloyds Bank 
Group in Canada. 

Lloyds Bank International, the 
international bank in the Lloyds Bank Group, 
is established in Canada through its 
Representative office and LBI (Canada) 

Limited, which form an important part of 
the Group’s presence in North America. 

LBI (Canada) Limited, offers a wide 
range of financial services including short 
and medium term loans in various 
currencies; import and export financing; 
foreign exchange; commercial Letters of 
Credit and money transfers. 

For further information please contact: 

C. Courtine, Suite 2500, Commerce Court 
North, Toronto, Ontario. 

Telephone (416) 363 6464. 


CANADIAN BANKING AND FINANCE II 




LLOYDS BANK 
INTERNATIONAL 

40/66 Queen Victoria SLlondon EC4P4EL Tel: 01-243 9822 
A member ol the Boyds Bank Group 

Fellow subsidiaries ofthe LloydsBank Group: 

Lloyds Bank California. The Nation^ Bank of New Zealand. 

LBI. the Bank of London & South America and their subsidiaries have offices in: Argentina. Australia Bahamas. 
Bahrain, Belgium. Brazil. Canada. Cayman Islands. Chile. Colombia. Costa Rica. Ecuador, EgypL'EI Salvador, France. 

Federal Republicof Gerniany : Guatemula.Guernsey.Honduras.HongKong.lranrjaparLjersey. 

Malaysia. Mexico. Monaco. Netherlands. Nicaragua. Panama. Paraguay. Peru. Philippines. Portugal. Republic of Korea, 
Singapore. Spain. Sv\ itzerland. United Arab Emirates. United Kingdom. L'.SA.. U.S.S.R., Uruguay, Venezuela. 


Good period for 

banks 



CHARTERED BANKS’ PERFORMANCE 

B ALANCE OF HEVE Nft 



ASSETS (5bn.) 

Dec. Dec. °u 

Yr. to 

(5m.) 

Incrtf^ 
oaeois 
Qtr.to spend! 


1977 

1976 

change 

31J0.77 

31.1.78 qtr.JS 

Royal Bank 

35-7 

30.0 

18.8 

168J5 

: 31.7 16J 

42.4 2U 

Canadian Imperial Bank of Commerce 

32.S 

27.4 

19.6 

130.6 ' 

Bank of Montreal 

25.9 

21.3 

21.8 

122.0 

40.1 iti 

Bank of Nora Scotia 

22.1 

1SJ» 

16.8 

131.3 

34.6 UJ 

Tonmto-Dominion Bank 

19-3 

16.4 

IS-* 

11)0.0 

29.7 12j 

Bank Canadian National 

6.8 

6.0 

1-1.7 

26.8 

61 84 

Provincial Baukv 

4.4 

3.6 

22.7 

1-1.4 

4-4 KU 

Mercantile Bank 

2.0 

1.7 

16.0 

14.1) 

4.1 

Bank of British Columbia 

1.1 

0.9 

30. 1 

4.5 

*4 «4 


Before provision Tor losses, after taxes, t Took over Unity Bank June, 1971 



THE CANADIAN chartered 
banks are in the midst of a good 
spell in spite of a host of poli- 
tical and economic uncertain- 
ties. 

The net balance of revenue 
for the' entire system increased 
by 10 per cent, in the year of 
account to October 31 last, the 
pace acre I era tins to a rate of 
33 per cent, in the last quarter. 

This year the pattern may be 
reversed, with profits growth 
slackening off but still adding 
another 10 per cent., to the 
balance, of revenue. 

From the political side the 
uncertainties that make fore- 
casting and advance planning 

difficult are the well-known — ’ "" T 

problems of Quebec (a situa- -i 

tion that will not be resolved entirely uncon troversiaL Mr: lower liquidity reserves with with their parents’ guaraut 
either way during I97S); the v * c K> r Koloshuk. of McLeod the payments association itself. In a business operating on I 
likelihood of a federal election Young Weir, in a study of. the Founding the association is rates that could create difBs 
of uncertain outcome: and the foreign exposure of Canadian the first step towards the even- tics, 

long-delayed bill revising the chartered banks published, in tual introduction of an elec- The document also p 

Bank Act under which the char- January, estimates that in 1977 tronic funds transfer system poses to limit foreign-oa^ 
tered banks operate. On the Canadian banks increased to (enabling the cost of a purchase banks to a maximum of j 
economic side there arc tbe 5 I per cent their share in the at a shop, for instance, to be branches (no great hardsj 
doubts whether the Canadian Euro-currency market, but also transferred instantly from pur- given the foreigners’ oriental 
economy will achieve the Hoped says that in order to obtain bet- chaser's to the shopkeeper’s towards wholesale banking) j 
for growth of 4-5 per cent., and ter yields they tended to take account by feeding a plastic to a maximum of $500nw ( 
an increasing external deficit on borrowers of poorer quality, payments — not credit— card assets. In addition ic is.j 
In addition, this is the year Mr. Koloshuk says that into a computer terminal). That posed to hold the foreigners 

when wage and profit controls during 1977 the prime Euro- ' s why in general near-banks a maximum ot 15 per cent 

expire. That may affect the currency rate fell ‘from, 1 to will wish to. belong. all commercial lending., 

banks less than might appear: 3 percentage points over Lon- The Senate also proposed a Canada, subject to review-. T 

the large volume of their don Inter-bank Offered Rate reduction of the reserve is a provision that could i 
foreign business has escaped the (LIBOR), but that Canadian requirements put on the banks, dently cause complications i 
controls and has provided most banks took very few loans in At present they have to deposit some arbitrariness, 
of the bigger chartered banks that range. Most of their loans with the Bank of Canada cash The White Paper prest 
with- a useful escape route, fell into the range- of and equal to 12 per cent, of demand these proposals as a s 
Foreign currency represents U points over LIBOR. His deposits and 4 per cent, of designed to increase enroj 
almost a third of the banks’ total assessment is that they are term deposits. Hie Senate pro- tion and encourage innnvat 
assets and in 1977 contributed operating in a high risk, high posed cutting those ratios to For the- Progressive Cense 
almost a third of the profits reward market . 10 per cent and 3 per cent tive Parts*, the Shadow.* Mint 

and most of the profit growth. respectively. In addition they of Finance, Mr. Sinclair Step 

Not all the big chartered T) . i , MAA hare to maintain so-called argues that the Canadian c 

banks jumped in with equal X niflCIlCC secondary reserves which the tered banks are quite able 

enthusiasm, but at least some .. Bank of Canada can vary in take care of themselves and i 

of the stragglers are determined Bank economists argue, how- accordance with the needs of it Is wrong to create a kinr 
to catch up Ouite apart from ever - that the Canadians are by monetary policy. That pro- second class chartered bank 
the better profits to be earned n ? ra eaos over-exposed in this posal. which would help bank the foreigners. Foreign ba 
abroad foreign assets also make direction. Indeed, it is true profits, has yet to be ruled upon should be allowed to compcn 
contribution to balance sheet that the Canadian system has by the Cabinet. The heartfelt Canada with their full credf 

appearances at a lime when the a reputation for prudence: the wish of the banks that the reference to the proposal : 

Canadian dollar is failing in Iast bank failure took place in primary reserve should carry the unchartered may be ’ 

terms of its US counterpart 3923 - The las * rescue was the interest has been put forward, under disabilities in ti 

The matter is not however takeover of Unity Bank by but is unlikely to find favour, borrowing). But even 

Canadian Provincial in 1977. The real departure of the Stevens suggests that 

It had nothing whatever to da White Paper proposals is very foreigners should probabty 

with foreign business, but cautiously to open the door to be allowed an unlimited nuir 
rather with a thorough misoal- roreign banks to make their dr branches, 
eolation of market openings for appearance as such. In prac- 
a newly founded bank.' tice they operate widely 

The revision of the Bank Act already. More than half of the OlZC 
has been overhanging the finan- 50 higgest banks in the world — . A . 

eial community for the best (as>] isted by Fortune magazine) . , , 1 l . IumRn 

part of two years. In theory already operate in Canada in banks In Canada is a martoj 

it is an event that takes place one form or another, almost some dispute. Bank of Can 

every ten years; in practice de- exclusively in the wholesale show the assets 

lays are frequent Tbe last sector. But the law. as it stands. Canadian financial instituli 

revision, for instance, took forbids them to call themselves affiliated with foreign bank. 1 

place In 1967 instead of 1964; banks. have increased from $1.4bn 

the current revision looks like th® whit- t*™.- the beginning uf 1974 


With more thnn 1000 offices 
in over 40 countries! Scotia bank 
is very much a world bank. 

And were a large one at that: our 
assets exceed C$22 billion. 

Since 1889, when our interna- 
tional banking began, we ve grown 
into the modern global network we 


are today. In fact we've opened in 
1." countries in the past 5 years alone. 

.Scntiaba nk's experience can 
tie invaluable when you need 
advice on a set of complex tariff - ■ 
regulations. Uur organization is 
essential when you require instant 
decisions in a rapidly-fluctuating 


currency market. And our size is 
imperative for large-scale financing 
in todays international trade. 

If you have a business that takes 
you abroad, find out the advantages 
of a truly world bank Scotiabank. 
We'll make you feel at home, around 
the world. : 


Scotiabank 5 

THE BANK OF NOVA SCOTIA 

Dubai Branch Office: T-IOIS, Dubai, HO. Rnx assy. Dcira. Dubai. United Arab Emirates. 

Regional Office, United Kingdom. Europe. Middle East and Africa: 12 Berkeley Square. London. \V|\ ^HU. Telephone 01491-4200. Telex 2 ? .’!T19. 

Antigiirt. Vgailiria. Au--!i *Im. Bahama'. Baliiain. Bafliad**-. Belgium. Beii.w. Bermuda. Brazil. Canada. <.qvi, M n Islands. Channel D'*-mis ican 

i?i-p'ihlu\ Hulun. hg> pi. I r.jiu» i u.-nit.sin. Cin-crr. im-naik r<uiaii.t. H’aili. Unrig Kong, Miurata. Ireland, i.im.ait .i. kipan. l.elwnun. Mal.-iv.-M. 

X criteria nd-.. .Will. -.. .W-vay. I’.uunhi. rb.li| T .nrs. Hu«-rm Ricci,'Kepublicoi'Ktirvrt,&iHsapurc,SLLuca,ii.\incciil,Trin!d«id and 

Tobagu, UniLed huijj'.iwa, tinted blaio, \ irgm islands Virgin bland* (JJ.5J. 


® 2, fir nofever^the wWch look Mw^elng iScor- S^bn. at the end of 1977 

* n J? 7 ?™ S«= f heen ^nuWrshJcL “grated into the Bill to be But that leaves out m 
dr f ™ 5?J HtpUhSod of an labled ’ are t0 be a sre at «tent representatives, above all' 
vear final Dassase inTended 10 bring these opera- U.S. banks, who do businesi 
tatfra cm be j^wbiut^uted tions under federal regulation. Canada without any Incorpj 
in is/ocano j (At present they are mcor- tion or even offices. Canac 

° U The Bank Act regulates the b -‘ Provincial charters.) jargon describes them as s 

chSere^^^e^aly finan- Thatcan be deduced from a pas- case bankers; one wonders 1 
cial institutions allowed to call ®^ e tbe Wh . ,te Pa P er which many millions they carry ab 
themselves banks in Canada. In JJJ. JjJL in their flight bags - B0 ^ 

addition there is a host of -near. •*«»?<; ireful, y .rapped up in. 




W. L. Luetkt 



banks 


have in practice penetrated 
deeply into tbe bankers' very 
own business of accepting trans- 
ferable deposits. 

By tbe same token, the char- 
tered banks have been 
penetrating into certain lines 
of business previously reserved 
for others. Thus the Bank Act 
revision of 1967. by abolishing 
an anachronistic , rule Cmitiiig 
banks’ interest rates to 6 per 
cent., cleared the way for a great 
expansion of the banks’ con- 
sumer credit business. A White 
Paper published in 1976 to pre- 
pare for the next revision of tbe r ,». nr ,v 0 

Act recorded that the banks’ . Government « was raised outside Can 

share in this market had risen 1° s ° t0 fore| sn capital through the sale of bonds 

from about a third to more (ban 5 ®?? 1 xnon ? : y ^ e *P de_ Canadian borrowers. By 197 
half. feQd ^ eternal value of tiie was S2.41bn.. in 1975 $4.9S 

The While Paper incorporated ,s seen as a fitting and in 1976 a startling $9bi 

the Government's proposal for ® P eno £ j n which the The financings in 1975:': 

the forthcoming revision of the < .'^ hole has S° ne 1 976 produced a net inflow 

Act, the- chief of which w !,««« ^TioI«h° , re,eners at 311 long-term capital of $3^5 
intended to re-admit foreign- lelea rat e- and S7.87bn.. which was usi 

owned institutions to the The move came as Canada's years which saw current t 
charmed circle of Canadian battered dollar sank to its nients deficits of $4.78bn.’t 
banks, and to rope the so-called Ipwest levels since the depres- S4.19bn. r 

near banks into the minimum sion years of the early 1930s. Net movements of capital 
reserve ratio system entertained A Principal cause of the ex- both short-term and Iong-t< 

by the Bank of Canada. change rate crisis was the in- forms helped to bala 

The latter proposal seems to ceaslngJy heavy pressure on Canada's international boofci 
have fallen by the wayside: it ^ balance of payments from 19*“5 to the tune of $4.37hn. ■ 

upset not only the near banks, servicing - earlier massive in 1976 by S4.71bn. The ini 

but also the Canadian provinces foreign financings by Canadian was so large in 1976 that it i 
under whose authority they borrowers of all kinds, duced a premium value for 

fail. The provinces suspected a In the latter part of the 1960s Canadian dollarin terms of I 
plot to enhance the powers of interest and dividend payments currency in a year when til 
the federal Government at their to foreign investors rose gently was a huge deficit on curr 
expense- . from SI.14bn. in 1966 to payments. 

Under the initial proposal, $l-37bn. in 1969. Growth began In this decade Canadian I 
trust companies, credit unions, 10 accelerate Jn 1970 with an rowers have raised an e surra 
and the Quebec co-operative increase to $1.55bn. The pay- Slobn. in the long-term l 
banks — The Caisses pa-pulaircs ments-passed the S2bn. mark debt markets. In 1971 Canad 
Desjardi-ns — would have been 1&T3 ' reached $3.34bn. by debt financing accounted 
invited to join in a Canadian-^ and are estimated to.liave only about j per coni of-- 
Payments Association, which been at least SI bn. more last total raised in the United Sta 
would have replaced the money >'« ar - ThI s year they will un- By 1974 and I97p it had ri 
transfer system at present dqubtedly be dose to S5bn. lu abom 5 per cent,, and in 1 
operated by the chartered 6™*- ..... a number oF huge private ph 

banks. In return they would Interest and dividends earned meols for Canadian borrow 
have had to maintain monetary from foreigners hare also in- increased the proportion to 
reserves with the Bank oF creased over the decade, but impressive 9 per .^ni 
Canada as the chartered banks bare remained under the Slbn. Um year Canadian borrow 

mark. in the U.S. debt markets slip 

compromise proposal has. The rising bill rcflr.rts a tide back m a i m , re sustain? 








A 


nme from the Canadian Senate ot long-term capital into Canada, share or 5 per cent, or su. 

•* hit-h appears to havr. found lu 1970 about S1.16bn. sro.**s foreign borrowine of ionr-ti 
larour. Under it the near banks _ 

ould have to entertain rather CONTINUED ON NEXT pag« 


J 









■J*AN<nAt c TiMSS WEDNESDAY KABCH J5 197* 

CANADIAN BANKING AND FINANCE HI 


35 



m 





PREMIERS of the four 
rn Canadian provinces 
conference called in 1973, 
* their-, economic grouses, 
hey did not like the way 
. ng services were being 
led in tbs West by banks 
Jn Eastern Canada. They 
?d that the industry was a 
v controlled monopoly, 
here was no price competi- 
n rates, and that the banks 
lot effectively served the 
s industrial needs, partial- 
the needs of small 
esses. 

experience of the three 
-rn Canadian-based banks 
of which have sprung up 
that conference — indicates 
was'Vonie truth in the 
ers’ complaints. The lar- 
ind oldest is the Bank or 
h Cuiumbia. If started 
Sons in July 1968 and 
) three days ctf opening: 
9.000 accounts. Tb^tindi- 
The need there was for -a 
irn-based • bank even in 
Since 1968 Bank of 
h Columbia has been* the 
t grpwtrig of all Canadian 
. Assets last’ October 31, 
rid of the year of account 
$1.2bn. compared with the 
17,000’ at October 31, 1968. 
s had risen from $291,000 
fim. " 

»wth in 'the next five to 
ears should continue to be 
. provided the economies 
British - Columbia and 
ta. the - two provinces 
i the ' hank -operates, 
h reasonably buoyant 

* is na reason to think they 
mt. Mr. Albert Hall, the 
s chairman, suggests that 
et to that proviso the 
bassets' in five years time 

be S3bn. to $3.5brr. and 
i yean* time they could be 
Profit* -teo should rise 
?iy. : 

portance 

the importance of the 
to the West is not told' 
by its asset and profit 
s. The latter do, though, 
te how warmly Western 
ians " will support ijt 
rn-based' bank. And- that 
surprising, after all. Mr. 
who is originally, an 
-ner. says Westerner!' do 

* a little differently 1 *. from 
rners. By that be. means 
they ' tend to look more 
ds the West and the South 
is. the western U.S.) than 
isterners. - 

> establishment ol the 
of B.C. bak meant quite a 
er of things to the West 
the banks establishment 
t the development of 

* money . and foreign 
nge markets in Van- 
r. . Those markets benefit 

the fact they are open 
the closure of business in 
to markets. 

addition.' the ' bank estab- 
I a property investment 
which undertakes types of 
•ing that would not be done 
he hanks. BBC Realty 
tors has been the top per- 


former among Canadian pro- 
perty investment trusts.-- - - - 

The bank has introduced five 
key innovations, . of which the 
first was the package service 
account. For a set fee per 
month it offers a range of bank- 
ing services including free tra- 
veller's cheques and Canadian 
dollar money orders and. drafts, 
free cheques, lower, consumer 
■loan rates, a free safety deposit 
box, and an identification card 
for cashing' cheques at branches 
other than the hwhe branch. 

Next came free package 
accounts for senior citizens. 
With the Bank of BC plan, the 
age of eligibility was 65 years, 
hut when the major banks^and 
trust companies got iPto th e 
act a short time later, competi- 
tion To provide the service 
showed itself in reduction of 
the age of eligibility. With one 
trust company at. least, if was 
down to 55 years. 

Then there was. the com- 
munity service account, where- 
by non-profit community, asso- 
ciations and service clubs could 
get free cheques and a higher 
interest rate on ..savings 
accounts. That was followed by 
indexing of - certificates, of 
deposit and then by the intro- 
duftion of a savings .account 
that: paid daily interest and' had 
chequing privileges. - {A- nuht- 
mum .of $500 must- -be main- 
tained • in. the account through- 
out, the month to get fuU$eqefi£ 
of the plan.) 

Bank of BC has - not only 
affected thie operations of other 
Canadian banks, by being: inno- 
native, (Canadian banks are. not 
noted for being innovative^) lit 
fias -also affeeted the other 
banks, by providing ; much 
quicker answers to loan .appli- 
cations ■ ; among other - . thvpgs. 
The major banks fought- that by 
decentralising decisjpn-makihg 
and flowing regional offices 
higher loan approval limits. 

-Two Western-based banks, 
Canadian Commercial and In- 
dustrial Ban kof Edmonton and 
Northland Bank of Winnipeg, 
have started up within the part 
two years. Unlike, Bank of. BC, 
tjiey are. wholesale banks. -They 
borrow - their funds . the 

money market anddeal with 
corporate accounts. ’ .- 

Canadian Commercial man- 
aged in-, the 16 months f (that 
elapsed- between start-uy and 
the banks’.latest fiscal year-end 
not only, to exceed its asset tar- 
get, but’ also its profit target 
The asse target - was between 
$&5m. and $l05m.;"tlie actual 
figure was $113m. The profit 
target was $450^000 to $475,000. 
That, too, Vair comfortably ex- 
ceeded at S 538,000. Growth is 
expected to continue to be 
rapid- According to projections, 
the taak will 1»ve assets of 
$438 m. it June 30. 1981. and 
profits, of S2.6ra. for the 12 
months ending then. 

The bank has gone one step 
further than most hanks to 
mate the relationship between 
customers and the bank dose 
and continuing. It has said it 


. win not be moving ts office 
managers around every three or 
four years as most other banks 
do. In addition, the bank has 
carved a niche for itself in the 
West by specialising in loans 
to junior industrial companies, 
the smaller and private com- 
panies — a fact that probably 
endears . the -bank to lie 
Western Premiers. 

In its international Joan, syn- 
dications and in- the merchant 
banking services which -Cana- 
dian Commercial, alone of the 
Canadian banks, provides, the 
bank is aided by the two foreign 
banks that are included in its 
shareholding group. The two 
are Banque de Paris et des 
Pays-Bas of France and S. G. 
Warburg and Ce. of Britain. 

Northland Bank. Canada's 
newest bank, is in some- re- 
spects similar to Canadian Com- 
mercial though in ethers it is 
quite different. If- too ■ has 
found the West a' good place 
to be for a new bank. 

Participation 

For one thing, Like Canadian 
Commercial, Northland’s in- 
cludes in its shareholding group 
e foreign bank— the Deutsche 
Genossenschaftsb^nk -of Frank- 
furt, the bank of the German 
agricultural co-operatives. -Dis- 
cussions are going on with 
three other foreign banks, 
operating in areas of particular 
trading interest to Canada, 
about participation in North- 
land's equity. 

Unlike Canadian Commercial, 
Northland ha§ among its share- 
holders two provincial Govern- 
ments and a number of co- 
operatives -and -credit unions. 
The credit unions and co- 
operatives assist the bank by re= 
feiring potential customers to 
iL For example, about 10 peT 
cent of Northland’s customers 
have come through credit union 
channels, says Mr. Hugh Wilson, 
president. Direct canvassing, 
however, brings in the bulk of 
the customers. 

Manitoba and Saskatchewan 
are -tlie two provincial govern- 
ments among Northland's share- 
holding group but, it should be 
Tinted .nhan their shareholdings 
are held in trust. The reason 
is that the. federal government 
has still to make good a promise, 
that provincial governments will 
be permitted to hold directly 25 
per cent, of the voting shares of 
a new bank (though that holding 
would have to be reduced over 

time to 10 per cent). 

There is another key differ- 
ence between Northland and 
Canadian - Commercial — and all 
other Canadian banks as well— 
and that is in- the method of pric- 
ing loans. All. other banks set a 
rate for their best and largest 
corporate customers; other 
corporate rates range upwards 
from that depending on credit- 
worthiness. Northland works on 
a margin over the cost of funds 
raised on the money market 
basis- . 


In • addition the rates on 
Northland’s loans can be fixed 
for varying periods whereas the 
rate*, on corporate loans from 
other banks vary usually With 
’tbe minimum corporate lending 
rate. The- Northland system 
means that a customer who be- 
lieves that money market rates 
qre on their way down in the 
short term may be able tn get 
his loan rate lived for only 30 
days, for example. IF the cus- 
tomer believes rates are headed 
upwards for the next turn; he 
may want the rale fixed for a 
year perhaps. Northland is able 
to offer varying periods of fix- 
ing because it operates on a 
matched book basis. If a custom- 
er wants a fixed rate for a year, 
the bank gets one year money 
for that loan from the money 
market. 

lake Canadian Commercial. 
Northland did quite well in tis 
$198,000 in the period under 12 
months that would elapse be- 
tween start-up and October 31 . 
1977: instead it showed a profit 
of $56,000. (The latter is a pre- 
tax figure as was the figure for 
Canadian Commercial's first 
fiscal period and also the first 
period for Bank of B.C. since 
the banks are not taxable In the 
first year or so .because of write- 
off of start-up costs.) • 

Northland, however, did not 
reach its asset target of $80tn. 
in its first year. That was partly 
a reflection of efforts to be ex- 
tremely selective of business. It 
was also a reflection of a weaker 
than expected economy. . 

Canadian Commercial was 
likewise quite selective about 
the business it would take on. 
Neither bank wants to repeat 
the • unhappy experience of 
Unity Bank of Canada. Unity 
began operation in 1972 and by 
the end erf its fourth year had 
accumulated. Josses of $4.7m. It 
was forced to merge with an-i 
other bank. 

Growth for Northland, as for 
Canadian Commercial, over the 
next five years or so should be 
rapid- By the end. of the fifth 
3‘ear of operation, Northland's 
assets should be $500m. and 
profit should be $961,000. 


Angela Barnes 



lout 
oil over 

the work). 


Banque Conodienne Nofionole is fast becoming 
a standout in international bonking. 

From our Montreal headquarters, we now . f t'& 
direct operations through correspon- 
dent banks in nearly 80 countries, 
on every continent. We hove thriving 
international offices in Poris, London 
ond New York. And o new office in . $ 

Nassau, the Bohomos, to facilitate ‘ • 


major international loans. 

Through this strong internation- 
al network, we help Canodion • 
firms evaluate the solvency of 
potential customers abroad, 
ond extended credit to over- 
seas purchasers of Canadian 
products. 

Since 1 964, we hove multi- 
plied our assets nearly seven 
times —from over $960 million . 
to nearly $7 billion. That mokes i 
us one of the fastest-growing 
bonks in Canada— and perhaps 
in the world. We now have 
some 490 offices in Canada 
itself, and ore opening a 
new office about once every three 
weeks. 

If you'd like to know more about our 
domestic ond international capabilities- 
ond how we can put them to work for you- 
contoct any of our offices. 




Banque Canadenne Nationale 

Monfreol • Paris • London • NewYork • Nassau/Bohomas 


:>reign 


CONTINUED PROM PREVIOUS PAGE 


a me ta $4.3bn. Rather 
expected this year. But 
basis has changed with 
rion of a borrower who. 
been in foreign capitftl 
fnr ten - years: -the 
Government. ’ 

rat and most dramatic 
of the new trend was 
ninceroent last October 
w Government had 
1 a Sl.Sbn. line of credit 
dollars through tbc 
i hanking system. The 
me during an exchanae 
us. Last- month it de- 
al the time had come, 
an to draw on the -line, 
noiinced au additional 
notation in the U.S. 
anks drove a hard bar- 
»»awa .agreed to begin 
standby -fee of 0.37 per 
year and to continue 
t on undrawn amounts 
ne. • . - 

st on • money actually 
i is paid at a margin 
per cenL over the 
inter-bank offered rate 
during, the first three 
' the agreement and at 
cent, in the remaining 
t is available on demand 
is- of one. two, three or 
Lhs, but there Is a daily 

1 drawings of 5300m. 
id is revolving in That 
can reborrow any 
i jt may have repaid, 
n was parcelled out in 
•My way in which the 
n hanks usually handles 
ings. strictly according 
They handle the share-, 
federal Government 
in a similar manner, 
rowing muscle of Can - 

>atik consortiums was 
pfl shortly after the deal 
a\» a when Quebec Hydro 
i bat it had arranged 

r financing. ■ 

ulved SU.S.1 2bn. It 


wai negotiated with an inter- 
national banking syndicate man- 
aged and led by the seven 
largest Canadian banks, with the 
Bank of Montreal as lead 
banker. 

The two-part deal consists of 
a medium-term floating rale 
loan of S750m. The remainder 
is in tbc form of a standby 
credit. . . 

Jt was a recordrbreaking deal 
even fnr the Quebec power 
utility, which has been among 
the largest Canadian borrowers 

in recent years, principally fnr 
the huge Jamds Bay power pro- 
ject. 

Its previous largest deal was 
j? $lba. private placement of 
bonds in New York in February 
3376. 

In- once sense the financing 
can be r considered a vote of con- 
fidence jn Canadian credits. The 
seven Canadian banks have syn- 
dicated the deal among -W 
foreign banks in the U.S., West 
Germany, Britain, the Nether- 
lands, France, Japan and the 
Middle' East, ft Was done with 
ease, according to Mr. William 
Mulholland, the Bank of Mon- 
treal president. He said that, 
in fact, the Canadian basks kept 
more of the financing than the 
foreign banks would have liked. 

Yet financial observers have 
noted that a medium-term loan 
with' a variable interest rate is 
not necessarily as good a deal 
for the borrower as a placement 
of long-term bonds at a fixed 

rate. The Quebec Government- 

owned utility is paying 0.7S of 
a point over Libor for a term 
of eight and a-half years on the 
$750m. 

In spite of these two big 
lilies,” prospects for foreign 
financings are clouding a little. 
Canadian borrowers have be- 
come infrequent is the New 
York public bond market since 
a flurry of activily at the lurn 


of ther year. There Is a similar 
slow-down ip the ‘Eurodollar and 
Euf&Cahad.ian -dollar markets. 

Ottawa’s -announcement that 
it : would borrow more foreign 
currency, in adition to (he draw- 
ing on the line of credit, in a 
sense reflects the necessity for 
the couatry's premier credit to 
move into the market and fill a 
probable gap.. Yet most of the 
big Canadian ' borrowers con- 
tinue to receive top credit rat- 
ings from the U.S. services. 
Triple A and double A classifica- 
tions are. the ride rather than 
the exception. In fart. the. his- 
tory of Canadian credit ratings 
daring 1 .the past few years has 
been one of upgrading. 

One reason why the Govern- 
ment was forced into tip? mar- 
ket is that provincial Govern- 
ments that have been the big- 
gest borrowers have been rein- 
ing their spending, and that the 
capital programmes of their 
power - generation agencies, 
with the. important exception 
of Hydro Quebec, are being 
shared. The giant northern 
pipeline project to bring Alas-, 
kan sas south will eventually 
need a great deal of money 
from 1 foreign capital markets, 
but tbe siart-up date for 
the scheme appears to be slip- 
ping back. 

Private corporations, hit by 
soaring inventories and slug- 
gish business, are hardly 
exuberant spenders these/ days, 
although many of them badly 
need more permanent financing 
to repair the damage to their 
balance sheets. 

Overall, the heyday may be 
over for those sharp-minded 
financial people who put to- 
gether so many foreign-currency 
deals in the past few years, but 
there will still be business to be 
done. 

Hugh Anderson! 



Living up to its reputation. 


Toronto Dominion is a Canadian 
bank which has been building its repu- 
tation in Europe for over 60 years. A 
reputation Dial is based on our ability to 
interpret the current business environ- 
ment and our experience in arranging 
major sophisticated financial transactions 
for a wide variety of customers. 

Through our global network of over 
; 9S0 branches, we can arrange Euro- 
currency financing, term loans for capital 
expansion or consortium, financing for 


large scale projects. 

Regardless of the size or nature of 
your requirements, we have the stability 
and resources required to act effectively: 
And to every customer we bring the 
experience gained in 120 years of suc- 
cessful banking. 

Discuss your financial plans with us 
and put our reputation to the test. 
Toronto Dominion. Financial partner 
with corporations, governments and 
banks. 


Sri] Toronto Dominion bank 


BANK 


where people make the difference 


V.Vid-wideassaK ettftod CAM S* ?-b>HiDr Head oMite-Toronto- Dominion CfiniTe.Voonto.CSrsda 
Regional Q ,f, c*-E up 0pe. Middle East and Africa: St. Helens. 1 Uadershall. London ECSASHU.TsiepnoneOl-iSj-OG’.l 


Frankfurt 
New York 
San Francisco 


Houston 
Los Angeles 
Chicago 


•! ‘-.z‘ 


■ Singapore 
Kong Kong 
Jakarta 


Bangkok 

Taipei 

Tokyo 


Mexico City 
Panama 
Sao Paula 


Beirut Teheran 

Abu Ohabi 

Dubai 




FINANCIAL TOSES WEDNESDAY MAKS 25 B#|* 


CANADIAN BANKING AND FINANCE IV 


Gas pipeline finance 


Oils buoy up the 



FOOTHILLS PIPE Lines 
(Yukon), the consortium that 
is building the Canadian sec- 
tion of the Alaska highway gas 
pipeline, from Prudhoe Bay 
to U.S. markets, is in danger 
of failing behind the tight de- 
cision-making and financing 
schedule it had set for itself 
this year. 

The delays are beyond the 
company's control. While they 
may be giving the project man- 
agers and their financial ad- 
visors nightmares, there seems 
to be little that can be done 
other than to prod those in 
government, who hold the keys 


to the success of the project, 
to make up their minds on some 
vital issues. 

One of them was settled 
recently -with the announcement 
by the Canadian Government 
that the section of the pipeline 
from Whitehorse in the Yukon 
to Caroline, Alberta, where the 
line splits into two lines into 
the United States, will be 56- 
inch diameter pipe. 

Setting the diameter was one 
of three things that Govern- 
ment must do before the com- 
pany can plan- the financing, 
according to Mr. S. Robert Blair, 
head of the consortium and the 


driving force behind it 
The other two are a decision 
by the United States on how the 
Alaskan gas will be priced in 
markets in the so-called "lower” 
48 states of the United States, 
and the passage of the Canadian 
legislation authorising the pipe- 
line. The legislation does not 
appear to present any problems. 
It has passed second reading in 
the House of Commons and it 
appears likely that it will be law 
before the Canadian Prime 
Minister. Mr. Pierre Trudeau, 
calls a federal election. 


Problem 


NatWest 


The problem from Mr. Blair's 
standpoint is that what he and 
his consortium are building is 
the Canadian link between a 
gas pipeline across Alaska and 
the gas distribution system in 
the lower 48 stales. The gas 
producers are those oil com- 
panies also producing oil in the 
Prudhoe Bay area and the 
ultimate customers are utilities 
in the lower 48. 


prepare final cost estimates, one ran to be crossed and the 
oC the key elements to develop* numbers cf workers involved 
ing a. financial plan. The cur- are ail within the experience of 
rent, round-figure cost estimate the Canadian industry, which 
for the Canadian portion of the built a 5.700 mile system from 
$10bn. system is S4bn. Alberta into eastern Canada 

. Mr. Blair is certain the pro- more than 20 years ago. 
ject can be built without Gov- He also notes that the risk 
eminent guarantees and the 0 f cost overrun is reduced by a 
amounts of capital to be ira- formula agreed upon in the pipe- 
ported are not excessive for the line treaty between and 

Canadian economy. In round the United States; The regu la- 
figures, die $4bn. would be split torv agency .setting pipeline 
into Slbn. of equity, all of which tariffs, the National Energy 
would come from Canadian Board in Canada's case, will 
sources; Slbn. of debt in Canada allow a greater return on equity 
and S2bn. of debt in the U5. jf tft e project is within budget 
Mr. Blair says that the equity and, if cost overruns escalate, 
portion of the financing could the rate of return allowed will , 
have been raised several times be lowered, 
over already in the Canadian 


stock markets 


S 


market Foothills (Yukon) is, A nflC rinnc 
at present owned 20 per cent. V^UCSlIUiUb 

“ nada Plp ? Li ” s ° f While there are a number of 


iw nn „ . _ , « uue A MUiUUCl Vi 

* “ cm her of the unresolced qDestJ0ns 


rival Arctic Gas consortium 
which lost to Foothills in the 


particularly those of 


hirt L h, ;u a. u price, which normally could be 


Vanro^er and Alberra Cias 


NatWest Canada Limited, a wholly-owned, 
subsidiary of the National Westminster Bank 
Limited, one of the largest banking groups in the 
world, has offices in Toronto and Vancouver and 
can provide financial services to corporations 
across Canada. 


National Westminster Bank Limited has over 
3,000 branches in the U.K. and with its wholly- 
owned subsidiary. International Westminster 
Bank Limited, and associated companies has 
offices throughout the world. 


With rts extensive representation the Group is 
also in a position to provide comprehensive 
banking services on a world -wide basis for 
Canadian companies with business interests 
outside Canada. 


Contact: 


In Toronto: 


Mr. G. H. M. (Roy) Hall, President 

NatWest Canada Limited 

Suite 2060, Royal Bank Plaza, South Tower, 

P.O. Box 10, Toronto, Ontaria M5J 2J1 
Telephone : (41 6) 865-01 70. Telex : 06-22572 


Before any pipeline can be 
financed, producers and custo- 
mers have to get together and 
the financial managers for the 
pipeline have to see signatures 
on gas purchase contracts before 
they can begin to write the 
paper which they hope to sell 
to finance the pipeline. For 
there to be serious negotiations 
between Alaskan producers and 
U.S. utilities, the U.S. Govern- 
ment has to make a ruling as 
to how the gas will be priced 
in the field, and how it will be 
treated by utilities at the dis- 
tribution end. Traditionally, the 
Federal Power Commission had 
allowed gas utilities to price 
their gas on a weighted-average 
price with high- and low-price 
gas being blended together, as 
they are, in fact, in a gas distri- 
bution system. However, the 
new U.S. Energy Department 
has replaced the FPC as the 
regulator of the gas industry. 
It ruled recently that liquefied 
natural gas imported from 
Algeria could not have its high 
cost rolled into the domestic 


Trunk Line of Mr “ *£ 5! “* 


BUirt companv and ’ ^ P«I« to work oul If the enm- 

onginai backer of Foothills. <**■ amve *. £ commercial 

arrangements satisfactory to 
-m «- • , themselves, it will be up to the 

Majority UJS. and Canadian Governments 

J J to rule on the political and 

The Canadian public may be regulatory aspects of a swap, 
offered 20 per cent, of the equity Presumably if a swap is 
in Foothills (Yukon) at a worked out this summer and 
later date. In that case, the autumn, the financial planning 
portion held by each member for the pipeline would swing 
of the consortium would be re- into high gear so that work 
duced on a pro rata basis. could begin on the links into 
Foothills (Yukon) will be the the U.S. Mr. Blair hopes that 1 
majority owner of every section the financial managers for the 
of the gas pipeline across- project will have worked out a i 
Canada, but various sections of basic financial plan by this 
it will have minority partners, a aut um n so that it can be shown 
plan recommended by Canada’s to poten tial backers late this 
National Energy Board in order year. . 

to spread the risk across the Under that timetable, the 
Canadian industry. Thus, the paper would be sold during the 
branch from Caroline that links first half of 1979 with the first 
to utilities in the western part draw downs of funds coming late 
of the United States will have j n 1979 as construction got 
Alberta Natural Gas of Calgary underway, 
as a minority partner. Alberta The heaviest flow of funds into 

Natural, which already operates Canada would be in 1982 and 
a major gas pipeline out of 1983, when the construction 
southern Alberta into the would be at its peak, 
western states, is controlled by The prebuilding of the 
a U.S. utility that will be an southern end of the pipeline 
important buyer of Alaskan gas. would mean that the flow of 
This ownership plan also re- funds into the country would be 
duces the risk of cost overrun evened out somewhat, with 
in Mr. Blair's view. All the higher flows in the early years 
operators of major Canadian and lower flows later. It would 
gas trunk pipelines are involved also mean a more even pace of 
with the Foothills (Yukon) construction activity. Mr. Blair 
project, and thus all of the ex- ft no ^ disturbed by the amounts 
pertise and experience available involved. He noted that his com- 
in the Canadian industry can be pany was able Iak year to raise 
brought to bear on the project $U.S.388m. for an ethylene plant 
Furthermore he argues that, in tha t ft ft building in Alberta, 
terms of Canadian experience The fiscal agents in Canada 
with gas pipelines, only the size for Foothills (Yukon) are 
of the pipe is unique. The Dominion Securities, McLeod 

i e «£ h ? , e *** over Young Weir and Pitfield Mackay 
2,000 miles in Canada, the ter- R oss, all of Toronto. Its fiscal 

agent in the UB. market will be 
First Boston Corporation. 

Jim Rusk 


Majority 


In Vancouver: 

Mr. John S. Butler, 

Accounts Executive Si Vice-President 
NatWest Canada Limited 
1 2th Floor, 750 West Pender Street, • 

Vancouver, British Columbia V6C 2T8 
Telephone: (604) 669-4241. Telex: 04-55334 


3. NatWest Canada Limited 

™ A member of the National Westminster Bank Group 


! price. 

While such a ruling coaid 
possibly scuttle any plans to 
bring Alaskan gas south, it is 
not expected to be extended to 
Alaskan gas since it is from a 
domestic source of supply and 
| one that the U.S. needs to help 
head off future gas shortages. 

Even so. there can be no 
progress in developing finan- 
cial plans until the gas pricing 
issue is resolved. 

Now that the pipe size foT the 
bulk .of the Canadian section 
of the line has been chosen (the 
rest will be 48-inch diameter 
pipe). Foothills (Yukon) will 


Worldwide 


WITHOUT THE speculative 
trading in Alberta oil stocks 
over the past six months 
business on Canadian stock 
exchanges would have been as 
sluggish as the country's 
economy, and there Is no reason 
to expect anything more than 
a desultory interest la equities 
in the months ahead. • 

The S7.9bn. of trading done 
in 1977 was an improvement 
over the past three yeaxsbut 
short of the S9bn. plus years 
of 1972 and 1973. Witfi.$24m. 
the average daily value!; .of 
trading - on the domiiiant 
Toronto Stock Exchange last 
year, the average brokerage 
firm made money — but not 
much. 

The action in tod oils fias 
been good for both brokers and 
investors. The value of oil 
shares traded in Toronto 
jumped 92 per cent in 1977 
over 1976 to $975nu, and the 
price index for oils doubled 
during the year. Trading iu 
industrial stocks increased by 
only 12 per cent to $6bn. and 
the index drifted in a narrow 
range. 

Trading of stocks in other 
sectors has been - generated 
more often by bad news than 
good. Mining, with. the. excep- 
tion of uranium, has been an 
especially troubled industry. 
Profit results for manufacturing 
and service companies have 
been mixed, and much of the 
good news for investors has 
come in the form of takeover 
bids — some by principal share- 
holders who see no benefit for 
a small company to be public. 

In addition to the economy 
being soft, profits and dividend 
payments are still under control 
by the federal Anti-Inflation 
Board. The controls are to come 
off this year, which could spur 
the market, but there will have 
to be a pickup in the economy 
to produce any enduring 
strength in the indexes. The 
health of the stock market and 
economy in the U.S. is also a 
key influence on the- Canadian 
market 

The poor market for Canadian 
stocks is illustrated by the fact 
that equities accounted for 
only 2 per cent of the new 
capital raised by companies last 
year. The number of new list- 
ings on the Toronto exchange 
has been steadily declining — 
from 74 in 1973 to only six in 1 
1977. ' With takeovers and 
mergers, the number of. com- 
panies . now listed in Toronto 
(1,256) is two dozen fewer than 
in 1975. - 

Mr. .Pearce Banting, who 
headed a brokerage house bear' 
ing his family name before 
becoming president of the 


Toronto exchange in m id-1 977. 
has complained that there is "an 
economic and political drift in 
Canada, and the lack of faith is 
Indicated in the equity market.* 
On expectations that the 
volume of Stock trading may 
not increase much for a fmj 
vears at least, the Toronto and 
Montreal exchanges, in particu- 
lar. have been trying to increase 
their operating revenues by 
raising some charges and get- 
ting into other trading activities. 

In January, the Toronto 
exchange increased l ’ or 

listed companies! In the current 
fiscal year they will contribute 
36 per cent of total, revenue, 
instead of an indicated 25. per 
cent., and allow the exchange 
lo break even on a budget of 
about 56.5m. Once Toronto 
takes such a step the other 
four exchanges follow. 

Over the past two years. 
Toronto and Montreal have been 
dealing in "call" options and 
they operate a joint clearing 
corporation, Trans Canada 
Options. Writing options on 
the shares of West Pembina par- 
ticipants has at last put the 
level of activity np to where the 
sponsors originally thought it 
would be and, aside from 
expanding the list, steps are 
being taken to expand into 
“ put '* options. 


regulator)' roles, I min 
Canadian investors have, 
putting d lot of money inti 
stuck* over the past three 
because of healthier. eon 
conditions smith of the ft 
Some U.S. stocks are H# , 
Canadian exchanges add 
at Canadian dollar prices 
most investors prefer t& 
in the liveliest market; 
York. By making a mat! 
IHS. stocks in UJS.'—tfc 
Montreal hopes to get a 
piece of business that air 
to S3bn. a year. 


Urgent 


Diversification into operations 
other than stock trading is more 
urgent in Montreal than 
Toronto because Toronto con- 
tinues to take an ever-increasing 
percentage of total trading. 
Montreal does not have as many 
oil stocks listed, which accounts 
for some of the slippage, but 
moves to Toronto by the invest- 
ment departments of some big 
financial institutions have also 
hurt 

Last year, nearly 77 per cent, 
of tbe value of all trading in 
Canada was done in Toronto, 
compared with less than 70 per 
cent, in the early 1970s and less, 
than 60 per cent, in the early 
1950s. Montreal had about 17 
per cent of total value last year, 
compared with 25 per cent in 
the early 1970s. 

/ In the first couple of months 
of 1978. the spread between 
market shares in the two cities 
has grown even wider, with 
Toronto accounting for more 
than SO per cent and Montreal 
for less than 12 per cent of 
total trading value. 

. .Although foreign investments 
by most financial inter- 
mediaries are restricted by the 


Many brokers are see 
about Montreal's chance* 
according tn Mr. i 
Demers, president of the 
treal exrhanye, success i 
such venture is directly r 
to the amount or activity i 
taken by professionals * 
investment community, 
may — and I say may— 
the ability for people 1* 
o market in these stocky 
exchange has only 13 U.S; 
listed, but members can. 
in a larger market on gm 
others by virtue iff 
membership on the fl 
Philadelphia exchanges: 

The Toronto excliangi 
considered getting into i 
of U.S. dollar stocks 
Canadian bonds, hut the 
for new activities is lesso 
and both arc given low pi 
The main sources of new 
ing business being cons 
include “put" options 
futures of debt secuntia 
reueies and perhaps con 
ties. 

The exchange also 1 
decide how far it wants 
into the business of pit 
market information and 
computer services-. Ovc 
past few years, it has dev 
an Information system 
Candat II and leased to .■% t 
and allied equipment to j j V 
bers. Tlu* equipment co. : 1 *- 
used for accounting and 
brokerage services, and 
also the basis for con 
assisted trading. j \ 

Trading in a few ii ! 
stocks through a coi 
began last year, and lat> 
year brokers may he able 
whether the system c 
adopted for a rdnac 
securities market. Mend 
the five exchanges— in 
couver. Calgary, Wii 
Toronto, and Montreal—^ 
Investment Dealers Asso 
of Canada have been « 
on a plan to unify tradin 
computer - trading 
developed by Toronto n 
well suited to it 


j f i . 

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ALTHOUGH CANADA'S insur- insurers, Mr. Damov insists that 6800m. to 8900m. market. Life insurance sales 
ance companies ended 1977 the “ stringent n effects of the insurers also have to return tinued to grow in 1977, b' 
strongly in the black, industry AIB programme, which permits about 8100m. in unexpired pre- somewhat slower rate tt 
spokesmen see clouds on the the companies a return of only mium income. Mr. Damov notes the past few years. A - 
horizon that may cast a shadow 4 per cent— or, in some special, that “this represents a very of the major 16 com 
over profit margins in 1978. hardship cases, 5 per cent.-r-of large disbursement for the com- representing about 80 pd; 
With inflationary pressures gross revenue, compared with panies, on top of the fact we of life insurance inve: 
pushing medical expenses and iast year’s 3 per cent, level, con- must do business after losing showed a 7 per cent sa 
vehicle parts replacement and tinues t0 be a deterrent to one-third of the market We crease last year lo P 

!JJ air ££“ hlsher ; . are Industry growth and a restraint win have t0 c °Pe with a new compared with a 12 per 
fears that current premium optimism. system, while generating less ruse in 1976. Sales are eX 

levels, held in check by intense revenue and carrying basically to continue to increase it 

competition and federal Anti- At the same time, the the same operating expenses.” but the rate of crowd 

n ot “ r after At ae ^ time competition dcpcntl on the ..reran ret 

on company profits, may prove a period of decline, appears. Has been hotting up. Current conditions m the coi#rtl 
inadequate. again to be on the upswing, profitability has triggered a industry sources. 1 

However, there is no doubt with the likelihood that this C yde of more intense compel i-’ 
that 19<7 win prove to have will bring a deterioration in the tion and a wave of aggressive DnnIJKr 
been the industry’s best year motor insurance field. price-cutting is sweeping avaplul y 

ever. Net income, after taxes through the industry as com- .T ' * 

and exceptional items, rose panies attempt to secure larger Total premium income, 

sharply to 841-.om. for the first Increased • shares of an improved market. P assed th * $4bn. level fi 

nine months from 8261.3m. in ’ Several motor insurers have time, in 1976, rose by 

corresponding period of -p or mne months ended already implemented premium 8500m. to S4.5bn. Grot 

thl - One estimate j s that by 30| 1977> premi um discounts on renewal policies to insurance continued to 

nn(M d ii»H income increased by about 18 protect their market share, rapidly to account for afr 

SMflm per cent, to $3.5bn. and invest- ■ “ If seems inevitable that the fw of total insarffl 

Whfli thl meat income by about 20 per artificially lowered premium force > compared with -56 
Snt. ,o Ska/: unfler^ilS '«?* rismg ■««« «>d otlKBo, 

nmfir was -Mini costs, perhaps as early as a year In investments, holdtf 

die severe weather of Decern- p . [ hence, and the industry's short- corporate bonds inr» . 

5" “J re ? f uce net exces! K “ r * «P«o» total lived profit margins vrill begin increased by close to -8 

Ara S «ri?i C itfi t f ,I hp r h£S2 Uiretl by k refle p^ in S toe to deteriorate.” Mr. Damov says, mortgage holdings were-. 

Affi will still be hefty usually less favourable fourth Mr . J. c. Butler, past-presi- Sl - 2bn -. government bon 

prob , a * y pi ? duce tot of the Toronto Insurance ««0ra. while corporate: 
healthier excess revenue of 7 or 8 per Conference, says that the tight holdings showed little 
climate for automobile insur- cent, of gross premiums, cer- commercial markets of 1974 and growth. Investments of aO 
ance resulting from the large tandy to something less than 1975 j, ave largely disappeared showed a total net inetf 

the indicated 10 per cent, ratio.- to he replaced by a S W-Mbn.. up 5500m. on 16 
work. Il g*” . Mys tte results cleady open-door policy and many nrni- . The prospect of higher 
decl in/in th umber^ nd indlCi * e ^at competition in the panies are using diverse «• 197 S was partly eases 
of collision and preSe^dam marketplace raii,er the AIB methods to obtain a larger decision . by Gttafl 
age claims and a P Jarif of caSt restraiBls has ,ed t0 th e current share of the market “Rate moderate the increases ot 
rtocHto losses m coinmeS “ otor J nsuranCe P rid «« reduc- cutting, in ^ some instances £ the March 31, 1977, b 
nrODertv insurance CommWaai tions. It was “regrettable ftat severe, has become common.” However, Mr. E. S. Ja 
Mr Daniel Damov nresident ^ A ® does not a,!ow Hie in- The conference represents about ^airman of the Canadiai 
of the industry-wide Insurance dustry t0 retain ils fuU profit M 5 ° maj ? r L insurance brokerage Insurance Association (■ 
Bureau of Canada: savs^tthe a supporl for wh en the firms with operations in North representing most • 

ninp.in nn ihm n tt C next cycllcal downturn occurs," America and overseas. fife insurers, says the id 

he adds - ‘ ,These downturns. Mr- J. K. Cramb. of Tomen- effect of the new and ol 
company operations continued w |,i c h are getting more severe, son Saunders Whitehead of Posals is obvious: “Taxal 
to oe quite favourable m I9i » place a growing strain on the Toronto, contends that the mar- fife insurance companies 
■ with a definite situation of surpluses that must be built up ket has become more competi- going to go up.” 
price stability across the during the upswinss ” tive with insurers relaxlnn loss thb rm -1 


CANADIAN IMPERIAL 

BANK OF COMMERCE 


'The Ideas Bank’ 


Head Office - Commerce Court, Toronto M5L 1 A2, Canada. 
European Operations Office -42 Moorgate, London EC2R6BP. 


pnee stability across the during the upswings." tive. with insurers relaxing loss The GLIA aUn TPnnrtvd 

country." He note that most of InduslI ^ fit mar ^ ^ prevention requirements. btost . compilation dr in 
the improvement had come from ^ar will also be fdverreS reducing .inspections, and offer- financial results that Cai 
motor insurance, which is the affected by the Quebec Govern- J? 1 ! 8 and owne rehip in 1978 rose by 

most volatile doss of busmen meat's takeover of the bodily *. ^ cent, to $257.2bn. It meat 

and certainly the most sensi- in jury and accident benefit sides ^ Jtl onaJ stock Canadians, with average 

tive politically.'’ At the same of motor insurance on March t. Un « S t0 in SS estimated at 811.000s 

time, property and accident Private insurance companies ™L t , r off . a " now own more life insi 

results continue to range retain the collision and property JJJl e P er than the cmi 

between mediocre and satis- damage cover. - other * the . 

“27- . , Tn 10 the h* n f ^ % K “*• «» «* 

Da«;pite a recent easing of the 8360m. in direcr Quebec pre- several insurers share the m- ' ; - 

regulations applicable to mlum income, out of a total surancc risk. LswrCUCe V 


'o^'j 


L 



WtrcWWEAL TIKES WEDNESDAY MAHCH IS 1978 



CANADIAN BANKING AND FINANCE V 



EDIT UNIONS and Caiasses 
'iilairesL have become a power- 
influence on. the f’anarfiaTi 
mcwi scene in the past Jew 
•rs, despite ttie drop in the 
pber of memberships in the 
. tonal Association of Canadian 
Hlit Unions (NaGCU) be- 
se of mergers. While the 
nber of people who belohg to 
■ redlt union was tittle changed. 
. t year at 8m. (in a country of 
a.), the assets of the 3,605 
mber unions in the NAGCU 
« to $i8bn. at the end of 
T from 515. 7b n. 'at the be- 
itting of the year. 

The number of unions that are 
mbers of the NACCU has 
' ipped from about 4500 three 
iTS- ago, - but individual mem- 
.-ship, although fairly stagnant 
' t year, has increased by more 
ui 1m. in the same period and 
tie of- the anions have gar- 
red members at a rate that 
betimes- - astounded ' their 
inders- There is stHl room to 
»w. especially in Ontario, 
•iere .•* only one in 
e residents is a member of a 
adit union, compared with' 
e in two -in Quebec and a 
tkmal average of one in three. 
But theauccess of recent years 
. membership and. assets grew 
iy have', diverted attention 
>m the original principles of 
e. movement. Some unions are 
coming more commercially 
nded, seeking to m«kp "a 
eater return on their invest- 
snts rather than helping low- . 
some wage earners and people 
io need financial help in time: 
trouble. This change is mpre 
parent hk western . Canada,. 


particularly Alberta;- which has 
been experiencing boom times. 

Growth has brought .problems, 
such, as an apparent preoccupa- 
tion with a desire to become 
even bigger. The refusal of the 
Csisses populaifei Desjardins in 
Quebec to issue credit cards to 
their members is art Instance of 
the • traditional altitude. ' But 
many credit union officials are 
emphasising quantity - 1 rather 
than quality, growth instead of 
service. In the view of Mr. Peter 
Podovinikaff, president, of the 
NACCU, there no Jongar-is much 
concern with the welfare of a 
neighbour. “ Very often we ; find 
one credit union vigorously com- 
peting with its credit union 
neighbour,” he says* .‘^Growth 
and size have so preoccupied 
some .officials that they have east 
aside or forgotten that there are 
credit union members : Whose 
welfare they . must . Jeep in 
mind.” ' . . J ' 

Proposed revisioiK to 4he 
Canadian Bank' Act -would 
require, credit unions to deposit 
millions of dollars of .'interest- 
free reserves with the Bank of 
Canada. The credit unions, 
which have functioned . very 
successfully under ; provincial 
control, would- thereby come 
under federal control. Provin- 
cial governments^ particularly - 
in New Brunswick, Quebec. 
Manitoba, .Saskatchewan, 
Alberta and ' British ^Columbia, 
are very disturbed 'by.tiiis pro- 
posed federal invasion^ They 
do not want federal regulations 
conflicting with, provincial regu- 
lations. federal inspectors 
bothering what are purely pro- 


vincial and local organisations, 
or the money of provincial resi- 
dents tied up without interest 
in federal . reserves. The 
Canadian Senate has proposed 
dropping this proposal. The 
Government seems to be going 
along, but the final shape of the 
Act is as yet unkonwn. 

As the movement grows up, 
the .Canadian' Cooperative 
Credit Society (CCCS), the 
national pooling body for the 
Canadian credit union, move- 
ment,. . has merged with the 
NACCU and will provide all 
services formerly provided by 
the NACCU in addition to its 
financial services. The NACCU 
name and corporate identity are. 
however, being maintain ad. A 
decision on what form NACCU 
win take in the future will 
probably be made later this year 
and a decision will be made 
next year on what to call the 
new CCCS structure. 

An expanded CCCS is expected 
to be able to attract money 
from outside the ctedit union 
movement, and plans are being 
prepared lo begin borrowing 
abroad. The first borrowing 
vriil be done on the European 
market, rather than In the UJS., 
because co-operative-type bank- 
ing is more familiar in Europe; 
than in the U.S. 


Lopsided trade picture 


Janies Scott! 


The pension 



ITH rontmuing' inflation’ the Saskatchewan has. used some] 
rden of financing private and of the. -funds: fey; , Its <Sas- 
■blic pension' plans in Canada"katchewah.^ Power. Corporation 
becoming critical, and unless- and 'its land bank programme, 
anges are made in the Alberti has lent some V the 
/ founts . .contributed by indi- money to : its provincial Crown 
iuals, serious trouble may be corporations at a higher in- 
ly a few'ye.ars away. ‘Among tdresf rate than it V paying the 
e ' vigorous -. debates, . none Is Federal Government, 
jre fundamental than the con- On the other -band. Ontario 
Jversy about what should he lms had budge (/deficits for the 
nc about * Canada* Pension -.past five years corresponding 
,an CCPP), the State old-age almost exactiy- to ihe amount 
; ihsion scheme. . available from the CPP. The 

Started in 1966, the CPP is exception has been Quebec, 
liversal and indexed. It works which puts the funds it gets 
i a pay-as-you-go basis and at from the CPP into the Caisse 
■' esent there is a surplus in the de Depot, an investment .agency 
frod. That surplus is invested set upe specially for the pur- 
i securities issued by provin- pose, The Caisse in turn has 
iti governments, the money been investing 70 per cent of 
ing used to finance public the money in Quebec provincial 
rvices such as schools, hospi- bonds, including Hydro-Quebec 
Is and roads. issues, . and .the. remaining 30 

At current contribution rates P* r cenl - * n securities, - mort 
is calculated that by 1983 the sages- ‘.and: other investment 
*P will go. into the red, with ^dia. 

yments exceeding . contribu- As; a result* the Quebec Peh- 
ins. That means that a tradi- sum - plan earns about 2 per- 
•nal source of provincial rentage points more than the 
venue will dry up. Bui what Is CpP.'and the Caisse, with total 
xbaps of greater importance investments. of. about $6bn., has 
the bigger burden that win become one of the largest bond- 
placed on those remaining; .holders and shareholders in 
th'p workforce. " - Canada. It is a shareholder in 

at least two of Canada’s national 
1 chartered banks. (Holdings are 

OiilllOH . .. “ by law lihxited to 10 per cent 

The obvious solution is to ° f 1 ? i OTOb . 

ise the contribution rates, ormiwnLr- 
uch could prove expensive, ably have a much greater oppor- 


tunity to make the most of their 


''X^each ZS 

}ems - A survey by the Financial 
_ proportion, of retired per- institute revealed 

• as increases, - while the pro- ^tf about three-quarters of the 
raon of supporting workers plans: winch they sur- 

2Pf* . . , . . . ' . ' veyed are not paying their way 

combined assets of th® M( j that their' debt is growing 
^^pwatep^o^plaM, at an ever increasing rate, 
sistered ntirmwiswngs ^ of . ^ most Radical 

Ihe suggestions about pension plans 
atrectual savings). and the was ma< [ e ygpguflv by Louis 

nada and -.Quebec Pension j^gsmarais. former chairman of 
ins '(Quebec insisted on ron- Canada. Steamship Lines.- and 
I- its own pehfflon plan under n0 w cbaiiman of the Council for 
■Aparate act when the Canada Canadian Unity. He" believes 
n&ion Plan' was established) pensions have become, such an 
} estimated at about $J2bn. expensive muddle that the only 
,tfany pension plaits^ are . ro s0 lurtion is to scrap all plans, 
ancial trouble, which means both public and. private, and re- 
ire is no guarantee that the pj ace them with a single. system 
ifiidrts that have been pre- ^hich the employers and em^ 
sed will in.fact be paid- De- pjoyccs contribute to individual 
te contributions of Sl.Tbn. retirement savings plans for 
■ t year, the CPP, which began eac ^ WO yj ?e j-. 
nag its- full pension rate * in • ^his ' type of pension 'would 
'6, will be in -real trouble by have the great advantage oF 
: end of the century. ■ moving with s worker when he 
Many actuaries believe that Ranged jobs. The amount avail- 
w is the time to start making when he retired would be 
t CPP pay its own way, prob- whatever his fund bad earned 
ly by raising contributions ^ U nng the years he and his em- 
i putting a ceiling on the p j oyers had contributed. The 
■el of future payments. The- 10 |he companies and gov- 
ovinces at present borrow the emments could be calculated in 
•plus .between the contribu- • adyance . s ^nce it would be a 
as and pensions paid out for straight percentage of salaries, 
the CPP, to spend as. they Such a plan would create a 
e with no strings attached, vast poo! of domestic capital. 
iSt Of them put the mone y vj tally necessary for Canada's 
o A- “general expense” future strength and dfivelop- 
aunt, which of course pro- xnent, says Mr. Desmirais.. In 
les no return. . addition, it would eliminate the 

There are some variations, iniquities between . the general: 
itish Columbia has traus- -public service pension plans 
•red (be debt to its Crown and the. \rarying and not always 
•poratioBS and used some of comparable private ones. 

» funds to finance ,thc British. , tc 

hunbia - Hydro Authority- 


A SOUND baJanee of direct 
trade is a typical feature of 
Canadian external payments, 
setting Canada apart from most 
other countries in payments 
deficit; it is the services and 
the capital service on the 
Canadian debt that have caused 
recent difficulties. 

Except for a brief spell in 
1 1975 and the beginning of 1976, 
the -visible trade account has 
been in surplus continuously 
since the early 1960s. Id 1977, 
a bad year for the Canadian 
dollar, there actually was a 
visible surplus of close to SSbn. 
It is expected to go higher in 
1978 fa year which has also 
started badly for the exchange 
rate). 

' Nonetheless, . the Canadian 
authorities are not happy about 
the structure of their foreign 
trade, and above all of exports. 
About two thirds of imports are 
of manufactured goods; a 
-roughly similar share of exports 
consists of raw materials and 
semi-processed goods. There is 
another lopsidedness that exer- 
cises minds in Ottawa — the U.S. 
share in Canadian exports is as 
high as 60-70 per cent. 

The big part raw materials 
play in the Canadian export 
picture has given rise to the 
cliche that Canadians are in 
danger of being merely hewers 
of wood and drawers of water — a 
thought that appears a bit odd 
to' the visitor from Europe con- 
templating the evident affluence 
Of Canadian life. 

The close dependence upon 


the U.S. as the pre-eminent 
trading partner links up with 
another Canadian stereotype, 
the well-founded belief that 
mud) ef Canadian industry con- 
sists of branch plants " of 
U.S. parent companies. It is a 
dependence that undoubtedly 
has created -difficulties: the 
intimate economic relations 
across the U.S. border make the 
impact of the leads and lags 
upon exchange rate movements 
more - pronounced than they 
would be if the two economies 
were at arm's length. 

Counteract 

Canadi&xii nationalists have 
tried to' counteract the U.S. 
influence. -The rather taine 
controls imposed on foreign 
investment are an example. 
Take-overs and green field 
ventures by foreigners have 
to be shown to be of -sig- 
nificant benefit to Canada — 
which as a rule has turned out 
to be tiresome, but not an -im- 
possible task. The rather more 
stringent limitations on foreign 
bankers operating in Canada are 
discussed -elsewhere In this 
survey. 

Given the prospect of current 
account deficits in the region 
of $4bn. . this year and last, 
businessmen and officials are 
unlikely to be worrying too 
much about the composition of 
Canadian exprhs. provided they 
can be sold. - But an underlying 
attitude remains from the early 


1970s and before, when the 
Trudeau Government made an 
attempt, halfhearted at times, to 
diversify trade relations and rbe 
country’s exports. 

The policy decisions taken in- 
cluded an attempt to seek a 
closer relationship with the 
European Economic Commu- 
nity. The contractual link 
aspired to has actually been 
concluded, though it has re- 
mained vague at best 

Another instrument, leas pub- 
licised, and of more specialised 
interest, but perhaps for the 
moment at least as effective, is 
the Export Development Cor- 
poration (EDO, a Crown Cor- 
poration set up in 1969 as the 
successor to the Export Credit 
Insurance Corporation founded 
in 1945. Government agencies 
designed to extend and insure 
credit to promote exports are 
two a penny in the world: the 
Canadian One claims to be an 
unusual variety, however, since 
it operates .at a profit. 

Of course that sort of thing 
is relative.- The president of 
EDC. Mr. John A. MacDonald, 
says of his aims: “ We dn want 
to make a profit, but do not try 
to maximise that profit.” The 
primary purpose of EDC is to 
help Canadian exporters to meet 
international credit competition, 
and by and largo it has to do 
so on tiie strength of commer- 
cially borrowed funds. At pre- 
sent it has a ceiling placed 
upon its borrowing of SC4.25bn., 
but Mr. MacDonald hopes that 
this will be lifted by Act of Par- 


liament this year. 

Altogether, the EDC last year 
signed loan agreements totalling 
$Obn. and Mr. MacDonald 
hopes to reach $1.5-$2bn. this 
year. The aim is a mix of 
finance in which the private 
banking sector finances an aver- 
age of 30 per cent, of the 
aggregate deals for which EDC 
extends loans— a target that 

seems to have been only barely 

missed so far. 

But perhaps the most impres- 
sive figure in Mr. MacDonald’s 
portfolio of statistics is that 
EDC helps to finance 41 per 
cent, of Canada's exports of 
capital goods and related ser- 
vices (such as consultant engi- 
neering) to countries other than 
the U.S. It is here that it can 
be shown to be playing a part 
in the attempted diversification 
of exports both by region aud 
by commodity. 


Classic 


Besides its lending activities. 
EDC also provides classic export 
credit insurance (covering ex- 
ports of $1.4bn. in 1976) and 
win also cover Canadian direct 
investment abroad against poli- 
tical risks such as expropriation, 
and the transfer risk. Cover is 
limited to 90 per cent, of each 
venture and to a maximum of 
S200m. for each. The ceiling 
of $250m. has been more than 
half reached. 

Given that Canada is sensi- 
tive about foreign investment 


within its own borders this side 
of the EDC business requires a 
certain tact. Therefore, and as 
a matter of prudence, EDC 
prefers to see bilateral agree- 
ments covering investment con- 
cluded with the recipient 

country, and also likes the 
Canadian investor to have a 
local partner, preferably in a 
majority position. 

Why does Canada have a 
profit-making export credit 

organisation? One obvious 

reason is that it does not deal 
with the LDCs the poorest of 
the poor. 

Anotber is that Canada, as an 
exporter o.f wheat and other 
commodities, has an histone 
interest in multilateral trade and 
suspects non-tariff barriers and 
their counterpart. The various 
devices of export subsidy. (That 
did nor prevent Canada, 
historically speaking from being 
a high tariff country. Nor has 
it stopped the Canadian Govern- 
ment adopting import quotas to 
protect its classic consumer 
goods industries, or laying down 
pipeline specifications calculated 
to help its own steel-makers.) 

That explains why there, is 
little interest in Ottawa in 
slashing interest rates to facili- 
tate exports. Yet EDC does 
have a cost advantage that many 
others might envy. As a Crown 
Corporation it is exempt from 
corporate income taxes: last 
year's surplus of SIS.5m. was 
ploughed back into the business. 

W.L.L. 


1,400 Olivetti TC 800 



Banks know whom to trust. 


The problem 

To progressively update a banking data transmission network that spans 
a continent vaster than all of Europe'- four thousand miles from coast 
to coast. In the process, to automate in real time the counter and back-office 
transactions of most of the bank’s more than 1,700 branches. 

The customer 

Canadian Imperial Bank of Commerce is one of the world’s largest banks 
with assets in- excess of 30 billion dollars. In Canada it has the largest 
network of branches with representation in all ten provinces and the two 
northern territories. Several remote communities in the Arctic are served 
by aircraft while a shipboard service is available to communities along the 
$t Lawrence river. 

The solution 

To install intelligent banking terminals at most banking locations. The 
initial order calls for the installation of 1,400 Olivetti TC800’s in branches 
in the provinces of Quebec arid British Columbia and in the city of Ottawa, 
the country’s capital. : 

The choice 

The bank had excellent experience with an earlier generation of Olivetti 
banking terminals. To integrate into the hank’s main on-line network the 
branches in which these earlier units had been installed and to expand 
the network to many other branches, the TC800 was chosen because of 
its intelligence and outstanding. capabilities in large data processing and 
transmission networks. 

Companies everywhere are choosing Olivetti systems 
Here are the latest world-wide totals: 330,000 accounting machines; 
140,000 data processing systems and personal mini-computers; 65,000 
terminals and data collection units; 150,000 teleprinters and telecom- 
munications units. , 

t THE INTELLIGENT CHOICE IN DISTRIBUTED PROCESSING 


Olivetti 

[ British Olivetti Ltd, 30 Berkeley Square, Loudon WiX '6AH 





FINANCIAL TIMES WEDNESDAY MARCH; ; 15.#>78 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN 



Stocks rally after coal strike deal 


£ i 


gold market 





NEW .YORK. March U. 


Sterling gained ground in Iatfr Volatile, but showed 

„ , ^ _____________ trading in the foreign exchange -on the day. closing at ^ Opcniw*. ?{} 

BY OUR WALL STREET CORRESPONDENT * NEW .YORK. March 14. market yesterday, after -a favour-' against the dollar, compared with MomineK.t , «;SW^ : s ,^ ^R.j V * 

' a4»!e reaction to the ILK. trade Frs.4.7350. fsiSiSS •••' 

A SETTLEMENT or the H-weck- However, the coal agreement is strength after the UJS. coal strike korf and Deli slightly higher did Bearer shares of Cba-Gctgy, figures for. February: The pound Cold rose Si to SiSTj-ioai. lt gfla.6iO) !3c97.?m ? ’ 

nld U.S. coal strike helped stocks subject to approval by the rank- settlement. The Toronto Compo- against the trend. Royal Dutch Nestle and Sandoz in Industrials, opened at S15065-15080. but feR uoiaceta .1 1 ■ 1. 

reverse early Meekness and prices anU-Gle membership which turned site Index was up nearly 23 points foil F1&2J.0' depressing Inter- " Mil .aim — T he market moved 10 SLS9S3-1-S995 during the. mom- 

ended higher after another active down two previous proposals. and winners led losers 184-to-181. nationals. Ommeren sustained the generally lower in slightly busier, mg,, as the dollar Unproved 

session. National Presto Industries was The TSE index rose 2.4 re 1,034.1 greatest loss In Transports falling trading, influenced by monthly against most major currencies. 


.fCfl 8 . 625 ). 
A UCrn'oUs'B iSJBftUa-. 

,(£20-010) 


SI 8 BJ 0 5 

;i£ 0 a.ao«i 

,i£S 7 . 7 TH 


The agreement also helped the- the outstanding mover, tumbling and Metals and Mines advanced FlsiSO to FlsJUto.O. while AJJN liquidation; factors. In leading After publication of the trade 

dollar gain against major Euco- SSI to $25J on volume of 273.000 6J to S27.1. But Golds and Oils- lost a similar amount in Banking Industrials Fiat. Flnsider, both figures, sterling, touched a^oest 

pean currencies in late trading, shares. The company reported tended lower. stocks IHC was down Fls.2.30 olivet tls and Pirelli Spa fell, while level of ^916j-I-Si'o,^d .closed 

The dollar's weakness was one of caminss which analysts said Bow Valley Industries rose i to representing the biggest loser of Monfedison. Pirelli EC and Snia ,at_ $15I4S-L8iBo, a nae^ot ..-jo 


the principal factors behind the came far below forecasts. 

.recent slock market decline. How- Sony Corp, U10 big board's 


by a Government report of u news of n substantial decline in 
smaller than expected rue in earning. 


February's U.S. retail sales, and Among otner acme*. ic«o soectaoular trains with shares to-uay. . rears tnat tue u-o.-Mera quin. .. at noon. 'and' lit 

a 13.6 per cent, decline in early utilities rose J re S20. The com- m£d in irre^iSr proGt-tXg German dollar support measures COPENHAGEN— The market “-T* 

March automobile sales. panys underwriters have begun ^i oto „ ^{j cSlr actions held may ** n t0 check the dollars closed mixed with a lower. bias »i*3S3w index, on Benfc : hf 

The Dow Jones. Industrial an offering of 3m. shares at 82B firm with •SinS- FrsM weakness also affected prices. ^ active dealings. £ <n3%& 

Averaae rose 2.60 10 7SL5S but i. sharc. Kennefon Copper rose l0 Frs.1,103 and Peugeot up Frs.S J°» er - VIENNA— The market dosed ’ouaunSS- 

the NYSE index rose only Oil 52J to $2oi tn active trading and al FrsJlffi. But Aquitaine Poelain, Mercedes losing DM3 while Banks Benera m, quietly steady. »^,i,riAn nf hP dnllnrV d+m£>!' 

10 43.75. Volume came to 24i0m. TWA adranced »1« ro 313;. SorL Club **£SSE '*£& J « l S £ $£££ a " d JoSSwRSBWM^Sd shares «WSK. 

shares against .4.0*111. shines on Prices- finished -higher on the Radio technique. BfC and L'Orea! * EMi.40. hardened in fairly active trading from 5.10 per cent. ' 

Monday. Advances led declines American Stock Exchange in were conspicuously lower. Other losses included Kali 1 tmd .fallowing' higher bullion indica- — tt,. n^currenev ' was-'fairiv 

7SS-1O-530. The Tftminon Index active trading. The Ants index 5*1* d. own DM6-40. Degus* ' dowTi The curren^ was^fairiy 


which analysts said Bow Valley Industries rose 1 to ^presenting the biftgest loser of Monfcdison. Pirelli BC and Snia at. $lA14S-UlBd* a Ao 

Wow forecasts. S24J on take-over news.- **»».«*«■ VSscosa showed slight gains. PwjW M 

- . j irp. the big board's The Montreal Industrial index FRANKFURT— Share prices Motf' was easier among flnan- 2JJ” 

ever, enthusiasm m tempered volume leader, fell ; to 571 on pm on 0.43 to dose sn 189.0a weakened on concern over the ctaLs. nK 

- subfitamidl decline ,n mrtM » as easier Nwh W««^mberg-X.rU; B ; fa ^ 

on balance after Mondays WO p^ rs ^nkedueto start shipping and Industrials were ail { aT1| ^ tQ frora 

other .icrive*. Texas spectacular gains, with shares ■ Fears that the O-h.-Mest quiet. standinff at 643 at noon anijn: 

je a re S20. The com- mixed In inv*ui»r nmfii-iakinp German dollar support measures COPENHAGEN — The market a . P i«-m.rii n a. 


The dollar's index, on Bank- of 
England figures. feU to SOXtrom 


10 43.75. Volume came lo 24J30m. TWA 8(lV! 
"hares against 24.07m. shares 00 Prices- 
Monday. Advances led dcdinca American 



UoRtc« 4 i*H,.i 4 

itomwdcn' 1 ? • _ . 

Krucerouid,- 1 51935 * 4095 *: 5 IBIS*. a 

ii£lOlj-toaiVi(£100*.fi 

.Vow der'jiM-. . 69 W > 


Ort tTJv'ran? 5 

idBouni 


'S 06 Ja- 08 i 

j<m 5 t 4 Q 

S 5 BV 601 

liW 05 *-ai 


WuM tome... ■ .... ; 

ilmernotHy)’ ... '"T - - 

uuiSoer'ini» ! $fi 9 U ^14 ISOSij^Qi 
- ;u£3l32l T.k®3o^5r 
S 30 S 2974 P 0 


FOREIGN EXCHANGES^ 


MarkftBKte, ' 


iRS-io-550. Tlie TraO'ix>n Index active trading. The Amex index 


Exchange in were conspicuously lower. 


TUESDAY'S ACTIYE STOCKS 

Ubaruv 

S:fc:lo. Ll«his on 
iniiJ.'J uric * 1 day 
SorJ- Cor? . . l.GIO.Wd 7 i -J 
H- rctii.', torn -Ka.jOO Li 


SorJ Cor? . . 
H- rcui.'. Lorn 
\a:. Pr. >t u inj. . 
Ti-sa- VtillL'e- 
Ki-uni-cutt Copper 

I'.-it'-om 

HIM Cnrp. 

( oniinwirnl niliiOiX 
Trw-lVorlfl Air. 
•i- IK rat Motor j . 


hv irnvi i **" 0 «■ tiuuiRfs oeavv tan. turnover i... 90 ,, tr . „... _ _ ... ... — 

a takeover by Esmark for S 22.30 was at a record level of Frsjl 7 m. .iSSi? nr rlse to Ro, ° on mKed by New York banks, and. finished ■' 

a share. Jn February average daily turn- r^dli s,ri «2 9 .hp^L' R ank mei H0NG KONG — The market around the worst level of . the swritn* 

■— over was FncKlm. s SS J S,on-Jeadbie dosed ■HBWx in fairly day. Trading was .-very flun.^and «A*Jr - 

nTHFP MAPKFTS BRUSSELS— Belgian share Etanfe d d ° 3 a etive two- way trading. Hutchison the U.S. authorities may Jmt 

U I HLK mAKIlbl? prices were narrowly mixed in j n Financials Oerlikon-Buehrle 7 n _ 55 nIB to &JK 3 . 8 Q and also given support uetateo mne 

wmmttmmtm quiet trading. CBR rose B.FrsJJ 6 Bearer and Registered showed fS^™ aelac TT put OT L 10 cen _ ls 1 ° *o prevent an even sharper de- p»nUhi-nw. 

to B.FrsX £16 while St- Roth and onjns of abonfs osr cenL each. ®HKo. 70 . Hong Kong Land, cllne. • 

FhMratremer fell. Petrofina was other firm sjwts^duded Elektro. ^ ar ®“ e J a ^ es ? n ’. Ho “* The d ° Uar ffb 8 m^ 

reversed B.Frs^S lower at BJr ^.815 and watt. Interfood “B" and Motor !SS£* S^at stifflS' S ^ 

drift to »ts U.h. unit was also lower. Columbus. Bearer shares of Rueck- SvrSSPkJfiSr i«P ws «* VBn - 


Canada higher 

Canadian markets 


their early dow-oward drift to »s L.b. unit was also lower. Columbus. Bearer shares of Rueck- .,, 32 ?*' ISSSr'wiS w feLDi sml fl J^we vra. 
tlowe higher in moderate trading, A 3 ISTRRDAM — Prices were verstehenmg and Zurich Versfeb- ' n . trading pared with 

larsdy MIO'V.'S VM Stria's Mne.Hl? lower v-iA only Bijen- nmg In.uraneK, ’'“OOTI »>> %$£££, 

" _ The French franc wasy-Cairiy Sylw ' fr,nr '— ■ 


Indices 


S UE. ALL COMMON 


NEW YORK -BOW JOUES 


V*,. Uw. XUr. 

1* ! 15 - Id 9 


Mar. . U«r. 
L£ > 10 


Mar. Mar. . Alar. | 
9 d i , 


Hip * 1 J Li* 


lain «i.-ompilaT'n 

' Hifb • l/i> 


49.76 49.64 49.46 4 BJ 4 S/.O/ 
t> 1 ir 


Yen appreciation. Some Elec- The French 
ftisaanai rVi* tricals. Vehicles and Cameras fell 

| Ai»r. 14 . u«r. 15 Alar, to reflecting the Yen's rise, with • 

TTT- -! --- lia^iTST Sony down Y 60 toYI^OO, TDK EXCHANGE 

kS? twdert 1 . 8 M J 1 - 8 M [ Electronics Y 30 down to Y 1 .B 70 , ■ 

— 1 ^ 1 1 and Honda Motor off YIO to Y 3 fi 6 . „ rmtkfar( 

AUSTRALIA — Share prices ' Ur - v f 1 * 0 **** 

were mixed. JBHP led Industrials • I 

with a 6 cent rise to 9 A 3 . 58 , but New York * * 8 ^eo 


0.643777 
1513440 
1 J 7782 
. 18.1080 
39.0614 
6.92598 
. 2.51431 
2.68633 
5.60549 . 
1 . 052.98 
285.285 
6.55911 
08-1687 


hew York- I 6 . 
Mwrmo... T 
Anislnnia rn 4 
Uni-welRl— - 
Copenhagen 9 
Fraukturi... ■* 
Li-tbon.... 13 
Madrid. j 5 


6 U 1 J 385 -L 617 fi 1.9 Hfct 
7 V 2 .tMS 4 -t 5 totlS 5 Si 
41 s| , 4 . 15 - 4 . ISA 4 -Hl-t 
Sly -attAMB 40 «.tH 
9 ( TO. 72 - 10 . 7 B 10 . 7^3 
A UUX& 

3 77 . 75 -/ 9 JM fuL» 

5 ;T 52 .SMEiWl 6 U(UI 


Madrid. j t |re*AWK^. 1 &W#.V 

Milan lUs 1 . 6 M- 1.644 1 A 42 ^ 


39.6585 

7-03123 

2.65300 

2.72670 


Oslo.- 

Harlj. 

Slosh bo lm_ 

Torkfi 

Vienna.. 

SSuriL-h^^..*.. 


6 UMS- 10.24 IBJZ 2-9 

91 - 0 . 00-07 SJ 64 - 9 : 

a * a.BDA» EL 8 U- 

«U| 440-460 44 M| 

61*1 S 4 .KhZa.ia 26 . 18 * 

1 5 . 68 ^- 5 . 73 } S- 71 WB 


290.113 

6.60138 


«Jw*dl*h krone 5.67 534 
Swtw frane 2.39493 


■ 3.76055 

2.42419 


t Rale Riven arc for -convcrtl&te bh 
Financial franc 6 ft.nM 8 MW. -- 

; :>f ■ 

. nrueu u«Mm t-'l 


OTHER HAItSETS 
I f Xatea Kairi 


EXCHANGE CROSS-HATES 


ArcenUua. J 104 . 15 . SB |ArjtBotinaJIMfc 
-Uialiali* Jl.BB 37 - 1 .E 86 Glii 5 Cria„— j 2 Q ' 

Hnuil.; ! 31 JM 2-21 UfllKlam^ BB - 

rintanU . 18^01 lMJ 5 IO(»lmaU X 


Hive*. 

Fail* 

I iiL'hugeri 

>wi Bljhi 

N»n 


Mar. 1 * ; Frankfjirt-|- , '>w York] - -Parlfli 


2 _ 0 t<HibI 43 - 2)-40 
- 20.1998 


MONTREAL 


Sugar stocks fell on the lower j p«ii 1 23 <«-dii j ^ 73 M«' j 


tnsi<*liia . 742.94 > 59.36 73 SA 8 759.00 750.17 744 . 75 ; «U./b 1 742.12 1051 . 1 v 41.22 

! (A. 1 / 77 * >«ed!,lkvli 1 m: <- ■ 32 

H neU nn- 89.87 81.85 8 S .72 89 38 64.54 89 m 2 8 i.B/ • * 5.85 J - - 

T . * n>-l it 

I'WMIKKl.... 205.10 20 j .40 201.69 199.5 1 200-14 IS 9 . 4 B. S 46 .M 199.51 272.60 I 14 M 

■ lS.il \ 9 ,-d; 78 i , i.t.e 9 l 1 .i i « 

I ii-ities . . 106.19 106 . 46 ' 108.82 105.62 106.41 104 Jb 118.67 ■ 102.54 I 6 L 32 10 A 8 

dS. 2 . 1 /. .- 2 i 2.74 ‘ 5 ,,: e 9 > 3 a.« 42 - 


Mar. Mar, .Mar. | Mar. i- 
14 15 i 10 I 9 l 


60 , 73*6 I - i 4 . 174 - 18 } 
6 jj 7 »S 80 4 . 175-118 

a IIA IOI I I >/ 1 A ^Q 1 ocnccdil 


TORONTO 


24 . 50 Q 24 .B 7 D 27.060 21^20 22.059 19.900 - 


JOHANNESBURG 

fiMiivirift |k 


ImluHnai 199 . 08 ' 189.65 169 . 00 ; t 66 J 9 i 1 UL 47 tl'a - 1 &B .02 iSc'k'i 

I' .Tin bine-* : 177.10 176.82 176 . 36 ' 174 . 82 ' JB/.- 6 - ( 18/1 ih ; loo.Sn ;SSJ>IOi 

lorapo-Jt.- 1034.1 1031.7 1040 . 2 ' 1020 £ • 1967.4 fls'ii j - 61.0 ( 2 h Iji 


London sugar price, with Bunda- Bnaueib^.. ] lo^ue . ^i^o* 1 „ ; en - 6 *"' 9 /s? 

kgs losing 12 cents to SA 2 J 8 , S!&- 5 1 SSS| liSw' ! oflSUS ■ 55 fe U.nXiia 4 ' 17 * 484 ^ 

^R j cents to $A 2.75 and . 95.140551 1 LM 47 .SW 14 LH 4 ' 19 I| e.llO-lri I 3 .'n&- 7 at : 8 SJ 6 ^ 9 . 11 ' 

BoLmainrUte 1 GoPDer^r^st ead V l 7 - 3 . 8 In TYnwuci: tA 0 lia. 434 a Uanail 

at ® hTrt mf LanAian * In New YDrii=Sa. 91 «SJ &5 CJL ,6 la Milaa 8 a 9 ^Q«Q 31 

at SA 1 . 0 /, but BH South eased a ScerlU* In Milan 1636 . 70 - 1656 JO 


1 -~= Greece » 0 J 60 -IB. 3 S 8 iUBnada-.JU 5 ; . \i \ 1 • - 

— ■ .«*. '-.IK-g* j?SS±lj 3 ' 

335 ns£ 5 W\ ftL 66 76 1 106.00 20 

M -!«6 ! 1 - 903-307 •biB® 6 d. 7 MO nSS* “ . 

66 89 i H. 0 I-C 5 - 81 A 0&68 a 43 jOA 6 v 8 EM-Tff 76 ay aiiri — " « 3 - . Ji- ' 

_ : 60 A 3-79 U.& 2~&7 16 ^ 8^8 J»'-T N -' k ' i 

Li )- 121 I 3 . 716-721 IS&JA 89 .U I - r? C I J.— "I .KA 


&J 445 : 5 Jfl 2-812 ; 93-66 76 
3 . 138-146 1 1 - 903-307 * 6^2 62 

14.66 89 ’ W.Ol-Lo j 216 -Q 2 -K 


202.0 205 .&. 207.9 
134 . 8 . 196.4 186.0 


XI* - / 

214.4 . 4 . 1/- 1 


ltn .4 . 24 /?. 
184.1 i 22 .-»i 


Bougainville Copper was steady 
at SA 1 . 07 . but BH South eased a 
cent to 7 g cents. North BH lost 
2 cents to SA 1 . 04 , CRA fell 9 
cents to SAL 86 . 


VaDA&uin Ain ! 


cjs f ,Tiv*in nq 

CanadA ...... Switn’kiinl 1 3JK 

* SI J J.tSIH 

l .a. cent*.] 88 . 6746.90 [Yo^mihv u Mi 


EURO-CURRENCY INTEREST RATES* 


Raie erven for Arsen nna is a free) - 


iiui-« cnan>iM vr-ir Mtsoaf * 4 . 


In i. nr. ^ i*;.i 


Feb. 24 ' tew nao *appr"i.' 


STANDARD AND POORS 


Mir. Mar. ’• Mar. ; Mar. Mar. Mar. 
14 11 , 10 . 9 : d . 7 


since Compi'ar'n 


Australia .' 11 
Belguun ■ 
Denmark * 


Bint 1 Lon 


S 8.50 9 7.84 87.76 96 . 64 , 8 SJ 8 : 96 . 0 S| lU.s 2 ’ 9 U 2 164.64 J.a 2 German 

i.d-l'//i ■•F'ji'idi . 11.1 I 3 « cCtcrj HnUand 
99.53 69.95 93.99 87.(9 87.94 67 . 66 ' 107 - iJ ' 88 -BO • 12 i-» 4.40 u°u*jiu 

' .VUfft • IPliilei ■ II- 1 . <?■ i (Inner frinc 


•t -wp-nlH 


M*t. [lei- .l.’ii-i.l li It 

14 ou- Hicli 1 Lv« 

— Sn&in i, 

446.27 44 e.Si 1 4 C 14 : : • l:^r 

,i,J Sweden ■ 

(U JO fti .491 1 u 0.44 _ 

tU.l.i 1 ulz] 7 e Swu-eri'd 
9 r- 9 c 96.19 ' 107 .* { 9 «JXl 

,iir« - t ,2 (bi “ 

oc. 2 - tw.O jc .4 ; 4 i.e xvsiT 

,/,1/V-. iIUbj N1fSE 

190.0 euoL eLi~ ili.s 


83 . 78 : ££J 6 I | - 0.78 
-.-J. lii ' 14 ,-a. isi 


NOTES : uvuneaa Brian stmwn ttelutt 
VI • o radiKl* 0 uranium. Belgian {Hndento 

• Mar. Pre- 2iiie\\*u-l are after wiiiitiaJaiag m 

, 1 * . *«•»•- , H, eh j “ ,l1 e DM JO denom. unless omerwtse staced 

— : — — : ; "T~r— ¥ Ptu&JOO rienom- unless otherwise sraied 

■ain •<*’. S 3 . 1 3 . E£Jo | - 0.78 4 . Kr.ioo denom unless aUtarwlse Mated. 

-.-J. IaI ;M»xici o r-rsjdO denom. and Bearer shared l Three months 

radan •* 353 J 32 5 a 8 A 2 Ma.cz 1 , ■ . unless otherwise stated. 6 Yen 60 denom. 

■•• 2 - 6 . , J 4 .ii- unless orherwue stated. 5 Price at rime 

m-eri'd* 1 269.6 282.6 trj.i j lte*.. of suspension . n Klorlns. b SdUUuus. 

1 i» 6 i- i ■ ■••/< •■Cents, a Dimdend ailer pending rtghiB 

-■ 11 — and- or scrip issue, t- Per share. 1 . [francs. 

luaiues ana oaac dales >ail ouse values 0 cross, die. h Assumed dividend after 
U creep) NYSE All Common - X scrip -and 'or npfcia issue, k After load 


l sterling 


FORWARD RATES 


•e 363 jOZ 5 o 8 A 8 < ta.cz j , 

•a-e. Jj 4 .li- 
I* 1 2 E 9.6 282.6 I tn.. 


Siandards and Poors — m and Toronto I taars. m % tax free, n Hrancs: mctndlltf 


Li U- .KoT? f 00 ’ 10 * 1 - tbe l * 31 b-unea Oooed an Kidi Uniioc div. p ,\am a Share solir. .v Die 


* Excluding bonds : 4 an innusmals I ana yield exclude special payment, t Indi- 
8 400 Inds.. 40 UoUnes. 411 *-iiiance aiuilcaicd drv. n Unofficial trading. "Minortis 


Vc*r vt * 1 isppret. 


Ins. v.t. tielrt % 


In I. P.h. Kaiiu 


l«>t»C Uun. bomi yiei'i 


a-tai i-i. !0 Transport. Ml. Sydney Ml Onrt nniders only. 1 

»-.l.ta MM* 1 ') Belcian SE S 1 M 2 /SS i*"i Copellliaam *■ Bid 4 Trafl« 

f'rjj. SE >'» 73 - 'tri Paris Boors* I 9 SI tr Ex nahts. 

tLob 61 .CO f-.il _ MJN. 17:1 CORimurztuafc Dt-L. Il« i;!i Amster scrip issue xa 

dam. IndusurwJ - 1970 '".n Hans Sen* increased. 

c 3 ..iB o 97.27 ■ MJH . Bank 31 - 7/64 »uy» Milan 2 I*mJ Fokyo • 

■ ... , ibd.'iS ‘‘-4 lb Nes SE 4 ri'M MnSirans Times iwo GERMANY ♦ 

— 272-41 273.41 .'-a;- Jic 1 .-I close. *d* »Udnd SF- M' 12 / 77 — h«t> 

•>•• and low for 1919 only. if- Stockholm 

■■ . Industrial I'l'jb. ijiSm« Rink horo 

•u. Unavailable 


Hong Kan? 4 ?l.ta 421.42 Ixc.li 

Italy *i. dl .68 61 j £6 ii.il 
■ -.in 

Japan 11 - 297,09 597.27 • 397 SH 
1 Li/ 3,'71 

Singapore — 272.41 273.41 


hnbtera only. •# Merger pendng. * Asked 
•■Bid »Tnujed. r Seller. - Assumed, 
xr Ex riahta. vi Ex dividend. xc Ex 
scrip issue, xa Ex all. a Interim since 



- 272-41 ' 273.41 ■ 2 * 1 ' JS: 

. 13 ;i 7 W •>* 


TOKYO 1 


I AUSTRALIA 


A.iiaUa V«mHd>...i ■W 7 .fi,’— Q .5 J 1 18 | 1.9 I Csnrm 


OVERSEAS SHARE INFORMATION 


Inv. $ Prem. at 52.60 to’ £-* 51 % ( 95 *%) 
Effective rale (at 1 . 9150 ) 43 \% ( 43 £%) 


HASP ‘ 137 . 6 - 1 . 4 : 17 I 6 .K I Ob»WJl'". 7 “J 


Mayer 

Barer Hypo 

Bayer ' ereiml.fc.' 


459 )-6 YU : L 3 > ACUIL.fS&oent)_ 

612 —9 . '25 : 2 . 0 | ArnOi* A u»tnilia j 

390 —5 i 20 ! 2.6 i V»lioi Mat -1 tr 4 -. fndoi S]' 
639 —1 


NEW YORK 


l'l*»fm.>ed.«rrt»; 177 .... •• 

Luoun err bank-... • 831 — 1.5 


Ast-..o» Labi. .. 

Addra«Ointipb .... 


Aetna LnekL'aaC. 84 '. * 


Ai- P-THiurl . 
^IO* 


26-4 I 261.5 


A ican Aluminium 2433 


.%:«• 39 .3 

4 .lechenr Ludi.. 17 .’i 
v.iephcny P.'wci lB^a 
A l.ied Chmpiutl..' 37 -* 
4 :iieJ J*lore« . ... 20 
\i!!«i:tlalnier>„- 2 fi 3 g 

VM\X 34 

Amerada Hw»....i 251 * 
Amur. Atrhne-. . j 9 »i 
Amer. Brands., i 45 la 
turr. Bruulitii,' 36 it 

Auer. Cm 35 Sa 

\mpr. Lyaiianiu 24 -m 


39 ' 3 Si] 

17 .'i 18 Ij 


I l-onuni|UlB«A,.M..; 
, ! CPu IniVtinna' i 
. L'raue ' 

. L’wktrMi- ; 

4 v ryenAelierWIi 
i Cummin." Lnfliu»: 
I Curl-WrigUl .. .. 

! U»m 


471 ; ; 471 * 
443 * | 44 ^i 
201 * ! 273 * 
254 • 24 I 6 


JodtcMantnlie ' 
Johnson Johnmi 


HmnMHi l-outiv-. 27 '■& 


luyUanuou-eut's 
K.Man. tsc-n . ... 


I Uart Imiusmca.^ 364 


.tmtr.Etc.lW. 23 U 


18 lj i Deere 24 ij 

lB'l > hei Home. 23 h 

371 " i Oellima 6 

20 .vi Dentniuv Inlet...- 17 h 
251 * Oerroit Edlann.. \ lbU 
33 >3 ; Umruttnd 5 bunrk 25 sj 
85 : Ulcupboov — — . \ I 3 s« 

at; ) Otgitai ItAuvp 40 Ja 

46 "n Uiantf i W alt i. ... 334 b 

481 * j Dover Cttrpo 40 h 

35 1 ; i OoirCbenilcai.,.. 23 ‘t 
24 I Drato. 26 


361 * KuNcrAiumini'm SBL 
183 * kaliow Imiiuene^ 2 
on-, Knher 6 t«e>.. .. 23 

| 2 .* hV «ij 

X 2 J® AenactMlt. 251 ; 

Kerr McGee ! 45 Jx 

i hufcle Wa.ter~-..' 28 .J 

171 , Kimberif LV*rlc_ 4 l 7 j 

16 * - IS 3 * 


301 * l!erii« ' 401 ; 

70 Kernoidi. Met*'*.! 28 
27 KmtvjHts K. J.. ..I fifiag 
32 !a li'ieb'Mvi Mern*ii 23 ?i 
25 . , Ifovhww Imer.. 30 ss 
293 s . K'JrniA Haas 301 * 

2 | | II**t«. Uuich B 833 

81 * Idas 

21 k Ku«» Lucs Ll3fl 

i liv-lrr Svsleni...- ftp* 

21 Ufi | 'W*i.v 'Stavi 37 




I Wylr 1 

! Xerox^: 

j 

dedilli Eaiiio ...I 


tinliliuimni ; 76 . 1— 1 

Ua:mierUen< 306 —2 

Uenima — H 71 — 4 L 

Urmau — 159 : —2 

UeuwdieUank — d^ 7 . 1 '- 2 JS 

Urarfuer Mam.. . 240.3 -2 

V»\ eVeihoff Zeinl.'- 143 — S 

GuieUoIfnunu 202 a — 3 

Hapeu Luird.— . : 113 — 0 
Utrpener ' 268 —4 


.—A : 10 : - oai Aippro Print' 529 — l 

285 —3 2 u j 3.6 Puji Photo B 70 —5 

320 . 5 - 1.6 1 20 ! 3.1 Hitachi i Sssl j -1 

177 Honda Motota.-.! StB 1-10 

831 - 1.5 1 18 ? jg House Pood ^L,S«d 'f-lO 


20 ! 8.6 j VHiet) Mat -1 trig, fnda* 
10 1.7 1 Ampul KxpfontSon— ... 


76 .T- 1.9 . - .- u. Itah 1 814 ^-3 

306 -2 ; 19 ( 5.1 Ito-Yoaado — —,L 24 J .t 40 

271 - 4.9 > 17 ; 5.2 Jacc ! UiO '+5 

169 -3 J 14 U 10 J^.U 2300 -10 

5 .- 7 .X - 2 J! 20 I 4.2 1 lu.n,aifcieuL.Pr..U«W -10 


IS I 13 AmpcB Ketroleom — . 

12 ' 2.7 .\ma Minerals..^ 

10 } 1.6 .Vflkod. Polp Paper Si.™.: 
5 » ; 1.4 AswcXon. Industrie* 


! Bergen Bank j 

t 0.68 * 0.01 Homzaard I 

JO . 89 . Credltharik 

r 2.16 .....' ; Koanb-w.. - 

11-25 -&&1 ‘ Eunedittcaseen u 


BO.fif-aS 9r. 
57 . 6 ! 4 - IN l 4 

104 kL — l.ls -11 

278 J 20 

104 ! I » ' 


f * 14 - , r — 3 ] 12 j 2 J J A*i*t- Tmxndarion Invest. 


♦ 0-77 I ; Storebrand ..... 

11.08 I-HL 02 I — : 


♦ 0.71 j 1 -\ot-kBydrokrJcl lS. 5 ;-f 0.5 j 22 ' 
♦ 0.77 1 , Sr™^K_ ~A 85 . 85 . + 2 . 28 ; 


248.3 - 2.0 , 20 : 4 .Ui Komatre 


nnj-. - T .uia 5 t Kub0, “ ^00 

203 a — 3 12 I 3.0 Kvotodainmo -. 13,000 

113 — 0.5 f . 12 I a .2 IbtMuhiui Ind— r 643 


3.3 MitMibtHhlHnjiV .. 1 280 


Hnecfrn ..: J 120 . 8 — JLl • 16 1 . 6.21 MiisuSubi Heavy 1 v*B 


M 1 ^;A.N -1 .J 

13 1 . 0 1 AudlOKtc — 

-«Aiau»H* 6 bn..-;.: :... 

JO 4 . 6 1 ume Metal InrL. 

10 ■ 2 JB j Mou^aumlle Copper. 

13 | 2.7 Mraheu Hill Proprietary^ . 

33 ) 0 . 5 ! HHfloutb. - — 

20 ; 1.6 Uartton L'nitert Hr*w*ry_ 
10 : i 


11.08 1+02 1 * 

11.58 1 — 0 . 02 1 BRAZIL ... 

tO.BS .l+tLOLl 0 ^** 1 *- • .- ’ll) 

11.35 re.BI j-prtST.l^orJjfei'U' 

tO -43 I .._. ilar. M Cnu 1 

10.35 ,+ 0.01 i~ : ! 

tLOO 1 +U.OI Lloasltn...- j 1.48 1 + 0.1 ljj. 18 . 1 

tl -06 W 4 .b 2 1 aanooMnuU PP.J 4.36 [+ 0 J». 46 ' ' 
♦ 6.58 ItJlMj Maav 6 lMuPy....| 1.11 •....'_t.|e 4 to. 


i^.^r^DITY MARK 


■ Koppe:- .. 193 * 

l Kj-sit .... 443 * 

(KtueerLv.. • 27, 3 

!leiiMimj»« 30 i« 

| LiMivOw.Koud...- 26 Xg 


29 ?® j Liggeii t.rtrup.- 273 , 28 

8314 | Liny 40 -s ! 40 i* 


Amt.. Kmjic>* . 
Anier. HonePrui 
lire, lleii'*,.. . 
K nr:. . 

A >'.' 01 . '"I. Ii,». 
Ir. t;..'l»Bil«'i|. , 
4 m or. rime* 
\Tinr. Ic. 1 lc:.. 
Arnett*. . . 

4 \ir ... , 

AMI* 

Vmw» . .. . 

Anrh.ir K^kinu 
♦narusi-r M,“nu. 
a-iijm -Itri. 
I.M. 

. 4 *imrra 4 -»xl 

test,'.. 

'•jiandOa.. 

♦ ti.Ui'hw.i 
4 *<tO Uaia 

a\ 1 

At 

Ati-n Pi»»iu.-lt. .. 
•a.I li," l-.r’l . 
bank Atiirri ■*.. 
huiM** I r A.V. 
Kir'erlBi. 

Keilvr I rtirn„i. 
AW'ivl'iM.. . 
hfa-f.mllit-anitmi 
Kv.i A. . 

,: rnni 

KratLiL Ivin'B. 

K»I 'i v Soli 1 ?troi . 
Hla-.hl IWk-koi.. 
Mwilii . 

H'iic Avrartr.. . 
Hi.~Srl> . . . 

+■• r* 11 ami— . 
K-anin 1 m. 

H ikh 
P-i-t..; Vjr*,. 
H-.i. Tci. \L«K 
l 4 re>j.«ayCilat*. ■ 

Prupiwick 
P»]CTTi.a trio . . 
Pn-l-J . • . .. 

Wu.oea Wat. n . 


Oicmi'. 48 -i 


. Liu Pont 

' Llyrno Industries. 

Mgio Pichei.— 
; 14 m Airunev. ... 


; Lit 1 on Indmt 16 oa l 

I Uekheed Altn'il, 153 * 

■ L.«*Marlihl' > 161 * • 

i Lag I viand Ltd. 103 * ! 


-aiewsv Moiis. .. 37 I 37 

ri. itmeia>.' 26 I 25 jj 
■» t. Itepiv Paprr.. i 2 b I 86 '« 
**nt« To In-tv .... 1 34 ij J 34 »j 

rail' ImeM_ 5 /* ! 6 

rexon Indn 51 * J 51 * 

-di:i|/ Urewmi:, Hi# 12 '. a 
SL-biuinbercer.-..; 65 I 66 

163 * | 16 aa 

j "*0111 Paper ■ 12 -a* I 123 * 


CANADA 


Hoescb ! 4 o J2 — U. 

Horten 122 

Kali tmd 5 ali....j 149^-5 
Kimradt ,._i 297 —l 


43 . 2 - 0.5 - 4 ' 4.41 UUwbubi OovrC-! 4 8 - 2 _ "| Id I 1.6 


16 lj ■ *»*vil .Vtrp... . 
153 * I rvtuJr' Uuor V 


. . I 213 * 
C?l I 603 


msa Lanutirten.. • 24 '3 


' UxilMana Land..., 213 * 


Lawman Kodak.. 431 ; 


34 >? | Laton- 


k.U.K «>. ... 19 1 * 

1 Li Paso Vat. Cas> 15 '* 

Lilia 29»4 

Emerson LMvtrk-. 3 U 3 g 

LnirrvAirfY'vibt; 38 ’+ 

Lmhiri 303 * 

L.M.l 2*6 

Logo I him! 24 

hsnuik._ 27 

Ltiiv 1 19 

kvton *533 

Kan i-l uni «. amen 27 
Pel. Orpl.Mqrn J 4 I] 
fimtonv r«»r.... lei; 


-”: 4 ! Lubnw. — ' 

44 ^ j Luctta- biorer 

■^^3 j l/te* Vimg«fivB 
19 t. I MaeMuian., . . 

15 Macy K. H 

2Bln \ Mtrr Ham-vet 


36 da ! 36 


&eagtaaa 

I reanv ;G.D. ...... 


5 ,, AMIlbl Hspe, | 111 , | 11 7 , 

0-2 ignwo Magic.. .J 5 ia t Si, 

l6 '” UcanAiuminlmnl 273 a I 36 <a 

V.gotua cteei 183 # 10 1 * 

Axbemor .f f 37 ' 38 

it- Uankoi Hunimi 18 oS I lSag 
61 , ] Hank Nora -uotia 191 + i 19 i+ 
* • Uaslc hCHHirixv.. 61 + ‘ t 6 
f 2 >. Bed telephone— 54 1 537 , 

12 ;= I Botr Vm.er Inrt.. 241*1 23 i. 


Kauibol i 201 . 2 — 2.8120 

hilcukner Dm ( 00.1 92 . 2 — 13 ’ — 


KH 1 + j 175 — 1-6 

Kniw 963 -b .5 ', 

Linde- ; 239 . 5 — 1.6 16 

Laweobrau lOu — 1 1.4801 — «su 

Lnttimiua ( 108 ^— 1 . 4 * 7 

MAN 1 189 -5 ; 12 


- '10 - 4.1 Mitsui ACP ..-...1 308 — 1 

—6 9 ; 3.0 Mibnicuihl .......1 506 

-l_, 80 t 33 Nippon Denao......L 86 J —30 

— 2.8 1 20 > 5.0 Nippon 5 fatnpan..j 6«7 '+13 
— 13 ’ — | — -V ivian ilixpra.....; 796 1 

-13 U 3 . 4 ! Moneer !l 380 —20 

— 0-5 1 — , - j Tenyo Hiertrie — \ aal p 4.4 


1 12 I 4 J 4 I Q 58 ( 51 ) — 

•2 ild 1.6 Coo*. Goldfield Aon 


14 l 23 Gboulnerttli J + 2.10 

s«J j 8.0 UmrincWoctnta . 11-85 

15 ■ 0.6 U oxari n Anatrafia ■ tL 30 

5t I S-o Ifcgf 

4 « 1 1.5 Kuer Smith ' 1 1.66 

14 > 2.7 BJLlndHatilea- { 11.74 


♦ 0 . 76 . '- 0.05 • deUnj MinriraOE 1 ' 231 + 03 ^fl"xi? • 
♦ LSI <— 0-0 1 LyaaAmer.OP.. 332 +O 0 W* 3 ? 

1139 • PenobrasPP } 3 . 7 B -o.m'i* 

♦ 2.66 ;- 0 j 0 flraJUOP. — t a .65 

+l-ia ^w*«L!rarO 0 .„.; 4.41 + 0 . 1 t‘vJ» 

♦ 2-^0 bnipPK . 6.90 - 0 J»'- 3 H; 

♦ 1.85 ’ Tale Kin Doer PP| Ltg- +qM' . 1 +T- 


PreW, --i, f 56 r -24 i 30 ; 1.8 j Gen, Property Trinit 3 


♦L 30 , „... 
1135 ' 

1 13 3 -038 

♦136 +032 
♦ 1.74 - 0.01 


VoL Cr 321 Sm. Shares 03300 . 
Source; Rln de Janeiro SE. 


1.0 ; Ttoleewn 1 /low —30 


3.2 Sony „ l,bO 


12 , 0.2 1 lawUoMartoe—.j 256 — 1 


Uanu^rnami. | 168 . 3 — 1 . 0 1 14 4 . 8 1 LUteiia ChemteHij 339 

Uai. I six • c in an rilk’ 1 1 . 


Ui 9 Humwaley — ..j 

1.1 H wdier. 

2.1 l.C'.l. Anxbalia ..I 


JOHANNESBURG 

MINES 


Heiailpet — 

llnncbener Hunk, 


• ewn KuelauA...., 24 Ja 


SO ig iSUpeu.. 


Maraihuu »ML. ..' 
Marinv 8 'daiiil. 
Uarabiiii Field .. 


SKIK'O 

. ■shell Oil i 

I SheIlTr«u«*nrt...' 

' Msoai 

, tign-dt Cart, . ...■ 
. Mm pi L 11 1 l*(*r.. 

,' sillier 


I ninth Kline 53 >, 


Mat Uepi . 'ioie ' 

MCA 

UuUernioii. - . 


I 'wlilinrj 

. ’■■•utL.nmii..... 


^■uilieratal. Kd.. 26 Jfl 


H-.-lAiniiiii lAiup 24 »t 


I l>U Net. Ikialnn, Z 6 jj 


>h.:iia£T"ll Nihn 37 i* 


9 ficv Van 

3 Ut£ KllnikHe,. _ . . 
45 ; A Fmn,ia Hcmrr., 

25 -Vi Umir 

K.y.i 

I? - * F«ni Motor.. ... 
*5 1 Uiemoit Mci... 

2 s V' f’uxborn, 

fsj 1 r'rxnkiio Mum... 
f'rwf’rt Ulnera 
■ Vrueham ... . 

I Faqua Indv 

30 r* - i«..\,F. 

16 , Ganocti 

331 * | Leu. Amur. lift.. 

24 >, !g,.V.'U 

28 -? ' 1 n.il. Value..... . 
261 * 1 Uen. Diuamira.. 
10 :* ' Leu. Liearira.. . 
13 L* . Uencmi Kado- 
JO’* ■ Lt-ncrai Slin*.. 
i*i. ' litncml Mricu 
36 jr -Lwi. I'ub.Ltll... 

14 i, lien. Sign * 1 

IBS* ; Uenl lei. hiecl. 

32 'rs jU*n. lyre 

Sij, i i.tenevii 

36 :« , l««t«|{ia PuMic... 


M'liniw Ho 

Ilcniontx.. . . 
Merck . 

, SJrirn, Lvn- ’i. 


i if, ut bem C» 16 >a 

. 'll I ill. \u. K«~> . 32 

, >,-u;hern 1 ‘iuin, . 331 - 
1 't.'ULbertiKa'.l***' 46 


: up Lanarta 14 l« 

| Umna 16 la 

i BniK.v 13.29 

iJa aaty Fuwei... 367 g 
; vamllo .VI me 145 a 
j Vamvia lenient.. 91 s 
' Canada Ml laaii 101 * 
j Lbii ImpUnkL’crtO 26 ig 
j Lanailn In.iirti... ♦lfil* 

I Can. htelne ; 171 + 

! Lan. PSi-lii- InvJ 1151 + 
i v no. >uper Ol ' ...j 56 
. Laniiut tl’KeeiCi' 3.55 
I i.suiiar .VataNtOM fils 


14 ia I 14 Ij 
151 a I 156 s 
13.29 | 13-25 
367 t l 55 s * 
14 ia 15 
9 I S . 96 « 


Neckermsnn 110 ’ 

14 Ij H rev^ai; DM lOL'J 108.1 — 0.9 
156 s UbeinWext. Elect J 109 *r — 06 

13-25 ♦ehermg. \ 246 . 1 — 1 ^ 

366 * -isinena.......-..^ ; 291 . 2—3 3 

15 Su-j Zueaer 249 - *3 

9^8 I iiyrven A :G » 120 J - 1.2 

10'4 Narta 177 ,+u .2 

261 - VKBA 116.1 — 1.1 


lO t 2.41 rUK...^ — m.h I, 67 »i .—60 | &U i 1 InrtiMiT ^ j 

18 1-8 j Wjjn 119 ,10 14.2 Jmw»( David,- 1 

<*in Marine. 519 3 ; 11 ! 1.1 Leppend Oil.— ■ 

ufclobi*ctPuw't;i,i 7 tJ 1+80 6 13.4 Mends Hxptonulod 1 

o.yoeanyc j 282 r — 3 | 12 | At MUi Hvuuun 1 

■AycSfathanra...' 138 10 I 3.6 Myer Lmporlam— 

orav : 128 1 1013 * jirn * 

i?t+« Motor ■ 960 , + 17 ' 20 | 1.0 .VtWu luternarlouaJ......' 

Satire*, ’aiiltae Lmnnn Taftyn. ' HMinga if** j 

i Oil 3 WT± ; 


lo | 2.4 (uier-Uopwe.— 

AU i i 4 cmuDEl iodiMrtfii., 


10 U I 10>4 


ToKln Uartne.—J 519 f — 3 
ti+lo bled Put*' til, I 7 u i+aC 


UbmnHeH. Elect J 189 xr— ON- 16 4.8 Lc.»vo--ranvt- ! 282 

♦ehermg. \ 246 . 1 — 13 ) 2 u , 4.1 l'ubyo 5 hthati>a..J 138 

-leineoa. ; 291.8 —3 3 I 16 1 2.7 Torav ! 128 


VuremaeUorBk 1 SO/ 18 . 2.9 I 

Luv.vace, < 212 . 1 — 2 J 3 ■ 10 • 2 . 4 , BRUSSELS/ LUXEMBOURG 


249 - *3 ; 17 • 3.4 
125 JS — 1 . 2 ! 11 ■ 4.4 ' 
177 .*- 0 . 2 , 14 4 .L 
116 . 1 - 1 . 1 ; 12 6 . 2 ! 


N March u M,KeS 
£35 + °- 01 S^rican Corot, _ 

♦ 0 . 29 c Cpnaolidiiied „.... 

SS' ‘Us — 

*®-®5 K D -®1 Harmony 

♦ 0.23 4 «JI Kinross „... 

;o.i 2 j ...^ roSSf .. ~ ; 


“1 Ii’SZ r ^^ 02 j Rustenburg " piaHnnin 


Souiw 'NikhP Wunnee Tdttyo- 


1 .. — St. Helena • 

I Sotnh Vaal 

Mi-os com news sa 


Ii SS j -®'® 1 UrtOB Corporation " 


Meat Peli'-'eum.' 35 


MuuUin*;A.VIia. 45 , a 


Uubulorp 

Mumemu.. .. 
MinvanJ. I*. 
U,jtutn:a .. , 
M'lrj'hy Hi 
Nai,itcn 


I N'aU-n (. hr mica:.. 2 BI 1 


i .AeLiiifial Can 


10 Jg A ei. D,*ti:icr>. 

! 6 't > Nm, 'enirr Iml. 
9 'a . Aall-'na- Mee 1 . . 

34 1 Nmoiw, 

13 Nj MU 

40 *3 Ner+unt- 1 -up.. .. 
46 *+ .New hngiaud fc:. 
29 ** ‘ 1 *» ItnitMii't It 1 
2713 Niagara M,.'i»n‘k' 
09 Ifl , Niauaia >ho,i-_. 


52 ss .'■oiituan-, . .. 24 J* 

I 4 ifi i v»'l Bnitlnim. 841 * 
351 * • <*errv Huu.-b . . 16 

271 * . »i<rir* len,i : 351 ; 

45 ’* ' >i|iilt> 238 a 

61 '* -mu mm BcaieL. 23 
46 Ja [ •‘t.i.uiilaltwrnia. 39 
42 "i.i.Ui: In-itanB.. 47 ij 
36 j; 1 <t>i. U:i Ufai>< .. . 69 Je 

341 * j ;tsuH L lie 11 1 teal... 3 693 
48 i* ^icrlinj liiiiij.... 1 * 1 ; 

27 ;* , *ULle!ate 50 1 ; 

141 * • ■iulit.'- 381 + 

■SvniWtrxBd— ... 361 s 

21 ■+ tfymex 231 + 

12~i le-Ti-mcoiur Bie 

29 ’j learneux ' 351 a 

36 l»W»u* 74 i s 

61 .3 iV'cN 3 'o 

14 i*nei : 301 + 


238 a • 23.6 


j i.hitfiimn 1 19 j* 

l CiiniiniM 233 a 

Icon* Bithurvi..... 261 + 
! L.ilinitiiei t I 173 g 
[ Curc^a lleMnj ieew 6*1 
| L-?oiaia Kil-U.— .. J 9 Sg 
: Denivm .Vline>— ! GOin 
jUiiiwBliith.,,.,;' 77 
D-wiie Petroleum! 60 
LLinuni'.ii Bn<k>el 251 + 

I UnniUi 4 141 + 

DitLvjni 12 I> 


AMSTERDAM 


Pnoe l+w 
F.i». - 1 


Aboui 1 PI. 30 ) 1 

Ak 


Arbed ' 2 , 3 x 0 '-35 

te. Yl I. »*. Urx. Uuab L .-+18 ' V 4 

£ BeiCTt “B" 1.750 

— L.UJI. Cement....:l^ ' 6 -26 


+21 : 3.6 LocUeril ... 


19 ** 1 N. L. iuduB+jite . 


NoKitliVnuiii 267 : 


Hu-niuiie* . . | 

1 *miMi s«up 
i taxrlutn Hnnhi . 

* etw Kaa*i-.*f|-ti.. 
1 ■mat.-'i' 

* *rt icr A L r ih. 1 ”* 

* arter H»"'ri 


Lolly Oil ; 1611 ” 

lunette 261 ; 


! 5 ‘i • U.olrUh K.K— 


*"1 null 401 ; 


' K? 47 !j 

» manrwl'nii-- 5 ? -’ll 

■ entrai A S. IV.. 15 s* 

( enaiutced 21 », 

1 nan lin-rnii.. 32 ’a 
' bascMenhaiuin - 29 
•.hemiial Hfc.NY' 37 ;j 
( tiracMyh Pend.. 22 >* 

• tcxj'.c civsicm.. ' 33 J* 
1 Dljaso bridcc..., 48 1 ? 
1 oromallov ..._; I 6 jj 

1 srmer Ilia 

1 incrama - 21 * 

1 Mi la* ico... 82 

1 19 U 

♦ itic* ?cri ire 4 & 3 g 
f tty farc^lin^... 131 ? 

t vat Co s 37 is 

1 ■- Uit Pilni 20 

I oiia 1 Vikiuen.. 11 

■ > utishia ha 28 j+ 

1 Pi-i ..... 14 *+ 

1 diu.I-q*Cv *-1 Am lfei+ 
t omburtK-o Iji;. 32 >? 
I a.-mbuMien L| . 15 >s 
I ra'a’to bli.wui 27 
1 wnVili Oil W Slj 
l t'Hini. SdUllltr. 35 
V emvuierViexue 9 &S 
l filial- Iflls 

( .■!■, Ldi-n.ii N A 23 

* on>.». Foi+in • 23 

< ni-cm Nat- li» . 39 s* 
1 M'omcr P'licr 23 'a 
« cRi-.ntTHni G-p.- His 
i ontinenui 20 1 + 

■ o.HinexU*’ Trie. 15,3 

• -'nj’t '1 Iwi* . .. 2 S*t 

V-t-iV tnl«i ■ 43 'B 


211 , 1 20 '+ 


• L,«-i.veariire.. 
Lrmbl 

UraieW.lt.. 

Li. ViianPb!le«. 
Lrl.NceUi Iruu . 
♦ire>l|t>iilj.i... • ■ 
.funs 3 West urn.. 

. tiuu lh;> 

HaiUiuni.il 

1 Hanna Mintua.... 

1 Harnisdup^er... 


- N Tib NmI. Las. 

Mbit Mates Fwr 
.VjtUjb^ 
Mil weal HuKvr; 

V* too slot 

: O .-vMetua ■ Petr*.' 
0 «t.iy VUihet . 
tlhl*. tillwm... . 
Uliu 


1 31 . a 
, 137 * 
29 ij 
h 6 
41 -a 

14 
22 
34 A; 

15 

9 :* • 

16 - 
261 
36 >1 

' 261 . 
22U 

. 221 , ' 
' 17", 5 : 
22 >* ! 

40 -* 
18 i* 
15 i« I 


50 V? 501 * 

381 * 38 J* 
361 s | 35 Is 
231 + ’ 231 ; 

ese : 8 ’a 

39)2 ; 55 
741 ; ! 73 Sg 

3 >; ■ 31 ; 


Ka,«m'aeNwL«^ 1713 ! 17 
nw .M.jiiirCan.J '175 [ t 76 i+ 


AkamKIJJi- ■ Bl. 3 — 1 . 0 ' - - ' UUbS. - -B.tOO 

\lj(eiiilloLiF<.lca 34541 — 1 . 5 -AZ 35 6.8 Elwtrabei 6 . 05 ^ 

AMBV 1 Ki.l«i • 79 . 6 -UJI Aa 44 6.5 fahriqw\*l 4^410 

.Vnrn 4 aoh iKl. 2 hn 74.5 — 1 A) 23 . 6 - 6.0 L.B. Inno-Bm 1365 

BljenkMrt 8 LO' - 1 0.6 1 23 1 6.7 tieraert 1,234 

Uinui Weol'ani K. 10 ! U 37 .S + 0.6 ] 70 . 6.5 Hoboken- -. 2.210 

HiiritnnlMtorode 66 . 7 ! + 0 . 3 , 25 1 7.5 lntmw.im ——.... 1.635 


URG 

BiT," UecfcaK * Co! mao. !. 

+ or Fra. Yk, ! **• «■ 

— - Am • >* I ^wthhuiii Minuxe.- ! 

w ■ 2 [ lunti IB It rz • 

J .35 : _ . _ J^-uiop* i 

vvs ■ 6 j Weoteni Mimne iaD«neint«j 

112 1 &.*» [ Wroltforthii. ^ 

-26 90 1 1A I Water MoHwunie closed; 
-3 . — • — l ex-Srdues. 

177 | 7 ^!' . 

430 j 7.1 i PARIS 

- 15 , 1/0 i 7.1 i 

130 17 . 01 .. + 

—4 I 80 1 6.4 Star. M Fra. I - 

170 : -/.a hr — rr ! -r— 


De Beers Deferred — 

Blyeooruitziciir 




! 1 riwniwu prana 

HB.D 1 1 Preddem Stern 

• I Stfirnnlo 


Rand' 


4.75 

• . 

2 J 5 

1 - 

11 . 73 ' 

■ * 

ia 


luS 



* 

£.03 

- . 

L 47 

- 

13,40 

'i 

SJO 

19 . 60 '" 

-i s 

. 4 . 70 .. 

T - 

3 .« 

5 -jj 

•■ji 

- 6 JO 

i- L 

2 S.OO 

1 :j 

17 J 0 


13 . 0 t». 

4.23 

1 

4.73 

W. 7 T 

•I 

13 L 30 

N 

12.70 - 



I Cits til Yel.wkoile; 14 


®£!? I Lull Oi, CiiiiaiiB.J 
_?'0 1 Haw ker .> 1 , 1 . VaiiJ! 


Hi>uiiis«r . .. . ...J 29*2 


"?• Hvmc iii, -.*• 
5 l 2 Uu.lrn M>ar ' 


Heiueken , FiJis , .. 1 l 103.0 —OH . 14 
Hu,«o(enk(Fi^Cr. 24 . 5 — 0.9 luJI 
HunrcrD.'FiJOC': 21.4 -j .3 12 

K.L.M. tFi.luij...- 126.3 - 1.2 , - 


. 8 - 0.1 32 ^ 4.1 U linrele BelKe- 3,580 -r 30 '305 13.7 263 ^+ 4 . 2 : 16 ^ 6.3 

■O 'tZ2r. s.f |S 8 -5 - 53^1 7.1 C^aw^^sSS ^ 391108 4 

•S“„' 2 - ?! i H .; 4 .ai 6 i -35 1174 14. 6 g— 7 — J 512 


+ 40 ,189 I 6.6 


2 I Bu-J+.+i Hav Mo». let; 

29 ■■ ! H, 1 .ltMt.tt.i,.... 3 l 18 i = 


37 U I llama Lcrptr .... 


32 U I Heubiem 


: Hewlett IVAa,^ 63 , g 


131 ? 1 153 a 
5738 ; 37 1 ; 


11 L » Holiday tn«* 1 1 S»+ 

‘iff : UitmcBtekc^- ; 341 ^ 

2 llS HitneyneiL 44, 5 

iHuMter— 12 i 2 

all? ; Hasp Cent Amer. 26 
■ Ueuatiin NaU Ua< 23S* 
i+f® iHunilFb.vChra in 3 

|Z ls ■ Honoii 1 . K.F., : in* 

f , I.C. Industrie *— 1 23 J« 

! IN A. I 38 Ij 

5 SI" i Inacnoi Jtaod— J 52 i* 
Jg ‘0 , Inland Steel- -. i 35 i* 
«;a .Uj^ico- 15 


8 1 * OvciaratShi*.. . 22 :; 

24 uwcniLcruiDj*. 59 ,j 
13 k*vens Ulin-j,'.. 20 
12 ttuMWLa-... 24 
- 4 *a I Peeine LuhcRy,. 201 + 
56Jg . Fa.-, her. A [j._ 20.* 

37-»4 ! IrtAL- 5 

14 ,j ‘ riirkcr daunilin ‘ 21 ,'a 

451 * 'FeaLudvIm 21 <a 

371; ftm.pw.ALt ; 31» 

20 1 * : FcnnvJ.U. 1 35 lj 

64 S, [ Poniuou .... ■ 29 

151 ^ : r»»ple*D«*ts 7 '» 

341 b ' Fror.*** Gas. 34 ij 

44*1 Fc*ai« 25 ^+ 


I«h , iv Fetn.»eumi 9 

I fiai,' I 26 ■* 

leuaiii 1 171* 

leans In^m.. .... 651 + 

l evav i>r, A La* 31 Sg 

Tesaa L tilitie* . ■ 20 

litoeln. ' 361 + 

I'lme* Mirror 2 i>* 

f unhen . 43 ^ 

I M's 33 

I maMnet-wn.. „ 13:+ 

1 r»nw). I 19 

I ten-, Lnira. .; 34 19 
1 Mii-oat liit'rn, 2 IJ+ 
I isn.' W.jr-i Ai*. 13 -'fl 
liate<«ra ' 29 Ij 


Him^.iu f>i< j- Ga 


L.V.t 17 i* 

I masoj | 30 Ta 

ImuerUil un • 199 * 

iuco ....I 17 


I lw» -.....! 

Inda- -..I 

inland Aai.Oaa.j 


Khftnff iFl,<\ 3 i... I 278 —1 1 121 , 1.5 KrtriiPtiwnu B a in _l 2 J 'cb 5 i i'o IfPtaofiOocitl't ** i 380 

EuniaN.l. Bearer j 137.8 — 0.1 32 J( 4.1 linrale BeJge- 5,580 ' + 30 '305 l 3 7 AU-XtouM—....... 263 

KmoComlsiFl.lL 63.0 94 k 5 ^» hnXSiZ-WM —-./tS-. 358 

List Brocades! PlU 35 . 5 — . 7 . 22 , 6.1 Hetreilim 3,815 J— 35 ’174 i 4.6 H ?l 7 

H«neken,FiJi::..l 103.0 — OJ 14 ( 3.4 sue Gen Baraiue 4 d,fc 45 +40 UN I 6.6 — 1 

HuattovenaiFi^. k: 4 . 5 - 0.9 1 UJK; 8.4 ! Ben Belgique L »45 i+S 14 ; /Ji S^\“* rraJ *— 

HuorcrD.iFiJiX': 21 . 4 - 0.5 12 ■ 5.6 : and tie —. 3.050 15 'iv 5 6.7 I^JT® 

K.lfcM. fV'i.lUJi...- 126 . 3 - 1.2 , - 1 - . tinivav ... 2.440 - 2 J .Utd . d .2 1 oof 

lut Mullew tail... 38 - 0 ! + U . 3 1 10 9 .a , Cmcuon bieri 46 -e 5 ;+5 . 16 * - 6.4 * 

NaaitlO, tFi.W, . 3 to.I \ 10 2.8 * LUB J a 22 , T 4 2 2 ! 

AslAeii Iiie.'Fl.I.j! 107.7 - 0 ^ : 46 .L 4.3 l.n Min., 110 -— •! 710 —2 60 i 8.4 »>• 

.NwH.reditt.iFl AD 84.3 -j. 1 BO | 7.3 V leliie Mouwgne 1 J 20 ~10 .100 : 7 . 6 lJS^ C ??_? r, *J A i! 

Ned MflJJMMxCi' 188 .of ■ 32 | 6.9 — -• ««** — 63 , 

|&i K ,11 SWITZERLAND • sSSASbs| in 

,0,< •KlKififra- i 2 * 9 ,Tf- 4 J?i, e:s PffiTTTs-Tbir Aid. - ] Si- 


fl-TO I I Walkom ' +J= 

Driefontem u.7. so w 

1147 5 oWin 3 » 13 L 54 

, t.+ r | ...... j Western Deep 12.70 . 

* n * 5 “ .rr, - woiwntiALs : : 

AECF jjq* 

Amdo-Amer. Indcsitriai — f'fij 

■ ' Barlow Rand 3 ^ 

'ut _ Ole.Xki- gAtewpaaenta — 1 U 7 

■ 1 Fra. , * £ arl 2 e Finance — o- 6 S 

— 1 — 1 — ®S Eo,?ls tadnstrial jgjq> " 

9 JB' 4 u; 0.6 12 *“* CoBWMktated Inv. . I .&5 


’1.635 5 |142 | 7.7 Hunte B* : 746.0 + 19.0' 4 u; 0.6 

6410 J. 2 J I a- AIrlqueOoci.i't t; 380.0 — 0J5 2L1& Hj 6 “ d * ar * Stores — . 

srfJB >«* sis 3 acs-r I *sir%2L==z 


r S^ if^plete con 

Sd^trtaTTjrZ kji*i 

tBoOdated mv. . l.ss' . V ' A J 


517 r — 9 '.1ZJ& st.i IgggW ■ Starea J 

468 i + 0 JS. 3 Le 6 , M-l S 252 £™ As8nrmce <SA> 


d 7 A : KL 6 1 LTV 

TO 1 B.l | MnTa 


liu llullen tail... 

Nunieii tFi.iCi . 


Ins j., yTiueLiui 14 
Kaiser KesraiRCkJ - 13 ja 


■ 101 * , 101 + l Philips tFMOi 

4 11 | 10 o* [ Uiudi:bVer,-Fi.lA 


itoheMiKIAii.'....! 103 -1 


’ naiser rtesraiRCkJ - ioaa 
lfs = j Lturm i KlaU^I 7 &b 
1 Liiluin * >»’!. 3.80 


iS, '-urn. *B.’| 3 JB 0 

£? 8 . Me' mi , *'11 ByxfdJ.t 17 jg 


. .16 I - 
va^fc 7.9 


63 AJ— 14 i 12 Iiqjj HoWings 

497 .+ 7 ' -,t. I. Band Mines Propertffes 

1 B 8 Ua Ion] *3 S&T 

....nm ! W VQ .1 J- G. Smith Sugar ,„ a „ 
.07 f j — - Sorcc 


m owl.' * • 

- I U-iaM-y Ker^ueoni 101 a 
'Murye I 23 


In Cfiin.iiU!niai.* lBij 


uliVtutiiiT r,n : 24 ,g 


. La! 204 + 

Ih.VULU : 21 i* 

ILL 1 22 +S 

| LUP 20 

: luUner... — ...... dbJfl 

. I'm lever 5512 

Initil tianenrp.. 13 
; Lnino VarWile— < 39 x 8 
. LiiKmCijiunwreei Sia 
> Lo’iffl Or Cain.. 50 


*"S HlwtBlw W .,..J 33 ij 
**“< Numthla Mine*-! 231 2 

la * .Nuktu buergv-..)' 16 Va 

sn | NUiu. Iuieroiu.;..r 27 
33[b Nmua, UnAUeri 21 
*5 !* i Wtt*wl Itir m .1 4 J 16 
o?,** I **«■■* h 4 - 1 Copper M 4 1.95 


KuHnce-tFIjOi™...: lla. 5 — J .2 — - J 

} 5 w 5 ; + 2 ‘J ' » W 6.4 1 Aluminium 1.190 r 10 8 

IbnalUuicfaiFi-a; 129 . 0 -— 2.1 J Am- 7.6 - Hjfl. -*• 1.615 +70 • 1 l 

?laivntnint 2 i 5.0 + . 4 - 19 • 7 N , t-i tM<reurr' Fr.iuu'l.i 60 +i 5 > 

MevinGrp'F.-ia- > 415 - 0 . 7 ; Si, 5 . 9 1 Uu. PLtert‘ , 875 'Igfi I 22 

lra»«F<hmHhl..s: 100+1 SO O.V 1 HL.. .ZZ 684 : - 1 5 ^ 

?- 9 ' Oedn Suisse A 330 + 10 & 16 


HaromaBorel • .87 j - •’Z* 1 6 o«c?- _ _ 

1 HS 5 SES-“ i?S i + 9 : > 6 ^? 10 - 6 1 SA Brewed* 

•, 5 j >2 -18 jtt-M 2.7 ??*W. oats and Nat Milta. 


LOO . +. 

2 .W J • , ^^- 

tSJ» 

03 S - 

140 . 1 
lisa ■ y 
<U2. • ■ 

U4 .- Si, 

2 . 30 - W • 


LmieseriFlHWi...; 

l 'HitRfcKe*.lntfl?l 


WeMtauVIu. Bans 4 IB 


LO, Bie.aruirait—...^ 1.68 J 
3.8 , V iwtiir ■Leorgej-; i 60 


Set^ties Rgad \ fi 

ifjs’s^sssars « =? s ^ h ; __ fDiseoimt ****■:$ ? Comi 

; !:?iS 3 £ri;ta«s;:! -tm «■*!. £^ 1 } 323 “ ...... - - ' 


(Discount of 29.6^) 


+ 10& i& aa’SSSI: 

+ 80 tu : 2.9 : y*™?-.-- .— 


Pu 5 rt«”' 81^)00 f 2 , 150,550 , J.l \ fSZ 


l)i>. i^maili 8.250 


lfl 1 5.1 Aafand 


i — . Banco Bilbao 


tV-na-KetiDleum; 38 'a 
*4*ii. Can I’M'ra.i f®4 


COPENHAGEN * 


2 5 "a | ITnlun Pacific.. ... 


ft’Lo Llmer... 
I’et. 


PlL-er ' 26i+ i 261 a 


llieip* CKkime. — 
Witiadeiphia L’e. : 
Pliilif. Mom, 


l niroymi.- 

Called Brand*... 
Lh uaa»rv.+ ‘ 
t s,Lyp»um-.. • 


; 24i a 


36 +b Faun" f 16 116 ^+ 

65 U PerpleA L*ept. 3_; i4D0 , 4.06 
13 Lg | HuweCx* a OH- 0^2 ’ 0^4 
394 b j P’scerDevewpnu 21 ' 21 

64+ ' P'jecij.itwna'n, l$*'a ll>a 

30 |Pr V¥ ( .12’a | 12 

421a [ Miireefin, L35 f 1.37 

I Hauler U 1 1 „.i 28 , 281 + 

7ij Head k'haw. ; 9ls , 91# 

7*4 . Itiv A+tunu.^j.! { 24 A+ 24 i* 

28*a . ityaiBk.w Can., 281* I 2713 
22 ! duvai I rust ^ 16 ?8 ' 167a 


[fooner j — 


Anderabau ken— . .! 


.SJ-H" 


Pfaiup* tVUui'm; 50 


15 sa | Imercont Sucre* 0 1 Bi* 

27 1 IBM - 2431 * ; 23 Si* 

2 i* < lull. VlaitHira • 20 i-_, [ 20 Tg 

35 j fuel. Harvester-. j 267 S j 364 * 

Qsa I lull. Mitt A. Chem: 38 i» < Sdlg 

191 2 • Inti. MulOwi-ala.., 20 .+ ! 21 

23i3 : Int'j- lSla j 14v a 

23sa I IntL Paper. 37+g 1 36.'a 

3flin IPO 27 f 3 ; 28 

2313 Inu BcKtitter- 10 U 1 101 ? 

29 ** ( !nu Tisl. A. 1 '« 1 . . • 27 .3 1 Z 7 Je 

27^, ‘ lamu.-..— j 1>+ . 1U 

I5-* • foira Ucei.. . . 30 29-'* 

25 ! IC inremafA-n*:. 1 ij» 1115 

43 :c , Jim Waller 271; 271* 


dhlniiv • 

I'll nei Ben-e*.,... 
Plttatna •' 


p:e*wy Ud ADL- 17 i a 


364 * | ro^n.ui 84 lg 

SSss ! Pawmte hle-:^.,., IS«x 
21 ■ Pl*L Industrie*.* 25 % 

14 'i'a ' >T'N--ter Gamble..- 755 a 


B8I| Ls.Med ff >6 

297 ! t. XediuiJcfr^u.; 36J* 
37i? , CV Induatne*...) IS 3 * 
in^ . Virrimableoi.... - 14ta 

ooj, Walgreen. i WSb 

7 rjr“ WarDer-C.iniinn..! 31 >+ 
* ‘ ITarocr-Lainben. 27 
• VVaste-Mau'iuenl I 20 *+ 
34 J 0 ,'WeI's-FarBu J 2 &>+ 


22 ! i£uvai Inn..— .4 15 la ! 

24og . 

26 >+ ^.-evUeK'sourrti! - B 5 s 

3644 1 xastanis. — '-i . 244 + 

1943 . shell Canada. '147a 

til ' -J— r- tea ' - A fin . 




X5i» i ‘ 161+ ; Western Bara.wi i 31S» 


374g 1 36.a ; Ph>> ^meSIert.. 2230 [ 22% 

OT?- 1 On r u..- ; .. iln- : Oil—. 


i 28 I Pu'iynftt? 

1 Ida j Km ex. 

I 27 Sg . Quaker Vs,, 

. 1 1 * tfapit .American, v 

294. , toitbfr-n........ 

Ills • RCA 


243* j 247a 


, Wed cm N.Amert 23 Jg 
W'eeterti tm„n.. ! 16>a 
WeotinjjhBeEleci!. 3">+ 


W uetarn.u. ! 24 

WeverhaewMB....' 23 a* 
W'lilrl luul as 1 ! 


W hiieCon. I ml.., 211 * 


l.Vpubiu' r[+ei 231+ , 83’s ffiawin Elect l 27 


19^ .tfiehtds U. G.— :: 0 OI 2 .3 Hi 

31V* I ?ltu|&P3»^ 4.75 4,6i 

27)* ■ Steei tn L'anxd+uj 231+ S31; 

SOT* ; aieetiltoob Ironj 2.TO 2j& 
25*i . l'euiv Uanada._r 39 ! 38; 

■aQlj ' forouto UomJSfcJ ,171» , 179: 
231+ ; Lnurac’+n PtpeLa; 34ij ; I4A 
1 BJ+ j Tran* Ifomii Oilr . §fs ; 9ii 
17 ! lnxw. ...J tlOli HOI. 

I L’nlun Lm._ _.i,..'10>+ 10L 

241* Cid^t«M« .Ulne+i- . 7 1 ® ! 

23 ". Waiker H\r»m ! 3I>+ " 

22 J* Coast I'm*'!- 32it, ; 32* 

21 We*i"" in- ...:_• 16 tj : 201 - 

17’+ ' 1 Bid. : Asked- S Traded. 

ZS'-i I T New. ««t 


STOCKHOLM 


Burni'iar AV. «,*.[) 441 i 2 ."Z‘"‘ lb : Sa\ . Ite. CvuJ 405 i + 2 j ; 26 , 2.8 Umootm-.. j 

Dauake Bank iiaSVari'.... '• 12 9.6 ’ «* i n 3 U»Cra FOC( 3 U 5 . + 5 9 ) 1.5 

East Vhtaii-Ctr.^r ZZ 3 J*| i 12 , 5 a ' hut+w Ca tF.IOCij; 365 +11 14 1 ga trnrnrniM 

PinansbanLen | lddal + i* • 13 ! 9.3 i S*1 , “ ir ,Fja P- ■! f 05 :+28 8 ^a 7 ; 3.8 STOCKHOLM 

Pot. Hvanerier.J .341 • _■ lg | 3 „ ! SwiteJtanktF.lOC- 345 i +7 ! 10 22 — *“ 

PW.Htpir. 1 72 A* +1 i S ;I 1 . 2 1 +150 40 2.4 „ 

Hendcifhaab [ Ittfcd 12 ! 0.6 V m ™? *■«!>-— 3.086 ;+95 BO , 3J& . 1 . 

V..N 1 h>H.tKi 9 &', ! 25913 - 11 ? 1 12 1 4 . 1 ; ***• .+ 300 , 40 ) 2.0 A6A . X o(KrMAJ 

X<mi Kapel....^.] 26 B . — [ 12 [ 4.6 ! ! L ' _ iih ra«u WKpVJ 

Olietahnk 83 — 2 ln . 

PrtvalLBoL.M..— • 14 l 4 *._. | 

Prt>rinnhann — | 149 la_..^^l 
5 »upti. Uerendm* 3 773 * 1— 2 | 

5 uperh» _...| iB&ia^ + iB ! 




Bonn Santander i250j 
Banco Orqullo (Lfflui 

Banco Vizcaya 

B ancn Zaragoza no 


Clui 


- {fc-rt «rsa.taEtr" 
1 5.6 , 3.1 saw** 11 ** ~ 


astdli- H!«M" 

3773*1-2 | 12 ; 3.2 i " 

18512-+1B ! 12 | 6.4 , SUr U 


AOA AtJttJfX^- 170 i-l 5.6 | 3.1 CIC 

AitataraJafKrKJ 158 !,.. j 5 , 3.1 Drasadn^ 


i AtlwiCopwfEUaS 113 


Prtos ,+* bi«, y»i. 
Lira ; — ■ Lira.' % 


HUlerad— - — 
. UOKH t — 
Ctrii... 


J 85 1+1 

J. ias i -5 

-} iaaw+1 


o’Si & *■ Arafinotag* 
i + Z ' 46 . 6 , 8 .Q E+Hnnla Tlw 


236 •;— 1- ,i 
-riao L-a i 


ISO ; 

61 ;+2 
236 1x6. 


146 1 8-0 E^aoob .Zinc 

' S-2 5P 1 * Wo TiDto 

fo i a.5 Fecaa (1.M01 

10 : 4.7 Feooaa rLOfid) 

as ! 4J) Gal- PtedadDB 

I a i 4.4 Crape Velnana (4901 

1 8 ! 3.4 HMTCte 

1 ' 4,40 Rwtaero 

- : _ Olarra : 

I 16 j 8.4 Bennldas Z 

H 1 *5 -parol her ■ 


ANIC ; 127Jr. | - - . Bert'MwJD'dag 136 j+l ! 4JI GaJ- Predadoe 

j ramogi - ; 602.6, — 5^ ! — I — | Hriowon ‘FfKrttJ 242 j+ 1 I a i 4.4 Crape Velazanes ~Uai\ 

VIPWW . :HSS r-$ ISO: 7.8 : 236 j-i- ,« e ! 3.4 ““"W* * 

+IBIHNA Oa^ Pn+. — . — L 1.597 1—3 1 160 1 9.4;1?»«erttK...— V IOO 1 — a j '4;4Q dBdwa-o 

Finttier j -7823—2 ; — I _ ;tJi*a^a» (free; 49 ,Vl I — Olarra 

«I ra ; rruM : + 'A ! lUic*mtoV^.._...l Il. 680 — 150 2tXN l^ HxnrtetgWoken..-- 298 —2 j 16 1 8 4 ! pawlarM Bennldas „ 

Mar. 14 , ^ , — ,-£• *» Iml&Kier 132' '+1.75 — — ' .- 1 Uarafv+i ^ ISO «, J 8 1 (La !■ -Haroliber , 

~7 , ~ : — Uediotxou* h.m..; 3lL230 ; _— .....i^oa 1 3.71 31b (Mi Dwn«o_ 61 ,'+2 i b^ilOj! 5' rrote(M 

L'&Iunnwaii j 350 10 , 2& Uoiitediran 163 +0.7S’ — . - j aendrilt A JJ i. 236 Ixg ■ *.03- 2^ ! Papakfa — . ... 

JVnnwwer- ; 264 U 1 *9 1 3,4 Oltvmi Prt? .\ 626 —3 1 _ Krw 73 . ‘+Z . 4.0 6ii ; 

S? ,e ***-- !t2 M 8-4 Pirelli i Cu 2.203 +10 150 6S Stand HnxhlMa.. 137 i + 2 SSS2 ' 

nflVwi-i ■■■■_•• " 1 ,2? -•-• Pirelli Spa- -I.u 2 l —5 ' 80 ' 7.8 Thortetth ‘B’Krtf- 82 ; 61 6 . 1 1 

ifi ;7 3.9 1 Snia Visccsa j 622 ,-8 . - L'ddtaoim...-.-.- .- "460 + U i ‘ - - I 

IriL^gga”-- 237 !-a " » a : 5.9 j 1 i -f VoIra.Ki.^- 68 .SVO .51 B. aaiTSS*^---- •■-.■•- 


9438 + r , 

as> -♦i:-:' •, 
*758 : — , • " 

«5 '■ , 


*5 -J 
i*s 

■WF 4 - 5 , 


73. i+2 
137 i + 2 


3 ‘ u 1 £2 ;-P«rollber ; 

i Mi IQ-7 ! pp; ™tetw ; _ 

■ Al ! |E ****** . -'• - 

' a o' Sogetta 


m*. -r « ■ - j 

**••'.., +».*»;• » 


! TcWmiK-a 


130 - ’ _ — ^'.v. ' 

isxas - l.-c - ■ 1 . 

« , . ■ 
X- 1*1 • * * 
U 6 -. -. : — - • • 


’Cnlwf Elcc 


38 




►JS 31 


■ 6 * 












AlfcXAfc TIMES WEDNESDAY. HARGETTS 1S7S • : ' 


39 


JM \ \ 

* \U 


ARMING AND RAW MATERIALS 


World sugar price slide 
halted by New York rally 

BY OUR COMMODITIES STAFF . 

THE CONTINUING slid® in buyers of sugar in the market ation, has predicted a world | 
IS.’overnlghTaT a result of i sugar futures 'prices, on the and since China and the Soviets shortage of sugar withio ten 

i.: I ! T .. kd^linht > A lFAAMNaH 4a «1e%Wa*v r. 1 T aih Tinnw 


ilver and 
latinum 
love up 

3ur Commodities Editor 
5K VALUES jumped: again 
r London market yesterday. 
:ing- the higher trend in! 


*w 




Dntmued pressure on the 
"Of the dollar, 
bullion market spot quo- 
was raised at the morning 
by 6 . 6 p to. 787 . 9 p an ounce 
highest level since March 
. ear. 

.'the London Metal • Ex- 
e> silver closed 6 . 8 p up at 
■. r . - but fell tu late kerb 
' S ‘igs following a downturn 
» U.R. 

tinum' values also mowed 
The London free market 
tion was raised by £2.05 
.23 (3235:51 an ounce. A 
underlying tone to. .the 
it was given by the decision 
jpala to .raise its world 
cpr price by S15 to $220. an 
— in line with the increase 
istenburg last month, 
was taken as an indication 
lmpaJa had got over Tts 
ius doubts as to x whether 
.ecent rise in free market 
; .would' be. sustained. 

■rency considerations con- 
i' to dominate tbe base? 

• markets too. Copper closed 
ly easier following- a., lower 
in New York. 

ti nshrugged off another 
te in the Penang market 
iehL while lead and. sta c 

• .boosted .by - further - buying 
; !St of cash metal .supplies. 


Downturn 
in cocoa 
market 

By Richard Mooney 
THE RECENT upsurge in 
world cocoa prices was halted 
yesterday with the 3lay posl- 

London market was brought to seemed to have -done all their years. - - i falling ° e° 7 ,M lar «^ 

a halt yesterday thanks mainly buying for the time being, there Dr. Orth, heading a member; £ 1 907.25 a tonne 

to a strong opening and rapid was little prospect of any sub- delegation of his association! npai C rs.a.ttrlbuted the faU 10 
recovery in values on the New stantial improvement in demand*, which is touring several sugar | ".rrLij bv SDecu i atDrs 

York market. - • A t the same time sugar pro- producing countries said world X thought that Monday's rise 

After the London daily prtee ducing countries were keen to sugar production at present was 1 7 

for raws was set' £4" a tonne sell. Looking ahead to the approximately B2m. tonnes, 

lower at £94— the lowest since planned renegotiation of ISA Demand by 19SS vtfould be more 

mid-November — the market sugar export quotas In 1980, all than 100m tonnes, he claimed. 1 

opened about £3 a tonne down were eager to ensure that they “Unless we can do something; 

on Monday ~ night’s dose and fulfilled their existing quotas as now to expand world produc* 

continued to fall, far as possible in the meantime, tion we will not have enough to 

However, once the slide, was Our Trinidad correspondent,, meet the demand in ten years 
stopped in mid- afternoon fol- say The five Caribbean Com- time.” he said. He doubted 

lowing news of the brighter muni.ty and Common Market whether there was the overall 


had taken the market to its 
peak. There had been Utile 

f undam ental news to justify 

(he rise, which was generally 
believed, to ' result from cover- 
ing purchases by speculators 
who had previously sold the 
market " short” 

Against this background 
little 


as manufacturers continued to 
stand aside from the market. 

Producer selling was much 
in evidence and trade hedging 
against this was a major 
encouragement to the Tall. 

Some traders thought tbe 1 


Our Commodities Staff 


opening in New Yorki technical (Caricom) States Trinidad and capacity to expand at that rate.] there was. little to. resist 

buying helped pull r'prices . up Tobago Jamaica. Guyana, Bar- Many sugar producing countries , yesterday s decline especially 

again. bados and St. Kitts and NeyiB simply did not have the capital m< ma " nf “ c,n, * r * pnn*in.i«rt <« 

' "At the close. May delivery are expected to produce 1,490.500 to increase production, 

sugar was only 90p a tonne lower tonnes of sugar ibis year. This “ Because of overproduction 
at £97.825 a tonne. The August will be 190.757 tonnes more than at the moment prices are 

price, was, down £1 at £L02J,0 a the 1977 crop which was one of depressed and are affecting 

tonne, on the day. the lowest for many years. sugar industries especially in 

Sugar. traders' were puzzled by The five are likely to have developing countries." 
the rally and failed to. isolate 846.250 tonnes available for There was the need for a new ’ Pev ccoL decline in Dutch 

any single factor which could export after satisfying domestic standard world price for sugar j February cocoa grindings (tom- 

have been responsible for'.-sueb demand. and Germany would support pared with February 19* «> 

a sudden recovery. About half of this is earmarked African, Caribbean and Pacific 1 encouraged the lower prices. 

One : dealer . commented . there for sale mainly to Britain under countries in their efforts to - 1 But others reasoned ihat such 

__ — ’ ■ — =-■ *’- * u - — ■*--*’ “ *■' — T -* — *- — ' a small decline could only be 

seen as- “bullish” when 
viewed against market projec- 
tions of a substantial decline 
in world demand. 

Meanwhile cocoa producing 
and consuming nations were 
sdll arguing over whether or 
not to renegotiate the 1975 
International Cocoa Agree- 
ment. 

The views or delegates 
attending a London meeting of 
the International Cocoa 
Organtsation^sctaeduled to end 
to-day-rappeared to have 
polarised, with producers still 
pressing for renegotiation and 
consumers ' adopting a more 
definite stance that the present 


was a general . -feeling in ' the the sugar protocol to the Lome obtain one. 
market that the : International convention. . The group, which has visited 

Sugar Agreement was failing to Our correspondent in Bridge- the U.S.. Jamaica and Venezuela, 
stabilise prices, and traders! .con- town, Barbados, adds: ' Dr. is gathering first hand in forma- 
fid erice- had suffered. - Bernhard Orth, the director of tion 00 the production of sugar 
■■TEere were - no. ' large-scale a German beet growers’ associ- cane. 

Brazil betiind surge in oils 


armeirs warn 

er dogs 1 BY CHRISTOPHER. PARKED 

nrrvirm sh PPT1 ' THE STILL unconfirmed repoi^s lower than 11.5m. tonnes. How- Brazilians had obligingly pro- 
WI 1 J 1 —© oliwwjj ■ of a poor soyabean harvest r in ever, some trade sources suggest vided the necessary stimulus. 

; Brazil are blamed by dealers : in the impact of the drought must 


It is 


necessary 
also thought 


that the 


, London for the' recent ^rajfld up- have been exaggerated— a view Brazilians mav he Irvine in him 

°S . 5*15 

- ’vs cpttld cost their ve gft2i, 0,K of Agriculture. *»— “ w 


they have already sold. 


An indication of the impact Further pressure on market i agreement should be extended. 


worry ins coma cost weir: other influences in the market 

■ ..Kp^OO ^““^larepady.buying of oil. ZlffS prices' "SET f«m“ToS 

issued after ! “ d S' fi&fiS —? ^«fiL2S*L* J!* who have 

in the area had* indulged 
"other bumper sheep-killing 
1 .- In the nine Midlands 


ies they killed at least 642 
maimed 484 others 
year. These figures cover 
reported cases 
1 ’ worst single ease con- 
la Staffordshire fanner who 
(7 pedigree sheep in one 
One of the two dogs 
visible was ' shot and its 
• fined £80. ' 

t year’s reported total was 
ore than in 1976 but still 


JAFFA SCARE 
HITS EXPORTS 
FROM ISRAEL 


the Chinese ‘Tiave got their : bq?-- ma j ze cr0 p prompted the Bra- been stepping up their orders 
jog boots on as one trader- put zf]j an Government to suspend ex- for beans and increasing pro- 
n '.„ ••ttjp ports of the grain. Main effect duction of oil. There are fears, 

s thev tilled at least 542 t on 11,6 s °ya seems to have it seems, that if the miners* 

ind^mSSSd 484 othSfl J? a Auction in the oil con- strike leads on to power cuts 
and maimed 484 other*] oth* rtboritathg .ft?- tent of the beans. . their crushing mUU may be 

S5r have M no diJSrniWe London merchants ware snr- brought to a Standstill, 
lasting - effect - on dealings, prised at the credence apparently Across tile world the Indians 

although. some of the momentum given to the reports coming from are busy covering their import 

appears to have been lost 1 from'- SraziL As one pointed out; the needs. “Everything you can 
the upward prices trend. : • • . Brazilians clearly could not be offer they'll take,” one trader 
Last week" the Bank ot Brazil certain abour bow badly the soya said yesterday. It has been 
forecast that the soya crop, now crop had been affected. They estimated that India may need 

bein® harvested in the r-Jn^had still not produced final pro- lo import more than 800,000 increased shipments of off-season 
growing areas, would yield only duction figures for the 1977 crop tonnes of oils and fats this year. 1 vegetables, fruit and flowers, 

wav short of the. record I tqpnes_of beans. __ harvested full 12. months ago. China “another bottomless] Agreco. the Israeli agricultural 

- ifnjced" with Indications’ Another trader suggested that pit” is also becoming 


By Our Own Correspondent 
TEL AVIV, March 14. 
ISRAEL'S CITRUS exports in 
February were, down 40 per cent 
to $25m. because of the mercury 
scare, but; overall agricultural 
exports were up 18 per cent, to 
S52m^ thanks to greatly 


^ wrought in' 1973 when i f his. **Unked' with indications Another trader suggested that pit" is 
ids dogs killed well .over 1 that Brazil might be preparing the movement in prices had been active. 

.theep. -j tp import beans through Argen- exaggerated by over-enthusiastic “The potential 

’ ! tina or Paraguay to keep its dealers rather than worried con- demand is 


official from the -Midlands 


--1 of -the National -Farmers 
commented : “Dog owiftrfc 
realise that if a fainter 
ieir pet worrying, or about ! 


more export company which handles 
I fresh produce other than citrus, 
increase in : is airfreighting 2.100 tonnes of 
greater than the ! fruit, vegetables and flowers to 


crushers-tn-busmess. served to sumers covering- • themselves potential increase id production.” . European markets weekly (as 
push oil prices up sharply. against future difficulties. one trader observed. And while i against 1.200 tonnes a week in 

Other recent estimates have Tti? market had been stagnant the U.S. soya crop still had to be [ the same period last vear). . 

.... .... put the crop ■: as low as 9^tn. for some months. Dealers had planted it was premature lo start ' It is also Tnaihtainirig regular 

. rrv. his -livestock. ’-he - is [tomies^Uowing forecSts' earned been Tuoking for some influence talking about * record” crops ; shipments -from Asbdod to 
' entitled' to' shoot It. lin the growing season of .no to wake it np a little, and the from that source. 'Marseilles 


TEA AUCTIONS 


Price row strains 
London’s image 

BY JOHN EDWARDS, COMMODITIES EDITOR 


THE U.K. tea blenders' decision 
to withdraw as buyers for two 
weeks in succession has dealt a 
severe blow to tbe international 
reputation of the London tea 
auctions. 

It could hardly have come at 
a worse rime, with a special com- 
mittee in India taking a hard 
look at the London auctions as 
part of a general investigation 
into the marketing of tea — one 
of its main export products. 

To ibe outside world the 

refusal of the Tea Brokers 
Association to quote auction 
prices as a resuh of the 
U.K. blenders' withdrawal 
appears to confirm the view *hat 
the market is controlled by the 
blenders. 

Any visit to the London Ruc- 
tions at Sl Johns House, Lower 
Thames Street, also bolsters this 
view. 

The name of Brooke-Smith (a 
short-hand description incor- 
porating Brooke Bond and their 
buying brokers S. Smith > is con- 
stantly on the lips of the auc- 
tioneer, interspersed with the 
names of other main buyers 
representing Lyons Tetley. Cad- 
burys Typhoo and the Co-op. 

Sainsbury's have become an 
increasingly important buyer 
with their’ own successful tea 
brand, and about 10 per cent, of 
tbe tea auctioned in London is 
re-exported through various, com- 
panies, notably Liptons. 

However, it is a fact that the 
U.K. is still by far the biggest 
market for tea exports, so It is 
not surprising that British buyers 
should be dominant, especially at 
the easily accessible London 
auctions, at which they buy at 
least' 50 per cent, of their re- 
quirements- On Monday only 
10.000 of the 50.000 chests (50 
kilos each) on offer were sold. 


Trends 


The auctions are difficult for 
the outsider to follow. There are 
five selling brokers, who form the 
Tea Brokers Association which 
organises the auctions. • : Each 
takes it In tarn to sell from a 
printed catalogue different lots 
of tea classified under the 
country it coines from and the 
leaf size grade. 

Trends change Dust tea, for 
example, is now in much greater 
demand than previously because 
of the surge in sales of teabags, 
which now account for over 40 
per cent, of total U.K. lea sales. 
' Dust is the lowest size 'grade 
down from the whole tea. which 
is split up to half-size (known 
as broken); then quarter size- 
farmings; and finally dust. On 


top of this there arc descriptions 
of how the raw tea has been pro- 
cessed— c.t c., for example, stand- 
ing for crush.- tear and curl. 

Samples of the lea are pro- 
vided by the brokers for the 
buyers, who have a tricky task 
of acquiring the right blends to 
make up their individual brands. 

Kenya tea might be bought for 
its brightness and other teas for 
different qualities adding up tn 
the blend that tbe housewife 
buys in the shop. 

The auctions in London, held 
each Monday, are open to the 
public but are basically fairly 
secretive affairs surrounded by 
tbe mystique inevilablv acquired 
when selling in this way. 

The auctioneer from • • the 
broking company concerned 
deals with lots outlined in the 

THE IMPACT of the recent 
Indian budget levies on coal, 
electricity and petroleum — all 
inputs in tea manufacture — 
would mean a cost increase or 
at least 25 pal sc per kilogram,, 
according to Indian tea in- 
dustry estimates. 

The lea industry is 'dis- 
appointed that the budget has 
not lifted the export duty of 
Rs5 a kilogram imposed when 
tea prices soared last ' year. 

special catalogues printed for 
each sale, working with a valua- 
tion provided by the seller.' 

If this valuation — sometimes 
placed luo high by optimistic 
sellers — is not reached then the 
offer is withdrawn, hut (his is a 
risky business since it can be 
several weeks before the tea can 
be offered again in a new 
catalogue. 

If a sale is agreed then the 
buyer of the first lot in a par- 
ticular group of teas being 
offered is given the opportunity 
to bid on tbe next lot at the 
same price, which can then be 
challenged by other bidders. 

At the same "time" competitive' 
bidders can offer to take part 
of the total lot being offered 
from tbe main bidder, and if 
the offer is refused make a 
slightly higher bid. 

It is a bighlv sophisticated 
system that has withstood search- 
ing inquiries from producing 
countries, and the Monopolies 
Commission in Britain in the 
past. 

It is freely admitted that the 
tea selling brokers do control the 
amount of tea offered each week, 
but this is estimated in consulta- 
tion with both bnyers and sellers 
as to what the market can take, 
bearing in mind shipments - on 
their way, stocks already held in 


London warehouses, and thb 
amount of money that buyers can 
afford to put out. 

The decision by U K. blenders 
to withhold from buying is an 
indication that they have plemi- 
ful stocks at the moment, partly 
because the housewife and 
retailers are reported to be hold- 
ing off from buying in anticioa- 
lion of lower prices. 


Complex 


Normally, blenders have 10 top 
up each week with rhe various 
different grades of tea required 
for incorporating imo their com- 
plex blends, which even take intn 
account ip ^ ion j l variations in 
water ** hardnes.-.." 

Although I hey do buy some 
supplies, irons nvorseaf under 
direct contra vis with producers, 
or at auctions in producing 
cd u nines, they will need 10 
return to the London auctions. 

They are aware of the damage 
their absence is doing the reputa- 
tions uf the auctions, but claim 
it is impossible 10 buy while Mr- 
Roy Hatursley, the Prices Secre- 
tary. is ihreatenmg iu reduce 
their selling prices to un- 
economical levels. 

Mr. Halle rsley has pledged to 
announce his dectsiun un March 
2] a horn* whether he will take any 
further action on forcing tea 
price cuts. Bui the tea trade, 
particularly Ihe .Mictions, ts 
fervently hoping that an earlier 
announcciiiL-ni can be made so 
that (he London auction- can be 
restored In normal trading next 
Monday. 

This is particularly urcent 
since the . following week 
coincides with the Easter holiday 
and no auction next week would 
mean at leasl a four-week gap — 
too long an absence if the 
market’s credibility is not to be 
seriously undermined. 

India to raise 
zinc output 

NEW DELHI, March 14. 
INDIA EXPECTS to meet about 
70 per cent of its jinc require- 
ments from domestic production 
in 197S-79. Mr. R P. Kapur, 
chairman of the Slate-owned 
Hindustan Zinc company said, 
reports Reuter. 

Production this fiscal year is 
expected to be 42,000 tonne*. An 
equivalent amount is expected to 
be imported. In 1976-77 domestic 
production was 27,033 tonnes and 
imports about 62.000 tonnes. 

Mr. Kapur.said India dijd not 
propose to increase its zinc 
smelting capacity. 


MMODITY MARKET REPORTS AND PRICES 


lhal hi the three months vrtMhar* traded heavr «Hliw came In ai this level and and !MJt for the rrepecOre Yellow April £70 80 quoted. Kenya Grade 136 Zp f+7.3q Pm up 0.4 per cent. MJp 

.. mmm* mm mi » mi mb cj fi S . Iha hpIm M*«+ltvi4»ff M’ KK; Ha for* fdadnir chinfflPM nfrn(t/fc Ylnt «mf riaMi melW Tliv^i ImJI m<: kk C+0 ] | ^ M ^ 

Scotland: Canto. up -’JI per cenu 64.7Tp . Wr 
t*1JS8r. Sheep down 34 S per cent.. “■ 


5E METALS- ■ . at~£6M. B. ««. Mi- «. Ma M. «AS.- the price declined to £5 ASS before doahia shipment periods. Yarn and doth aulei. Three April *1X5 fob quoted.' 
■ er— S lightly ~lmw on the London Cathode*. cMb £Ml. throe' month; lS5i on dw Kerb at £5.160- Turnover. 1.500 anea* *a*djr. Barioy: All unquoted. 


PRICE CHANGES 


anno union otherwise 


zchonen whh forward metal drift- Kerbs; \¥irri>ars. three mamfes £S6a, 85.5. tonnes/- - rf H T CL T g n> g candlnaviaii Pom unquoted 

£»B P^martet bclore «. 68J. .-Afternoon: Wtabars. three -Momtn*: Sundanl/ cash tt.Oto. 10.1S. UJrH± . EEC IMPORT LEVIES and premiums 12S.3p i+3J»: Pi» down 6.6 per emu., 

m the nwm* £673. 72. 71JU71. 70. Kerb: =0. Jhiye months £3JB0^ M.^. fo. Krrt: Aftirntvl . rmra , Robustas firmed Ior 15. la order: current tC.Sp t +0 .5.. 

fhe'pricTad^Ked £673. rohmv- Whe^ th^ month, art. 6Si 68. 67.5. MJU ^ W? ® ** 

mot. which • was influenced -by „ K .i—~ in,. » • “2- ^ort-rorftrraa and charnst hn 


Fan easier nassasc to tbe GSA TIM— LltUe chanaed on balance. After 26. lfe 10. £6,000. «5JW, M. Kort: Bumhani repono. A ILmUrUp 
ms binf Bat"*!, the vomi » Ncif Yot,c Ute 1,1 01,000 ,ue,l4d fartber 

“ a Ki'i tssttfiirtzsrza 8£ srs rA;* 1 -tss tuTus-*^ 


lav on [Wn- re 'T p,ns ^ Jllne p rem iu ms. wmiMtLu -pence per ponnd)— Beer: 

hnvlna. Draid wltJl m bracken, in nafts of Sratti’-b killed sides 46.6 ro S2.5: Utenn- 

uo athronee tn ,croonI Per -onoe: Comnwa wheat: 00.67. hindnuanen. 80.0 to 13.0. foretmarters S7.0 
fuelled further ^T- MS- - ™ 3.18. 3.18. 3.18): to 46 0: Eire hindquarters 63.6 10 64.0. 


e on the Kerb wa, £866. Turnover, boring asaiVK ptgric al d emand from 
e_OT tne Cetmanr and chanat bnytag noshed the £311 to £305. 


Durum wheat: 122.38. 11.65. 11.65. 11 65 foreonartertt 34.0 ro 41-0. Veal: Dutch 



tj ' _ aTau .-fir I 

K OQoaJ — ! PnpariaJ J — 


The -nrice stabilised iust 

orice to alflib for the das of 28.025. But above Hus level awl with demand for 

nearby metal helping to hold the market 






650.S-1 
...: 66 4-. 5 r-i 
-it 651 

.*! 640. W .5-6.0 
..654.5-5 —B j 
ut, 641.5 j-5 


656-7 

670-.5 


646-7 


LD-DU-O 

wrJil.6 J ^1! 

amated Metal Trading repotted ESE-I”?! — 


TIN 

. a.m. 
Official 

r-- r 

p-m. It+or 
Unofficial 1 — 


£ 

£ i £„ 


6015-20 

+ 5 

8020-30+22.6 

5 mnntbs.; 5970-90- 


588C-KHHJ+12.5 

fiertlem't. 

.6020 

+fi. 

■“ , ... •• 

Standard 
Co*b 

6015-20 +5 

6020-30t22.5 

3 months . 

8870-80 (—2.6. 

5885-00 +12.5 

Pettiem’t. 

6020 ■ [+fi - 


Straits K..1 JS1B80 j— 7 

■ 1 


COFPHE 


; Tertonlay'*, 

! . Clove . + or 1 Bucinew 
Done 


£310 tqd Cri j and dosed on the Kerb 
al £312.. Turnover, 10.700 tonnes. 


• £ per t«me. 


■ *— •*! jjusi. IL.WI. u.«>. rvjrc. CV-QI , man *uu cuua si.o in m.,. uh». : 

tik 1-30. 1.30 18057. U8. 1.30. t.gOi: EngBsh small 30.6 to 59.0. metbnm «0 AlMmmiuin —-£680 | £680 

Barter: S2J4. nil. nU. nil (8130. nil, all. 1® 55.0. heavy 404) to 48.0: Scottish r>ee Vertet ict.. 4j«-8a 1_.__4sab6.6S 
Dili: Oata: 73 3Z. nil. Dll. nU iTSSL 6.64. medium 49.6 ro S5-0. heavy 40.0 to 4S 0. loppotCMh W. Ban E556.B 17B|lJc40.5 
0.64. 0.64 1; Maize (otter than hybrid for Imported frown: NZ PL new season a months -to. do. t&7Q.ai— MJ5 ~“ " 


March :1S I0.B-16KJ +20.6; 1816-1575 

T477J-1479J +27J 1476-1462 


LEAD 


a roonth»-J 
U. &6py 


•-m. p-m. j+ or July. ; 1570.0- 1373.0 -*54-5 1286-1510 18 S. 6 S, tdl. dll. nU): Wteat or mlxod 41.0. 

Officinl I — iTnoiftoioir— in« « «b n 1 *“» 


seed ins): 79J6. niL ml. ml <70JO. ml. 45.5 to 46.0. PM new season 44.0 to 46 0. I**" Cathode \vo*6A 

nil. nU.*: Buckwheat: AU ml isO nR3; PH new season 48J to 44.0. Porte: ^months dm. da — ' 

Mlltot: 81 . 10 , ml. utL ml (83.00, nil. nil. English under 100 lbs 36.0 to 43-0. IOD- ^oW Trtw-w. 

nils: Crain sorshont: 63.63. nfl. nil. nil lbs 38.6 to 42.0. 120-160 lbs S&0 to Lend Cash 


H8-6 


rdex Limited. 91-551 3466. May Cocoa WS3-1903 

ion! Road, London, SW10 0R&- ' 

Tax-rree trading on -commodity fntwes 

The commodity futures market For the smaller investor 


V complete commodity 
futures service 

Whether your interest lies in one orma dozen 
the commodities traded on the London 
itures market the C.C.S.T. information, 

J visorv and brokerage service can.be tailored 
> your needs. Up-to-the-minute prices and 
jckaround news are constantly relayed to our 
feats and trading advice given when required, 
ar those not wishinsrto make trading 
?ci3ions themselves we operate a ., 
imprehensive managed account service., 
itt details of our range of services can be ■ 
jtained by contacting Mr. L, J ■ Clarke on 
.-4S0 6S4X or writing to; . 

1CSJ. Commodities Ltd 

Walsingham House, 35 Seething Lane, 
il London EC3N 4AH. 


F GALLERIES CLUBS 


September.- 1520.O-US5J) +5BJ 1554-1284 
Xornabcr...12M.0- 15H2.0 + 55.5 1504-1258 
£ .' £ . £ ; £ Juuwzy. — 1 12M. 0-1275.0 + 55.5 i — 

30B-5-.75 +J»: 307 M .+1J5 Moreb 12S6JM275J) +616 1 — 

308.5*.;.. I 31U.5 j-rl _ ' 

30B.7S l+v5 1 — ! Soles: 2.648 (3.4451 lots of 5 tonnes. 

— • ‘ 55 ■ LONDON ARAB1 CAS— Prices 'In order 

boi. nos buyer, seller, diarse. bosUteWi: April 

gmh 085. 5.5. three uwntha. iasjg-un.08 tssmet. 193J0: June 175.00- 


o months 


wheat flour: 137.3*. 1M.U: Rye 
1307, 124.57. 


SOYABEAN MEAL 

The marker remained under the mffu- 2.40-3.60. Oral* approx. 15 kilos S4'»s 



COVENT GARDEN (price* In werMng’ Nicket 

oer package except where otbenrioe Free Maroai <ctn...| 
suted 1 — Imparted produce: Oranpes— 

Spanla: Navels 3.40+.20. Bloods 3.00-3^6: 

ree ilartec ) 


£b&4.25 I 
«t30.o 


U.S. Markets 


Sharp fall 
in precious 
metals 


‘Monxtos 

Three months 175 . 50 7+1J2). lraioo-liiooi Aug. 164 J* 

B66. I-L M, 6j^ AReroocn: Cash OMt. le4 . ;i i-un. i64J6-ia*J>e: Oct. 1S.60- 

S52? SSE Kert: I5S “ 15538: Dec. 143.73-146J6 

£819 - 6 - «: 18 ‘ 1L . .. 1 -*0.631. 144.00: Feb. 143.00-145.66 C-^S.SOj. April 

ZINC— Study, arovlDS in the Bntr aded. April 136.10-143.60 -+4.001, an- Jane 

same way sa lcad. wUJt an eariy NO tar traded. Sales: SO «7i lots of 17*56 tains. AiiguM 

forward tmuijnm £281 to £238 and then jco Indicator price* for March 13 (V£. October ...... 

a movement upwards to trade between cents per pound t: Colombian Mild December _.i109.50-n.O +0.401 10. 0-09 j0 

5*2 *6 face of nearby Arabicas 178.00 -(17S.i)0i.- unwashed February ; 110.00- 17.0 + 3.60 - 

demand.. The dose an the Xerb was #283. Arablcas 164J5 (165.001. oiber rand April 110.00-14^+1.25 _ 

Tttntover, 2J175 toonea. Arabicas 173.48 (171J6i. ftotrastas 166.00 ' ' — 

p.mT - f+ of MM". Daily average 166.74 M65.73;. W 

rubber sugar 


Chicago, reparta S.VW Coiuraodi- 2.S0.X2O: BgyptUn: Bala dl 2.40: Moroccan: uCwrrMSTIaiM-sd ' u T huk 

1M.1L Lemons— It all mv. 160.1*6 3J»- RS t 30 -z-2-41* 


+o!fi?Bl77?i26 * * KE1V YORK. March 14- 

+ U5IC311.2S 1 PRECIOUS METALS closed -horplr lower 
£317.76 j on Kpeculalive profii-iaklng following 
— 1 rumonrs of the coal strike hems settled. 
. ; Cocoa closed limit down at unchanged on 

+04)1181.-3-2.0 I origin selling. Sugar closed firm on trade 
buying and specula uve shan-enveruut. 
Coffee finished h.gher nn mixed trade 
+z.KLi:iib 5 I Md Coramlvnon Hodse short-covering. 
r ' Cocoa — March 16LM M 6 S.OO 1 . May 15B-5 

+ Lit iBSs Hd ! tiSHio). July 134J5. Sept. 151.00. Dec. 
T?-SlSr2-5 P 1*3.00. March 14l.ua. M-,v l:»-v .Ini* 


:....L-.Iei06.5 ! ! 
+2.B6£1 lb.5 | ' 



• . j- a-m. 
2TXd 1 OfflohU 


Tt 0r i, 


i £ I 

.S6&J5 1+2.781 
3 mnnflt« ~ 26&A-5 *+2 

3 -tnant.:... 8«&5 l+Sj! 

Piroffortl — i 


3 06. Category it 84 5.10. *3 5.31KU0. OUa 
jumble pack, per ponnd. Goldeo Dalle: ons Uwoocrt fPhili. 

0 . 11 - 0 . 12 : Italian: per pound Rome Beamy Groundnut 

, 0.14. Ctrfden Delidons 0.11-6.125: D^.: Linoaed Uraoten .. 

( unavailable) loti of 100 Red Delicious 8.SM.O0: Oregon: New- Palm Malayan.. 

towns 8-06: WasbtngTOo: Golden DeUdons 
7J0: Eastern States: 7.56-8.00: Hungary: 

Red DeUdoos 7.00: South African: Dunn's Seeds 
7.36-8J0. Jonathan 8 . 66 , Golden DaUrtouo top™ PWhp.^ 

‘ ^ . - - (tL 


Z6a.S-3tT-1.25 UNCHANGED opening on the London LONDON DAILY PRICE (raw sugar) r - - 

ZOSA I+-78 physical market. Uttle .Interest through- £94.66 ( 98.00) a tonne df for March -April «»P«tean 



— { out the day dosing easier. Lewis and shipment. White sugar dally price was 

SB ! Peat reported that the Malaysia god own fised at £90.00 -£ 102 >. 

— price -was 207 008) cents a kilo (buyer. 

t On nreateua April). 


unhmrjai do»+ tiM w oleui .. _ . 

Usrntagi Cash csi, 62, 88 . 6 , three [_ , 1 _ 

rnontteims. 60. 61. 82. 6 ti Aftarnoon: >o- 1 Tastarday’ol Preriooo 
Cash OBJ, three raorate £*«*. 63, 64. close [' dow 

63^. 83- Kerb: Three months £262. ; 


-done 


SILVER 


crasane 0.13-0.14: $. African: WOHam Bon 
Chretien 859. Beorre Hardy 9.30-9.50: ft rnmu 

Opening quouuona were some 106 

points below Kerb levels and thereafter ..Bo™ fW.. 

showed ItoJe change dining tbe morning. tL 

with sood mppon apparem. reports c. 

Csarnlkow. Later, higher New York ad- 1 

rices stim elated keen short-covering and 

the marker «««*»■ «u Chflaan: Green 8 . 00 , wute 5.09, 5. 


«S5» A +1B.GS393 
!58X ^2, 4-1449 9233 


Kronen No.3 Am 
tVoeat 

Kft l Nad Spin 
AoSJEUrowiDi 


nv 

oi» 


t96.50y) Ififln 


we uwnr quickly rallied some 556 AfH _ n . , PidrnnMirr ^vr-napi wiptff 

April™! 484649.66] 434040.01^ 50.104945 tS^3.°0 cJ55fc^ S5^&- .J?? ? 

\U c • 4S.B0-5Q.1Ih mi £$[$6 ™ . rS 1 ?? .* c . rcooraeq q Datcb : 3,50-3*30. Curf lfl ow tri ■ &hij>n>o* 3 t_... 

SDver w M fcMd 6.6P an. t mn« bjdwr Av ?-Jw 5040-fiflJtt' 664W0.45I 50J&4040 5 Se Jer8£y; 5 - C6: Prencfi; 5^9- . P«atoe*~ 

for spqt deHrcry in tbe London' bulllob Jiv-Seo.' 51.76-51. 7E1 B2JJ0-52JSI 52J5S41.95 were 8,0 Mln “‘ w. tne day. Canary: 25 kilos -L28: Egyptian: 4.69-4.10. Lcufee Kntiii*-..., , 

marker yesterday, at • 2S74p. U4. cent Oot- Dec 52.B&424B 534943.60] 99.76-9240 ; ! ; Celery— Spanish: 1S-38S 3 304.88: Israeli: , . . v "-'rv f 7B !+*-'76j81.6Sa 241-00- 

— — J -- ~ — — .. — I— - ■ - «-■— ' - - * rarstrnms -P.lhlTtplon- per pound wsioa -A I a. le*... 1 67 A: < 2IBJB, 


1X754) 

eioo 


1 88.9 


+ i.a'j€7l.75 

-.[£88.75 

+ 14) l£8fi.75 


Copper— March 58.UO i5S.40i, April 38.W 
(55.70'. May 60.40. Jlltr ril.50. Sepr. £.5(1. 
Dec. fis-90. Jan. (H.ea .March 65.40, May 
66.40. July 67.40. Sear. 68 . M- Dec. 6940, 
Jan. 70.40. Sales: 6 . 000 . 

Cotton— No. 2 : Slay jS.30-5S.Sfl ■»«!, 
July 59.43-39^0 <39.66). OCT. eOJ38.EO.M: 
Dec. tO.S040.S5, March 6L70-6I46. May 
63J:0«:45. July 6240-63.25. Sales: 333.000 
bales. 

•CoW— March 183.50 (1E9.B0*. April 

186 JO >169.401. Slay 157.40, June 18S.9U, 
Aug. 19140, Ori. 194.30, Dec. 18706. Feb. 
199.76. April 202.su. June 205.80. Aug. 
70S 40. Oci. 211.90. -Dec. 214.90. Feb. un- 
quoted. Sales: 12.700. 

t Lard— Chicago loose 28.62 fbame). 
New York prime steam 30.12 asked (30.12 
oom.). 

tMabe— March 2SS4-237: >23521. May 
242i-2422 (23621. > July 245-244}. Sept - 2432. 


tl 938 J-T67.0-1S1.685.5 ' D-tc. 24B4-?Hi. March Ml. 
*1-774" * 



opened at 3S8-5SSp ^546949*c< and dosed 
al 'JS4»>»5)p <3G44«e). 


pound 030. Onions—' KMWer wte. 

Dutch: 140: Pubsh: ‘“*i — 

S ua wte inoo i Isr aeli: approx. “ -ut. 

Lettaceo— Dutch: 


34o 240. 


Stale*: 446 (663) KlU of 15 tonnes. 


__ __ „ i; r r J^ 0 .. _ M _ Plneopple*— Ivory Coast: IU5-OW each. 

-,.5I-ZHZ‘S5 .2F55H5 E»sllsh produce: Potalsco— per S« Tb. Mon. 


61LTBB- 

Ber * 

troy ot- 


B hlWnii 

priatng 


! , I , „ _ ' Physical dosing prices (buyers > were: Aug.. J 10240-03.20 .105.06-06.20 109.fl9-S7.7lj n,iuics< Reds 1.40-149. Lottnc^-per 12 . null, a April. tMni 

ran j-f- or. L.V.S. *+07 Soot 48p (same*: March «-3j) (garaec Out- .„:iM.a44.7S:106.S04840 10846-01.75 indoor L20-1.46. Cabbages— per 4 bag ApriL oAjriWnne. 

Si"S - APrt 49.750^,. fclKMattffiMS nf 

GRAINS 


Hmkl,jl440-M^0iti6.Bb.1B.7(Klj4^6-IUB ] . 00 . Carr— pci bits 28 lb 6.384.70. 
"! Ul\nuu Oniow-per 36-lb bag 040-X40. 5wed«s— 

spot .!t»7J»p \M 288. ip- t+S.tt The nartet opened 16 points higher te Au g ...^ao^g.M,ia^J^ I fl.ljO._i7.69 P^,.^_v ? ^hirc _0.40. 


NomlnaJ, t Uiwioted. a SeHrr's qoota- ■ c s f w - J, 

in. e Ceuta a pound, n Ex-iuk i#mbn- : -4. 

March- April. „ feb.- 

«o March-May. 

2 Per too. 


5SH»ui*.'.|.88sap 1+64; 89SJsSp;+5.6 good comary^ buying appeared with sale*; S.747 i5.WO» km of 66 tames. 

6mnubA.i228.0fip +SM, - — worn: PhJVtol aarkets leading the way. lattnutioMJ Sugar AgnanwR-iMtca- 1 ■£ •’HJS?* 1 «T hf“ eiSSl 

12»outb^ 5l0.7p +6.6' — ■ — -Boa oM atm tettons anded beavQy to a tar prices (US. cenu oar lb fob and ^ ?2=.' nSoo7^PMiiM-S^a 

: Ready rwMrar market with barley lead- stowed Caribbean pom tor March II 

LME— Turnover 208 (321) lots o* 16,000 tog the way. Spot wheat and bade? saw Dally 745 f7.88>. J94ay average 8J8 „ iZfnFnJr fte-teaSi 

ounces. Momtag: Casta 288.7. X5 : three a ttoMted trade but boU» May ewtracts ttJtn. 

mouths as.6. 2A JJ. 8, SA 3i M. 84, attrsetod strong barbs and despfle peofil- Tito ud Lyle ox-reflnwy price for £“*““*!*”“* 

34,3.8. ^.7. Kerbs: Throe months .283,5. taldiS dosed firm-wbeai 6540 higher and STD Billed bull: white sum was £243.40 Tamaiwia-pBr pound mklm. 

AflcrtWdii Throe months 26L7. 4J. L2. barley 7345 highe r. There baa been good (samel a ton for home trade nod £15440 rflTTYlN 

4J. 4.4. . 684, 15. 34. Kerbs: Throe (tab luterosL too. tn bartey. Veto craps (£16346) tor eapori. LU X A Ull 

momha.282. fcfi, SJ. 2. 6L4. 1, 96.0. 604. have, been senernliy quiet with mote xxjAAT CTTTTIDrc 

96.- iu: hnerost tor whear than barley and both WUUL rUl LUtfcj 

r'/trin a o ptic us ctosed about steady between 1540 

LUvUA -■ ■ higher. Adi rencrts. 

Interitatiaaaf Cocma Orgnittaadan rtJ.S. vvmEa> BARLEY 

cents per pound i— D*Uy price Mart* n .. . . , , „ . , . 

m.02 ilS642(.- fndlcaior prices March l«. . . Terteniay r +nr Yesterday r + nr 

1 5-day aVoragn ■ Cg.15 ri3S-E8i: 22-day nth- riwe . — . dene • — - 


■Ism PAINTINGS. Until M April. | Floor 
. 9.30*5.30. Tburs. until.. 7.. 


.LERY- Exhibition ot the Mjnt* 
ErlUfh and Borapoan Artlita 
30*1965. 5-6 Cork Street. UM+ 
I. T#I. Dt-734 462d. WOekdava 
uts. ID-1. * • 


FINE ART. 24. Davies SL W.T. 
2630. LEGER— l?r>wlng* : ond 
» 1010-1953. 

I 10-6- 


Until 26 April. 


VICTORIAN FAIRY VAJNTINS7 
*” iteT CHtert New’ Bead 




STRRT GALLERIES. 1S8. .Hpand 
Modem paffltin9fi icolPtuw; 

Wide raw of ortteo. Tnoo.rFrl. 
00. Salt. 1040-1-0°- 


Street. 71*0357. A la 
Three Spoctacutar 


r«, .045. T24S and 145 ano 

musK of Johnny HawKesworth & Frionds. 


OARSOYLE. 69 Dean Stmt. London. W.l. 
*** NEW STRIPTEASE F LOO ft SHOW 
THE GREAT BRITISH STRIP - 
Show at MJdnlnM add i 
Mon.-Fri Closed Saturday*. 01-457 6455, 


PUBUC NOTICES 


: BOROUGH OF W1RRAL ■ 

B3.MO400 Mto-lBBMri 

to mature I4A7A Total application* 

ipJni. Total ootatandiaB an. 


BURNLEY 


^S2S^ Ki ,isr ii ’f i Ar.nnSSS 

a.* in. Total eutstnodlni 330400. 


' CYNON VALLEY BOROUGH COUNCIL 

raanuar wjuba 

BtrtWandlWB 700.008. 


HKRTSMIRB BOROUGH COUNCIL 


■JCATIONAL .■ 'STaSL-flJSE* !W*AS£S 

^ — -j ■ sn. Total outatandian 600:800. 


! . . _ “--I . NEWPORT 


Mad 30969. 


appWeatldJU 

Total outstondinS flOO.OOO. 


INDICES 


avenue 135.05 luun. , __ 

.Wtcr ■etaaWHWug -aew highs tor ilw Mar. ! 85.05 +0.86 

year, snap on dwindled and values floe-' May j5€*SO - i-QJ& 
' anted vhteaJy' before- a sharp decline ffi it* ■ 83.55 --0.50 

law in Die day taw most positions i 
o w aotrtrreports' Gin aiff Duffns 



(Pence uw'kiloi 


Austral tap |Te»i*rilay-f 

business 

GrearrVpfll 

j i.'fftse — 1 

Done 

March 



1 ! 

'216.0-21.0 —1.0' 
E2SX-27.il —1-5; 

- 


73.00 

74.66 , r . „ 

77.98 ; +0.15 Uv-tobcr A9£.0-io4 


is alraoa Not... 8535 +0.2S 80.45 !^0 *11 f>«eml*r...aS5.1W8.0 ■ **— — 

Ins. " Jan. BB.Z3 +0.25. B2.B 0 March ^ — 


COTTON— LhrerposL Spot and ship* 
moor sales amomaed to 123 tomuw. bring- 
ing the total (or me week so far to' +43 
tonnes, reports P. W. Taaersafl. Until sd 
dealings occurred mainly In Rusrian and 
Turkish qualities. Support In other 
grow: T ie was restricted. 

LONDON PALM OIL — Close: April 
S2fl.0640.00. May 300.10-30.00. June tofl.OO- 
30.60. July 300JKM8.88. Aug. SGL0040ML 
Sept. 290.00-330.00.- OrL 290.06G30.08. Nov. 
280JKK338.DO. Sales: ND. 


Orkney freight 


" *“ YertwdarA! + or“ Bn«me*» . Spinas One Wheat— March - 4&B&* July— ...... -425BJM2.0 

3fc=3BSS®SBB r L^L 

SepL- laKJLOSJ — 8SJJ TgaUJ-ITSS otter utiflteg -Hamti Cloaeeaer ao.OO. SL1S7 P 0 * emes *. Which 

Deo...— — 1750A42J1 — 7BJ iB40J-t7« Hoad whaau Hum bento e ixi-20. Glouces- S rSS;» tivjSr3Z2.B-27aj. aSSri'o operates passenger and cargo 

SS-I-JSKS BkS 5£!3 SS3 £*^LJS, , SS » — 1 fZV*?- St J&t 

MEAT/VEGETABLES m ? 

ITTTF/ '• • xemato nn rings wi . MEAT COMMISSION— Avmge fatarack 

v IMPORTED— Wteac CWRS No. J 13* prices at reprereulittive tnarkra 


FINANCIAL TIMES 


Mat-. 14 |3Ur, 13 

llomii ^ 

| km i<(i 

£35.84' 1856.75 

226 M 

1 267^4 

(Base: .lulv L 1992=100) 

REUTER’S 


Mar. 14' Haro 15 

riitfitti ftfct ■ 

Vow aiu- 

1391.2; 13B5.6 

14U2J j 

1738X 

(Base: Sewmbtr ffi. 1981=160) 

DOW 

JONES 



uqw 

Janre 


Mu. j Utr. 
14 13 


ilium, j lrs, . 
tin’, j 
-I- 


Syib ...,|3M ^556046848.68436*01 

F»t urt- igjWWAgggagTjWja 

(Average iSsiSS^m 
MOODY'S 


IteiYa 

tpt: 

u 

Mar. 

13 

•pie UftBimi v 

906.4j9O4.il 


M iintn 


81BJ-8B8J 


-1.897il-77JBi£l.MB.5 fPtonnnm— April 232.PO-233.aO n34jpi. 

t July ssa.nwaajo <239 .mi. net. * 40 . 00 . 

Jan. 244.80-243.00, April 249.00- 
. July 253.10-253.39. Sale,: 1.994. 

49 ■ I JgAj) ■ ISHver— Spot 54650 1 543.00 1 . March 

£04 |-4J) «lu7 538.90 iSM^Oi. April S4DjO i349.'J0,. Mjy 

!270t> ' 5+1.40. July 332 JO,. Sept jflDJD, Dec 

* — I 572.30. Jan. 57ti,30. March 3M.S0, May 

' ' 610 10. Dtc. 

000 . 

Soyabeans— March 60 T - 6611 : ■■ May fi7j- 
£80 (575 ■. July BS 6 «n. Ang 682-6SJ, Sept. 
S32. Nov. E16-61A Jan. 621-622. March 
620. * . 

Soyabean Oil— March 26.35-26^0 1 WS5'. 
May 25.59-25.70 (26.10 1 . July 25.45-24.3S. 
Aus. 2i-00. SCOL 2U524.15. Oci. 23.25- 
23 J6. Dec. 22.95-22 A 0 . Jap. 22J5, March 
22.00. 

! Soyabean Meal— March 177.00 UTajOr, 
May 175.00-176.00 (17SS0), July 170J0- 

177.00, Aug. 175.30-1 77.00. Sept. 167.00* 

160.00. Ott. 162.BO-16S.OO. Sec- 1(3.50,' Jan. 
164.00-165.00. March 167,00-16750. 

Subht— N o. It: May 7.66-7.80 f 7.681. j B lv 
| 7.9&7J6 (7.88). Sept. S.lT-3.18. Oct. 8 JS- 
! AS0. Jan. 8.50-8.70. March 9.04-9.08. May 
1 9.32-0.36* July 9.54-9.60. Soles: 0.674. 
Tilt— 3.27-5.32 Bskrd (555-5J5 asked). 
**Wteat— March 273*-«5r (274 1 , Stay 
IS8M-254 (1S3IJ. July S8S-2S7}. Sent 3S* 

I to3. Det. 301, March 306. 
r WINNIPEG. Starch 14. ti Rye-Mar 
110.50 (111^0). .Tub' 108.50 bid (106 30 
; asked J.' OCI. 107.30 a.-taed. Nov. 10B.78. 

: DcC. 104.50. 

titOaU— May 77.80 .'77.30 bid*. July TiiO 
bld .lTSJO adccdi, Oci. 74.60 bid. Dec. 
72.70 asked, 

; ttBarfw— May 75 30 .78.30 btd-. .lulv 
77.60 bid <7740 btd>. OCL 77.40 asked. 

I Dee. 76-DO- 

SffFtaxseed— ^ May 222X0 bid (231JQ1, 
!Ju>y 231.00 (232.081. Oci- 233.14 asked, 

. Nov. 233X0 askod. Doc. 227.00 asked. 

r^Wbeat-scwRS 13.5 per. em, proteit 
conrem elf St. Lawrence- 156X0 H56J3S'i. 

AD cems per pound es-warohouB* 
unless otherwise stated. * Ss per troy 
ounces— mo ouncr lots, t Chicago loose’ 

1 Ss per 100 lbs— Dept, of Ag. prices pro* 
nous day. Prime Sieam f.o.b. NY balk 
tank cars. I Cents per 56 lb bushel en- 
trardnuso. 5X00 bushel Tots. 


1 95 per 

, __ , tror ooaee lor 50 ounce unto; of 99.9 tier 

H _ . CRIM5BT PIS H S u pp ly good, demand - cent. WitiD. 4ell»ir*d NY. 7 Cents per 

A roll-on/ron-off cargo service Mr. Prices ai altip's atoe < unprocessed] I rror W «-warfboBSc. li Xcw “B- 


,»s ^ J ?WS*JS!SL*JBI HS IE sra-r » =fes SUBS* A S^^SSTSS »J&r#Vmc a 


.. .w5« m, dhi^“BKC u w tTto (Orkney) and Shetland will. SS5S w ’ Ji iE&,.“SSS« Z2S& I XP-JE? 

1289. BWD £280, Tos»: BTC £286. STD CWO. APIfimJe. May C6.75 tranship- d.cw <*1£: G3 P«s SlJJp per kg-Lw. start next month. large ydeia £3.«WSX0. mefitaDfi* 1 -S!S P+r ffl lb K-l ffl 

E^^-^SSpaWS? . 15 ..The.ship Dorset .wfiriie uarf. ■ ZVXLX; * 

40 in £10.29. 7i os £7X3 Dtr. 1 W yards. £101.44 traiutopuuju: Stow CuR seller* 2 t per rent, average 
AuriMuse £10 24 and £7X7. "X** twills S. African Vtote anquued. S. African t+0.J9j: Sheep down 


-Jiror. . me snip uorset will ne usea. kjewsao: medium w?r a in busnei cents rvr 

Z ~ w n , _ , , h JJ 5 ft mii a refit hpfnrp he- • kjnned dogfish £j- 20: large lemon soles 48 lb huafir-1 ex-u-arohamr 11 om* 

*!, I™* M-330 « r .®“ 1 Dei ° re D ®- «.M. medium £7X0. rockflsh UMOM lb hoshr] cr-iron-bon*.. l.«M buiSS 

ll.« per com., ginning Uie service. reds £1X8J2,40. nitbe n.7M2.oo. l lots. "5C per tonne. 


4 







TXNANCIAL^TIMES WEDNESDAY ■ MARCH 15 197$ 







British Funds firm ahead of and after trade figures 

Equities harden in sympathy— Gold shares again better 


FINANCIAL TIMES STOCK INDICES^ - 

— r - — PiFTSM^:^ ; 

njsz 75.65 75.66-. 7B.« MJITf W.6B «8.« 


Account Dealing Dales estimates of the GBs sales tended Uai increase in profits. Leading statement on prospects for the 
Option to '‘ary widely. News of Febru- issues traded quietly, AP Cement rest of the current year which 

’First Declare- Last Account ary's improved trade returns - finning 2 to 24Qp. but London accompanied the. interim results. 
Dealings lions Dealings Day foiled to enhance the firmer tone Brick easing a shade to 60p. Support was again forthcoming 

Feb. 27 Mar. 9 Mar 10 Mar 21 and ^ ton Ber maturities after IO moved between extremes of for Desoutler, which put on 5 

Mar. 13 Mar 30 Mar 31 Aor 11 having been | higher eased finally S45p and 353p before closing 2 up further to I3flp, while British 

Apr. 3 Aor 13 Anr’l4 Anr'25 to maximum of ! better, on the day at 348p. Fisons eased Northrop came to life with a 

* ** New time ” ticaiins* mu uke oiare always In the higher coupons. 4 tn 346p and YariafaSre Chemicals, similar improvement to 92p. Jones 
from ue ajn. two but neu cm uriier. Corporations were often higher, initially a peny harder, came back Group, 87p, and C. and W. Walker. 

The turnround of £418m. in the where changed, and Talbex 11) to dose unaltered at 86p in front 105p. finned 4 apiece while Had 
trade figures to a February cur- per cent. Convertible 1973/83, of to-day’s preliminary figures. Engineering moved up 2ip further 
rent account surplus of £i84m. issued in connection with the Stewart Plastics again attracted to 90p in anticipation of Friday's 
left closing stock market levels takeover of James Warren, made small buying and, in a thin preliminary results Newman 
much as they were immediately a satisfactory debut in recently, market put on 7 to 125p. Tonks firmed 3 to Sin and similar 

prior to the 340 pan. announce- issued Fixed Interests at £98. « _ ' gains were marked against 

mont Ahead of the -figures, lead- The fluctuations in sterling con- Me” neafly flOWD Fluldrive. B3p and United Engin- 
ing. equities had improved from tinned to have an influence on Ever Beady. 4 cheaper at 14Sp, eering. 2sip. ' Elsew here, Ship- 
master opening levels in sympathy the investment currency market, after Mop, were unsettled by the builders were noteworthy fnr a 

with firm gilt-edged. which was reasonably active on Price Commission’s recommends- rise of 7 to lS!!p in Yosper 

. The latter were heined in the all types of business. The rate lion that the company should be following th* annua! n-su'r*. 
inter-office trade by sterling's late moved between 96J and 94? per allowed to raise its dry battery Foods had litle !■> cnnimend 
rally but made no net progress, cent, before settling UtliC changed prices by only 2 per cent, instead them. Brooke Bond closed with- 

and quotations eventually settled on the day at 93 'per cent. Yes- °f 7 per cent as requested. Else- out alteration at 40n. the good 

u«tn the rise to J which had been (onlay's SE conversion factor was • 

posted by the official close. Senii- o.iins 1 (0,7020). /^qn , — . . - . 

mem was helped by the \ per _ 

cent, reduction in tiie rate of 75 Bank leaders higher 

P" "«**■ batcf L-? r Leading Banks, unlike many oon - i A 

J 0!u,|in Ss. while other lirst-Hne issues, held at near 220 n §\ 

'°- f no« TO " -s an- t he i r best levels in the after- N\Jf\l\ 

nounccment of the latest money hours - dealings. Following a I *1 V I 

jupply figures was ano her help- -.lisrhlly improved trade. Lloyds 210 - /— + — I a A 

S?.K B VT , a ^ apS af ,0 - ^ cnd j closed 7 higher at g«7p and / * l A * t/\|V 

-. Pr S °P p . r . auve - 3nd Barclays despite openinc a shade J \ Aj[l 1# \ 

* , * „ ® 1 S7- m i‘ n ‘ * ,e i ■ n l tiex easier on the chairman's review, orir . L IV \ / ” ® I . 


«iro°rK?' 17 ^ t0 r'i' 52, its h ' shcst ended with a net gain of a at «J \ ( \f\ 

since t be end or January. 323p. Midland, 232 Pt and Nat- nJ* V If 1 u / 

J* 1 !^ dc "' as J r ?T' Wwt 278p, dosed around 4 /V VI \ / 

ac.cd despite .some uncertainty dearer. Annual results some way 190 “ [— \ / 

L / IIDOSTEIAL 6 BO 0 P 

^ Mereham Bang iSOftA / F-T.-Actuar.es Index 

w cob-age total of 4,529. Outstand- Scfaroderg were 10 up at 360p, wl 

tng equity features were few and Guinness Peat rose 5 to 210p and 1Q „ 

far between, the leaders trading am sanmcl picked up 3 to 89p. 170' 1977 1 1878 

witntn narrow limits and ending The increased profits were not JUL AUG SEP OCT NOV DEC JAN FEB MAR . 

vrt lLJ? ?,xed .i. price chanRes rarely sufficient to sustain Kteinwort v — 1 — ^ 

exceeding threepence. Benson which slipped 2 to lOOp. where in the Electrical sector, interim figures being offset by the 

, ™ e *^li D ‘ cr!pun « °fien made progress Laurence Scott came to Ufe with bearish statement on prospects. 
3,r *J-. Calculation, the FT Industrial an d Smith St Aubyn advanced 4 a rise of 6 to 118p, while Rode On the heeLs of Monday's rise of 
> d '" ar >- -hare mdc* putted up t0 77 p in a thin market while firmed 4 to SS; the latter's annual 5. United Biscuit edsed ‘forward a 

tO snOU H not n*0 OL 0,-» nc 3 p.m. HiVrt Pfirrhncpc raninpaH ru rAXUits are H iip chortlv Mows rvmnn 


AUG SEP OCT NOV DEC JAN FEB MAR 


Sffit W*SS Lond " Tl ®5* tllsh Finance moved dealings were briefly suspended to Wp for a two-day ^in of a" on 
By -tven-lo-rour. tor me sixtn up 3 tn :} « n at t h e request of the company. sma ii in amiciivitinn nf 

fjg issuxst&Si tss, 

hSisrite ijirS -as— 


Funds test tap levels 

Late in the day. British Funds at 2lSp. regained half the Small buying lifted Wallis and 7?* ca me on offer, mirronng 
tested both tnp levels and the previous day's loss of 4 on small Co. 4 to aOp. Gains of 3 were j t r ? r fJLj* ress mention, and fell 
Government broker was estab- buyine ahead of fo-dav’s interim seen in Allied Retailers. 203p. and * L° 1P VP_ 
fished at 9ii? for the short Issue figures, while Highland improved MW Furniture. 8flp. while L D. ^ w c,0 .f d 

and re-estahliv'hcd at 911 for the 4 to I4tp. and S. RivUn. at lap, recouped out alteration at 101p. after 104p, 

longer nnturity. Throughout the Comment on the proposed mer- half of the Monday's fall of 2 wnue Ep'cure hardened a penny 

swoon, the shorts were firmly mer with Henworth Ceramic which followed the first-haif loss. »o lap and Rowton Hotels 3 to 

against the tap and this tended promoted a useful two-way trade Shoes had Lambert Howarth a 143p. 

to restrict the upward movement in Jnbnson-Richard Tiles which penny better at 3Sp following the 71, vn _ _ o/ . 
but stra'cht demand and switch- closed unaltered at 115p after preliminary figures. uldAU ease 

ing enabled the GB to supply a I16p. Hie improved results and The Engineering leaders picked The miscellaneous Industrial 
large tranche of the issue, the chairman’s confident remarks up after a dull start, but still leaders failed to show a decided 
Exchequer SJ per cent 19S3 at lifted Fa irclough Construction 1! showed small falls on the day. trend. Easier at the start at 
96ji and was thought unlikely to to 70p. while Wilson (Connolly) Tubes eased to 370p before 323p, Glaxo rallied to 528p before 
be a seller at that level this morn- added 4 at 131p in 3 thin market settling at 372p' for a loss of 4 falling back to finish at 523p fnr 
ing. The long tap Exchequer 10} Elsewhere in Building descrip- on balance, while J. Brown, 27Sp, a fall of 7 on balance. Turner 
per cent. 1993 became operational tions, buyers favoured March wtel. and Hawker, lS8p, both finished and Newall also ended on a dull 
just before the 340 p.m. dose 24 Sd. and BPB. 21Rp. both T 3, 2 cheaoer. Among secondary note, down 5 at X82p, but modest 
and airhough overal demand at while Cement Roadstone. at 131p, issues. DHCtOe Steels improved 4 gains were recorded in Boots, 
this end of the market expanded, improved 4 more on the substan- to H7p helped by Die encouraging 208p. Beecham, 617p, and 


Bo water. 185p. Elsewhere, Booker 
McConnell continued firmly at 
215p, up 3. helped by news of the 
£l5m. Philippines contract, but 
Pentos met profit-taking after the 
preliminary results and reacted 
to 75p before settling at 78p for 
a loss of 2. Smiths Industries 
found support at 94p, up 4, 
while AGB Research improved 
similarly to 166p. Still reflecting 
recent press mention. Northern 
Engineering Industries put on lj 
more to 96p. Gams of 3 were 
recorded in Steetley, I65p. 
Friedland Doggart, 93p, Morgan 
Crucible, 115p, and Royal 
Worcester. llOp, while further 
interest was shown in Sale Tthiey. 
up 3 more at 2l0p. ahead of next 
Monday’s annual results. R. K. 
Watson came on offer at 50p, 
down -3{. while other dull spots 
included AAH, 86 p. and Alpine 
Holdings. 43p. both of which gave 
up 2, and Robert McBride shed 

10 to S40p in a restricted market. 

Press comment on the pre- 
liminary figures directed fresh 
attention to Rolls-Royce, which 
rose 2J to 781 for a two-day gain 
of 10. Lucas Industries continued 
firmly and gained 7 further to 
2&4p. while Dana Corporation 
closed a shade better at £loj{ 
following the Interim results. 
Reliant hardened a penny to 7p 
and Airflow Streamlines 2 to 67p. 
On the bid scene. W. J. Reynolds 
eased Fractionally to 371p. still 
around 1} per share above the 
Manchester Garages’ cash and 
shares offer: Manchester finished 
1» harder at 20$p. • 

News International resumed the 
recent rise and closed 5 up at 
24Rp along with Dally Mafl A, at 
280p. but oeearfonaT profit-taking 
brought Thomson back 3 to 190p, 
after ISRp- East Lancashire high- 
lighted Papers with a rise of 5 to 
a 1977-78 peak of 52p in response 
to the sharply increased profit;, 
while More O’FerraD jumped 12 
to.ftlp. also a high, on speculative 
interest which followed through 
from late the previous evening. 
Jefferson Smurfit gained 4 more 
to ' I78 p. 

Leading Proiierties traded 
quietlv. although the trend was to 
sliehtly higher levels. HEPC I25p, 
and Laud Securities. 217p, both 
improved 2. Outstanding second- 
ary issues Included Beaumont. 
89 d. and Peachey, SOp. both of 
which gained 5. Dacjan again 
encountered small buying, and 
closed a penny better at S21p, 
whHe Fairview Estates added 3 'to 
lOOp in resqanse to the half- 
yearly statement G H. Bearer 
rose another 1} to 57u. still on the 
higher half-year earnings. Bellway, 
on the other hand, eased a penny 
more to 61p. 

Oils quiet 

Interest in the Oil sector re- 
ceded to a low leveL British 
Petroleum edged up 2 to 746p 
ahead of tomorrow’s preliminary 
results, while Shell advanced to 
51Sp before settling at 516p for 
a rise of 4 on the day. 

Siree' Darby continued to figure 
prominently in Overseas Traders, 


rising 6 to 122p for a two-day 
gain of 13 ahead of the interim 

figures, due to-morrow. S. and W. 
Beristord were also wanted and 
dosed a further 9 to Ore' good at 
2 lip. 

Investment Trusts attracted a 
better business and dosed' on a 
firm note. Camellia Investments 
edged forward 3 to 2 (tip in antlcf-. . 
patlon of.Tesults, due to-day. whUe 
Blshposgate Property and General 

rose a penny to 7 p on the com-. 

pan Jr’s debt reduction plans. Yule 
Catto stood out io Financials at 
S6p, up 4, while gains of 3. were 
seen in El Ora, 54p and S. Pearson. 
180p. Dawnay Day. however; eased 
to 3op on further cqnsideratioii 
of the interim report.' . 

An active two-way trade in the 
Shipping leaders left. price?. ptQe: 
changed. P & O Deferred held -at 
9Sp, while Ocean Transport, -130 p, 
and Furness Withy. 25&p. pirt on-a 
penny apiere. Among secondary 
issues. John. L Jacobs edged /or-- 
ward a penny to 40$p in anticipa- 
tion of to-day's results. - .• 

Brigray eased a penny to Stp 
m lacklustre Textiles following, 
news of the -first-half loss, while 
a small investment demand Hfted 
Imps 2 to 79p in otherwise little 
changed Tobaccos. 

Plantations had firm -spots in 
Williamson, a higher at 146p,.and 
Piantadon Holdings, 2 -dearer -at 
67ip. 

Golds up again 

South African Golds 'jnoved 
further ahead in the -wake-of the 
50 cents rise in the bunion price 
to $187475 per ounce-^a -two-day 
gain of $L75. Fuelling " the 
improvements in both Golds 'and 
bullion were continuing -uncer- 
tainties for the dollar despite 
Monday’s Uf!. -Germ an stabilisa- 
tion moves. . 

The Gold Mines index. added. 44 
more to 1684. Buying came-from 
most quarters and prices. closed 
around the day’s best levels: - - - 

Among the heavyweights, 'new 
highs for 1977-78 were seen m 
Raudfontein. 2 higher at £36}. and 
Western Holdings, 9 better at 
£191. 'while other stocks to show 
substantial gains included -West 
Priefonrein. i up at £19, and Free 
State Gednld. which closed- i 
firmer at £17. 

Further consideration of" the 
recent dividend increases enabled 
Winkelheak to rise 11 more to a 
hr«h of 780n and St Helena '20 -to 
789 tj. Renewed . speculative 
huvin? lifted t*»e marginals with 
Groofriei and Marie vale 4- to the 
good at I2ftn nn*i 8Sn respectively 
and WL Nigel 6 up at 5lp. 

South African Financials moved 
ahead in sympathy with Golds. A 
nersisrent Cape demand, left 
General Mining } higher at £16} 
in front of the improved 1977 
profit* and increased dividend. 
“AmgoM” put on | to £17 and 
Union Corporation 7 .to 282 p. De 
Beers hardened a penny more to 
a 1977/8 high of S44p reflecting 
continued UJ5. birring. 

News that Impala bad -lifted its 
producer price to 3220— In line 
with the price charged by 


rm 43 76,21 7749; 77.«l 77^,1. .77.36 67.S 

triaostrtalOrfW-.. W.4, -K».6| «0- 8 [ 444 ‘ 1 

Gobi Hioo 166.S lfll.Sj 157.Bj.163.6j l68.6f 1M4 t29^ 

jnLWv.VwUl 8-ea 5 - 89 i °- 91 6 ’ 01 | 6 - M ^ 

d^m^rMiiruihd 17.51 17.32; 17.37| 17.68; 17.gj.17.9d 10.^ 

8-10 8.10| 8.07| Tjj H ,«■« 

iMlnpaarted. 6.523 8,597j 3.401 4.741, 4.546^ 4 Bad B.59J 

aquuvu.mo^rfim... - »L07| lOO.OSl 8243J 75^ 614= tt»«j 

- 16.363 16.397 14.9 27 14,m 13,100}^^ 

— D ^: 4SM - • j 

1 p-* Imtcx W-3» S83L • - 

• Based on 32 per cent eOTponUon to*, t NU=sA» _. . . 

Basis 100 Gotp Sees. Fixed lot, IKS. luil. O.lL 1- Gok 

Mwes n.S-35. SE Attivity Jub-Dec. 1W2. . . .. - • 

HIGHS AND LOWS S.E.^ACT1V1T^ 


166.3 lfll.Sj 157.B 1 . 163.6[ 168.6f 165JJ 

0.B9 5.89! 8.9 ij 8.0lj 6.05}-' 6.09! 

17^1 17.32! 17.37 17.68; 17.75j 17.50| 

8.10 8,0' 8.07l 7.94J 7At 

5.525 5,B97j 3.40lj 4.741; 4.54^ 4.B2W 

_ 84.07) 100.061 8243J 75.97 6L25: 


•_ 84.07) 100-061 82JB3j 75.9T 6L25 108^ 

_ 16,368: 16.397' l4.987i 14,779 13.10ol24. 37r 

— — — r - C 1 n n. HU f, - . 


iftvt. sees. 
Fixed lot.. 


ImLOni..-. 549j2 
tl4A 

Giiitl M!rce=. 174.S 


highs and lows 

1977/16 psbw Compllerton | 
’ Hl«ii > Lo- I High I Low 


60.4b | 127.4 49.18 

dih | (9/bo6) GllVH | 

80.49 I 150.4 60.63 I 

(4/1 1 \&U\\flTi (3 '1/76) j 

357.6 ' 649.2 1 49.4 

(12/1) i (J4/9/77)j raw>f«n 1 
95.1 i 448.3 ) 45.6. j 


j-3i». I ftrj 


ay, lb) j ,1.2) ! (SBwWfWiliWIl, 


— Doliv ‘ ! ( 

Uill-Bdqed^; 177.4 
indibUics'^J 183.5 
Specutstive^J 62.8 

Total- J 125.7 

D-Iav Ar'HRej 
Gilt-Kiged 174.1 : 
lu.(u-trt»M.„! 170,3 : 
Hpeeuianre..-.: 53.9 
r..u 117.5 | : 


Rnstenborg— -was followed by a 
strong detnand- ’• for Platinums. 
Dishopsgate rose 3 to SOp and 
Rustenburg 4 to SOp. 

Hopes of British recognition for 
the Rhodesian internal settlement 
prompted modest buying of 
Rhodesians. Falcon Mines closed 


5 better at 193p, Wankie 4 firq 
at 40p and Rhodesian Corporat 
a penny harder at 2ip. 

Australians drifted in subdi 
trading. An exception, huweq 
were Bougainville which at tree 
a small' amount of buying 3 
put on 3 to 91p. 


OPTIONS TRADED 


DEALING DATES - 
•First Last Last For 

Deal- Deal- .Declare- Scttle- 

Ings togs tion ment 

Mar. 7 Mar. 20 Jmx. 8 Jnn.21 
Mar. 21 Apr. 18 Juh.22 . July 5 
Apr. 11 Apr. 24 July 6 July 19 
For rate indications, see end of 
Share Information Service 
Stocks favoured for- the call 
included. Rush and Tompkins, 
United Gas, UDT, Staflex Inter- 
national, Paeific Copper. Coalite 
and Chemical, Rio Tito -Zinc, BP, 
New Throgmorton Warrants, 


Hargreaves ■ Group, Redo, 
Keen an, intereuropean Preps. 
Ladbroke Warrants, Burmah i 
Aarons on Bros., French Klerj 
& J. Hyman, Tviceutrol 'v' : 
William Whitt Ingham, wl 
doubles were arranged in E] - 
trbnic Machine, Grad Mctrap 
tan Warrants, Talbex, * 
International. Town and < 
Properties, Beecham, UDT, | . 
broke Warrants, Aaronson Br 
Rio Tinto-ZInc, and Brilti . 
Arrow. A short-dated put- j - 
taken out in Grand MctropolQ 


NEW HIGHS AND LOWS FOR1977/7S 


Tna follow) on SBCui'ftfrc q 00 cod In tfie 
Share Information Sorvica yestenhv 
attained new Highs tar 1977-78. There 
were no new Lowe. 

NEW HIGHS (52) 

CORPORATIONS (1) 

Liverpool SitK *76-78 

AMERICANS (2> 

Republic N.Y. Coro- Saul (8. P.i 
BANKS (3) 

Atgemeoe Deutsche Sank 

Commerzbank . . 

BEERS <2} : 

Sodding tons Greeiull WMUev 

BUIUMNCStSI 

Cement-Roadstone Wluttinsham (W-> 

P.oyco wnsoo tC&nno>W) 

Warring (on 

CINEMAS t1> ’ 

HTV Nrv 

DRAPERY ft STORES («l 
Allied Retailers .Ramar Textile! . 

Mfl Furniture Status Discount 

ELECTRICALS (It 
Crav Electronics 

ENGINEERING (4) . 

Alcan 9 pc Conv. Jones Grp. 

Davies A MetcalfeA Thwn 

•• FOODS (2) 

Hazfewoods tfwe j Pork Farms 

INDUSTRIALS (51 

AGB Research Secu<-tcor A M>v 

ProvinclaT Laundries Sideline Speakman 
Seeunicor 

MOTORS (It 

Alexanders ' 

PAPER CM 

East Lancs. Paper More O'Ferrall 

PROPERTY (3) 

Beaaer (C. H.I Proa. Inv. & Fin. 

Daejan 


TEXTILES (It 

Rcea (Wm.t 

TOBACCOS (1 1 

bats Oefd- 

TRUSTS (Si 

Atlanta Baltimore Mated ie Invs. 

Govetl European Yule Catto 

Siscweil 

OVERSEAS TRADERS (It 
Sfme Darby 

RUBBER5 (3t 
Cans. Plants. kul>m 

Highlands 

MINES (5) 

Randtantvin Estates Western Hldtu. 

Wbikelhaak De Beers Oetd. 

President Stevn 


RISES AND FALt 
YESTERDAY 


‘ 

Up Down! 

British Fends 

- 58 

— 

Carons., Dam. and 

Foreign Bonds 

ft 

IV 

Industrials 

387 

22S 

Financial and Prop. ... 

117 

VI 

Oils 

13 

s 

Plantations 

9 

2 

Mines 

ST 

13 

Recent Issues 

3 

2 


Totals 653 MS ) 


APPOINTMENTS 


Two Stanley Gibbons 
join main Board 


executives 


ACTIVE STOCKS 


STANLEY GIBBONS INTER- ij 
NATIONAL has appointed Mr. « 
John Farthing and Mr. Colin 
\arhetb to the Board from the * 
bccinnins or neM month. > 

Twenty-two years ago Mr. 1 
Fjirthin" joined the company then j 
owned by Mr. A. L. Michael, the j 
pre.seni chairman of Stanley j 
Gibbons International. who«c 
business became purr uf Stanley . 
Gibbons in 19«2. From that time : 
he has been a director and in 
senior management and lias been 
>poci!icaUy concerned with the 
company'-, specialist and rare 
stymp department at the Strand, 
London, office. 

Mr. Xarbeth joined the corn- 
pan-. in 1 !>7»l a* managing director 
of Stanley Gibbons Currency and 
set up rhe banknote dealing divi- 
sion. Sim-e then lie ha-> been 
ro»nonsib!c for the expansion into 
coin}.-. nirdi-K playing cards and. 
most riTi-nily. share-, and bonds. 

Hr founded lbe International 
Bnnknnti- Sneirtj -n ltllil. 

Mr. Miehael Fawcett is io 
become company >ccre».ir>- of 
Stanley Gibbons International 
from April I. 


mm 




ifm m 

Mr. Brian Quinn 


from April I. adviser io MIDLAND BANK 1N- 

« TERNATloN'AL. Mr. Quinn, who 

Mr. K. II. Wallis was annointed 

a •■ir.vtor af the rnR- Banl- > a-soviate con->ultancy, 

rXiKATIUN. U LOK MLII Consultants for some time. 


a ' wo Of the L-NIUN COR- Ban .V V consultancy. 

mR T u\ U LOK MLII Consultants for some time, 

ha« reci-ntly compleieit a four- 
„ , „ _ , , . month period as chief industrial 

i I*' , ** uper. f o rnirrly tech- advis>.-r io the Price Commission, 
meal dirt-clor. has bi-cn a|i|K>inted ^ 

personnel direeior on the Board Mr . JaillC8 a. tlkins Jnr. and 
ULa J}}’ Mr - Yr « Truffcrt have been ap- 

^ ^,‘k lN ‘ i Dr r, uit *: pomied directors of HILL 

rcn.iins on the Board. Mr. D. J. IL SAMUEL GROUP 
Farranl. previously group lechnl- * 

l n c P » ar ? ?? Mr. Tn-nraT G. Michcll has been 
‘VrSSfJin., D r D ', Jacl ^ appointed to the newly-created 
n' TOCt0 K °f PO-ilion of group pmduction 
^ Sn b n,«»„ ^ e n arC ^'J director on (he Board of DOUL- 
member of the group, is now on -rnv s\\it\ry\V 4RF lie was 
the Glaxo Holdings Board as re- SJ? S 

sLarch and development director. Douiion Sanitaryware (Bath?). 

* * 

Mr. Douglas G. MacDonald ha* Mr. Stuart Robinson has been 
been appointed a non-executive appointed director of engineering 
director of K SHOES. He 15 at Tl WELDLESS and Mr. Norman 
managing director of John Hum has been made engineering 
.Ucnzics (Holdings). pnijevts director of the company. 

* which i.-? within the steel tube 

Mr. Ronald Noble, a general division of Tube Investments. 

manager. Mercantile Credit Com- * 

pany. has been appointed an Mr. D. R, Ross, president, 

assistant director of BARCLAYS WARNER-LAMBERT SERVICES. 
MERCHANT BANK. Mr. Peter is to retire on March 31. 

Wood, formerly a manager. * 

treasurer’s office. Barclays Bank Mr. Roger K. Bell, for the past 
and at present on secondment to five years editor of the magazine 
Barclays Bank International, has Motor, is to join VAUXHALL 
also become an assistant director. 

* 

Stone Platt Industries has HOMF PONTRAPTS 
made the following changes in WINIKHLI3 

STONE PIw\TT ELECTRICAL, its NATIONAL COAL BOARD con- 
electrical division- Mr. John tracts totalling about £3.3m. have 
Oratis becomes finance and over- been awarded to the following 
seas director with responsibility companies lor the supply of PVC 
for companies In Spain. India and insulated mains cables: AEI 
Australia. Mr. Keith Leech is Cables, Gravesend. Kent: BICC, 
now regional director for the Wrexham. Clwyd; Crompton Paric- 
UJ\. and continues as director and mson, Derby: Delta Enfield 
general manager of Stone Platt Cables, Brimsdown, Middlesex: 
Crawley. Mr. Bob Dodds has and Pirelli General Cables, East- 
beert appointed regional director leigh. Southampton, 
in North .America and he has been * 

succeeded by Mr. Scort Johnson LAURENCE SCOTT AND ELEC- 
as president of Safety. Electrical TKO MOTORS. Norwich, has won 
Equipment, the division’s U.S. a contract worth about £ijm. tor 
company. the supply of low voltage control 

* equipment for a new Central Elec- 

Mr. Brian Quinn has been ap- fricity Generating Board scheme 
pointed C orporate development w North Wales. The equipment 


MOTORS on April 3 in the newly- 
established position of public re- 
lations officer (cars). 

* 

Mr. A. H. T. Davies has been 
appointed assistant managing 
director, operations, of THOMAS 
COOK BANKERS at Thorpe Wood, 
Peterborough, and Mr. T. C 
Mackay has been made develop- 
ment director. Mr. Davies was' 
previously with Fenner Inter- ! 
national and Mr. Mackay was with 
Britannia Building Society. 

* 

Mr. Peter Laister. Mr. James 
Gulliver and Mr. Mark Pattinson 
have joined the Board of BUPA 
MEDICAL CENTRE. 

★ 

Mr. Peter M. Williams Is to 
retire from the Board of the 
REFUGE ASSURANCE COM- 
PANY on March 31. 

* 

Mr. Eric RJbchesler has been 
appointed technical director of 
RACAL-TACTICOM. 

« 

Mr. Brian Downing, advertise- 
ment director of MIRROR GROUP 
NEWSPAPERS, has been 
appointed to the new post of 
marketing director from April 3. 
Mr. Anthony Griffin, sales direc- 
tor d SIGN since 1969, has been 
made chairman and chief execu- 
tive- of a new subsidiary called 
Mirror Air. He remains on the 
Board Of MGN. 

* 

Mr. Harvey Steinberg has been 
apninted sales director of 
Nathaniel Williams and Co. and 
Mr. Brian Greenwood has become 
a director of Andor Textiles, sub- 
sidiaries of RKT TEXTILES. 

★ 

The ASSOCIATION OF METRO- 
POLITAN AUTHORITIES has 
appointed Mr. Peter McGurk to 
be its Under Secretary with 
specific responsibility for housing 
matters. Mr. McGurk is at present 
director of housing. South Tyne- 
side Metropolitan Boroueh 
Council- It is the first time the 
AMA has appointed an Under 
Secretary with special experience 
of and responsibility for housing. 
* 

Mr. J. a Cook has been 
appointed financial director of 
WARNS WRIGHT AND 
ROWLAND in place of Mr. P. 
Bennlon, who is now chief 
executive. 


wOl be an essential part of the 
1.800 MW pumped -storage scheme 
now under construction by the 
CEGB at Dinorwie. This follows 
a recent order for control gear 
(also from the CEGB) for Little- 
brook D power station. 

* 

ATLAS COPCO is to supply 
Coventry Compressors, part of the 
Grayston Group, with, compressors 
worth £100.000. 

* 

BUTTERS CRANES. Glasgow, has 
been awarderd an £50,000 contract 
to supply cranes, grabs and hoists 
■to Strathclyde's new Shieldhall 
sewage purification works. 


Denomina- 

No. 

of 

Closing 

Change 

1977-78 

1977-7 

Stock 

tion 

marks price (p) 

on day 

high 

low 

BP 

£1 

15 

746 

+ 2 

966 

720 

Shell Transport .. 

25p 

13 

516 

+ 4 

635 

454 

Barclays Bank ... 

£1 

10 

325 

+ 5 

350 

22S 

Burmah Oil 

n 

9 

49 

— 

S3 

41 

EMI 

50p 

9 

147 

+ 1 

254 

141 

Reed Inti. 

£1 

9 

118 

— 

233 

100 

RTZ 

23p 

9 

181 



247 

164 

GEC 

25p 

8 

261 

+ 3 

284 

163 

Grand Met 

50p 

8 

101 

— 

109 

62 

ICI 

£1 

8 

348 

+ 2 

446 

325 

Lucas lnds 

£1 

S 

204 

+ 7 

338 

203 

TraTalzsr House 

2 Op 

8 

143 

- 2 

167 

91 

BATs Defd 

25p 

7 

265 

+ 1 

265 

202 

GKN 

£1 

7 

278 

— 

369 

200 

RoHs-Royce Mtrs. 

25p 

7 

7B* 

+ 2 1 

79 

54 


The nborc list of active stocks is based on the number of 
recorded yesterday m the Official List and under Rule 163(1) 
reirroduccd lo-duy m Stuck Exchange dealings. 


bargains 
(e) and 


RECENT ISSUES 


EQUITIES 


1-tf.irw ; S . 

h*t =- 
r : • 


Busbl l* 1 * 


11 J. u.! l = |'H;5= 

Ml - i £5 pf sSF-J 


FIXED INTEREST STOCKS 


= I I “ S? isri* 


j 'C - 4~ H il-Ii I^n 
I tl | t.l'. i*,.-2 l<U.i l£ 


I ** L 

I I rt." 


- T.l’. i4.2 uei^ 

E9813 1 F.i- a* ! l«*l- ^ 

- -p.l 1 .' _ ■ K«p. 

£iuu; F.I*.. 24* UfOi 

ftUn >.i. - iJ. ti 

v tl 26.7 1 

•* . F.P. \ 1« | 

- 

•e , K.I-. ; - j 08 ; 

tsW'j 1 r .i- j — !)■/ i 

efl9U-£50 'X6*4 61 I 

«» ; F.P. ; _ 117p 

- j K.T. \2C.2 !'•“! I 

£98 £25 | - 25»a! 


AutiiiiMtnl So-s, S® Cnv. Umn. Pin'. '157 j « 

TitrLaiiuv 105s Cuul Pret 1 106p> g£ 

-a| i. inu>.-i<aiy 1 I'uiu. 1’ret — 1102 Bj— 2 r* 

><'*;'linliiini«n U*u. ICK1 19b6 99^i ..... — 

K'liP'.iiwitwU tvbittoy t% Ptf. ^.1 102d *' 

iejk ( ;K«.ii^iiistun A CIioIm* ll£ »b-fi7 1 - S] 

IW UiitfitL-r Variable 19S2 l^U ( __ gi 

la |Mi.Usn MVS W»tvr 7K Hud. Fri. 19S4 131a 1 S 

111' ■Fi.-arwin i».i 101; 5 l'iy. Cm . Lo. 1983-38 ;103 | « 

.Mh.-II lull. Fin. S.V. *1% Guar. Veto im s96i 4 l _ 

97 |T.ill,;x lll;»lnr. Uni.. Ln.T0«l _i 98 

**-j IltmiMiir Varulilr ljfto 1 1003 a 1 

471a. tiu. li>;^ i:«.l ■345 51 ! 

Jl&p-'W. Dr.,fntrieli SpHiij; H.fi£ Prf I 117p) 

tOSj-IUlilielHHiH' iir.t 11% (Jum. Frpf. [ 103d 

Yvmrr n% n c i«. law J 25i«J ....^ _ 


RIGHTS n OFFERS 


l«lh 

L'fJLt: 

I 1 * 


7J 

F.P. j 

25 

1UI 1 

IJ 

F.P. j 

IJ 

F.I’. 

HI 

f.F.I 

iso 

F-l*. | 

so 

nil | 

62 

mi 


1 19fiM 


Uli«iu-4 

Prirt 

| tiicli | l«i» 


p: 

— 


I ■ 

li'lllllUl-. 

Uaia 

® ! a 


*tr» “i ,o i | nv^THSu, 

30; 5 ^V"Ui H- twhbtttet* 

a, 3, 41/4 aj ■ CrysUtatO 

1.2: 17/4 42I« I w UU.C. iDlenirttODBl— 
2 j. 2 : '■* : ^ M«iri«pJw Uu^ea..., 

21 !£■ 4lf4\ 552 . Jib tin o*l Bunk ........... 

17»3 7'4| sCi-m 25pm Milhmj 

29'5 lO^s- 16pm lt(H(ilHmruiiu;jh> 


22 

40 

25 

353 -*-2 
25pm] 
14pm|— 1 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuary 

and the Faculty of Actuaries 


EQUITY GROUPS Tues., March 14, 1978 VS 3S...K. T £T 

GROUPS & SUB-SECTIONS 1 1-1 

Est. Cross EsL 

■ • E»ncn£t -piv: F.E ' ' 

Figure* in parentfaeaea show nnmber of Tteldlt Ratio Index Index Index Index 

-^ock. person ** Ch % W SSra* S’ N °' K °' Na 

Tte52% tk*5K 

.1 CAPITAL GOODS aW 1 200.66 +03 17.64 532 S.05 200.12 19B.7B 1%20 193,97 

S Building Materials (2TL 179.92 +02 16.95 5.88 8.41 17953 17A7D 374.01 17165 

3 Contracting. Construction 06) 308^4 +03 18.61 436 834 307.96 30655 30143 29717 

4 Electricals 05) 44030 +0.9 1530 432 9.45 43638 43432 4Z7.96 42238 

5 Engineering Contractors (14) 28536 -03 1738 7.06 738 286.06 28333 277.49 27634 

6 Mechanical Engineering (71) . 356.98 -03 1936 653 734 15731 15630 15475 153J6 

8 Metals and Metal FonmagOD : 160.40 — 19.46 832 6.80 16047 160.04 15907 157 B1 

CONSUMER GOODS ' 

U (DURABLE) (GZ) 18336 +0.4 18.71 5.15 7.74 18239 18138 17936 17835 

12 IL Electronics. Radio TV 05) 22039 — 16.18 384 8.93 220.09 21938 217 jg >1571 

13 Household Goods (12) — 164.94 +05 1935 7.42 7.09 164.06 162.95 16234 162*45 

14 Motors and Distributors (25) _ 11239 +08 2286 689 6.49 in tA UJ988 108.44 10784 

CONSUMER GOODS 

21 (NOfHWJB ABI . K)a 76) 19230 +0.4 16.66 6.11 831 19131 19137 18749 18535 

~ BnswerfesfttV^ 220.75 +18 14.79 6.62 1035 21837 21637 21X69 208.72 

23 Wines and Spirits (6 ) — ^ 24330 +03 17.00 5.91 8.92 242.75 24330 23872 23531 

24 Entertainment. Catering (IB) 24L96 -03 16.45 7.10 8.84 24289 239.42 23169 229.92 

25 FbodM«m£aetaring{2Z) ~ — — 182.00 — 21.74 634 630 182.09 18052 17984 17896 

28 Food Retailing (16U- 18331 -05 15.00 4.98 982 18439 18234 1409? 178 94 

32 Newspapers. Publishing 03) 30530 -0.6 1130 439 1351 30746 29996 29334 

23 Pacto^ng and Paper (35) 127.48 +03 20.90 938 - 688 S3 SS SS 1Z3.E 

S ^ +08 10.70 4.40 13.74 179S SS 

X Tomlesf®^ +03 21.95 8.01 585 168.08 165J8 164.61 16438 

36 Tobaccosg) — ■ 238. 2 3 +18 Z333 7.86 5.12 23588 236.96 22924 22569 

37 Toys and Games (6) TO.91 -13 20.43 6.00 634 wS 

41 OTHEB GROUPS Wl. 181.95 +0.1 17.02 637 7.77 18L82 1M39 1^97 lltS 

42 CbemiealsUS) — — 252 .26 +0.4 1886 6.86 731 25130 24642 24431 

43 P^rnucenCKal Products (7) 23739 -03 1139 438 11.07 23786 23672 Z3333 mS 

44 ^e«Eqoipnient(6) 12738 +0.9 1988 4.89 635 126.02 12334 17180 in nn 

45 aipptagOOl. : 43284 +05 2235 6.77 531 430.73 USM 4»S J5a 

4g_ _Mge llanepaspS)_ .... -0-4 16-83 635 8.42 189.17 IRA U> lnaiu iflj'na 

jg- Ingram. GROUPS 197^.^03.. 1733 Z*K W “wmT mSt 

— ■ gss jgSS. +0-S ,3879 4.44 7.70 437.02 43266 42614 476frjT 

&_ seQSHABE . INDK X __ 2^ 81. _±03 16.93 ^34 881" "a73T ~73&m~ "ItStI" 

61 FC^NOALGR(HJPa«0 36336 -1.6 “IB" - MS * l&V 

62 Banks 37483 -5.0 2734 635 5.40 184.02 S'£ 

63 DxsccantHdusesaO) 195.46 +13 _ B.45 _ ^ 

« Hire Purchase (5), 15086 -02 2235 531 11.98 15095 15057 ?«£ ^'2 

« InsanmceOJfeXlO)— 13009 -05 - 6.05 _ w& S.84 mS ?S'5 

68 Insurance (Composite) (7) 13031 -08 — 6.44 — 13191 13047 iSa? S 97 

67 Insaranre ankers CIO) 344.48 -18 13.05 487 1131 34880 34233 SS SJ'S 

68 MririmhlBantaGd) : 7658 +LQ _ 624 - ^ 

60 Property®) Z382D +03 2.81 Z89 68.15 231% 23?S 

7g_ 10630 ^g3_j436__7^_1;72 SS SS SS S5 

71 InmXamTnatsm 3«p4 - 351 535 ImT ffl3T Inn iTi^- ' 

81 Mining Finance (.4) 8930 — 17.42 634 668 8950 8775 ram «?e 

SI Overseas Trad ers 7Tt*Z moo 733 ^ 27036 267K oSS 

99 ALLSHARE D®ES (873) 1202.01 -03 _ 


' 

U ** • 
L*’ v 

i- 

■iii. v 

I 1 

J'-> :■ 

11 


l t;s t L£ NOi ... 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST _ 
YtKLDS . TS*?- 

Br. Govt Av. Gross Red. « 


1 Under 5 y ears— 

2 5-15 years — — 

3 Over 15 years 

4 Irredeemables. 


Tues. 
Mar. , 
14 

bar’s xdadi- 
change Today , 

xd adi- 
1978 
to. dale 

ran 

4088 — 

230 

32224 

+1127 - 

L80 

32987 

+827- - 

232 

1WJ5 

-HL34 — 

2.78 

319J5. 

+020 - — 

231 


1 U>w 5 years 

2 Coupons IS years 

-3 25 years 

4 Medium 5 years 

5 Coupons 15 years,... 

6 25 years 

7 High 5 years 

8- Coupons 15 years 

9 ' ' 75 years 

Irredeemables • 


TwtR. 9 
Mar. 1 
14 tap 

765 

989 3 

1037 3 

9.72 J 
1033- J 

1189 J 

9.M I” 3 
1168 - 1 
1280 1 


Tuesday. Much Iftiuonday VM^j nero. Wad. j Toes. S«taJ Mriar I 1 

_ w ^ I ; . 

Nn. ft ■ ' I ^ E •* r 1 


Henuocuitian dak- ,aa fla > '« oealuig tree of stamp duty. oKigiing s 5 IsO-VT Red Deb & Loans: flfit go 1 

■S.-I1 Mi oroBiiectub eiimaie. o AB4ln«4 rtivjdL-nd and /and. a Forecast (Unrtend: 15 “ ijQans 60 6Q -® 3 | 1 60-67 1 6Q.67 605B 60.69 

uver based nn preainw ifWa earnjngs. r Dividend and »ield Dised on ornstwena , R Tnvpvtmpnt Tnrct Profc co mlkx fa Rfi .rr ! un I — ■ 

r other annulet- 1W « UMm . Fixurea UTSumed t Cover ailmes 16 ! vestment ITUSt KTWS. (15) 66.60- -i5U53- 66.66 66.72 96.68 -S68B 56.63 " 59.53 . 5B.B7 


vwver based nn nr-oimn' rear's earnings, r Dividend ann »ieia Dised 00 prospecrus 
„r other official ntaMN* tor 19^ v Grass 1 Fixum atsumefl 1 Cover allows 
lor com si on ni srmreo not now ransiiw (or dividend or ranking only tor restricted 
dividends » Piocirw once to MriHie. v T Hence unless omorwise indtcaied. ! issued 
by ‘orator. 1; 11 tiered *« 'Wtderft <*f OnJiiMn> share? a> 4 “ ngnis ~ Rig hr? 
by way at rapt utcai ion *• Minimum render once if Keinnwiiiceit. (fl Issoert. 
in conned Imi mih re*irxam*.ifuin no/iver nr cake^nt-r. |!ll Inindiicaon 1 issued 
IO lortnur PR-lereiKr holdi« B Ailormom loner 1 (or (ully-midl. • t*rna lamn»i 
or panJy-pttd aliounebt- idu-rs. ■+ wuh warrants. 


16 I Investment Trust Prefs. (15) 66.99- 1253- 66.66 J -66.72 j 96.68 j -56-.8S 56.63-59.83 58.87 ’ 

17 jComL and IndL Prefs. (20) 75.80 1L96 76.03 j 76.00 1 76.0S j 76.61 76861 76.92 77.00! 


fd. niWM '( RedemptisB yieM. Highs and lews record, base data* afltf values and constHuenr. dmga are published fa- S 
m - ^ . la ? u * a iwtafc A new list of dw c— sthaantt ir wmllaUa Worn ftw PnhliAun, ike Fhumclat Times, Bracken 
• noviamui arm. LmkIm EOIP d*Y. grtca 13*. hy pm 3Zg..- «dosc. 


h 3 o» 







nwasrestet times Wednesday mascs is tore 




__ .0 

138.7 MS. 


m 


ft 




mm 




KHZ 


m 


tei 


m 


T!T 




-U, 


pTri 


HS 


w?S£ 


BASE LENDING RATES 


.IC. Bank 6J% 

ed Irish Banks Ltd. 6*% 
erican Express Bfc- 8J% 

ro Bank 8i% 

•■'Bank Ltd :... 6*% 

.i 7*Jr" Ansbacher 6*% 

co de Bilbao 6*% 

k of Credit & Crace. 6»% 

■ k of Cyprus 6J% 

k of N.S.W. /. 6*% 

qae Beige. Ltd 6*% 

quo dn Rhone -7 % 

rlays Bank 64% 

.rttt Christie Ltd.... Si% 
jisr Holdings Ltd.. 7\% 

. Bank nr Mid. East 6*% 

#n ShUrfey..... 6$% 

ady Permanent AFI 8$%, 

iiol C & C Pin. Ltd. 0% 

TOT Ltd. 7 % 

or Holdings .'. S % 

rT er house Jap tret.. 64% 

ularlons 64% 

5. Coales ............ 7j% 

•initiated Credits ... 64% 

•petative Bank * 64% 

ntfiian Securities... 61% 


HiU-Samuel 1 61% 

C. Hoare ft Co. 61% 


Julian S. Hodge 71% 

Hongkong & Shanghai €4% 

industrial Bk.. of Scot 61% 

Keyser UUmaun - ...... fi}% 

TCnowsley & Co. Ltd. ... 9 % 

Lloyds Bank « 61% 

London & European ... S % 

London Mercantile 6}% 

Midland Bank ..’..V. 1 64% 

I Samuel Montagu ..;; 61% 

■ Morgan Grenfell 64% 

National Westminster 64% 
Norwich -General Trust - 61% 
P. S. Refson & Co, ... 61% 
Rossminster Accepfcs 61 % 
Royal Bk. Canada Trust 61% 
Schlesinger Limited ...■ 6*% 

E. S. Schwab :.... 84% 

Security Trust Co. Ltd. 74% 


rterhouse Japiret.. 64% • Shenley Trust 91% 

ularlons 61% Standard Chartered ... .64% 

5 Coates 74% Trade Dev. Bank ; 61% 

sniidated Credits'... 61% Trustee Savings Bank 64% 

perative Bank * 61% . Twentieth Century Bk. 74% 

ntfiian Securities... 61% .United Bank of Kuwait 64% 

lit Lyonnais 61% - Whiteaway Laidlaw ... 7 % 

Cyprus Popular Bk. 6)% Williams & Glyivs 64% 

can Lawrie S 64%“ - Yorkshire Bank 6|% 

lishTransconLi!!!!! 6 % ^ AOTDtiD ‘ Eaast * 

r.ssr *~* *■'*****"» 

t Nat. Secs. Ltd. ... 8 . % +. ho deposits « nn of 

mv Gibbs 6i% and muter *%. w .to 525,800 w* 

•'bound Guaranty... m"* ^ 

•dlays Bank„. J 61%lj. Dcaaod^eporita-*^’ 

mess Mahon ®1% 5 Kara am .vmltos -to SuiUoe Tod. 

ihros Bank 64% s«i 


vorua for tioo premium. 


Acmmncc/PeiisumsV 


AUTHORISED UNIT TRUSTS 


I Abbey' Unit TsL Man:- Ltd. la] tit __ 
T>B0 r&cbaiN* tu hM«in . U3DSSMI 
^htwytaptiol 1 poa’ ■ )!■ 01} 4 87 

M.Iki Inroror U68 MU Oil 571 

'Mt\ lav Tri Vi! (»* '»« lj 46S 

U.hMirf^lu Jl ]• 49 71 0l| 48} 


Gartrnore Fond Stonagers V fa)(gj . PerpetaaT Unit Trust Magznfcf .1*) 


Allied ftambro G roup laKgiV ' . 

I|amlmj» llw . Ifultun Krnil««.( 

Ill Mi 2H1 hr «7:. J114M 

Murrt'tlmh 

\llinllM tkll 6334 0 

MM In A. Kami 602 44 J C i 

i.rtb 4rlfW. HI 37} 0/ 

73rr« 4 1ml -l*n HI Bl II 

Ulirdl'.MlnJ 4*4 71 1 0 1 

Ifambni piuhI *84 109 1 

lIvHirH Ari 1-4 114 7 122 8) 

tww F«4* 

IliKh 3reM hil Kl} 07 hd 01} 

lliiib Inroou- Uk HM 0 1 

V 11 lor WO »B Oil 

lBtrroMi*ul foO* . 
laimwti<>n»l 011 24 B .011 

vrt plAartva Mi *1 ■ .oil 

fanhcKoDd 133 S - 35 fl -0 lj 

Sfreialbt Ruub 

s mailer fa ■> Fd . 131 13 4J .0 1} 

2nd SoJr. Co '* Fd SO 7 413a -01 

ItccmerySlta . »0 M7 01 

HrL.Slia.ArdI> Sfc«- 301 

ih-mr*cearmn«» 581 .915 02 

Kaj* Smlr.Co'8. .0 H7B 2021 02 


mamt IFt. JUryA»e.£CU REP. Oi assastl 48HartSt.B«iirrt>n7hlini«j- . 04013 8880 

0|J 4W ,*wmc rieottW -Bt S4j .. I 0.83 7-pettwlGpGlh p4J 37.11 } .422 

"lj ik Comnmiie f'hofr” t*3 3 1433 ^ol ia PiecadiRjr Unit ™ 

0,1 4 ” U31S3 ff-.si ^ :. DJ ss 

V_ ssBaurji 

■ loil.eemi»W - 37 rail -01 5 51 

l4M minU.Ta 1Ser.1~.B2 28o| -0 3! 1.97 f^vScPtad* 

0 » ciibbs (Antony) Unit TsL Mgs. Lid. &Sg2££SS£- 

Si 577 aWomnrWS-a^tfTXL ni.sraain 

0 { J33 ■‘»'A-g-i" p0 2fL~K2 »»{ 5S5 Ainoowonrirad.*.. 

01 SU iaiA.G^routnTT^.W.5. 3tW +241.498 .. .. 

OJ 45J «I.VC FffkaaV-POo 2:.% 0J0 Practical Invcs 

5C • U«lniB *Tuc> ttWp£ 44Bh»n»buiTSa.' 

M * Goveii (JahnHP Practical Mar. 8-..- 

011 *41 Tt.LmdMWollErs 015085020 Aecura.L. B iU.- _i 




OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Securities IC.U Limited Keysrlex MngL Jersey Lid. 



il •>«rao.. ■ »*•« 150 ^■nsrasteBoiht- 1 “ fflS&S? 1 ”-”””*” 

ojs sssstsar ssl; sa-jj-s- ■* sissr „ 

ssss-’-gat sf-H us ... ."isw^iau. 

su co. Ltd.* ™“*““"‘Yrr b !r _ 

— Bnk. of Lndn. & S. America Ltd. Plr^Inii ... BUO.&O In 041-2.751 — 


0634 723 77 FO Bn 98, SL fteiior. Jenojr. lEtui 01408 nmn 

I 3A1 Footelex — _ KtUM l«4) J 110 

1 KotoeleoIlirL-... 1381 ijfl+ola 482 

..a.,1 T.41 Ko^ele* Europe^ C3« . Jj 409 

JapaoGth. Fund — 12157 2l5j I ~ 

Kejnidm Japan .. : E9.B1 4.94) I — 

NV Crnt.iVMtsCap .- U3129 ™ | „, lM 


King & Staaxson Mgrs. 

1 cbarlnc Cnws. St Uolii>r.Jeraax.01SMi7374t 
Vplky.Hf*. SL Prtrt Port. Gruaj. ID4BII 24700 


A If 041 if, UJQOofl WWL b>. Ul'SOQSQiaJ 

*94 oi on R'hWr Han 11184 1247). [ 251 Provincial life Inv. Got. Ltd¥ 

34 a Oil » It Do Acrtira J 4 *?,.- I 251 231BI*hopasatc.EC3 01-59765*3 

Ncrt dcaliBB da> Mairb 17. Prolific I nUTT..- p2 3 77.9} +0.41 357 

243. oti 279 GrievesOa Management Co. Ltd. HiBhiawme 11020 M9^+oi| 7.91 

35 2 : 0 '4 240 S8GresbajBSL£C2P2DS 01-8084433 Piudl. PtBlfOllO MngTS, LttLV laKbKc}' 


But a America Intenali^l S A. 


SSaBUhopsutCtECS. Oi-3ff65X Bok* ftf iJUhL & S. America "Ltd. Pir^iiil ... BWO.M lBioit 

Prolific fniia. .!_ f7T 3 77.4J +0.41 357 4MS.QuwnVlrtOllBSL.EC4L 01-8B02313 KlHmrart Bcn»m 

High Income |l02fc 1094|+0 lt 7.91 Alnxandar PuniL-SUSM3 _ I J _ UnUl ™ 


SMidunud. • Bar gra. Maxell ID 

hp+eiwisx nuib lAcnim. UnltsJ . 

smaller Co B Fd. mi J34J.OI 5 34 BTcn HYJSar fl 
2a4 Solr. Co'* Fd »7 413a -01 544 lAn+na. L'nitH.. 

Hennery Sit* 00 887 01 580 Endear. Mar. M 

HrLUm tfdly 309' 394 583 . Aerurn UoitOl 

tn-meacCsnuRfb 5il . 915 02 $0 Gracbrtr Mar.'M 

Kapl Smlr.Coa..4P97> 2021 02J 570 /Accwa. L'niUl- 
' LnJtBrfiU.M*r8 

Anderson Unit Trust Msnagm iJd. lAccan I'niut- 



Hcdborn Ban. EC1N2N8 

7^g Pniteual |U75 


Nn wet value Mar. 0. 

Banque Brnxelles Lambert 


■ J.* QniUer Management Co- Ud-V 

if 7 TbeSU. EuHaagR EC.V IHP. 

120 Quadrant Gen. Fd.. 196 .9 . . 99:' 

353 Quadrant income— |U35 117.' 


I ** 1 1 Hue Do la Regrac* S 1000 Bnuseb 


Sfl.FAiclnirrhSL.EC3 
Eurinvwt Lux, p. | 

Do. ArtruDL ^ an 

KB Fb|- E ast FtL — I 


ISO Fen church St EC3M8AA 823801 Guardian Boyal Ex. Unit Sign. Ltd. 

Anderson U T. 1452 48 0( . | 4Jfl Rgcal EtdWfr, EC3P3I1S'. 01-8288011 

Amsbneher Unit Mgmt. Co. Ltd. ' ‘•rc^hiiFBUiah ra M -02t459 
iSbbtesi-KC2V7JA oi«3«378 Hendmon AdmimstratloniflUz} 

laa Maotblr Fimd. (254.0 204 JMf . .f 93 IVva uer L' T.' Admjru Raylcicb Hoad . 


120 Quadrant Gen. Fd..»6.9 . - 9»W — I 
323 Quadrant mol- |II3 9 . 117J] &» 

| Reliance Unit Mgrs. LttLV 
, Reliance’ Hue, TuuIjridfleWflla.'Kt OS0QSSSTI 


ReuUTWLV._H.957 W +U] 156 gS^Saz; 
Barclays Unicorn lot (Cb. Ik.) Ltd. K.B. l^P. Gvth Fd_ 


Barclays Unicorn Int ICh. I*.) Ltd. UMiMhfi: 

« SBBlSsrdeia SflkdJKS 


QI-S3BOOO 

s -oatj-j i$ 

1 us 

snw.90 +Q5(i as? 

SIB 24 _ 

SUS434 II 

■45 lltdj „...4 8.7 

1 paytnc asents only. 


JUgiitac Fond — 
(tuAcrom Gnllst.. _ 
i»i% W'druLL'ts.l 
Pie f arenreFund-. 

lAccmxt 1-niUi 

Capital Fund 

Commodity Fnnd_ 

1 AeeuxiL L nils' 

llON.WdrwLn.1 

Fin3tPropJ?d. 

Gitarta Fund ... 

(Aecum. Cnilaj^ 

Growth Fund 

iAccuai Unitii 

Ionian Qk Fd___ 
Eastern 4 ImJ Fd.. 
iB%WdrwLUUO— 

F o rei gn Fd. — 

N. Amor. 4 InL W. . 


1 —^—1 ■ ■ 1 Hretilwod.E«e*. 

lArbhUmot Securities Ltd. (a>(c) SSSSote 

37. Queen St. London EOU* IB Y 0I-23OSB81 cSarowth JSsc, 

| Exua income Fd._.p07.7 U05{ . J 10.72 iRiEnr 

I _ 391 +0? 927 (jjFar 

Bt. .- 52.7 57 J| +C2 933 (2JFiB*nJirTU 

UU.) 523 57.lJ +2J 9 31 1*) High Income 

od.. 2S.0 27.3+0.1 1ZK icilne 4AmeU. 

. 38L8 48.3 +0J 12.00 ijibrternaijonal 

10.7 18JU . — - ipNth. American 

od_ 50.7 - - |i3 0.14 Sa Gtoh Mar. Kl 

-. 71.6 773’. 624 Oil 4 Nat 

.) «2 493 024 W ?rtd. 19 


01428 8011 SeWordcT.lArc._WO 41 7l -OJj 5 J7 

855»d|-0 2t AJ59 SekfnrdeT.lnc - -B&6 «li| -03) 5.77 lThojnaaSUPwwl 
itioniaUzl Ridgefield Management Ltd. ■ -e Po* aSt. Mjp~ ^ 

deb Hoad. PQ Bar 41P. Bank H».Manehrtr 061S36KS! DctOrtr. Partflc. 

037721723a RidBelidd lot IT. 181.0 87.81 1 222 Po-InU.Inro 

2a«+03| 2 M Ridgefield Income |91 B 07 BJ | 956 


BT| *Sohject to fee and withholding laxex l.Inydc Bk. (C.I.) VfT Mgrs. 

|2 Barclays Unicorn InL II. O. Man) Ltd. p.OBbv ibb. R t Helter.Jeraey 0SM=nm 
577 lThomaaSUPwwlM.lAM. 08144858 u g JsT ftjP SgJ* t-. .- -1 171 

Vn.con.AMtExL.W4 4241 . 228 . ***"* iw * Mmh ,S - 

26.0 +L2 230 Uoyds International MgmnL SA. 

Sfc |M 7 Rob dn Rhone. PO Box 179. 1211 Geasra ll 

47 J 9 jo Lloj-ds lnc.Glh-FAtSFaUB Ron I UB 

220c 1.70 TJoydx InL Income . pODJI SHSfl ... J 640 


47 JI — 1 9 JO Lloyds lnt.nih-FAtSFaUB US) | UB 

j?! i¥a i*‘ - *’ 1 *-» DoJdanxUtsnal— 1210 ntii „„ J 1.70 Uoydslnt 1 dcoo>c.IsFJOJI U»Bf ... J *40 

S til "Sr—iSto! commodity Ser. Lid. M&G Group 

+o2 175 N 1-LKniiMv FhniL 11570 187H .... I JJZ3 P-O- Box 42. Douglas. LoJ«. °«4«ix llnrelhw T*>-Pr Hdl EC3R »» m4BB 4M 

-0.3 2.94 ARMAOFeh 8 — jtuac 3J9 J - AUanHcEx Mar 14 J 711+851 - 

+an 7JM CANRHO-Star. 6 ,E3os U*3 ... 1 _ Aiutf. Ex. Mar *- .. Kl SLJ1 tej . ..J _ 

+AU 196 COltvr-M»r 6 _[o.l98 iETlJ-llini 2A5 Cold Ex. Star R. . -P-S 1 !* Una .. J 


1-75 N.C Equity Fund.. 

VC. Engj.Res.T* 
t® N.C Inroroe F oxid 
6^ N.C. toil. Kd. iMc.1 
1« JJC. InO Fd. >Acr. 


^ N C Smllr Coys 

25 A] +02 248 KothscMld & Lowndes Mgmt. to) 


3l 2B r ci Cabot. _ 
f4j+M 253 Cotxl Rrira 1 bc.._ p2A 552a| +01J 958 

At +0.9 313 »Pbr tax exempt funds oulj- 

ti +ij iS HUI Samuel Unit Tst. Mgrs.t (a) 

It Ub 45 Beech SUEC3P2LX 0142880II 

S +» iblBritishTnxst — 146.4 15661 .. . 5J2 

£H — Hi i*t inti Tran.: — +oa 312 

t? IrTj t'H 1 aj Dollar Trust, — 66.3 710 +DJ 221 

75I+52J 160 ( 6',cprtaITra*_ St 29.8-0.1 450 

(hi Financial Trust- B.7 94.9 -03 4J4 

Lld.V faKcl ibi Income Ttuat._ ffi.9 27 . b -Oi 7.85 

.-K.a IS* 524^ 5.40 

29 7 -03 253 


Archway Unit Tst. Mgs. Ltd.V faKcl 

317, Hleh Hoiborn. WC1V7NT. 01-83J8333 J^SccmlhrTJu*; 

Archway Fond [743 79J| | 637 <hJ High Yield Trt. 

Prices at Mar. 1 Next rah. day Mar. 15. 


^J+Si 


Si SwiihinsLaae.Ldn.EC*. 


Rowan Sec. Mar. I 
- Mar. 9 


m-i finally LgSUCd At *S10 BSd M £15a. 

Bridge Management Ltd. 

P.O. Box 508. Grand Cayman. Cayman la. 


lQswl- - 

(Accnm Units) | 


11451 +11 9990 
159.3| +15l 93.90 


p.O.bm soTtond Cayman. Cayman la Samuel Montagu Ldn. Agfa. 

01^384338 SLZrJZr-,^1 L H4.OUBmadSI.EC2 0!»8<8« 

JS New Ct Exmapl plan 120.01 ......1 373 GJ.O. Box SBO. HoneTtons " Apo.Uo rdMar.a- gPjfjg 479B J 3« 

Pace on Feb. lSTNext dealing Mar. IS Nippon Fd. Mar 8 _ SIKHM mg J 082 Japtest Feh a . — glKUJ U« i 129 

^ . — ... Spill. 117 Grp. Mar B. . — ISTOU* HCM ■■ ■ I 234 

Rowan Unit Trust Msgt Ltd. ii7Jers^Mar n _ ft as? 4 9W+ons an 

mlT Clty-G81eIte.FiasiuirySq.ECS. 015081008 Britannia Tst- Mngmt. (Cl) Ltd. 117JmOsMar.l....lCU.13 106Q .I — 

RowanAm.Mnr.9„J590 i ?_“?*? SLHeUerJnraey. Mnrra.V. Johnstone flnv. Adviser) 

J+3 "■■ 1 1M 163. Hope SI. Glasgow. CU 041-SS1SS21 

W273 '"“I 1J0 »Hopea Fa.-.. I SUS28B8 I I - 

5 Ml j — •Murray Fund _-| STSfll? \ 4 - 

53 2-14f ....[ 1JW 'NAV February SB. 

Next dealing Mareb 20. c * 


430 Growth Invest 
IntnLFd. 

7 JS j«ney Energy TsL 
457 Fnhal Dlr.Tk 


I -—4 - 


0S347311 

S :.d tS 

;.::: 

. ...1 151 
lung Maren 20. 


0!<SBB8« 
47981 J 39 

«M J U 

nn| .. J 23- 

4 99t+ora no 

10 uj “ - 


Barclays Unicom Ltd. (aKg)Yfe) 

Dniccrn Ho. 2S2 Romford Rd. 57. 81-I045SU 

lulcorn America— {295 SLA +031 1 51 

D0.A1 ULACC 56.9 . Sa+ID 219 

DaAustlnt- 453.- 493+08 219 

Do. Capital 612 '. ‘i565rij -0J 4 67 

Da Exempt Ttt. 1045 3*5+03 634 

Do Fbrtrs ] nrotne . 275 -2<Lq -03 855 

Do. Financial^. 566 6L3 539 

Do. 500- Z~ 65.7 ■ '-7LM ' . 635 

Do. General 293 313-03 642 

Do Growth Ar c 37.9 4LB -01 432 

Do. Income Trf. 767 823 -03 664 

*Do.Prf. A'ns.THt..p26.4 . mg 450 

Prices at Feb. 26 Next sab. dav March 31. 


lalcL9» (aXg) 

16 Christopher street, EC3. 01-2477243 

lnloL Inv. Fimd. -I>7Z 93.6) I 665 

Key Fund Managers Ltd. toHg) 

219 23. MilkSL. BC2V87E 01^067070. 

JJ? Key Energy lx Fd.- (M3 -7211...] 398 


I?! loj} 7B5 |EI 87JI 457 cnwihsSLse-. 

IM-.1 5.40 Royal Tst , Can. Fd. Mgrs. Ltd. Vatae “ 

29.71 -03J 653 M.Jcrracn Street. S W I. 01-028823= BnttcrIUld Management Co. Ltd. 

CaprtalPUw- B2.1 6&5J .....j 399 p.o. Box 105. Hamilton. Bermuda. 

01-24772*3 k S^- r -3rJ S4 ^ A.ZP^l iv; ' Ruttnwa Equity — gm 197} ,._.J S 

93 6J | 665 - F«cea at Fe6 36 Next dealing liar. 16 Bnttre»lDcome...-R99 192| ....J " 


£ SKS!SSSf:^4 iSa.-.- Hi 

?S Key In come Fpnd— fe8 B0.6J 6X 

§» Key Fixed InL Fd-BH . — 12H 

Key Small Co *Fd_p05 853^ ..._. 7. 2f 

432 Klelnwort Benson Unit Managers? 

£S3 aO.FenchiirchSL.EC5 01-823800 

A, K-HCnflFd. Inc -.177.4 8444 .... | 4.T 

*577 ♦KJ6LnltF<LAO-fr7J 1DSA I 8.Z 


Capital Fdw- 1621 65A .....I 

01417120 In come Fd — —-.166 6 703] [ 

936| |665 - b lw at Feb. 26 Next denUng Mar. : 

td. laMe) ' S*"* '* Pn »*P cr 6»up 

ntJBWWjn < St Hainan. London BC3P3EP 
oi-HMTOTO. &T , Queeg si_ Edinburgh. EH24NX 
'!?!••• IS Dealings t« 01-55* 8809 or 031-228 7351 
1461 1“ 665 Sare & Prosper Se cur ities. UeL¥ 
Intcr naHnaal Funds. 

£3 d ^ Mitsi 

t Managers^ EWr-GrawtC 1».9 +o3 

01-8238000 l uou sbg Income Tnnd 

M«d .... I 4.77 High- Yield B52 57^ I 

LOS-31 i 4.77 High loemne Ponds 


214f LOO 'NAV February =6 

Next dealing March 20. ftcgjt S. \ 

Butterfield Management Co. Ltd. ICH Boulnnrd Royal, Luxembourg 
P.O. Box 1B5. Hamilton. Bermuda. NAV Mar. 10 | 5V51031 | j — 

JSSZSS.- IS iE|:d IS Mwuud. 

Prices at Feb. 6 Next cub. day March 13. Bank of Bermuda Bldgs. Hamilton. Rrovta. 


Do. Recow ...B8.7 . 4LH 5.77 9l\-».i.iu«a-ac_|7/J j a.#/ High Iscmna Fnnds 

?212!r - iJ2?!S^ , 2rt552 HCSS2=dfti 

B tat-IaF<llQe 593 61 3 -03 5.10 The Hock Hthaage. EC2N ! HP. 01-688 2800 ,. g 

DO Accnm . .... 566 69? -02 5 80 LAC Inc. Fd -_--P|7,4 132M .... 785 y. . 

• L&CInUfcGcnFd P02 7}9f 536 LK Equity^ — — — 


Capital International SJL 
37 rue Notre-Dasae, Iaixcthboarg. . 
Capita] InL Fund-. 1 SUSUL69 | 
Charterhouse Japhet 

35 JO +871 315 LPaiernorterRow.EC*. 01. 

2L9 +o3 434 Adtxepa UnDUB SUN+Oll 

69^+53 211 Ad! verba DM4BM SO-Sfl-OJi 

Faudak DH3LU 3123-03 

«x« I aw Foodla D3S2a2» aS+OJI 

57.21 • — I 6.79 Emperor Fund HTS25I 266 


4AwjXof 660 ComhUl Ins. (Guernsey) lid. 

PiX Box 197, SL Peter PorL Guernsey 
4434 . ...I 468 Intnl.Majj.Fd. 11560 170JH 1 


Baring Brothers & Co. U«L¥ to)(x> Lawson Secs. Ltd. ftoKO EiSSHT^|766 

, 2?j5^? h * USL ' E ^. 3 - ... 01 ' 5 ? 8 ^? 83 GeorseSL.EdinbnnrbEH223G 081-3363911 ^P 80 — — g j 

3.::::! « “* - J 7 “ ® 

. >e»t »»■ day March 22 -Growth Fuod . 

rAcrunx Unitsl 
lUand Warrant 
nerican Fd.. 

(Accnm Uatts) 

-High Vi rid- - 

flE£E7K\a-IHK eMra'd Sunymia. .. _ _ 


Bishopsgate Progressive MgmL Co.V 
6Mabopi«Bte.£C6 01-5888280 

B'ialcPr.'*Mar.7_.p6L5 17201 . .. 155 

Aoc.Vts.~Mae. 7. .090.7 20331 355 

B’gaie InL Mar. M - OS7.4 168 Orf +4.7 1.87 

(Accnm. i Mar. 14. [2743 1B6M +52 167 

Next sub. da? ‘April 16 **lnrrb 26 


6 413 7.10 

.4 603 3.06 

3 656 ... 3.06 

3 37.1 *27 1.92 

2L4 037 

222 027 

ill 10.90 

"(Accom. Unltat— 167 1 H*] .. . 10. W 

Deal 3Mnn. ■Toes. rrtVed ribun. “FrL 

Legal ft General Tyndall FundV 
16 CanyngcSoad. Bristol. 021283311 


7.10 Sector Funds 

3.06 Commodity [65.4 

3 06 Khmer . Ml 

1.92 FlnanciaTSecs. — S6 5 

0-g mgb-aOnlniBm Fands 

2-2 SelectlnternaL @46 

a'S Select Income Bib 


2.JS Delta Group 

143 P.O. Bnx 3012, Nassau. Rabanuis. 

297 Delta In*. Mar. »_|OJQ L37) ...,J 

4(8 Deutccher Investment-Trust 


NAV March 3 |£469 - | ( — 

Phoenix International 
1 — P0 Box 77, St Peter Pert, Guernsey. 

Inter -Dollar Fuad. SI’S! » U7| ,...l — 

oi-Mszaao Property Growth Overseas Lid. 

-$3M 568 3* IrfehTowu. Gibraltar iGlhiBlOB 

5 J i3 +2S U.6 Dollar Fund -I SVS8B27 J. I - 

tS s wri ta e»' ,u n d 1 U»»0 I — I - 

r„ Bothscbild Asset Management IC.Z.) 
' DJ *1 PO. Box 56 SL Juliana LX. Guonwey. 

|L 0*81 28331 

___ ■ O.CJSqKr Fcb68-W94 $251 ... . I 258 

O.r.lnr.Kd Mar 1 ...049 3 15U I 689 

1 — l>.r lntl.Fd Kcb.15.6b-5 92o3 . ..J - 

C rJimCoI d Fcii2ail31 9 140Jj .... 1 S3B 


nr cnmraodhy 
O.C. DirComdiy 
■Prices on Mi 


nod hy* . .11222 

omin't.-IS25.34 
on Mar. 14. Nn 


wra ‘ w 


134 26.951 ...71 - 

Next dbalins Mar. 31 


78Ad +0.71 468 ueuwener lnvestmenc-iTnBt 

65. Ira +oi) 206 Posiiach 2085 Biebercaase 6-10 8000 Frankfurt. Hoyal Trust (Cl) Fd. Mgt. Ltd. 

7L5|+03{ 333 coooen tra tmaut 21501-0201 — PO. Box IB*. Royal TIL Hue., Jersey. 093* 27< 

lnLHentenfonda— P3W59 71Jfl|+fl5| — R.T.Int'I Kd. BT59U 95H I 1 

237.2] +-1 « 281 « , , , .. ... -. JtT.tiin.lJsS'.lFd B9 BQ ..| 3 

S4 4j 4 03) 7J4 Dreyfus Intercontinental Inr. Fd. Prices at Feb. IS. Next dealing March 1 
P.O. Box N3712, Nassau, Bahamas- 
_ NAV Mar. 7 -fEKIZC * 1122( -..-J — 


Bridge Fund Managertfto)(c) Dt*. Feb X5__ B96 5761 . .1 S.09 

King WflUata St, EC4RSAS 01-6234991 , Accnm. Cnitsi_. S72 7l3 ..... 5.99 

B ine.* Ml • 50.9] +25) 7.05 Next rab. day March is 

§p. I29 K3 Z~ 334 Admini stration Ltd. 

Exempt-t-ra 1251b. L23 6 DnkeSX London W1M6JP. 01-48BG901 

lnO.lnc.tj- 134 10^ LH LeoDisL. P*2 73.91 „... I 566 

•- wL? 1 LeoAcetUn—. P*.7 78.*] ... .] 562 

cnees Marcb T 6 & DaoBDff *Tuev, tWcd. , , - .... — . __ , 


Scot bits Securities Ltd.* 

ScoUmIa 136 9 39 

s cotyid i zn f*9> 5333 +65j 731 Emson ft Dudley TstMgLJrsyXtd. 

S®**"** 264 p.o, Box 73. SL Helier, Jersey. O3M309 

I BW:d IS ^ - 

■Prices at March 6 Next MriClterca 22 F. ft C. MgmL Ltd. Inv. Adriaen 


■Prices at March 6 Next Mb. < 


I Britannia Trust- ManagemealtoXg) RepBrni Depu Gonng-by-Sea, 

3 London WaD BufidingL London Wall WoriMng.WratSuxrcx 

LeBdohSCSMSQL D1-8S80476DTV Flrcl/BalncdJ J473 506 

AsmU. - 1635 6621 -oil 5.40 

Capital Am. 473 SUJ -03 4*3 g«rood(Cbp ) 

CommfcZnd S83 543-02 4.63 2f;*d5£^., 

Commodity 672 722) ._... 561 Tand Cawa aeL— ■ 

DoSSSle-— _ 36.0 367] -02 ' *19 

Exempt 9*4 • 99.61 +6.4 835 gdarilillftlB 

Eypwlncome 37.7 *0Arf 9LB2 Do.CAccn»aj 

SSgglsSizSS- "dig ^ LtoyiTs Life Uuit TsL Mn| 
Gda&GsrmuTZ:*! 101^ -03 264 TMO.GMehoaieHd. Ariesbury. 

Gtnwih : 736 ' 79 jJ -0.4 437 Equity Accnm. _^p37 0 3442 

IflfcAGwlh .M,.. M-2 * . 745 —0.5 7.26 •• ■ *+ +* , ^ > *# .# » 

upiriraradk mi 563-^0.2 280 In « G Cr*npT (yKcK*) 


3| feSS™-rr=P J 7 ' 3:3 -J S 

Lloyds Bk. Unit TsL Mngrs. Ltd-¥ (a) aS &SSST_.. ; ...-K 4 


*8.4 

505 

62.7 ._,. 

825 

310.7 

60.7 

67.1 


Schlesinger Trust Mngrs. Ltd., (aHz) i-2LnnreacePouna»eyHm.BC4R0BA. 

(0306)88441 C«mLFd.Mar.8 — .! SB54JI 1 J 

K2 26^^11 IS 

Exempt HI Eh Yld.*tetO 2SJ 9J4 F-Ok Bax 670. H a m il t o n . Bcxmada. 

Exenmt M»TLdrs.*i228 2*0 458 Fidelity Am. As* ■ niffliM I . — J — 

Extra3ne.ua. H5 301 +07 1DJ2Q Fidelity Im. Fund.. 

Income DisL 5« 4L2 -03 469 HdetityPac-Fd — 

Ine.lO'LwSrwl gfj 3L7 -03 - FldeUtyWridFd-. 


M«l=» 


— - - J-f} income DisL 

Ine.l0^.Wt&w1 

— lil Id int Growth: 

— lnr.TsL Units ' 

— Market Leaders — 

Nil Yield' lJ 

— 2-3 Pref. * Gilt Trust— 

Pro pertv Share* — 

«- * x* Special Sit, Trt 1 

^ LML cT Grth AccumJ 


Gold* General [948 

Gtmnb : [736 

Inc. * Growth [692 

Tati Growth * 

IuvesLThLShnres 

Minerals 

Nat. High lac T02 

Newlaae 331 

N«0i American.— 26.5 

Professional *52J 

Property Shares — 133 

Shield..- 424 

Staina Change Z73 

ItjIv Energy [295 


313 -03 - FldeUtyWridFd-. 
443 +03 332 FldeUtySter.Fds.. 
24.1 +0J 4.99 Seriea A flntnlj — 
293 —03 466 SralesB(ParlficL_| 

293 -03 0.04 Series D 


SU 32060 
SUSU51 
SUS4L03 
SUS3243 


^ LtoytTs Life Unit Tst. Mngrs. Ltd. 

-03 264 7860. GMetxonseBd. Aylesbury- 02966041 l T _K- Grth.Dist 

-0.4 437 Equity Acrum. —.[137 0 1442} _...| *39 -Next 


293 -03 
293 -03; 

252 „..j 

Z76 


227 First Viking Commodity Trusts 
194| 604 53. PXDMalL London SW175JH. 01 


0201 — P O. Box 194. Royal TSL Hae., Jersey. 0534 27441 

Q2Q — R.T.Int'I Kd. K«U 9M . 1 3.00 

RT.tnn.gsy.iFd B4 8Q ..| 321 

V. Pa. Prices at Feb. 15. Next dealing March 15. 

. Save & Prosper International 
* Dealing lor 

syJLtd. 37 Broad SL. St. Heller. Jersey 033620S1 

irfHxwit t'5 DoUar-deniiniuSBd Funds 

’fl?"" 1 DlrFidl nt* *Mar 8 . 1939 kfM!M*9ic| .....J 7. 

~ lmenaLGr.** 16.12 LUI . ..I — 

rinera PirEastciW P*W 3763+038) — 

"f 13 ® North Ainerlcnn-t.p 42 V7lB +0.d 

BA. Sejmo**t [12B9 13.99( .. ,7| — 

. mi 1 IIiii di wiiliialrd Fnnria 

—■J , — Channel Capital*— 1214.3 

) t,j Channel Islands*— U4L3 

Cannnodity Mar.3. [115.6 12L7jd ..._ j _ 

SLFxd.lt. Mar. 3— .llZL4 1M4| | 1063 

_. t J — Prices on ’March 12 "“March 2 “"March S. 
tWeekiy Deatinm. 

z Schlesinger International Hngt. Ltd. 
— 41. La MotteSL.SL Heller. Jersey. 0B347358& 

D33 — SJLO.L.— tom Qau+oid 465 

....4 — GUtFd [24.1 24i3Z!n 1132 

_. tJ I nU-Fd- Jersey. BOO IK] +J 350 

rats j ffpl lfL22| x 0^ — .■ 

, tu Schroder life Group 


+6W 1.7 
+L7j 5JT 

, ::::.! iu 


143a ..._ 

«sa -oj 

293 +0J 

aal7? -oj 


The British life Office LhLp (a) Dividend ™ 
Reliance Bar- Tunbridge WeUa, KL08822227T — 

ft faay -ia 233.1 is 

1 — . . _ — 1 tecum l‘n(l*i 

Brown Shipley ft Co. Ltd. V Fundofin* Trtt 

Mngn: Faun ders CL. ECS 01-600853) i Accum. VniD-. .1 

BS Units FabJ3T. — I2M6 220.9].... I 470 5522™ 


437. Equity Acrum. _i_p370 1442}»...] *39 -Next mb. March 22. | F8tVtt.Cm.Dd.-. 

2.M W ft G Group? (yXcKz) J, Henjy Schroder .Wagg ft Co. Ltd-¥ [ FM.V2DbLOp.Tst_ 

*« Three Quays, Tower HUI. BC3R 8BQ. OlSSfi 4568 lSD.Ckeauaide. E 

4 B&Eb±B '439c a ijss.'sss,” 

*2 (Accum. Gaitaj K5 . 446 +^5 2« Craar* 1 Sfar^S- 

^ Commodity M06 65,71a +0.4 *32 1 Accnm. l-nttsi- 

l.Acoun. Vnital 78.7 +03 4JB SiropeMwrhS 

568 Compound Gwwth.ta3 1003 +13 409 fAccum.Utul^. 

279 Converaroo Gft»wthW9.0 527 +05 367 SSfS?’ 21 ).- 

ConverclonTnr.ZB3.9 57AU +L7 950 “Sped Ex. March 7 . _ __ 

u, iSateEp I?:!! ts “ njaftn| 

S^S^nllM K.V 44.7 ^03 1% SCOtfiah Equitable Fad. WgS-JffiP Steimnement lalcra 


01-9307857 Enterprise House. ItortsnouUi. 


Fit VttCm-Da [366 . 327ri| 1 230 International Fa 

Fst.V2DbLOp.Tst _ [84.0 820) 160 V a 


Con version Growthi< 

riom-errioulnr C 

Dividend.—- ..f 


9861 +id^°2c Fleming Japan Fund SJl. 

IttO +4 0 ZC 37. rue Notrc-Danm, Luxembourg . - -. • 

1766 +46 6 90 Flmg.Mar.7. — —| MJS4165 | — 

^6 !t ° 3J0 Free World Fund ud.' 

*3 350 Butterfield Bldg, llamilfaw. Bemndo. 

S3 LZi 137 NAV Feb. 28 ] 5USU665 J I — 

S5 ' iS* C ' T - Management Ud. Ldn. Agts. 


mimw U*0 

SEquUy- ... ■ 112.8 

CFwed Interest..— 1395 
SFlxed interest— U27 

(Managed 12X9 

S Managed 1079 


J. Henry Schroder Wagg frCa. Ltd. 
1». Cheapride. ECJt 014884000 . 

flafflttU 5UM6752 KS V 


1164 +0.9 
215.71 +17 


5-48 ft* « Wnjbmy Cten* London ECS. 


Tel: 01-828 SUL TLX: 888100 

G.T. Pacific Fd I SySELtt 1+0.171 — 

Management InlemqUimal XML 


869 28 SL .XndrcwsSq.. Edinburgh * 031-5368101 c ; n bS or Bermuda Front St. Hamltn. 


JM Inrtune 1'niU .. . ... J47.8 50.91—211 540 Anchor 'B' Units — _]IC58JI EM .._..[ L95 MntuLred Fund |jrqai im j 

2-2 Accum. Units £5.9 57.41 -24J 340 Anchor Int Fd |lTS81 4091 | X99 Managed PUad urow 1UR . ..4 - 


DaiA»c.*Feb67-.. t 
Oceanic Dusts M 
Financial. . — 

General.. . _ — .... 

Growth Accum. 

Growth Income 

High Income, 

I-TT — „ — L. 

lodes_ — 

PctJo rin a n ce — _ 

Recovery 

Feb. 10 


' Fund of Int Tab 

01400031 1 Accum. I'nils-. 

J i7n General — . . . . 

lAccuntLnitai—. 

High Incnmc 


2-2 Accum.Unir.t - ..-t53.9_ 574| - 

298 Dealing day Wednesday-. 


Asian Fd Fcb.3)_pFH31 OH. 1 339 

Dari ins End BAL70 1U ... J 320 

JapanFd.Mar.9_..KSS6I 6^ | 116 

Sentry Assurance International Ltd. 
V D. Box 336. Ha mi lion 5, Bermuda 


G.T. Bermuda ud. 


Singer & Friedlander Ldn. Agents 


lAct-um L'bJU' 13X1 

4^ Japan hwocw — . 1B2 

*37 1 Accum. Lnlisi 1335 

5.19 Mngruim — 1788 

SB 1 Accum. I'nita' 223 0 

9W Midland M*I 

22 lAcctm. Units*.. - *413 

4.8Z Recorm . 71 7 

JH iAreum.Vnll»i .. 74 6 

522 Second Gen I5L2 

5M 1 Accum. Units* - 


+o3 '5 07 Sebag Unit Tst. Managers Ltd.p (a) Bit. al Bcrmpda. Frow a, HouUbl. Bmdn. M cannon Sl. EC* 01-2488648 

4 Is SS-Bi a^SiH-rar i=f& wo** ptojp« is 

Ji'jj h 07 Subsg income re. -p9i 30 5| -0,l| 7.93 G.T. Mgt. CAsin) Ltd. Stronghold Management Limited 

Hutchison Hoe. Harcourl Bd_ Hong Koue 


0 07 Sebag Capitol FA _W.l 
9 87 Subng income re. -P91 

}gg *£o ii? Selection Ud. 


Jjg 15-ia.Unroln'slhD Fields, WC2 01-8310364 GXBradFund "l.l^SjSiaBZ 


Stronghold Management Limited 
an PO.Box315.st Helier. Jersey 0534-71480 

16} commodity Trust. 187.81 9Z43| ... .4 — 

Surinvest [Jersey) Ltd. (x) 

P.O BoxSB. SL Helier. Jersey. 053473OT3 

w AmencanInd.T«L.lE730 7.44l+4Utt L34 


reb.10 p92 6L6| .. ...] 4.9* Special ... 

1 Accum. Units'.. . 
Canada life Unit Tst. Mngrs. LtiLV s»«Mbri Funds 


High SL. Pottera Bar. Herts. 1 
Can. Gen DtaL— 1353 37.21 

Do. Gen. Accum — (C.9 4S.1J 

Do Inc. DU*. -—..[339 3531 

Do bmAcctnq 14X2. <5M 

Cape! (James) Mngt. Ud.9 


P. Bar 51 132 Trustee [1325 

*0,11 465 1 Accum fnllai- ... 2534 

+0J| 4 65 Chsribcnd liar. 7 .. L 

+0J 7.68 Charifd. Mur. U .. . 137.8 

+03 7.68 f Accum. Cmtsi — 1677 


55 mi 

14 267: 

1156 

U[ 139.' 


2366 +3.0 4 41 UnvIGthT^Acc-.EL* tx4 | 461 . .77 Surinvest (Jersey) Ltd. lx) 

5S! 2-8 CK,SlW,l ‘ f -P” 206} . ..l 4X1 G.T. Management (Jersey! Ltd. p.o Bo*8B.SL Helier. Jeney. 058473K1 

785 +lJ s“ Stewart Unit TsL Managers Ltd. (a) American Inji To*. -|E?30 JAri+dJOJ 134 

SX7J J 163 ^teSSMSgr- ^f 5 * 88 ! IM Surinvest Trust Managers Ltd. lx) 

447 Accum. Unita -.695 633) — J — AnetorGiltB&o.-&a72 10.771 J 1179 48. Athol Street, Douglas. Lo M. 082* 22814 

Withdrawal Units»|45.4 4*4j . — 4 — Anchor lnJ^ftL.-|£225 2*l| [ 3,14 The Silver Trust. .P£9 8 11211+318 — 

Stewart British Capital Fuad MrtuD0ndBond87.Mll 201 2] .. . 1 10.06 


Stewart British Capital Fuad 


3.24 The Silver Trust. .1 
Mrtunond Bond 87. 1 


669 -standard 124.8 . 1353] ] 362 Galtmore InvesL Ltd. Ldn. AgtS. Do ftaUtmm Bd. — [U5.B m.9 +1 tJ — 

SS Accum. Units (1414 153^... I — 2 SL Mary Axe. Loudon. EG3. 01-3833531 5°' S° ld n55iliTJ — [?£** il +L8j 


632 Son Alliance Fund MngL Ud. 


2 SL Mary Axe. Loudon. EC3. -" 01^833531 
Gartmen FnadUngL iFar {Mil* 


Do.Em.U71BBd. —11725 


IVniEr Mar 13' IIZO 9 H 638 Sun Alliance Hse, Borahsm . 

Peas, cat Mar. 13. . .1128 9 1Z7.6| ! 636 iqM-50 19& 


n-ri,,, 1303 H utch ison 
0*0364141] HKAPsc-U TsL 


303 Bg 5 t=B a ”a*i IS 


Capel (James) MngL LKL¥ MannUfe Management Ltd. VTheremUyFd. _.|866 923J +03 

t WOWB/wdSLE^IBQ «-a»|W» 0 SL George'* Way. SScveoMgc. 04383S101 Target TsL MngTS. Ud¥ ttICgl 

i ffrof "' ~i%8 “ta| +3S 809 Cw * U,Vb,i “ |W5 4,11 - 1 408 31 Gresham SL. ECS 

Prices OB Mar. 15 Next deahng April 5 Mayflower Management Co. Ltd. T^ntet Commodity 

„ „• , .. „ , 14'J8 Grexhani SI. EC2V7AU. 014068098 

Carliol Unit Fd. Mgrs. Ltd-tT (aJfc) ineoaeFeb 21 . 197.8 IC2.9M ... .1 *42 

Mlibura House. Newcas(l&upon-t>'De 211® General Fob. 21 _ 1 64.8 | 5.44 *dolAcc Urdu 


9231 +0-31 3 93 N. American Tat. 

UL¥ toJCg) 

Deab ultimo 69*1 p.qlBox 32, Douglas 
33.91 +06 428 lutentslionaTlncrTf 


10 Horcourt Bd. HJu>im TSB Unit Trust Managers (CI.I Ltd. 

•—I Bagatelle HcL. St. Saviour. Jersey 053473*84 

~ i _ Jersey Fund W1 *S«+2.1| 463 

_ Guernsey Fund. -J«31 «34|+2l| 463 

, Wtigl '■ Prices on March is Next sub day March 22 

tpM. _ 082*33811 Tokyo Pacific Holdings N.V. 


Carliol -696 „....[ 41 

Da Aecum I'nhi.-I7L6 73.7} J 41 

Do. High Yield 3*6 416 J 61 

Do. Accum. Units- B71 49.6| | 81 

Nat dealing date March 12 


Charterhouse JapheW 
1. Paternoster Row. EC 4. 

CJ. Tuteraatl BOO 21 

Aecum I'nils 236 24. 

ttSSTriv-zZi --8: 

Accnm. Un lb< 186 30. 

CJ. Fd. Inv.Tbt 236 25. 

Accnm. Units _ ... 270 26. 

Pnee March 8 Nat dealing 


— J J5 Mercury Fond Managers lid. 
-"J 6 89 30 Gresham SLEC2P2EB . 01^00 

889 M err. Gee Mar. 15. [1605 ITOTrt +66 
la. Acc. Uts.Mar. IS 2093 222.* +8 8 

Mere. luLMar IS... 58.7 62d +0.9 

AecntUtsJlsreh IS 63 D P8 +11 

m uaMM SercJEiL Frb23 - 197 7 205.9s* 

^.12359' 2*5 7) 

— 3 60 Midland Bank Group 
-754 Unit Trust Managers Ltd.? to) 

— — 355 r-Ai+wvwl (J n.i u~ Si her SlrMl Hratf 


Target Gill Fund 
_ r rr . Target Growth 
4SSS Target InlL 
53ft Do. Rei □ v. Units 

530 Target lar. 

L91 Target Pr. Mar. 15 


265^-U.l 
126.81 +03] 


'fS? PCLBox36.DougtaaioM. 082*23011 Tokyo Pacific Holdings N.V. 

469 , ' in S3 H - 5^ tattmU Manaeouent Co. N.V, Cm™. 

638 . ^ ^ NAV per share March 6. SCS4&12 

665 T>a ^ fic Fup j Ltd- Tokyo Pacific Hldgft, (Seaboard) N.V. 

JM . lnttaa ‘ Manaeemcnt Co N V, Curacao. . 

2461 il? J%£ 8 SF±zS£ zi - NAV pCTfciwrcMan:h<5 - SUS33ja ■ 

S] — ?H Hsmhr nt (Guernsey) UdJ Tyndall Group 

nSa Li's JS WmmA ^ VtJzL 1P11 IM P.O. Bos 058 Hamilton 3, Bermuda. M7B» 

^ JS Ms*** 1C-L) Ltd. oixugeasMar.8 — ptMW 1BU) .] too 

S3 uu PO. Box 88. Guernsey ■ 0*81-26561 iAecum.Unlui_. ..BCSLR ifil ... .( - 

181 46L CJ - Vur ^j, -atsIJ&S, ] 460 3-Way lot. Feb. 1G_SVS2«* ZlS) ... \ - 


}3'J[ Court wood House. Si her Street. Head Target EseJe 

r7wiKw“'E« m 3 3^ Sheffield. Si 3RD. Tel: 074678842 Tary eiThSlIe - 

A^muSto^npO SS:T 21 remmodi!y&Geu. jSBO 66^+051 5JW Extra In come Fd... 

Pnee March 8 N«»t deoli^Mareh IS. — jgj 3^ Trades Union 1 

fri.i nlt-iTn <11—+ MnniufTT I .j itf.Ufli Pp. AflCUBC — — — 37 4 40.4 .... S69 100. Wood StJPffL E 

Cnlertaln trust Manager* Uta-Tiaqg) cgpitaL 245 2S6 +06 367 rutTMar. l 

SOmQueenSL.EC-fRIBR. 013*86832 Do. Aceum. 264 3S2 +02 3K7 _ 

American ln<2069 2L5B-S3DI 169 income. J75 Hi +03 6-53 Transatlantic a 

Ht^h Income . — : W3 4 xST.TI 958 po. Aceum.- 53 9 57J 653 91-8# New Loudon F 

InleruMioualTri-KaLS 2*| 3*7 Jraero4liMa»._ 07 ^ +03 |U Bartican Mar 8—. 

Braic Rearer. T^T 2s 5| | 492 ^Aecmn gl 4|| +gj |g rAg-tottjw 


^ “ - lutul Bond SUSJLB3.72 lQ6.93l+C35( 850 >NewSt_Sl. HelJer Jenev 

Target Tst. Mgrs. (Scotland) to)(b) jouapirty su|9J7 10.34553 z» TOFSLMmr 8— nSa* 

19. Alhul Crescent E^n.1 00-2208561 2 jj-g*; ^ - . ijffl " H 

8B42 ««C=J|S Sj^il IS Price* on Mar. HL Nett dealing liar. £ 

568 Extra Income Fd. . &75 bisij .. ,7j lew Henderson Baring Fond Mgrs. Ltd. 

Trades Union Unit Tst. Managers? P o Box N4ia Nassau. Bah a m a * tiut Fund Mar. 8 

1+7 • . IT. IsrunCrl MM 1IM I 


Target Tst. Mgrs. (Scotland) (a)fb) 

19. Athol Creacent Edln. X 051-2208661 2 

ExtralBcoiueFd...^5 61,83 .. .Ti 3050 


u 0354 3723 UX 

:::: SS 


329 100. Wood Street EC2. 
367 TUVTMar. 1 (45 8 


t. Managers? P.o Box N+ra. Nassau. Bahamas GUiKundMor.8 

01-6288011 Japan Fd 0562, ,16291 I - i.Lceum. Shores » 

4864) ... I 5 57 Prices on Mar. 8 ScM dealing date Mar. 15. victory House. Douglas. I*le of Man. MM ZWZ0 


MM 72ft 

Z702 ...- 7 2ft 
113.4 — 1858 
Mi* .... 1058 


Isj Transatlantic and Gen. Secs. Co.? HUi ^* mn ^ 1 ^ 

6^2 91-80 New London Rd. dwlantard 02*55 1651 ?2K? ,ey • , C1 , , 


Managed Feb 16 -.(1256 1324] | _ 

Utd. IntnL Mngmnl. (C.I.) Ltd. 


! Confederation Fnads Mgt. Ud.? fa) 

SO Chancery Lane, WC2A1HE 0 1-242 0283 Do, Accum.’. ' NS.O 


645^+0.; 
18341 ... . 
1834 ... 


tail y m Bartican Mar 0. — (70.3 

r?? r Accum Unh* 1 Q060 

. +0-31 &41 R-K S9 ral Q 


5^5 J GoeroMyTri......— U46.4 1SX6| \ 351 14 uulcsstcr Street. SL Heller. Jersey. 


2-Ji BartFhiro Feb. SX 

IS Buckm. War 9 

?tS i Accum Untod - — 
5 ^, cnferarnMar. in — 


I (3 82 4831 +15] 4.76 ‘Prices at Feb 2ft Next dealing March 31. ,AeeuEtSls“Z 3*8 


Minster Fund Managers IXd. 


Cosmopolitan Fund Managers. Arth ur sT 

KRiIiS .J»{ aui — j s.22 rXS^TLnnw— [U5 - 

CatBwpola^ULFdflA.9 . 1*J| i .505 Exempt Feb.M —.ln.fr »5.t| J 668 Marlboro Mar. 14- 164 

Crescent Unit Tst. Mgrs. Lid. (agg) MLA Unit Trust Mgemnt. Ltd. K2 

4MelriUeCnw-Sdinbnr8ba 031-23} 4231 nld«ae«i Street. S1UH SIC. <11«0'HH3. i^cum.LnlUJ 56J 

Crescent Growth -B6J aWJ-0J| 4J9 MUL'sUg .. .. IMS _ 3C<| +0.9] 464 Sj • 

— Si ta Mutual Unit Trust Managers? toHg) i Aceum t ails.) — *17 

ail +3 !S waMjjc-BMt. Oja.™ ZSStRb:- g! 

Mutual hoc Plus . .ffl-i 1 1 4? -03J 69* \c*iekDiv Mar 10 639 

Discretionary Unit Fond Blanagers 

aBlotnfirtdSt.ECM.AL. 0l-ffl84« .Mutual High IMS .. . 1 9.92 Tyndall Managers Ltd. V 

nae income., 1 -mmi sw National and Commercial iacanju£eRoadBri«ol. 

E. F. Winchester Fond MngL Ltd. ai.a Andrew Aju-^Ed'i»bui|h oaof89i.il ftSgE^Ci. - ‘ ^*4 17 

OWJrari'.E C *€t«82l«7 ln»o*B»r 1 Bg* »|R -J 'T. mft U 

Great wtacbeaar ..U7 0 1851 | 660 l^ u 5' n i'S ,w, " ill a ml" "H xas iAccum.faron_.lg4 16 

Gtwmch-er o-« Jtoft I so* i4i 28] ::H 3U SSH - mi H 


tumid. Mar. 8. V 

1 Accum. Unitsl E 


l' I ft. Fuad . | Sl'KIOO J [ 825 

United States Tst. IntL Adv. Co. 

14. Rue Aldnngor. Luxembourg 


Mluer Roe . Arthur fit . EC* 016S3 10S0 March 14 Im9.( 


H id 


Depocitre 


82723841 O'** Income |M81 356ft| 55 

Z EL F. Winchester Fond MngL Ltd. 
— OklJenri-.EC: 01406211 

• — . Greawuttose.Vt 1851 [ 61 

. GtWhKh'er 0-*ea*n6ft 19 | SI 


Hill Samuel Overseas Fund S-A. viB.Fuud.. | susioo 1 ..i s25 

76.1 ™' 424 Rue No Ire- Dame. Uuemboore United States Tst. IntL Adv. Co. 

JoJ 1155 17-M * J — 3*. Rue Aldnaaor. Luxembourg 

S] — IS International Pacific Inv. Mngt. Ltd. L‘ s.Tsi inv. Fnd .. I susyao ] ,_..J o.H 
52.7 *S PO Bo* R23TT. 96. Pitt St. Sydney. AusL Ncl iUrrh '*■ 

Ml +in aw BquhyTw..)Sl65 195| ......] - s. G. Warburg ft Co. Ltd. 

6*5 tic 569 JJE.T. Managers (Jersey) Ltd. 30. Grcxham street, ecx 01-000+533 . 

gj:H 2 % £3& M = 

s? Jen s ^.^-Sxub.^^'ai- asasw^e-Lia" 1 . J -^1 = 


Crescent Growth — B6J M6J-0J| 429 MLAUqiis . 

rireu InlarnaCI ]495 52.71+0.41 058 Mittnal tii 

'Crea.Hicb.art.. 441] .. .7J 9 n *' 

CreKRetertca. 138 5 «lj| -0 jj 454 la. topthall i 

slumalSoc I 

Discretionary CniL Fend Managers »wru«i inc.i 
2X BlotnTirtd St . EC2M7AL 01-6384483 uramd Hleh 

Due Income |MS 1 15U| _....| 557 , " 


=js wmwIui _ gjsi&'KJii- vsxg r*| = 

ni til 364 Aa at Feb. 38. Nut xub. day Mar.' 31. fcra&i aj ' :.| = 

22 +i8 IS J"®" Fleming & Co. Lid. ■ Warburg Invest. MngL Jrey. Ltd. 

431 ” ■ 678 I Chon dk Cross. St Holier. J«y. Cl 093473741 

5*1 5.32 J»njjneEttn.TVf ...| SnWiJ J , IM . .f 3.40 r MV 1 1*1 Feb. 23... [S.'51Z37 l?ftM .. „ 

41.9 5B Jardin^PwL FY! jfl SHK283.04 1 . lir ,,i 110 rvriid Tph 23 n? (j i? o3 

SS -A *" SSSiffirRftr.B» SS-. : = 

7X9] ..._| 9M Janl^nff^iroT.l S^tt»4 J _ TMTMar8.. IIS9H 9^ .... _ 

* NAV TMTUd Hart) ... |lS28 £95? - ! 

Kemp-Gee Management Jersey Ltd. * ia * 


Hong Bone 

m 


' — i.\ceum.l'nii*i . im W 1 'SS*l%SL::SBJ 

Emson .& Dudley TsL HngmnL Lid. National Provident Inv: Mngrs. Lid,? Cjme Ujjrl. .. - 06 
20, ArllnfitOB 5US.Q J. ' - 01-4907551 48.Grurec!nirrh fil- 6C3P3SH 01-634200 TnL Earu, Mar 8.1 2186 

Uaxoo Dudley T* |6® 7 (561 4 SIB NJ»J Cth-UnTri ..(«| J711+2U 380 (Accnm Unit*) ... NZ2 

lAecusL Uultti*. . - 1536 ®6i .... J 360 Scot Cap Mar 8 — 123.6 

Emritos Secs. Ltd.¥toHg) VPI (Tteas. Tnw . . 11“-? ".lag’s [ 3-2 i Accnm. L'nit*» . ._ 1446 

^ «A S ra»l , ii»P»~.JE*l • J J? ScaLlac.S4ar.e.^- 147.4 


9151 IncomrMar 8 _ --W-6 96Jrf 162 . -TzL,- . .. 1 Ula Boulevard RoyaL Lixrmbours ’ 

- |g; Si ■■;: fg ™'«i w* - . 

| iAcoihl laiD' _ . 1554 16X2 .... 462 Kumj+Cec Income. (648 66.91 +25^ 855 

■ " JS Exempt Keb. 22 - .1056 1110 .:... 774 . 

5C i Ac cum. L'aita) 1458 1532 7M 


NOTES 


Eenrta*. Sec* Ltd.?(a)<g> ^ 

41 Btxhopfjale. ECS 01WB1 ^SSkmTnbS Next dealing Karch 30. ZhTiwii:™ 

Proerewlvb. -16K 65.0f { 458 -Pnres cm March 15. Neat dwalfug April 5 CrSEthf!^ 

Equity ft Law Ln. Tr. M.? toKbko 

. Aaenibam Rd . High Wycombe. 0«H 333H r^iSi TS ^ . ^6? 

EqullyAUw. 1617 445 Gx S' 


Ertrslne.— .... 

PVamUngton UnK Mgt Ltd. to)> oSSSfiLzZ M4J IS SEK5HT!* 

A7. Irclaad Yajd. EC4B5DH Oi-SMIOTl .»«g» figTSSr S* 7o 3ln| |?g Special Sil* _ .. .{34 

« -asaaiaa- w -W^ -«s ^ iuw 

Irl Growth Fd. — no 9*3 265 NEL Trust Managers Ltd.? CaKg) SJ.auahy Way, Aadove 

DfrAwmP- 99^...rj 2 E Mita,, court, DortintSurrer. 59,1 rtn-SB&OOTMdfy* 

Frien^I Wi. Cnit Tr. Mfr^? 

4261 ■ Fw Krtr Court Fund Managers Ltd. .bi Do. Ac c um — l.S.4 

inSSSSSl^BJ S3”. I S§ sec KotoKhiid Asart atoagemai 

r ro T7-++ H Norwich Union Insurance Group fb) Tnotw . fal 

GJC. Unit M a nager s Ud.? »_ - . vorwieh-NRiaNG. nww+ronn Ulsto^ Bank? (a) 

ML Fl trabciT CSrcua EC2MTOD 01-0285131 c«^p T JrpB. |5M8 33054 -ljj S3X Waring Street. Bdfact 

G.T. Cap. lac CT5 Pg+IB 588 _ " _ I7 .7 T . .. . (WUlater Growth -.135.4 

Du Arc! .mo 99.«+l3'3J0 Pearl Trust Managers Ud. taxgXzi . nMlin 

UWRBB-& ■ ^S3 til IS SBHlfthHoIhora,«.riV7EB MNtt 


nis Capital Growth — g5 

Do. Aecum ... 751 

• Extra lnr Growg) . »4 

. mo Do Aceum. 39.4 

rmweiaJ FYrtr 159 
if: Do. aw am. _ _ 1J3 

raghlnc-Priwitj... g.7 • 

ijj Ihtcramlonal 271 

Special Silx _.. . {34 

875 TSB Unit Trusts-fy) 


7161-041 642 
SO J -0 4 6.42 
380 +0J M31 
425 .. . U81 
17 3 -0J- 4.70- 
20.7 .... 4.711 
62.0 X47 

3 9 +02 .4.91 
30) +D1 53 


96J 2.U NEL Trust Managers lid.? (aKg) 21.ChaBhyWay,Ando*or.Haijm 026463188 
zE MItoqConn.Dwt.nft. Surrey ^ 383 

aa«dB ftaaSKH' JS 

S3 ::: I Ji __ atxxroMa oat W ii i j .i. M _ 13 


G.T. lw.Fd.Un 1528 . 11 

G.T.r&ACeu: — 132.9 
CT.Jepxn&GcB_ 2507 

I 

G.T. Four YdxFd — pL2 

KC Ci TVust (8) (g) 
MtorlirighRit Brentwood 
S.&A 1»J 


IM PrariGnnrthFd-SI 


-181 531 Waring Street BeUart. 0232 SSI 

juyL , ( WUIster Growth -.135.4 38.U] -M 554 

M-wsaui Trust Account ft MgmL lid. 

.... I Sa Kiiic William SLEC4Rft*R 01-6B4651 




m-** IS saKrtfirr® • 3fl -:r\ 

sq ^-- ' lAcraimtnltri ... W2J ■ 455) „.] 
Pelican Units Admin. Ltd. (g Hx) 

. KETD 2 27380 81 FoantainSU3l«'£^f l ** r 0S1«6 

32Ji-flJI 482 Pelican Cmta— -I 77 - 4 - »■?! t 


Friars Use. Fund.. 0308 
WMerGrih-RuL.- 27 
Do. Aceum pzl 


i ut \' a "Meier Growth Fund 
ljKL _ t y fK) _ : . King William SL EC4R PAR 

i 5¥ Income Unto 

XJ^l .—4 523 Accum. UniU . .... [P.I 


01-834951 
292) - I 35* 
33.fi] W .J J54 


CUVE investments limited 
1 Royal Exdiange Ave- London EC3V 3LU. Tel.: 01*283 1101 
Index Guide as at 7th March, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital ; 135.61 

1 Clive Fixed Interest Income 122.63 


INSURANCE BASE RATES 

t Property Growth . - 

t Vanbrugh Guaranteed 7-43% 

f Address shown under Insurance and Propt ny Bond Tahir. 


COKAL INDEX: Close 455-460 




i 


















Bifurcated 
Engineering 

RIVETING SYSTEMS* PARTS FEEDING 
ASSEMBLY SYSTEMS«OTNER AIDS TO 
INCREASED PRODUCTIVITY Send /or 
‘The Guide ta the BE Group' 

Bifurcated Engineering Ltd. 

P.O. Box 2. Mandaville Rd, Aylesbury. 

.Bucks HP21 BAB Tel: Aylesbury (0296) 5311 


FT SHARE INFORMATION SERVICE 


FINANCIAL TIMES WEDNESDAY MARCH-15 1S78 

HOTELS— Continued 


fSTT-W 
H Ok L«« 

62 Wrtnd M.i.Mp-. 


Suck 


4-ir 



1977-75 

Bigh Lav 


**BRITISH FUNDS 

I ! 1-1 


Fttfk 


field 

-I M. 


"Shorts 


104,', 

1004 

307 

«V 

W, 

9? 

307 

IDS'* 

96 

904 

JI2A 

10 V 

971. 

1031. 

921, 

98U 

ii-m: 

30O>j 

»?** 

W 

OBi. 

TO* 

1024 

V* 

8?V 


IW4 

WM 

•31. 

WOV 

Sir, 

04 

m.; 

?6>4 

3214 

•41* 

112 

To'. 

HE 

«6V 

111 


3164 

i:m« 

3104 

5r 

45 

2 : 0 , 

9?: u 

155*4 

124 

50 

1221? 

W. 

894 


974 

Es 

854 

92 

847# 

87>, 

884 

83,1 

9bfl 

*5 

Si 1. 

964 

9fc*« 

sr 5 

714 

1014 

951* 

•34 

934 

9fcli 

81 


(Lives up to Five Years/ 

10141 13054 ' 

99,1^ *4 I 5.03 
IMA 

W 

102 
102 
944 
964 
1084* 

w 

*9fi 

1004 
874 
96V 
109V* 

974 
864 


TreiriHylOVpcTKX- 

E*rh.jpeTS-78H 

Treasure ll4J*c TPJt.. 

rrpi-up'3pt:'7Kt 

0rtttwtac>79..-. 
Treasury lifoc 79tJ.„ 
L1«1nc5;?c 7879 — 
Treasiiiy 9i« 13S0S-. ■ 
Treasure 

Trci-uryS.-pcTT-flO. . 
FunriimiiPrpr’THffliJ 
Exchequer 13 pr igffiri 
Irca-ure IDjpclWIi* 
TrcaNun afepc 197981 . 
[Treasure 9Xpc 1981S- 
itch Slipr 1581 

Exch. 1* jpe 1981 

Enh 3pc 1981 

Treis Variable 31# 

Etch. Uftpe 1 981 $7 

Twas-ffjpc KHSifJ 

Trf bin- 3pn- "CJt . .. 
Tn-^mry Hpc 

Trias. VanableTBff- 

Tri-ajurySLrf'R: — 
Exrh S', pc 1982 .. .. 

Etch S'ipe 1983* - _ . 
Kxfh3pcRl- .. 


lMVrf 

&5>, 


+j'i 




11.03 

309 

435 

1010 

3.63 
8.82 
931 
3.69 
546 

1195 

10.88 

3.84 

959 

8.47 
9.44 
342 

6.63 
1162 
8.68 

3.48 
1227 

6.68 

8.61 

9.35 

906 

360 


951; 
95 $ 
724 

*5 

6£i; 

a. 

•0 

ssj; 

534 

364 


Five to Fifteen Years 

IYkmhv I2pc isstt; 

Trea.-jij B>«pL' ft) 

Funding $i.-pr ItWi; 

[TrfJtJiry SUpr Sl-SSJt 
FundinuiS/pc 838^. 

Tn-ivin 7W BS883:. 
iTran-qinn 3pr TMB. 

ITreasure 5pc ‘SMB 

[Treasure I3jr IU9QC. 
fTrcaHnyW.BTaKt..- 
|Tn,-TirTl]6f>c 1»1 . 
iFumtincKroc "37-91 Jt- 
(Treasure iSsPr 'IEE- 


63'* [Treasure- IDpc UK... 
89V 


lDSVr d 

+V 

1X03 


iV 

+v 

939 

632 

95V 

TV 

908 

85V 

+v 

7.80 

87 ig 

+v 

9.00 

66V 

+'4 

457 

70VSI 

-V 

709 

112V 

+u 

11.75 

87** 

+v 

9.70 

104 

4-V 

1133 

69Vxd 

-fcV 

870 

109V 

+v 

11.83 

91*; 

+v 

1100 

105 

+v 

1X73 


1361; 

97 

°oV 

A V t 

& 24 
5? 
60 * 


38; 

39 : ; 

3«, 

28-4 

2J's 

2-» 


841. 

9 

99 

944 

661* 

!5 

j24 

8S4 


66*4 

1014 

894 

314 

8/1, 

9W. 

647. 


Each T.Vjx-'SH 

Over Fifteen Years 


FundincfipeiiSJiJ.. . 


5.92, 

w 

ti 

7*4 

5.72^ 

7.88 

8.471 

6.02 

733 

933 

916 

6.90 

9.11 

9.19! 

938 

708 

7.43 

9.55 

936 

7.07 
9.66 
7.52 
9.45 
935 
9.63 

7.08 


9.73 

962 

US 

9.63 

924 

999 

7.95 

939 

1133 

10.43 

1145 

908 

1159 

1131 

1162 


Treasure If; pc VC . 
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! 132 

9 

43 

22 

23 

35 
103 

25 

64 

50. 

7 
37 

IS 

13 

12 

4 

28 

13 
31 
141; 

19 
34 
37 

9 

20 
47 
88 

* 

20 

19 

75 

73 
66 

27 
22 
06 

70 

36 

8 
21 

£J8V 

69 

84 

53 

42 

28 
34 
15 
40 

43 

[110 

9 

,113 

44 

74 
47 
18 
34 
44 
30 

9 

43 

20 
23V 

44 

45 
52 

1051. 

21V 

62 

64 

42 

11 

71 
86 

37 
51 
40 

14 
17 

46 

9 

23 

21V 

6 

27 

124 

244 

1176 

76 
139 

34 

19 

84 

17 

102 

21 

40 

26V 

9 

11 

37 

37 


Stock 

|Ca.''Mlcri‘i.V'10p_| 

|L'ajT‘Jntin»._^. 

It'amm 

kanenrRwdswoe 

H. ambenGpJOp. 

Jcastain ft,..' 

nTaiiJU-vsideap- 
CroalecElWg. „■ 
Crouch 1 Di20p_ 

(Crouch Group 

Douglas RobLUL 
D'wninpG H.-lOp 

EconalOp 

Fill % 4 EieranL. 
EritlL 

FJ’.ACuea'n..- 
Fairc laugh Cona 
Feh.toil 10p." 

Da-A I0p 

Fed. Land 4 BM 
(Fmlas John 1 IDp — | 
Francis Pkr. llip 
Fnunn'GR' Wp_ 
Freorti Her... _ 
Gallifunl Br 5p._ 
GihhsD'df AiOp 
Glkttfli)UiWp-| 
CtoiwpW.fcJ.— 

C'fh Cooper 20p. 
ILA.T Grp 10p„ 
Hamsun J. I0p.. 

Helirnl Bar 

Hend'sn.'A'IDp 
Bcnderwn J * i.J 
HewdenSL 10p„ 
Da7pcC«nc_. 
Hfywd Wdl50il- 

HjfigslHill 

Hovering hmn 

' Dp. Res. \U 

Howard ShullOp 

LD.Cajp J 

IbstockJohnseiL 

Idl Timber 

J.R Holdings 5p.. 

I. C.EG 

Jarvis, J.) 

Jennings SA8 SO. 
JohcMm-Ridianlc 
Jones Ed wd lOp. 
EemittP.ilOp- 

AFJOt) 


rmrjfir'*! WB ! 


1977-78, I 
High La* 1 



Non. Bnck50p_ 
OraeDeiilOp- 
Parker Timber. 
IPtioenu Timber. 

Pbchina 

Ran lings Bros. . 

RilC 

Redand . 
[R'ch'd# Wall IDp 
Roberts Adlard._ 
RowUn«-u lOpi- 
Roj-co Group— 

Ruberoid 

jRusbvF.Cemeni 

[SGb Group 

Sabah Dmber Ulp 
Sharpe 6 Fisher 
Smart U>10p... 
Southern ('oof.p 

Streeters 10p 

TannaraOp 

Tav lor Woodrow. 
TiibtuyC’lfiCL.. 
Trans ft Arnold. 
TunnciBSOp — 

"BJI Group 

tec Q5 Sion Hop. 

Vibraplant 

Ward Hldjjr. ltlp 
Warrincmo — 
Wans Blake — 
West brick Prods. 

IWeuern Bros 

WhaUings25p _ 

Whngh'nlftp.. 

WlSglasC-jalOp 

WiisonCoQiraUF' 

Wlrapev,Geu)__ 


+4 


-2 


*2 




+ '2 


tlZ2[ 
hd0.91 
,3^3 
■4.94 
tl.47 | 
1 3.4b , 
(11.19 
4X9 
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(tdZ74 
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"tl038| 
t3.% 
X03 
4.87 
1.14 
,2.49 , 

fZ03 1 


-1 


-rl 


-»2 


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+2 


oSlQ-Ui! 


2.2 10.7 
3S 6.7 
2 4102 
1410J1 


Midi 13 JP^ 0 


5B| 


64 971 

6.7 IS 

7.8 (Xfil 

A 9.0 

B.6 S3 

3.8 12.0 
Z1 58 

4.7 7J 

8.9 60 

6.8 4.2 
D4| 10.8 (&U> 

9.9 X5 

8.6 4J 

9.7 7J 

si) 11.5 
93 6J 
60 70 
83 66 

4.7 4J 
73 4.6 

7.9 45 
7.5 i3K 

7.7 5.7 
4.0 ZO 
7.B 3.9 
S3 

7.5 7.7 
42 95 
8.2 UL7i 
63 73 
4_2i 4X 


Slack 

40 (GofaDKiR.A 

7 Go odman ^ sp . 

75 Gradon Ware 

183 GL't/nhersal. — i 

176 Da'A OnL- ! 

18 Gre.MjUeUslOp, 1 
24 Hardy iFurni 

8 Do. 'A* XV 

71; HriencLm-lOp.. 
106 Da 12prCnv.Pi£ : 
3 T Besdason K.Su.. 

15 BaariqnesAlOp. 
30 Rspwwtha.Kit. 
60 HanxCharmlOp ! 
69- HmcerffYiaer. i 

43 HbnaeofLenMa, 

S KrxiU Mill LOp. _ 

29 Ua&csPtidflSDp 

29V Lee Cooper 

450 Liberty^ ; 

425 On Xn. VoastOnL : 

30 IincraftE.K^i_ 
IS; Krl FuruBarHep. 

5 MapialO] 

96 Mortoftl 

981; Martin Nwre 

L02 MsaiesiJ.i 

6 Michsel U.i lto_ 
70 ail EdneaL sup. 

35 MurrtsBUkej-. 

lOlVUHbeicvtlOp. 
48 NSSNewalOp 

44 linen Gwhl-- 

16 Paradise fBi lOp- 

11 PawsomWXj 

U PEtere Stores lOp 

3 PolIjPeeklOp..- 

30V PrmivCAltredi, 
5V Hamar7te*t5p_ 
lfl» BataerslOp 

36 Raj-beck Hfci 

23 Readint5p 

32 Heed Austin -A'_ 
13 Rirlln GDftSl Hlp- 

4 KosBllISp — _. 

8V SAl' Suns tHjp 
8V Do.SmOjp 
LIS SonmflLiffiA'_ 

18% SednrourtSp. 

3 StaeimaniSilOp. 

67 SfllthW. H.’A'aPo. 
65 SUnlfly A.G,5p„ 

38 Stams Disct lOp. 

9 Steinberg I Op 

12 Suninf?Si|jJ 

39 Tbw Proas. J0p> 

53 UDS Group 

17 Upton tB 'A'. 

77 VmUoal20p. 

27 Vernon Ffet site 
27 Wades^A-Sttp- 

32 Waftw-Jail— 

31 DaS.V 

33 Wallis Mp-- 

46V Waring ft Gilloo. 
ll WeanreilapH— . 

15 WharilEDIDp*. 

44 WUknai WarbUL. 
48V W©rf*onh 


Price [ - 


,+ flit Wi 
Net 


+1 ld22L 


% 


l2%UxSlO - 


JdX83 


+1 


+ V 


+1 


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t4.24 

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2 J2 
116 

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dXOO 

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0.63 

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I tX03 
1X44 
12^ 
4X19 


+1 


1+1 


T7.61 

bX22 

hX98 

ld5J 

4.06 

cffl.87 

127 

tX52 

4J7 

278 

5X5 

tZ79 

mu 

dZ15 

tP-lS 


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\h323 




106 


5JQ 


ELECTRICAL AND RADIO 


9I1 


10.0 

66 8.7 

5.8 8.0 

6.9 33 
82 73 
6.7 4.9 


22 
221151 


±1X0.0 
7.51 43 


_ 43 
10^ 6.7 
Z« 8.6 


l^f 


5.9 


36 5 6 

5.9 8.5 
9.4 IM4> 
8.6 7.0 
93 93 

[M.D 27.6 
42 9.6 
t(07i 

08 

3.9 
9.8 
26 
13 


[CALS, PLASTICS 


BEERS, WINES AND SPIRITS 


96V 

39 

166 

236 

46 
150 

7b 

112 

47 
177 
IbO 

66 
152 
1193 
23*; 
2 21; 
54 
108 
(240 
98 
,158 

88 

320 

435 

65 

7U; 

107 

104 

161; 

(201 

,157 


571, 

16 

86 

79 

26 

82 

46 
62 
30 

47 
76 
39 
60 

1120 

11 

12 

» 

44V 

152 

124 

52 

34 

41 

115 

255 

33 

4ff; 

43 

57 

59 

III 


Allied Brews. ._ 

Anal BuiFr lOp.. 

BastChar'glon 
Bell Arthur 3)p. 

IBeihateo Bmunv 

Boddingtous ... 
[Border Brew's 

Broom iMauhew 

Buckler's Brew . 

Bu1ukfH.Fi.. - 

Bunonmxid 

[City Loa. DeL. . . 
[Clark 1 Matthew 
Distillers 3ta... 
EUsiRichaaop- 

GordoniLilDp.. 

Gough Bros. 2Bp_ 

tTreeoall Whille> 

Greene Sing- . 
liaumeK 

iHighTd ftsL2)p. 

(ictercordau — 

Irish DistiUen.- 

Uacajlan, Gks. 
Horlaod£T. ... 
Sandeman 

'ScoUt New 20p. 

Tomatin. .. 

Van. 

i whit bread 'A 

[Woh. Dud'ej ^ _ 
VooneCrc* VMp 


T 

J 52 
218 
43 
150 
74 
104 
42 
145 
142 
58 

124d 

172 

??* 

20 

46 

108s 

215 

169 

141 

86 

116 

275 

435 

60 

65 

97 

99 

85 

187 

157 


*3 

+2 

-1 


*2 




>93 

m025 

4.84 

14.78 

1391 
13.19 
3«2 
11.64 
L'6 6 
3.10 
24 
1521 
654 
+U2 

bZ8 

Z62 

1653 

7.02 
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t2 03 
355 
4.62 
1245 
Z3J 
tJX 
272 

4.02 
1357 
5.74 
1289 


19( 6.7 
XO 


4.« 5 7 


7 51 7.9 


6.4| 


23[ 


121 


16J 

1X9 

122 

1X8 

92 


8.7 

14.9 

72 

8.4 


125 

10.9 

120 

8.0 

2X0 

ilM 

7.9 

195 

132 

46.7 

105 

220 


6 am 


91 


4.61110 


145 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


95 

164 

17 

77 

294 

130 

!77 

36 
15 
43 
52 

128 

9 

59 

69 

77 

71 

37 
30 
51 
61 N 
55 

183 

190 

!b 


46 

74 

7»r 

,3f>; 

'153 

18 

104 

21 

7 

23 

28 

9 

10 
29*4 
27 
38 


16 

24 

9 

63 

130 

17 


AbcrdeMi.'wKL 

Aburhm'WL- 

Allied Plant LOp. 
.IruuUgeShals.. 
.VP. Cement tl_ 

BCA3JP 

BPBinus.aOp 

BjggendgeBrk.. 

Bailey Ben 10p„. 

BiroondgelOp^ 

Eandrereers 

BanaQUev. lOp. 
Beech wood lOp.. 
BecWi20p— . 

BCfltordlUOp* 

BcO BrCiZOp 

Bhjeklej.‘20p._.. 
Blundell F’erni.. 
;Breedeo Luae — 
flnL Dredging- 
'Broun Jks-n. SM 

'Brownlee 

iBr; an: Hides..... 
Burnell ft H 

Burt BojlbafL. 
JC Robey A JOp. 


-V 

-2 ’ 

+3 

-2 

M.1S 

T6.14 

tUD.7 

«.a 

t8.49 

♦1226 

16.93 

233 

d055 

♦1169 

129 

1606 

L33 

tars 

UL62 


dL7 


1J.46 


289 


WAS 

■*•2 

fib 


♦20J 


22b 


rd2* 


<UUX5 


L52 


36f 731 58 


3-7 


bXj 69] 4.9 
X?10.7j,lD.9 

2!?) 
nil 


2.0 


1X9 
245 
67 
95 
,145 

10-tH 5.0 


6? 


laiL6 4.7 
120 
5.8 
4.6 

n 

69 


U 8-2} 9.8' 


II 

65, 

1D.S 


64 


65 

10.9 

5.9 

51 

62 


U2V 

131 

300 

112 

100*; 

96 

E54V 

246 

205 

29 

'61 

171* 

51 

49 

£94 

0041; 

£105, 

78 

80 

77 

20V 

72 
*22 

faO 

48 

80 

597 

171; 

203 

553 

£144 

446 

51 

73 
130 
£44% 

85 

175 

62 

92 

212 

151 

13 

21 

17b 

148 


1600 

78 

[205 

52 

45V 

41 

£40*2 

122 

91 

19 

29 
9 

30 
38 

|£79 

£89 

[£89 

43V 

49 

45 

12 

43 

9 

43 

33 

44 
[280 

9*4 

376 

£111 

325 

391; 

421; 

64 

£221; 

42 

73 

34 
64 

1150 

74 

% 

105 

83 


|AKKi 1 

Albright Wilson 

Alginate tods 

Alida Pack lOp l ' 
[All d Colloid lOp 
'Anchor Ch cm . „ 
Ba>erAG.DM3D. 
Wag den Xoafces 
BrenuXienb lOp 
[BnL BenroJ lUp . 
BnLTarPirl 10 
[Burrell 5p. 
hterlMsfapel 10p. 

lO tail gy TV* La 
D«8 a An819t. 
DoBVVni 82.85 
ICoalile Chum. _ . 
K'oakinBro-s. 

Do.'.Y\T 
[Coo 'Horace 5p I 
Crodalm. lCp.. 
|Trystal4!*3p. —I 
EnalonPlasacs.-! 
Farm Feed 
Federated fb . 

[FlsonsEl 

HaJsrrod'J ■ lOp 
Bksn. Welch 50p. 
HoechsPM3_ 
DoFinlOSI.niXa. 
Imp.Choa.il .. | 

I Do 5».H il... | 
jrn. Psum. 
Uponelwl' 5ip 
Norsk. HKr&) ..[ 
[Plym lOp -- 
Ransom Wm. lOp | 

Reniokll lUp I 

Reteriiu . _ „ 

g \« Ind.il . 
an Tiairics. 
rBirtaMr- 
Ue.Bvr.'lUp 
[Vnbunlwinc .. 
YrehsCbem, 




t-V 

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111269 
t5.75 


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td3.75 2.01 9.M 7.1 
11291. x5| 3.01 2Zb 


12X1 

0.60 

tX98 

t0.66 

4X1 

J3.62 

vr 


12.79 

161 

4.93 

1Z0 

tdzei 

0.61 

XZ7 

*789 

t«X3 


5.0 




.VB. Electronic _ 
Allied Insulaun 
Fidelity Bp. 
.Anin'tedSec.lDp 

BTCC50p 

BSRIOp 

BrotftMar 18p— 

BimborpclOp— 

Brocks lOp 

BnMn ‘A r 5p 

CabTefonaSp. 

Campbell 

Chloride Grp 

Comet Z Sen. ap_ 
CrayErtnraie 10p_ 

Cretlon IQp 

Dale Elect tOp .. 
Dee*a.„__.. 
Do.‘A‘._ 

Deni Iron lOp 

Dewhcrst ‘A‘ lOp 
Dcurd irmiM 3p. 
Dreamland 10p.. 

i'obilior Up 

EHiaip - 
Doi8VV«n-.U 
EtecCcomps lOp. 
Electronic Mack 
Sec. Rentals 10p 
EnawSem. I0p_ 
EverResHjy — „ 
Farad! Elec.aOp 
Fidelity Rad lOp 
FonardTfth-hdp 

G£C 

Highland EL 20p. 

Jones Stroud 

KodelnL. 

LJurenreScat_| 
IccRcfrig- 
ttK. Elec trie — [ 

Mulrheod 

I9emian Inds_ 
NewmarfcLouii.l 
Nbrmaod H.20p.| 
PotiifcHmer4pcLl 
PabowHldg * 
Philips Fla! 
Philip* LpFLJO. 
RfcoHlcfes.20p_ 
Do. 


1+1 




-2 


-1 | - - _ 



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Redifiuaon __ 
Rotafl«G0.10p 

SchoteiGHl 

SonyCftYS) — 
Sound DlHsaSp. 

TdefasiouSp 

. Iw. , A'.M-'Vap.„ 
[Tele R e ut a l s . . 
{ThocnQ«t_ 
[Th'rpeF.W. lOpj-l 
'L'uitech Dh 
Did Sclent 

[Ward ft Gold 

WeDeo Hid*. 5p_ 
Weetinghouse— 
__ Whitworth EL 5p 
56 WVkHleFTiJOp- 
94 WigUI ittt. 


+1 

+3" 


+1 


-5 

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+1 


-1 

+7 


[-1 


+1 


5.07 

4.13 

d2X 

032 

1671 

4.77 

TZ74 

tl.48 


tX2 

L3Z 

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bdZ34 

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110.7 

1066 

0.83 

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£5.0 

8.1 

13.89 

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14.71 

ib67 

13^4 

dX07 

4X4 

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D5.OTF 

t5.0 

5.0 

1602 


a 7 -? 

95 
10.6 43 
3.6 15.5 
9.5 1124 
7.8 60 
83 7.7 
43 7.7 
73 12.4 
83 10.4 
7.8 10 J 
3.1 5.0 
7Xf&3l 
3.41X1 
10 72 
(3A\ 
3X133, 
4.0 123 
4X12B 
56 72 
19 13.7 
7.0 10. r 
9.0 10.9 
9.4 95 
^ 9.7 7.9 
27^f9.0 

63 2JU. 


4.1 6.8 10 
1X6 X4 72 
5D 4.0 7.7 
3.4 4.7 9.4 
2X 9.7 75, 
IX 103 15.4 
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7.7 10 J 

7.7 61 
11 65 
64 7.9 
14 4.9 
53 72 

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WBI! 

4« " 

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10 12 
5.51X8 
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9.9 12fl 
10 4 
4X 10 
52(5*i 
5 2 (5*1 

6710.0 

2.7 96 

4.0 7.0 
19122 
3.4 10* 
66 6.4 
3.2 '4l9 
64 52 
73 19 

5.7 92 
9.0|dZ3) 


506IIX 


7.2 


ENGINEERING 
MACHINE TOOLS 


CINEMAS. THEATRES AND TV 


90 

*119 

37 

65 

23 

118 

12b 

761; 

701; 

59 

62 

31 


203 

41 
40 
40 
43 
23 
% . 
31 
40 
13 
15 
53 
243 
36 
142 
130 
35 
45 
196 
201 
93 
13 
110 
241 
23 
120 
60 
177 
20 
‘202 
18 
20 
17 
48 

34 
D7 

91 

322 

35 


471; 

69V 

18 

33 

101; 

47 

80 

55 

if 1 

35 

15 


Anglia TV “.V... 
An Tele -V. . 

B n an W liap 
Grrep lOp 
1 1 W> dlip . 

LWT.A. .71"'. 
Redd TV Pro U. 
IScolL TV "A“ lOp 
jTndiTY-A IDp 
I'lsterTl' A' 
[We^mlTA L«o_ 


-1 


4X8 

b635 

tzo 

Q4.23 


Aft * . 

_ 9« 7.1 
ZS 8.7) 7.6 
23 6.5 


DRAPERY AND STORES 


9 

20 
18 

27 
10V 

44 
18 
12 

r i 

38 
138 
20 
50 
37 
17 

28 
57 
50 
301; 

id 

9 

h&l 

26V 

61 

141; 

83 

6 

12 

6 

19V 

21 

45 

39 
126 
24J; 


Allied Retail lOp 
[Amber Dai Wp . 
Aciuscutum ip . 

Do A'3p 
Auiliotronir 10p_ 
Baker's Strs j.jp. 
BeatieiJ' A . 

Ben tall 9 lOp. 
WknmftCin.a.'b 
BoartmauKCap 
BoilOnTiist.jp.. 
[Bnrmnsr. ..... . 

Bn! Heme Sir. 

BrfwniiN’iiflp.. 

Bunnntlrp.yip 
Do. 'A NV 50p 
C amort A "Sfy . 
taskenS 1 !Qp 

rhureh . 

Comb Eng 13>p 
Cope Spor.-f lOp 
Cornell Ore» ip 
Conn* A'. ... 

Cun>> 

VuNtomax I0p_ 
Dchenhams . 
ItewhiM 10p 
Di.tons pfrotu !0p 
QhrftGeMSp . 
FjnjnreStires— 

[Eitcutiii 2rtp 
Fairdalt.-7eU.5f> 

Du '.Vap _ . 

Fine Art Pet 5 5p 
FurdiWtin'Iup . 
Forminsti.-rlilp. 
FusierBre 

Frivnun’-'ltoii 

[Gclfvr.AJ..2up-| 33 


M 


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1dl*5l 

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138 

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L04 
0.98 
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t3.86 I 
+5-71 1 
d255 
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tZM 

L* , 

13.07 

1294 


13.18 

4X2, 

HIM 

FS2Z 

jdl.74 

12-28 

1L-73 

^4*2 

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106 . 

2 59 
&57I 


371 a 


10.9(3 


9.aw 5 
1L9I 9 9 
4.yi5.7 
84 


LVC.E JlarbiiieTv.J 110 


Adwest Group... 

Alcan SpeCnr 

Allen (EtBoUuur j 

UOenW.G 

AmaL Poner_. 
ADdaa. S'clyde _ | 
.tnjdtfcSwisa 
Lacy_ 

[A®. British 12>;p. | 

A»sor.Toollia_| 

Astra IrafL I(T 
[Aurora fOds. I 

.Austin (James) _[ 

Atays~ 

Babcock* W | 

Bailey 1C.H.1 

[Baker Perk. SOp. | 

BanrfordsSOf 
BflnrnOms.5 
(BuiAfcSons_ 
[Beauford lOp „ 
'Berner iLanu I0p_ 
iBe[3u'D* , .15p_. 

BtnnidQualcast. 

Htwigfam Mini __ 

Bliam Pallet lOp 

BJackttd Hodge. 

Blakey* 

BonaerEn&aOp- 

[BoutLcai WalO 
BrahamMUH 
BraltlrireiteU^ 
BraswaylOp. 

BtouseDnd. H>p 

Bristol niaauel. 

Bntlsii Northrop 

iBriL Steam 20p_ 

Bracktaue. 

Brom’sChstS. 

Bronx Eng. trip..] 

BnwkeTboL 

Brotberh'dP S%'_ 

BrmtftTnrse^. 
Brown Ji*n£I_ 

BnlloaghSDp 

[Hows Prod — 

iBntiflrfieldHTy.. 

tedEnc.Ilm_ 
'Capper- Nell ID 

Cireto Eng. — 
karomStRiOpJ 


ftl 


09 I3J 

26 ’ 


54112 
180 



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Ductile Steel,.. 



338 

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POOD, GROCERIES, ETC. 


a Alpinfl MtDjflp_ 
Am BiseuiiajjL. 
z AABriuPd&ap 

Asr Datrlea 

Asi. Fisheries __ 
f Arens Group 5p. 
Banks (Sidney C.1 
Barker fc»X 
; BarriA.GJ_ 
Barrow Hilling _ | 

Barnett (Geo) 

r Hatleys Tori lOpj 
BejamlOp_ 

SEtrom. , 

Bishop's Stores. 
ita-A">TVz_J 
ffinebird Con£. 
BriL Sugar 50p_ 

BriLVeud"; lip. 

f Brooke Bond.. 

r Ca&utF&cfe’ps- 
tortJDilin?— 
Cttllord Daines- 
Do-A-.W. 
Ctsllena SDp _ 

Bd'A'afe , 

Dsnidi Bol'AU [ 
EtaKorf'JftSP 
Ed^dtareC^p 
E^tatdU.EDE 

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1 FtehLorcUS^Ll 
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rOTT r«QQS IUp_ 

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Rcdwrtson Foods 
BtnroCreeM.58p. 
Sainstnny.ffJ. 



70: ^ 
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33 93 3.4 

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19 7.8 66 
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4.9 69 

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S.8[ X? 153 
3.9 42103 
4.7 1110,7 
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HOTELS AND. CATERERS 


MdsJotlOp 

2 BOrtW.iFr.M_ 
Brent Wa User jp. 


■et; W051 - 23 - 
1 „ (41245 Z9 114 73 
1X4 hZ4 33 17.9 

, o69 • 18 '64 85 

td42fi 13 42 28* 
ill- S033 b!9 4^19.7 


1 AGBRuseueh.. 

Aartumsi iaui. lOp 
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Abrasive* In' 10 P 

Airfialnds.20p- 
.Ulicdlnvs.5p — 
AJptneHldgs 5p. 
AmH. ladusUs.- 
:\maLUetali£ii.. 
,^nj;.,\ra..\sphall.- 
.ArensonLVWp . 
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AiutinFiLeyiJOp- 
Aioc Rubber C. 

BBA Group 

B£T. Drfd.. 
BOCIntnL- 

BTR 

1 [Baird 

JSSsr**. 

BarrftW .VT.'.V 
Banw Hepburn 
, teith ft Pott land. 

Beaisra CLufc- . 

Beecham 

BellsdrCos. 10p_ 

Bentima 

. Berisford» — — 

1 Berwick Timpo- 
Best obeli. 


. — ■ 

Black Arrow SOp 
Black Edtetn 50p. 
BlaiXtP)Hidcs-_ 
Bodyndelnn — 
Raged FeL’A* U 
BooierMcCS . 
BuesryftHautei- ; 
Boot 1 Henry 1 50p. 

Boots 

BorB-W.-LSSISO. 

KowaterSl 

Bra t*y Leslie lOp. 

Brady lads. 

Braiorar 6)28p . 


Brfdoa 

BndpOit-t’i20p_ 
BBftEA. — __ 
BriLCineT.Vftp- 
BfUBteeKiinst. 
BrirSyphoc . 

British >7ta 

Brittains 

B. B. Prop SA2_ 
Bnuk SL Br. lOp. 

, Brooks KaLSOp- 
Bnwn Bov. Kbit 
BrantonsiHussL 

BureoDean 

Bormfciie 5p 

Bunn Andfn Up _ 
Bury Masco ]T%> 
CH-UkHs. lOp. 
Cmi^riJOp-i... 

CamresaDp- 
CanniaeiW.i. 
Cape Industries. | 
CaplsnProL I" 
Caravans Ini 
CarHwInds 

Cawoods 

1 Celesrion Ind 5p 
Central Mfg. 10p 
I'cnL Sheered. Sp. 

CentmrovSup... 

ChamhcnainGp. 
ChamhiflcBLlOp 
Chasjt Wares Wp 
0B.LllvjCaiB.Fy Wp_ 
Chnoio-T.lOp .. 
CtarMies Int lOp 

Chubb3)p.-. 

iXjuteiClementi 
Cole 1 6 R.*— 
CmpniWebbSOp 
£2012 Conti Grp. 51. _. 
23 Coot ffaoon'i I0p- 
37 Cope AUaanap.. 
M Copyde* 10p.~ 
54 Coral Lefts lOp . 
Credit— — 
Courts* Pope 3p.. 
Cowan deGrt I0p- 
OreanU «50p _. 
Creyf Niriiol IQp. 
ftreb* House Ei 
CrosJiy Sprig IQp. | 
Jtavte* ft. Varan. I 
Dawson Jas.) — | 
DeLaRoe.— .. 
Den byware — . 
OeuLplj tor te’91^} 
Diamond SL+lOp 
DinJtwHeelap... 
Diploma Lats._. 
Dobson Park lOp. 
Dorn HMgs lOp 
iDocerCoip.l'SSl 
Downs Sois'l IflpJ 
Drake ft Scull — 
Dufay Bilurn. lOp 
DunbeeCora l Op 
Duodonian 20p . 
DopielnLSp—. 

Dura pipe 

Dwek Group lOp 

Dykes i/.l 

Dym»(X61.i — 

Oft 'A' - 

£C. Cases tOp... 
EuteniPnid 36p 
[tllhar Iodi 50p .. 

miefSp 

lEleco I0p_ 
ElecLlaiLSec— 
'Ellioa Fh ro. ]Sp _i 
Ebon ft Robbias 
ElfflttekHperap 
Emhart Corp. SI 
Empress Sere JOpJ 
Ens. ft Over's Up 
Ung-CMua Clays 
[Esperama I£tjp . 

'Euro Femes 

Ei-ode Rldss. Mp 
Eorer George 10p 

Exiel_ 

FairiialmUmucJ 
Feede* 1% — 

Fenner iJ.it 1 

Ferguson Ind. 

..JenanaOp — 

Findlay i A-R. 1 

First Castle I0p_ 

Frtzwrlioc 

FlexeIioC.ftW._ 

FogaityiEj 

FosecolBnsep_. 
jFahoeUlHanfyJ 

Franklin MmtS_| 

(French Thos. Up 
iFriedtocdan.-. 
KL^fHdgsiS 

MstetnCT'A' 

GLbboosDudlq. 

Gibbons (Si 

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iGibspurlOp 

iGtasv&HetallSpJ 

jGreime?£oio ibp 
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HalknSej£B' 
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HamOhocneU 
Hajum«xCp._.. 
Hanson Trust , 

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Haisreates20p_ 
[HarrtaiPb.)30p_ 

[Harris ft Sheliton . 
iHflitjnsfcTrpscnJ 

Hawiin 5p 

lH*r i.Votmasi Ita 
[HaFs Wharf £1, 
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Heaar _ 

Hewitt U^'._ 

Hrchpre OpL lBp_| 

.nunGCH.ia 

Hira 5b!'stm3Dp.J 

Holden (.61 

[Hollis Bros 

Holt Unjd lac IdpJ 

Htwrer'A' _T 

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H«&tes&H20p. 
Howard T«ess . 
Hunting Assue.. 
Humleigh lOp 
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flyman tL ft J. 1 ftp 
Lc Industries||_ 

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Mrinsoa ft Banes. . 
IJtfmsoqClnrs.. . 
uohnsoa Mth>.£i 
UaurdaatT.; IQp.. 
jKnlamaroo IQp__ 

Kelsey lads 

Kennedy 5m. top 
Kershaw lAjm. 
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49 
£58 
950 
54 
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DAIWA 

SECURITIES 

' -'-C-v-vr • 


MINES— Continued 
CENTRAL AFRICAN 


1 KT-W „ I 

High Low ) Sleek | 

210 70 rnlrOBRlLSOc — 

24 9 Rh«rm."«p l£jp. 

Iti5 52 RmaCons K4 — 

2b4 125 TuEanvilaaQp... 

80 TO Do FV{.H>p — 

5: 27 WanttcCol Rh 1 „ 

27.j 10 Zamfw.SBWa... 


|+*r [ Div. 
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195 *5 Q50c 
21 +1 0.57 

70 _ 

123 QUO 

so .. .. t yp. 

40 +4 Q?-'v 1 

101 , .... _ 


1.U 6 9 
If. 3 4 0 
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:c 10 ucdwi^k 

| —I l J 1 1~7 57 Bcugaicuiii- A I.vj 

□ 14 *. | _ L-ud _ 1 1-5 62 . 

^ I I \ I HO i nf -irr W 


AUSTRALIAN 

vlSC I 10 I 

ciiiii'XiL\'j.| 91 |+3 1 


} trJ “ \t & 


15.7 4> 47 «. .[3 

4.9*. 1141116 - 2|j> 

Qav» - ia!i - 
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s- - - 7 7 


iQJS^cl - I 84 _ 


OVERSEAS TRADERS 

3D5 93*4 Aincaa Lakes — 300a) . .. . 4 4 $ 2 2{ 4> 

108 60 Aun. Agnc. 50f _ 64 O? Se — — _ 

225 134 Eensfonl'&lW* 2U +9 8-25 4.7 5.9 3 

% 68 69 42 HUM 

5 1 1 * 171, BoasteadilOp'.- 29b ..... 152 1.2 B0.F 

319 150 nnIayUas.i50p. 280 .. .. g 6 W 7.0 3.5 

240 161 GiU&DuKaS. -. 209 +1 68 71 3.2 b.3 — ,„ L . ^ 

£66 £49 Gt Stho. £10 £59 Q1Z% 2-3 2.D 83 «n S? 

425 276b K’rls'ns Crot.£l 350 U2 72 31 5 5 7 8 » 

92 66 H nflmmf is I — 67 4 26 21 9b bit ^ qn 

428 335 Ischcnpefl 375 05.0 3.2 61 9 7 1 y 90 

24b 9 Jacks Wm 23 Z0.66 — - 9.; 

25 9 Jamaica Sugar— 18 — — — — 


375 119 iwOtac Rk’Uti'ij.xk. . 
7: 18 G.»l falgrt-rlrcSl . 

I 1 .; 77 Hantp’n \raon . 

:-5 10 _ 

242 125 M LU HW a Mr _ 
105 10 Mourn 4-cU23f._ 

1 NouTfflMal JOi .- 
120 79 North B Hi IlMe 

12 41, Mh. Kalsuili 

150 87 iW'ttdseSAI 

55 20 rarihL-l.orvxT 

i-15 575 Paicwii'ISi 

16 8 Pa-jn;.«£r:t fp 

555 345 p.io-Wali^-n J '«■» 

ln-J 84 Hein Mimr.r .»h: . 
it 35 HPim'.r+